Summary REHAB of rehab proposals In early 18, the Metropolitan Planning Council and the Cook County Land Bank Authority co-led a series of community meetings in order to plan a new life for Chicago s Washington Park Bank Building at 63 S. Cottage Grove Ave. in Woodlawn. Residents and local stakeholders weighed in. This is a summary of the development proposals created in those meetings, participants wishes for rehabbing the bank building. the big picture Every development scenario included. Most also included and Non-Profit/Community s. 1% 9% 9% % Non-Profit/ Community of the proposals that included......housing Most proposed housing developments were about units Among the scenarios that featured housing, an average of units were proposed Among these, 1% were market rate... Most REHAB proposed developments included fewer than five s 6% 1% 1% 1% 1% Spaces 1-15 Spaces 15-5 Spaces 5 - Spaces + Spaces... Most proposed developments included less REHABthan 1, of retail REHAB % 3% % 3% 3% 3% - 1, ft 1, -15, ft - 1,ft 15,+ ft 1, -15, ft 15,+ ft...non-profit/community % - 1, ft REHAB...Other elements % 3% 1, -15, ft % - 1,ft Most proposed developments 7% 15,+ included ft 3% 1, -15, ft more than 1, of non-profit/ 7% 15,+ ft community Non-Profit % - 1, / Community ft % 1, -15, ft % - 1,ft % 15,+ ft % 1, -15, ft % 15,+ ft REHAB... % - 1, ft Most proposed developments 3% 1, included -15, ft more than 15, sq. 3% ft. of 15,+ commercial ft Arrangement With Library Coworking / Business Incubation Food and Entertainment Bank / Credit Union % 3% 7% - 1, ft 1, -15, ft 15,+ ft - 1, ft % 1, -15, ft Proposals also included % 15,+ ft other amenities, such as co-working s and entertainment 1% 3% 3% % Fitness Center 1% February 18
Summary of new construction proposals In early 18, the Metropolitan Planning Council and the Cook County Land Bank Authority co-led a series of community meetings in order to plan a new life for Chicago s Washington Park Bank Building at 63 S. Cottage Grove Ave. in Woodlawn. Residents and local stakeholders weighed in. This is a summary of the development proposals created in those meetings, participants wishes for new construction if the bank building must be torn down for structural reasons. the big picture Every development scenario included. Most also included and Non- Profit/Community s. 1% 6% 8% Non-Profit/ Community 3% L % Open Space Building heights All proposals Building Heights had heights of stories or more 1% - 7 % - 5 7% - of the proposals that included......housing Most proposed housing developments were about units Among the scenarios that featured housing, an average of units were proposed... Most proposed developments included between 1,-15, of retail 6% 3% 1% - 1, ft 1, -15, ft 15,+ ft... 6% - 1, ft Most proposed developments 3% 1, included -15, ft between 1,-15, 1% sq. 15,+ ft. of ft commercial % % 6% - 1, ft 1, -15, ft 15,+ ft Among these, % were affordable... Most proposed parking developments were between 15 and 5 s 1% % 6% 1% - 5 Spaces 5-15 Spaces 15-5 Spaces 5+ Spaces...Open Space% - 1, ft % 1, -15, ft Most proposed developments included 6% 15,+ ft between -3, of open Open Space 6% - 1, ft 6% 3% % - 1, 3, - 1, ft -15, ft ft 3% 1% 3% 3, 15,+ 1, - 6, -15, ft ft ft 1% 3% 6,+ 15,+ ft ft...non-profit/community % - 1, ft % 1, -15, ft Most proposed retail 6% developments 15,+ ft were between 1,-15, % 3% 3% - 1, ft 1, -15, ft 15,+ ft...other elements % - 1, ft Proposals also included 3% other 1, amenities, -15, ft such as co-working 3% s 15,+ and ft entertainment Arrangement With Library Coworking / Business Incubation Food and Entertainment Bank / Credit Union Fitness Center % % 1% 1% % February 18
The Future of the Washington Park Bank Building Scenario 1: Rehab Project description The project will provide new retail and commercial opportunities and residential housing within the existing building. It would feature an open rooftop to accommodate community. The residential component of this project would provide 18 apartments at market rate and includes no onsite parking. The development scenario projects to have a low financial return and a $.5 million gap in financing. Project Program Total 5, square feet of built 3% 1% 35% 8% 19 Units % Affordable s Project financials Total development cost: $1.7 million Financing gap: $.5 million Potential health impacts Shared community s build social cohesion and trust, improve self-rated health and reduce the risk of heart disease and stroke. Adding green or gardens to the open rooftop could reduce anxiety and depression and provide increased access to fruits and vegetables. Affordable housing can boost a family s income, making healthy foods and other healthy activities more accessible. Alternative funding scenarios Scenario 1: If this development successfully receives historic certification, it would be eligible for over $ million in federal Historic Rehabilitation Tax Credit equity. Result: Reduces gap to $ and greatly improves returns, but receiving certification is not guaranteed and there would be restrictions on design. Scenario : Receive additional financing through grant and soft debt programs, such as HOME or the Neighborhood Opportunity Fund. metroplanning.org @metroplanners 31-9-5616
The Future of the Washington Park Bank Building Scenario : New Construction Project description This project would provide a mixture of retail, commercial and community. Its key features include the Bessie Coleman Branch of the Chicago Public Library, which would move from its current into this development, along with the YWCA. The existing public library building (adjacent to this site) would be redeveloped into a parking garage with parking s. The project would include features such as an atrium with a fountain, a lounge, restaurant and bank, and would provide co-working and business incubator s. The development scenario projects to have very low financial returns and a $. million gap in financing. Project Program Total 31,68 square feet of built % 5% % 75% structured s metroplanning.org @metroplanners 31-9-5616 Project financials Total development cost: $5.5 million Financing gap: $. million Potential health impacts Services provided by the YWCA and public library can support increased physical activity, social cohesion, child/youth wellbeing and skills development. Exposure to sunlight and the sound of moving water can reduce anxiety and depression and promote mental wellbeing. A restaurant that serves healthy food options can reduce the risk of hypertension, obesity and diabetes. Alternative funding scenarios Scenario 1: A private developer partners with the City or another major institution to cover costs and support the larger development Result: Improves odds of receiving additional grants and soft debt, but these public-private partnerships are highly complicated to put together Scenario : Simplify the development program by leaving the existing library as-is, while including library program-
The Future of the Washington Park Bank Building Scenario 3: Rehab Project description This project would contain first floor retail and restaurants, with office and nonprofit on the upper floors. It would feature a green behind the building, accessible via the building s atrium. It would also include a bank in the basement of the building. It contains no onsite parking. This development scenario projects to have a moderate financial return and a $86k financing gap. Project Program Total 5, square feet of built % 5% 5% 5% s Project financials Total development cost: $8.6 million Financing gap: $86k Potential health impacts Access to green reduces the risk of obesity and heart disease, and increases happiness, neighborhood satisfaction and positive social interaction. Shared community s build social cohesion and trust, improve self-rated health and reduce the risk of heart disease and stroke. A healthy food retailer could contribute to reduced risk of hypertension, obesity and diabetes. Alternative funding scenarios Scenario 1: If this development successfully receives historic certification, it would be eligible for over $1.7 million in federal Historic Rehabilitation Tax Credit equity. Result: Reduces gap to $ and greatly improves returns, but receiving certification is not guaranteed and there would be restrictions on design. Scenario : Receive additional financing through grant and soft debt programs, such as HOME or the Neighborhood Opportunity Fund. metroplanning.org @metroplanners 31-9-5616
The Future of the Washington Park Bank Building Scenario : New Construction Project description This project would include ground floor retail, with a bank or credit union, office above and event on the top floor. The building incorporates an outdoor plaza for community members to gather and 1 underground parking s. This development scenario projects to have a moderate financial return and a $1.3 million financing gap. Project Program Total, square feet of built % 38% 6% % 1 underground s Project financials Total development cost: $8.7 million Financing gap: $1.3 million Potential health impacts Shared community s build social cohesion and trust, improve self-rated health, decrease violence and reduce the risk of heart disease and stroke. Alternative funding scenarios Scenario 1: Build surface parking instead of underground parking Result: Lowers construction costs and reduces the financing gap to $8k, but reduces area available for open Scenario : Receive additional financing through tax credit and grant programs, such as New Market Tax Credits or metroplanning.org @metroplanners 31-9-5616
Proposals for Woodlawn Table 1 Rehab Table 1 New Development units Office 1,86 sq. ft. 17,857 sq. ft. 17,857 sq. ft. (library) Open,6 surface $8,39,3 $1,76,31 Funding gap due to low market residential rents Consider alternative financing 5 units 16 17,16 Office 13, 5,8 Open surface $8,365,77 $,99,17 Not enough affordable units to qualify for low income housing tax credits Reduce parking to reduce costs Table New Development Table 3 Rehab units Office,6 5,8 (restaurants) 13, (YWCA, arts ) Open (annex to library) surface $3,63,15 $1,53,333 Low density development Build more density for higher revenues units 5 market 6, Office 1,5 7,9 3,96 Open 13 underground $1,1,8 $8,1,795 Low revenues from condos due to soft sales market Consider rental housing or alternative financing sources
Proposals for Woodlawn Table 3 New Table Rehab SIDEWALK MARKET ROOFTOP DECK CORNER PLAZA / SIDEWALK CAFE STAIR TOWER 7 units 36 39,96 Office 5,8 7,9 3,96 Open 5,8 5 surface $13,16,363 $,66,96 Zoning will not allow this height Adding affordable housing would permit higher density units Office 7,19 sq. ft. (tech incubation) 9,677 sq. ft. 1,93 sq. ft. Open $8,66,35 $911,695 Decent financial return Consider alternative financing sources Table New Table 5 Rehab SIDEWALK MARKET ROOFTOP DECK CORNER PLAZA / SIDEWALK CAFE STAIR TOWER units Office 1,56 1,56 5,8 Open underground $5,769,97 $1,865,97 Low density Underground parking is expensive Increase density to improve revenue Move underground parking to surface to reduce costs units Office 5, 1,5 1,5 Open $8,651,177 $86, Decent financial return Consider alternative financing sources February 18
Proposals for Woodlawn Table 5 New Table 6 Rehab units Office 1,1 1,56 1,56 Open underground $8,38,71 $,169,73 Low density Move underground parking to surface to reduce costs units Office 38,95. 11,95 sq. ft. Open 3,96 (building connects to El station $9,,38 $58,677 Good financial returns Consider alternative funding sources Table 7 Rehab Table 7 New units Office 3,8 11,88 Open 8 under and inside $1,6,56 $,8,7 Lots of parking Very expensive to build Reduce parking to lower costs 5 units 1,1 Office 1,5 5,8 Open,6 1 under $9,575,3 $,79,971 Not enough affordable units to qualify for low income housing tax credits Include at least 5 affordable units to qualify for LIHTC Move underground parking to surface to reduce costs February 18
Proposals for Woodlawn Table 9 Rehab Table 9 New units Office 11,111 sq. ft., sq. ft. 16,667 sq. ft. Open structure $9,63,57 $,5,19 Uknown costs for acquisition and development of library building Possible with public-private development partnership Limit development to bank building to reduce costs units Office 7,9 3,76 (library moves in) Open structure (use library) $5,8,893 $,385,353 Uknown costs for acquisition and development of library building Possible with public-private development partnership Limit development to bank building to reduce costs Table 1 Rehab Table 1 New units 19 1,6 sq. ft. Office 17,568 sq. ft. 6,757 sq. ft.,5 sq. ft. Open $1,71,7 $,57,936 5% of units as -bed units reduce possible unit count Consider alternative financing to reduce gap 5 units Office 31,68 (Mixed-use commercial) 7,9 1,56 Open $9,11,15 $1,7,698 Zoning won t allow this density Consider including affordable housing to increase allowable density February 18
Proposals for Woodlawn Table 11 Rehab Table 11 New units Office 3,76 (YWCA) 1,56 15,8 Open,6 $8,7,68 $999,398 Decent financial returns Consider alternative financing units Office 6, (bank/credit union/ YWCA) 15,8 Open,6 (outdoor plaza) 1 underground $8,66,786 $1,59,66 Low density Move underground parking to surface to reduce costs Increase density to increase revenues Table 1 Rehab Table 1 New units Office 15,8 15,8 1,56 Open,6 $7,331,16 $697,1 Decent financial returns Consider alternative financing 1 units Office 7,9 3,96 (entertainment venue and community ) Open,6 1 underground $,785,95 $1,38,956 Very low density Move underground parking to surface to reduce costs Increase density to increase revenue February 18