Land h+development+ +110110+(1)

  • View
    2.522

  • Download
    2

Embed Size (px)

DESCRIPTION

Development Proposal for southwest parcel at Lake Street and Hiawatha light rail station

Text of Land h+development+ +110110+(1)

  • Contact:Mark Nordland, ManagerL&H Development, LLC222 North Second StreetMinneapolis, MN 55401Phone: 612.812.7020Fax: 612.339.6212mark.nordland@gmail.com a proposal for redevelopment at 2225 East Lake Street
  • Table of ContentsLetter of Interest 1Development Program and Plans 2Project Goals and Approach 3Development Proforma and Timeline 4Development Team 5 L&H Development, LLC United Properties Greystar Greco, LLC Project for Pride in Living (PPL) Consultants
  • November 1, 2010 City of Minneapolis - Department of CPED 105 5th Avenue South, Suite 200 Minneapolis, MN 55401 Re: 2225 East Lake Street Redevelopment222 North Second StreetMinneapolis, MN 55401 Dear Selection Committee:Phone: 612.812.7020Fax: 612.339.6212 On behalf of L & H Station Development, we respectfully submit our proposal for redevelopment of 2225 East Lake Street. The attached response to the RFP illustrates our proposed project and development team. We have outlined our development process for determining the highest quality project, the methodology for establishing the design, accessing the market place and defining the economics for implementation. The proposed development team is a collaboration of United Properties, Greystar, Greco Real Estate Development, and Project for Pride in Living with each entity specializing in a key aspect of the development. The proposed L & H Station redevelopment represents a transit oriented, high density, mixed-use project combining market rate, affordable, and senior residential with office, commercial and a public neighborhood farmers market. It is through this combination of uses that the highest and best value will be established for the site and the surrounding community. Together with the teams project consultants, all are committed to the project and will provide the resources to work closely with the School Board and the City of Minneapolis to establish the final site master plan for the proposed development uses and obtain the necessary approvals. The development team shares the vision to enhance this transit-oriented destination and activity center for the East Lake community. The implementation of the development is strengthened by the collaboration of the developers skills, resources, and special focus to create a multi-use, transit-oriented development. The team for this project is structured to address unique concerns and a variety of issues relevant to a project of this complexity.We see this project as a catalyst for continued development along the Hiawatha Corridor.We look forward to working with the Minneapolis School Board and the City of Minneapolis to create a successful project that brings additional value to the community. We appreciate your time and consideration and look forward to directly sharing our capabilities with the Minneapolis Public School Board.Thank you for this very exciting opportunity. Sincerely, Mark Nordland, Development Manager L & H Station Development, LLC
  • Development Program Proposed Master Plan for Development The L&H Station development master site plan illustrates an initial concept plan for the development to define the scale and density of uses. During the City entitlement phase, the design will be finalized to create a consensus design that accommodates the development program and the Corcoran comprehensive plan. Public Realm The site design master plan is a collection of buildings, organized around two internal streets that divide the 6-acre site into three distinct areas for development. The open space between the buildings provides public/private access courtyard areas to the buildings, grade level terraced units, visitor parking and site amenities. The streetscapes along 22nd Avenue, 31st Street, and East Lake Street are designed to provide 15 to 30 feet of public pedestrian development for plantings, lighting and urban furniture and art. The pedestrian movement patterns are re-enforced by the extension of 23rd Avenue and its related sidewalks through to the LRT station. The urban street patterns are reflected in the east/west connection through to 22nd Avenue S. Market Square is an open plaza that will serve as the primary location for the Midtown Farmers Market. Its position immediately adjacent to the LRT platform willVisioning: Streetscape provide for wayfinding from Lake Street and a prominent location which will attract shoppers from not only the local community, but those passing through on the train.This location will also help to build upon the existing customer base and brand that the market currently has today. The building heights step down from 6 stories on the north side of the site at Lake Street to 4 and 5 stories on the south end at 31st Street. Mixed-Use Transit Oriented Development Program The vision for the L&H Station development is a mixed-use, transit-oriented development that complements the adjacent retail and recreational uses with the addition of office and residential uses. The overall mixed-use development would potentially include 500 to 575 housing units, 80,000 square feet of office, and open space for at least 70 farmers market vendor stalls. Space for specialty retail is also included in the development. The vision for the type of mixed-use functions for the development includes the following: Office rental space for medical, educational, or administrative tenants plus some street level specialty retail Market rate rental housing in a mix of unit types and sizes with amenity space Independent living senior housing with commons and amenity space for area residents Special needs housing with support areas and related services Affordable and work force housing with commons and amenity space Farmers Market Program Since 2003, the Midtown Farmers Market (MFM) has connected locally produced food and goods with 40,000 customers per season at 2225 East Lake Street on a surface parking lot owned by Minneapolis Public Schools. The MFM was conceived by local residents and is operated by the Corcoran Neighborhood Organization (CNO).The MFM currently operates one day a week from May to June, and two days a week from June through October. the MFM was a keystone element of the Corcoran Midtown Revival Plan (Plan), which calls for a mix of housing, retail/office, structured/ underground parking, and public open space.This citizen generated Plan was adopted by the City Council as part of the Minneapolis Plan in 2002 (http://www.ci.minneapolis.mn.us/cped/corcoran.asp).
  • Development Program The L&H Station concept master plan will be phased to allow for market and financing constraints. It is envisioned that the site improvements will finish the internal street extensions, thus defining the three parcels and allowing an orderly phasing of the site. After studying several site massing options, the attached site master plan illustrates the final vision for the development. PHASE IA Office Building 80,000 sq ft total (45,000 sq ft for MPS Welcome Center and Adult Basic Education Program) Average Lease Rate: $14-16 net/sq ft Retail/Commercial Space 20,000 sq ft Average Lease Rate: $24-28 net/sq ft