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HMD Work Session Slide PresentationHistoric MiIIwQrk 'istrict City Council Work Session June 17, 2013 History of the Millwork District • Area was once the largest concentration of Millworking in the Nation • Late 1800s early 1900s • Most closed in the 1960s and 1970s • Decades of disinvestment • Poor infrastructure • Over 1 million square feet underdeveloped Area has sat mostly vacant since that time J. P. FARLEY, Preadent. 1. 1.. STIIL'T, Llce•Preaidont. A. W. 11A 1i1:RE1t'1Y. tier. ,p Trsy FARLEY & LOETSCHER MF'G CO. 1KANTJ1”AO'PIIStI!ZI1 01•' Sash, Boors, Blinds, Mouldings, Brackets, Stair and Church Work AaiR W3 olosslo laoalors is French and Amrrlran Platt. and Window Maus, and Building t'npper. A large stock of Alr- SenannM Ilardwnod Lumber ronatantl7 on hand, aueh as Aa, Mark Walnut, Butternut, Red Oak, Maple and Uhrrry. ma an. tdur *Won Nampa will lays cnnnn.nnhW`.nd nIu.utfUtentlauketrwlr .11 vorr rgnNtnun)'In tie rnuutry, flnlem lrc.m the fmn,[rr arnar rrvanrrirnl�r vni�.M OEIrc and Fedor,' Southwest Corner Eighth and Jadaoa yta., DUBUQUE, IOWA. Community Visioning - 2005/2006 • ertJf5iOv FINAL 10 IDEAS TEN COMMUNITY PROJECTS BY 2010 • America's River Phase II • Bilingual Education Curriculum • Community -wide Wireless • Community Health Center • Indoor /Outdoor Performing Arts Center • Integrated Walking / Biking/Hiking Trail System • Library Services Expansion • Mental Health and Substance Abuse Services • Passenger Train Service • Warehouse District Revitalization Strong Urban Core Historic Millwork District Master Plan 2008 -2009 • Mixed use • Over 700 residential units /350,000 sq. ft. of Commercial Space • Infrastructure improvements /Complete Streets • Improved traffic flow (one way to two way) • Live, Work, Play • Additional Parking Needs • Green Space • Hub for Art's Community • Sustainable Development Millwork District is Sustainable "The most sustainable building is the one that is already built." Richard Moe, President National Trust for Historic Preservation SUSTAINABLE DUBUQUE viable - linable - equitable Millwork District CP gronen restoration CP gronen restoration Project Size: 72 Residential Units • 35,000 SF Commercial /Retail Space • 18,000 SF Arts /Non - profit Center Project Cost: $28,000,000 Projected Tenant Improvement: $3,000,000 /State Historic Tax Credits •$599,438 /Federal Historic Tax Credits •$4,795,504 /Community Development Block Grant •$10,237,200 /City Development Agreement /Construction Financing /Permanent Financing CP gronen restoration CARADCO Residentia pyV 9 C • Construction completed August 2012 • Lease -up began September 1, 2012 • Currently at 74% occupancy • Additional applications pending ID. or a a 1l cp gronen restoration CARADCO Strategic Tenant Development CP gronen restoration Greater Dubuque, Development Corp., Min 0i GreaterDubuque BOARDROOM AND GDI BACK ENTRY MCOBATl1R ENTRY is Is sm ■I ■I all MEM raC AN TOR II SEAT+6 BOARDROOM NG I OFFICE low x 11"? RBDC 165 SQ. FT. 11'Px1YE" 96" Y. 1 16 SEA BOARD N0.1 00M (4)6 'O X TO' WORK STATIONS IB-0' 14 "? ®; ODNMa �I ll"rxms FAOrinuv��1 DUBUQUE FOOD CO-OP gronen restoration Ii- ••,,, • ci HEART I Dubuque, Iowa Dubuque /Jackson Counties „„ilit Habitat for Humanity's = i1 StudioWorks rs�r� enabling imagination ■ Novelty Iron Works 2nd Major Building — Poised to Launch 1— Predevelopment is Complete 2 — Final Two Sources Secured: - New Market Tax Credits - Long Term Debt Financing 3 — Development Agreement ready for Council consideration 4 — Delivery Team Assembled Intermodal Ramp Foundry Square CARACDO and Foundry 111111111111111111111 � Novelty Iron Works South Facade 19 Novelty Iron Works — Project Overview The redevelopment was divided into two major phases that will be carried out back -to -back assuming absorption meets plan in Phase One. NIW Complex - Project Scope Highlights: - 261,000 total gross SF - 82,971 net SF commercial - 112 apartments - 61,500 SF parking (indoor and outdoor) Phase 1: Phase 1: 154,303 42,835 Phase 1: 76 units Phase 1: 112 spaces 100% Market Rate Apartment Pricing & Average Sizes: - One Bedroom /One bath $800 /month - Two Bedroom /Two bath $1100 /month - Three Bedroom/Two-Three bath $1400 /month Commercial Space Pricing: - Base price - average $10.00/SF /year - CAM /taxes /insurance $ 2.50/SF /year 780 SF 1,150 SF 1,350 SF Novelty Iron Works — Project Overview OUR EXTENDED TEAM: INVESTORS, ADVISORS, DELIVERY PARTNERS: AIIan Thoms — Cedar Rapids (investor and advisor) Eliot Protsch — Cedar Rapids (investor and advisor) Charles Stoltz — Dubuque (investor and advisor) Russell Construction — Davenport (investor /Construction Manager) Modern Plumbing — Cedar Rapids (investor /plumbing contractor) Giese Companies — Dubuque (investor and HVAC contractor) BSSC — Quad Cities (investor and walls and floors contractor) Deloitte /Novogradac — Washington, DC — Entity Strategy, Accounting, Closing US Bank — St. Louis — NMTC & Federal HTC Investor DavisBrown — Des Moines — Closing legal representation MFA PLLC — Kingsport, TN — Historic Consultant /SHPO Park Service liaison IIW Architects and Engineers — Dubuque — Architect and Engineer of Record The GYM — Novelty Iron — Strategic Partner Committed long term partner to Novelty Iron vision Early Mover - Established at Novelty Iron in 2008, - Acquired in 2010 Full Service Fitness Center - State of the art fitness equipment - Cross -Fit facility - Mixed Marshal Arts facility - Spin studio and multiple class offerings - Juice /Smoothie Bar WILMAC PROPERTY CO. gronen restoration LINSEED OIL PAINT WORKS CO.r 901 Jackson (Betty Building) WILMAC PROPERTY CO. CP Betty Buulding Funancung gronen restoration Project Size: 4 floors • 16 residential units Anticipated Project Cost: $4,355,000 State Historic Tax Credits • $900,000 awarded in 2009 (Expires Oct. 2014) Based upon preliminary project costs of $3,600,000 VFederal Historic Tax Credits • $780,000 ❑Community Development Block Grant • Request submitted for: $2,248,813 VCity Development Agreement VConstruction Financing (Subject to Award of CDBG Funding) VPermanent Financing (Subject to Award of CDBG Funding) WILMAC PROPERTY CO. CP gronen restoration Betty Building Pre - development • ✓ Programmatic Design ✓ Schematic Drawings ❑ Design Development ❑ Construction Drawings ABM 1.1 ■ ■■■ •••• •• 1u1 1111 nun 111 111 is :5 8 NEW AOOOSTILE AND RAIL DOORS ■u■ ■u■ Ua 111 NEW CONCRETE STAIR UP TO E]GSRING LOAThNG COCK OM117Or810LWIW01 (>0V 1d q 07l6di vow mom -avian. TILLS .41,2M C� I 0.7.13 111}!71144'1 111p{r% hrill[di' im.4L1 7OG1O GM% iYii 'HIr3]emu 1 U nana YJP T7Ti •UI 3a11711B131lc' •Avx, 1O':Y1111.1%%113 'anus N N 1 1 WILMAC PROPERTY CO. Voices Financin 1406 . Project Size: 68 units • 185,000 sq. ft. of Commercial /Residential Space Anticipate Project Cost: $28,000,000 State Historic Tax Credits •$6,250,000 awarded in 2009 (Expires Oct. 2014) Based upon preliminary project costs of $25,000,000 ❑Federal Historic Tax Credits ✓City Development Agreement ❑Construction Financing ❑Permanent Financing V Programmatic Design V Schematic Drawings CI Design Development • In progress LI Construction Drawings ilia Omni OE Ellin IR Eli I 2tE Nuts II retail HUI PIM MItuIII HS I MINI ion 1/1121 WILMAC PROPERTY CO. - WILMAC PROPERTY CO. gronen restoration 1 WILMAC PROPERTY CO. CP gronen restoration CR gronen restoration .204. Power Plant Financing =- ST. Project Size: Approx. 5,000 sq. ft. Anticipate Project Cost: $2,623,425 ✓State Historic Tax Credits • $500,000 awarded in 2012 (Expire Sept. 2017) Based upon preliminary project costs of $25,000,000 VFederal Historic Tax Credits • $400,000 ❑City Development Agreement ❑Construction Financing ❑Permanent Financing CR gronen restoration Power Plant Pre- developmen r { . ✓ Programmatic Design ✓ Schematic Drawings ✓ Design Development ❑ Construction Drawings �' TEcaiw,w DVAS 1'I r.. ui..owawa W411. CARR RYDER R ADAMS C �l 0 tr IDDE LEVEL MOVE— r -- - -1 1 L 0 0 vsb ll•o[ NtNTTUEE ENt1RION719TN OVONHtf — Rouse and Dean Foundr MT. (Foundry) 1 CR gronen restoration Foundry Financin Project Size: Approx. 5,000 sq. ft. Anticipate Project Cost: Unknown ✓State Historic Tax Credits • $400,000 awarded in 2009 (Expires Oct. 2014) Based upon preliminary project costs of $1,600,000 VFederal Historic Tax Credits • $320,000 ❑City Development Agreement ❑Construction Financing ❑Permanent Financing ✓ Programmatic Design ✓ Schematic Drawings ❑ Design Development ❑ Construction Drawings JT (POTFMTIAL W7lASINEI PO' M1 In 0 1111111111 1111111111 NI I -r. oeeeeeeeeeeeeeee� MMHR-4 MHNH,UHH DECCEEIlqk rnfiMnn L II 1111 i II CR gronen restoration Historic Millwork District Complete Streets Project to lir 14.% OFFICE GOPHER SEVENTH WHRC ST'- Phase 1 was completed in 2032, Phase 2 will begin with the reconstruction of 7th Street between Iowa Street and Washington Street Historic Millwork District 0 Schedule for Projects Schedule Budget 9th, 1 0th, 11th One -way to Two -way Aug 2013 — June 2014 $ 1,5001000 Elm Street Recon (9th — 12th) Aug 2013- Dec 2013 $ 1,277,020 White Street Resurfacing Apr 2014 — July 2014 $ 1,080,000 Historic Millwork District 0 Improvements 9th, 10th,11t , Elm and Pine Street One -way to Two -way Conversion 2 WAY IS THE NEW WAY It Budget Federal Funding 9th, 10th, 11th, Pine 1 -way to 2 -way Historic Millwork District 0 Improvements Elm Street Reconstruction (9th to 12th Streets) Budget Federal Funding Elm Street Reconstruction k , ' - w a• �\ ti n, eun.. » 4" i l �.1 ,. •w....,..» gi s:,... ,n,. ' IT� ', ' .. :11 , II apy.w r >= ,. .. • ,...........! — � — _ , ..1,, I ilk I ti wr m -- y ..v awn✓ a.wn v.,...a ° wr iR - U ,TRrr- _ ...m. STA. 7001 n11 TO STA 705150 viMBo, ..� ,e m. ; :N =1 0 /:"'gin b t. w q ='s . ati ,, iiw K ...= ., 1 Mt ff 02.2 I ............ I r�,,._... --.-.4 nIr ".'. ,f;'- .,F. Budget Federal Funding Elm Street Reconstruction Historic Millwork District Improvements White Street Resurfacing ci 4 A 1�� Budget IDOT Funding White Street Resurfacing tr if*Dubuque/Jackson Counties Habitat for Humanity's StudioWorks Ve. f' enabling imagination ■ :P di . , , a retrtispective - f krerkseri ',lux". ir Or al rfivI raid hi.% . id % • d'i .1:'' .-.1,4. 14, ' I '.: 54 ..4. ,., ...1 4 _ . ' - . : Zerf • ill ''''•"" 7 L. r -t • • * e 9 _ THEATRE COMPANY S AISING STAR THEATER COMPANY PPF SLN" CARAOCO cERIES MARCH 22 CARADCO BUILDING I CORNER OF JACKSON AND 10TH STREET 6:30 -7:30 CITY AT WORK EXHIBIT NEW IMAGES TOUR OF THE CARADCO BUILDING HORS D'OEUVRES & CASH BAR 7130 -9130 MUSICAL PERFORMANCE TICKETS ARE AVAILABLE ONLINE AT WWW.SEATYOURSELF .BIZ /RISINGSTARTHEATRECOMPANY 512- PREMIUM TICKET. WHICH INCLUDESA RESERVED SEAT SIS - GENERAL ADMISSION AT THE DOOR 'PRICES DO NO1 INCLUDE POSSIBLE SERVICE CHARGES QUESTIONS? CALL 563.588.4400. G.) woven KiIARD CSBB b MOUE lrwLT I aaa COOP '411'"'PIMMITTFTT' - ot ) J u _ t. . MAIN STREET DUBUQUE MAIN STREET:Tb-Aist :rftasagt4 114 Music and Movie Block Party, August 2013 .4`Lw, • Albt .111111\-- Of. Resource Development Grants /Tax Credits Awarded • State: — Great Places: $150,000 — Historic Tax Credit: $14,000,000 — Brownfield /Greyfield: $1,000,000 • Federal: — CDBG: $10.2 million — TIGER: $5.6 million — Intermodal: $8 million — EPA Brownfield Assessment: $400,000 — Historic Tax Credit: $11,200,000 — New Market Tax Credit: $27,750,000 SMARTGROWTH DEVELOPMENT Partnership with Smart Growth Development Established in 2008, Smart Growth Development, is a Iowa non - profit bi- partisan coalition that advocates for policies promoting smart growth practices with historic rehabilitation at its core. Smart Growth Development boasts a diverse membership — developers, municipalities, Main Street programs, Chambers of Commerce, architects, contractors, accountants, attorneys, preservation organizations, and economic development groups. Key Achievements *Increase in the annual Historic Tax Credit Cap from $2OMM to $5OMM *Additional 24 months from projects to be placed in service *Addition of "Disproportionate Allocation" for State Historic Tax Credits *Increase in Historic Tax Credit Small Project Fund Cap 2013 Legislative Success • SF436 — Redefines "Substantial Rehabilitation" • Opens program to more projects — Small Project Cap Raised to $750,000 • Many main street projects now qualify — 12 month extension • 50% of QRE threshold • Historic Tax Credit Cap Increase — $55million /yr for FY15, 16, 17 — $50 million /yr beginning in FY18 State Legislative /Policy Priorities • LIHTC Per Unit Cost Cap Increase — Cap was lowered in 2012 • 1 bedroom reduced to $150,000 • 2 bedroom reduced to $175,000 — Limits ability to provide "Quality" units • No inventive for projects to use credit • Funding for "Workforce Housing" — Iowa Finance Authority directed grant program — 80% to 120% of AMI — State level program authorized but has no appropriation Federal Legislative /Policy Priorities • Boardwalk Ruling Guidance — Court ruling has led to banks freezing investments. — SGD & city staff and private partners are actively working with NTHP and Obama administration. • Preservation of the Federal Historic Tax Credit — Real threat to the program exists. — Working with IA Congressional Delegation, NTHP, Congressman Kind and Chairman Camp. Millwork District Awards • Millwork District Redevelopment: — "From industrial wasteland to hip hangout: 10 choice neighborhoods." by MSN Real Estate. — Millwork District Master Plan: "2009 Best Leadership Award" by 1000 Friends of Iowa. — Millwork District Branding: "2013 Best Image Promotion Campaign" by Dubuque Main Street. Millwork District Awards • Complete Streets Project: — "Top 10 Roads of 2012" by Roads and Bridges Magazine. — "Project of the Year in Transportation" by the IA chapter of the American Public Works Association. — "2013 Best Public Improvement Project" by Main Street Iowa. Millwork District Awards • CARADCO: — "2013 Best Total Rehabilitation Project over 5,000sgft." by Main Street Iowa. — 2013 Ken Kringle Historic Preservation Award.