Coeur dAlene Midtown Development February 20,2019 Zoning: Midtown; - - PowerPoint PPT Presentation
Coeur dAlene Midtown Development February 20,2019 Zoning: Midtown; C-17; MO The intent of this district is to create a lively, neighborhood business district with a mixture of uses, including retail, services, and residential.
February 20,2019
Zoning: Midtown; C-17; MO “The intent of this district is to create a lively, neighborhood business district with a mixture of uses, including retail, services, and
relatively continuous along the street within the core of the
encouraged both above and behind commercial uses.” – Coeur d’Alene Comprehensive Plan
Coeur d’Alene Midtown Development
FUTURE PHASE 2
Coeur d’Alene Midtown Development
Project Statistics:
spaces
/ unloading parking stall
wenty-one (21) residential units are proposed
square feet
welve (12) T wo bedroom flats approximately 900 square feet
wenty-
Project Amenities:
services
Coeur d’Alene Midtown Development
Coeur d’Alene Midtown Development
Coeur d’Alene Midtown Development
Coeur d’Alene Midtown Development
Coeur d’Alene Midtown Development
Midtown Parking Study, June 2018 by Rich & Associates
Results indicate that during the period study, capacity for lot 24 never exceeded 63% while lot 30 never exceeded 27%
Peak Occupancy Lot 24 6/13/2018 1PM-3PM Peak Occupancy Lot 30 6/13/2018 5PM-7PM Peak Occupancy Lot 30 6/13/2018 7PM-9PM
Coeur d’Alene Midtown Development
Midtown Parking Study, June 2018 by Rich & Associates Summary:
(35%) of these public and 619 (65%) private.
found in private lots with only one public lot.
Street between Montana and E. Reid Avenue.
at 36% occupancy.
435 spaces.
88 spaces.
Study Recommendation
parking
Coeur d’Alene Midtown Development
daytime and nighttime use
gateway from/to parking
parking through buildings
between parking and retail
buffer parking
Coeur d’Alene Midtown Development
Target Residents: Middle Income Housing Per U.S Department of HUD low income limit for Coeur d’Alene is $35,250 Coeur d’Alene Median Household Income is $44,493 (per city-data.com)
<$50,300 <$45,300 <$40,250 <$35,250 $50,300 - $176,000 $45,300 - $145,000 $40,250 - $127,250 $35,250 - $87,540 >$176,000 >$145,000 >$127,250 >$87,540
FOUR TH RE E TW O S I NG L E
TARGET RESIDENT INCOME
Low Income Middle Income Upper Income
With expected growth in the area, middle income will have less options for
support for low income and market-rate will continue to grow as demand grows
Coeur d’Alene Midtown Development
Coeur d’Alene Midtown Development
Coeur d’Alene Midtown Development
2/21/2019
Coeur d’Alene Midtown Development
The development’s proposed contribution to the vibrancy
Create an active, integrated, and connected neighborhood between residents, retailers, customers, and employees. By providing more housing options in the neighborhood, it will bring more people to the already creative retail node. Residents will bring more activity through daily interaction with the retailers. Retailers will expand to provide more
neighborhood will have a chain reaction as more activity will create more activity. By providing a 20 minute lifestyle for the neighborhood, residents and retailers alike can take advantage of all that is right outside their door. Together adding sustainable vibrancy to Midtown
Coeur d’Alene Midtown Development
Probability of the proposed development’s success – based upon the stability and capability
the developer, demonstrated success based on past development projects undertaken by the developer, market analysis, business plan, financial strength, legal requirements, and timeline
THE ANDY Project Type: Student Housing Location: Eugene, Oregon Size: 43,000 SF, 33 Units Completion: 2014 Cost: $7.6 Million 1414 KINCAID Project Type: Mixed Use Location: Eugene, Oregon Size: 73,000 SF, 45 Units Completion: 2014 Cost: $12.0 Million GIBSON Project Type: Mixed Use Location: Boise, Idaho Size: 90,000 SF, 81 Units Completion: 2018 Cost: $19.0 Million
Similar Completed Projects Similar Under Construction Projects
HIXON Project Type: Mixed Use Location: Bend, Oregon Size: 125,000 SF, 203 Units, Completion: 2020 Cost: $60.0 Million ASH + RIVER Project Type: Mixed Use Location: Boise, Idaho Size: 43,000 SF, 34 Units Completion: 2019 Cost: $9.0 Million
Coeur d’Alene Midtown Development
Financial Strength
deChase Miksis has successful developed and managed over $250 Million in real estate development in the past ten
project. Each project is evaluated for the correct financial package, with both debt, equity, incentives, and community funding. The Midtown project has been evaluated and we intend to use a program that allows us to keep the rents at a rate that is sustainable in the local market. Below are financial institutions we have engaged in providing debt for the project.
DOUG WARD First Interstate Bank Commercial Group Manager 208-319-2409 |doug.ward@fib.com MOLLIE MEANS CBRE | Capital Markets Debt & Structured Finance, Multifamily & Healthcare 206-830-6496 mollie.means@cbre.com LANCE HATZENBELLER Idaho Central Credit Union Commercial Loan Officer 208-846-7150 lhatzenbeller@iccu.com
Coeur d’Alene Midtown Development
Timeline
The key to a successful project is a schedule that all parties can agree to and can be met with the current local construction
project.
Coeur d’Alene Midtown Development
Developer’s expectations of the Agency for the project’s success. Community Involvement
As a public-private project, community engagement will be important. We would appreciate Ignite CDA’s involvement in the outreach to community stake holders, neighborhood organizations, and any other persons or groups Ignite CDA feels would be important to be involved in the development process. Financial Involvement Through the financial analysis of the project the overall value of the property will be appraised through a re-use
public improvements would be provided by Ignite CDA through a disposition and development agreement. Below are the assumed financial requirements that will be determined through the appraisal process:
**Funds would only be per a reuse appraisal** Contractual Involvement It is understood that parties will need to work together to complete agreements associated with the proposed