Proposal for the Redevelopment of West Atlantic Avenue Properties

Transcription

1 Proposal for the Redevelopment of West Atlantic Avenue Properties In response to: Request for Proposals CRA Project No. CRA REISSUED Submitted by: Equity Enterprises USA August 13, 2013

2 TABLE OF CONTENTS TAB 1 TAB 2 TAB 3 TAB 4 TAB 5 TAB 6 TAB 7 TAB 8 TAB 9 TAB 10 TAB 11 TAB 12 Executive Summary and Redevelopment Area Map Site Usage Conceptual Site Plan and Elevations Basic Floor Plans Proposed Offering Price CRA Incentive Programs Inclusion of Additional Properties Time Schedule Cost Analysis Preliminary Operating Pro Forma Financing Plan About Equity Enterprises USA Legal organizational structure Principals, partners, officers Relevant experience Professional references Availability of current financial statement Legal or administrative actions TAB 13 Appendix A: Delray Beach Rental Market Opinion Letter Acknowledgement of Addendum No. 1 Requested Forms: Acknowledgement Letter Authorization for Release of Information

3 DATE: August 13, 2013 TO: Delray Beach Community Redevelopment Agency 20 North Swinton Avenue Delray Beach, Florida FROM: Equity Enterprises USA Inc., a subsidiary of Equity Properties 5100 PGA Blvd., Suite 301 Palm Beach Gardens, FL RE: CRA Project No.: CRA Request for Proposals, West Atlantic Avenue Properties (REISSUED) EXECUTIVE SUMMARY With the economy on the rebound, a brand-name hotel coming soon, and a welcoming Gateway Feature in place, the time is right for redeveloping Delray Beach s West Atlantic Avenue corridor. Residents of the city s western neighborhoods are asking for shops and retail services within walking distance. Businesses are looking for Class A office space near I-95. Local teachers, firefighters, and other middle-income wage earners are clamoring for workforce housing, while Delray Beach newcomers seek housing options in an expanded downtown area. The attached plan proposed by Equity Enterprises USA serves all of these groups, and more. It employs local people, develops vacant land, and unified east and west in a visually compelling way. We believe it will be a catalyst for future redevelopment and investment in the West Atlantic community. CAPABLE TEAM Before we outline our plan, allow us to introduce ourselves. We are a subsidiary of Equity Properties, a Dublin, Ireland-based company with a 40-year history of successful property development and redevelopment in Ireland, the UK, and Germany. Equity Enterprises USA Inc. now is actively involved in South Florida. Our firm has the proven capability to deliver this project. We are particularly adept at creating high quality projects in emerging redevelopment areas. Two relevant project examples from our portfolio include the Smithfield Market the largest private mixed-use development ever undertaken in Dublin City, at the heart of Dublin s HARP (Historic Area Rejuvenation Project) initiative and the residential project known as Forbes Quay, providing 1, 2, and 3-bedroom apartments in Grand Canal Square. We invite you to further explore our project experience in Tab 12 of this proposal. We are joined in this endeavor by an award-winning local architecture firm and a highly regarded local General Contractor. Currie Sowards Aguila Architects, founded in Delray Beach 44 years ago by Bob Currie, FAIA, designed this project with a deep understanding of the city s history, urban development needs, and design preferences. Our builder, Randolph & Dewdney Construction, is an African American-owned, Delray Beach-based organization with more than 65 years of collective

4 experience in the construction industry. Our team will employ local people throughout the project, from architects and engineers to construction supervisors and laborers. PROJECT OVERVIEW Our single-phased project consists of three mixed-use buildings fronting on West Atlantic Avenue and two clusters of townhouse-style apartments behind them. In all, we are proposing more than 43,000 square feet of retail space, more than 34,000 square feet of Class A office space, and two distinctly different types of rental housing. The buildings facing West Atlantic Avenue are 21st century modern. All three sites offer ground-floor retail space to service the neighborhood as well as visitors and tourists staying in the Fairfield Inn. All three have arcades that shade the sidewalk, promote pedestrian friendliness, and support al fresco dining. With balconies overlooking West Atlantic Avenue, these buildings provide eyes on the street for increased safety and security. The westernmost building has two floors of Class A office space above the ground-floor retail and a large public parking lot in the rear. The other two buildings feature rental apartments on the upper levels. The building in the center has a rooftop pool to be shared by all apartment dwellers. It also provides covered public parking in a garage beneath the building. Townhome-style apartments designed with a Key West character occupy the parcels behind our mixed use buildings. These buildings have ground floor ADAaccessible units (1, 2 and 3-bedroom floor plans) with 2- story units above. Each apartment has its own entry and dedicated parking in a gated lot adjacent to the buildings. Tenants enter these apartments from side streets (SW 6th Avenue, SW 7th Avenue, and SW 8th Avenue). We intend to set aside at least 20 percent of the apartments both the modern and the Key West- style units for below-market-rate workforce housing. This represents 75 percent more workforce housing than this development would be required to provide per the City of Delray Beach s Land Development Regulations (LDR). Furthermore, we intend to act as property managers for the apartment buildings, committing our firm to a longterm presence in the West Atlantic neighborhood.

5 PARKING We have calculated, per LDR requirements, that our development needs 444 parking spaces to accommodate the various uses (retail, office, residential). Our plan, which includes adjacent on-street parking, provides a total of 458 spaces 14 more public spaces than are required by the LDR. Using the LDR s fee in-lieu of parking space calculation for the West Atlantic Neighborhood ($4,000 per space), those 14 spaces amount to a contribution of $56,000 to the City. Of the 458 total parking spaces, 324 are for public and employee use, and 134 are dedicated residential spaces in gated lots. Our plan provides enough parking to allow for one-quarter of all retail square footage to be restaurant use. JOB CREATION/RETENTION Based on employment projection formulas used by PMG Associates to measure the economic impact of recent CRA development proposals, our development will bring an estimated 260 Full Time Equivalent (FTE) jobs to the West Atlantic corridor. Our 34,074 square feet of office space will support an estimated 136 FTE jobs (1 employee per each 250 square feet) while our 43,638 square feet of retail space will support an estimated 124 FTE jobs (1 employee per 350 square feet). Acknowledging that retail and food service businesses tend to employ more part-time than full-time workers, the total number of jobs created is likely to exceed 260. Regarding job retention, we are offering an opportunity to relocate displaced businesses from the property at 700 West Atlantic Avenue. Finally, we are not asking for any incentives, loans or special financing. We are proposing simply to purchase these underutilized sites over a 5-year period and redevelop them to benefit the community. The mixed-use buildings will provide retail to serve not only the surrounding neighborhood, but the entire city and its visitors as well. Three of the four proposed buildings will provide workforce housing opportunities for the community and create local jobs both during the construction phase and through the placement of future retail businesses. We are eager to hear your response to this proposal, and to meet with the CRA Board to further discuss our mutual goals and your vision for this emerging section of the community. Sincerely, John Flynn Managing Director, Equity Enterprises USA Inc. Office: / Cell: / Flynn.John4@gmail.com