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Town of Chapel Hill RFQ Pre-Proposal Conference Downtown Economic Development Initiative

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

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Town of Chapel Hill RFQ Pre-Proposal Conference Downtown Economic Development Initiative

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

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

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

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

  5. 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

  6. 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.

  7. Chapel Hill

  8. Location of Development Opportunities in Downtown

  9. The Pre-Development Process

  10. SPPRE’s Predevelopment Process

  11. Town’s Process

  12. 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

  13. 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

  14. 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)

  15. 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

  16. 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

  17. 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

  18. 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.

  19. 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.

  20. Development Sites and Building Programs

  21. 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.

  22. 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.

  23. Two-Phase Development

  24. Phase 1: Lot 5Parking Lot 5 Development Site

  25. Phase 1: Lot 5Studies 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

  26. Phase 1: Lot 5Exploration 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

  27. Phase 1: Lot 5Proposed 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)

  28. Phase 1: Wallace DeckWallace Deck Development Sites

  29. Phase 1: Wallace DeckStudies 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.

  30. Phase 1: Wallace DeckExploration 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

  31. Phase 1: Wallace DeckProposed 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.

  32. Phase Two: Lot 2, RBC Site

  33. Phase 2: Lot 2, RBCStudies 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.

  34. Phase 2: Lot 2, RBCProposed 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

  35. Phase 2: Lot 2, RBCExploration 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

  36. Submittal Requirements

  37. 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

  38. RFQ Evaluation Process including Schedule

  39. RFQ Deadline • Noon EST on January 31, 2005 • 1 unbound original and 25 copies delivered to Chapel Hill Town Hall • 1 copy delivered to Stainback Public/Private Real Estate office in Houston

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