Title
Ranking for City Parking Lot # 10 Proposals (NB)
Explanation
The CRA received four proposals in response to the Request for Proposals on City Parking Lot # 10. After reviewing the proposals and hearing presentations by the developers, the selection committee ranked the proposals as follows: 1) Gainesville Greens, a mixed use residential project by Equity Venture and SunVest; 2) a mixed use residential project by AMJ; 3) Gainesville Grand, a Hampton Inn hotel and residential project by Windsor Aughtry; and City Square, a mixed use residential project and hotel by Florida Main Street LLC.
The Gainesville Greens project ranked the highest by the selection committee and was chosen independently by the Downtown Redevelopment Advisory Board for a variety of reasons. At 134 units, the project offered the largest number of condominiums. The 12-story project also offers 14 units to be deed restricted for affordable housing, and will be a green building following LEEDS building methods for increased energy efficiency. The project has a central plaza that will serve the western end of the Downtown, addresses Southwest 2nd Avenue, and offers a small number of convenience parking spaces for its 43,430 square of retail. The incentive packet being requested is 60% of the increment generated by the project for 15 years, and fee waivers ($4.1 million). Over those 15 years, the CRA will receive $2.6 million in payments to the district. The developer will have $7.8 million in equity with a total project cost of $36.5 million. Once the CRA approves the ranking, the Executive Director will begin to negotiate the exact terms with the developer.
The 12-story mixed use residential project by AMJ was ranked second by the selection committee. This project offered 88 condominium units, 60,700 square feet of office and retail space. The developer requested 80% of the increment generated by the project over 15 years ($5 million) with $1.3 million returned to the district over the 15 years. The total project cost was $44.6 million, with owner equity at $6.5 million.
The Gainesville Grand project by Windsor Aughtry ranked third. This five story project offered 40 condominium units and 120 hotel rooms with a Hampton Inn banner. This project also offered 6,000 square foot of retail. The total project cost was $15.6 million with $3.2 in owner equity. The developer requested 80% of the increment ($2.6 million) as an incentive for the project with $657,676 coming to the district over the 15 years. Windsor Aughtry is a preferred Hilton developer and has built hotels in South Carolina, North Carolina, and Tennessee.
The fourth project was City Square. This project offered 89 condominium rooms, 120 hotel units, and 10,400 square foot of retail space. This project requested significant upfront incentives.
Fiscal Note
None at this time
Recommendation
The City Commission authorize the City Manager to negotiate with the top ranked proposer use of the parking garage by the project concurrently with the Development Agreement negotiations.