THE PHOENIX AWARDS: Campus Transformation Genesis at Navy Pier in - - PDF document

THE PHOENIX AWARDS: Campus Transformation

Genesis at Navy Pier in 1946 to serve WW2 vets Dream of Mayor Richard J. Daley

“a great city deserves a great public university” the university moves to the near west side of Chicago in 1966,

along the “circle interchange,” becoming the U of I Chicago Circle campus.

Consolidation of the Chicago Circle campus with the Illinois

medical campus in 1982

200 acres on the east and west campuses – “becoming UIC”

Enrollment of 25,000 Budget of $1.3 billion, including University Hospital 15 schools/colleges, including 6 health science colleges A top 50 research university, currently ranked 45th Fifth most diverse campus in the country, no majority

group

Goal: Become a more residential campus that will:

Transform the campus into a 24-hour

“living and learning” environment

Foster cultural, intellectual and social

interaction among students, faculty, staff and visitors

Increase profile of campus to attract

more high quality students

Complete the vision of UIC as a great

public urban university

I-290 on north and I-94 on the east Gentrifying residential neighborhood between

east and west campuses

Landlocked by redevelopment on the east and

southwest sides

• Partially completed urban renewal area
• Need for small business relocation
• Residential squatters
• Crime and social problems
• Local political coalitions make news at University expense
• “Nostalgia” preservation

Removal of rail lines and

embankment

Environmental issues lurking

beneath the surface

Demolished properties Tanks and other surprises Urban pollution Sewer and water +125 years

• ld

Overhead utilities and cables Billboards

RAILROAD EMBANKMENT- BEFORE REMOVAL OF RAILROAD EMBANKMENT AND ENVIRONMENTAL REMEDIATION OF SITE

Historic displacement grudges Maxwell Street Coalition Faculty conflicts over expenditure of funds Moral/social issues of University as developer

UIC you is the bad ass peoples C’mon UIC you creepy soldiers of blah

No “war chest” Lack of State capital funding Limitations on University’s bonding power Excessive costs to renew 125 year old infrastructure Costs of extending University infrastructure across

major artery to unify campus

• 1996 - PUBLIC ACT 89-691 § 10 allows us to sell property and use revenues

for project purposes and permits liquor in project buildings.

• 1996-97 - RFI/RFP process to secure a Master Developer adds staffing and

private residential element to project.

• 1998 - Master Plan approved by Board of Trustees includes student

residences, University offices, retail, parking, private residential and University “superblock” uses.

• 1999 - City of Chicago approves TIF designation – economic engine that

drives project and makes financing possible.

• 2000 – Acquisition and clearance commence

University – Owner/Developer

Owner and Overall Risk Taker Provided Bond Financing Constructed Student Residences Constructed Parking Garage Constructed UIC Forum Operator of Retail Center

City of Chicago

• Provided zoning authority and public entitlements
• Provided TIF financing valued at +$70 million (now

$113 million)

• Achieved urban renewal of major inner-city area
• Continued dream of Richard J. Daley

South Campus Development Team

• Private development expertise as fee developer
• At-risk developer of private residential housing
• Purchaser of land to provide University project funds
• Signatory to same regulations as University for public

benefits and MBE/WBE, City Residency and other programs

• Tax increment financing (TIF) and land sales to pay off

bonds for public infrastructure improvements

• Auxiliary revenues (student housing fees and retail

revenues) to pay off bonds for student housing and retail space

• University revenues (rental income) to pay off bonds for

creation of office space, including adaptive reuse of renovated buildings

• Private developer revenue for creation of private housing
• University as financer of last resort for any revenue

shortfalls on public infrastructure costs-originally told to set aside $2 million/year for 23 years to be prudent

MAXWELL STREET BEFORE – “BLUES” BANDSTAND “Creative Reuse” Warehouse

MAXWELL STREET AFTER Looking West – North Side

ADAPTIVE REUSE - BEFORE

ADAPTIVE REUSE - DURING ADAPTIVE REUSE – SUBSTANTIAL COMPLETION ADAPTIVE REUSE - AFTER

842 of 892 private residential

units occupied

Price Range - $160,000 -

$1,400,000 (Average $385,000)

21% in the affordable housing

range (as defined by HUD)

Resale values up 15% or more

Project Component Original Budget Final Cost Public Infrastructure $72.9 Million $93.5 Million Stukel Towers & UIC Forum #24.0 Million $32.0 Million Marie Robinson Hall Thomas Beckham Hall $60.0 Million $64.0 Million Parking Structure $21 Million $21 Million Adaptive Reuse (Retail & Office) $13.0 Million $34.0 Million Private Residences 700 dwelling units @ $198,000 average value 892 dwelling units @ $385,000 average value

QUESTIONS?