Real Estate Subcommittee of the Redevelopment Authority

Regular Meeting

Green Bay, WI · September 27, 2018

Minutes

MINUTES OF THE REAL ESTATE SUBCOMMITTEE OF THE REDEVELOPMENT AUTHORITY OF THE CITY OF GREEN BAY THURSDAY, SEPTEMBER 27, 2018, 1:30 PM CITY HALL, ROOM 604 - THE HARRY MAIER ROOM A. ROLL CALL. 1. Members: Matt Schueller, Kathy Hinkfuss, and Melanie Parma. Present: Kathy Hinkfuss, Melanie Parma, and Matt Schueller B. REGULAR BUSINESS. 1. Consideration with possible action on a Request for Proposals for redevelopment of the Adams Street lot located on the 200 block of North Adams Street. Moved by Kathy Hinkfuss, seconded by Melanie Parma to open the floor for discussion. Motion carried. Yes- Kathy Hinkfuss, Melanie Parma, Matt Schueller, No- None, Abstain- None Moved by Melanie Parma, seconded by Kathy Hinkfuss to return to regular order of business. Motion carried. Yes- Kathy Hinkfuss, Melanie Parma, Matt Schueller, No- None, Abstain- None Moved by Matt Schueller, seconded by Kathy Hinkfuss to provide an update from the meeting at the next RDA meeting and update on information gained by staff regarding Schreiber Foods green space and Baylake Bank building. Motion carried. Yes- Kathy Hinkfuss, Melanie Parma, Matt Schueller, No- None, Abstain- None C. ADJOURNMENT. VERBATIM MINUTES - I didn't know how many chairs there'd be. - Let's kick off the meeting with the real estate subcommittee today. We'll roll call. Kathy Hinkfuss. - Here. - Melanie Parma. - Here. - Matt Schueller's here as well. And we'll get started with our first item on the agenda, which is consideration with possible action on a request for proposals for redevelopment of the Adams Street lot located on the 200 block of North Adams Street, so very close to us, and we've got I think two developers here with us today to talk to us about their proposals and answer questions in regard to their proposals as well. We've gone through a very scientific process to determine who will go first and who will go second, and my understanding is that very secretive and highly scientific process that T. Wall will go first, and so if you'd like to, I suppose we have to open up the agenda. - On the floor. - On the floor. - Yep, and so I think and just kind of in context of things just so the proposers understand the way this has been presented is that for the real estate subcommittee gathered here today this is a chance to gather additional information over and above what was submitted in the proposals. I think it's a good opportunity to kind of check the context, the scoring criteria that's presented. Also to have an opportunity to ask the developers some questions and lead staff through and open up for additional questions that we face in these proposals and that are gonna be further discussed, gather that information here today while we have these guys here, and then take that information and likely reconvene. We'll set up a meeting time probably for next week and make the date recommendation to the full RDA that has on their agenda on October 19th. So with that, I think in the spirit, I sent out a proposal schedule for that since we like to have kind of a 15-minute presentation up front, and then maybe about a half hour of questions. If there's anything else, we always run long on these things but we'd like to keep each presentation for each developer to about an hour, so each developer has one hour to engage in this process, and then if we wanna have any discussion afterwards, we can do that, but then again, the goal is to come back unless we wanna make a recommendation today, the goal is to come back and make a recommendation to the RDA. This committee meets next week to make a recommendation to the RDA for approval and sure probably before I wrote the planning option or the development agreement for construction of one of these projects. So, with that, yeah? - With that, I would take a motion to open up the meeting. - So moved. - Do I have a second? - I'll second. - Thank you Melanie, I thought we were in trouble. Okay, all those in favor, say aye. - [All] Aye. - Okay, meeting's open, and Terrence, if you'd like to take the floor and explain to us the concept, that'd be great. - I'll sit down with you. - Thank you. I'm Terrence Wall, T. Wall and Francis, developer of city that planned it right over here downtown. I hear the residential housing downtown took a big risk in developing the property, overcame a lot of challenges, and it's been very successful for us. It's been 100% or near 100% full on the residential side. Commercial side's a little more difficult, as you know, in downtown because of leasing, but it's been quite successful and people really enjoy living there. We have a lot of people, a lot of diversity of people, business people, retirees, young people, older people, so it's a wide mix of people, wide mix of income, et cetera. Property brought $10 million of disposable income to downtown to support the downtown retail and restaurants, which I think has been very helpful, so we've learned a lot from that, and we've got the experience under our belt of doing that. We'd love to do another property. I always promised the city that if we did the first one we would like to do a second one. That helps us with management economies of scale. So we're proposing a multi-phased development, 250 units, about 10,000 square feet or so, retail, appropriate amount of parking. It's about 200 public and 274 private parking, but as you can see with our proposal, you know, my whole philosophy coming into this is really, what is the real purpose of the RDA doing another, going after another building downtown, and that purpose to me is to really kick off a town square. It's to really do something that is dramatic, that attracts more people to downtown, provides a place for events, et cetera. Obviously, City Deck itself has been tremendously successful with all of your events. This could be leveraged off of that, and the two would work together. The town squares that have been developed around different cities bring literally hundreds of millions of dollars of additional patronage into the downtown. Hundreds of thousands of people come to events there throughout the year, so to me, it's not just about building a building by itself in isolation. It's about really leveraging another building to build a town square that really caps off downtown, and why is that important? Well, obviously you're competing as a city with other cities, but you're also now competing, right, with Titletown, Lambeau Field. You go out there, you see their football field, the ice rink. I don't know, I haven't had the chance to use the the sledding hill. But I enjoyed the football field. - It's great. - Is it? Okay, good. So, that's competition for downtown, let's face it, and so we need to do something really special, something to really knock the socks off people throughout the entire, not just the metro area, but multiple counties, the entire region to draw people in for events, and that would be, a new town square in cooperation with using the land that Trevor Foods has is come up with something that includes amphitheater, places for vendors, the art fair, different events, and as well as just a passive place when events are not being held for the public to be able to come and enjoy and use and attract people here. It doesn't have to be exactly this plan. It's just a concept of one idea. Obviously, you would have to decide what it would be. Underneath that would be public parking. The advantage of our parking not only under our building but under the town square as just a single level. As you know, in downtown, you can have a higher water table. You can also discover lots of interesting varied things that can be found in downtown sites, whether it be train cars or whatever. We've run into that, and so trying to stay out of the water table, I think, is very important to keep it to one level of parking underground. Our proposal also doesn't overwhelm the downtown. It's very, very important, especially since we own a property downtown, and we do this in other communities as well, so it's very important to limit the amount of units we put online in one season, one VC season. Downtown can only handle about 65 to 75 units per leasing season with new units coming along. More than that results in over building until they can be absorbed over a long period of time, and once you do that, once you float into the next season, you start discounting up free rent, and that destroys value, so it destroys the assess values, and why is that important to you? It's not just about private property owners. It's important to you because it destroys the value of the TID, and it's important that the TID value be maintained, why, because if it's not, then the taxpayers come in to bail it out. That's what's gonna have to happen, and some communities have had to do that. The taxpayers had to come in, so it's important to develop something that can be done in phases. We'll do this over four phases. It could be four years or it could be eight years, depends on demand, right? We can do it at a wood frame stick built. That's very important to know that because the tariffs that have gone in place have really affected steel and some other material components significantly. To give you an idea, we can build this building for less than half the cost of a high-rise building. In downtown Madison, I'll just give you an example, there was a developer from out of town, proposed a building. They're looking at costs over $300,000 a unit for a high-rise, whereas we can build this for less than half of that, and we can phase it in appropriately. We've also I think enhanced the streets, Cherry Street in particular. When you're sitting on the site you're kind of right now, you're looking at it and you're in a canyon, right? You've got Cherry Street ramp, you've got the other tall buildings in Washington, taller buildings up here near the new hotel, so how do we get around that? Because what really made metro and also City Atlantic successful was the river, so we're not on the river. We don't have the river views. How do make it successful? You create the town square. You create an amenity, but look at Cherry Street also. We've developed some walk-up units, so we've made it very pedestrian, very low-key compared to the facade of the Cherry Street ramp, and we also created two beautiful courtyards that flow out into the town square, so they become connected, they become one. One if public, one is private, but our residents can mingle between the two, and all of our residents will support the town square, right? They will patronize the vendors and the events, et cetera, there. Within those two courtyards, the public can see the amenity package, swimming pool, hot dog grilling stations. We've won awards for our courtyard in the Veritas Village. Development came up online on the website. Downtown Madison, very similar to this. Four stories of a beautiful courtyard in the middle. So, it's a really economical, highly feasible project. We won't be coming back to you later saying well, costs are too high, costs of scale is too high, we brought too many units online. This is a project that's designed to be very feasible. We can pull this off, because you know there's tremendous uncertainty right now in the economy. Things are going great, but interest rates are going up, and material pricing, labor pricing, construction costs are sky high, and we're seeing significant increases, 30, 40% increase noises from subcontractors, so we have to build something that's economical, but this is also luxurious. It's a luxury, perhaps the high end. Because the costs of construction are high, we're gonna have to get higher rents. We're projecting rents of about 5% over what we're obtaining right now so we know this is feasible. It'll work, we can get those rents. We did obtain the highest rates in downtown ever with city debt planning. We broke the new levels, and the key is always getting the appraisal. It's very difficult to get an appraiser to, what do they do? They look at comps, and they don't just look at downtown. They look at our whole community and where the rent comps are low, so it's very difficult, and that's where we get into TIFF, low-cost land, and that helps bridge some of that gap, but if you do something too big, too costly, the gap can't be bridged, so that's why we designed this to fit right within the box that is feasible right now and will be successful long-term. So I'll just kind of leave it at that, and I'm happy to walk through your questions and talk about anything else that you'd like to go through, but I'm very excited about the attraction that this could create in terms of other value, other development that would create even more value for downtown. It could really help downtown redevelop some of the older buildings, some of the unfortunate 1970s-style buildings like the state building there's no windows. Wouldn't it be great to see some of those redeveloped? You have some beautiful classic buildings here that are historic. They're fantastic. We'll keep those and then improve upon that with some new buildings and hopefully redevelop some of the, some of the concrete buildings that were done in the '60s and '70s, and then you really, downtown's really taken off, so we're invested here. I have a house here. John's fiancee's, wife's from here. His family's from here. My construction guy's family's from up here. My wife's family's from here. We're here almost every other weekend, plus during the week, so we're heavily invested. We'd love to do another development and continue the success of the first one. - Questions? - I'll certainly start. So, on the lot that we're currently talking about here in the RFP, is it A1 and A2 that fit on that lot? - So the, basically Schreiber's right here, right in here, and this is the Bay Lake building and then this is, you line up the streets here. - Okay. - So Bay Lake building stops right about in here. I'm not sure exactly why, but... And then these would be the entrances, so one entrance here, the underground parking for the private one into the public, and it's a single-story garage, so it's really easy. You can charge for that just like you charge for on- street parking, and that can be paid for through a parking utility bonded and then covered through the rates that are charged, so in hours, they can do hours. - So is it a raised parking, or is it actually? - It's a below grade. - It's a below grade. - So that you're, it's very important, I think, to have that town square at grade, because when you're walking along downtown, you wanna be able to see that and say, I wanna go there. You wanna be able to go from there into the City Deck, right, through the tunnel, but walk over to City Deck and have that pedestrian linkage, so you don't wanna have anything built up that creates concrete walls that also make it hard for handicap accessibility and also visually, they're creating barriers. - If this is the Hotel North then right here, then the Bay Lake building would go this far. - Yeah, it sits in that brown-- - So it's like-- - Bay Lake sits there and goes down. - Yeah. - Very good. - And you know, also, by taking out Bay Lake building or tenants in there, right, they could be relocated to other empty space. There is quite a bit of office space available, and they can see the downtown, so it'd help you fill up the other space in downtown. This would be a great incentive also for the new Foxconn, an incubator. It's really, I mean the combination of these things is really gonna make Green Bay and downtown take off and really compete, you know, especially against Titletown. - So the proposal does not include the classic tearing down the building, correct? - No. So that would be recommended that be handled through TIFF, and again, the core could be done through a parking utility. If you have a parking utility set up, you charge for the parking on the ground for the public parking, and then those rates could also cover the cost, so the improvements here, everything above, could be considered part of that cost of constructing the parking underground, because it's the deck of the parking that's supporting the plaza, right? - And you talk about four phases. So, the first phase, both parking garages would be there? - Well, whatever you wish. We could build the parking for the public and do this as long as it's funded and everything, or the city could just do it, right? We could also just focus on our part. The phasing here is quite flexible. It probably will start maybe back here and work this way. We'd like to keep it in chunks that are manageable. The retail is over here. That's why a lower rough line here steps back. Probably the best scenario would be to do that last, because that way, it'd have all of this built and occupied, so I have hundreds, 250 units could result in easily 325 or 350 residents, right, so I'd have all that disposable income to help support the retail and attract retail to that location. What we don't wanna do is hold around retail and downtown. We don't wanna destroy the value of what you have already. Retail, there's tons of vacancies before, right, when the mall was torn down where the parking lot worked. There's tons of vacancies, and only recently, if you notice, it's filled up, so really full. It's almost full. - Yeah. - And so let's keep that going. Let's not train wreck that by throwing a bunch of retail in the market all at once and having more vacancy. Let's add the demand first, which in the meantime will support the retail that's out there. Then, when we bring our retail out, we've got that additional disposable income to support it and attract good retail or restaurants. - Is your proposal contingent on Bay Lake building being gone? - Yes. I think the value that the town square really brings to the table is critically important for the success of this. I mean, it'd be hard to develop a three or four-story building and attract the income levels and the people to those buildings without something, some amenity, right? Some view. If you're just staring at the... - The hard concrete. - The hard concrete, you know, it's hard to attract people, and I know, we're intimately now intimate knowledge and leasing what the demand is by people and what they want and expect in downtown, and as I told the city and Kevin who agrees with my city, they're successful because of the river, you know, City Deck landing was there. We were able to offer that amenity, and if you were there, were you there for the 4th of July? The fireworks and everything? And our building was really integral to that whole event. I mean, thousands, tens of thousands, maybe 50,000 people probably walked around our building as they went from the bridge to City Deck, and so, and we developed that, right, in conjunction with the city that pedestrian linkage, and we need to have that kind of amenity to attract people to downtown. We can't just assume high rents and then put them in a canyon and think that they're gonna be attracted to pay a high rent, no. You might have a lower rent or lower, you know, but then lower rent, you can't support the high construction costs, so it's all a formula that has to work, and that's tricky nowadays. - And these are all apartments? No condos? - Correct. And the reason for that is, the other thing is, the retail is not so overwhelming for the development, so if we can stick under 5% or even 10% of the retail component to the residential component, the bankers, lenders will allow us to finance as a single type of project, so multi-family, okay? They're gonna kind of ignore the retail that's being lower that's great. As soon as you start getting into too high a percentage of some use other than the multi-family, now you're mixed use, okay. That eliminates a whole bunch of lenders. It leaves you to a very small niche lenders who are willing to do a mixed use, very complicated for them to understand and underwrite, and it's also complicated for the appraisers to undertand and underwrite, but more importantly with condos in particular, the reason why we haven't proposed condos, and we've been asked to do condos in many locations and many communities, and I have to be honest just to say that since the Great Recession, Fannie Mae and Freddie Mac, you know, the rules all changed, right? So, in order to get the end user to get financing for the HOA, the condo association et cetera has to be turned over. Effectively, you have to have pre-sold about 80 to 85% of the units. Well, good luck unless you're a 40 unit condo, so it's really impossible to pre-sell dozens and dozens and dozens of condo units in order to comply with that rule so that the end buyer, so what does that leave you? The end buyer has to have all cash. Well, how many people have all cash to pay for a high end condo? Also, the lenders who are available to finance the construction of condos are a very small group, and that has to do with the fact that they can't recycle that loan, right? They can't get rid of it. They gotta hold it in house. It's a different pocket they're in. There's a different risk category assigned to it by the regulators, so it's very, very few lenders will, in fact, I don't even know any lender right now, not one that I can find who will finance condos, and since the end user has to pay cash, since the bank would have to hold that loan in-house if they finance it. See, what banks like to do, right, when they finance your house, what do they do? Bam, they sell that off, right, to Fannie or Freddie, and it's packaged in a bond pool, and boom it's out into the market, so they recycle their capital, they got their fees, and that's, now they do it to loan to you and a loan to you, and that's how the world works. It keeps going and it works, and the minute they have to hold that loan in-house, now that capital's tied up, so they don't wanna finance condo buyers of condos, because they uphold the loan in-house, and then that applies a different set of regulations, so it's a real mess right now. Maybe those regulations will change someday. Not right now. And there's a lot of developers, to be honest with you, out there who don't understand those regulations, even in Madison where some of the developers are versed in this area. They don't get that, when you sell condos, you have to pay income tax to the dealer on every single sale, so you're underwater on every sale until you get to the profit point, your last 10 to 15% of your cash flow, so you're literally writing a check to the IRS. You're getting a hold, because you have to pay most of your money to the bank to pay off the mortgage on the construction, then you pay the IRS based on every sale but capitalized cost, so you're creating a higher income on paper for which you're paying taxes on, which you are putting in a hole, so now you're really in trouble financially until the very end. So that's why we can't do, or won't do, condos right now. It's just very difficult. Multi-family, we've a lotta lenders available for that. When we built City Deck, we obviously ran into a local bias by the banks, I had to finance it outside the city to repay because the banks here have a local bias. I think we've broken that now, right? We've gotten some of the local banks to believe in it and realize that you can build a multi-family downtown. You can charge higher rents, and it can be successful, and I think we have one vice president of every banking group in our, residing in our development today, along with four sportscasters and Packers, three or four Packers, officials, and we have a bunch of different retirees. So, yes, I think we've been successful in changing that attitude with the bankers here in Green Bay. - So can you speak to your design? You have a nice massing there. You talked about state built construction, but from a cladding and fenestration perspective. - Sure. - And then maybe along with that, talk about your team and that. - Sure. So, in terms of the architecture, we deliberately did not put in specific architecture on this because we'd like to do that as we did with City Deck. We'd like to do that in conjunction with you and the city and the community. What is the appropriate architecture? Some people like to come in with a very modern, a lot of architects wanna win awards, right? They wanna come in with a modern, something different. Sometimes that works, and that's fine. I prefer not to come in with something that's not what you want. I'd rather work with you to develop the architecture. In the case of City Deck, I mean, it doesn't have to be the same, you know. It could be different. We went with something very classical, historical, brick, punched opening windows. If you look at it, a lot of detailing, different three-dimensionality to the facade and the brick. Changed up the colors to try to bring down the massing and size of it. I think it really fits in very well downtown, so we're open. We can work with you to develop the kind of architecture. We could try a couple different ideas and talk with you about and show you what those might look like and see what you think would be, that would fit in. I think one key thing is, and it's hard to tell with this, you know, I mean, you can't see the same thing. It's hard to tell. But it's kind of wedding caking those end caps, right? So we bring down, so when you're on the town square, you're pretty much only seeing like one or two stories because the third and the fourth are pushed back, and we could have some nice balconies. I think it's important to activate those upper balconies facing the town square. If you had a concert, people could be up there with friends on large balconies overlooking that concert, and we'll have balconies surround the different streets, Cherry, Washington, et cetera, again, activating the street level, but you know, not bringing a huge facade right against the street. That would be overwhelming and cast long shadows, and it's just gotta fit in to me, and Green Bay's the oldest city, right? It's historic, you know. We've gotta make it fit in and look classic so it'll last 250 years, not 50 years. The state office building we know, right? That looks like we built it, I dunno, what would you say, '60s or '70s? - Right. - So, we don't want something like that that's gonna be out of date in 50 years. We want something that's gonna last the test of time, and the materials have to last. The other thing we do is a lot of things that we do that others don't do is we will insulate all the walls, including the bedroom walls. We build an extra foot height in the entire building, every floor of every hallway. The hallways are six feet wide, not four, so we don't chintz. We put in the higher more expensive HVAC. We put in more expensive cabinetry. We don't use the cheap single cabinets. When you start getting out of the box, then you start cutting all these things. We believe in investing, because we're gonna want long term, we wanna have the lowest possible operating cost. We're the pioneer in green and sustainable development in the state, definitely Door County, but probably the state also. The only developer to win an award from the governor for, Governor Doyle, for energy efficiency. We have worked with focus on energy. We actually teach focus on energy, how to do all of these green and sustainable features, how to implement them. We have installed the largest solar array in multi-family in the state of Wisconsin. We'd love to do, with the flat roof here, we'd love to do a solar array here on the roof that will be invisible from the ground level, because it's a low profile. The panels are literally very thin nowadays. So we do a lot of green and sustainable, we want the architecture to be long term sustainable. We want it to be very pedestrian-level. We wanna improve Cherry Street. It's nice. You've got the memorial for the Packers there, but I think we could really improve and add to that and make it a more pedestrian-friendly street that would provide better linkage with City Deck itself between this side where the hotel is. Hopefully that's gonna be successful. Patrons of the hotel will walk through town square to City Deck, that's the idea. - So is the Lombardi, or the Packer, it's on that corner? So it's not part of the town square, okay. - Right. But you notice we put some block up units there with some front yards, the same depth as the memorial so that you can literally see it if you're down here and you're looking down the street, you'll be able to see the memorial and say I wanna go there. I wanna see it. I wanna take a picture of that when you're standing in front, a selfie, so it's all about creating those vistas, right? If you can see this way down there, I wanna go there. - So, Cherry Street, those are apartments that would be on the first level then? - Yes, we love doing walk outs. - So there would be space out front? - Yes. - Okay. - We particularly target people with pets so they can just walk out their front door instead of taking the pet through the hallways and the lobbies, and people love the walk outs. Just go right in and out of your own apartment, and they also have a door into the hallway, but they just, they really are a big hit, and we can do some of those also on Adams, but it's not gonna, we didn't propose as big a yard there. - Are those one or two bedroom, or is that up for discussion? - Right, it's up for discussion. So we have a variety. We are proposing based on our experience with City Deck, arriving at studios, one bedroom, two bedrooms, we could even do some three bedrooms. I don't think there's gonna be as big of demand for that but some. This is a luxury product, a high-end product. Our unit's sitting a little bit larger than it might do in a peripheral location, and what type of units are on the walkout. I don't think that the studio, either ones or twos, maybe the corners or the threes. We'll come up with the exact unit mix. The unit mix will determine the exact unit count. It might be 250 but it could be a little bit less or a little bit more depending on the unit mix. If we do more studios, you may end up having a few more units or more two bedrooms. We can have four more units. We include a mud room in our ones and our twos, which nobody has, with full laundry in those mud rooms. We have a lot of units with dens, so we might have two bedroom dens, an extra room. Maybe it's used as a guest bedroom for adult child who's coming home to visit, or it's an office. The retail is walkout on the street with individual front facades, the original signage, the original. - You had listed in here and I wrote it down that your parking is one to one. - Yes. - What does that mean? Is that one parking space for each unit? - We have 274 and that could change when we get into the final construction method, but that gives us, we'd love to have a ratio of about 1.1 to one, which means if have 250 units, we have 274 spaces, it's a little over 1.0, 1.1. That's like a perfect number. If we bring too many underground parking spaces online, you end up with people saying well, I'll just wait to rent that. If you have a little bit of a shortage, people are like, I wanna rent that right away, right? So it's very important to have the exact right ratio, which is about one to one to 1.1 to one, more or less gets you in trouble. So it's enough to cover a parking need. - I wonder. - Well, it's, yeah. Plus, you might wanna have a few guest spots, right? Then you might have some for the retailers. During the day, there's gonna be some shared parking going on, right? So, those units during the work day, those parking spaces, will be 80 to 85% empty during the business day if they're working outside, right? And then we could use those spaces for the employees of retail to park during the week work day. - What do we do at Metro, does anybody know? Don't we have a parking spot ratio? The ratio? - I think it's one to one, one per unit, and then I think they have some alternative spots in the Cherry Street ramp. They can buy rental passes. - I remember now, if you build too much parking it's like 35,000 a space, so it's very expensive, and then they jack up your rents, so you gotta remember we're not, millennials, like the survey shows, there's a big proportion of millennials going without a car. They'll use Uber. One of our employees-- - Right. - Uses Uber. He doesn't even have a car. He uses Uber to go to work or go home. It's less expensive than having a car and debt and insurance and gas. Some of them bike, some will walk to work from downtown. There's other retirees at city that we've seen. They're selling their house. They get rid of one car and they keep one car. They don't need the cars when they're going to work together. It's retirees, so, we don't need as many car spaces as we used to in this country. I know it's hard-- - I agree. - To overcome that, but. Yes, exactly. We have lots of bike parking also included. We'll have a bike station with tools, a bike wash. We'll have a dog wash, tons of amenities in here for residents to use. - You also indicated that we're going to be about 5% of the market. What is the market now on a one, two, three bedrooms? - Yeah, it varies by, John, do you know? You wanna pull those out? - [John] Yeah, I have all we have, the city that gave them up. - For this property, we'll be pushing $900,000 for a studio. We're just getting out there. With City Deck, we learned the exact right spot. If you charge too much, you'll have vacancies. You don't want vacancies. You have to be real careful not to charge too much. 879,990 is City Deck, so it would be about 5% over that. One bedroom, 190 to five to 1,200. Two bedroom, 1,400 to 2,150. Three bedroom, 27 to 45. So we went about, we find through our experience that you get about three to 5% increase, and it may change in rents over a prior year. I think that's, we can push 5% because we have the clientele in City Deck and clientele for this. We have less resistance at the two bedroom level than you do at the studio level. Studio levels will have more young people working, still in their careers, and they're a little more price sensitive than maybe the retired couple in a two bedroom. - So let's talk numbers, cost, public assistance, what you're proposing, what you're thinking for the project. - Sure. So in terms of public assistance with City Deck, because there's a large gap if you're in downtown. The constructions downtown are more, you have a higher water table at the river. You're gonna run into surprises for sure, so you gotta plan for that and budget for that. You can't just go in like some other city where it's just a green field site and it's a farm field and there's not gonna be any surprises. You really have to plan for that. So, we're looking at, with City Deck, we had 100% of the increment for TIFF, so we'll calculate that. We'll run the formulas and the math on that when we get further down the line and determine what that number is, but it basically has to be self- supporting for the TIFF, right, and then we had free land at City Deck, and I think that's an important component, and again, as far as the public parking, that can be financed through a rent utility district with the rates, the paying for users paying their parking rates for parking right down the street. I think that would be good in terms of the overall assistance that that would make the project work. If we start seeing, if you wanted us to go higher or something like that, you're gonna see significantly higher costs. By the way, the break point is four and five stories, so we could do a four-story wood frame building, or you can do a five-story wood frame on a country podium, which gives you a five- story building, okay? Once you go above that, that's where the building comes in, bigger emergency spares, all the fire controls, the smoke controls, you go to steel and concrete, that's where your costs are gonna double. You start building a multi-story ramp, you lose about 20% of the parking spaces just in ramping per level. It's a huge loss, and then your cost of construction is very high. In Madison, they have some high rise, and you've got residents moving out of those buildings right across the street from us into our building, because they don't wanna drive up a five-story ramp and park in a public, basically what's like a public ramp, but they're parking in an open air ramp, and when you're an apartment resident, 50% of our residents are female according to our statistics, thousands of units that we have, and security's very important to them, so having a secure underground garage, safe, it's not open to the elements and not open to people just walking in or driving in. It's really important to have that security, heated. We have cameras and security all over every building we do. Every exit, every elevator will have security cameras. Everything will be visible over the Internet to our security company, the vendor that we use. So having, keeping it to one level of parking is really important, but that's what we need for public assistance. We're gonna do it in phases. I think that helps also with the feasibility of it. Once you start putting more than 75 units or so on the market in the season, then you've got to plan for free rent or low rent or higher operating costs during vacancies, right? Vacancies, you've gotta pay the taxes. The landlord has to pay taxes, all the operating expenses for those units. They're a major expense. Hundreds of thousands of dollars depending on the units, but you have to carry those for however many months you expect to absorb, so building this into phases is really important, and also, it's important from the standpoint of trying to use local subs. Local subs up here tend to be smaller, right? You asked about the team. If we start, if we said we're gonna build all this at once, checking in a project once, we're gonna have to get subs from the mass of one, large enough to handle this size, you know, whereas if we can roll through, smaller plumber in Green Bay who can work on a 75-unit building, and when he's done with that, he goes on to our next 75-unit building, and it just rolls right on through. It's very manageable. We don't necessarily have to go outside the city to get to those people. As far as our team, we're looking at Joe Leigh JLA Architects. They're highly experienced in multi-family. They really listened to me, and they really understand the customer, because when you design the building, it's all about the customer. It's not about winning awards. It's not about what I want. It's about what the customer wants, and we keep track of that because we've got residents here in City Deck that we write down what they say. What do you like? What do you don't like? As far as a general contractor, we're keeping three on the hook. I think that's extremely important right now with the construction costs skyrocketing. My experience is we've got a final debt to fight. If we start talking to only one, some how the price creep ends up happening right at the end when you're about to sign the contract, so we're talking to Emil. They have the experience to really handle this. Steven's Construction, Emil's local, Steven's from Madison. And possibly, Byron's a bigger one. They're not gonna do something smaller, but they could do a 75-unit building, so we'll keep talking to all three, and we'll get pricing from all three to protect ourselves on cost and pricing to make sure that this project can move forward, that there's not any surprises at the end, and it'll be a gross maximum price contract, a GP contract, so a guaranteed price, so we're eliminating that risk, put that risk on the contractor, and as far as the lender, we'll shop that around to different banks. We'll engage probably three banks for, in terms of getting the loan, because today, we just don't know. Banks have regulations where they have buckets, and if their construction bucket is full, they can't make you a loan no matter how much they want to. They can't on the regulations, so, you know, one minute, one year you're talking to one bank, and they can make you a loan, and then the next year, they can't make you a loan, so that whole relationship thing is gone. It's not about relationship. It's which bucket's available. It's for them to make a loan from, so first bucket is a construction bucket, and the the second bucket is a multi- family bucket, and so we need to keep at least three banks on the hook until you can sign a loan commitment, and with interest rates going up, we'll wanna try to do that as quickly as possible, because rates will tend to go up 25 basis points every four months right now. I just read rates yesterday. So it's going to be important for us to lock in a lender as soon as possible. - How are you going to, what is your proposal as far as the arts requirement? - Sure. - In the proposal? - Sure. I think we're like the only developer that has been buying art for our buildings for 35 years. We purchase art for the interior buildings, the common areas. If you'd like to see in City Deck, we spent probably more than 1% of our construction budget on art. If you go up through, every floor has art in it. Sometimes we'll do public displays as a favor, so you saw the bowl sculpture out there in the corner at City Deck for a while. That was just a favor to the artist for him to display that. If we have a place, like here, we could do some public art outside, right? We could do it in a courtyard. It'd be funded as a, you could almost create a really interesting public art. You might have some where they're a permanent installation, right, or you could create an installation where artists can put it in for six months, and then the next artist comes along and puts it. That one comes out, the new one goes in, so it's dynamic and it brings the public in. It gives artists a place to display their art and sculptures. Maybe you help them out with installation costs or something like that, and then you'd have some that would be permanent, we purchased, right, and installed either on property or the linkage between the park and the development. Maybe, I think the Cherry corner, Cherry Street corner, and the street is a great location for a sculpture there, and maybe also, you can see right there, between TON and Washington Street. That's another good spot there for a sculpture, so there'd be some places we could do some outdoor art, and then art inside the building, we'll do anyway, and then to have some kind of roving or changing, you know, art installation would be a great way to bring people downtown. It'd be amazing how they did the Bucky On Parade. Do you know about that? - Mm hmm. - Whether it's the sturgeons or the buckies or the, you know, whatever, the cows, and man, the Bucky On Parade brought people in from multiple states to Madison. That is incredible. So, doing something like that to kick off an art installation here. Maybe that's the kick off, you know what I mean? And then you do an art installation that has a roving component and a permanent component. Usually if you had an art fair, I like to go to the art fair to buy a lot of the art for the interior, so I try to feature local artists, local art fairs. - So, just so I'm clear on this if you guys aren't, this project does not work for the Olympic building purchase to go do that public park. - Yeah, I would be very concerned about having a large building, the Bay Lake City Building here as sort of like a Berlin Wall. - Yeah. - What are you staring at? Nothing. I mean yes, we could create a development enclosed into ourselves, but is that what you want? Is that really what your goal is is just for us to put another building? I think your goal as a city is to leverage this, to create something really special for downtown, and I talked about taking out that building for a long time. Obviously, you don't have to be the city going there to be doing cooperativeor whatever which has been done around the state. It's not a particularly attractive building. I would like to see something far better put in here that would really be something that would be a benefit to the greater community than just us building another building. Yeah, I can build another building anywhere, okay? I would like to do something that, since Helen Stanley's from Green Bay, like do something that's really special that can stand the test of time. I went and, let me give you an example, I purchased a smaller case that's only like a postage stamp size. I'm doing development downtown Middleton called Middleton Center, you can look over the site, and I went and purchased four homes across the street. They were being rented out as single homes, and it's probably a quarter of an acre or something, and I purchased those homes, I tore them down, and then I went to the city and said, hey, how about a town square? Because Middleton doesn't have a town square. It has no focal point. There's nothing to bring people together, and at first we weren't sure, but then they really started researching and boy did they jump onboard and really grasped that, and I sold it to them with donating part of it and selling part of the property to them, and we just had the first event, the jazz on the plaza event. Huge success. People really loved it. They're in the process of planning that downtown plaza right now. Hopefully the improvements will be done this coming summer, and I'm guessing there'll probably be 300 to 350 events there a year. It'll be a tremendous boost to downtown Middleton, and that's what I'd like to see here is not just another building but something really special. - And how many years are you proposing your project would take to build? - So each phase of the construction timeframe is about 12 months, so as soon as we have approvals, we can break ground. I prefer to break ground in the fall and finish in March or February. That's about a 13, 14 month. That gives us a little leeway for contractors' buffer. So I figured about one phase per year, so we could go as fast as four years, or it could be as long as six or eight years. Depends on how fast the lease stuff is, so if we start in, open in March, I'm gonna be able to lease up through August, that's the leasing season. The calls drop off by 90% on September 1st, alright? So September to December is like very little leasing, so we try to get all our leases to expire about March to August. So when I finish at the beginning of the leasing season, the leasing goes like this, and then August 31st it goes like that, so then I could start the next one right after that in October, so if I'm starting the next one in October and just keep going right through it in four years. Now, if there's a recession or something, we might pause and take a year off, so I wanna be upfront and honest about that. We wanna make sure that this is successful so that it's not a financial burden on the TIFF, but rather a financial success on the TIFF, and in fact, usually what I find is when we develop our projects is that the original 100% increment that we estimate ends up being low and there's some extra margin there that's free increment for the city to use to fund extra public improvements, so if you do the math right, there's usually that extra benefit, financial benefit to the TIFF, and we can use those funds for something else. - So is there an occupancy requirement that you have before you even start phase two, I mean, along with other things that you would have to consider? - Sure. It wouldn't be the occupancy, but it is called leased. Leases are signed but maybe not everyone moved in yet. - Okay. - Someone'll sign a lease within a month, so it's called a lease factor, and yeah, we'd wanna be in that 80, 85% lease factor, and we should be. We should be, frankly, 95% by August 31st, right, in terms of leasing. We lease right out the city very quickly, so I would say that getting to the 80% level, if we do things right, we open it at the right timetable in March or February, we would be at the 95% or higher by August 31st and then be starting in October. If you open in project, en masse, if you open the building in late August, August or September, October, you're gonna sit mostly on detail. We start ramping up in March, April, May, June, July, and then there's extra carrying cost, so it's really, and then that delays for the building next phase. So the next thing is this is low-risk to the city, low- risk to the TIFF, lower risk to us than doing something that's way outside the scale of the city and do something here that is feasible and can work in an environment right now that is getting dicey. Interest rates are going up, construction costs are skyrocketing, so the market is getting dicey. Just saw the stock market kind of take a dip down. It's getting worried. So we wanna do something that we can do even if there's a recession, because I think there's enough demand. We were the first to build in the recession of 2010 in Door County, so we don't mind building in a recession as long as there's enough demand, and we're building not too many units, which, 75 units a year is the right number, so we've designed this project to kind of sustain the ups and downs, right? I don't think we want an empty elephant here, sitting here, that hurts the rest of downtown with a bunch of vacancy that destroys the value downtown. That would be very, I think that'd be very risky. It would hurt our city debt rate. It would jeopardize us over there at City Deck and the metro, too. So I think we have to be careful about that. - So, Terrence, how much increment are you planning on bringing along with each phase? - So, well let's see. What did we apply for, 75 units? - [John] We did a total cost. - It's 10, $11 million, well, in terms of TIFF, we would be back at said increment again. If you just took a ballpark number, let's just say 75 units times 100, I used to be able to build them for 110,000 a unit. Now it's becoming 150,000 a unit. It'll probably be 125,000, but if you took a number like 120,000 a unit and multiplied that by 75, that's a very conservative number. - But that's the higher cost? - Higher cost, that's the higher cost, yeah. You've got soft costs, you've got lane value, et cetera, but that's a reasonable conservative number, right? Like I said, you don't wanna push the envelope too much. You wanna have some extra leftover increment for future public projects once you see. - No my point is I'm trying to understand what would bring onto the taxpayers from an increment? - Oh, that's down the road. - Yes. - Yes. That's what I'm trying to understand. - So look, you're saying 125,000 a unit. - What's the math on the 250 times? - Times 75, or I mean 125,000 units built times 75 units, so it's like 9.4 million instead of just say, 70% coming out, and then again, it depends on the rents and the NOI and everything that we look at, then if it's in the ballpark of somewhere between six to eight or so. - In the write up, I estimate 30 million, but it could be 40 million of tax value down the road, and you figure inflation costs, inflation value. How much do you have left in your TID? How many years? - Downtown TID, there's at least a dozen years in there, and to 13, there's a few more that's a total of 35 I think, so I think it's a part of the discussion that's to look at. - Might be an overlay or something. - Right, it's the time period in terms of what what we'd be able to recoup that at. - We could do an overlay TID or something like that. - And I'd like to say one last question. - Yes? - Do all the apartments have outdoor access? Meaning like a balcony or something? - Yes, we've always done that. - Great. - We don't have to, but... - No, I know you said that somewhere. - I think what's really important is these outdoor amenities and the courtyard. People on the balcony will come out, because they like to interact. - Right. - They might just go and read a book, but then they're meeting people, seeing people, bringing people together inside the community, doing the club, doing the fitness center, we'll have things on demand. It's a computerized system. It just brings everybody together. And we have events. It's not just about the physical space. It's about the programming. So we program events, so I have a manager. This'll have at least two managers and at least one to one and a half or two full-time maintenance people onsite, so the onsite management, and they do programming, so there'll be events. Movie and pizza on Friday night, so we'll do one or two events every month, to bring people together. It creates synergies, but it also gets them to stay longer. People will reside there for 20 or 30 years, not three. It's their home. This is their home. It's not an apartment. It's really their home, so it has to act and look and behave like a house, you know, the home. - Alright, so we got about 10 minutes left. I wanted to ask, if you could eliminate one requirement from the request proposal that was out there, what would it be and why would you eliminate it or want to eliminate it? What would it enable you to do? - So we got a little creative with that, and we said instead of eliminating a requirement, we wanted to add a requirement, and the add a requirement was take down the Bay Lake building, - Okay. - Bay Lake bank building, because I think that's the key to this whole thing, and it's not just for us but for any developer you choose to do. That is the key to create everything you wanna accomplish. It's your master plan, right? It's your future plan. Why not take advantage and do this now? Because if you build our development and you don't do that now, when is it gonna happen? And you could do a TIFF overlay or something, a new district to help you do that plus a parking utility. We can help you to get it done. - Okay. And then one other question is, are you able to do redevelopment throughout the city? We've got other inventory. If not selected for this site, would this project work at another site in the downtown? - Well it's a large development. I think this is really contingent upon the relationship with it and the town square. I don't see where else it could go unless there could be another town square someplace else. It's integral. It's not just a building by itself that we could just plop down anywhere. We're not a cookie cutter developer. We don't just take a development that we've done elsewhere and make you think it's something unique and then plop it down when we've already done it five times elsewhere. This is unique to this site. I don't see where this could be done elsewhere. Would we like to do something on the river down the road? Sure. We've been kind of watching and looking for a number or years now, but no, I don't think this would work. Plus to be honest if you were to select a different developer, I think it would be foolish for us to come along and try to build something at the same time. It's gonna hurt that developer, hurt us, it hurts you, it hurts the TID. It doesn't make any sense for us to do something if we're not selected, it doesn't make any sense for us to do that. It's kind of like sour grapes. It could actually hurt the TID financially. - Any other questions from? - Thank you. - Okay, well thanks for having us up. Really appreciate it. - Thank you. - Thanks for all your time. - Appreciate it. - Good to see you, Terrence. - Thank you. Does anyone else need these? - We're okay, Terrence. Thank you. - Yes, there is. - Correct. - We can further discuss it. - It's alright. - I watched it up until I got here. - Did you write this? - We might request more meetings. - I don't think that's gonna happen. - 'Cause that would give you time to get stuff ready. - It had the screen, yeah. - This'll be good. - Yeah. - I think we're only another hour. - I just wanna make sure it's not... - Paul, start with your project. - Thank you, I apologize for that delay. I'm Paul Belschner with Base Companies. Let me introduce our team, and then we'll provide a project overview, and then we'll provide answers to the questions that were issued by Ken to the presenter. So, Filip Barsan of Barsan Construction. He'd be a partner in this project. Filip is from Romania, came to Wisconsin, lived in Seattle for five to 15 years, comes to Green Bay with high energy and high vision for what our city can be, and I think that that's healthy. Mike Krolchek had a scheduling conflict today. Mike is one of the principals of CD Smith. I just don't want to understate how important CD Smith is to our team. They bring a lot of the experience to what we're gonna be proposing. Mike Hagen's with Othello Williams Real Estate Group, and Joash Smits with Base Companies is here to assist with any of the construction type questions that would come up by the committee. Filip, would you like to take over and give an overview of the project as proposed? - Sure, so, we could just get right into the questions if you guys wanna get through that one first, and then we can get through some 3D renderings for the city. I think we've also discussed briefly with Ken and a few other people on this committee that long-term Green Bay what we thought could happen, and one of the other projects that we have right now will be the rail yard, and we're trying to develop that into mixed use. Obviously, which goal arise. We would probably look into going a little higher depending on what tenants we have, so, let's just get right into it. Basically, the flexibility of this project is open. You guys asked clearly in the RFP, you wanted something distinct. One of the thoughts that came to mind for me was if you have a Wisconsin state tourism, like the little handouts that they give out, you wanna see this building on that, right? So you want Green Bay to be the premier city of Wisconsin pretty much. That's what we got, and that's kind of where we got the design for. The historic part of this question would've been. I was looking at a map the other day, and I noticed that we have, from 1931 to 2018, this downtown district has changed very slightly, not that much, which is fine. It's okay, but I'd say something like this, so urban, would really contrast the old and the new, and I think that Hotel Northland is a great way to put it in better perspective when we're getting to this newer phase, and the millennials, we don't really wanna walk too far. We don't wanna have something that looks old. We don't wanna have something that looks way too futuristic, but at the same time, we need something that'll, people talking about the project. They wanna know where it is and what it is, and you bring this up, people are gonna know. I discussed with some other people on this board that there is ways of keeping older buildings. It's very expensive, but we could go do it. Obviously on this lot, we don't have any more older buildings. We just have parking ramp, but some of the things that I think maybe I should clarify would be that we're not contingent on knocking down the old building. That's further along. I'm assuming that would've been a question that would've been shot in there. That's pretty much what it is. We'll just keep going. - We do share the same vision as presenter in the city, adhering to the direction of the authenticity plan. I think that there's some embedded success factors there with the public here. - Do you wanna go over this? - No, and just to clarify, I'm assuming that everybody got the same eight questions that were sent out, so these were listed as expected to be answered, so we have this information in our original proposal, but a range of TIFF would be 12 to 20%, which we believe is in line with other comparable projects, and the pay as you go component, if there is one, which we would hope that there is, would go to maintain the public infrastructure that this isn't meant to be the end game. One more facility here. We're gonna be looking at how do we not just build parking. How do we improve the city's public works with this project and be able to extend into other ancillary developments on the other side of this project, so I think that would be a good utilization of the pay as you go component of a TIFF package, and one of the questions was how much to purchase the property for, and I believe that's the assessed value on the parcel of $759,000. - Phasing and time, and I think we were pretty clear on this. Obviously, a lot of this might go sideways if there's any hold ups, market. I'd say the biggest really issue would be right there, design approvals, negotiations. That would probably be the only thing that could hold any of this back, and if this goes on, we're still okay on the second phase if we can ever get that through. I'd try to set up this deal where if we only do apartments, and some retail and some office space, it would still happen. They can still go there, but I think we'd like to see the condos in there. We've already had interested parties that wanna go along with that, yeah. - I think ownership based residential is certainly in demand. We're experiencing some of that with our involvement at the rail yard where we initially may have predicted a different demographic showing up, and we're getting a wide demographic showing up that are interested in living in downtown Green Bay. Jeff gave a presentation to the chamber of commerce board this morning about the market rate residential dwellings, and that's great. 500 units. They're 100% occupied, but I think long-term, it's an ownership based product is good for the community. - Filip, could you go back to the previous slide? - Sure. - You just said something about, okay, project going sideways. If the city were to hold up or delay some things. I think you said something about the market. Could you just elaborate a little bit on that in terms of correction or exposure or when that point would be in terms of our market correcting, so derail or delay or just how would that? - It would probably be just a hold up. It's kind of like a hiccup. You get to the point where if the market can't support this, the biggest one would be the pre-sale and pre-lease. I got Mike here for the pre-sales. We're gonna have 3D like VR headset walkthrough but people, you know, if you got a big stock crash, people will still back out of that even if it's written down. If you can't pay for it, you can't pay for it. So there's a lot of ways to go about that. Obviously we're gonna have CD Smith backing a lot of this project but if we get a holdup between the middle of phase two, that's, it would be between phase one and phase two. So if we have, the goal is to get the presales, and the prelease and once that happens then we'll kick in the project. So right here we have the presale and prelease notice on that so a few months before the actual phase one construction so we wanna get that to our limit or minimum requirement which is about 35% right now. And 35% of the budget so if it's 60 million we're trying to get up there. Okay? Thank you. Yeah so our partnerships, I'd say Paul and I are gonna be working closely. He's got lots of local connections. Me being here for only a year and a half, it's gonna get to two years soon though. I have a big vision. My goal is much bigger than this project. I'll share this with you guys as I do a walkthrough of the city on the 3D. I mean the tour. It goes further than this project. So I would say that, you know, CD Smith is involved right now with the rail yard. We're looking to see if they would be involved with it a lot more. I just wanna make it clear that this is not a short-term game, this is a very long-term run and if we have a lot of involvement in this community and I think that CD Smith, Mike specifically, made it really clear that they wanna move up here for operations. This is actually a quote that Mike pointed out this morning, he just sent me an email briefly and he's happy to put this in the agreement. They are willing to work with all contractors here. As a matter of fact they are on the rail yard. - Yes. - So. These are some of the projects they've done. That's in Lacrosse, that's the new city center. This is 777 in Milwaukee. 34 story high-rise residential. And then this would be the Hill Farms in Madison. Prices for the rents, that I think we've disclosed. We can't get too specific on that. If anything it might go higher, lower, I think that's pretty much stated in the proposal. Public arts, same thing. We've discussed in there, we're probably gonna be working with the public arts formation and get that one done. Yeah, no changes. The only thing would be the parking. One thing I wanna point out. With the amount of parking in this area like within a mile of the lot, we have a very hard time believing that we're gonna need 121 spots. You got the ramp across the street, it's never full. Then you have the other ramps on the northeast corner by Schreiber. Those are never full. That would be one thing we would wanna change. We're more than happy to provide it but you gotta understand where we're coming from. I think this city is at the point where we're taking away flat land and we're starting to develop, get higher density, but that comes with a price. You can't be parking street level everywhere, so. - So you would wanna take the parking out. Parking requirement out of the proposal? - The parking requirement-- - The public parking. - It adds a significant amount of cost to the proposal. We're seeing on a more national level some repurposing of parking garages already and more successful dense urban settings. Now we might not be there this year or next year, but we're certainly cognizant of the fact that parking garages are getting repurposed in lieu of Amazon package delivery areas. And things like that. And the odds of autonomous vehicles when that happens is one thing too. - I just don't remember. Was it 120 spots that was in the RFP? - 121, yeah, I think RDA in the initial proposal said there's like 121 spots there now, I think RDA said 100 and then council kicked it back up to 121. - Okay. - And that's why-- - So we're replacing what's there. - Correct. - Yeah. - We're more than happy to-- - 100, it says. - Just later on, we can always add to it. I mentioned something to Wendy, if you make an addition with the public arts or you get, I'll get this with the tour when I do a visual tour but if you get big city arts culture then it's pretty obvious, this is a block, you wanna hold something like that and you do need the space so. Yeah, would we consider another site? Absolutely. - Thank you, that's... - Let's get into the 3D, huh? - Just wanna be cognizant of the time constraints. Any questions on those eight base questions that were sent off by Ken? - Yeah as this is loading up I guess we can take the questions. - How many apartments are there? - 50. So 50 apartment units and 90 economy units. That'll be flexible. Obviously. If we can't fit it in the plans, if we have a lot of requests, we've already had requests for three bedrooms. And we didn't even think of that. When we did it but to really redo the full plan you get into some more space. - So 140 total. - That's right. - So while it's loading, can you talk about your design team? Who did the design work? - Who did the design for the building, the exterior design? I did everything. - Okay. - I did the design. I read you guys wanted something distinctive. From what I've done back at Seattle, from the people that we've worked with, it was always urban. It's gotta be that new look. We can obviously change that if it's really too distinctive. But... - So I guess my question is even from both from an aesthetic perspective but just knowledge of the requirements to build down here in the structure that you're proposing. Construction type, material type, those sort of things. Just something to talk about while you're loading. - The code adherence has already been applied to the facility and CD Smith has partners, has partnered with us, has very capable folks in their architectural design department to supplement the design as it evolved. We actually scrapped a couple different designs that were presented along the way. You can tell if there's a tremendous amount of time and effort into this and we finally settled into the phase one, phase two and then part of position and proximity to the Heritage Trail and the Bay Lake Bank building and out of those phases work and parking garage access. So we've been working in running and reviewing that with the architectural design department at CD Smith as well. - Does CD Smith have architects on staff? - They have lots of architects on staff. - They're usually subbing in the work out so they have, well they do, they have a 3D architect, like a visual, they have this new thing they just started about six months ago I was at their office. It's a VR thing where they walk people through the building. They're gonna be helping us with that. But they work with a lot of national architects. For the 777 they had a developer out of Houston and-- - Right so CD Smith's a contractor or a construction manager. They're not an AE firm. - Correct, they still have architects-- - I just wanna make it clear for the rest of the team. - They still have architects. The architectural partner at the end of the day here would be an outsourced architectural firm. - Right, so you haven't engaged anyone yet. - Correct. - Other than their architects on staff. Correct. - So yeah this is a little like gaming. So here's what we have that we, I guess, wanted to share, if it loads. Whoops. Think I did something. For the long-term vision I'd say what we would see for the Bay Lakes building is obviously we wanna knock it down but in the authenticity plan you guys mentioned you wanted to tie in the Schreiber Park to a larger park that extends to, what was that screen? The row, like right there. So for the second phase one of the things that we could do would be either an office building, something that's not taller than this development by maybe like a five story or something. Obviously there's a lot to talk about but our goal is to redevelop this and to redevelop obviously a lot of the northwest side. One of the things that we noticed here was that this parking garage that I put down for some reason this actually stands up a lot higher and casts a shadow over all of that. Which is a big problem when I put the first plan that I had, here let me stop this. So the first plan I had would have had an apartment building right here and an office building right here, both of which would have been above 14 floors. One of the questions that I might get if not now I won't get it later would be why go up much. The reason behind that is if we don't go up and we just spread out we're taking up the green space everybody's talking about, right? And the other thing is density. When I did the market research for the entire nation, you got Houston, you got Austin, you got Atlanta, you got San Francisco, LA, Seattle, they're all going up. Everybody's going up, but San Francisco, LA, Seattle, they're starting to cap. So they're spread out, they can only go so far before, you know TED firms, Amazon for example, they're moving out, they're adding another HQ in, I'm not sure which the city was but that's the point here, we have to catch on to the trend where we have to start building up. And Green Bay being the oldest city in the state and really the third largest, my thing when I came from Seattle, I came here, I'd already made a commitment and then I go downtown and I'm like what? I mean no offense. That was my reaction, I'm like what? People talk about this. It's the number three most televised city in the nation when it comes to National Football League, right? You got, I think it's maybe the Patriots above us. And for some reason the Falcons, they're right below us, I don't know why. But that's what we're missing here, right? This big opportunity to go big and to make a name and here we're kinda sitting like what are we doing, right? So I wanna make sure that we all have the same goal and if it doesn't work, it doesn't work. That's fine. But I think we do have the same goal and I think we're looking to go, we're not looking to scale 200 floors, we're only looking to do 15. Actually had a comparison to the Empire State Building and it was massive, it was... I don't know if I can pull it up now. - Not very sensitive. - No no. But that's my vision and I think working with Paul and working with CD Smith they have a lot of experience in that we could definitely do something like this and to explain this a little more we'd like to possibly expand further out. There's some lots here. The city hall parking lot for example. Just here actually, it's empty. You could do something there. Obviously it depends on, it's more as a vision now but that's where we're at and I think as team we're the team to do this. - Here are some things that just aren't playing well here technology wise today so I apologize for that but he's really, there's some nice components in the proposal. We're working with the Green Bay Theater Company right now with the Schauer and Schumacher building. And Filip went forth and said hey, what if, what if we keep the facade of the Schauer and Schumacher building somewhere down the road and build up, and say to the theater company we're gonna build you an arts and cultural center somewhere in the middle of our public plaza. That exists in a lot of communities. It's not in Green Bay but it's certainly something that you can rally around and give your community something to be proud of and brag about and say hey come see what's going on in Green Bay, Wisconsin. So the scalability, yeah I wish things could go quicker. - There it is. - Empire State Building and the Sears Tower scale next to a 15 story building. - Hurry up. That 16 floors, that was one of the original sketches I did. That would have been an office building. That's also 16 floors and then we got those buildings. I don't know if you guys wanna do TIFF on that. I'm more than happy to. - Some things we've had fun with with the project. - Yeah so over here, one of the things that's in downtown Seattle is the public arts, what's it called? It's, I think Kevin would know this. - No pressure. - It used to be on the west coast. - The public, along the-- - By the Space Needle? - The arts park, sculpture park? - Yeah, yeah, that's it. - Okay. - So there's a building there that's kinda funky looking. It's a big deal when you go to the Space Needle. Everybody takes a picture there. It's fun, people can go in. I just threw that down 'cause it took me five minutes so I put it down there and I figured, you know, why not have like a arts building? Everybody comes here, it's more of a cultural thing, obviously this is, it's more of a vision than it's, you know, but in the long term could be an office building, could be anything. That's how we see this block fanning out. We don't wanna go too high, you don't wanna block the views. People are paying big bucks to stay here. And one of the other things I wanna disclose. Pricing, you know, for clients that we're looking to hit, I think there's a lot of people here that have been waiting for something like this. People that wanna live downtown and they didn't have, I know the metro is up there, but if you compare that on a national scale, that's actually average. So to go a little higher than that, there's only one way to determine it and it would be in the presale. So we could obviously make that. - I think there's a lot of folks that aren't here yet. That will be waiting for the product as well. - Yeah, yeah. - With all of the new successes that we've had introduce broader community of the STEM innovation center and Title Town Tech and Foxconn, that's gonna continue to bring in high quality jobs hence folks that have the capacity to choose the quality of life they want. - So what is the average income that you're looking at to fill these 140? - About 75,000. - That's all? - Yeah. - So what do you, what is the cost for a two bedroom condo do you guys estimate? - I wouldn't. It ranges, it really ranges 'cause I'm gonna be honest when I did the comps on this we could go for a penthouse suite up there it could be, I don't know, two million bucks. I was more comfortable with 1.7, 1.6. But if we compare Milwaukee prices which is way higher it's actually about twice what we base now. Let's get back on rentals, they're renting a penthouse suite at 6000 bucks a month. So I think my gap on that was like 3500. Or something like that for a rental here which is half but people pay that. So-- - For a penthouse. - This is for a rental. So it would still be a penthouse but you're renting it. So it's a little more, none of this would be for sale, those are the condos. - Right and so what is your average, what do you think you're gonna be selling the condos for? - Average price? About 400,000, somewhere in there. - On page 24 we got some from 200 to about $460,000. - Our low smaller units like studios, condos, condos for example I think I have priced there for 200,000 on the low. We might actually go lower than that. In the 160 range. Because we can offer 800 square feet for that and the same with this. So these are actually starting, I think lower than all of these buildings combined it would start at like 730ish. I can't remember what the number was. But we could do that for a studio. So we'll work with that. - So then in the apartments, were you imagining a mix of studios in there? - In the apartments? - In the apartments. Yeah and what was the rent on those? - Like I said, they start at about seven, do you have that? Yeah 750. So for a studio, given it's 500 to 650, 700 square feet. Yeah about 750. - And how about on the one bedrooms? - I can't disclose that. That's a little rough when we get higher numbers especially since we don't have floor plans and square footage. It ranges. 750, 1000, so on. - So in your proposal you went with a higher number. Or you went with the condos. Versus the other developer, I mean you were sitting here so I'm not speaking out of turn, talked about the difference between doing condos and doing apartments. How does that affect the timeline? Because how many of those condos would you have to sell? - That depends on the cost of the project. So if the, let's say we kick this thing off in a year and now we go from 60 to 70 million. It still has to be 30% of the cost. So whether we get that through TIFF or through investors or if we get that from presales, what right now I'd say the presale is the biggest one where we can hold the development. Or we can get some money up front and say, you know, if we do have somebody financing it, how are we gonna, when this is complete, how are we gonna be able to go in there and take the development with a down payment? So I'd say for the presale to explain the phase one and phase two, the apartments, the reason I think the condos are really good, being a real estate agent, I'm also actually licensed as a real estate agent, I did the research on that. Basically every condo in downtown sells within two months max. So that's the average. So I misspoke, max, I think is like 90 days or no, a little longer than that. But that's what I've noticed, the condos are selling like hotcakes and the issue is we don't have any higher quality condos. As for the apartments, those are also preleased. I think the last I spoke to the metro representative they said that they were, what, a year out. So we don't wanna saturate the market too much because we are doing another development on the rail yard which will have apartments. But yeah, I hope that answers questions somewhat. - The apartments will be phased as part of phase one. - Right, that's-- - You remind me of some overlap of the condos as part of phase one or just step it right into phase two and it all depends on what we get from presales. - Right because right now your apartments are on the phase one and the condos are on the phase two. - Correct. - Correct. - As long as we're on phasing, wanna talk a little bit about more questions. What if phase one and okay, something happens, phase two, I mean does it still work on its own phase one or I mean in terms of your commitment then that may be not on that timeline phase two. - I would say phase one goes more on, so you're asking if phase two would be feasible? - So just say like I think projects come in phases. You do phase one and then something happens and phase two doesn't happen, can phase one stand on its own? - Yes. - Yes. - The answer to that is the phasing of the parking garage. - Okay. - Right. - That which would show up in I think the development agreement terms and conditions to see how do we want to share in that risk or hedge that possibility because of the connectivity of the parking underneath both phase one and phase two. - 'Cause you'd park the whole parcel more or less. - Correct. - To start. You're not gonna go back and dig up. - Can you talk a little about the green space? You have listed 24,000 square feet of green space. Is that accessible to all tenants? Or... - So I think what I disclose in the proposal is that this would be accessible by tenants and residents. This would be restaurant so it would be more of a business. And this also would be office so whoever is in this office and that office would have access to that, so that's also private. So there's three levels of this. The only public would be right near the restaurant. And we also have the top so when you, that's obviously all private. - So green space for the overall tenants is about 18,000. It would be. So the Bay Lake building, I mean to really make this shine, Bay Lake's gotta go. - Yes. - Well both of these buildings will fit in there with the Bay Lake building there right now. - Right but you haven't, we're removing all the green space. From downtown. Actually it's cement right now but. - I was just saying. - Right. - We certainly would want to continue working together to achieve the end result that we want in the city plan. - And all of these have outdoor access, correct? - No. No so for the apartments, most of them would, but again that's so early in this that you can't really determine. If we hope on the backside of that building, let me see if I can get out of here. This design was supposed to be more of a modern contemporary look where you're really facing the sunrise or it reflects off of that. You guys mentioned or I can't remember who mentioned this but we didn't wanna add too much reflect off of this 'cause now you got people that are uncomfortable, you got businesses over here. On a much lower scale. You know, they're not as high up. So this was supposed to be more of a flat facade. Obviously you've got some of that playing in there. But around there those are all balconies. The apartments are pretty limited as well. Thinking the updated rendering I have seen have balconies on all of these. So. - Can you bring up the image again that has Bay Lake there and how that works if that building were to stay? - This one right here? - Yeah. So is there physical space to build that phase one with the Bay Lake building there? - There? Yeah. So what I've done, I went in here and I shrunk I think I went back 25 feet all around the entire parcel and I said let's just go back 25 'cause you never know, we might have a setback here and there so I already did that, I cut that out and over here I think I have like 50 so this actually would fit, oh and the roads are a little wider than they really are. But yeah this whole thing would fit. We could make it bigger if you want. - [Joash] And our construction partner CD Smith is well-versed in those situations-- - Right, tight, tight construction. - [Joash] Downtown Milwaukee type construction. - Yeah, it just seems like a lot on that small... Yeah, parking lot space. - If Bay Lake Bank wasn't there, would you have laid out the building differently? - Yes. Yeah, I think I definitely would have. Well you know the extension, if this were to be complete you've got the whole part, you could always do something that ties into this design-wise, right? But I think what we're trying, from my perspective what we're trying to do is create a distinctive downtown feel where when people go to Green Bay, it's not like they say well I'm going to Door County, it's like no, well Green Bay is part of this state, northeast, where you kinda incorporate the whole thing. I want people to think I'm going to Green Bay, it's gonna be fun, it's gonna be kinda like Door County. It's an experience rather than just traveling from work or whatever. Something like this is definitely more, much more different than the bigger cities. But I'd say for the long term goal like a farmer's market or like a public market like in Milwaukee that would be something that could be incorporated into the further planning on this. - So from a TIFF perspective, you said pay as you go, correct? - Upfront and pay as you go. - Upfront, 20%. - 12 to 20%. - 12 to 20%. And then that money would be used to, the ongoing would be used to maintain that building. Once the TIFF runs out, then it's up to... - The owners. - The 12 to 20% goes into the qualified public infrastructure upfront the pay as you go portion on the presumption that that service and the length of the TIFF yield something left in pay as you go will go to maintain the public infrastructure that otherwise would have been a burden on public works. - And we talked about the last one being built with wood. Is this all steel and cement? - Concrete and steel majority of the structure would be, yes, the bones of it would be definitely concrete and steel. - And the $60 million price tag, is that taking into how much inflation? I mean is that a, is 60 million as of that date you're gonna break ground or is that $60 million today? - Based on our construction schedule that dollar amount is out there. I mean things are fluctuating on a regular basis right now. - Right, that's why I'm wondering how much-- - Regular meaning daily? - Fluff you've built into it. Per se, not fluff but-- - We've put some inflation in between now and the starting date of early next year. - Okay. - It's crazy. Gas prices are falling every day and I'm never happy. When he brings me a number it's going up. - I mean the building is beautiful. - I believe we're at about 225 square foot on the residential side. So we're still a little high up there on cost. I think it was 225. Per unit we're I think well over, well over 200,000. But being Joash has a construction background, we can work the numbers, so. - 103,000 square foot for the condos. So what were you averaging your condo size to be? 90... Those look like big condos. - I think we had some at 4,000 square feet. The penthouse suites and then the more average ones went from 800, I think the average was like 1200. Some odd square feet. 12 to, I mean, we have very large penthouse suites so that throws everything off. - Okay. - And from what I study here in this market you guys have some condos at about that size, they go from 800 to they top out at like 2500 square feet. - No, I don't think so. - I think covered most everything, yep. So if there's any closing statements. - Thank you for the opportunity to present. - Thank you so much. - Sure. - Thank you it was a pleasure. - Great. - Great, thanks for the time. - Thanks for all your work on this as well and for all your insights today. - Yes, thank you. - Alright, I've been meaning to thank you, thank you. I hate technology. - So here's I think what we'd like to do. You know - Can we have a motion? - I make a motion to return to regular session. - And I'll second that. - First, second, all those in favor say aye. - [All] Aye. - Okay, we are back in regular order. - So I think the appropriate thing to do would be run through, we've heard some presentations, had some discussion, got through some of the questions that I get from staff, we draw it out for further discussion I think had good answers to that. But that first presentation raises more questions. Is there anything in terms of process, again, we set up today to be kind of information gathering, get an opportunity to dive in. We would like to have this committee meet again to make a recommendation. With that, is there anything else that you would like to see from staff in terms of bringing back any additional information to you before you make that recommendation? - So for me there were a couple things. - Okay. - One of them is have we had any conversations with Schreiber about, right, the first plan kind of showed this new town square and it merges in with what I believe is completely Schreiber's property. - That's correct. - And so I don't know if there's been any conversations with them or not but I certainly would hate for them to get the impression that there's an assumption being made that we're just kind of using their land or anything like that. So I think that would be a really big conversation to open up. The next would be I have no clue, all projects for downtown and for that particular piece of property are enhanced and have a greater vision if Bay Lake Bank is not there. But once again, that's not ours. It is a private developer's property. I have no idea if we're all just, it's a pipe dream. For all I know. They might be sitting there saying yes you can have my building and that's $50 million. Thank you. And I think we would all say great visions for these properties, but the visions get really, they're just not as exciting if that building continues to be there and how that town square would emerge. So just, I don't know, the practical reality of that is just really sitting there for me in my mind as we would try to think about making decisions. On eventual developers and development agreements and the property that's there. And that was a little bit of the reason for the question about would you have faced that building differently if Bay Lake Bank building was not there. - Yeah because it'd be interesting to see the proposals, one proposal was assuming it would go and then this proposal didn't assume that. And you indicated you would, so I'd love to see that. - And then the third proposal that had withdrawn I think also had it not there. As well. And I don't think anybody, the general sense in talking, you know, hearing motions, I think the vision is great. - Right, right. And I think even the RFP included contacting the city with a piece that envisioned and gotten so I can see where they would logically jump to that conclusion. - Yes. - Well and think if you're apply thisplan states that I think we all assume that but maybe Schreiber or others, maybe to be clear on the time table or things, you gotta think we've talked here internally and with the RDA maybe we'd be having this conversation for another five years. But the market where it's at right now I think the opportunity is right to do some type of development with this site given the interest that we've had and so it's kind of moving that forward but again I think to make the checkpoint on those two things both that particular piece and the cost of basically acquisition of the Bay Lake piece are two things that ultimately would impact obviously depreciations and cost and where we go and look and for you it may impact your recommendations is what I'm hearing. - Mm hmm. - Okay. Okay. So with that, yeah I mean I don't know in terms of if you want to adjourn and just hold this item until you meet again and I guess we can talk about how long it's gonna take us to get some of that information. Look, I think we wanna keep moving along in respect for the two developers that were here. - Yeah, absolutely. - If we're stringing along somebody for months but I think it's also appropriate for us to get the right information to make that decision in terms of moving forward. - Well we're scheduled for Monday. - Scheduled for Monday to meet? - The next subcommittee meeting. - Okay. - If we wanted to meet before we could. - Okay. - Is that at 1:30? - 2:30. - 2:30. - So yeah 'cause we wanna make a decision before the October 9th meeting next week. - Now we just need to figure out how much it costs to make Bay Lake Bank. - Call tomorrow. - Three days? - I didn't say they were using it. - Right. - Hey I'll be honest, and I'm not sure what necessarily drives the next RDA meeting. From my vantage point and I don't wanna speak for anybody else, really hard to make a recommendation with that out there. 'Cause I think quite frankly we heard from one developer, we could do it with that building right there. The other one was kind of saying don't, it's the whole purpose of why the building is laid out as it is and how it incorporates these two spaces together. As well as then base your proposal, you're saying well if that building wasn't there I might do this differently. Which I think is a very fair comment and way to think about it. And that's why it's just for me it's the big question mark. That needs some sort of resolution. And otherwise I think it's really different projects that go forward on that space. - I would agree. Wholeheartedly. - Okay. - I think the RDA might too. I've seen... - So your questions are the cost of purchasing Bay Lake? And a timeline for that? - I think it's probably a combination. It's cost. - Mm hmm. - Timeline. Cost is gonna have an implication on how we think about TIFF. Because to some extent right that's, we're not gonna get it for free. - Right, right. - So we're gonna have to finance it somehow. I'm stating the obvious. - Hey you know I tried. - You're a great negotiator but... So to me it comes down to then there's the practical reality of financing. And I'm just not sure, I'm not sure how to consider the projects and the practical realities of financing because if I also looked at these projects, right, but that cost per unit of housing added to downtown is really different. And I'm assuming that's gonna come with very different TIFF requests. With a layer on there called Bay Lake Bank is now ours and gone. - What do you mean by that? Different TIFF request? - Money. The amount of funding. Hey I was just gonna say, if there's a $60 million project and there's a $25 million project and there's a buying of the Bay Lake Bank, I think there's an incredibly different TIFF request. - Yes. - Between those two. - Really good point. - If I can just may put the developers on the spot for a second, I'm breaking the rules. Is there a time by which you would need a decision from us in terms of being able to move forward with something? I mean I know you both have lots of projects in the queue and again I wanna be respectful in terms of getting them the information they need to make the right decision but also be respectful of you that okay by this date we kind of need to go, in terms of, again, construction windows and leasing windows and all those types of things. By when you'd kind of need some decision from the RDA to say like this is where we'd like to go, we'd like to go with this proposal over this one. - Yeah I would say that we're okay moving forward with the facility there. I think it would be appropriate to have a term and condition in a development agreement that obligates the city to continue moving towards the facility not being there that would be a mutual agreement on that timeframe, we would certainly have more public features out towards the Bay Lake Bank building if we knew for sure in two or three years it would be gone. I can put a little bit of color behind the acquisition of that building 'cause we've been down that path before and partner and the upstairs and a lot of, you know, APEC or they have, I forget who Joash built. It was, it's amazing and the hundreds and hundreds of miles of cabling and technology in that space, and Rob Sera was still the CEO of Bay Lake the last time we went down this path and I know the number of $15 million just for perspective. And that was because we saw the lease coming due. If the tenant has too much leverage with too much lease term especially the upstairs tenant, the cost is gonna skyrocket because they know that they have to be made whole. The problem that we had as the developer was that we can't go to our tenant and say we think you're going away or they won't renew with us and now we sit with a 70,000 square foot vacancy in the core of downtown. That was the dynamic that took place two lease renewals ago, ironically through I smiled a little bit at Wendy about public market, I got the call yesterday about acquiring the rest of the first floor of that building from Nicolet Bank primarily. And like wow, how does that play into that building not being there? We all want a public market but I know that's not the right place, I'm not the seller of the first floor space, Nicolet Bank is. The end of the year brings the option, I don't know that any of this is proprietary. There's a tenant in there, call them the church, that has an option to purchase at the end of the year and I happen to have worked on that with the finance committee and they put out a lot of tenant improvement dollars in out of their own pockets. It's not likely that a tenant puts a lot of dollars in and doesn't execute their option to purchase and just lets a short term lease expire and watch as a million dollars and they sort of call it just general round numbers. Of tenant improvements go away. - So I guess with part of the-- - So we, to answer your question, we will move forward. We think that there should be some level of commitment to move towards what everybody wants. - Okay. - I think Terrance said that very well too, it's all in. That's what everybody's vision is down here, it's how you get there. - And I don't argue with that at all. Paul wants what everybody wants but as you just walked through, I would be really uncomfortable committing the city to take them out in a given time frame because if I'm the owner of whatever that space is. - Great. - Time's ticking. Price is going higher. City, you're committed, it's in your contract. Public record. So I just, I would be really uncomfortable binding the city to that in agreement unless there was something that stated a cap. - And I'm not trying to convolute the matter, I'm just, I think-- - Got it. - I can offer a little bit of insight 'cause we've been down this path before. - Yep. - And then the Nicolet Bay Lake change and my understanding is that it's very possible that Nicolet Bank may not own any of the space in the near term if some of the existing tenants on the first floor execute their options. - Mm hmm. - To purchase which that's just information. But it commits, you know those purchase prices are at least a minimum. - Yeah. - And then you have to find an equitable solution to those groups and those would be discussions that somebody like Kevin would initiate. - So with that maybe phrase a question and add if, would you be okay is if instead I mean the initial timetable was to bring a recommendation to the RDA in October. If that recommendation didn't come until November or maybe December 'cause it's probably gonna take some time-- - Sure. - To really figure that out. Is that still acceptable for you in terms of your interest in this proposal, interest in the site? - Yes. - I have the same question, I mean-- - [Terrance] I don't wanna interrupt Paul. - Sure. No I think the question would be instead of making a recommendation in October, this recommendation maybe doesn't come until November or December to figure out that piece which obviously is critical to your particular proposal as well. - Right so I would just, stand up sleeping. - Sure. - [Terrance] I would say that I just think it's so important, I think the focus should be on the developer. I think it's so important that the city get this right. Really, I mean. This is a long, this is like your one shot deal. This is it. You gotta get it right, take your time, we can do this whenever. We're flexible, we're here, we're not going anywhere. So get it right. I personally have good reason to believe that the timing is absolutely ideal for the city to acquire the Bay Lake building. Not just because of the bank but because of other reasons I won't go into. In the next three to six months the opportunity may exist for you to acquire the building. Quite reasonably. Certainly the bank indicating their interest. There are also creative ways to approach this. Sit down, brainstorm with us, we've been down this path before. The bank, you could, instead of looking to acquire and pay them cash, they could make donation of the space valued at more than what they might get in cash. That might have some very good economic reasons for them to donate their space to the city. Plus getting CDA credits, right, any credits, whatever they wanna do in the future. They have to do things like that to get these credits to be able to merge, to be able to acquire, to be able to do things. So then there's the other owner. I think there's gonna be an opportunity down the road here that you can acquire it. The value is not based upon who's in there, it's based upon the income. Net income. So the city does this they would go get an appraisal. The appraisal, I mean this has been done numerous times in other communities. Go get an appraisal, based on that income stream and the rents aren't that high. And you look at the income stream come with a value. Maybe if out of the goodness of your heart as a city you throw some dollars at the tenants for relocation costs to help them out. But city, we just did this process with the city. Bought a Middleton Center mass in Middleton and six buildings and worked with the city in a partnership and we went and acquired the property from in a cooperative fashion, I mean you can do condemnation but we acquired it from the owner and then we got some relocation assistance from the city and we relocated all the tenants cooperatively, worked out great. It wasn't a high price. You look at what is the market value for that building and income stream for those tenants and the leases that are in place. So it doesn't matter, you know, what the tenant groupings are. All that technology, the wiring is out of date. Completely out of date, it's worthless. Any new building will have completely upgraded new technology cat six whatever. So all that has no value. So I think for very good reasons, now is the time to acquire that building. It wasn't two years ago and it won't be two years from now. It'll be the bank has an interest in getting out and maybe that or might have an interest also for other reasons, the other owners it's been public knowledge has been selling some assets to raise some capital for good reason, I won't get into it. But there's certainly an opportunity I think coming up for the city that you wanna take advantage of. And I just, I'd hate to see you make a short term decision. Don't be rushed by us. We'll still be here. Let's do the right thing for Green Bay. - Alright, so. We say so long as both developer teams would still be in play in terms of the time sensitivity of this and I think the nature of this committee feeling not comfortable in making a decision til we have some of those answers, I would just recommend... - We'll cancel the Monday meeting. - Correct, well I'm just saying like, we don't have our city attorney here is that the goal over the table is the property management for I guess we're just pull it til the next meeting and we're just not gonna have a next meeting date at this time. If you wanna report on it at RDA maybe we could put that on there just to say well here's what we're looking at and it's a bigger question and I would say that's the recommendation right now is to figure out how this plays into it, an exit strategy before we make a decision on this. I mean I think what we've seen is there's viable proposals for this site which we've always talking like we'll never take down the Bay Lake building until we can build something on its place or in the Adam Street lot. I think the two examples here are okay we can. But how we take that down or when we take it down obviously impacts both of these and ultimately what does get built there. - So you want the motion to hold until next meeting? - Yeah. I'll do that. - Or until staff has sufficient information. - Yeah I mean and I would just maybe if you want to bring that back to the RDA and RDA feels the same way then we'll continue to work on that and if our case studies... You know what I mean? But I think your recommendation would carry some weight about knowing all the pieces of it and so forth. - Okay, how about we try this. We'll see if we get a second. I would suggest that we make a motion to provide an update from this meeting at the next RDA meeting. Just about the proposals and what we've heard. And have an update on any additional information that's been gained by staff in regard to Schreiber green space and the Bay Lake Bank. - And I'll second. - All those in favor say aye. - Aye. - Motion cleared. I think that that's it, we are ready to adjourn the meeting so if I had the gavel which I have not been entrusted with yet, I would bang it. So meeting adjourned. Thanks everyone. And to both the developers, thank you very much. - Yes, thank you both. - Thank you! - We appreciate all that you're doing.

Agenda

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AGENDA OF THE REAL ESTATE SUBCOMMITTEE OF THE REDEVELOPMENT AUTHORITY OF THE CITY OF GREEN BAY THURSDAY, SEPTEMBER 27, 2018, 1:30 PM CITY HALL, ROOM 604 - THE HARRY MAIER ROOM A. Roll Call. 1. Members: Matt Schueller, Kathy Hinkfuss, and Melanie Parma. B. Regular Business. 1. Consideration with possible action on a Request for Proposals for redevelopment of the Adams Street lot located on the 200 block of North Adams Street. C. Adjournment. 1) THIS MEETING IS RECORDED: THE VIDEO OF THIS MEETING AND MINUTES ARE AVAILABLE ONLINE AT www.greenbaywi.gov 2) ACCESSIBILITY: Any person wishing to attend who requires special accommodation because of a disability, should contact the City Safety Manager at 920-448-3125 at least 48 hours before the scheduled meeting time so that arrangements can be made. 3) QUORUM: Please take notice that a majority or quorum of the Common Council will attend this Real Estate Subcommittee of the Redevelopment Authority meeting and will constitute a meeting of the Common Council for purposes of discussion and information gathering relative to this agenda. 4) REPRESENTATION: The party requesting the communication, or their representative, should be present at this meeting. Agenda of the Real Estate Subcommittee of the Redevelopment Authority September 27, 2018 Page 1 Report to the Redevelopment Authority of the City of Green Bay MEETING DATE PREPARED BY September 27, 2018 Ken Rovinski, Staff AGENDA ITEM # B.1. Consideration with possible action on a Request for Proposals for redevelopment of the Adams Street lot located on the 200 block of North Adams Street. BACKGROUND This site is currently used as a public surface parking lot. It had been previously used as a parking lot for the Port Plaza/Boston Store. The RDA has received inquiries from multiple developers who have shown an interest in redeveloping this lot. Staff released a Request for Proposals that coincides with the recommendations as provided by the City's 2014 AuthentiCity Plan. The plan recommends this site to be used for mixed use development with a requirement that the 1st floor be commercial. Staff received three proposals for the site upon the August 24, 2018 deadline. The three projects varied in nature making the review difficult at times. Staff came to agreement that more information is required from all three developers to better analyze each proposal. The RDA real estate subcommittee has been gathered to interview each developer and to further discuss the proposals submitted. This meeting of the RDA real estate subcommittee is to be fact finding in nature. An additional subcommittee meeting will be held prior to the next RDA meeting for staff to present a proper recommendation. That recommendation, if approved, will then be presented at the October 9, 2018, RDA meeting. RECOMMENDATION No action recommended. A staff recommendation will be presented at the next meeting of the RDA real estate subcommittee for the Adams Street lot located on the 200 block of North Adams Street. FISCAL IMPACT ATTACHMENTS 1. 200 N Adams Lot - Request for Proposals 2. 200 N Adams St submittal - Base Barsan 3. 200 N Adams St submittal - Bond Realty LLC 4. 200 N Adams St submittal - T Wall 100 North Jefferson Street, Green Bay, Wisconsin 54301-5026 greenbaywi.gov City of Green Bay Department of Community and Economic Development Request for Proposals Adams Street Lot 200 Block N. Adams Street Redevelopment Authority of the City of Green Bay Released May 9, 2017 100 North Jefferson Street, Room 608, Green Bay, Wisconsin 54301-5026 (p) 920.448.3400 (f) 920.448.3426 greenbaywi.gov Request for Proposals: Adams Street Parking Lot 200 Block N. Adams Street I. Introduction A. Project Overview The Redevelopment Authority of the City of Green Bay (RDA) is seeking proposals for the purchase and redevelopment of the Adams Street Lot, located on the 200 block of North Adams Street (tax parcels12-64, 12- 65, 12-66, 12-67, 12-68, 12-71, 12-107, 12-108, 12- 109,12-110,12-111,12-112). B. Project Goals The property is in the core of the Downtown, surrounded by successful redevelopment projects of the recent past that have moved forward the vision of making Downtown an authentic, livable community that looks to the future and honors community identity. The RDA’s goals for this property include the following: 1. Positively utilize the site for economic growth 2. Generate tax base 3. Work with the City of Green Bay and Downtown Green Bay, Inc. to positively promote the development 4. Facilitate a development that corresponds with the City’s 2014 AuthentiCity Plan while considering recent market trends C. Property Summary Location: Southern half of the 200 block of North Adams Street Property Ownership: RDA Parcel(s): 12-64, 12-65, 12-66, 12-67, 12-68, 12-71, 12-107, 12-108, 12-109,12-110,12-111, & 12-112 Site Size: 1.5 acres (63,290 square feet) Type of Project: Preference will be given to a mixed-use development with an emphasis on housing creation. The first story must have a commercial user(s). Land Value: $759,480 D. Property Background The site is currently used as a public surface parking lot. There is a plaza in the southwest corner, the intersection of N. Washington St. and Cherry St., which will remain in its current location. The site had previously been used as parking for the Port Plaza Mall/ Boston Store. Previous to 1982, the site was made up of several downtown commercial buildings. E. Environmental Condition The City is currently in the process of conducting a Phase I Environmental Site Assessment (ESA). If necessary, the City will also fund a Phase II ESA, additional site investigations, and remedial action plan. page 2 of 10 II. Proposal Requirements A. Content and Organization To achieve a uniform review process and a degree of comparability, the proposals should be organized in the following order and contain all of the following information: 1. Title Page Show the proposal title, the name of firm, address, telephone number(s), name of contact person, the date, and other relevant company information. 2. Alignment with Strategy Please provide a narrative of the project that shows how it aligns with our community and economic development strategy to generate innovative ideas, cultivate ideas into businesses, and retain and attract smart and skilled people. The City supports projects that make our community more: 1. safe; projects that: 1.1. rehabilitate buildings and/or build new structures using the latest codes 1.2. remove attractive nuisances and other problem properties 1.3. eliminate and/or reduce transportation hazards 1.4. invest in neighborhoods with high complaint and/or police call volumes 2. healthy; projects that: 2.1. remediate environmental contamination from the parcel and/or structures 2.2. enhance the physical (soil, water, air) landscape 2.3. include high-performance design elements, mechanical systems, and interior finishes 2.4. encourage human-powered movement 3. connected; projects that: 3.1. interact positively with adjacent properties, the neighborhood, and community 3.2. strengthen and/or expand public water, sewer, stormwater, and other utility infrastructure 3.3. strengthen and/or expand pedestrian, bicycle, and transit transportation networks 3.4. create and/or enhance public spaces and amenities 4. loved; projects that: 4.1. remove blighted and neglected structures 4.2. expand our range of residential and commercial real estate products 4.3. be designed and built to last 4.4. provide options for converting project to alternative uses 3. Design and Use Describe the project and provide a scope of work. Include a preliminary site plan with the proposed building footprint, parking, and circulation. Also submit massing diagrams or elevations showing how the proposed development relates to the surrounding blocks. Discuss the occupancy of the completed project. Provide a detailed explanation of the end user(s) for this property. Offer an idea of the target market for the proposed concept and how the property will be marketed. The Developer should provide a timeline for tenancy and include any challenges that may be perceived. Long-Range Planning. This site is highlighted in Downtown district plans adopted by the City (see Appendix). The plan recommendations for this site are to house a mixed-use development, with long-term plans for the extension of Pine Street and the addition of a public park on parcels to the north. Scoring for “Form” will be based on consideration of the effects on current neighboring properties as well as the long-term vision for Downtown. The Downtown plan is specific about certain elements that may have changed with market changes. page 3 of 10 The images below demonstrate concepts for long-term development phases on and around the site. 1: Development on Adams St lot with 2-story Baylake City 2: Future developments on blocks north of current site: mixed- Center remaining use development and town square Form. The building must be designed to comply with Downtown Two (2) zoning requirements and complement the established Downtown character: Architectural Character Sensitivity to context. Identifiable and distinct. Articulation Emphasis on building corners at intersections. Buildings greater than thirty (30) feet wide are divided into smaller increments through variations in materials or through architectural elements. Alignment May have slight variations to the zero (0) foot setback to enhance building entrances or streetscape elements; i.e. outdoor café seating, entrances. First story is distinct from upper stories, through change in building materials or textures or through sign bands, awnings, arcades, etc. Building Materials Brick and stone; other material for accent features only. Rear façade may have concrete masonry units with color treatment. Color Reflect the existing and desired context Fenestration Minimum of fifty percent (50%) of the first story (street-facing) façade is transparent. Upper story windows: punched openings, reflective glass discouraged. Modulation No blank facades. Variation in treatments. Pedestrian scale. Modulation rhythm through setbacks, façade widths, heights, colors, materials, and architectural features Height Minimum height is four (4) stories. Higher points will also be attainable for the demonstration of sustainable, cost-saving design and construction. page 4 of 10 Parking. The project must provide sufficient parking to comply with the relevant requirements of City Code 13-1700. The project must also provide one hundred (100) spaces of public parking. This may be achieved through underground parking or an above-ground parking structure that is incorporated into the design of the building. Public Art. One percent (1%) of the overall project budget shall be dedicated toward public art in the City. This may be through incorporating new art on the project site, through donation to the Green Bay Public Arts Commission, or a combination. 4. Investment Provide an analysis of any expected increase in tax base generated by this project. Discuss project costs, including acquisition cost. The value of the property is estimated to be $759,480.00. Proposals should identify planned sources of financing for the project. Attach any proof of funding sources; i.e. loan approvals, financial statements, letters of credit etc. 5. Capacity and Experience Provide a timetable for construction, including start and completion dates, as well as a final goal for attaining occupancy of the property. Briefly discuss other projects (if any) that may limit the Developer’s ability to complete this project in a timely manner. Explain the Developer’s qualifications and related experience in development. Provide résumés of project team members, any examples of previous projects that may relate to this type of development, and a list of contractors/ subcontractors to be used for this project. B. Submittal Requirements Proposals must be received by the RDA by Friday, August 24, 2018, no later than 4:00 p.m. CDT Please send proposals to: City of Green Bay Department of Community & Economic Development Attn: Ken Rovinski 100 N Jefferson St, Room 608 Green Bay, WI 54301 OR Email to: kennethro@greenbaywi.gov The staff recommendation will be presented to RDA on September 11, 2018, at 1:30 p.m. CDT in Room 604 of City Hall. III. Selection Process and Criteria A. Selection Criteria City staff will review and score proposals according to the following criteria: Grading Scale 4 3 2 1 0 A B C D F page 5 of 10 MAXIMUM FACTOR POINTS ALIGNMENT WITH STRATEGY 16 makes the City healthier (4) makes the City safer (4) makes the City more connected (4) makes the City more loved (4) DESIGN AND USE 24 overall form and character (4) density and intensity of structure (4) quality of use types (4) mix of use types (4) integration of public parking (4) integration of public art (4) INVESTMENT 24 scope of work (4) estimated property value at completion (4) estimated hard construction costs (4) total cash offer for all parcels (4) amount of requested public funding (4) proposed sources of financing (4) CAPACITY AND EXPERIENCE 16 project team qualifications (4) proposed time to complete (4) proposed time to attain occupancy (4) demonstrated success on similar projects (4) TOTAL POSSIBLE POINTS 80 B. Questions and Comments All questions shall be submitted in written form to the contact information provided below by Monday, August 6, 2018. Answers will then be provided, via the City website (www.greenbaywi.gov), as a part of an addendum to this RFP. Mail to: City of Green Bay Department of Community & Economic Development Attn: Ken Rovinski 100 N Jefferson St, Room 608 Green Bay, WI 54301 OR Email to: kennethro@greenbaywi.gov C. Selection Process The developer selection process will involve the following primary steps: 1. Proposal review 2. Staff Recommendation of selected developer 3. RDA approval of selected developer 4. Finalize / execute Development Agreement page 6 of 10 D. Timeline  Questions due: Monday, August 6, 2018  Addendum posted: Thursday, August 9, 2018  Proposals due: Friday, August 24, 2018 by 4:00 p.m.  RDA selection: Tuesday, September 11, 2018 at 1:30 p.m. E. Rules Governing Competitive Evaluation 1. Examination of Request for Proposals Applicants should carefully examine the entire RFP, any addenda, and all related materials and data referenced in the RFP. Applicants should become fully aware of the nature of the work and the conditions while performing the work. 2. Contract Negotiations The highest-ranked Developer will enter into negotiations with the RDA. If an agreement cannot be met, the RDA will notify the Developer and stop negotiations. Then the second highest Developer will enter into negotiations. This process may continue until a successful negotiation(s) occurs. The RDA reserves the right to cease any negotiations with any Developer should it be in the RDA’s best interest. 3. Completeness, Addenda, Rejection, Cancellation, Preparation Cost This Request for Proposals (RFP) has been prepared by the RDA and does not purport to be all- inclusive or to contain all of the information a prospective purchaser or developer may desire. No legal liability is assumed or shall be implied with respect to the accuracy or completeness of this RFP. The RDA reserves the right to revise any part of this RFP by issuing an addendum at any time prior to the submittal deadline. The RDA reserves the right to accept or reject, in whole or part, all proposals submitted and/or to cancel this announcement if any such action is determined to be in the RDA’s or the City’s best interest. All materials submitted in response to this RFP become the property of the RDA. The RDA will not be responsible for costs associated with preparing proposals. By submitting a proposal, each Developer agrees to be bound in this respect and waives all claims regarding such costs and fees. page 7 of 10 IV. Appendix page 8 of 10 page 9 of 10 page 10 of 10 Adams Street Lot 200 Block North Adams Street, Green Bay RFP Response August 24, 2018 Paul Belschner, President Filip Barsan, President Base Companies, LLC Barsan Construction, LLC Green Bay, WI Green Bay, WI 200 N Adams St Green Bay, Wisconsin 1 August 24, 2018 Green Bay Area Department of Community and Economic Development Attn: Ken Rovinski 100 North Jefferson Street, Room 608 Green Bay, WI 54301 Dear Ken and Selection Committee: We are pleased to submit a proposal in response to your RFP (revised May 24, 2018) for re- development of the 200 Block N. Adams St. Our goal is to support the AuthentiCity initiative to revitalize Green Bay’s downtown district by merging elements of Green Bay’s current historical district with recent additions to the river front City Deck area. Our proposed project will bolster a vibrant commercial and residential district that demonstrates Green Bay’s focus on the future. We propose two high-rise buildings joined by an open, green courtyard that will add a bold, unique, and distinctive shape to the city’s skyline. The ground level floors will house commercial space and upper level floors will meet market demands for apartments, condominiums and offices. Our proposed mixed-use development will provide a safe, healthy, well-connected site that complements existing venues while enhancing the beauty and vitality of the downtown district. Barsan Construction brings fresh, contemporary perspectives while Base Companies has a long, established reputation of its commitment to the city’s economic development. CD Smith Construction brings extensive experience in large-scale construction projects, including a downtown Green Bay partnership with Base Companies. Together, the groups will form a joint-venture to successfully launch and complete this project. We hope this project is the first of many revenue- producing, Class A developments that go beyond the expectations of the city’s current and future leaders. While Green Bay is the state’s oldest city, we aim to build its reputation for being futuristic – a location that attracts people of all generations and entices entrepreneurs to live and work here. We are excited for the opportunity to put Green Bay on the fast track for being the premier city of Wisconsin. Best Regards, Sincerely, Paul Belschner, President Filip Barsan, President Base Companies, LLC Barsan Construction, LLC BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 1 200 N Adams St Green Bay, Wisconsin 2 Contents Development Team....................................................................................................................................... 3 Concept Overview ......................................................................................................................................... 4 Alignment with Strategy ............................................................................................................................... 6 Safety ........................................................................................................................................................ 6 Healthy ...................................................................................................................................................... 7 Connectedness .......................................................................................................................................... 7 Beauty and appreciation ........................................................................................................................... 7 Design and Use.............................................................................................................................................. 8 Building Use .............................................................................................................................................. 8 Long-range use ........................................................................................................................................ 22 Parking .................................................................................................................................................... 22 Public Art ................................................................................................................................................. 22 Market Analysis and Financing ................................................................................................................... 23 Projected Budget .................................................................................................................................... 25 Financing ................................................................................................................................................. 26 Tax Increment ......................................................................................................................................... 26 Phasing/Timeline ........................................................................................................................................ 27 Capacity and Experience ............................................................................................................................. 28 Capacity and Experience Summary ......................................................................................................... 44 Summary ..................................................................................................................................................... 45 Letters of Intent and/or Support ................................................................................................................ 46 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 2 200 N Adams St Green Bay, Wisconsin 3 Development Team Our team is comprised of Paul Belschner, Joash Smits and Karen Klevesahl of Base Companies LLC, Filip Barsan and Dr. Barbara Lee of Barsan Construction LLC, Michael Krolczyk, CD Smith Construction, Julia Thomas with Designs Of The Interior, and Mike Higgins of Elite Realty Partners from Keller Williams. With their respective co-workers, colleagues and subcontractors, they will plan, implement, oversee, and finalize all phases of the 200 Block North Adams Street initiative. From left to right, Base Companies LLC CEO/President Paul Belschner VP of Operations and Administration, and Karen J. Klevesahl Director of Development Joash R. Smits basecompaniesllc.com Barsan Construction LLC CEO/President Filip Barsan kw.com barsanfoundation.org C.D. Smith Construction Executive Vice President Michael L. Krolczyk cdsmith.com BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 3 200 N Adams St Green Bay, Wisconsin 4 Marshfield Clinic Research Institute Project advisor and Safety Professional Federal Funding Recipient Dr. Barbara Lee marshfieldresearch.org barsanfoundation.org Designs Of The Interior Interior Designer Julia Thomas dotigb.com Elite Realty Partners, KW Real Estate Specialist Agent/Broker Mike Higgins kw.com BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 4 200 N Adams St Green Bay, Wisconsin 5 Concept Overview Green Bay’s downtown district will be energized with the addition of our proposed 200 Block Adams complex. Unique design and high-quality construction will be trademarks of this mixed-use development. The city’s skyline will feature this sleek, dual building structure. An open courtyard with amenities for relaxing will join the two buildings of different heights. The higher rooftop will provide about 20 miles’ visibility, including views of the Lambeau Field. The contemporary appearance and robust function of the buildings augment the Packers Heritage Trail Plaza at one corner and complement the elegant Northland Hotel at the opposite corner. The neighborhood will become a vibrant setting for visitors, residents, shoppers and workers. Underground parking space (two levels) will be constructed before laying high-rise building foundations. Parking spaces are located around, under and within the two buildings. Approximately 300 parking spaces are expected. For the general public, there are 121 (21 above ground and 100 underground – with multiple electric charging stations and handicap spaces. Designated residential parking will include 183 spots; with multiple handicap spaces and electric charging stations. Both public and residential parking areas will provide space for bicycles and motorcycles. Specially designated space for taxi, Uber, Lyft pick-up/drop off is conveniently located near the residential lobby. An option for connecting with the city’s Cherry Street parking lot will be considered. The Phase I (west) building is 11 stories above ground, comprised of retail, office, and recreational space, as well as approximately 50 apartments including studio, one- and two-bedroom options. Retail space on the first floor is intended for occupation by small shops such as bakery, coffee/sandwich, dry cleaners, hairdressers, souvenir shop, and other vendors. A designated common space will offer free high-speed internet. A small fitness center may be included. Second and third floors will include parking space and a few offices for rent. A fourth-floor restaurant will include outdoor patio space. A swimming pool area for residents is being considered. This building also includes three open rooftop spaces for up to 8 residential units and the 11 th floor may have a rooftop gathering space for all residential tenants. The Phase II (east) building starts at the fifth floor and raises to 16 floors above ground. Floors five through 13 will include up to 64 one- and two- bedroom condominiums; and the top three floors will include 12 executive condominiums and 4 penthouse suites. Approximately half of the condominiums have outdoor access with decks. Occupants of this new development will have affordable options for business and residence. Commercial space will be set at market price. Apartments offer a range of affordable rent prices depending on location and size. Condominiums will be set at different break points and first purchasers have options for personalized modifications. BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 5 200 N Adams St Green Bay, Wisconsin 6 Alignment with Strategy This mixed-use high-rise development aligns with the Green Bay community and economic development goals of being safe, healthy, connected and appreciated. Safety of structures and the surrounding environment are of utmost importance. Given that this project is not rehabilitating old buildings, our safety plans focus on new construction that is held to the highest standards. CD Smith Construction, Inc. has a long-standing history of adhering to worker safety during the construction process; and ensuring their buildings exceed national and local building codes. Safety within the buildings will be monitored and upheld per a Management firm. Exterior safety, including building lighting toward streets, sidewalk maintenance, snow removal, etc. will be included in the management contracts. Where possible, heated sidewalks for eliminating snow and ice, will be considered. For office buildings, apartments and condominium locations, there is limited access in order to guarantee safety to residents and tenants. The Packers Heritage Trail Plaza and surrounding courtyard (including water jets, benches, flower pots, artwork) are open to the public. Safety and security will be assured via a contract for security services and coordination with the city police department. Transportation hazards are being addressed in several ways. Underground and above ground parking ramp (public and private) areas will be appropriately marked, spaced and monitored for safety and security. All parking areas will by supervised by 24-hour camera surveillance. An option to develop access above ground to the Cherry Street parking ramp will be considered. Street-side parking may be improved from its current status by extending curbs and allowing for angled parking. There may be at least two dedicated parking spots for Taxi/Uber/Lyft outside the condominium lobby entrance and the retail/restaurant entrance. To enhance human-powered transportation, wider sidewalks will be factored into construction design. We envision that the open courtyard area will attract residents and tourists who are walking or traveling by bicycle. Seating benches will allow for resting and relaxing. The contemporary design and mixed-use purposes of this development are expected to attract individuals with respect and appreciation for public safety and the city’s police personnel. Thus, we hope to minimize any burden on the police department. BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 6 200 N Adams St Green Bay, Wisconsin 7 Healthy environments promote wellbeing for individuals and the community at large. Prior to the onset of construction, environmental testing will be conducted to ensure the area is free from physical contamination (soil, water). Our team has extensive and current experience in creating high-rise structures with state-of-the art technology. This project will comply with Leadership in Energy and Environmental Design (LEED) principles. Working with the architect of record, we will integrate concepts for creating healthy, highly efficient and cost-saving buildings. Health and well-being of residents and tenants in our buildings will also be improved by minimizing nuisance noise from traffic and crowd events in the districts. Construction and design measures for internal spaces will conform to the newest options for sound barriers in relevant areas. At the same time, there are open air spaces on ground level and upper level courtyard, patios and decks will give individuals full access to watch and listen to off-site fireworks, music and urban sounds. Connectedness with neighboring properties is an important aspect of our proposal. The nearby blocks are anchored by landmarks such as the Meyer theater, City Hall, City Deck/riverfront and the forthcoming FoxConn commercial space. A natural flow of human-powered traffic will occur as our residents and tenants also take advantage of other downtown amenities. The retail spaces in our Phase I structure will complement those of nearby retail options and establish the basis for future retail expansion in nearby buildings. Our apartments and condominiums are merely across the street from the river front and will generate more commerce and recreation with City Deck/riverfront region. Events can be easily accessed by local residents and business employees. Working in collaboration with the Green Bay Public Works Department, our construction plans will strive to address the needs for public water, sewer, storm water, and utility using the latest technology and designs that will account for future growth of the downtown area. Beauty and appreciation will be incorporated into the construction design and connecting spaces. Our fresh, robust and distinctive development will become a focal point for Green Bay’s downtown district and will be a trend-setter for future growth and sustainability of the urban lifestyle that the younger generation is seeking. Exterior design of the two high-rises may feature lighting for special themes/events/holidays such as often displayed by landmark structures such as the Empire State Building. Any urban setting with such light displays is a source of pride and excitement for residents and visitors. Retail/commercial signage and artistic elements will be established by tenants and the metal overhang allows for frequent changing of flags, etc. reflecting holiday themes, city events, and commercial activities. In reference to the AuthentiCity plan (figure 7, lot C), there are many potential opportunities for engaging the community in one-day events and festivals when the public square/green space is finalized. We envision this area to be enjoyed and highly desired by individuals who want urban living with all the amenities that go with it. Upon reviewing our project plan, Chamber of Commerce president, Laurie Radke stated; "Wow! Green Bay could use a development like this. It would certainly attract young professionals!" BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 7 200 N Adams St Green Bay, Wisconsin 8 Design and Use Building Use Sq Ft Total Parking Garage, Trash ~146,935 Retail 1st Floor ~16,501 Office ~8,610 Office Green Space ~2,460 Restaurant ~4,954 Restaurant Patio/Balcony ~4,405 Tenant/Resident Common Space ~12,650 Tenant/Resident Pool/Green Space/Balcony 5th Floor ~11,775 Apartment Building ~55,280 Tenant Patio ~4,500 Condo Building ~103,060 Resident Patio ~1,860 Total ~372,990 View from the west/southwest as seen in Figure 1a, Figure 2a, Figure 3a and Figure 4a Figure 1a Figure 2a Figure 3a Figure 4a BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 8 200 N Adams St Green Bay, Wisconsin 9 Figure 5a The open space show in Figure 5a will be a public area with outdoor seating for cafes. With advice from city leaders we will add art and recreation options into this space such as water jets (as seen below), water fountains, seating, and a small stage for special events. BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 9 200 N Adams St Green Bay, Wisconsin 10 Figure 6a Suamico Chives restaurant owner Logan Higgins would like to start a new restaurant in the space seen in the image above. (Figure 6a) (See letter of intent) An example of how the view and restaurant would be. An optional bar area would complement the experience. BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 10 200 N Adams St Green Bay, Wisconsin 11 View from southwest. The tenant/resident green area may feature a swimming pool along with a large patch of grass and big flower planters. Seasonal swimming pool The 4th floor balcony seen in the right image will be open only to residents and tenants. BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 11 200 N Adams St Green Bay, Wisconsin 12 Picture above shows Adams St (left) and the drive into the parking garage Left image shows the private garage entrance to resident parking and entry to underground parking Looking south View from southeast BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 12 200 N Adams St Green Bay, Wisconsin 13 View from southeast The contemporary overhanging metal beams will provide some shade and can also serve as support for seasonal lighting and decorations thus enhancing the city’s liveliness and charming character. BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 13 200 N Adams St Green Bay, Wisconsin 14 View from north BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 14 200 N Adams St Green Bay, Wisconsin 15 Views from N Adams/Schreiber lawn Looking south from N Washington As seen from south/southwest BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 15 200 N Adams St Green Bay, Wisconsin 16 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 16 200 N Adams St Green Bay, Wisconsin 17 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 17 200 N Adams St Green Bay, Wisconsin 18 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 18 200 N Adams St Green Bay, Wisconsin 19 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 19 200 N Adams St Green Bay, Wisconsin 20 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 20 200 N Adams St Green Bay, Wisconsin 21 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 21 200 N Adams St Green Bay, Wisconsin 22 Long-range use of this mixed-use development project will be factored into key concepts for initial occupancy and overall design. Our goal is to develop a long-term relationship in which we can work together for ongoing re-development of the downtown region to achieve goals as outlined in the AuthentiCity planned recommendations of 2014. By connecting retail, office and residential facilities, we are addressing the “live-work-play” healthy lifestyle recommendations that are embraced by the younger generation as well as seniors. Parking This development will have two levels of below ground parking as well as ground and above level parking options. Spaces will be designated for the public and there are dedicated spaces for residents of the apartments and condominiums. With guidance from city planners we will determine the anticipated number of total parking spaces that may be needed by the year 2030. We also want to anticipate the increased use of electric vehicles and will have a number of dedicated charging stations within the parking structure. Additionally, we are accounting for bicycles and motorcycles in parking lots. Our high-rise buildings are located on the block adjacent to the city’s Cherry Street parking lot. Upon advice and in collaboration with the city, we may consider creating a climate-controlled skywalk. At a minimum we will ensure safe walkways with pronounced signage to facilitate maximum parking lot usage. Public transportation and tourist bus parking will be arranged if deemed appropriate. Above Ground Below Ground Total Public Parking 21 92 121 Resident Parking 117 54 172 Office Parking 11 11 Total 304 Public Art At least 1% of our budget will be dedicated to enhancing the public courtyard and nearby spaces with artistic features that blend with the Packers Heritage Trail Plaza and also complement the contemporary nature of these two new buildings. In addition to a sculptured water fountain, we are including seating areas, large-scale flower pots and a sun-shade overhang. We will work in unison with the Green Bay Public Arts Commission (GBPAC) to fulfill their mission of integrating arts and culture as an essential part of life in this area. Our partnership with GBPAC is already supporting their initiatives such the sculpture art and gallery displays within the Rail Yard Innovation District. The internal building areas will feature contemporary, upbeat color themes, artwork and structures, aimed to please residents, tenants, and customers, thus, minimize turnover. Local interior and artistic design vendors will be utilized to accomplish this objective. (See letter of support/intent) BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 22 200 N Adams St Green Bay, Wisconsin 23 Market Analysis and Financing The downtown district will greatly benefit from our proposed buildings. We have analyzed other apartment options to determine market values and likely occupancy rates. As noted in the chart below, the monthly rent of apartments will be somewhat higher than the complex that currently has the highest quality apartments. At the same time, we will have some small, studio-type options for affordable options for single dwellers. Apartments Subject 401 N 335 N 115 E Walnut St 200 N Adams Washington St Washington St Rent Charged Income Restricted Asking Rent High $2,600 $1,400 $3,000 $3,800 Asking Rent Low $890 $500 $795 $750 Occupancy 98% 100% 100% Location/Condition Yr. Built 2015 Before 2000 2016 2020 Stories 5 8 8 11 Units 76 64 107 ~50 Distance to Subject .25 Mile .05 Mile .03 Mile Unit Amenities Balcony/Patio Yes Yes Yes Yes AC Yes Yes Yes Yes Range Yes Yes Yes Yes Refrigerator Yes Yes Yes Yes Microwave Yes Yes Yes Yes Dishwasher Yes Yes Yes Yes Washer/Dryer Yes Yes Yes Yes Sq Ft 612-1,012 500-1000 566-2000 600-1,500 Site Amenities Parking Fee $50 Yes $100 No Extra Storage $25 No Yes $25 Fitness Center Yes Yes Yes Yes Common Conference RM No Yes Yes Yes Common Clubhouse No Yes Yes Yes Pool No No No Yes Recreation Area/Terrace Yes Yes Yes Yes Utilities (Included in Rent) Air Conditioning No No No No Heat No No No No Electric No No No No Water/Sewer Yes Yes Yes Yes Trash Yes Yes Yes Yes Internet Yes Yes Yes Yes BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 23 200 N Adams St Green Bay, Wisconsin 24 Condominiums Subject 118 S 101 Cherry St 200 N Adams Washington St Sale Currently on Market 7 0 With Accepted Offer 4 0 Units Sold (Past 2 Yrs) 38 7 Avg. DOM 89 72 High Sale Price $242,500 $445,000 Low Sale Price $82,100 $160,000 Avg. Sale Price $143,293 $277,214 Units Expired (Past 2 3 Yrs) Avg. List Price $188,266 $295,500 ~$460,000 Low List price $200,000 Location/Condition Yr. Built 1999 2005 2020 Stories 4 4 16 Units 133 20 ~90 Condo Fee $224-$448 $140-$350 ~$500 Distance to Subject .08 Mile .01 Mile Unit Amenities Balcony/Patio Yes Yes Yes AC Yes Yes Yes Range Yes Yes Yes Refrigerator Yes Yes Yes Microwave No Yes Yes Dishwasher Yes Yes Yes Washer/Dryer Yes Yes Yes Sq Ft 720-2,060 ~800-2400 800-2,000 Site Amenities Parking Underground Underground Above Ground Extra Storage No Yes $25 Common Exercise Room Yes No Yes Common Conference RM No No Yes Common Game RM Yes No Yes Pool No No Yes Recreation Area/Terrace Yes Yes Yes Utilities (Included in Rent) Air Conditioning No No No Heat No No No Electric No No No Water/Sewer Yes Yes Yes Trash Yes Yes Yes Internet Yes Yes Yes BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 24 200 N Adams St Green Bay, Wisconsin 25 Projected Budget Sq Ft Cost Unit Total BUILDING COST Retail (White Box) 16,500 137 SF $ 2,260,500.00 Office 8,610 150 SF $ 1,291,500.00 Office TI 8,610 62.5 SF $ 538,125.00 Residential (Apartments) 55,280 195 SF $ 10,779,600.00 Residential (Condo) 103,060 195 SF $ 20,096,700.00 Green Space for Office and Restaurant 6,865 45 SF $ 308,925.00 Green Space for Tenants/Residents 18,030 55 SF $ 991,650.00 Resident/Tenant Common Space 15,680 160 SF $ 2,508,800.00 Restaurant (White Box) 4,955 175 SF $ 867,125.00 Restaurant TI 4,955 62.5 SF $ 309,687.50 Total $ 39,952,612.50 SITE AND PARKING COST Below Grade Parking 166 35000 STALL $ 5,810,000.00 Above Ground Parking 117 28500 STALL $ 3,334,500.00 Sitework Lump Sum $ 800,000.00 Street Parking/New Improvements Lump Sum $ 150,000.00 Excavation Lump Sum $ 237,500.00 Earth Retention Sytstem Lump Sum $ 250,000.00 Storm Water Retention System Lump Sum $ 110,000.00 Site Utilities Lump Sum $ 75,000.00 Landscaping Lump Sum $ 40,000.00 Art 1.00% $ 607,000.00 Barricades and Fencing $ 30,000.00 Total $ 11,444,000.00 Total Hard Construction $ 51,396,612.50 SOFT COST Architectural & Engineering Fees 3.50% $ 1,607,370.00 Material Testing Lump Sum $ 10,000.00 Permanent Financing Fees 1% $ 535,729.00 Land Acqusition Lump Sum $ 759,480.00 FF&E and Appliances 140 4500 Unit $ 630,000.00 Legal Lump Sum $ 55,000.00 Construction Interest 6% $ 1,500,000.00 Development Fee 6% $ 3,214,374.00 Developer Contingencies Lump Sum $ 1,000,000.00 Total $ 9,311,953.00 Total Project Cost $ 60,708,565.50 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 25 200 N Adams St Green Bay, Wisconsin 26 Total land cash offer is anticipated to be $759,480. Subject to development agreement terms and conditions. Financing Construction financing will be provided through C.D. Smith given that the contingencies (presales, prelease, etc.) between the developer and the contractor are met. Once presales have met the minimum requirement for permanent take out financing, Base Companies LLC and Barsan Construction LLC will acquire a pre-approval letter from a preferred lender. At this point C.D. Smith would start construction. Once both phases are complete, Base Companies LLC and Barsan Construction LLC will assume a permanent loan on the remainder of the building (apartments, retail, parking, office and such). Refer to Figure 1b Upfront TIF proceeds will be applied to public infrastructure and/or parking. Pay-go (pay as you go) proceeds will be used for ongoing maintenance and sustainability of the above-mentioned infrastructure investments. The amount of public funding requested within the development agreement will be similar, in nature, to other comparable downtown Green Bay redevelopments. I.e. 12-20% of project increment along with pay-go funding available subsequent to the city of Green Bay debt payment obligations related to upfront TIF funding. Application of Figure 1b such requested public funding will be mutually agreed upon between developer and the city of Green Bay. Tax Increment Our expectation is $40-50 million assessed value based upon projected project proposal. Assuming a $22/per $1,000 property tax rate, total incremental taxes would range from $880,000 - $1,100,000. BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 26 200 N Adams St Green Bay, Wisconsin 27 Phasing/Timeline The timeline and phasing of construction and its completion is expected to span a little more than three years. Once negotiations are completed and design and plans are approved, pre-sales/pre- lease of condos and apartments will need to be met to obtain permanent financing pre-approval. Afterwards, the initial construction of the underground parking lot will commence. From there, the Phase I building with commercial space, offices and apartments will begin. As this building is confirming tenants, the Phase II condominium building construction will begin. Phasing of the two buildings will allow time for ensuring client satisfaction with construction, compliance with all building expectations, and securement of sufficient funding to meet deadlines. If we encounter shorter negotiation stage, then the following phases may begin sooner thus providing an earlier completion date. BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 27 200 N Adams St Green Bay, Wisconsin 28 Capacity and Experience Paul Belschner, CPA, MBA, President/CEO Paul has more than 20 years of experience in finance and business administration pertinent to the property development and construction management services provided at Base. Paul holds a B.S. degree in accounting from the University of Wisconsin – Green Bay and a Masters of Business Administration from the University of Wisconsin – Oshkosh. As an auditor and tax preparation specialist in the public accounting field Paul gained tremendous knowledge of the development and construction industry as well as familiarity of business strategies implemented within the respective industries. Providing the proper information, feedback and guidance needed to excel in all aspects of the business operations is a management passion of Paul’s. Paul keeps very active within the industry as well as with his family and charitable organizations, including: • Spending time biking, camping, and traveling with his wife, son (age 16, and daughter (age 15) • Member, Construction Financial Management Association (CFMA) • Member, Financial Executives International (FEI) • Member, NFL Alumni Association—Green Bay Chapter • Member, Meyer Theatre Corp.—Capital Campaign Committee  • Active participant, Chamber of Commerce—CFO Roundtables • Co-founder, treasurer, CASE (Confidentially, Advising, Supporting, and Encouraging local business) Business Group • National Conference Presenter and active member, Jack Miller Network, Promoting Redevelopment and Enhancing Municipal Relationships • Board Member (Chairman) —Advance-Economic Development Division of The Green Bay Area Chamber of Commerce • Board Member—Numerous Commercial Real Estate Condominiums • Board Member—Boys and Girls Club of Green Bay • Past President, Optimist Club of West Green Bay • Board Member—Broadway BID-Business Improvement District Taxing Authority BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 28 200 N Adams St Green Bay, Wisconsin 29 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 29 200 N Adams St Green Bay, Wisconsin 30 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 30 200 N Adams St Green Bay, Wisconsin 31 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 31 200 N Adams St Green Bay, Wisconsin 32 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 32 200 N Adams St Green Bay, Wisconsin 33 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 33 200 N Adams St Green Bay, Wisconsin 34 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 34 200 N Adams St Green Bay, Wisconsin 35 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 35 200 N Adams St Green Bay, Wisconsin 36 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 36 200 N Adams St Green Bay, Wisconsin 37 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 37 200 N Adams St Green Bay, Wisconsin 38 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 38 200 N Adams St Green Bay, Wisconsin 39 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 39 200 N Adams St Green Bay, Wisconsin 40 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 40 200 N Adams St Green Bay, Wisconsin 41 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 41 200 N Adams St Green Bay, Wisconsin 42 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 42 200 N Adams St Green Bay, Wisconsin 43 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 43 200 N Adams St Green Bay, Wisconsin 44 Capacity and Experience Summary Collaborators in this joint-venture have an impressive array of experiences and the demonstrated capacity to plan, implement and complete the proposed development of the 200 North Adams Street project. BASE Companies, LLC is well known to the City of Green Bay. Principles of Base Companies LLC have been active in the downtown real estate market for many years. Projects of significance would include the development of the Greater Green Bay Chamber of Commerce building, providing the Art Garage a permanent home, developing the Backstage at The Meyer, and various projects for Breakthrough Fuels. Most recently and most significantly, Base Companies LLC has taken the master developer role within the 22-acre Rail Yard Innovation District, providing a place for innovation and technology to thrive in downtown Green Bay. Barsan Construction LLC CEO/President, Filip Barsan brings fresh ideas and the urban perspective, having lived ten+ years in Seattle, WA. His construction background combined with commercial real estate development ensure that his development concepts are well grounded. CD Smith Construction needs no introduction. They are one of Wisconsin’s top producing general contractors. Two of their leaders have served as President of the Wisconsin General Contractors Association. Their letter of intent provides a brief description of current projects and their website explains the long-standing history of notable achievements. Barbara (Smith) Lee is a Senior Research Scientist in agricultural safety at Marshfield Clinic where she directs the National Farm Medicine Center. Her connection with this project is serving as an advisor. She was a sponsor of the Barsan family immigrating from Romania and a family member of CD Smith Construction. She serves on the Board of Directors of the Barsan Foundation. Her particular expertise is in securing federal and state grants to conduct meaningful projects that improve the health and well-being of children and their families. Julia Thomas (through Designs of The Interiors) has show her passion and dedication to interior design on projects far beyond expectation. She will work with architects, the developers and condo buyers to assure highest satisfaction. Mike Higgins will lead the residential real estate transactions. With his vast network and state of the art technology he will work diligently with the team throughout the pre-sale phase and further after. BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 44 200 N Adams St Green Bay, Wisconsin 45 Summary The partnership of Base Companies and Barsan Construction of Green Bay teamed up with CD Smith Construction of Fond du Lac to propose a dual high-rise structure for the 200 North Adams Street lot. Our development proposal is highly responsive to the RFP and demonstrates characteristics of futuristic planning in support of the AuthentiCity initiative to revitalize Green Bay’s downtown district. Once the proposal is awarded and negotiations are complete, the project will be launched with construction of two levels of underground parking with another two levels above ground (total ~304 parking stalls). The first (west) building includes ground-level commercial spaces for small to medium size retail. Upper floors are designated for a restaurant, offices and apartments (studio, one- and two-bedrooms). An open courtyard at the fourth floor level will blend into the second building (east) that is dedicated to high-end condominiums. Financing for construction includes mixed sources that will sustain and secure the development process until it is complete. The total assessed value of the completed block development will be $40 - $55 million. Potential tax revenue, once fully occupied, could reach $880,000 - $1,100,000. Our conversations with potential tenants and long-time Green Bay residents convince us that our proposed initiative will be an excellent and exciting addition to the downtown district. It will add a fresh, unique, and distinctive shape to the city’s skyline, while providing living, working and recreating amenities that attract and retain young professionals. Long- term, the 200 Block North Adams Street development will be adjacent to the city’s green space (public park) and, thus, enhance its popularity and occupancy. Our team has the experience and foresight to complete this project with modifications as proposed by the city’s leaders. We have incorporated safe, healthy, well-connected factors into our planning that complement existing venues while enhancing the beauty and vitality of the downtown district. Our vision is to contribute to the upscale, urban lifestyle that is capturing the hearts and desired lifestyles of people of all generations across the country. Our proposed mixed-use development will bolster a vibrant commercial and residential district that will attract and retain young professionals and individuals of all generations seeking urban living and all its amenities. BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 45 200 N Adams St Green Bay, Wisconsin 46 Letters of Intent and/or Support BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 46 200 N Adams St Green Bay, Wisconsin 47 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 47 200 N Adams St Green Bay, Wisconsin 48 BASE COMPANIES LLC & BARSAN CONSTRUCTION LLC 48 ADAMS STREET LOT 200 BLOCK N. ADAMS STREET AUGUST, 24 2018 CONTACT: TED MATKOM BOND REALTY, LLC 414-617-9997 5375 N LAKE DRIVE MILWAUKEE, WI 53217 COVER LETTER Dear Ken: TABLE OF CONTENTS: This Adam’s Proposal is hereby submitted by Bond Realty, LLC, a Wisconsin limited liability compa- I. COVER LETTER ny or its permitted assigns. In putting this proposal together Bond Realty, LLC has collaborated with Gorman & Company, Korb & Associates and Neighborhood Works. The total cost of the Apartment II. ALIGNMENT WITH STRATEGY component of this proposal is $17, 775, 204. III. DESIGN AND USE It would be structured as a two unit commercial condominium. The first condominium would be the ground floor retail and at grade parking along with the second level of parking. This first and second IV. INVESTMENT floor podium would be designed, built and paid for by the City. The second unit would start on the third floor and consist of 112 apartments at market rate rents. Bond Realty, LLC or its permitted as- V. CAPACITY AND EXPERIENCE signs. VI. SUPPLEMENTAL INFORMATION The total cost of the apartment component would be $17.7M. The estimated annual tax increment generated by this apartment component would be approximately $271,000. There is no TIF request to fund the apartment component but it is requested that the City build and design the podium under the apartments. The respondent has invested significant time and resources to produce and submit the level of plans and renderings included in this Adams Proposal. We would welcome the opportunity to work with the City to find ways to make this plan a reality so that the City’s master plan can become a reality. If you have any questions please contact me at 414 617 9997. 200 ADAMS STREET LOT REDEVELOPMENT ALIGNMENT WITH STRATEGY GREEN BAY, WISCONSIN PROJECT DESCRIPTION: Design Philosophy- A community has within it various elements and sensitivities that assist in it’s ability to thrive. Quality public realm, ease of movement, legibility, diversity, infrastructure and adaptability are just a few The property is in the core of the Downtown, elements that can help fuel communities that are safe, healthy, connected, and loved. surrounded by successful redevelopment projects of the recent past that have moved forward the vision An individual building can often times be seen in association of a larger community and by building on unique indigenous of making Downtown an authentic, livable community that looks to the future and honors community identity. characteristics, architecture in context becomes a familiar relationship with the surrounding environment. The first step to understanding the context of the community may began with the local geology and natural surroundings. Project Type New Construction Like much of this region of Wisconsin the land is rich with clay, limestone and timber of which can be found in many older Project Scope Mixed Use Development buildings within and around Green Bay. The limestone found within the fields and river beds is evident in the history of the 112 Apartments agrarian structures still used today and was also the foundation for many buildings of industry along the Fox River. Together 68,000 Sf Tenant Space with limestone and brick, wood is perhaps just as influential to the history of this region and continues to foster a large part 228 Structured Parking Stalls of the communities identity. By combining the familiar characteristics of context and culture, we can achieve a quality and character to this project unique, eloquent and appropriate to a project vision. Whether it is the surrounding historic buildings or the pastoral surroundings of the Green Bay community, it is the inclusion of the culture, history and context that helps to emphasize a familiar environment conducive to health and comfort. The best architecture reflects the context of the community—it is rooted to the culture, history and context of a place. Project Attributes - The development of this project builds upon the cities ambition of extending and strengthening the retail and pedestrian corridors of the surrounding neighborhood by providing space for public parking,retail, public squares and arcades for pedestrian movement and civic art, and a scale and datum aligned with the local modern and historic vernacular. The building materials chosen for this project are robust in nature requiring little maintenance. Masonry at the lower and upper levels provides a warm and familiar material with a connection to both new and historic buildings creating a unique but unified vision. Wood and metal panel are used as accent materials to help define outdoor balconies and public areas of the building. Native landscape and strategic use of hardscape help to define pedestrian from vehicular use. In addition to the aforementioned attributes the following pages of this request for proposal will help to highlight many of the key attributes outlined in the requirements. Assistance from the local planning authority will help ensure our research and analysis as we move forward in not only developing the cities project vision but also understanding the future needs of this community. Building Design and Use First Floor Structured Tenant Parking and Retail: The first floor of the development is composed of diverse and active uses providing a positive connection to the neighborhood and community. Retail: 10,000sf Tenant Lobby and Amenity: 6,000sf Tenant Parking: 91 Enclosed Tenant Stalls Second Floor Structured Public Parking: The second floor provides the neighborhood and community with 138 secured and enclosed parking stalls with elevator access to the city. Floors 3-6 Tenant Space: Floors 3 through 6 compose all 112 units for the development. The roof of the second floor parking provides potential courtyard access for outdoor tenant amenity space. Unit Mix 1 Bedroom/1 Bedroom with Den = 44 2 Bedroom = 64 3 Bedroom = 4 The lower building edge provides space for retail, public squares and arcades. Illustrated here is an example of how the surrounding retial and pedestrian movement can interact with the Packer Heritage Trail. Many transportation hazards can be reduced by creating a more pedestrian centric development with the use of hardscape and Proposed Site Plan: landscape elements. The proposed site design offers the community a retail experience overlooking the Packer Heritage Trail, Washington Street, and Cherry Street providing an active and pedestrian friendly boarder to the new building. This space not only provides a safe pedestrian access it also assist in slowing traffic as a result of pedestrian movement and hardscape treatments. A rooftop green space provides the tenants with a private terrace above removed from the busy city. Building Design and Use Visual Corridor The relief between buildings (illustrated above with green arrows) allows for increased daylight to Office residents and offices, paths for prevailing winds and necessary visual breaks from the street edge. Residential Office Existing Connection The common green connects to the existing green space of Schreiber Foods. Pergola The Pergola helps to define a pedestrian zone for future events. Common Green Common Green The common green provides surround hotels, offices, and residents a contemplative space to both overlook and enjoy. Grass Roof Pavilion The green roof pavilion serves two uses. Proposed Site Plan Expansion One can either sit on a gently sloped grass roof to people watch or enjoy an outdoor Long Range Planning: event overlooking the common green. The future use of the development has many exciting possibilities. Farmers Market/Art Street In this concept plan the common green space provides a front door The space defined within the pergola wall for the Hotel Northland, Schreiber Foods, and the concept Office provides a flexible space for street events. and Residential Block of the Adams Street redevelopment. The extension of pine street provides a pedestrian connection from Pedestrian Street to the newly developed Fox River Trail to the downtown core. Pine street has the opportunity to be closed to vehicular traffic and utilized as an event corridor linking the river to surrounding neighborhoods during seasonal festivals. Building Design and Use Building Design Diagrams Brick Cladding West Elevation West Elevation (Washington (Washington Street) Street) Courtyard Cladding Punched Windows Building Podium Transparency South Elevation (Cherry Street) Meaningful design incorporates many strategies to help aid in our pursuit for sustainable environments. Strategies such as lean practices, historic preservation, material performance, project life cycles, behavioral and cultural patterns, and the understanding of cultural vernacular are a few elements we continue to devote to the poetics of space; helping to preserve our connection to the built world. BOND REALTY, LLC 5375 N. LAKE DRIVE MILWAUKEE, WI 53217 August 24, 2018 Submitted Via Email: kennethro@greenbaywi.gov Kenneth Rovinski City of Green Bay Department of Community & Economic Development 100 N. Jefferson Street Rm 608 Green Bay, WI 54301 Re Response to Request For Proposals: 200 N. Adam’s Street, Green Bay, WI (“ Adam’s Proposal”) Dear Ken: This Adam’s Proposal is hereby submitted by Bond Realty, LLC, a Wisconsin limited liability company. In putting this proposal together, Bond Realty, LLC has collaborated with Gorman & Company, Korb & Associates and Neigh- borWorks Green Bay. The proposed development is laid out in the plans and renderings which are enclosed. The development would be structured as a two unit commercial condominium. The first condominium unit would be the ground floor retail and at grade parking along with the second level of parking. This first and second floor podium would be designed, built and paid for by the City. The second unit would start on the third floor and consist of 112 apartments at market rate rents. Bond Realty, LLC and/or its permitted assigns would develop and operate the apartment component. The total cost of the apartment component would be $17.7M (first mortgage of $14M and equity of $3.7M). The estimated annual tax increment generated by this apartment component would be approximately $271,000. There is no TIF request to fund the apartment component but it is requested that the City build and design the podium under the apartments. This proposal would have residents of the apartment component leasing parking spaces directly from the City at fair market value and Bond Realty, LLC or its permitted assigns acting as leasing agent and manager for the City owned retail and parking spaces. Our collaborative team would welcome the opportunity to work with the City to find ways to make this proposed development plan a reality so the City’s master plan can become fulfilled. If you have any questions please contact me at 414 617 9997. Sincerely, Ted Matkom ADAMS STREET PARKING LOT 200 BLOCK N. ADAMS STREET AUGUST 24, 2018 August 24, 2018 City of Green Bay Dept. of Community & Economic Development Attn: Ken Rovinski 100 N. Jefferson St. Room 608 Green Bay, WI 54301 Dear Selection Committee; T. Wall Enterprises, Mgt. LLC is pleased to provide the following response to your RFP for the 200 Block North Adams Street parking lot to provide a high- quality, multi-family development. As you will see from our proposal, we are dedicated to providing a unique, liveable community that honors the integrity of the downtown area. The key factors that we wish to provide are as follows: We will create a mixed-use development that provides an opportunity for economic growth in downtown Green Bay. We propose to build a four to five story building that enhances the downtown area while maintaining the community integrity of the surrounding area. This new community would also form the basis for a new ‘town square’ in downtown Green Bay that would host hundreds of activities and events each year playing off the success of and connected to CityDeck. We understand the City of Green Bay wishes to create a successful development that will create a lasting positive impact on the downtown area. We believe that through our proposal we can provide a development that will generate economic growth in the downtown area and bring in millions of dollars in disposable income that will help support existing and new retail and restaurants. This development will also be an asset to the community: a project that is both beautiful and iconic and one that residents of Green Bay will be proud of. CONCEPT SUMMARY Our overall concept is to develop a beautiful and appropriately sized new community that is woven into the fabric of downtown rather than a freestanding building walled off by itself. We have studied the land and surrounding buildings and based upon the challenges of the site and adjacent buildings, we feel that the city really needs to execute on the plan to build the new central town square with a new residential community that is tied to that. T. Wall Enterprises TWallEnterprises.com Therefore, as you can see in the attached conceptual plans we propose a 4 story building that is shaped like the top of a trident, with three legs facing north towards a new town square, with two interior courtyards between the three legs that open out into the town square. In this way the residents are encouraged to spill out into the town square and interact with it. (A 5th floor may be possible only on the leg along Washington Street above the retail, but more detailed studies will be needed to determine that.) The Pine Street intersection with Adams and Washington will provide vehicular access points; one to an underground garage under the town square that provides the public parking that the city desires and the other providing access to the private underground garage under the residences. Northland Avenue would be removed so as to maximize the size of the town square and connect it with the Schreiber Foods green space. (For large events, we assume that Schreiber would cooperate with allowing the use of their green space.) Retail store fronts will be provided along Washington Street. The other observation we have is that Cherry Street, with the tall parking ramp, could be turned into an asset by pulling our building away from the street somewhat so as to allow for both angle public street parking and a narrow green space in front of walk-out residential units. This design turns a negative into a positive. The end of Adams Street would be the point where service vehicles and food vendors and artists and farmers market sellers would access the new town square. The key to this development is to provide an iconic new building that fits in with downtown rather than a sore thumb that stands out by itself. By integrating the new building into the town square, we provide a ready built- in customer market to the vendors who would be at the events in the square. The building would be approximately 250 units (with the exact unit count depending on the final layout and final unit mix), built in four phases (explained below), and 4 stories in height. We could potentially add a 5th floor, but that would add significant cost since the building codes would require that the first floor then be constructed of concrete with steel reinforcement. Likewise, a 6 story building would require the entire structure to be built out of concrete, increasing the apartment unit cost by $75,000 per apartment, making the entire development T. Wall Enterprises TWallEnterprises.com infeasible. Therefore, it is critically important to build a four-story building to maximize efficiencies without the added cost of going higher. Separating the public parking from the private parking is also critical for easy operations (so the city can operate, construct and finance the new public parking with lower city interest rates and overall TIF.) We believe this precisely designed development proposal is exactly what will be successful and bring more people downtown. Any smaller will cost more per unit and so will anything larger. Anything larger will require a second level of underground parking, which would add significant cost (probably $50,000 per parking space more in addition to losing 20% of the first level spaces due to ramping). Putting the private parking under the public parking under the building also adds significant cost. In fact, it may not even work given the likelihood of a high water table given the nearby river, which is why a single level of underground parking is what drives the overall size and number of apartment units. Ours concept works. Anything different from this will have a far greater chance of failure and that is the last thing the city, or individuals within the city involved with this development, would want to happen. We all want it to be a success. Sincerely, T. WALL ENTERPRISES, LLC Terrence R. Wall, President & CEO Registered Name: T. Wall Enterprises, LLC Office Address: 1818 Parmenter Street, Middleton, WI 53562 Mailing Address: P.O. Box 620037, Middleton, WI 53562 Direct: 608-444-5552 Authorized Agent: Terrence R. Wall, President Email: terrence@twallenterprises.com Website: twallenterprises.com T. Wall Enterprises TWallEnterprises.com C O MP A NY P R O FILE With 35 years of experience, T.Wall would be responsible for the overall development of this project, including: overseeing project financing, equity, planning, architecture, engineering, construction, delivery and turnover, and property management. T.Wall Enterprises is a local real estate development company specializing in multi-family and commercial development in Wisconsin. HISTORY Terrence R. Wall began developing in 1989 (and real estate analysis, leasing, and marketing since 1979). The T. Wall team has developed over 1,200 multi-family units, 61,000 sq. ft. of commercial space, and 45 office buildings. Terrence has developed five retail centers including a Target, Verizon, Bed Bath & Beyond, and Ashley Furniture. T. Wall also has developed the largest office portfolio in the state, at 3.5 million square feet. T. Wall Enterprises TWallEnterprises.com A LIG NME NT W ITH S TRA TE G Y We understand (and have demonstrated our commitment with CityDeck Landing) that the City of Green Bay is looking for a developer who will create a new residential community that aligns with the greater downtown community and economic development strategy to generate innovative ideas, cultivate ideas into businesses, and retain and attract smart and skilled people in the following ways: SAFE PROJECTS that build new structures using the latest codes and remove attractive nuisances and other problem properties. T. Wall Enterprises Mgt. LLC has a history of strong compliance with all codes and regulations, but with a creative and innovative flair that will solidify downtown as the place to be. Just as our CityDeck Landing development became the catalyst for additional new residential development downtown and is now a landmark in its own right, so too can our proposed new community in the heart of downtown. In terms of removing attractive nuisances and problem properties, we propose that the city acquire the BayLake Bank building and tear it down. The removal of this building, which is becoming or is mostly vacant, will allow for a larger residential building and for the new town square. The Bay Lake Bank building presently acts almost like a Berlin Wall, blocking one-half of downtown from the other half. Our new development and the new town square will tie together both halves, along with CityDeck and the open space adjacent the Schreiber Foods buildings. HEALTHY PROJECTS that re-mediate environmental contamination from the parcel and/or structures, enhance the physical (soil, water, air) landscape and include high-performance design elements, mechanical systems, and finishes. T. Wall Enterprises Mgt. LLC has been awarded multiple times for our efforts towards sustainability and green development and has cleaned up numerous environmentally contaminated properties. Our design elements, as you can see in all our properties on our website, are designed to fit in with the surrounding buildings, not be a sore thumb that stands out. As with our CityDeck Landing development, the design will be traditional with brick and stone and hardiplank (all sustainable materials), but with modern elements and of course, appropriate detailing. Unlike other developers, we invest more capital upfront since we intend to maintain long-term ownership, which is a critically important difference between us and others. We will invest in higher quality HVAC units with individualized programmable thermostats, solar panels to reduce grid-electrical use, higher quality appliances (not just stainless steel, but going the next level with glass flat top stoves) and higher quality cabinets, insulating all walls, solid core doors, higher quality T. Wall Enterprises TWallEnterprises.com A LIG NME NT W ITH S TRA TE G Y construction with thicker, padded and insulated flooring systems that no other developer in our area uses. And after opening, we are committed to maintaining the property at the highest level, including picking up litter surrounding our property, which will create a cleaner downtown overall. CONNECTED PROJECTS that interact positively with adjacent properties, the neighborhood, and community, strengthen and/or expand public water, sewer, stormwater, and other utility infrastructure, strengthen and/or expand pedestrian, bicycle, and transit transportation networks, and create and/or enhance public spaces and amenities. We would like the Bay Lake Building to be removed and we would like the north half of the Bay Lake building lot to be developed as a town square for downtown Green Bay. Northland Avenue would remain in place, however the street would be closed during times when events are held. The idea being that a public town square on the north half of the Bay Lake building site, combined with the open space south of Schreiber Foods would form a larger open space for community events and activities. Our new residential community would overlook this new open space and enhance and activate it, not to mention by overlooking the space the residents of our community provide defacto built-in security for that new space. The new building would use the existing city infrastructure of water, sewer, storm sewer, and roads, but we will also provide (as we always do) a secured, indoor bicycle storage room and outdoor bike racks too, as well as a bike wash facility. (We also provide a dog wash facility.) The other distinguishing feature are the walk-up units that we include, so that residents can walk straight out their units, which also activates the public streets. LOVED PROJECTS that remove blighted and neglected structures, expand our range of residential and commercial real estate products, be designed and built to last, and provide options for converting the project to alternative uses. We believe that we can turn this parking lot into a beautiful residential building and incorporate street level commercial space that fits appropriately in the downtown area. Our materials are designed and built to last, and should last at least one hundred years. We hope to develop in phases with a project that allows for multiple amenities to benefit residents. T. Wall Enterprises TWallEnterprises.com DE SIGN & U SE Speaking of walk-up units, these walk-up units are critical to the design for a downtown property. Yes, there will be some appropriate retail space (but minimizing this since leasing retail space downtown is extremely difficult and having vacant space is not a good thing for any property or for downtown), but on the streets without retail space, there will be walk-out units so that the building is not an enclave to itself, but rather is interwoven into the fabric of downtown. We want to make it as convenient as possible for our residents to walk out their homes to walk over and get coffee or lunch or dinner downtown. These walk-up units add an important element of pedestrian connectivity to the sidewalk and street, and allow more natural interaction between the building and the pedestrian experience at street level. The scope of work, preliminary site plan and building footprint and parking and circulation are attached; by architect Joe Lee, an experienced multi- family architect. Massing diagrams or elevations are included. We envision a U-shaped building with a beautifully landscaped courtyard facing towards the town square. The courtyard would include outdoor seating, maybe a lounge pool (if there is room), grilling areas, fire pit, and other amenities. See the Veritas Village courtyard as an example. This will be the the place people want to live in order to walk out their door and enjoy all the downtown events. Parking will be almost entirely underground. There may be a small amount of guest parking on the surface that may be part of the same parking for the retailers, which may be angled and accessed directly from the street, if the city will allow, which will increase available street parking, a key element for the success of retail. (The major challenge for the retail at CityDeck Landing is the lack of appropriate on-street parking other than a few token spaces.) The property will include pedestrian circulation that connects right into the fabric of downtown; we don’t want to separate ourselves off from downtown. The occupancy of the community starts with constructing the building so that it opens in the beginning of the leasing season, February, rather than in the summer when half or more of the leasing season has expired. So, open in February, lease up through August, and be full by September 1. The building will include studios, one-bedroom units, two-bedroom units, and possibly a few three-bedroom units. Given our experience in multi-family development, providing the appropriate mix for a neighborhood is key to success; get the mix wrong, and you’ll have vacant units. Our experience T. Wall Enterprises TWallEnterprises.com DE SIGN & U SE at CityDeck Landing gives us a leg up on what unit mix to provide, the sizes of the units, and the unit layouts along with the right amenity package and the right unit features (such as full-size in-unit laundry). Our experience with CityDeck Landing demonstrates that the end users for this property will most likely have incomes in the range of $50,000 to $150,000. At City Deck Landing we have young working professionals, middle managers at local businesses, as well as top management, and also retired couples who have sold homes to move downtown. (The advantage as a city of empty-nester retired couples selling their homes and moving downtown is that that process also opens up single family homes for young people to occupy at the same time as capturing the retirees in downtown rather than seeing them move to Florida.) Our existing apartment communities typically have roughly 50% female and 50% male, with 50% under age 30 and 50% age 30 to 75. Typically 50% of residents have income above $60,000 and 25% have above $80,000. CityDeck Landing also has higher management level residents from the large medical groups in town, the large banking groups, the Packers, and other important industries to Green Bay. That is important to understand because it is these higher incomes that are going to financially support downtown retailers, restaurants, and city events. The city needs to increase the amount of disposable income downtown in order for downtown to continue its recovering. (Just like in the old days, when lots of people lived downtown and therefore shopped downtown, so too that is an important aspect to the success of downtown now. You’ll note that downtowns started to fail when people moved out and left little to no disposable income downtown; then they started shopping in the suburbs where new retail was built to satisfy their new locational attributes.) FORM Architectural Character: Downtown is made up of traditional buildings with brick and stone exteriors (and some siding), materials that will last 100 years. Downtowns are traditionally comprised of many different buildings designed by different architects and built by different contractors. So too we have designed new developments in downtowns in exactly the same appearance; while being one building, the building appears as if it is really multiple small buildings, with different ‘storefront’ facades using different colors and materials. In this way, the elements of downtown architecture will be carried through into the design of the building. The retail storefronts T. Wall Enterprises TWallEnterprises.com DE SIGN & U SE (even the residential units at street level) will look like individual buildings designed and built separately over many decades even though they will be part of the larger structure. To understand how this works, see our Middleton Center retail and residential development on our T. Wall Enterprises website. If the building is able to hold a fifth floor, we will step back that floor from the front facade so that the fifth floor is not visible from street level. The most important aspect of downtown architecture is not to make the mistake of so many buildings in the 1970’s where the design was modelled based upon ‘modernism’ and contemporary in nature, even trendy, because trendy won’t last and will look out of date within one decade and modern buildings don’t fit it. The all-glass and the mostly concrete buildings of the past are the ones that don’t fit in today. Articulation: We will design a building similar to our building called Middleton Center where each store front is unique, and on the residential units, there will be individualism also with different windows (i.e. a bay window in one unit but a different window in another unit) and different alternative materials and color treatments. In downtown Middleton we designed a facade using a variation of facades - different materials and different colors combined with differing heights on the facade. The Middleton building also overlooks a new town square that we recommended. As you can see on our web site photos, we broke up the exterior facade of Middleton Center into what looks like separate buildings, each individually built a hundred years before. We would propose to use the same idea here to create a structure that future residents and patrons of downtown will naturally assume has been there for a hundred years. Alignment: As you can see, with the new town square in place of the Bay Lake building and the new community we propose, our proposal closely aligns with the city’s plan and objectives. Plus, the size and height are appropriate for downtown and align with the city plans as well. We then enhance the city’s plan by designing our building to have two courtyards that open out onto the city’s town square so the two areas are connected and interact, rather than a ‘box’ or square design that closes off the residential development from the downtown and from the town square. Building Materials: Our development will be designed and built to last because we use all sustainable materials that will last a hundred years or more. On the exterior we will feature mostly brick and stone accented with fiber cement board, as compared to other developers who may use smart siding or vinyl or aluminum siding. We also like to avoid using metal panels T. Wall Enterprises TWallEnterprises.com DE SIGN & U SE because those don’t fit in with downtown and they tend to become dented and discolored over time. Most importantly, we never use EIFS or stucco, which will streak, become discolored and will also crack and bubble within five years. All materials we use will last virtually indefinitely. The roof will be a flat roof since that is the style of most downtown buildings, and a flat roof will enable us to install solar panels as well. Color: Will vary by facade and reflect the existing and desired context of downtown. See our Middleton Center photos on our web site. Likewise, look at CityDeck Landing and how the colors of the materials, in particular the brick, mimic or reflect other buildings in downtown. Fenestration: The arrangement of the windows and doors will vary, just like other buildings and storefronts in downtown vary. There will be no exterior reflective glass, which is particularly important for the retail store fronts; customers need to see inside to be attracted inside. The exterior will be mostly brick and stone as mentioned above, but the window and door treatments on the first floor will vary, while there will be similarity above, the mullions will be appropriate for downtown. Modulation: The overall building massing will be broken down into Parts by: • Undulating the building profile varying parapet heights. • Using architectural elements (balconies, punched openings, storefront arcades, etc.). • Establishing a palate of building material (brick, cast stone accents, composite panel, etc.) that will blend with the downtown’s traditional aesthetic. Overall, the goal is to both use the principles of composition in order to create a unique end-result that recognizes its context. Height: The building will be either four or five stories in height, depending on how much parking we can fit under the building and courtyard. The height of the floors will typically be 11 feet, which is one foot higher than all other developers. We insist that the interior have that extra one foot of height to give a feeling of home, with wide hallways (six feet) and other condominium-like qualities. The first floor, however, will be taller at 16 feet, due to the need for commercial tenants (retailers) to have added interior height. T. Wall Enterprises TWallEnterprises.com DE SIGN & U SE PARKING We will provide enough parking spaces to provide a 1:1 parking ratio for our customers, plus some guest parking. It is critically important to understand that providing just enough parking; not too little nor too much is key to success. Too much parking stresses the financials of the project with too much cost and creates a lack of demand, whereas just the right amount means that the residents are anxious to lease the parking rather than take a chance that they won’t get a space. We may also be able to provide additional parking for the public, however, the city will have to pay for the cost of that construction, including soft costs and hard costs, most likely through a parking utility so that a fee can be charged. PUBLIC ART Unlike all developers, we are well known for purchasing and displaying art throughout the interior and exterior of our developments. We have purchased and display sculptures as well, so we support the idea of art at the property as required. T. Wall Enterprises TWallEnterprises.com AUGUST24,2018 1” =100’@ 11x17 RETAI L RESI DENTI AL/ LEASABLE PARKI NG/ SERVI CEAREAS COMMON AREAS/ CIRCULATI ON RESI DENTI AL/ LEASABLE PARKI NG/ SERVI CEAREAS COMMON AREAS/ CIRCULATI ON UNEXCAVATED/ OPEN TO BELOW PARKI NG/ SERVI CEAREAS COMMON AREAS/ CIRCULATI ON RETAI L RESI DENTI AL/ LEASABLE PARKI NG/ SERVI CEAREAS COMMON AREAS/ CIRCULATI ON RETAI L RESI DENTI AL/ LEASABLE PARKI NG/ SERVI CEAREAS COMMON AREAS/ CIRCULATI ON UNEXCAVATED/ OPEN TO BELOW RETAI L RESI DENTI AL/ LEASABLE PARKI NG/ SERVI CEAREAS COMMON AREAS/ CIRCULATI ON AUGUST24,2018 1” =100’@ 11x17 INVES TMENT First, the development will, of course, require TIF. As we anticipated with the development of CityDeck Landing, there is a significant gap in rents in the marketplace versus rents needed to support a new development downtown which has a significant number of unique challenges not found in a green field site. This includes: shoring, hundreds of pilings, building a ‘bathtub’ to prevent groundwater and river water from flooding the site (both while under construction as well as during on-going operations), over 1,000 pilings running typically 100 feet deep, the usual surprises of buried structures and/or debris, just-in-time delivery of materials, off site storage of materials, off-site parking for construction workers, and dozens of other unique challenges. Other developers are not used to these challenges and don’t plan for them as we all witnessed with the construction of the other apartment building downtown when their site flooded with water. These challenges require TIF to help offset those additional extraordinary costs. Second, this gap creates a problem with obtaining high enough appraised values for the intended development. Without high enough appraised values, there won’t be any development,that’s why TIF is required. But understanding this appraised value issue is critically important as it is the key to everything. Unlike other developers, we were able to overcome this challenge at CityDeck Landing, and more importantly, we have the rents at CityDeck Landing that we can disclose to the appraiser, which other developers won’t have, allowing us to once again overcome this challenge. The other important aspect to understand is that when a developer who is not experienced in developing downtown has difficulty, they frequently panic and discount their rents. This process of discounting rents undermines the entire valuation process downtown, undermining refinancing valuations (appraisals) and making new development a greater challenge because the appraisers will use the discounted rents in their appraisals. This discounting also then erodes the values for the TID and the city assessments for all of downtown. This is why it’s so important that any TIF agreement prohibit the developer from discounting rents. The city should choose a developer that won’t panic and discount rents. Third, we also have been successful at securing more grants from the state for cleaning up brownfield sites than any other developer. We will pursue another grant from WEDC for this site. T. Wall Enterprises TWallEnterprises.com INVES TMENT The overall investment in this site will also require the developer to have enough equity (we have over 400 equity investors who partner with us) and the ability to secure a large loan. At CityDeck Landing we ran into a roadblock with local bank lenders, who were biased against the downtown and against the idea that we could obtain higher than market rents for a new development, which we did. Any lender for this new development, given its larger size and multiple phasing, will require experience in development in downtowns and in downtown Green Bay in particular. In the case of CityDeck Landing, we were forced to go outside Green Bay to secure a lender. Fortunately, we have a large stable of lenders for the proposed development, with over a dozen lender choices we have strong relationships with. As one lender put it, we are one of their top five customers. Assuming roughly 250 units plus some retail, the overall investment in this new development may exceed $35 million depending on the particular size that we can obtain approval for from the city. T. Wall Enterprises TWallEnterprises.com CAPACITY This development will be built in phases over multiple years, with approvals between now and spring 2019 with construction starting in either the spring or fall of 2019 and finally opening in the spring of 2020. All is dependent upon the city delivering on the approvals in time. The phasing aspect of this is hugely important to understand. We have seen many developers build more units than can be absorbed in one leasing season, which then results in rent discounting and ‘specials’. The downtown market can only handle about 75 units per leasing season, so the worst thing that can happen to downtown is to force more units into the market in one season and then destroy the property values downtown due to that discounting (which appraisers are forced to take into account). It’s better to have a waiting list for the next phase than for the word to get out that there are vacant units available, which would also be devastating to the other two new apartment developments downtown. We only work on 3-5 developments per year, and this would be one of those and would be considered a top priority development for us. One reason this would be a top priority is that presently at City Deck Landing we are forced to use an outside management company for on-site leasing and property management and maintenance (although all marketing, rent collections, accounting and other activities are conducted from our home office). With this new development, we would have the ability to hire a full time property manager and later an assistant property manager as the last phases are completed. We would also hire a full time maintenance person on site. It is very important to have on-site management for a property of this size, with that management being directly managed by and overseen by the owner. Third party management always skimps in order to make a profit, whereas the owner-manager can invest the time and effort needed to provide top quality service for our high end residents. Included in this proposal is our company overview. Within this brochure you will find specifics on our team. We have developed over half a billion dollars in various properties, as well as the largest office portfolio in the State of Wisconsin. Having retail experience is also critically important, which we do, having developed five retail centers with hundreds of retail tenants. Our philosophy is to stay lean and efficient, keeping bureaucracy out of our organization, working closely on just a handful of developments at a time in order to provide outstanding customer service. T. Wall has developed and owned thousands of multi-family apartments over the last two decades. With his successful development experience in T. Wall Enterprises TWallEnterprises.com CAPACITY the greater Madison area, Middleton, Verona, and Green Bay, as well as our commitment to high-quality results, T. Wall is a partner who stays committed and has a proven track record of working with others to achieve a common goal. More importantly, T. Wall, his construction/owner’s representative, and his Development Manager all have family in Green Bay and are in the city on a regular basis. We’re not some out of town firm that won’t come back after the building is open. At CityDeck Landing, Terrence Wall always stops in and inspects the property each time he is visiting with his wife’s relatives (Helen Wall grew up in Green Bay). The engineering firm we use is Vierbicher Associates and the architect is Joe Lee, an experienced multi-family architect who really understands what the customer wants. He is not out to win an award; he believes in having his designs fit in appropriately with its surroundings and providing the exact right floor plans and amenities as discussed with the developer. We have also been chosen as the development partner for several banks, the City of Middleton, the City of Madison (and that’s not easy!), along with receiving recognition from area organizations and from the prior Governor for our green initiatives. We are a proven and established development firm, with a proven track record of the largest and tallest buildings in greater Madison (east and west). And best of all, when all other developers shied away from towns smaller than Madison or Milwaukee, we made a specific commitment to build in smaller communities that need more housing but couldn’t overcome the challenges. With political risk on the line, it’s always better to go with a developer that has a proven track record in downtown Green Bay and has a strong personal interest in making sure that Green Bay and downtown remain a successful place to live, work, shop and play. T. Wall Enterprises TWallEnterprises.com PROJECT TEAM 1818 Parmenter Street Middleton, WI 53562 608-826-4000 terrence@twallenterprises.com www.twallenterprises.com 2418 Crossroads Drive, Suite 2300 Madison, WI 53718 608-241-9500 jlee@jla-ap.com www.jla-ap.com 999 Fourier Drive Suite 201 Madison, WI 53717 608-826-0532 www.Vierbicher.com T. Wall Enterprises TWallEnterprises.com PR O J E C T T E A M TERRENCE WALL CEO & PRESIDENT Terrence@TWallEnterprises.com P: 608.345.0701 Terrence has been involved with real estate analysis, leasing and marketing since 1979. He began developing in 1989. He has developed in a wide range of markets including: • Over 500 multi-family units Education • Five retail centers (including Target, Verizon, Bed Bath & BA in Economics Beyond, Michael’s Craft, Ashley Furniture, American TV, and UW-Madison many more) • A 160-acre industrial park with multiple buildings Masters in Real Estate Appraisal and Investment Analysis • Largest portfolio of office buildings in the state of Wisconsin UW-Madison with over 45 office buildings at 3.5 million square feet of space Completed coursework at: • Planned and developed five major mixed-use centers that Harvard University Executive included office space, hotels, retail, and residential Education Program, Loyola • Presently developing a master planned community which University, and Kellogg School includes seven neighborhoods and a town center, known as of Management (Chicago) The Community of Bishops Bay, in Middleton, Wisconsin Philanthropy • Terrence Wall has previously raised donations for and developed the Dane County Children’s Zoo Carousel Building, Boy Scout’s Glacier’s Edge Council Office and Store and the John Wall Family Pavilion at Tenney Park. • He has also been a major donor to Edgewood High School, American Family Children’s Hospital, James A. Graaskamp Real Estate Center, Congress Park, High Crossing Park, Madison Central Library, Madison Children’s Museum, Middleton’s Soccer Field, Asset Builders of America, and Domestic Abuse Intervention Services. T. Wall Enterprises TWallEnterprises.com PROJECT TEAM JON HEPNER Jon Hepner is a Development Manager performing project cost & feasibility modeling, development due diligence, and site planning. Jon coordinates and leads projects through entitlement approvals, financing, and beginning of construction while maintaining productive relationships with property owners, alders, and other members of municipal governments. Jon earned his BBA from Edgewood College where he double majored in Business Management and Business Marketing. During his collegiate career Jon gained substantial professional working experience interning with a residential mortgage broker, the United Way of Dane County, and at the Wisconsin State Capitol for the Governor. ERICA KOCH Erica Koch is the Director of Operations & Property Management for all multi-family communities. She has spent the last 20 years in the multi- family housing industry in Wisconsin with various roles and responsibilities including managing all aspects of the company’s operations, customers and properties. Erica earned her BBA at the University of Wisconsin-Whitewater with a major in Marketing. She is also a licensed real estate salesperson in Wisconsin. T. Wall Enterprises TWallEnterprises.com PROJECT TEAM SCOTT TEBON Scott Tebon is the Director of Construction responsible for management and coordination of construction activities within the portfolio. He has over 20 years experience in the construction industry and has overseen in excess of $200 million of projects encompassing over 2 million square feet of space and managed build-outs for over 250 commercial customers. Scott earned his BBA at the University of Wisconsin-Whitewater with majors in Economics and Finance with a Real Estate emphasis. TAYLOR BRENGEL Taylor Brengel joined T. Wall Enterprises in 2012. As general counsel, Taylor oversees the company’s legal activities, including real estate negotiation and purchases, development financing, project entitlement coordination, landlord tenant issues and commercial lease negotiation, lender relations, entity organizational structuring and corporate governance. Taylor earned his Juris Doctorate from Marquette University Law School and his Bachelor of Arts from Lawrence University. His prior experiences include working for the in-house legal department of a Fortune 100 company and working for the Honorable John Coffey of the U.S. Seventh Circuit Court of Appeals. T. Wall Enterprises TWallEnterprises.com PROJECT TEAM COMPANY OVERVIEW With offices in Madison and Milwaukee, JLA Architects provides a full range of planning & architectural services for various project types. With a focus on providing creative, real-world solutions to meet project goals they maintain client satisfaction as their highest priority. Founded in 2007 by Joseph Lee, JLA believes the firm’s success is dependent on the happiness of their clients and their success of each completed project. KEY TEAM MEMBERS JOSEPH LEE | President / Principal Joe’s role on this project will be to serve as general oversight throughout all phases of the project. Joe will collaborate on design concepts & lend his experience throughout the entitlement process. As the project progresses, Joe will maintain involvement & assist the project team as needed. He will help to ensure that the process is smooth & enjoyable. Throughout the process Joe will be a visible & ‘reachable’ member of the JLA Team. JOHN SCHMIED | Project Manager John would serve project manager. He has worked with T. Wall for several years as a project manager on several of their developments. He will be responsible for the daily management & coordination of the project throughout the entire process. He will be intimately involved at all phases ensuring consistency & continuity throughout the project & will serve as the primary daily contact for the development team, consultants & contractor. T. Wall Enterprises TWallEnterprises.com PR OJ ECT TEAM PROJECT TEAM JOSEPH LEE, AIA FOUNDER & PRESIDENT JLee@JLA-AP.com C: 608.215.1495 Joe is a Madison native & graduated with both a Masters of Architecture & a Masters of Urban Planning from the University of Wisconsin–Milwaukee. During his schooling & after his graduation from UWM, Joe resided in Milwaukee for 13 years, working in both the public & private sectors. Prior to founding JLA Architects & Planners in February 2007, Joe was an Education Associate at Eppstein Uhen Architects in Milwaukee where he was a lead designer on multi-family, mixed-use, & retail projects. Masters of Architecture Joe’s background in both architecture & urban planning has allowed UW-Milwaukee May 1998 him to develop a unique blend of skills & market knowledge that brings Masters of Urban Planning distinct value to JLA clients. He has gained the respect of both clients & UW-Milwaukee May 1998 peers by managing & designing projects of various types & sizes with an unpretentious style. Bachelor of Science As the Owner & Managing Principal of JLA Architects, his main goal is Architectural Studies client satisfaction. He is involved at every phase to assist with conceiving UW-Milwaukee May 1995 & developing sound designs, navigating through entitlement processes, producing complete & accurate construction documents, & following- Project Manager Bootcamp up with thorough construction administration. Joe values each client PSMJ 2006 relationship & works to exceed expectations on every project. Strategies for the Construction Representative Project Experience Administrator UW-Extension Course 2005 502 Boutique Hotel Madison, Wis. JLA Milwaukee Office Milwaukee, Wis. Professional Affiliations Merchant Square Office Building Sun Prairie, Wis. Licensed Architect Ballpark Commons Office Building Franklin, Wis. Wisconsin 2003–present Michigan Athletic Hall of Fame Detroit, Mich. Yahara Commons – Mixed Use Monona, Wis. American Institute of Architects 2003–present Ballpark Commons– Mixed Use Sports Facilities Franklin, Wis. The Brewery – Mixed Use Milwaukee Awards & Recognition Synergy @ the District – Mixed Use Wauwatosa, Wis. The Junction Apartments Menomonee Falls, Wis. Franciscan Health Care Center Sun Prairie Ice Arena Sun Prairie, Wis. Finalist—New Construction Graber Manufacturing Waunakee Wis. Nursing Homes Long Term Care Veritas Village Apartments Madison, Wis. Management 2003 22 Slate Apartments Madison, Wis. Madison’s “40 Under 40” Factory District Apartments Madison, Wis. In Business Magazine 2006 Pete’s Fruit Market Milwaukee “Design of the Times” Grandview Commons Retail Madison, Wis. Madison Magazine Feb. 2007 Brooks & Dayton Student Housing Madison, Wis. HMOC Parish Hall Oregon, Wis. Elmbrook Church Alteration Brookfield, Wis. JLA Architects T. Wall Enterprises jla-ap.com TWallEnterprises.com PR OJ ECT TEAM JOHN SCHMIED PROJECT MANAGER JSchmied@JLA-AP.com D: 608.442.3863 John has expert knowledge on all aspects of architecture: site concerns, complicated structural elements, and exterior relationships to all of the interior details needed in design projects. John connects with his clients to understand their desires and needs; then presents designs that are practical, relevant and well-received. Although exposed to a wide variety of market sectors, he has an extensive Education background in multi-family projects. Associate Degree Architecture Madison Area Technical Representative Project Experience College 1995–1999 Veritas Village Madison, Wis. Professional Accreditations Dayton Street Apartments Madison, Wis. City View Condominiums Sun Prairie, Wis. Licensed Architect – Wisconsin Park & Drake Madison, Wis. American Institute of Architects Prairie Trail (T. Wall) Sun Prairie, Wis. (AIA) Hidden Creek, (T. Wall) Madison, Wis. Lilly Preserve Brookfield, Wis. LEED AP Building Design + Construction Veritas Village (T. Wall) Madison, Wis. The Junction at White Stone Station Menomonee Falls, Wis. Awards Merrill Apartments (Stonebridge) Merrill, Wis. Park Place (awaiting construction) Merrill, Wis. Gold Award for Projects of Distinction, 2009 Prairie Lakes Retail Building ‘G’ (under construction) Sun Prairie, Wis. Associated Builders & Market Square (in development) Sun Prairie, Wis. Contractors of Wisconsin T. Wall Enterprises TWallEnterprises.com PR OJ ECT TEAM COMPANY OVERVIEW Vierbicher is a team of planners, engineers, landscape architects and surveyors committed to providing the highest level of skill and expertise to clients throughout Wisconsin and the Upper Midwest. Our multi-disciplined, team-based approach enables us to combine our strengths and bring unique perspective to a wide range of projects. Having this diverse in-house experience provides many benefits to our clients, including creative solutions, efficient project flow and cost-effective results. We have been delivering unmatched customer service to private and municipal clients for over 40 years, and it has been a cornerstone of our success in this highly competitive field. ROD ZUBELLA, PE | President & CEO Rod has over 28 years of experience providing civil engineering services for local government and real estate developers. As a practicing civil engineer, Rod blends his passion, experience and compassion to find sound solutions for his clients’ issues. MATT SCHREINER, PE | Engineering Manager Matt provides engineering services on municipal, commercial and residential projects. His responsibilities include stormwater & utility design, permitting, grading design, site layout, contract documents and construction inspection. T. Wall Enterprises TWallEnterprises.com PR OJ ECT TEAM GENERAL CONTRACTOR If chosen, our team will work with a reputable Wisconsin-based general contractor. Based on our past succesful projects, we would choose one of the following companies to partner with: Immel-Builds.com 1820 Radisson Street Green Bay, WI 54302 Phone 920.468.8208 StevensConstruction.com Two Buttonwood Court Madison, WI 53718 Phone: 608.222.5100 Miron-Construction.com 1471 McMahon Drive Neenah, WI 54956 PH 920.969.7000 T. Wall Enterprises TWallEnterprises.com E XP E R IE N CE T. Wall has developed five retail centers, 45 office buildings, and a large portfolio of multi-family housing and a few condominiums. We also have developed in towns other than Madison and Milwaukee. And we have successfully developed multi-family during the Great Recession, when others wouldn’t. See the following examples of our most recent developments that are very similar in nature to the one being proposed. CityDeck Landing is one of Green Bay’s newest luxury apartments. This development is very similar in nature to the one proposed because of the following: • a tight urban site with adjacent roads and all the challenges that go with that underground parking; • some commercial space on first level; • and a large and colorful skydeck. In addition to the cameo included in this proposal, more information can be found at: twallenterprises.com/citydeck-landing/ T. Wall Enterprises TWallEnterprises.com E XP E R IE N CE SUSTAINABILITY T. Wall Enterprises has been awarded many sustainability and green development awards as follows: Clean Lakes Alliance: awarded for partnering with Dane County and the Alliance to preserve and improve storm water quality through environmentally conscience development practices and pioneering new stormwater practices. Wisconsin Manufacturers & Commerce: Received the Wisconsin Business Friend of the Environment Stewardship Award for landscape conservation, energy efficiency measures and recycling measures. Governor’s Award in Energy Efficiency: We were the first and only development company to receive this award, to recognize outstanding efforts towards being environmentally conscience and specifically energy efficient. Madison Gas & Electric: For becoming the beta test site for installing electric car charging stations in multi-family properties. Veritas Village LLC: For featuring the largest solar panel array on a multi- family building in the entire State of Wisconsin and for installing the largest solar panel array in downtown Madison. RENEW Wisconsin: For receiving the Renewable Energy Champion Award for their support of renewable energy. T. Wall has put in place more solar capacity than any other developer of multi-family dwellings active in Wisconsin. Focus on Energy: T. Wall was the only partner with Focus on Energy, teaching the team at Focus how to retrofit and install energy efficient equipment in older and new buildings. While other developers were taught by Focus how to install green components, we taught Focus how to do it. City of Madison Resolution: Ald. Ledell Zellers congratulated, Veritas Village, LLC, in Madison, Wisconsin, for completing the largest solar installation in downtown Madison for a multi-family property. T. Wall Enterprises TWallEnterprises.com MIXED-USE CITYDECK LANDING MIXED-USE LOCATION: Green Bay, Wis. PROGRAM: 115,000 s.f. Seven-story mixed-used building Partnered with City of Green Bay Amenities include: club room, community room, fitness center, and landscaped patio REFERENCE: Kim Flom, Director of Planning & Development - City of Green Bay Ph. (920) 448-3413 kimfl@greenbaywi.gov MIXED-USE MIDDLETON CENTER MIXED-USE DEVELOPMENT LOCATION: Middleton, Wis. PROGRAM: 157,100 s.f. Public Private Partnership (P3) Three phase redevelopment of the Old Middleton Center Phase One includes: 62 market-rate multi- family units, 11,388 s.f. of commercial space, and 21,483 s.f. of office space Amenities include: club room, community room, fitness center, and landscaped patio REFERENCE: Eileen Kelley, Director Planning / Zoning Administrator – City of Middleton Ph. (608) 821-8370 M U LTI-FAMILY PELOTON RESIDENCES INFILL REDEVELOPMENT LOCATION: Madison, Wis. PROGRAM: 157 market-rate multi-family units and 12,000 s.f. of commercial space. 246,348 s.f. Amenities include: club room, community room, fitness center, and landscaped patio REFERENCE: Heather Stouder, Planning Division Director – City of Madison, Ph. (608) 266-5974 M U LTI-FAMILY VERITAS VILLAGE MULTI-FAMILY DEVELOPMENT LOCATION: Madison, Wis. PROGRAM: 189 market-rate units Central courtyard & pool with green roof areas; over parking level Amenities include: fitness room, community room, concierge desk, clubroom, and game room REFERENCE: Heather Stouder, Planning Division Director – City of Madison | Ph. (608) 266-5974 MIXED-USE WATERMARK LOFTS INFILL MIXED-USE DEVELOPMENT LOCATION: Madison, Wis. PROGRAM: 80 market-rate units 18,922 s.f. commercial space Amenities include: club room, community room, fitness center, and landscaped patio REFERENCE: Heather Stouder, Planning Division Director – City of Madison Ph. (608) 266-5974 M U LTI-FAMILY PRAIRIE TRAILS MULTI-FAMILY DEVELOPMENT LOCATION: Sun Prairie, Wis. PROGRAM: Three-story, 54 units 56,516 s.f. Amenities include: community room, club room, outdoor patio, library, event space with kitchenette/restroom, and landscaped patio Underground parking REFERENCE: Scott Kugler, Planning Director – City of Sun Prairie | Ph. (608) 825-1107 MIXED-USE BAY LOFTS MIXED-USE DEVELOPMENT LOCATION: Sturgeon Bay, Wis. PROGRAM: First level parking & retail 5,500 s.f. retail space 37 apartment units Amenities include: fitness center, fourth floor clubroom with adjacent roof deck MIXED-USE MONONA RIVERFRONT REDEVELOPMENT MIXED-USE DEVELOPMENT LOCATION: Monona, Wis. PROGRAM: 3–4 buildings 256 apartment units 65,000 s.f. apartment units Public park and indoor/ outdoor event space M U LTI-FAMILY 22 SLATE MULTI-FAMILY DEVELOPMENT LOCATION: Madison, Wis. PROGRAM: Seven buildings 264 market-rate units Separate clubhouse building, pool and fitness center Buildings organized around central common green Pet-friendly amenities: dog walking areas, dog bag dispensers, dog washing room in underground parking area M U LTI-FAMILY MIDDLETON STATION MULTI-FAMILY DEVELOPMENT LOCATION: Middleton, Wis. PROGRAM: 32 market-rate units Two levels of parking PUBLIC PROJECT EXPERIENCE Listed below are other representative public projects that T. Wall Enterprises has been involved with. GREENWAY CENTER CITY CENTER WEST Madison, WI Project Cost: $135,000,000 Project Value: $189,500,000 Completion: 2003 Size: 1,021,000 s.f. Reference: Kurt Sonnentag, Mayor The City Center West project included City of Middleton the development of two 8-story towers, Ph. (608) 335-0888 constructed in phases with connections at each floor, as well as a 1,532 stall, five-level Email: mayor@ci.middleton.wi.us parking ramp. The project features 440,000 s.f. of office, retail, and restaurant space. This mixed-use development located on Madison’s west side. Initially comprised of a office buildings and retail, restaurant, and HIGH CROSSING hotel components, additional buildings were later added as in-fill to create a ENVIRON mini town center. T.Wall served as overall MADISON, WI developer for the project. Project Value: $88,000,000 Size: 309,000 s.f. THE CENTER FOR Reference: Don Marx, Manager Office of Real Estate Services INDUSTRY & COMMERCE City of Madison MADISON, WI Ph. (608) 267-8717 Public Private Partnership (P3) Email: dmarx@cityofmadison.com Project Value: $37,000,000 Size: 160-acre site High Crossing is proud to be the first large- Reference: Don Marx, Manager scale, mixed-use development in Dane Office of Real Estate Services County. The site consists of office, retail, City of Madison restaurant, hotel, and residential properties. T.Wall served as overall developer for the Ph. (608) 267-8717 High Crossing project. Email: dmarx@cityofmadison.com The Center for Industry & Commerce, is a 160-acre mixed-use development on Madison’s east side. The development is the culmination of a 10 year partnership between T.Wall and the City of Madison. T.Wall served as master developer for this project. T. Wall Enterprises TWallEnterprises.com CO N CLU SION The added advantage of selecting T. Wall Enterprises is that we have been through the entitlement (political) process before in downtown and with the city including elected officials and city staff. Overall, we have a good working relationship with the city. We know the process; we’re not newcomers who will have a large and risky learning curve. Given the size of the development, the safe play is to select a developer who has experience in downtown and is committed to getting results. We also have the experience in working on a parcel that probably has a high water table, near a river, in a tight urban site that will require off site storage and just in time delivery of materials, complicated phasing (so residents can live in the first phases while future phases are built), a team in place in Green Bay that is ready to go, and a developer with family in the city. This development will be a trans-formative opportunity and should be designed and built to the highest quality to last a hundred years or more. T. Wall Enterprises TWallEnterprises.com