The Millyard: A Proposal to Redevelop Block 2 of the Roebling - - PowerPoint PPT Presentation

The Millyard: A Proposal to Redevelop Block 2 of the Roebling Complex

Response to RFP by Knox Development Group

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Roebling Complex, Block 2

❖ 8-acres Zoned for Mixed-Use ❖ 7 Historic Buildings ❖ Site of Flat and Insulated Wire Production ❖ Deemed Eligible for Historic Protection by SHPO in 1980 ❖ Part of Redevelopment Area

Our Vision

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What We Propose: The Millyard

Adaptive reuse of historic Roebling site for mixed-use, mixed-income development

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▪ 202 new housing units

• 80% luxury and 20% low-income

▪ BTCF IRR = 20.3% ▪ 13,340 sq ft of retail ▪ 12,530 sq ft of office ▪ Space for both public and private events

Repurposing Historic New Jersey Industrial Sites

❖ Chambers Lofts, Trenton ❖ Victor Lofts, Camden ❖ Edison Village, West Orange ❖ Hat City Lofts, Orange ❖ Silklofts, Bayonne ❖ Congdon Mill, Paterson

5 Victor Lofts, Camden; Source: Rutgers Camden

6 The Total Number of 2 Bedroom Units

88

The Total Number of 1 Bedroom Units

114

1 BDR 2 BDR

Building #51 8 Building #54 22 48 Building #57 44 4 Building #58 16 16 Building #62 32 12

Designing the Millyard

Design: Retail, Office, and Community Components

❖ Retail - 13,340 s.f.

➢ 4 unique restaurants

❖ Office - 12,530 s.f.

➢ State Historic Preservation Office(SHPO) ➢ Public areas displaying historic images

❖ Covered Picnic area - 5,542 s.f.

➢ Weekend farmers market ➢ Rentable space

❖ Police/Security station - 500 s.f.

➢ Small safety office for the site

❖ Community

➢ Market creates weekend hotspot ➢ Playground/large open spaces ➢ Outdoor eating areas ➢ Bike paths through the site

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Total Development Costs Sources and Uses

Developer and Investor Equity $6,840,000 HTC Equity $9,200,000 LIHTC Equity $7,200,000 NMTC Equity $4,900,000 Mortgage $24,158,092 Total Funding $52,298,092 Hard Costs $39,000,000 Soft Costs $13,000,000 Total Costs $52,000,000 9

Thank you.