Town of Chapel Hill RFQ Pre-Proposal Conference Downtown Economic Development Initiative January 11, 2005.

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Presentation transcript:

Town of Chapel Hill RFQ Pre-Proposal Conference Downtown Economic Development Initiative January 11, 2005

Presentation Overview 10 Reasons to Pursue this Development Opportunity Town of Chapel Hill The Pre-Development Process Development Sites and Building Programs Submittal Requirements

Ten Reasons Why Developers should Pursue this Development Opportunity 1.Critical pre-development steps have been completed. 2.Strong market demand for building uses. 3.Potential Town re-investment. 4.Community interest in implementation. 5.Town owns Phase One sites; costs of site work included in finance plan.

Ten Reasons Why Developers should Pursue this Development Opportunity 6. Lot 5 is key Franklin Street parcel. 7.Financing assumes financial assistance from Town for underground parking. 8.Town consultant on project experienced in public-private finance and development. 9.Council Committee focused solely on project. 10.Community input achieved throughout the predevelopment process.

Town of Chapel Hill One of the three “ points ” of the Triangle region, which Money magazine recently named the #1 “ Best Place to Live in the South. ” Other recent accolades: –#1 Best Place to Live: MSN House & Home's America's Places to Live, 2003 –#2 city on A&E Channel ’ s “ Top Ten Cities to Have It All, ” 2000 –#1 Best Place to Live and Work: Employment Review, June 2003 –#3 Best Places to Reinvent Your Life, AARP, May - June 2003

Town of Chapel Hill Local school system considered to be one of the best in the nation. Home of the University of North Carolina at Chapel Hill (26,028 enrollment). Served by Raleigh-Durham International Airport (RDU), 20 minutes east. Chapel Hill Transit offers free passenger bus service throughout Chapel Hill and Carrboro.

Chapel Hill

Location of Development Opportunities in Downtown

The Pre-Development Process

SPPRE ’ s Predevelopment Process

Town ’ s Process

Steps 1-3: Studies Completed before November 2003 Downtown Chapel Hill Small Area Plan (A Component of the Chapel Hill Comprehensive Plan), Adopted March 2000 Downtown Chapel Hill Design Workshop Summary Report, May 13, 2002 Council Principles & Priorities for Use of Parking Lots 2 and 5, Adopted by Chapel Hill Town Council, February 24, 2003

Step 4: Market Demand Analysis ERA conducted analysis in Spring 2004 Residential Demand 308 to 386 units over 5 years The affordable housing component will be easily absorbed Estimated minimum amount of Retail Space of 112,000 SF

Step 5: Proposed Building Program Phase One: Lot 5 Development –Retail Space at Street Level: 30,250 GSF –Housing: 128 Units –Pedestrian Space: 28,300 GSF –Parking Spaces: 539 Expansion of the Wallace Deck –Retail Space: 4,000 GSF –Housing 109 Units –Pedestrian Space: 12,200 GSF –Parking Spaces: 400 (80 new)

Step 5: Proposed Building Program Phase Two: Lot 2 Development –Housing: 68 Units –Retail Space:20,100 sf –Pedestrian Space: 14,600 sf –Parking spaces (at Lot 2): 0 –Transit Transfer Center:43,500 sf Town Garage (RBC Site) –Parking Spaces:343 –Retail: 8,400 sf

Step 6: Explore Site Development Opportunities HKS developed concepts Scope of project expanded to include Wallace Deck, RBC site Site development opportunities explored for each site

Step 7: Total Development Budgets Phase One: Wallace Deck (Private): $19,936,247 Lot 5 (Private): $30,099,046 Parking (Public) $8,950,471 Total: $58,985,764 Phase Two: Lot 2 (Private): $14,558,605 Transit Ctr. (Public): $2,598,716 RBC Site (Private): $0 Town Garage (Public):$6,149,537 Total: $23,306,858 Phase One and Phase Two (Public and Private) Total: $82,292,622

Step 8: Summary of Financial Analysis SPPRE completed Financial Analysis for each public and private development component. Financial measurements for each private development component meet the current requirements of the current capital market.

Step 10: Current Public/Private Finance Plan Private Components: Proposed private development components should be able to be financed with traditional debt and equity. Public Components: Other than the Town Garage at RBC, the public development components can be financed with Town- issued bonds supported solely by the non-tax income generated by the private development projects.

Development Sites and Building Programs

Two-Phase Development Phase One: Parking Lot 5, Wallace Deck Two mixed-use developments totaling $59,000,000. Phase Two: Parking Lot 2, RBC Site Two mixed-use projects totaling $23,300,000.

Two-Phase Development Town is willing to consider awarding Phase Two to the developer selected for Phase One. –The award of Phase Two is dependent on Phase One performance. –The Council reserves the right not to award Phase Two for any or no reason.

Two-Phase Development

Phase 1: Lot 5 Parking Lot 5 Development Site

Phase 1: Lot 5 Studies Completed at Lot 5 Soil borings encountered bedrock across the site at varying depths Environmental Assessment has been performed. Land Appraisal and Opinion of Value Completed

Phase 1: Lot 5 Exploration of Site Development Possibilities Concepts: –Significant public space –Underground parking to increase amount of public space –Four- and six-story buildings: street-level retail; residential above –Improvements in Church Street right of way to make more pedestrian-friendly

Phase 1: Lot 5 Proposed Building Program Residential-Market Rate: 128,480 sf (102 DU ’ s) Residential-Affordable: 32,120 sf (26 DU ’ s) R/D/E development: 30,250 sf Open space/plaza area: 28,300 sf FAR: 2.55 FAR Parking spaces supplied: 539 (includes 173 replacement)

Phase 1: Wallace Deck Wallace Deck Development Sites

Phase 1: Wallace Deck Studies completed at Wallace Deck Structural Analysis concludes that the parking garage can safely support a new 3 to 4 story light residential structure and roof.

Phase 1: Wallace Deck Exploration of Site Development Possibilities Concepts: –Public plazas –Four-story residential building on top of deck –Retail space at Henderson and Rosemary Street, with residential above –Extension of Wallace Deck to Henderson Street –Potential pedestrian bridge to BofA Plaza

Phase 1: Wallace Deck Proposed Building Program Residential-Market Rate: 109,120 sf (87 DU ’ s) Residential-Affordable: 27,280 sf (22 DU ’ s) R/D/E development:4,000 sf Open space/plaza area: 12,200 sf FAR: 2.66 FAR Existing Parking:320 spaces New Parking: 80 spaces Demand: 172* * Developer would construct 80 new parking spaces and lease an additional 92 spaces from the Town at RBC Garage.

Phase Two: Lot 2, RBC Site

Phase 2: Lot 2, RBC Studies Completed at Lot 2 Soil Borings report has been completed and found weathered rock at 42.5 feet and intact bedrock at 47 feet. Environmental Assessment has been completed.

Phase 2: Lot 2, RBC Proposed Building Program Residential-Market Rate: 67,840 sf (54 DU ’ s) Residential-Affordable: 16,960 sf (14 DU ’ s) R/D/E development: 20,100 sf Open space/plaza area: 14,600 sf Parking spaces supplied (RBC): 343 spaces Parking demand: (inc 101) 203 spaces

Phase 2: Lot 2, RBC Exploration of Site Development Possibilities Concepts: –Public spaces –Four- and six-story buildings: street-level retail with residential above –Under-grade transit transfer station –Potential connection to Bank of America Plaza –Build parking deck at RBC site with pedestrian bridge across Rosemary to Lot 2 development

Submittal Requirements

Required Submittal 1. Detailed Information on Developer 2. Qualifications of the Multi-disciplinary Team 3. A Detailed Description of Mixed-Use and Public/Private Partnership Experience 4. The Developer ’ s Assessment of Market Demand and Initial Building Program 5. The Initial Public/Private Finance Concept 6. The Proposed Conceptual Working Relationship with the Town 7. References for the Developer

RFQ Evaluation Process including Schedule

RFQ Deadline Noon EST on January 31, unbound original and 25 copies delivered to Chapel Hill Town Hall 1 copy delivered to Stainback Public/Private Real Estate office in Houston