PRE-BID BID MEE EETING TING Requ equest est for r Qua ualif - - PowerPoint PPT Presentation

Welcome!

PRE-BID BID MEE EETING TING

Requ equest est for r Qua ualif ificat ication ions (R (RFQ FQ) ) for Devel elopm

• pmen

ent t of Mix ixed-Inc ncome

• me For
• r-Sale

le Hou

• usin

ing On Rea eal Prope perty ty Located ed at 2907-29 2915 5 Welt lton

• n St

St.

August 23, 2017 Blair-Caldwell Library Julie Stern, Housing Development Officer, Office of Economic Development Rachel King, Contract Administrator, Office of Economic Development John Hersey, Senior Associate for Transit-Oriented Development, RTD

Th The e Pr Proper

• perty

ty: 29 2907-29 2915 5 Wel elton

• n St.

t.

29th & Welton: The Site

3

2907-2915 5 Welton

• n Stree

reet

• 0.43 acres
• Within Five Points Historic

Cultural District

– Design Guidelines

• Adjacent to Curtis Park Historic

District

• Zoned C-MX-5
• Approx. 50 units

– Approx. 60 parking spaces below building

RTD’s Role

4

Sit ite Hist istor

• ry
• 1993: RTD acquires site during Central Corridor construction
• 2010: RTD approves TOD Pilot Program, lists Welton Corridor
• 2013: FPBDO Vision Plan Implementation & Revitalization

Strategy calls for less parking, more activation & affordability

• 2016: RTD approves sale of site contingent

upon mutual selection of developer

– For-sale condominium – At least 25% of units affordable at 80% AMI – Developer must secure financing

RTD’s Role

5

Sit ite Hist istor

• ry
• 2017: RTD and OED host community meeting and launch online

survey to gauge public interest in redevelopment

– Project should replace existing parking – Project should look attractive, use brick, not look cheap (2300 Welton) – Commercial ground-floor use is important

• Grocery (71%), restaurant/bar (61%), retail (54%)

Th The e Outcome utcome: Mi Mixed ed-Income Income For-Sale Sale Ho Housing using

OED Housing Investments on Welton

7

= Affordable (income-restricted) rental development with OED investment = Proposed site of affordable for-sale TOD pilot project

$ $- $ $50,0 ,000 $ $100,0 ,000 $ $150,0 ,000 $ $200,0 ,000 $ $250,0 ,000 $ $300,0 ,000 $ $350,0 ,000 $ $400,0 ,000 $ $450,0 ,000

Climbing Costs of Homeownership

8

Media dian sold ld price, , City and d County ty of Denver 12-month rolling average

Single-Fam amily ily Homes Condos dos

$405, 5,000 000 $311,000 ,000

Source: Denver Metro Association of Realtors October 2016 Market Trends Report; Jan-Sept YTD medians

Affor

• rdable

dable price e for a homebuy ebuyer earning ng 80% of Area Median an Income come

$169,08 ,084 for a 1-bedroom home $218,108 for a 2-bedroom home

80% of Area Median an Income come

$47.00 .000 for a 1-person household $67, 7,100 00 for a 4-person household

New Condo Construction in Denver

9

100 200 300 400 500 600 700 800 900

Condo ndo Un Unit t Const nstruction ruction Starts ts by Qu Quarter, , City y of Denver er

Project Characteristics ➢At least 25% of units must be affordable to income-qualified buyers at 80% AMI

• Community Feedback: Affordable units should be primarily higher

bedroom count units (2-3 BR units)

➢Project must meet Five Points Cultural Historical District Design Guidelines

• Community Feedback includes examples of well-designed projects
• Community Feedback: project should include below-grade parking
• Community Feedback: project should include ground-floor

commercial space

➢Project should meet sustainable design benchmarks

Pr Proposal

• posal Gu

Guidel idelines: ines: Req equire uired d App pplicat lication ion Ma Mater erials ials

Part 1: Developer Experience 1.1 Experience and success developing condominiums 1.2 Experience and success developing income-restricted housing 1.3 Experience and success leveraging public financing 1.4 Development team experience 1.5 Financial capacity/access to capital

Part 2: Project Approach 2.1 Project Vision 2.2 Project Financing 2.3 Implementation Strategy 2.4 Construction Defects Strategy 2.5 Community Engagement Strategy

Sel elect ection ion Pr Proce cess ss Over ervie view

RFQ Timeline

▪ Today | 8/23/2017 Pre-Bid d Meet eting g ▪ 9/6/2017 | 4PM MDT RFQ Questions

• ns Due

▪ 9/13/2017 | 4PM MDT RFQ Ad Addend ndum um Publi lished shed ▪ 10/17/2017 | 4PM MDT RFQ Submi missi ssion

• n Deadline

ne ▪ December 2017 Intervie views ws & Selection

• n (Tent

entati ative) e)

RFQ Key Milestones

Post-Selec lection tion Req equir ireme ements ts (Appen endix dix A of the RFQ Guide delines lines) ▪ Applica icatio ion for OED D Financi ancing, , if applicab licable le ▪ OED Exer ercise ises s Optio ion Agree eeme ment t ▪ See ee Optio ion Agree eeme ment t in Appen endix dix D of the RFQ Guide deli lines es ▪ City Council il Requir iremen ents ▪ Assignme ignment & Assumptio ion of Optio ion Agree eemen ment ▪ Develope loper Closes

• ses Ac

Acquisit isitio ion with h RT RTD D RFQ Submiss missio ion n Dead adline line Eva valuat luatio ions of Propos

• posals

Revie view w of f Eva valuat luatio ions Inter ervie views ws with th Selec lected d Finalis alists Condit ditio iona nal l Lett etter er of Selec lectio tion Issued ued

RFQ Documents

Where to find: RFQ Guidel elines nes RFQ Appl plicati ation

• n Checkli

list st WizeHiv Hive Guide de WizeHiv Hive Appl plica cation

• n Link

https ps:// ://www www.de .denverg rgov.or .org/ g/co cont ntent/ ent/de denvergo gov/en/ v/en/de denver-office ce-of

• f-econ

conomi

• mic-

develop

• pment/

ent/fun unding ding-op

• ppo

portun unities.ht s.html ml

RFQ Documents

RFQ Technical Requirements Overview

WizeHiv Hive Appl plica cation

• n System:

m: https ps:// ://app app.wize .wizehive.c .com/

• m/app

apps/ s/ 2017F 7For

• rSale

SaleHou HousingRF ngRFQ Requi quired ed docum uments ents mark rked with red asterisk sk, , with one except ption

• n:

Diversi sity y & I Inclu lusi sivene eness ss E-form

RFQ Reminders Remind minder ers: :

Non-Respon esponsi sive e Det etermina nations ns Awa warene eness ss of Ad Addend ndums ums Written en Question

• ns – Due by 4:00

0 PM MDT Septembe mber 6, 2017 Proposa

• posals

ls – Due by 4:00 0 PM MDT October r 17, 2017

SEND ND ALL QUES ESTION TIONS S TO: OEDPr DProposals@de

• posals@denverg

ergov.or .org

Q & A

THANK YOU FOR ATTENDING!