Pier 6 Development Sites RFP Update - Amazon …brooklynbridgepark.s3.amazonaws.com/p/1212/Pier 6...
Transcript of Pier 6 Development Sites RFP Update - Amazon …brooklynbridgepark.s3.amazonaws.com/p/1212/Pier 6...
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Pier 6 Development Sites RFP Update
One Brooklyn Bridge Park April 10, 2014
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72% of Brooklyn Bridge Park is currently complete or under construction
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Status Category Acres Percent
Complete 38.1 49% Under Construction / Design 17.6 23%
Unfunded 21.7 28% SUBTOTAL 77.4 100%
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Pier 6 - Coming soon
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BBP required to be financially self-sustaining When complete, BBP will cost $12 million/year to operate and maintain plus ~$210 million to cover one-time maritime infrastructure repair expenses
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Pier 6
360 Furman
Pier 1
Empire Stores
John Street
Five development sites identified in BBP master plan: fully analyzed in the Park’s environmental impact statement in 2005 and included in the Park’s General Project Plan in 2006
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One-time rev. ($M)
OBBP $3.5 Pier 1 $25 John St. $20 Empire Stores $31 Permits/ concessions/marina - SUBTOTAL $80
Rev. per year ($M)
OBBP $2.8 Pier 1 $3.4 John St. $0.8 Empire Stores $2.6 Permits/ concessions/marina $1.4 SUBTOTAL $11.0
Four out of five development sites awarded to date - when stabilized, they will cover 92% of annual operating expenses and 38% of maritime expenses
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Recurring revenue One-time revenue
Revenues from the Pier 6 development site are required to cover the remainder of operating and maritime expenses
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2011 Memorandum of Understanding
• MOU signed between City and local elected officials
• Allowed for size reduction of Pier 6 if nearby Watchtower properties were sold to for–profit entities and rezoned for residential use
• For every additional SF of residential FAR permitted on Watchtower properties, permissible size of Pier 6 development would be reduced by 0.30 SF
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• Incremental revenues generated by Watchtower properties could be transferred to BBP to compensate for reduced size of Pier 6 (capped at $6.3M)
• MOU expired on Dec 31, 2013 • While several properties were sold prior to the expiration, none were rezoned
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Pier 6 Development sites • Located on uplands of Pier 6, immediately
south of One Brooklyn Bridge Park
• Each site is 130’ by 76’ with a footprint of 9,880 square feet
• Allowable Uses: o Site A
– Maximum height of 315 feet – Up to 290 residential units
o Site B – Maximum height of 155 feet – Up to 140 residential units – Ground floor retail
o Up to 72 parking spaces across both sites
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Pier 6 sites
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One Brooklyn Bridge Park Elevations
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Request for Proposal (RFP) Goals
• Generate revenue to support maintenance and operation of Park
• Create high-quality, visually appealing residential development
• Enliven southern entrance of Park
• Seamlessly integrate with Park and surrounding community
• Provide workforce housing
• Achieve LEED certification
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Design guidelines: Goals
• Reflect excellence and creativity in architecture
• Create scale and massing that enhances the surrounding context
• Create welcoming ground floors at the entrance to the Park’s southern section
• Develop a streetscape that provides an enhanced pedestrian experience
• Contribute to a sustainable/resilient built environment
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RFP selection criteria
• Design and development goals
• Rent offer
• Respondent team qualifications
• Financial feasibility
• Workforce housing
• Ground lease
• Relationship to surrounding community
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RFP timeline
• May 1, 2014: Receive feedback from CAC on RFP goals
• Spring/Summer 2014: Release Request for Proposals
• Summer/Fall 2014: Responses due
• Fall 2014: CAC update on RFP
• Fall/Winter 2014: Closing/execution of ground lease
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