1. Creekside Village: MICA, LLC
A Development Proposal for 415 W. Washington, Ann Arbor, MI
MICA, LLC
Sam Butler / Christine Hintz
John Law / Janette Nunn
BA/UP 517, Fall 06

2. Overview Site Analysis Risks Economic Analysis Site Design
Context in the Community
Key Stakeholders

3. Site Analysis Location: 415 W. Washington Existing structures
Surrounding community
Current uses
Environmental status

4. Context in the Community
Creekside Village:(krëk’sïd•vilij) n. An innovative development that values accessibility and activity by offering immense cultural amenities, affordable condominiums and practical retail services; a seamless transition space between Ann Arbor’s residential and downtown neighborhoods.
Talk about the transition - inclus

5. » Old West Side Neighborhood Association » City of Ann Arbor
Key Stakeholders
» Old West Side Neighborhood Association
» City of Ann Arbor
Allen Creek Greenway Task Force
DDA
» Ann Arbor YMCA
Old west side
City
Arts alliance
Ymca
Greenway
Dda
» Ann Arbor Arts Alliance and Art Association

6. Site Design Historic Buildings – Artists Space Residential Building
Retail
Office
Greenspace

7. 10 Artist Live / Work Units
Sculpture
Garden
Residential Condos
(15% Affordable)
Bike path
& Green space
Studio Space
Restaurant & Bakery
Retail and Office

8. Site Design

9. Project Timeline Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 2007 2008
Obtain Site Plan & Zoning Approvals
Acquire Land
Select General Contractor
Commence condo sales
2008
Rehab historic buildings
Start new construction
Continue with residential sales
Fill retail with tenants
2009
Complete artists space
Complete residential construction
Finalize residential sales
Operate retail as landlord
2010
Manage office and retail space
Prepare for sale of development
2011
Property is stabilized and ready to sell
Split proceeds of sale

10. Financial Strategy Affordable at all levels Balanced
15% Affordable housing
10 Artists live work/space units
56 Market rate $268k parking included
Balanced
Land use
Revenue streams
Financial structure
Condominium Pricing 50 65 80 95
110
200
250
300
385
Average Condo Price
Average Gross Income ($k/yr)
$268k
Land Usage
14%
34%
17%
24%
11%
Retail
Commercial
Residential
Arts
Green space

11. Financial Summary Development costs Cash flows Overall
Annual Cash Flow
$4,959
$324
$287
$9,279
($10,123)
($15,000)
($10,000)
($5,000) $0
$5,000
$10,000
$15,000
YR 1
YR 2
YR 3
YR 4
YR 5
Total Cash Flow ($K)

12. Risks Phase I: Sales Agreement & Closing Land acquisition
Environmental
PUD and permits
Political
Financing
Phase III: Stabilization
Art Association and Arts Alliance funding
Vacancy rates
Market status
Phase II: Construction
Historic rehab
Subcontracting
Timing
Costs

13. Whether a nearby resident, a local artist, or a downtown pedestrian… Creekside Village offers convenience, excitement, and comfort.