Presentation to the Galveston City Council July 28, 2011 vision community transformation diversity A presentation by:
July 28, 2011 McCormack Baron Salazar Presentation to Galveston City Council Master Developer Achievements 30+ Years 146 Developments 28 HOPE VI Developments, Finalists in 2 Choice Neighborhood Applications (New Orleans, San Francisco) 35 Cities $2.4 Billion Total Investment $624 M Public Investment + $1.2 B Private Investment 16,000+ Units 1.28 M sf Retail & Commercial
July 28, 2011 Urban Strategies Presentation to Galveston City Council Human Capital Development Achievements 30 Years Experience Nationwide Human Capital Planning in 8 Major Cities Connected to Over 5,000 Units of Housing Working in 6 HOPE VI Communities, Over 2,000 Families Supported Over $100M in Public and Private Resources Leveraged 5 Enhanced Schools Elderly Services in 10 Senior Living Communities Innovative Programs and Initiatives
July 28, 2011 Sullivan Land Services Ltd. Presentation to Galveston City Council General Contractor / Homebuilder Achievements Leading Galveston-based contractor and homebuilder with long, strong history in Galveston Experience in large-scale, complex site traditional neighborhood development, and new construction and historic infill ($250M+) Experience in recovery efforts, from Galveston to Haiti ($50M+) Financially strong with $75 million in bonding capacity
July 28, 2011 McCormack Baron Ragan Presentation to Galveston City Council Property Management Achievements 30+ Years Over 13,000 Apartments Managed Mixed-income, Mixed-finance Specialists Manage over 50 HOPE VI phases Manage to market rate standards with amenities, services, and resident programs that attract residents from across the income spectrum
July 28, 2011 Presentation to Galveston City Council Developing the Vision
July 28, 2011 Presentation to Galveston City Council Comprehensive Community Development
July 28, 2011 Mixed ‐ Income Developments Presentation to Galveston City Council Why is mixed ‐ income critical ? • Redevelopment is comprehensive and transformative, with human capital development and physical development • Allows public housing families to move up the economic and housing ladder, and meets reported need for moderate and middle income housing for Galveston workforce • Unlike traditional public housing, development generates net income and is not wholly reliant on HUD operating subsidies and capital funds Harmony Oaks, a new, mixed- income development in New Orleans. All apartments are fully occupied. Market rate apartments leased first, and have a substantial waiting list. Previously this community was stigmatized as one of the most challenged areas of New Orleans.
July 28, 2011 Mixed ‐ Income Developments Presentation to Galveston City Council What are the keys to success? • Leverage public and private resources to design and construct the development to market rate standards. Typically $1 ‐ $2 is leveraged for every $1 the housing authority contributes. • Multiple points of accountability: Developer guarantees for the completion and performance of the development; long ‐ term responsibilities to the lender, investor, public agencies, community residents and stakeholders. • Private ownership and management to market rate standards. MBS owns the development long ‐ term. • Through the human capital plan, provide residents with the services and resources to be successful and create a community and culture of shared values, where residents are committed to the community’s long ‐ term success.
July 28, 2011 Mixed ‐ Income Developments Presentation to Galveston City Council How do we know it works? • 38 years of experience developing mixed ‐ income communities across the country • Communities have maintained high occupancy rates across apartment types. Harmony Oaks, for example, is 100% occupied with a substantial waiting list for market rate units. • Strong interest by leading financial institutions and investors to invest in our developments. In the past two years, we have raised over $175 million in private equity and debt to support mixed ‐ income developments. • We have seen mixed ‐ income work in communities facing greater challenges and having access to fewer assets (educational, economic, etc.) than Galveston.
July 28, 2011 Mixed ‐ Use Presentation to Galveston City Council Above (left to right): Six North is new construction in an historic neighborhood with ground floor retail and live-work apartments. Big Brothers Big Sisters is an historic renovation in an arts district. • Mixed ‐ use brings activity from other uses to create a lively, active, walkable streetscape. • Goal: Create mixed ‐ use developments in strategic areas. Above: Perspective view looking east along the Strand from potential mixed-use frontage on the primary Magnolia Homes site across to new housing on the northern side of the street.
July 28, 2011 Presentation to Galveston City Council Mixed ‐ Use • Catalyze future redevelopment along mixed ‐ use corridors. • Opportunity to bring New Markets Tax Credit investment to stimulate complementary commercial, retail and community development.
July 28, 2011 Historic Connections and Preservation Presentation to Galveston City Council • Create connections to the surrounding communities and a seamless transition between new construction and existing neighborhoods • Goal: capture the look and feel of historic Galveston in quality new construction Above: New construction at Harmony Oaks in New Orleans incorporates traditional architectural styles. Below: An example of a traditional Victorian townhouse in Galveston. Canal Square Apartments demonstrates the most sensitive of historic preservation.
July 28, 2011 Presentation to Galveston City Council Environmental Sustainability • Sustainable features promote a higher quality of life, reduce utility bills, and reduce impact on the environment. • Goal: new developments will be sustainably designed to meet LEED ‐ ND standards. This page: University Place and Renaissance Place at Grand are stage-3 certified LEED for Neighborhood Design communities
July 28, 2011 Presentation to Galveston City Council Universal Design and Accessibility • Goal: designs will include innovations that promote “universal” use by residents with and without disabilities. • Designs will balance flood plain constraints with goals and requirements for visitability and accessibility. This page: Photos from the 6 North universally-designed, mixed-use, mixed-income development in St. Louis demonstrates the principals of designing for access for everyone with all abilities.
July 28, 2011 Presentation to Galveston City Council Transportation and Linkages to Assets • Goal: create city ‐ wide connections to major employment, education, and commercial Left: The Westin centers. Hotel TOD in St. Louis. A Memphis Trolley connects the Legends Park community with the Memphis medical district and downtown.
July 28, 2011 Presentation to Galveston City Council Economic Development • Section 3 “First Source” hiring process and construction training programs. • Connections to other area employers: UTMB, Port of Galveston, Pelican Island, etc. • Workforce training partnerships that prepare residents to be successful in work. • Collective effort by team members to meet MBE/WBE/Section 3 business participation goals.
July 28, 2011 Presentation to Galveston City Council Human Capital Framework Asset-Based Integrated Coordinated Utilized • Builds from assets, and fills in gaps • Aligns with resident and community aspirations • Creates the framework to move families up the economic ladder • Achieves an integrated and coordinated service delivery model
July 28, 2011 Presentation to Galveston City Council Project Timeline Initial Predevelopment: July – October 2011 DELIVERABLES – Master Development Work • Market study • Resident and stakeholder engagement • Financing plan • Unit count, mix, types by site • Site plan by site, building elevations, initial floorplans, development renderings, public infrastructure plan • Civil engineering surveys, environmental reports, historic and zoning analyses, site acquisition analysis DELIVERABLES – Human Capital Plan • Resident, service provider, and stakeholder engagement to determine existing services, gaps in services, priority areas for human capital development • Human capital plan that identifies priorities, strategies to address priorities, partnership and funding strategies
July 28, 2011 Presentation to Galveston City Council Project Timeline Predevelopment: November 2011 – April 2012 DELIVERABLES • Architectural and Engineering Construction Documents (Permit Set) • Construction bids and contract amount • All local zoning, historic and public approvals • MBE/WBE/Section 3 participation plan including Section 3 employment plan • Financing applications and approvals (including for Low Income Housing Tax Credits through TDHCA) • Financial structuring, due diligence, and financing agreements with project lenders, investor and public agencies • HUD mixed ‐ finance proposal submission and approval • Implementation of human capital plan Targeted financial closing and start of construction on first phase: May 2012. Projected duration of construction by phase: 14 ‐ 18 months.
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