Land Use Summary Leveraged IRR Total Development Costs ... · Phase 2 2013 - 2015 Phase 3 2016 -...
1
R E C O N N E C T E D C DARS R VITALIZ ED Dallas Incorporated 1856 Current Day Old City Park Added to Cedars Neighborhood 1879 DART Created1983 (DTS) Transit System 1964 - 1988 First Expansion M-Line 2002 ForwardDallas! Comprehensive Plan 2006 Woodall Rodgers Park 2010 Dart Expansion 2013 Marriott Hotel Convention Center 2015 PHASE I PHASE II Dallas Convention Center Hotel 2010 Cedars West Study 2006 Mockingbird Station 2001 Cedars TIF District Plan 1992 - 1993 Project Pegasus 2010 Woodall Ridgers Park Plan 2005 Completion 2010 Cedars Area Plan 2002 Cedars DART 1996 Dallas Founded1841 McKinney Line1989 Sears converted to residential lofts 2000 Police Headquarters 2003 The Buzz 2007 The Beat 2009 Calatrava Bridge 2009 Pegasus Project Completion 2017 Cedars M-Line Extension 2010 Pegasus Project and Phase I - 2003 PHASE III Trinity River Corridor Summit and Study 1996 - 1998 Trinity River Corridor Project 2013 City Hall 1977 South Side PID 2006 Convention Center Expanded 1994 1990 1840 1915 1890 1865 1940 1965 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20 Police Headquarters Cockrell Street Office Buildings and Pedestrian Connection Cedars Station Plaza: Gathering and Exhibition Space Internet Cafe, Pool Cedar Street Pedestrian Connection, Retail, Residential, Live Work Ackard Downtown View CEDARS reet DART crossing Adaptive Reuse- Cultural Center, Museum, Gallery, Music, Art,... Exterior Plaza Extension_Connection to DART Station and Neighborhood Artist Mural, Music, Outdoor Sculpture PLAN 1:50 Every Day Plaza The Cedars neighborhood is digging its roots into the escarpment of Dallas, on the edge of the Canyon and is on the verge of entering a new chapter of its history. Large era-defining initiatives of grand scale and creativity will breathe new life into the Cedars and revive the worn out urban fabric. The existing DART station, the M-Line streetcar extension, and a green network of parks and trails adjacent to the Trinity River are the new threads that tie the Cedars back into Dallas and will restore an identity and character to the neighborhood. The development site is the hub in the heart of the neighborhood creating a community with active street life and shared public space. A diverse mix of families, artists, and professionals will form the core of the neighborhood already taking root and will grow the Cedars to ever-greater heights. DART light rail DART bus line bicycle pedestrian Block Structure Dallas Grows - Cedars Neighborhood Grows 1920’s Cedars Neighborhood Declined Industrial Use / Infrastructure Growth Cedars Revitalization Begins Open Space Phase 1 2010 - 2012 Phase 2 2013 - 2015 Phase 3 2016 - 2019 Total Buildout Total Costs Financing Structure Equity Capital Account Summary Leveraged IRR 22.90% Total Development Costs $268,624,000 Maximum Cash Impairment: $179,899,467 Net Sales Revenue of Income Property Sales (2019) $464,164,600 Cumulative Equity Capital Account $132,117,806 Housing Units: 300 - Market-Rate 30 - Affordable 30 - Low-Income Retail - 60,000 s.f. Office - 0 s.f. Parking - 1,348 spaces Housing Units: 187 - Market-Rate 23 - Affordable 23 - Low-Income Retail - 92,000 s.f. Office - 108,000 s.f. Parking - 768 spaces Housing Units: 116 - Market-Rate 15 - Affordable 15 - Low-Income Retail - 33,400 s.f. Office - 347,000 s.f. Parking - 324 spaces FINANCIALS District Connections DIAGRAMS T T CHILDREN’S MEDICAL CTR. PARKLAND HOSPITAL McKINNEY INDUSTRIAL CiTY PLACE P M M M M Transportation Infrastructure/Transit Parti Diagram Green Necklace Section 1:20 Land Use Plaza Entrance DART LIGHTRAIL AKARD BELLEVIEW Turtle Creek Oak Cliff Fair Park Downtown CEDARS Economic Development district Up Town M-line DART Residential Retail Office Total Buildout 57% 12% 31%
Transcript of Land Use Summary Leveraged IRR Total Development Costs ... · Phase 2 2013 - 2015 Phase 3 2016 -...
R E C O N N E C T E D
C
DA
RS
R
VI
TA
LI
ZED
Dalla
s In
corp
orate
d 1
856
Cur
rent
Day
Old
City
Park
Added
to C
edars
Nei
ghb
orho
od 1
879
DA
RT C
reate
d1983
(DTS
) Tra
nsit
System
1964 -
1988
Firs
t Exp
ans
ion
M-Li
ne 2
002
Forw
ard
Dalla
s! C
ompre
hens
ive
Plan
2006
Woo
dall
Rodger
s Pa
rk 2
010
Dart
Expans
ion
2013
Marrio
tt H
otel
Con
vent
ion
Cen
ter 2015
PH
ASE
I
PH
ASE
II
Dalla
s C
onve
ntio
n C
ente
r H
otel
2010
Ced
ars
Wes
t Stu
dy
2006
Moc
king
bird
Sta
tion
2001
Ced
ars
TIF
Distri
ct P
lan
1992 -
1993
Proj
ect P
egasu
s 2010
Woo
dall
Ridger
s Pa
rk P
lan
2005 C
omple
tion
2010
Ced
ars
Are
a P
lan
2002
Ced
ars
DA
RT 1
996
Dalla
s Fo
unded
1841
McK
inne
y Line
1989
Sears
con
verte
d to
res
iden
tial l
ofts 2
000
Polic
e H
eadqua
rters
2003
The
Buz
z 2007
The
Bea
t 2009
Cala
trava
Brid
ge
2009
Pegasu
s Pr
ojec
t Com
ple
tion
2017
Ced
ars
M-Li
ne E
xten
sion
20
10
Pegasu
s Pr
ojec
t and
Pha
se I
- 2003
PH
ASE
III
Trin
ity R
iver
Cor
ridor
Sum
mit
and
Stu
dy
1996 -
1998
Trin
ity R
iver
Cor
ridor
Pro
ject
2013
City
Hall
1977
Sout
h Si
de
PID
2006
Con
vent
ion
Cen
ter Ex
pand
ed 1
994
1990
1840
1915
1890
1865
1940
1965
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
20
CE
DA
R S
TA
TIO
N C
AF
E
Po
lice
He
ad
qu
art
ers
C
ockre
ll S
tre
et
O
ffic
e B
uild
ing
s a
nd
Pe
de
str
ian
Co
nn
ectio
n
C
ed
ars
Sta
tion
Pla
za:
Ga
the
rin
g a
nd
Exh
ibitio
n S
pa
ce
Inte
rne
t C
afe
, P
oo
l C
ed
ar
Str
ee
t
Pe
de
str
ian
Co
nn
ectio
n,
Re
tail,
Re
sid
en
tia
l, L
ive
Wo
rk
Acka
rd D
ow
nto
wn
Vie
w
CE
DA
RS
ree
t D
AR
T c
ross
ing
Ad
ap
tiv
e R
eu
se-
Cu
ltu
ral C
en
ter,
Mu
seu
m, G
all
ery
, Mu
sic,
Art
,...
E
xte
rio
r P
laza
Ex
ten
sio
n_
Co
nn
ect
ion
to
DA
RT
Sta
tio
n a
nd
Ne
igh
bo
rho
od
Art
ist
Mu
ral,
Mu
sic,
Ou
tdo
or
Scu
lptu
re
PLA
N1
:50
Eve
ry D
ay
Pla
za
The C
edars
neig
hborh
ood is
dig
gin
g it
s ro
ots
into
th
e e
scarp
ment
of
Dalla
s, o
n t
he e
dge o
f th
e C
anyo
n
and i
s on t
he v
erg
e o
f ente
ring a
new
chapte
r of
its
his
tory
. La
rge era
-defin
ing in
itiativ
es
of
gra
nd sc
ale
and c
reativ
ity w
ill b
reath
e n
ew
life
into
the C
edars
and
revi
ve t
he w
orn
out
urb
an f
abric.
The e
xist
ing D
ART
statio
n,
the M
-Lin
e s
treetc
ar
ext
ensi
on,
and a
gre
en
netw
ork
of park
s and tra
ils a
dja
cent to
the T
rinity
Riv
er
are
th
e new
th
reads
that
tie th
e C
edars
back
in
to
Dalla
s and w
ill r
est
ore
an identit
y and c
hara
cter
to the
neig
hborh
ood.
The d
eve
lopm
ent
site
is
the h
ub in t
he
heart o
f th
e n
eig
hborh
ood c
reatin
g a
com
munity
with
act
ive s
treet lif
e a
nd s
hare
d p
ublic
space
. A
div
ers
e m
ix
of fa
mili
es,
artis
ts,
and p
rofe
ssio
nals
will
form
the c
ore
of th
e n
eig
hborh
ood a
lready
taki
ng r
oot and w
ill g
row
th
e C
edars
to e
ver-
gre
ate
r heig
hts
.
DA
RT li
ght r
ail
DART bus l
ine
bic
ycle
pe
de
stri
an
Blo
ck S
truct
ure
Dalla
s G
row
s -
Cedars
Neig
hborh
ood G
row
s
19
20
’s C
edars
Neig
hborh
ood D
ecl
inedIn
dust
rial U
se /
Infrast
ruct
ure
Gro
wth
Cedars
Revi
taliz
atio
n B
egin
s
Open S
pace
Phase
12010 -
2012
Phase
22013 -
2015
Phase
32016 -
2019
Tota
l Build
out
Tota
l C
ost
sFi
nanci
ng S
truct
ure
Equity
Capita
l A
ccount
Su
mm
ary
Levera
ged
IR
R
22.9
0%
Tota
l D
evelo
pm
en
t C
ost
s
$268,6
24,0
00
Ma
xim
um
Ca
sh
Imp
air
men
t:
$179,8
99,4
67
Net
Sa
les
Reven
ue
of
Inco
me P
rop
ert
y
Sa
les
(2019)
$464,1
64,6
00
Cu
mu
lati
ve E
qu
ity
Ca
pit
al A
ccou
nt
$132,1
17,8
06
Housi
ng U
nits:
30
0 -
Mark
et-Rate
30
- A
fford
able
3
0 -
Low
-Inco
me
Reta
il -
6
0,0
00
s.f.
Offic
e -
0 s
.f.
Park
ing -
1,3
48
space
s
Housi
ng U
nits:
18
7 -
Mark
et-Rate
23
- A
fford
able
2
3 -
Low
-Inco
me
Reta
il -
92
,00
0 s
.f.
Offic
e -
1
08
,00
0 s
.f.
Park
ing -
76
8 s
pace
s
Housi
ng U
nits:
11
6 -
Mark
et-Rate
15
- A
fford
able
1
5 -
Low
-Inco
me
Reta
il -
33
,40
0 s
.f.
Offic
e -
3
47
,00
0 s
.f.
Park
ing -
32
4 s
pace
s
FIN
AN
CIA
LS
M
M
M
Dis
tric
t C
onnect
ions
DIA
GRA
MS
T
T
CH
ILD
RE
N’S
ME
DIC
AL
CT
R.
PA
RK
LA
ND
HO
SP
ITA
L
McKINNEY
INDUSTRIAL
CiT
Y P
LA
CE
P
M
M
M
M
Transp
ortatio
n
Infrast
ruct
ure
/Tra
nsi
t
Parti D
iagra
m
Gre
en N
eck
lace
Sect
ion
1:2
0
Land U
se
Pla
za E
ntrance
DA
RT L
IGH
TRA
IL
AKARD
BELL
EVIEW
Turtle
Cre
ek
Oak
Clif
f
Fair P
ark
Dow
nto
wn
CED
ARS
Econ
omic
Dev
elop
men
t distric
t
Up T
ow
n
M-l
ine
DA
RT
Resi
dentia
l
Reta
il
Offic
e
Tota
l Build
out
57%
12%
31%
