Dunedin Gateway

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Urban Infill Project with retail ground floor, structured parking and residential. Located in Dunedin Florida

Transcript of Dunedin Gateway

  • D u n e d i nG a t e w a y

  • D u n e d i n G a t e w a y

    29 September 2006

    Mr. Robert C. Ironsmith Economic Development Director City of Dunedin P. O. Box 1348 Dunedin, FL 34697-1348

    Re: Development Submittal

    Dear Robert: The development team of Transwestern and Chesapeake Companies are pleased to submit our development proposal for the Dunedin Gateway for your consideration. Our development incorporates these features:

    A. Mixed use development with a gourmet market component.

    B. 70,000sfofretail/officeincludingthemarket.

    C. 120 residences focused towards the workforce rental market which will be converted to ownership at a later date.

    D. Buildings will be oriented to both Skinner Boulevard and Main Street.

    E. Cooper Johnson Smith are the project architects and have designed a building style in keeping with the design goals of Dunedin. Other members of our team include Diamondback Engineering, PBSJ, and Lighthouse Creative.

    We look forward to meeting with you and the City to discuss our concept in detail.

    Sincerely,

    Greg Hughes Rob Bagguley

    Chesapeake Atlantic Transwestern

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    SUBMISSION CHECKLIST

    PROPOSAL REQUIREMENTS X Statement of Participation Letter

    DEVELOPMENT PROPOSAL:

    X Preliminary Concept Plans X Perspective renderings, elevations, sections, X Architectural renderings detailing style X Narrative on development concept and market X Project budget X Proposed Performance Guarantee X Purchase offer price for Gateway Tract

    STATEMENT OF QUALIFICATIONS

    X Section 1 Project Development Team X Section 2 Applicant Background Information X Section 3 Development Experience X Financial Capability X FinancialQualifications

  • D u n e d i n G a t e w a y

    September 20, 2006

    Mr. Robert C. IronsmithEconomic Development DirectorCity of DunedinP. O. Box 1348Dunedin, FL 34697-1348

    Re: Statement of Participation

    Dear Mr. Ironsmith:

    Per our discussion last week, Transwestern and Chesapeake Companies will participateintheRequestforDeveloperQualificationsandProposedDe-velopment Plan for the Gateway Tract. Transwestern and Chesapeake have replaced Ranmar Development as the co-developers. We understand the submittal deadline for proposals is September 29, 2006.

    Additionally, we have read and understand the requirements of the proposal process.Thisnoticesignifiesouracceptanceofthetermsandconditionsforthe submission of proposals. We will endeavor to satisfactorily answer all your requirements.

    Sincerely,

    Jeffrey Blydenburgh Gregory HughesLighthouse Advisors Chesapeake Companies

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  • D u n e d i n G a t e w a y

    DEVELOPMENT PROPOSAL

    1 Preliminary site plan at the scale of 1 = 502

    SKINNER BOULEVARD ELEVATION

    MAIN STREET ELEVATION

    SITE PLAN

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  • D u n e d i n G a t e w a y

    In our review of Dunedin generally and the Gateway site specifically, we agree with the Citys opinion regarding the potential uses for the site. In response to the market, our proposal includes four primary elements:

    Market rate and work force apartmentsCommercial retail fronting on Main StreetOffice space fronting on Skinner BoulevardStructured parking for the development with surplus spaces for adjacent users

    Our proposal envisions a three story structure, with retail on the ground floor fronting on Main Street and Skinner Boulevard and apartments on the second and third floors. This building scale is in keeping with the density of Dunedin and the retail spaces on the ground floor will provide additional locations for the Citys expanding restaurant market.

    A significant part of our plan is a 20,000 sf space for a gourmet food market. The market includes an off-street loading and service area.

    The proposed design has 120 apartments ranging in size from 750 Sf to 1,200 SF. This meets the Citys zoning requirement of 30 units per acre. Our intent is to make all the unit workforce affordable units; to achieve this goal, we propose to increase the density to 40 units per acre. The residences will have convenient structured parking, lobbies on both Main and Skinner, and a roof terrace that includes a community pool and private gardens.

    The eclectic character of Dunedins architecture guides the design of Dunedin Gateway. Another major feature is protected outdoor areas including arcades at the retail stores and covered terraces for the apartments.

    3. THE DEVELOPMENT CONCEPT AND THE CURRENT MARKET.

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    4 PROPOSED DEVELOPMENT SCHEDULE

  • D u n e d i n G a t e w a y

    5 PROJECT BUDGET

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    6 FINANCING STRATEGy AND EXPECTED EQUITy NEEDED TO FINANCE THE PROPERTy.

    It is projected that the Development Team will invest between 10% and 20% of the equity required for the development project to commence. The remaining capital will be provided by institutional partners, construction lenders, and permanent lenders in amounts sufficient to fully capitalize the development, lease-up and stabilization of the multiple phases of River Hills. The specific sources of capital will not be identified until the project has been designed and approved by the City of Temple Terrace with full authorization to proceed. Sources of capital include equity partners such as: ING, Clarion, Northwestern Mutual, TIAA/CREF, Metropolitan Life and Prudential. Sources of construction financing will be obtained from nationally active relationship banks which may include LaSalle Bank, JP Morgan/Chase, Wells Fargo, Bank of America, Wachovia, and others that the Development Team has been successful in obtaining financial commitments for projects of the magnitude and duration as River Hills.

    7 PURCHASE PRICE.

    The developer is willing to pay up to the Citys proposed asking price . The amount is dependent on future approval of the project by the City, confirmation of all construction costs, and approved tenant leases.

    8 N/A

  • D u n e d i n G a t e w a yPERFORMANCE GUARANTEE:

    29 September 2006

    Mr. Robert C. Ironsmith

    Economic Development Director

    City of Dunedin

    P. O. Box 1348 Dunedin, FL 34697-1348

    Re: Developer Performance

    Dear Robert:

    de proposed. Transwestern, Inc. has been active in

    development, leasing and property management

    since 1978

    and currently has over $500M of real estate dev

    elopments in process.

    It is anticipated that the Development

    Team will undertake this development in joint

    venture with

    an institutional equity partner providing additio

    nal capital resources and reserves. The princ

    ipals of the

    Development Group have over 25 years of exper

    ience in structuring joint ventures for projects of t

    his type and

    magnitude. Potential institutional joint venture p

    artners with whom Transwestern has structured

    transactions

    include: SSR Realty Advisors/Blackrock, Pruden

    tial, the National Electrical Benefit Fund, Gen

    eral Electric,

    Metropolitan Life and TIAA/CREF.

    The capital structure will be dependen

    t upon total development costs and the amount o

    f pre-leasing

    obtained before construction commences. With

    strong pre-leasing, it is expected the equity req

    uirement will

    range between 10-30% of total development co

    sts. In the transaction proposed, the Developme

    nt Team will

    contribute between 10 and 20% of the equity re

    quired to complete this development.

    Sincerely,

    Rob Bagguley

    President, Midwest Region

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    1. DEVELOPER

    Representative: Rob Bagguley Title: President, Midwest RegionFirm Name: TranswesternAddress: 200 West Madison Street, Suite 3300Chicago, IL 60606Telephone: 312.881.7001Email robert_bagguley@ transwestern.netResponsibility: Project development, property management, equity

    Robert, prior to his current position as Transwesterns President of the Midwest Region was leader for the national Transwestern portfolio of asset management comprising 90 million square

    feet. He joined Transwestern in 2000 after serving as senior managing director with Cushman & Wakefield, Inc. with responsibility in the Midwest and Western United States. He was also involved in facilitating development consulting and corporate representation for clients such as General Electric Corporation in Asia Pacific. During this time-frame he consulted to the ownership of Taipei 101, which is one of the three largest commercial office/retail/parking structures in the World.

    Previously, Robert was founder and CEO of Rubicon Property Services in San Francisco, California where he represented the real estate interests for many clients who domiciled in Asia, Canada, Britain and the United States. Highlights included representation for the public/private ownership and development of Jack Londons Waterfront in Oakland, California, a mixed use civic, retail, and office development. He also consulted to the City of Vallejo on the BRAC conversion and integration of the former Mare Island Naval Yard and its subsequent conversion through residential and industrial development.

    In 2003/4, Robert acted as Development Project Executive for the public/private development of The Glen Town Center in Glenview, Illinois, a mixed-use, lifestyle development comprising 450,