Historic Revere Mills

Transcription

1 For Sale PREMIER WATERFRONT REDEVELOPMENT OPPORTUNITY Historic Revere Mills CITY OF NEW BEDFORD, MASSACHUSETTS PRESENTED BY: Frederick Null Vice President Philadelphia DIRECT Robert Cronin Senior Vice President Boston DIRECT COLLIERS INTERNATIONAL P. 1

2 CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of Historic Revere Mills, New Bedford, MA. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by Colliers from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum from Colliers International, you agree: 1) The Offering Memorandum and its contents are confidential; 2) You will hold it and treat it in the strictest of confidence; and 3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of Historic Revere Mills, New Bedford, MA or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. CONTACT Inspections will be arranged by appointment only with the Owner s Exclusive Agents: Frederick Null Vice President Philadelphia DIRECT frederick.null@colliers.com Robert Cronin Senior Vice President Boston DIRECT bob.cronin@colliers.com COLLIERS INTERNATIONAL Eight Tower Bridge 161 Washington Street Suite 1090 Conshohocken, PA Federal Street l Floor 11 Boston, MA COLLIERS INTERNATIONAL P. 2

3 Table of Contents > THE OPPORTUNITY Investment Highlights... 4 Offering Summary... 5 Redevelopment Incentives... 6 > PROPERTY INFORMATION Property Background & Redevelopment Plan... 7 Revere Mills Today (birdseye)... 8 Revere Mills Tomorrow (conceptual renderings) Schematic Building Plan Redevelopment Possibilities > LOCATION OVERVIEW Regional Aerial Local Aerial New Bedford - Blend of Old and New Prime Location for Historic Mill Reuse > OFFERING PROCEDURE Offering Terms Offer Date Offer Process COLLIERS INTERNATIONAL P. 3

4 INVESTMENT SUMMARY The Opportunity Colliers International has been selected as exclusive agent of the Revere Copper Products Company to sell their prime waterfront redevelopment property located between Front Street and the Acushnet River on New Bedford s Upper Harbor. This offering includes the entire 14-acre industrial complex located in the Hicks-Logan-Sawyer neighborhood and bordering New Bedford s central business district. A conceptual redevelopment plan for the closed facility shows the demolition of derelict or superfluous buildings and the adaptive reuse of several stately industrial buildings totaling more than 500,000 square feet. Recent zoning legislation entitled Hicks-Logan-Sawyer Interim Planning Overlay District (HLS-IPOD) is designed to promote mixed use development and expedited approvals. This neighborhood is the new hot bed for redevelopment in this Gateway City and will transform the area into an important, walkable neighborhood leading to a revitalized waterfront. In addition, Revere is divesting a non-contiguous, undeveloped 29 acre parcel located on Nash Road in New Bedford. Its pond provided fresh water to the old Revere works. The parcel s highest and best use should be determined by buyers and may include affordable senior apartments and / or a nature preserve gifted to a local conservancy or the City. The main focus of the offering is the cluster of eight industrial buildings and their adaptive reuses, all of which could be undertaken simultaneously or modestly phased. Revere Mills has the ideal set of footprints to support a modern urban mixed-use development. After completing remaining environmental remediation, the stage is set for Revere Mills to become a superb visual landmark and an important pedestrian friendly connector from the City s downtown to its historic waterfront. Investment Highlights > Unique waterfront redevelopment opportunity including a marina > Reuse of historic industrial buildings as modern urban mixed uses > Proven market for millennial and senior apartments > New zoning allows high density development & expedited approvals > Superb contrarian investment perceived risks are much higher than actual risks > Qualified and quantified remediation program per approved MCP by a LSP > Redevelopment incentives mitigate remedial and rehab costs > Exceptional location and access > Amenities including covered parking, pedestrian friendly plazas and riverwalk > Motivated Seller industrialist, not a mixed-use developer of historic properties; divesting non-core assets COLLIERS INTERNATIONAL P. 4

5 INVESTMENT SUMMARY Offering Summary BUILDING APPROX SF ZONING DEVELOPMENT POTENTIAL A 13,000 HLS-IPOD Micro-Brewery; Restaurant B & C 122,000 HLS-IPOD Market Rate Apartments ± D 13,000 Acres HLS-IPOD Specialty Retail / Office E & H 110,000 HLS-IPOD Assisted Living / Independent Living; Medical Offices OR Mixed-Use Commercial F & G 110,000 HLS-IPOD 200 Parking Spaces I 110,000 HLS-IPOD Boutique Hotel & Restaurant J 70,000 HLS-IPOD Wellness-Rehab; Performing Arts; Nautical Museum Bulkhead 450 LF HLS-IPOD Marina COLLIERS INTERNATIONAL P. 5

6 INVESTMENT SUMMARY Redevelopment Incentives There are several federal, state and local incentive programs relevant to Revere Mills that will be of interest to potential developers. More detailed information on these programs is available from appropriate government agencies and direct consultation is encouraged: NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL One stop shop for real estate and business development needs. Provides assistance with permitting, zoning and financing. CITY OF NEW BEDFORD TAX INCREMENTAL FINANCING (TIF) TIF is a state and locally coordinated incentive program designed to promote the reuse of abandoned buildings and underutilized projects, expansion projects and new development. A certified project would be eligible to receive state and local tax benefits including local tax abatements and / or credits. MASSDEVELOPMENT - TRANSFORMATIVE DEVELOPMENT INITIATIVE Grants and low interest loans offered by MassDevelopment are designed to stimulate economic development in Gateway Cities such as New Bedford. Revere Mills would be an outstanding candidate for such funding. MASS DEP BROWNFIELDS TAX CREDITS Projects such as Revere Mills that are located within an Economic Development Area and where cleanup is undertaken in accordance with a Massachusetts Contingency Plan per MassDEP are eligible to receive at least 25% reimbursement of eligible cleanup costs. Certain cleanup costs may be eligible for a 50% tax credit. MASSDEVELOPMENT BROWNFIELDS REDEVELOPMENT FUND Provides no and low interest loans for site assessment and cleanup, depending upon redevelopment and other sitespecific circumstances. MASS HISTORIC COMMISSION (MHC) HISTORIC TAX CREDITS Through the MHC and the State Historic Preservation Office (SHPO), state tax credits on the order of 20% of eligible costs are available. US INTERNAL REVENUE SERVICE HISTORIC TAX CREDITS Similarly, federal tax credits on the order of 20% would most likely also be available if the project meets the MHC and SHPO eligibility requirements. COLLIERS INTERNATIONAL P. 6

7 PROPERTY INFORMATION Property Background & Redevelopment Plan The former Revere Copper manufacturing facility occupies nearly 14 acres. The plant was shut down in 2009 and remediation under a MCP has been on-going. In 2016, the Owner assembled a Redevelopment Advisory Team consisting of seasoned experts in their respective fields to explore the redevelopment of the site. The Team includes: BETA Group Inc. urban planning, permitting & site / civil design; environmental consultants; LSP for the Revere property Ganek Architects, Inc. historic building reuse architects Tocci Construction building contractors; estimator of site and building reuse costs FXM Associates market feasibility studies for specific reuses BETA has designed and quantified a remediation program that itemizes cleanup activities, provides estimates of probable costs and an accelerated development schedule. Pre-development environmental compliance activities entail EPA Stormwater Compliance work, RCRA Closure activities, Mass Contingency Plan (MCP) response actions, and Toxic Substances Control Act (TSCA) cleanup. The accelerated timeframe for completion is 6 months at an estimated cost of approximately $1.15 million. During redevelopment, regulated building materials abatement would include the removal of asbestos, lead paint, light ballasts and thermostats and other regulated building materials at a cost of approximately $1.65 million (including tax credits). BETA is available to qualified Buyers to more thoroughly explain the aforementioned remediation program, estimated costs and applicable financial incentives. Conceptual Redevelopment Plan The Team s Conceptual Redevelopment Plan is presented as one of the more promising redevelopment options for the site. It demonstrates the scale and flexibility for reuse of the historic industrial buildings. More details are available from team members. Ganek Architects has prepared a conceptual plan for a 96 unit (44 flats, 49 loft units and 3 townhouses) apartment scheme for Buildings B C. Tocci Construction has prepared detailed estimates of probable costs for site work and the redevelopment program shown in the conceptual plan. In addition to the uses noted on the plan, other uses might include a live arts venue, a micro-brewery, a wellness / fitness center, medical / rehab facilities, life-long learning, marina supply retailers and other specialty office and retail uses. The conceptual plan also calls for two hundred covered parking spaces adding tremendous value. The Revere property has extraordinarily flexible zoning and it is only one of two remaining undeveloped waterfront properties south of I-195 that may be developed as non-port related industrial uses. Developers may expect enthusiastic cooperation from city and state officials to expedite approvals, gain access to redevelopment incentives and secure historic designation. Revere Mills affords the sophisticated Buyer with the opportunity to reposition a distressed, brownfield site into a successful urban mixed use showcase featuring historic industrial buildings and prime waterfront. COLLIERS INTERNATIONAL P. 7

8 PROPERTY INFORMATION Revere Mills Today ± Acres COLLIERS INTERNATIONAL P. 8

9 PROPERTY INFORMATION Revere Mills Today ± Acres COLLIERS INTERNATIONAL P. 9

10 PROPERTY INFORMATION Conceptual Plan - Revere Mills Tomorrow COLLIERS INTERNATIONAL P. 10

11 PROPERTY INFORMATION Conceptual Plan - Revere Mills Tomorrow COLLIERS INTERNATIONAL P. 11

12 PROPERTY INFORMATION Conceptual Plan - Redevelopment Possibilities COLLIERS INTERNATIONAL P. 12

13 PROPERTY LOCATION INFORMATION OVERVIEW Regional Aerial EXTON TRAIN STATION Aerial showing the site in relation to the Upper Harbor, I-195 and ease of access) COLLIERS INTERNATIONAL P. 13

14 PROPERTY LOCATION INFORMATION OVERVIEW Regional Aerial (Aerial showing the site in relation to the Upper Harbor, I-195 and ease of access) COLLIERS INTERNATIONAL P. 14

15 PROPERTY INFORMATION New Bedford - Blend of Old and New New Bedford, a community of nearly 100,000 people and the state s sixth largest City, traces its roots to colonial days and has served the nation first as capitol of the whaling industry and later as a major center for textiles and other manufacturers such as Revere Copper. Throughout the years. New Bedford City has been and remains a leading fishing port with a picturesque working harbor. Today, New Bedford is an attractive mix of cobble stone streets, the arts and higher education, an array of pleasure and fishing boats, and a model for reusing historic industrial buildings for modern urban life. Revere Mills affords another opportunity to add to New Bedford s resurgence. COLLIERS INTERNATIONAL P. 15

16 PROPERTY INFORMATION Prime Location for Historic Mill Reuse New Bedford, and particularly the City s upper harbor, is a proven location for the adaptive reuse of historic industrial buildings as successful market rate apartments, senior apartments and independent / assisted living facilities. Developers have succeeded in placing and selling millions of dollars of Federal & State Historic Tax Credits providing critical equity and leverage for project financing. The map below shows some of the key reuse projects in the City Taber Mill 217 Deane Street apts 2 Union Street Lofts 516 Pleasant Street 35 market rate apts +16,000 SF retail space 3 The Lofts at Wamsutta Place 75 Wamsutta Street market rate apts "! # "! # "! # 195 "! # Riverbank Lofts 200 Riverside Avenue 126 loft style market rate apts ( / 6 6 ( / ( / 6 ( / 6 6 ( / N Miles 2 7 Manomet Place 170 Riverside Avenue 76 senior apts Whaler s Cove 114 Riverside Avenue 120 IL/AL apts Victoria Riverside Townhouse Lofts 10 Manomet Street 100 loft style market rate apts 8 Whaler s Place 90 Riverside Avenue apts COLLIERS INTERNATIONAL P. 16

17 OFFERING PROCEDURE OFFERING TERMS Revere Mills is being offered for sale without an asking price. All buyers should base their offer on an As-is, Where is condition of the Property. In order to assist with planning and underwriting, qualified purchasers will be provided access upon request to an online Due Diligence data room containing property specific information. The Redevelopment Advisory Team will be available during the offer preparation period. Colliers International Boston is also available to supplement market research conducted by buyers and assist master developers in the identification of prospects / users from key sectors including multi-family, senior housing, retail, medical office, life-style / hospitality and marinas. OFFER DATE The due date for initial offers is October 16, 2017 OFFER PROCESS We request that interested parties submit a formal Letter of Intent ( LOI ) to the offices of the Exclusive Advisor, Frederick Null of Colliers International, on the Offer Date, outlining the relevant business points by which they intend to purchase the Property, including: Offer Process Purchase Price + Closing Period Concluding Not Later than Due Diligence Period & Contingencies + Internal Approvals Deposit + Company Background & Financial Capacity Terms - All Cash or Subject to Financing For additional information and a tour of the property (including an environmental consultant from BETA), contact: FREDERICK NULL Vice President Philadelphia DIRECT frederick.null@colliers.com ROBERT CRONIN Senior Vice Persident Boston DIRECT bob.cronin@colliers.com Colliers International Eight Tower Bridge 161 Washington Street Suite 1090 Conshohocken, PA Colliers International 160 Federal Street Floor 11 Boston, MA COLLIERS INTERNATIONAL P. 17

18 Please Contact: Frederick Null Vice President Philadelphia DIRECT Robert Cronin Senior Vice President Boston DIRECT COLLIERS INTERNATIONAL Eight Tower Bridge 161 Washington Street Suite 1090 Conshohocken, PA Federal Street l Floor 11 Boston, MA HISTORIC REVERE MILLS, NEW BEDFORD, MA OFFERING SUMMARY Materials contained in this Investment Offering are confidential, furnished solely for the purpose of considering the AS IS acquisition of Historic Revere Mills (the Property ) described herein and are not to be used for any other purpose or to be made available to any other person without the express written consent of Colliers International and Owner. No representations, expressed or implied are made as to the foregoing matters by Owner, Owner s property management/ leasing agent, Colliers or any of their officers, employees, affiliates and/or agents. COLLIERS INTERNATIONAL P. 18