Apex Presentation to the James Madison Park Neighborhood September - - PowerPoint PPT Presentation

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Apex Presentation to the James Madison Park Neighborhood September 21, 2009 This is very early into the development process. Apex would like to work with James Madison Park Neighborhood Association to create a lasting icon for the City. We

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Apex Presentation to the James Madison Park Neighborhood

September 21, 2009

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This is very early into the development process. Apex would like to work with James Madison Park Neighborhood Association to create a lasting icon for the City. We want to introduce ourselves to the Neighborhood. We would like to attain the necessary input to achieve consensus in coming meetings. And we would like the architects to share with you where we’re at in the very fluid design phase.

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 Bill White, Process Consultant  Bruce Bosben, Chairman of Apex Enterprises, Inc.  Bert Stitt, Neighborhood Consultant/ Facilitator  Bob Feller, Architect with Iconica  Paul Soglin, Consultant  Matt Tills, Architect with Iconica  Steve Yoder, President of Apex Enterprises, Inc.

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 Apex currently owns or controls eight lots on Mifflin,

Webster and Butler

 The Frank Lloyd Wright’s Lamp house sits in the

middle of the block

 The McCormick Ramp, known as the Capitol Square

North Ramp, was designed for four more floors and is under utilized

 The City would like to sell those air rights above the

ramp

 Apex would like to create 140 owner occupied units

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 Founded 23 years ago by Bruce and Brian Bosben with

two of their College friends

 Start up capital generated by paper routes and pizza

delivery

 Bosben family has been in Madison for 150 years  Passion for the City and for historic preservation  Policy is long term hold on all properties  Portfolio includes downtown mansions: Ford, Bowen,

Kubly, Hurfurth, Timothy Brown, Frederick Brown, Lougee, Fauerbach and the Robert Lamp House

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 In the past 23 years, Apex has:

 Rehabilitated 120 units to restore historic elegance

while adding modern amenities at an unsubsidized cost

f $6,000,000.

 Replaced outdated steam boiler heat in 121 units with

modern high efficiency furnaces at a cost of $1,200,000

 Four properties on the National Historic Registry  Headquartered in the Chicago Northwestern round

house built in 1912

 With a caboose in the lobby

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Before After

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After After

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Before After

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Before After

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Before After

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 We own $100,000,000 of local property  Apex Property manages $300,000,000 worth of

property for other owners

 We own and manage 400,000 square feet of

commercial property including Market Square and the Clock Tower Court

 We also own seven operating companies  We have 70 full time employees  We pay $1,500,000 in annual property taxes

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Market Square Clock Tower Court

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 Retain the best development consultants in the city

 Bill White, Process Consultant  Bert Stitt, Neighborhood Consultant/Facilitator  Paul Soglin, Consultant  Partner with the best service providers

 Iconica, as Design / Build contractor and architect  Diligently work with James Madison Park Neighborhood to

define the project and related public investments

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 As the project evolves, continue constant review of

project financials

 Stay in touch with the neighborhood  Continue monitoring financial markets as economy

improves

 As the project and the budget solidifies, close deals

with lenders

 Break ground the fall 2010  Construction is completed 2012

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 There is a shortage of owner occupied housing

with parking

 Could create a park with a Frank Lloyd Wright

visitor center

 Increase the utilization of the Capital Square

North Ramp

 Increase city tax base by about $550k per year  City would enjoy the revenue from the air right

sale

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Address Zoned Lot Owner Tax Use 201 E Mifflin St C-2 4,356 Claire-Mira $7,914 Apartments 209 E Mifflin St C-2 5,412 Apex $8,722 Apartments 215 E Mifflin St C-2 3,300 Apex $5,298 Apartments 218 E Mifflin St C-2 69,698 Madison Parking Ramp 219 E Mifflin St C-2 2,112 Apex $9,148 Apartments 223 E Mifflin St C-2 2,270 Apex $8,220 Office 22 N Butler St C-2 HIS 6,996 Apex $7,359 Apartment 19 N Webster St C-2 2,970 Claire-Mira $9,971 Apartment 23 N Webster St C-2 2,970 Claire-Mira $10,543 Apartment Totals 30,386* $67,175 * Does not include 218 E Mifflin St

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 Four unit apartment  Parking for one car  2.5 Stories  Total living area 3,489  Built in 1899  Assessed at $450,000  Owner, Apex

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 Two unit apartment  Parking for one car  Two stories  Total living area 2,172  Built in 1892  Assessed at $263,100  Owner, Apex

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 Four unit apartment  No parking  Two and a half stories  Total living area 2,935  Built in 1904  Assessed at $471,900  Owner, Apex

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 Converted to offices  No parking  Two and a half stories  Owner, Apex

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 Five unit apartment  No parking  Two stories  Total living area 3,668  Built in 1904  Assessed at $460,000  Owned by Claire-Mira

LLC

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 Four unit apartment  Parking for one car  Two stories  Total living area 3,648  Built in 1894  Assessed at $502,200  Owned by Claire-Mira

LLC

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 Two unit apartment  No parking  Two stories  Total living area 2,163  Built in 1886  Assessed at $392,200  Owned by Claire-Mira

LLC

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 Single rental unit  No parking  Three stories  Total living area 2,020  Built in 1903  Assessed at $355,000  Owner, Apex

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 Demo or relocate all six buildings along

East Mifflin and two on North Webster

 Build two separate owner occupied towers

n a single underground parking lot

 Dedicate 209 E Mifflin St and 22 N Butler

St, totaling 12,408 square feet, to a park and Lamp House visitor center

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 Demo or relocate all six buildings along East

Mifflin and two on North Webster

 Build a large, owner occupied, building

with a large opening on 209 East Mifflin lot

 Dedicate 209 East Mifflin and 22 N Butler as

park with Lamp House as visitor center

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 Demo or relocate all six buildings along East

Mifflin and two on North Webster St

 Relocate the Lamp House to near N Webster St  Dedicate 19, 23 N Webster and 22 N Butler as

12,936 square foot park with the Lamp House as a visitor center

 Build a large single building on the balance of the

lots

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 Demo or relocate 209 Mifflin St  Dedicate 209 E Mifflin St and 22 N Butler St as

12,408 square foot park with the Lamp House as a visitor center

 Build one floor of parking on top of Capital Square

North Ramp

 Build four floors of owner occupied residential

units on top of the new floor of parking

 Determine appropriate future use of remaining

properties

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