Trinity New Boston LLC 40 Court Street, 8th Floor Boston, MA 02108

Transcription

1 Trinity New Boston LLC 40 Court Street, 8th Floor Boston, MA April 18, 2012 Robin Blatt, Project Manager Office of Real Estate and Asset Development Massachusetts Department of Transportation State Transportation Building Ten Park Plaza, Suite 4470 Boston, MA Dear Mr. Blatt: Trinity New Boston LLC, a venture of Trinity Financial and New Boston Fund, is pleased to submit this proposal in response to the Request for Proposals for Massachusetts Department of Transportation's Parcel25. We are confident the Trinity New Boston proposal meets the diversity and development goals established by MDOT and creates a unique opportunity for this South Bay parcel to fit within the urban design of the Chinatown neighborhood and within the economic development goals of the community and the City. Our excitement over Parcel 25 is matched only by the inherent complexity of the site. First, meeting the goal of establishing meaningful partnerships with minority-and women-owned businesses and creating growth and development opportunities requires a team that is deeply committed to these goals and will proactively and creatively identify ways to create significant participation. The attached proposal incorporates these goals with a diverse project team, an inclusive investment opportunity designed for minority and women participation and the formation of unique partnerships to foster growth and development. Second, coordinating new construction with MassDOT' s existing transportation infrastructure requires a development team with experience in managing complex engineering and construction projects. In a financial climate defined by rising construction costs and stringent underwriting, a development team will need to demonstrate its flexibility, creativity and ability to close a transaction. The proposed team has over $900 million in development experience on complicated, mixed-use projects comparable to Parcel 25. Although the development of the site will physically re-knit a community divided by highway construction, success will inevitably be achieved by a team that can respond to and manage the various, and at times opposing, needs of community groups, public officials and government entities. The proposed project includes team members that are

2 vested in the surrounding communities and have already commenced engaging community stakeholders in our proposed concept. Trinity New Boston LLC recognizes the importance of balancing the goals of meaningful diversity participation, the site's economic potential and the needs of the surrounding community. Our proposed development addresses each of these points with a thoughtfully designed residential building and a well thought out strategy to maximize the participation of minority and women enterprises across multiple levels of the development. The attached proposal illustrates a creative and thoughtful initial design concept, a pro forma that reflects the intricacies and realities of this particular market and a development team that embraces the challenges of the entire development process. Working with MDOT, we would strive to create a transaction that is a model of public private partnership, encourages meaningful participation from minority and women, maximizes the value of MDOT's land, and fits with the existing transportation infrastructure therefore increasing the economic and social value of the neighborhood surrounding Parcel25. We would welcome the opportunity to work with MDOT on this development. Please feel free to contact Abby Goldenfarb, Project Manager, at or goldenfarba@trinityfinancial.com, should you wish to discuss in detail any aspect of the proposal. We look forward to commencing a dialogue and with your input, further refining the concept we have presented. Sincerely, Principal, Trinity Financial Kirk Syke Senior V ce President, New Boston Fund President, Urban Strategy America Fund

3 EXECUTIVE SUMMARY Set at the Gateway of historic Chinatown, on the site of the Massachusetts Department of Transportation s Parcel 25, Trinity New Boston s Parcel 25 development introduces an elegant transportation-oriented development to the City of Boston. The development of the South Bay Parcels is a significant undertaking. The long-awaited removal of the elevated highway structures, coupled with the redesigned Expressway, has visually transformed this area into an attractive downtown destination at the southern end of the Rose Kennedy Greenway. With its proximity to a variety of transportation links, the Chinatown, Financial District and the Leather District, the revitalization of Parcel 25 will inevitably be recognized as one of the downtown Boston s most visible developments. Trinity Financial and New Boston Fund will be collaborating on the Parcel 25 development and establishing a company which will be a venture between an affiliate of Trinity Financial and New Boston Fund. One of Trinity s principal areas of expertise is its ability to successfully navigate the intricacies of designing, permitting, financing and leasing transit-oriented developments. New Boston offers a full range of development capabilities through direct oversight and joint venture relationships. In order to meet MassDOT s primary goal of encouraging meaningful partnerships and participation from minority developers at all projects levels, the Trinity New Boston team has established a development approach that maximizes diversity throughout the lifecycle of the development. The team is not only comprised of a diverse group of experienced professionals and has also created a financial structure that will enable minorities and women to invest in the development. To facilitate the opportunities for education and training of M/WBEs, the Trinity New Boston team has partnered with selected organizations that have facilitated community and economic development in Boston over the last 30 years. By committing to these partnerships, our proposed development will increase industry capacity and the pool of SDO-certified companies. Designed by the dynamic partnership of design firms The Architectural Team and Stull & Lee, the building s architectural presence is appropriate for an iconic gateway parcel yet complimentary of the surrounding neighborhood. The development of the building s architectural vocabulary is consistent with contemporary urban design. By using materials including curtainwall glazing, precast and metal panels, bay windows, vertical and horizontal fins and cornice lines the building will create architectural interest and delineate the architectural volumes. : The program provides for 376 residential rental units located on floors three through 21 and consists of studio, one-, two- and three-bedroom units ranging from approximately 620 to 1420 sf. Meeting the City s Inclusionary Development Policy, 13% (48 units) will be designated as affordable for residents earning up to 70% of Area Median Income.

4 Retail: The program provides for 20,353 gsf for small-scale retail storefronts located along the Surface Road, opposite Parcel 24. The retail component is designed to encourage pedestrian flow south on Surface Road between Parcels 24 and 25, extending the Greenway south along east face of Parcel 25 at structural deck over highway lanes. The design is aimed at attracting retail as appropriate and will offer outdoor patio seating areas in an effort to enliven street activity. Parking With a direct connection to South Station, Parcel 25 presents a unique opportunity to be a model of smart growth and transit oriented development. The design permits approximately 200 parking spaces, including potential car sharing vehicles. This calculates at a ratio of approximately.54 parking spaces to units. Sustainability The project is designed to exceed the requirements of the Sustainable Design Guidelines provided by the City of Boston Environment Department. The development team s goal is to achieve a LEED Silver certifiable project. It is expected that the permitting process for this project could commence within 3 months of developer designation, and would last approximately seven months. Construction documents would then require an additional five months. Thus, construction could commence within 16 months of designation, and take an additional 30 months to complete. Trinity s proposed financial transaction contemplates a ground lease from MassDOT that will be paid at the financial closing of the transaction. The project would be financed with a combination of private equity from an institutional investor and a permanent mortgage supported by the net operating income of the property. It is Trinity s belief that the residents of the Chinatown and the Leather District deserve to benefit from the renewal of the South Bay parcels. By revitalizing a site currently identified by highway infrastructure and bridging two important neighborhoods of Boston, we are confident that our development program achieves the highest and best use of this land. In addition, developing 48 units of affordable rental housing so close to transit hub of South Station will also be a significant benefit. Given the development team s proven success at other MassDOT parcels we are certain we can again fulfill our promise to deliver mixed income, transit oriented housing in a timely manner, consistent with the desires of the community.

5 Trinity New Boston, LLC Response to Request for Proposals Bridging communities Component I 40 Court Street, 8th floor Boston, MA ph: / fax: April 27, 2012

6 Component I - Table of Contents Parcel 25 Bridging communities Trinity New Boston, LLC Response to Request for Proposals COMPONENT I: DEVELOPMENT PROPOSAL Table of ConTenTs Tab Proposal Form Section 40J Disclosure Statement 1. Development Team 2. Development Approach 3. Design Drawings 4. Permits 5. Schedule

7 1. Development Team DEVELOPMENT TEAM Development Entity Information Trinity Financial and New Boston Fund will be collaborating on the Parcel 25 development and establishing a company which will be a venture between an affiliate of Trinity Financial and New Boston Fund. Trinity Financial will take the lead on all development execution matters and New Boston Fund will participate in development decisions and finance issues. Jointly the firms will participate in major decisions about the Parcel 25 project. The name of the Proposer entity will be as follows: Trinity New Boston LLC 40 Court Street, 8th Floor, Boston, MA Tel: / Fax: Roles and Responsibilities of the Development Team TriniTy Financial will serve as the lead Developer for the Trinity New Boston LLC. Trinity Financial is a full-service real estate development firm dedicated to the acquisition, development and construction of multi-family and mixed-use properties in urban locations throughout the Northeast. Founded in 1987 by James Keefe and Patrick Lee, Trinity Financial is 50% minorityowned and 71% of its current personnel are either minorities (38%) and/or women (43%).Trinity has established itself as preeminent in the development of complicated mixed-finance transactions utilizing public and private sources of capital. Trinity has completed or is currently developing over $1.95 billion in a wide range of real estate projects, including over 6,800 units of housing and 442,000 square feet of commercial space. In its nearly 25 years of business, Trinity has raised $864 million of equity and has completed 14 projects of 200 units or more. Key Trinity Personnel Assigned to the Project: PaTrick lee, PrinciPal, is a founding partner of Trinity Financial and will serve as Principal-in-Charge. abby GoldenFarb, ProjecT ManaGer, will be the project manager for all aspects of the development effort. She will serve as contact with all public agencies, oversee team members, structure the necessary financial resources and act as liaison to community stakeholders. Frank edwards, senior Vice PresidenT, design & construction, will provide oversight of the architect and engineering consultants and lead the design coordination effort. lawrence sparrow, construction ManaGer, will oversee the construction and be responsible for delivering the project on time and within budget. Examples of Similar Projects One of Trinity s principal areas of expertise is its ability to successfully navigate the intricacies of designing, permitting, financing and leasing transit-oriented developments. Trinity has an established track record in securing financing for developments that have a range of complexities including long term ground leases, public agency reviews and complicated design, structural and construction challenges. The following are examples of Trinity s successful transit oriented development projects that are both in development and completed in Massachusetts. avenir Boston, MA Total Development Cost: $150 million Units: 241 residential and approximately 30,000 square feet of retail space Completed: 2009

8 1. Development Team (Avenir cont.) Located in the heart of Boston s historic Bulfinch Triangle, Avenir is a 10-story mixed-use, transportation-oriented development with ground level retail, a 121-space parking garage, and 241 residential units, including 17 affordable units. Trinity was one of four developers awarded rights to the parcels through a competitive RFP process and to date has been the only developer to start and complete its project. Avenir is a block-long structure that includes a series of varied building masses ranging from three to ten stories, reminiscent of the scale of the historic Bulfinch Triangle. The building s parking garage on the 2nd and 3rd floor is elegantly wrapped and concealed from street view by duplex lofts. With attractive retail, stylish interiors and its relationship to a variety of transportation links, Avenir has inevitably become one of Boston s most appealing destinations. The site is bounded by Haverhill, Canal & Causeway Streets and sits directly above the MBTA s North Station Green and Orange Line Superstation and along with adjacent surface parcels became available through the depression of the Central Artery. The parcels were the subject of a joint RFP by the MBTA and the Mass Highway Department. Initially Avenir was planned as a condominium building, however on account of the decline of the condominium market, Trinity re-positioned the project as luxury rental in the fall of 2006 and enabled construction to commence in June Trinity was responsible for the successful on-schedule completion of the building in July Avenir is now owned and operated by Archstone REIT. one canal Total Development Cost: $175 million Units: 320 rental housing/21,000 square feet of retail space Anticipated Completion Date: TBD Located at the tip of the Rose Kennedy Greenway, the One Canal Project involves the development of surface and air rights on three parcels in the Bulfinch Triangle area of Boston. One Canal continues the transformation of the Bulfinch Triangle area into a mixed use district that complements its surrounding areas and brings vitality to an area once in shadow from the elevated highway and Green Line structures. Trinity commenced the One Canal development after the initial designated developer did not fulfill its obligations. Designed to emulate the historic patterning of the historic Bulfinch Triangle, the One Canal project includes the development of approximately 435,000 square feet of residential and retail space: 320 units of rental housing and 21,000 square feet of space for retail, internal loading, 159 indoor parking spaces and bicycle storage. The ground floor is designed to accommodate an urban grocery tenant with appropriately sized loading areas, storage, trash/ recycling space and mechanical equipment. The second and third floors of the building will contain a 159-space parking garage for One Canal Street - Boston, MA the residents of the building. The fourth through twelfth floors of One Canal will contain the 320 rental housing units: a combination of studio, one bedroom, one-plus bedroom, two-bedroom and three-bedroom units. The project will include 21 affordable housing units. The carruth Dorchester, MA Total Development Cost: $52.6M Units: 74 rental apartments, 42 condominiums, 10,500 square feet of retail space Completed: 2008 The Carruth is a 6-story transit-oriented development that involves the construction of 116 units of mixed-income housing and approximately 10,000 square feet of neighborhood retail on a site directly adjacent to the MBTA s Ashmont Peabody Square Station in the heart of historic Peabody Square. The development parcel is the subject of a long-term ground lease between Trinity and the MBTA. The building is a six-story structure with neighborhood retail on the ground floor and five stories of housing above. Floors 2-4 include 74 affordable rental units and floors 5 and 6 include 42 market rate condominiums. The first floor retail is occupied by the local office of the St. Marks Area Main Street organization, Tavolo, an Italian restaurant, and also an innovative symbiotic retail concept in which a branch of Eastern Bank is integrated with Flat Black, an independent coffee shop.

9 1. Development Team Parcel 13 Boston, MA Total Development Cost: $115 million Units: 126 rental apartments, 97 student housing units, 11,000 square feet of retail, 6,000 square feet of institutional space Completed: TBD Trinity Financial is proposing a mixed-use project in Boston s Back Bay neighborhood, for the Mass Turnpike Air Rights Parcel 13, located at the corner of Massachusetts Avenue and Boylston Street. The project consists of 97 student housing units and 6,000 square feet of institutional space for the Boston Architectural College (BAC), 126 market-rate rental apartments, 75 parking spaces and 11,000 square feet of street level retail space. The proposed development is designed to comply with the Civic Vision for Turnpike Air Rights in Boston. The tallest portion of the building is 10 stories and equal in height to the adjacent 360 Newbury Street building; continuing down Boylston Street, the building steps down to 7 stories respecting the neighborhood scale heading into the Back Bay area. Additionally, the proposed building will include street level retail with transparent street frontage, a plaza and other pedestrian friendly elements including increased access to the MBTA green line. The student housing and institutional space will occupy the eastern end of the building in the 7-story section of the property. The market-rate rental units will occupy the western end of the building in its 10-story section. The residential units will be a mix of one- and two-bedroom units. The 75 parking spaces will be nested behind the ground floor retail space on two levels. The property will be developed with entrances, lobbies and vertical circulation for the residential units that are separate and distinct from those for the student housing. Additional information on Trinity Financial and key personnel is available in Component III. Development Partner: New Boston Fund new boston Fund will augment the development team for the Trinity New Boston Limited Partnership. Founded in 1993, New Boston is a fully-integrated real estate investment, development and management firm based in Boston, MA that has invested more than $1.2 billion in private-equity capital on behalf of high net worth and institutional investors. New Boston offers a full range of development capabilities through direct oversight and joint venture relationships. The firm has acquired or developed more than 160 properties with more than $3.5 billion in cumulative value through eight successful private equity real estate funds, and its principals have co-invested more than $100 million across all funds to date. The mission of New Boston s Urban Strategy America (USA) Fund is to deliver a triple bottom line to its investors focused on a return on investment, the enhancement of urban and economic development areas/communities and a commitment to promote environmentally conscious initiatives. The USA Fund was created to bring together developers, CDCs and local institutions to purchase, redevelop and develop all real estate types to help catalyze needed investment activity in urban areas. Its investors are principally public pension funds and other institutional investors who share the USA Fund goals. The fund sources and executes select investment opportunities within urban and economically targeted areas, and focuses on smart growth and transit-related locations as well as the reclamation of underutilized lands. The USA Fund's focus is primarily on the acquisition, redevelopment and development of mid-market, multi-family residential, office, warehouse/distribution, and retail properties. The USA Fund partners with local investors, community development corporations and other private nonprofits that receive profit participation, technical skills, and enforcement. Key New Boston Personnel Assigned to the Project: kirk sykes, senior Vice PresidenT of New Boston Fund, Inc. and President of Urban Strategy America Fund, L.P, with 25 years of combined finance, development, architecture, and community-based experience will serve as Co-Principal-in-Charge. eliza datta, Vice PresidenT, ProjecT ManaGer, will assist in project management for the development effort with particular focus on legal structuring of the project and any public funding. sean sacks, Vice PresidenT, senior analyst, will provide financial and market analysis and assist in rental and commercial leasing strategies.

10 1. Development Team eric Vandusen, senior Vice PresidenT, capital MarkeTs, will provide oversight on the project financing, including loan administration, and financial controls. Examples of Similar Projects Parcel 24 Boston, MA Total Development Cost: $145 million Units: 200 market-rate apartments, 95 affordable rentals, 50 affordable condominiums, and approximately 1,000 sf of commercial and community space. Completed: TBD Parcel 24 is a transit-oriented, mixed-use development in a smart growth location that includes residential and commercial uses close to centers of employment and public transportation, including the MBTA Red, Green, Orange, and Silver Lines and the bus terminal and AMTRAK at South Station. As the first major redevelopment of a South Bay parcel, Parcel 24 will set a new standard for future development in sustainable planning and construction. The $145 million project will include 345 residential units, with 200 market-rate apartments, 95 affordable rentals and 50 affordable condominiums. By building densely, Parcel 24 will provide a large number of rare affordable rental and homeownership opportunities to a neighborhood that has substantial unmet needs and will revitalize the surrounding area with increased pedestrian and commercial activity. olmsted Green Boston, MA Total Development Cost: $180 million Units: 500 units of housing, including affordable rental apartments, for-sale town homes, and supportive housing for seniors, in addition to a skilled nursing facility Completed: $100 million to date Olmsted Green is a $180 million redevelopment plan for a 38-acre portion of the former Boston State Mental Hospital campus. The site is situated just south of Boston s historic Franklin Park and at the crossroads of six Boston neighborhoods: Dorchester, Hyde Park, Jamaica Plain, Mattapan, Roslindale, and Roxbury. The development plan for Olmsted Green will create over 500 units of housing, including affordable rental apartments, for-sale town homes, and supportive housing for seniors, in addition to a skilled nursing facility. The master plan is environmentally responsive and incorporates the latest thinking in sustainable planning and design. Olmsted Green is the first project in Boston to be approved under the Massachusetts Chapter 40R/Smart Growth Zoning and Housing Production guidelines. crosstown center (Kirk Sykes and Corcoran Jennison) Boston, MA Total Development Cost: $150 million Units: 22,500 service retail, hotel, 650 space parking garage Completed: 2004 Crosstown Center is a first-class 885,000 square foot mixed-use development in Boston s Roxbury neighborhood. Phase One of the project opened in July 2004 and consists of a Hampton Inn & Suites, a 650-space parking garage, and 22,500 square feet of service retail space. Phase Two consists of a 204,000 square foot office building and 33,000 square feet of retail space, and an additional 600-space parking garage. The site will also include a Harbor Trail Park for bicycles and pedestrians. Crosstown Center is situated next to the Boston Medical Center at the major southern vehicular entrance to the City, making it a Gateway to Boston. Additional information on New Boston Fund and key personnel is available in Component III

11 2. Development Approach DEVELOPMENT APPROACh A. Supplier Diversity Plan Meaningful Equity Partnerships In order to meet MassDOT s primary goal of encouraging meaningful partnerships and participation from minority developers at all projects levels, we have established a development approach that will maximize diversity throughout the lifecycle of the development. In order to meet the goals of creating meaningful partnerships with M/WBE across various stages of the development process, the Trinity New Boston Team includes a number of MBE/WBE, SOMWBA, and/or minority- and women-owned companies. Creative partnerships such as the one proposed between project architects, The Architectural Team and Stull and Lee, will enhance the development proposal, further MassDOT s diversity goals and create a team dynamic that fosters diversity and ingenuity. In order to further establish meaningful participation in the financial aspects of the proposal, the Trinity New Boston team will create an investment vehicle for Massachusetts-based minority and women businesses and/or individuals to invest in the Parcel 25 development and share in the net profits associated with the opportunity. To achieve this participation, the project will allow approved, accredited MBE/WBE team members and individuals to invest at risk capital up to a combined 10% ownership share of the project. Additionally, approved nonprofit organizations that are currently involved in employment and business development activities in Boston will be afforded the opportunity to make a nominal investment in the project through the proposed investment vehicle. It is anticipated that this opportunity would be attractive to not only team members but also community organizations. Growth and Development To facilitate the opportunities for education and training of M/WBEs, the Parcel 25 development will engage the following organizations that have facilitated community and economic development in Boston over the last 30 years. By committing to the following partnerships, our proposed development will increase industry capacity and the pool of SDO-certified companies. Below are the organizations that we have preliminarily engaged and their anticipated project-specific responsibilities. 1. city build (cb) / boston chinatown neighborhood center (bcnc) - cb and bcnc have teamed up in the past to introduce the youth of minority communities to careers in design development and construction. Students gain an understanding of these professions, as well as the context under which urban development takes place through an exploration of the Parcel 25 development. Understanding neighborhood development allows students to gain perspective on the impact buildings have and the variety of professions involved in a building project that they might study and apply to similar communities and their own careers. Please see Component III for more information on City Build /BCNC. 2. lonnie daniels associates (lda) - LDA has partnered with members of our Trinity New Boston team before in successful efforts to increase diversity outreach to subcontractors and laborers. LDA will work for the owner as a liaison to the contractor to facilitate access to M/WBE s and minority labor. It is our experience that an organization like LDA maximizes hiring of these groups by enhancing identification and retention as well as improving job readiness. Please see Component III for more information on LDA. 3. MassachuseTTs MinoriTy contractors association (MMca) - MMCA will be focusing on introducing minority and women companies into the construction phase of the project. Frequently, smaller contractors need assistance in capacity building to serve a role in the production of larger more complex projects. MMCA will work with Next Street toward this end and expand in association with AACA to fill a void in Chinatown where an equivalent organization does not exist. Please see Component III for more information on MMCA. 4. next street (ns) - NS provides technical assistance to M/WBE s. Next Street is currently partnering with the Massachusetts Department of Transportation (MassDOT) to deliver technical assistance services to small, minority- and women-owned businesses. NS services will focus on 1.)Strategy leveraging strategic frameworks, competitive positioning and marketing. 2.) Finance understanding pricing, profitability, and cost management techniques. 3.)Talent Management

12 2. Development Approach developing techniques for, and understanding of, effective delegation, holding others accountable, and driving performance. Please see Component III for more information on Next Street. 5. asian american civic association (aaca) - AACA will focus on preparing minorities and women to participate in the property management of Parcel 25 through training in property management and building energy efficient maintenance skills. Our goal will be to have the site s property management company mentor, train and hire AACA trained individuals to facilitate the operation of the building. Please see Component III for more information on AACA. 6. As a member of the Trinity/New Boston Team william Moy will contribute to community outreach, urban planning integration and conceptualization of minority and woman training, labor outreach and subcontractor identification. His more than two and a half decades of involvement in the communities surrounding the site, the infrastructure that surrounds the site and the municipalities that control the site will serve this project well. Mr. Moy s advocacy for the Parcel 25 Community has been tireless and he is committed to MDOT development goals for this site of economic, social and monetary value creation as well as transit infrastructure synergy. Additional information on these organizations is available in Component III - Section 8. B. Development Program Program Areas The proposed mixed-use development of Parcel 25 consists of a 21-story, 528,682 gsf tower comprised of 407,449 gsf for residential use, 20,353 gsf for street level retail, and 100,880 gsf for parking and service areas. residential residential Project gross garage Area FAr Area retail gross net ratio unit count notes Height ground Floor 31,860 31, Parking Level only 1st Floor 57,623 33,860 23,763 16,721 7,042 0 retail & Lobby 16 2nd Floor 35,492 31,860 3,358 3, retail / commercial 14 3rd Floor 27,764 27, ,764 12,443 45% 16 15,000 sf Amenity space 14 4th Floor 27,764 27, ,764 23,793 86% th Floor 27,764 27, ,764 23,793 86% th Floor 27,764 27, ,764 23,793 86% th Floor 27,764 27, ,764 23,793 86% th Floor 27,764 27, ,764 23,793 86% th Floor 27,764 27, ,764 23,793 86% th Floor 27,764 27, ,764 23,793 86% th Floor 27,764 27, ,764 23,793 86% th Floor 27,764 27, ,764 23,793 86% th Floor 26,668 26, ,668 23,049 86% th Floor 13,657 13, ,657 11,482 84% th Floor 13,657 13, ,657 11,482 84% th Floor 13,657 13, ,657 11,482 84% th Floor 13,657 13, ,657 11,482 84% th Floor 10,435 10, ,435 8,356 80% th Floor 10,435 10, ,435 8,356 80% th Floor 10,435 10, ,435 8,356 80% st Floor 10,166 10, ,166 8,176 80% 8 12 mechanical Floor 3, total 528,682 97, ,528 20, , ,801 81% The program provides for 376 residential rental units located on floors three through 21, with 13% (48 units) designated as affordable for residents earning up to 70% of Area Median Income. The unit mix consists of studio, one-, two- and three-bedroom units with average sizes of 628s.f., 764s.f., 1,080s.f., 1,419 s.f. respectively. Retail The program provides for 20,353 gsf for small-scale retail storefronts located along the Surface Road, opposite Parcel 24. The design is aimed at attracting retail as appropriate and will offer outdoor patio seating areas in an effort to enliven street activity. In addition, approximately 3,000 sf will be designated for a larger anchor retailer located at the corner of Kneeland and Surface Road. The retail component is designed to encourage pedestrian flow south on Surface Road between Parcels 24 and 25, extending the Greenway south along east face of Parcel 25 at structural deck over highway lanes. Also in maintaining the expanded width of

13 2. Development Approach sidewalk on Kneeland Street it will create a pedestrian link to Parcel 26 and east to South Station transportation hub. Additional site use includes Service / Loading / Parcel 29 Access. loading will be located within the building footprint, accessed from Lincoln Street. The project design includes secondary service access to the residential space from Kneeland Street, utilizing the existing curb cut currently providing service access to the adjacent pump house building. The project assumes that this existing curb cut and access condition for the pump house building will remain in service for future use. Existing pathways will also be maintained for vehicular access to Parcel 29, from Parcel 26, through a designated access lane designed into the proposed parking garage. Parking With a direct connection to South Station, Parcel 25 presents a unique opportunity to be a model of smart growth and transit oriented development. Residents will be provided on-site parking accessed from Lincoln Street at approximately the mid-point of the block. The design permits approximately 200 parking spaces, including potential car sharing vehicles. This calculates at a ratio of approximately.54 parking spaces to units. C. Community Uses and Benefits As both Trinity and New Boston Fund have demonstrated in previous developments with MassDOT, the BRA and other public agencies, the team will seek significant input from stakeholders before finalizing the development plan for Parcel 25. In the preparation of this RFP response we have engaged and had initial conversations with community representatives including the following: Councilor Bill Linehan s Office Chinatown Representatives from the Mayor s Office of Neighborhood Services Representatives from the Asian American Civic Association (AACA) Representative from the Asian Community Development Corporation (ACDC) Community leaders in Chinatown and the Leather District Building on these conversations, using our development experience and the expertise of the development team members we have come up with a development proposal that meets the many objectives described in the RFP. We recognize that the submission of this proposal represents the beginning of a dialogue with the community. Trinity New Boston is committed to working with Mass- DOT, the City of Boston and the residents of Chinatown and the Leather District to design a viable project that earns the support of neighbors, community groups and elected officials. Urban Design Currently the Parcel 25 site is viewed as the unremarkable remains of the Central Artery/Tunnel Project at the confluence of a highway tunnel, access roads, ramps and a vent station. Our team has a different view of the site s potential and our proposed development will address the significant urban design issues and create an appropriate southern gateway to the City by incorporating: A distinct architectural design which addresses the urban design challenges of the site. Inviting public space including the potential for retail as appropriate, street trees, lighting and furniture A transit oriented-sustainable design that is the model of the smart growth policies and priorities of the City and the State. The immediate proximity to South Station will facilitate the use of mass transit and minimize traffic. Affordable Housing Consistent with the City of Boston s Inclusionary Development Policy, 13%, or 48 units, of the building s units will be designated as affordable for qualifying residents with incomes up to 70% of the area median income. Both Trinity Financial and New Boston Fund have an extensive track record of creating high quality affordable housing opportunities throughout Boston. Parcel 25 s unique infrastructure requirement for the design, engineering and construction of a cover over the highway tunnel, creates a significant added cost to the project. Should the team successfully mitigate this expense, we will endeavor to include additional affordable units in the project or deepen the affordability of the proposed units.

14 2. Development Approach Job Creation With an extensive effort to maximize participation of MBE/WBE through the Supplier Diversity Plan, the project is expected to employ up to 300 workers during construction and approximately 36 individuals once the project is completed and fully leased. Taxes In addition the project is projecting approximately $3.5 million in sales tax revenue and approximately $4 million in payroll taxes. As a result of this project there will be tremendous economic benefit to both the Commonwealth and the City of Boston. We expect the property will pay the required real estate taxes that are estimated to be approximately $1 million annually. We do not foresee requesting a payment in lieu of taxes (PILOT) or any such mechanism to defer tax payment. D. Building and Site Design Description Building and Site Design Description The structure is designed with retail, parking and residential lobbies and amenities located in the base, with the large scale residential component divided into three massing volumes: - Tower at northern end of site oriented to face Chinatown plaza on the Greenway: a 21-story (height: 233 ), anchoring block, providing balance to Parcel 24 proposed massing. - Additional two (2) residential volumes reducing in height to step the scale down further south (at heights of 180 and 134 ). This increases residential units with southern exposure, and provides opportunity for south exposure rooftop terraces and outdoor spaces. Separation of access points based on program are as follows: Resident entry is focused at mid-block along Kneeland Street accessed through the lobby or through garage access at Lincoln Street. Circulation is then internal to the building. All residents must exit the parking area into the resident lobby space prior to entering the elevator core up to the residential levels for security purposes. Retail access is anchored at the corner of Kneeland and Surface Road. The smaller scale proposed retains visual consistency with existing Chinatown storefronts located along the Surface Road, extending the sense of the Greenway with pedestrian activity. Parking and loading access is strategically located to reduce vehicular pressure and access mid-block from Lincoln Street. Primary resident loading, move-in, move-out and trash removal are provided off-street, from Lincoln Street. Minimal residential service is also included at Kneeland Street, utilizing the existing curb cut which currently serves the pump house building, and is assumed to be maintained for that purpose. Architectural Treatment The development of the building s architectural vocabulary is consistent with contemporary urban design. The use of materials including curtainwall glazing, precast and metal panels, bay windows, vertical and horizontal fins and cornice lines will create architectural interest and delineate the building s architectural volumes. Integration of these design components and architectural features throughout the three residential volumes will create sufficient architectural distinction which will be achieved mainly through percentages of fenestration. This will help to articulate the volumes and break down the overall scale of the project. To further provide a sense of individual masses of appropriate scale relative to the surrounding neighborhood, there is a separation of the northern two volumes from the southern volume with lower scale mass with a resident bridge connection. The use of curve in the north tower helps to visually transition and extend the flow of the Greenway and orient the corner toward South Station and Parcel 26 which will also provide greater separation from the tower element at Parcel 24. Taller building volumes set back from the sidewalks on the east and west sides of the parcel will increase openness between adjoining development parcels, particularly Parcel 24 with its tower element providing maximum light to Greenway areas. Retail volumes are broken down into individual storefronts, with facades moderated forward and backward from the sidewalk to

15 2. Development Approach create a series of stepped plazas over the highway ramp. This serves as a visual extension of the Greenway and provides smaller scale retail elements in keeping with Chinatown storefront models. This creates destination pedestrian locations for each storefront to encourage activity between Parcel 24 and 25. The proposed design includes only one-story retail structures over the concrete deck covering the highway ramps which minimizes structural requirements and cost. The residential entrance is marked with large scale canopy as the tower element of the project extends to grade and provides a sense of arrival and importance for the resident entry; while separate and distinct from the retail volumes lining the Surface Road on the west side of the parcel. Site Design Landscape and Sustainability At the southern end of the Greenway, Parcel 25 has the opportunity to extend the spirit of the Greenway in its approach to landscape design and how the building interacts with the community. The organization of the building provides for increased width of a sidewalk along Kneeland Street, with an area for planting and landscaping to encourage pedestrian connection to South Station; and to extend the pedestrian aspects of Kneeland Street to the outdoor play area / park currently on the north end of Parcel 26. There are additional landscaped areas located on the roof of the garage of the low-rise residential mass, where it extends beyond the massing of the residential components providing outdoor amenity space with good southern exposure. This will provide an attractive green edge to the setback and encourage outdoor use and activity at the resident amenity levels. The design also includes appropriate landscaping and sidewalk treatments to include bike racks, benches, street lighting and similar amenities along Kneeland Street and the Surface Road and to create an extension of the Greenway area. The project site and building design were developed with consideration for the guidelines and design intent expressed in Article 43 of the Zoning Code, including the requirements of the Chinatown Gateway Special Study Area, as well as the information established in the South Bay Planning Study and the Chinatown Community Plan. The project design attempts to balance the different needs for housing resources and economic diversification through the creation of a mixed use project including both residential components and appropriately sized retail spaces at grade level. The project design attempts to create massing and building volumes that respect the intent of the Zoning regulations while service as an iconic gateway project, in accordance with the Considerations for Joint Development. The project site plan encourages the diversification of the neighborhood economy, creating numerous employment opportunities, while creating an effective transition between Chinatown and the South Station developments. The design incorporates numerous environmental features, including capping the open tunnel section, green roofing areas and pedestrian oriented streetscapes that are both compatible with the environmental commitments of the CA/T project as well as the historic Considerations for Joint Development. The project is designed to exceed the requirements of the Sustainable Design Guidelines provided by the City of Boston Environment Department. The development team s goal is to achieve a LEED Silver certifiable project, including, for example, an extremely energy efficient building envelope, incorporation of innovative energy management systems and controls to maximize efficiency and minimize energy usage, incorporation of both systems and operations protocols to encourage use of alternative transportation modes, and inclusion of green roofing technologies and systems. Further, the project site design incorporates bicycle storage and bicycle rack systems for both resident and community users, with the intended goal of serving as a nodal point at the south end of the Greenway, from which information regarding the Greenway and access to the Greenway spaces, can be encouraged. The project ultimately intends to serve as one of a growing number of sustainable design development successes in the City of Boston.

16 3. Design Drawings DESIGN DRAWINGS Please see the attached drawings of the proposed Parcel 25 development.

17 Boston MA 1. Design Intent April 18, 2012 DEVELOPER : Trinity New Boston LLC. ARCHITECT : The Architectural Team

18 BEACH STREET GREENWAY TYLER STREET PARCEL 24 KNEELAND STREET ALBANY STREET LINCOLN STREET SOUTH STATION BUS CONNECTOR 1-93 Parcel 25 Boston MA 2 Site Plan Scale: 1/128 = 1 0 April 18, 2012 DEVELOPER : Trinity New Boston LLC. ARCHITECT : The Architectural Team

19 ALBANY STREET RETAIL RETAIL RETAIL RETAIL RETAIL RETAIL RETAIL RETAIL B.O.H. LOADING CORRIDOR PARKING 3 OPEN TO BELOW MECHANICAL PARKING 2 Second Floor Plan LINCOLN STREET LINE OF ROADWAY ABOVE ALBANY STREET I-93 SB RETAIL DECKING OVER HIGHWAY PARKING 1 RESIDENTIAL LOBBY MASS DOT RESIDENTIAL SERVICE / MECH UP LOADING / MECH / ACCESS MECHANICAL DOWN N.I.C. Ground Floor Plan LINCOLN STREET Parcel 25 Boston MA 3. Ground Floor Plan 3a. Second Floor Plan Scale: 1/64 = 1 0 April 18, 2012 DEVELOPER : Trinity New Boston LLC. ARCHITECT : The Architectural Team

20 ALBANY STREET BR th Floor Plan 13th FLOOR PLAN BR BR BR th-12th Floor Plan 4th-12th FLOOR PLAN BR BR ALBANY STREET ALBANY STREET BR BR AMENITY AREA KNEELAND STREET KNEELAND STREET KNEELAND STREET 1 3th Floor Plan 3rd FLOOR PLAN Parcel 25 4a. Upper Floor Plans Boston MA Scale: 1/64 = 1 0 April 18, 2012 DEVELOPER : Trinity New Boston LLC. ARCHITECT : The Architectural Team

21 ALBANY STREET KNEELAND STREET SOUTH STATION BUS CONNECTOR LINCOLN STREET KNEELAND STREET SOUTH STATION BUS CONNECTOR Retail Retail Retail Retail Retail Retail Retail Retail Retail Parcel 25 Boston MA 5. Building & Site Section North - South Scale: 1/64 = 1 0 April 18, 2012 DEVELOPER : Trinity New Boston LLC. ARCHITECT : The Architectural Team

22 ALBANY STREET KNEELAND STREET SOUTH STATION BUS CONNECTOR LINCOLN STREET ALBANY STREET LINCOLN STREET Retail Parcel 25 Boston MA 6. Building & Site Section East - West Scale: 1/64 = 1 0 April 18, 2012 DEVELOPER : Trinity New Boston LLC. ARCHITECT : The Architectural Team

23 Boston MA 7a. Overall Building View North View April 18, 2012 DEVELOPER : Trinity New Boston LLC. ARCHITECT : The Architectural Team

24 Boston MA 7b. Overall Building View Southwest View April 18, 2012 DEVELOPER : Trinity New Boston LLC. ARCHITECT : The Architectural Team

25 Boston MA 7c. Overall Building View South View April 18, 2012 DEVELOPER : Trinity New Boston LLC. ARCHITECT : The Architectural Team

26 4. Permits and Approvals PERMITS AND APPROVALS In preparation for the redevelopment of Parcel 25 the team has assembled a preliminary list of required federal, state and city permits below. The development team is expecting a 12 month time period in which to complete federal, state and city permitting which is noted in the master development schedule. AGENCY FEDERAL United States Environmental Protection Agency Federal Highway Administration State Historic Preservation Office (Massachusetts Historical Commission) FAA STATE Executive Office of Energy and Environmental Affairs Executive Office of Transportation and Construction Massachusetts Historical Commission Massachusetts Department of Transportation Department of Environmental Protection Massachusetts Water Resources Authority CITY OF BOSTON Boston Redevelopment Authority Boston Civic Design Commission Boston Transportation Department Boston Zoning Commission Boston Landmarks Commission City of Boston Air Pollution Control Commission Committee on Licenses Boston Public Improvement Commission Boston Water and Sewer Commission City of Boston Public Works Department Boston Inspectional Services Department Boston Parks and Recreation Department PERMIT National Pollution Discharge Elimination System Approval of Non-Highway Use of Highway ROW Surplus approval Section 106 Review Section 106 Review Notice of Construction Building; Construction Cranes MEPA Review Chapter 91 Finding Approvals Under MGL Ch40 Section 54a and release under MGL Chapter 161C Chapter 254 Review Execution of Lease Preconstruction Notice Compliance Certification BRP WP73 Construction Dewatering (if required) Article 80 Review; recommendation to Boston Zoning Commission for Zoning Amendment; recommendation to Boston Zoning Commission for approval of Planned Development Area Development Plan Design Approval Construction Management Plan Transportation Access Plan Agreement Approval of Planned Development Area Development Plan Party to Section 106 Review Air Pollution Control Commission Review Permit to Operate Parking Garage Fuel Storage License (Auto and Emergency Generator) Sidewalk and Street Related Permitting Grant of Right-of-way Temporary Excavation Support Site Plan Approval Utility Connection Permits Construction Dewatering (if required) Permits related to relocation of water main (if required) Curb Cut Permits (minor/driveways) Street Occupancy Permits (construction) License for canopies/signage overhanging public ways Building Permit Tree Removal Permit (as needed)