09/17/2007
COMMUNITY REDEVELOPMENT AGENCY
AGENDA
Location: Council Chambers - City Hall
Date: 9/17/2007- 1 :30 PM
1. Call to Order
2. Approval of Minutes
2.1 Approve the minutes of the September 4, 2007 CRA meeting as submitted in written summation by the
City Clerk.
~ Attachments
3. CRA Items
3.1 Approve a Cleveland Street District Facade Improvement Program Loan in the amount of $31,020 for the
property located at 534 Cleveland Street.
I@l Attachments
3.2 Pursuant to CRA RFP/Q 23-07 and the recommendation of the Selection Committee: 1) Designate Miles
Development Partners of Atlanta, Georgia as Preferred Developer for the Purchase and Development of
the Cleveland Street and Prospect lake site; and 2) Approve a ninety (90) day period of Exclusive
Negotiation during which the CRA Executive Director is authorized to negotiate a Development
Agreement and Purchase Agreement, for Subsequent CRA Board consideration, in general conformance
with the Miles Development RFP/Q response.
~ Attachments
4. Other Business
5. Adjourn
Meeting Date: 9/1712007
Community Redevelopment
Agency Agenda
Council Chambers - City Hall
SUBJECT I RECOMMENDATION:
Approve the minutes of the September 4, 2007 CRA meeting as submitted in written summation by the City Clerk.
SUMMARY:
Review Approval: 1) Clerk
Cover Memo
Item # 1
Attachment number 1
Page 1 of 5
COMMUNITY REDEVELOPMENT AGENCY MEETING MINUTES
CITY OF CLEARWATER
September 4, 2007
Unapproved
Present:
Frank Hibbard
Carlen Petersen
John Doran
George N. Cretekos
Paul Gibson
Also present:
William B. Horne II
Joe Roseto
Rod Irwin
Pamela K. Akin
Cynthia E. Goudeau
Brenda Moses
Chair/CRA Trustee
CRA Trustee
CRA Trustee
CRA Trustee
CRA Trustee
City Manager
Interim Assistant City
Assistant City Manage
City Attorney
City Clerk
Board Reporter
The Chair called the meeting to order at 1 :32 p.m.
To provide continuity for research, item
necessarily discussed in that order.
2- Approval of Minutes
Trustee Petersen moved t
Agency meeting of May 15, 2
Clerk to each Trustee. The
velopment
by the City
mmunity Redevelopment Agency) selected Wallis Murphey
n Development Advisors, as the Project Team to prepare a
eland Street. The analysis was funded by the DDB (Downtown
lysis identified opportunities for fagade improvements along
ola to Myrtle avenues, depicted illustrative concepts of fagade
buildings, and established a "vision" for building design and character
rom Osceola to Myrtle avenues, that were reflective of Clearwater's
he analysis and report also made recommended changes to the CRA's
ement Program.
D
Cle
impro
for Cle
unique c
Fagade 1m
During the Project Team's analysis, the consultants concluded that a "unifying concept"
was necessary to further "focus" CRA efforts and provide the basis for allocation of resources in
the program. This unifying concept for Cleveland Street is the new "Cafe District" approach,
Community Redevelopment Agency 2007-09-04
1
Item # 1
Attachment number 1
Page 2 of 5
which promotes a sidewalk cafe environment with its integration into the streetscape currently
under construction along Cleveland Street.
As background, the analysis contained Fagade Improvement Program recommendations
and provided for short and long-term benefits to property owners who intend to make
improvements that will contribute to the "Cafe District". These recommendations included:
design assistance, grants and loans, covenants that assure businesses ongoing pport and
participation, sidewalk furniture, and amenities.
On February 2, 2007, a Request for Qualifications (RFQ) for
Improvement Program Guidelines was sent out and Swan DeveloR
national real estate consulting firm along with Market Knowledge,
and business district revitalization specialist based in Wilmington, D
develop the Fagade Improvement Program Guidelines. Swan Devel
Knowledge met with nine property and business owners on Clevelan
understand their interest in a fagade improvement program and to i
priorities. Further, the composition and condition of current business an
examined. The program recommendations are the result 'nput and re
experience in designing or reviewing other fagade im rams nati
The proposed Fagade Improvement Pro
Advisors and Market Knowledge in concert wit
designed to establish several effective tools th
primarily in buildings along Clevelan t fr
north and south from Drew to Pier (a.. as th
tools include architectural des' ance to be prov'
via contracts with local archi two financial in
gra up to $2 , ero interest loa
e, local archite
te for their buil he CRA will recruit and retain
g service and provide business or property owners
es. The financial incentives component will
hat will assist business and property owners to
e Cafe District concept. The incentives will be
wners and operty owners must endorse any application
be available up to $10,000 for storefront improvements. Loans
een $10,001 - $35,000 at a loan interest rate of zero percent
perty and secured by a mortgage on the property. All CRA
fu or-dollar by the property or business. All funds would be used to
furt District concept and must be applied to improvements that: a)
Effec ment to the storefront area of the building including signage, lighting,
entryw nd other cosmetic or structural work associated with the first floor where
customer directly with the building, and b) Are in concert with first floor fagade
improveme as described in a) above but that also may extend vertically to the upper areas of
the fagade. Isolated building improvements that are not directly connected to improvements at
the street level fagade are not allowed. All funds are to be disbursed by the CRA on a
reimbursement basis upon completion of the improvements and final inspections needed to
satisfy permit requirements.
Community Redevelopment Agency 2007-09-04
2
Item # 1
Attachment number 1
Page 3 of 5
The goal is for this program to foster and encourage investment and pride in building
facades in the "Cleveland Street District" and add to the Cafe District effect envisioned in a
revitalized downtown Clearwater.
The existing fagade improvement program (the $5,000 matching grant program) will still
be available to businesses and property owners in the CRA but outside the Cleve nd Street
District area.
The next steps will be to release a RFP (Request for Propos
services, make changes to the existing Sidewalk Cafe Ordinance,
Furniture Program that will be funded by the DDB.
Bruce Lyon, of Swan Development Advisors, provided a Pow
said the program will encourage and stimulate private investment in t
and ancillary areas. He reviewed the program timeframes, implem
incentives.
Discussion ensued with comments that downt
valorem taxes, will fund this project.
In response to questions, CRA Executiv
must maintain improvements for at least five y
property owners, owners can permi s to
required. Mr. Lyon recommended rts aln I
streetscaping efforts have tak I Mr. Irwin said t
annually with recommended presented to th
ovement Program
ial incentives: 1) up to
P to $25,000 0 nterest loan funds per
and carried unanimously.
equires all taxing authorities, which includes the DDB, to make
mount equal to the incremental increase in the ad valorem
The DDB's increment payment is $158,948, according to the
Appraiser's office. In a spirit of cooperation to further the downtown
e CRA Trustees executed the first Interlocal Agreement in FY (Fiscal
o provide personnel, administrative and management responsibilities to the
DDB, and t und the difference between the increment payment and the management fee.
This is the ninth fiscal year that the CRA would enter into the agreement.
Pursuant to Florida Statute 163.01, the CRA and DDB can enter into this agreement in
which the DDB agrees to perform certain responsibilities and functions including funding
Community Redevelopment Agency 2007-09-04
3
Item # 1
Attachment number 1
Page 4 of 5
projects and programs consistent with and in furtherance of the downtown redevelopment plan.
The intent of this agreement is for the DDB and the CRA to work collaboratively on projects and
programs that further downtown goals and objectives. This year, downtown retail and
restaurant recruitment programs, marketing and branding programs, and downtown events are
the focus for CRA and DDB collaboration. The management of the DDB by CRA staff enables
the CRA and DDB to utilize the public dollars more efficiently and provides support to the Main
Street Program.
The agreement also outlines the DDB's commitment to financi
construction debt service, operation and maintenance of the boat sl'
promenade and related facilities proposed to be constructed in the
DDB made its first contribution of $50,000 in April 2007. The inten
up to $50,000 a year for 10 years, for a total not to exceed $500,00
The DDB shall pay the CRA $55,269 for the services agreed t
Agreement. The compensation shall be deducted from the tax incr
The DDB approved the Interlocal Agreement at their meeting on Aug
In response to a question, Mr. Irwin said the D
special act of the legislature. The CRA provides re
bricks and mortar while the DDB assists downto
efforts.
Trustee Cretekos moved to
Development Board (DDB) to provo
responsibilities during Fiscal r
between the CRA tax incre
mo conded a
ndments to the Community Redevelopment
2006/07. All expenditure activity reflected in
June 30,2007.
ting Budget: 1) Interest Earnings increased by $125,000 from
d unanticipated interest earnings for the CRA Fund for FY
ures increased by $1,500 from $5,000 to $6,500 to offset
to the Cleveland Street and Prospect Lake Park Site RFP, etc.;
cts Fund Transfer Out increase of $123,500 from $500,171 to
et transfer to CRA project 388-94714, Downtown Redevelopment.
t to the Capital Projects Fund: Available balance for Downtown
Redevelop t decrease from $1,799,796 to $1,780,196 to recognize additional funding
available for redevelopment in the CRA operating budget.
Community Redevelopment Agency 2007-09-04
4
Item # 1
Attachment number 1
Page 5 of 5
Trustee Gibson moved to adopt final budget amendments for the Community
Redevelopment Agency for FY 2006/07. The motion was duly seconded and carried
unanimously.
3.4 - Approve the FY 2007/08 Community Redevelopment Aqency (CRA) budqet and adopt
Resolution 07-01.
The proposed FY 2007/08 CRA budget reflects preliminary Tax Inc eme
projections from the Property Appraiser. A final budget will be presen en
Increment Financing) numbers are certified.
Mr. Irwin said this $2.5 million reduction moves CRA projec
account that lists fund balances. Jolley Trolley funding has been d
increases reflect a more aggressive focus on Cleveland Street marke
are anticipated to decline due to razed structures.
Trustee Petersen moved to approve the proposed FY 2007/0 R
preliminary Tax Increment revenue projections from the Pr Appraiser.
duly seconded and carried unanimously.
Resolution 07-01 was presented and rea
and adopt Resolution 07-01 and authorize the
motion was duly seconded and upon roll call, t
air
Community Redevelopment Agency
Community Redevelopment Agency 2007-09-04
5
Item # 1
Meeting Date: 9/1712007
Community Redevelopment
Agency Agenda
Council Chambers - City Hall
SUBJECT I RECOMMENDATION:
Approve a Cleveland Street District Facade Improvement Program Loan in the amount of $31,020 for the property located at 534
Cleveland Street.
SUMMARY:
On September 4, 2007, CRA approved the Cleveland Street District Facade Improvement Program. The Fa<.;ade Improvement Program
creates incentives for the property owners and businesses on Cleveland Street to improve the appearance of their businesses and
properties. It is hoped that this program will foster and encourage investment and pride in building facades along Cleveland Street and
add to the Cafe District envisioned in a revitalized downtown Clearwater.
Jon Heneghan, the property owner at 534 Cleveland Street, has applied for a Cleveland Street Facade Improvement Program Financial
Incentive. As part of the application process, the property owner provided an itemized list of expenses for the building, with eligible
facade improvements totaling $82,040. The program matches improvements dollar-for-dollar and the CRA staff would like to cover half
of those expenses for a total of $41,020. The CRA Executive Director has approved a $10,000 grant leaving the balance of $31,020 that
would be a 0% loan to be paid upon sale of the property.
Mr. Heneghan is already underway with building renovation and restoration of the "Telephone Exchange Building." He has expended
over $250,000 in removing the stucco panels that covered the original brick building. He anticipates that the final cost of renovating the
exterior and interior of the building will be in excess of $400,000. The timeframe for completion of the exterior is December 2007.
CRA staff recommends this building for a facade improvement grant and loan for the following reasons:
. This building is in a strategic comer location on Cleveland Street that facilitates the Cafe District concept.
. The proposed improvements will contribute significantly to the Sidewalk Cafe District vision.
. The property is significant architecturally to Downtown.
. The property owner is making a significant additional investment in the renovation of the building facade.
. The exterior improvements fully reflect the recommended facade treatment delineated in the Facade Design Analysis previously
adopted by the CRA.
. The property owner has also been working with CRA staff on identifying an end user (specifically a restaurant) for the first floor
space.
For the above reasons, staff recommends that the CRA approve the loan request in an amount of $31,020. The CRA's investment in this
property will be less than 10% of the total investment in the building.
As described in the Facade Program Guidelines, the loan will be secured by a mortgage and note on the property to be repaid upon sale
of the property. The grant and loan will be disbursed to the property owner once the eligible improvements are completed and the
requisite mortgage and note executed. As a stipulation of the loan, the property owner will maintain the facade improvements as
approved, in good condition, for a period of five (5) years from completion.
The loan documents (mortgage and note) will be prepared for CRA Board approval at the CRA meeting on October 15,2007.
Type:
Current Year Budget?:
Other
Yes
Budget Adjustment:
None
Budget Adjustment Comments:
Cover Memo
Current Year Cost:
Not to Exceed:
$41,020
Annual Operating Cost:
Total Cost:
o
$41,020
Item # 2
For Fiscal Year:
to
Appropration Code
0388-99979
Amount
$41,020
Appropriation Comment
Review Approval: 1) Office of Management and Budget 2) Legal 3) Clerk 4) Assistant City Manager 5) Clerk 6) City Manager 7) Clerk
Cover Memo
Item # 2
From: 95624257 Page: 1/9 Date 9/10/20073:07:57 PM
Attachment number 1
Page 1 of 9
~,etearwater
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Interoffice Conespondence Sheet
TO:
Rod Irwin, Director, Community Redevelopment Agency
CC:
Geri Campos Lopez, Director of Economic Development & Housing
Anne Fogarty, Economic Development coordinatorA(,
September 10,2007
FROM:
DATE:
RE:
Fa<;ade Grant Application for 534 Cleveland
Downtown property owner Jon Heneghan has submitted the attached Cleveland Street Fac;ade
Improvement Program application for his property located at 534 Cleveland. They are requesting the
matching grant and loan to install a storefront, windows, awning, and lighting.
As part of the application process, the property owner provided an itemized list of expenses for the
building, with eligible facade improvements totaling $82,040. The program matches improvements
dollar-for-dollar and the CRA staff would like to cover half of those expenses for a total of $41 ,020.
The eRA Executive Director has approved a $10,000 grant leaving the balance of $31,020 that would
be a 0% loan to be paid upon sale of the property.
Mr. Heneghan has expended over $250,000 in removing the stucco panels that covered the original
brick building. He anticipates that the final cost of renovating the exterior and interior of the building
will be in excess of $400,000. The timeframe for completion of the exterior is December 2007.
We recommend this building for a facade improvement grant and loan for the following reasons:
. This building is in a strategic corner location on Cleveland Street that facilitates the Cafe
District concept.
. The proposed improvements will contribute significantly to the Sidewalk Cafe District vision.
. The property is significant architecturally to Downtown.
. The property owner is making a significant additional investment in the renovation of the
building facade.
. The exterior improvements fully reflect the recommended facade treatment delineated in the
Facade Design Analysis previously adopted by the CRA.
. The property owner has also been working with CRA staff on identifying an end user
(specifically a restaurant) for the first floor space.
Please let me know if you have any additional questions concerning this application.
Item # 2
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Date 9/10/2007 3:07:59 PM
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From: 95624257
Page: 7/9
Date 9/10/2007 3:07:59 PM
Schedule for completion of 534 Clevelnad facade improvement
Windows installed October 7h 2007
Painting done October 7th 2007
Masonry work complete October 15th 2007
Storefront installed November 30th 2007
A wrung installed December 15th 2007
Patio installed December 21 st 2007
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Attachment number 1
Page 7 of 9
Item # 2
From: 95624257
Page: 8/9
Date 9/10/2007 3:07:59 PM
Attachment number 1
Page 8 of 9
June 8, 2007
Mr. Jon Heneghan
959 Bayshore Boulevard
Safety Harbor, Florida 34695
Re: FLS2006-01010 - 534 Cleveland Street (Peninsular Telephone Company Building)
Dear Mr. Heneghan:
This letter constitutes a Development Order pursuant to Section 4-206.D.6 of the Community Development
Code. On June 7, 2007, the Development Review Committee (DRC) reviewed your Flexible Standard
Development application to remove the existing modem fa~ade and restore the original fa~ade (circa 1922) of
the existing building under the provisions of Section 2-902 of the Community Development Code and the
Clearwater Downtown Redevelopment Plan. The DRC APPROVED this application based upon the following
Findings of Fact and Conclusions of Law and subject to the attached conditions of approval:
Findings of Fact
1. That the O.On-acre subject property is located 'at the northwest comer of Cleveland Street and Garden
Avenue;
2. That the subject property is located within the Downtown (D) District and the Central Business District
(CDB) Future Land Use Plan category;
3. That the development proposal is subject to the requirements of the Clearwater Downtown Redevelopment
Plan and the Design Guidelines contained therein as the parcel is located within the Downtown Core
character district;
4. That the development proposal is compatible with the surrounding area and will enhance other
redevelopment efforts; and
5. That there are no outstanding Code Enforcement issues associated with the subject property.
Conclusions of Law:
~ I. That the development proposal is consistent with the Downtown Desi Guidelines'
2. That the evelopment proposal is consistent with the Visions, Goals, Objectives and Policies of the
Clearwater Downtown Redevelopment Plan and the Downtown Core character district;
3. That the development proposal is consistent with the Standards and Criteria as per Section 2-903 of the
Community Development Code and the Clearwater Downtown Redevelopment Plan; and
4. That the development proposal is consistent with the General Applicability Criteria as per Section 3-913 of
the Community Development Code.
Conditions of Approval:
I. That prior to the initial reoccupation of the building by any tenet, an application must be made to the
Planning Department for approval of the prospective use;
Item # 2
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From: 95624257
Page: 9/9
Date 9/10/2007 3:07:59 PM
Attachment number 1
Page 9 of 9
June 8, 2007
534 Cleveland Street (Peninsular Telephone Company Building)
Page 2 of2
2. That the door and windows to be installed within the openings of the eXlstmg building shall be
architecturally consistent with those as they originally existed within the building; and
3. That the historic character of the building shall be retained and preserved with the removal of historic
materials or alteration of features and spaces that characterize the property to be avoided;
4. That any distinctive features, finishes and construction techniques shall be preserved;
5. That chemical or physical treatments, such as sandblasting, that cause damage to historic materials shall not
be used; and
6. That Staff shall review any proposed modification to the historic building.
I concur with the findings of the Development Review Committee and, through this letter, approve your
application for Flexible Standard Development with the above conditions. This approval is based upon, and
must adhere to, the application and development plans received January 30, 2006 and amended in part, on April
27,2007.
Pursuant to Section 4-303 of the Community Development Code, an application for a building permit shall be
made within one year of the Flexible Standard Development approval (by June 7, 2008). All required
certificates of occupancy must be obtained within two years of the date of issuance of the building permit.
The issuance of this Development Order does not relieve you of the necessity to obtain building permits or pay
impact fees that may be required. In order to facilitate the issuance of any permit or license affected by this
approval, please bring a copy of this letter with you when applying for any permits or licenses.
Should you have any questions, please do not hesitate to contact Robert G. Tefft, Planner III at (727) 562-4539
or via e-mail atroberttefft@myclearwater.com.
Sincerely,
Michael Delk, AICP
Planning Director
c: \Documen/s and Seltlngs\annefogartylLocal Settings\ Temporary In/ernet Files\OLK6\C leveland S/ 0534 - Development Order 06-07-07. doc
Item # 2
This fax was received by GFI FAXmaker fax server. For more information, visit: http://W'VIIW.gfi.com
Attachment number 2
Page 1 of 1
MIl
Meeting Date: 9/1712007
Community Redevelopment
Agency Agenda
Council Chambers - City Hall
SUBJECT I RECOMMENDATION:
Pursuant to CRA RFP IQ 23 -07 and the recommendation of the Selection Committee: 1) Designate Miles Development Partners of
Atlanta, Georgia as Preferred Developer for the Purchase and Development of the Cleveland Street and Prospect lake site; and 2)
Approve a ninety (90) day period of Exclusive Negotiation during which the CRA Executive Director is authorized to negotiate a
Development Agreement and Purchase Agreement, for Subsequent CRA Board consideration, in general conformance with the Miles
Development RFP/Q response.
SUMMARY:
On April 16, 2007 the CRA Board approved the release of a Request for Proposals/Qualifications (RFP/Q 23-07) for the purchase and
development of the Cleveland Street and Prospect Lake Park site in downtown Clearwater.
In approving the RFP/Q, several considerations for a future developer were highlighted by the CRA:
1. A proven record of successful development of projects similar to the mixed-use "vision" for the site;
2. Clear indication of the capacity of the developer and project to be constructed within the timeframe delineated in the RFP/Q;
3. Clear indication that the developer and project could readily attract the requisite financing for the project.
The RFPQ was formally released on May 8th with a submittal deadline of June 29,2007. The RFP/Q was advertised nationally in trade
publications, on the City's and other development and planning websites, in local newspapers and through the direct mailing (228
mailings) to development organizations and related groups. Nine (9) development teams from across the nation submitted proposals in
response to the RFP/Q.
On July 18,2007, a Selection Committee met to evaluate the written proposals and identify finalists who most closely met the
objectives of the CRA for the Prospect Lake site as delineated in the RFP/Q. The Selection Committee consisted of:
. Rod Irwin, CRA Executive Director
. Geraldine Campos Lopez, Director, Economic Development and Housing
. Michael Delk, Planing Director
. Michael Quillen, City Engineer
. Gina Clayton, Assistant Planning Director
The Selection Committee identified three (3) development team proposals, which appeared to best meet the selection criteria, based
upon a rating formula in the RFP/Q. The Selection Criteria used is as follows:
. Developer Experience and Qualifications (25%)
. Financial Feasibility (25%)
. Conceptual Development ProgramNision (25%)
. Economic Benefit to the CRA (25%)
. A 10% bonus was applied for those proposals agreeing to reserving 10% of the units for workforce affordable housings (defined
as households earning 120% of area median income).
The top three development teams were invited to make formal, detailed, in-person presentations to the Selection Committee on August
1 st and 2nd. The three invitees were:
. Miles Development Partners; Atlanta, Georgia
. The Gorman Company; Madison, Wisconsin
. Synergy Properties, Inc.; Tampa, Florida
Cover Memo
Item # 3
Subsequent to the interviews, and after further due diligence and clarification, the Selection Committee unanimously recommended that
the development team headed by the Miles Development Partners, Atlanta, Georgia be recommended to the CRA Board for designation
as Preferred Developer of the site, subject to successful negotiation of a Development Agreement and Purchase Agreement, and based
upon "Scheme A" of their submission.
The major determinants of the decision were:
1. Strong, current and successful experience with the type of "urban edge" mixed-use infill project envisioned for the site;
2. Strong probability of timely completion, based upon due diligence and client references;
3. Strong likelihood of ability to access necessary project financing, based upon financial references and internal financial resources
of the firm.
The Miles proposal anticipates a mixed-use residential project, with upwards of 249 market rental units (subject to PlanninglCDB
approval of the allowable number of units from the Public Amenities Incentive Pool), and upwards of 18,000 square feet ofretail along
Cleveland Street. Inclusion of an affordable housing component is contemplated. The specifics of the project will be defined by the
CRA through development agreement and purchase contract terms, and by the Community Development Board through a development
order.
Next Steps
1) CRA Board designate Miles Development Partners as Preferred Developers of site;
2) CRA board authorize a 90 day Exclusive Negotiation Period and authorize Executive Director to negotiate 1) development agreement
and 2) purchase agreement;
3) CRA Board approves development agreement and purchase contract;
4) Miles Development files development application with Planning Department.
5) CDB considers development application and, if favorably received, issues development order.
6) Miles Development files and obtains all necessary permits for construction of project.
7) Property transfers to Miles Development per Purchase contract.
Review Approval: 1) Office of Management and Budget 2) Legal 3) Clerk 4) Assistant City Manager 5) Clerk 6) City Manager 7) Clerk
Cover Memo
Item # 3
Attachment number 1
Page 2 of 22
PiIrlliI tauatr
The purpose of this Request for Proposals/Qualifications (RFP/Q) is to select a qualified
Development Team (Developer) to purchase and develop a prime 4.13+/- acre site
located on Cleveland Street and Prospect Avenue (Site) in Downtown Clearwater, one
block east of the Downtown Core. The Community Redevelopment Agency (CRA)
of the City of Clearwater, Florida invites qualified applicants to submit proposals and
qualifications for a residential infill development that includes a limited commercial
component for the Site.
The CRA redevelopment strategy emphasizes the creation of a significant residential
concentration in and around the Downtown Core to create the support for a day-into-
evening retail, office, recreational, and entertainment environment. The CRA envisions
this parcel as a major opportunity to facilitate this strategy.
The Site, located in the Town Lake Residential Character District of Downtown
Clearwater, is currently owned by the CRA and the City. Clearwater is situated on the
west coast of Central Florida in the Tampa Bay area and is the county seat for Pinellas
County government.
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NOTE: Total acreage is 4.13 Acres, more
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MEDITERRANEAN VILLAGE IN THE PARK,
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CITY OF CLEARWATER. FLORIDA
ENGINEERING DEPARTMENT
Item # 3
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Item # 3
The subject property is located in the Town Lake Residential Character District of the
Downtown. It has frontage on Cleveland Street, Prospect Avenue, and Ewing Avenue
and is adjacent to Prospect Lake Park. The Downtown Redevelopment Plan envisions
this District as a residential area with ancillary commercial uses, with more intensive
commercial and office development directed to the major streets in the District.
The CRA desires a mixed-use urban infill project in this location, with a predominantly
residential component. The CRA's redevelopment strategy emphasizes the creation of
a significant residential concentration in and around the downtown core, to create the
support for a retail and recreational environment. The City/CRA view this parcel as a
major opportunity to further this strategy.
While the City has a Flexible Development Code to encourage design, mixed-use and
massing creativity on infill projects, certain preferred criteria have been established
because of the importance of this Site.
Development proposals should include a mixed - use building fronting Cleveland Street
three to four stories in height. Commercial uses should be located on the first floor and
residential uses on the upper floors. The building should have a pedestrian orientation
with no means of vehicular ingress/egress on Cleveland Street. Freestanding residential
buildings should be located to the south of the mixed-use building and may extend up
to a maximum of 75 feet in height. The orientation of these residential buildings should
capitalize on the site's proximity to Prospect Lake Park, but not wall-off the park. The
project's overall design should acknowledge and integrate the lake as a design feature of
the site.
Submissions reflecting significant variations from the preferred concept may be
considered, but at the sole and exclusive option of the CRA.
The Downtown Plan allows residential density up to 30 dwelling units or 40 hotel units
per acre and a Floor Area Ratio (FAR) of 1.0 for commercial development. Through the
Public Amenities Incentive Pool, a development proposal may attain additional density
and/ or FAR based on certain amenities provided by the developer, including but not
limited to, streets cape improvements, on-site public art, the inclusion of affordable
housing within the development, and mixed-use projects that further the Plan's major
redevelopment goals and character district vision.
The amount of development potential made available to the project will be based on
the type and scale of amenity provided and not a specific formula. The allocation
of additional densitylintensity is made in conjunction with a site plan application
reviewed and approved by the Clearwater Community Development Board at a public
hearing.
Any proposed project must comply with the Downtown Design Guidelines, which
require quality architectural and site design, an urban development pattern and the
use of quality materials that enhance the quality of the Clearwater Downtown built
environment.
Price is to be negotiated, based upon the overall development proposal and the
economic benefit to the CRA.
A Development Agreement between the Developer and the CRA shall govern the terms
and conditions associated with this project and the property acquisition.
The selected Developer shall enter into a binding Development Agreement with
the CRA, which shall outline the purchase and disposition of the subject Site, the
underlying project development design parameters agreed to by the CRA and city, any
incentives agreed upon, and the terms and conditions.
Item # 3
Due to the importance of this particular downtown infill development site, it is the
intention of the CRA to consider certain development "incentives" which might include,
but not be limited to, the payment/waiver of certain impact fees and the use of tax
increment financing revenues.
A screening team will evaluate all submissions according to the evaluation criteria
delineated below and identify firms that will be invited to submit more detailed
proposals, make oral presentations, or both. The screening team will rely upon the
response to this RFP/Q in selection of finalists and the Preferred Developer. Therefore,
respondents should emphasize information particularly pertinent to the project and
the evaluation criteria and submit all information they wish the screening committee to
consider.
The Screening Team will recommend a Preferred Developer to the CRA, who will make
the final selection. The recommended Preferred Developer may be required to make a
formal presentation to the CRA, if requested, as part of the selection process.
The CRA will then enter into exclusive negotiations with the Preferred Developer
for a Development Agreement, Purchase Agreement and any other appropriate CRA
transactions.
The selected Developer will be solely responsible for project design, development
application submission and approval, securing required permits, construction of the
project and ongoing project maintenance and operation.
. Developer Experience and Qualifications 25%
. Financial Feasibility (Developer & Project) 25%
. Conceptual Development Program/Vision 25%
. Economic Benefit to the CRA 25%
* A 10% "bonus" may be applied to any project proposal containing a residential
component with at least 10% of the units reserved for workforce affordable housing, at
120% of area medium income, for a period of at least 20 years.
Release RFP/Q
Proposal Submittal Deadline
Project Evaluation and Rankings
Oral Presentations
Approval of Selection by CRA
May 8, 2007
June 29, 2007
Week of July 17, 2007
Week of July 30, 2007
September 2007
Proposals must be submitted on or before June 29, 2007 by 4:00 p.m. Eastern Standard
Time. Late proposals will not be accepted. Proposals shall be submitted in a sealed
envelope or box and clearly marked as follows:
Request For Proposals /Qualifications-
CRA Cleveland Street and Prospect Lake Park Site
Item # 3
One (1) fully signed original transmittal letter and 10 copies of the proposal shall be
submitted to the CRA. The signer of the transmittal letter must be the person with
authority to act on behalf of the Proposer.
Proposals shall be mailed or hand delivered to the office of:
Mr. George McKibben
Purchasing Manager
City of Clearwater
Municipal Services Building
100 S. Myrtle Avenue, 33756-5520
P.O. Box 4748
Clearwater, Florida 33758-4748
All questions regarding this RFP/Q must be submitted in writing and directed to the
Purchasing Manager no later than five (5) days prior to the submittal deadline. All
questions and answers will be posted on the City's web site at www.myclearwater.com.
Questions may be 1) sent via email to Mr. George McKibben at
2) faxed to (727) 562-4635; or 3) mailed or hand-delivered to:
Mr. George McKibben
Purchasing Manager
City of Clearwater
Municipal Services Building
100 S. Myrtle Avenue, 33756-5520
P.O. Box 4748
Clearwater, Florida 33758-4748
All proposers responding to this RFP / Q do so at their sole expense and risk. The CRA and
city assume no financial or other obligation to Proposers who respond to this RFP/Q. The
CRA and City will not be liable to any broker, consultant or other entity acting on behalf
of any Proposer for any fee or payment relating directly or indirectly to the Proposer or
its proposal.
The selected Developer shall comply with all applicable laws, ordinances and
regulations.
All proposals, qualifications, correspondence and records made thereof, are public
record and handled in compliance with applicable state and local laws.
The successful development entity will be selected by the CRA. Estimated timeframe for
selection is September 2007.
Any actual or prospective proposer who is aggrieved in connection with the solicitation
or award of a contract may seek resolution of his/her complaints by contacting the
Purchasing Manager.
Item # 3
Information in the responses should be organized and divided by tabbed sections as outlined
below:
Legal name and principal office address
Telephone number and e-mail address
Name of authorized agent who is authorized to negotiate with the CRA
Names and qualifications of all team members, legal counsel, architect, financial
institution, contractor (if known)
A statement of the relationship between the developer and any parent company or
subsidiaries that might also take part in the development
List of prior development experience, short summary of relevant project(s), listing
total projects/units developed within the last five years
Provide financial institution reference contact(s), which may be contacted by the
CRA
A clear statement of the respondents' vision for the project and site, including how
the envisioned project will relate to the surrounding area and its benefits to the
CRA
Present in both narrative and visual form the extent of the development proposal
for the Site. Drawings may be "conceptual" in format, but should be detailed
enough to reflect the scope of the proposed development
Narrative elements to be addressed include:
. Height
. Scale
. Square footage of specific land uses
. Proposed architectural style and material types
. Site and building orientation
. Project relationship to the adjoining Prospect Lake Park
. Access points and curb cuts
A breakdown of the proposed parking spaces to be allocated for each use
Creative and innovative design solutions
Proposed calendar schedule, to include timeline for:
. Design
. Review and Permitting
. Construction
* Note: it is the desire of the CRA that this project is under construction within twelve
months of CRA approval of the development agreement.
Preliminary financial plan to include:
. Construction Budget detailing total project cost and proposed source(s)
of funding
. Demonstration of developer's financial capacity to develop the Site
A brief description of the various land uses being proposed, including price points
of for-sale residential units and proposed lease rates for retail
Suggested purchase price for the property
Item # 3
The CRA, in its sole and absolute discretion, with or without cause, and without liability of any
kind to any Proposer, reserves the right to:
Accept or reject any and/or all proposals, either in whole or in part, waive any
informality of any proposals and qualifications, cancel this RFP/Q at any time
and/ or take any action in the best interest of the CRA. The CRA's decision in all
matters shall be final;
Retain all proposals for official record purposes, including a copy of the selected
developer's qualifications and supporting documentation, and/or use them in
whatever manner it deems appropriate;
Written competitive proposals, other submissions, correspondence, and all records
made thereof, as well as negotiations conducted pursuant to this RFP/Q, shall be
handled in compliance with Chapters 119 and 286 of the Florida Statutes. The
City gives no assurance as to the confidentiality of any portion of any proposal
once submitted;
Elect not to accept any request by any Proposer to correct errors or omissions
in any information, calculations or competitive price(s) submitted once a
qualification is received;
Ensure that by offering a submission to this RFP/Q the proposer certifies the
proposer has not divulged to, discussed or compared his/her competitive proposal
with other proposers and has not colluded with any other proposers or parties to
this competitive proposal whatsoever;
Investigate the financial capability, integrity, experience and quality of
performance of each Developer including all principals;
Request an oral presentation from any Proposer; and;
Request any additional information from any Proposer.
Regional and national developers have discovered downtown Clearwater's strategic
location within the Tampa Bay region. The city is the second most populous
community within the county, and as the county seat enjoys the added benefit of
hosting thousands of city and county employees within our downtown. Connected to
downtown by the newly constructed Memorial Causeway Bridge are world-renowned
beaches that remain a popular destination for residents and tourists alike.
The Downtown Core itself is undergoing revitalization with two key private parcels
under construction. Several infrastructure projects have been completed or are under
construction that will continue to set the stage for the attraction of private development.
Leading the infill and redevelopment market is a strong consumer demand for new
workforce urban housing units (condominiums, townhomes, and apartments) and
associated quality retail and entertainment support venues.
To coincide with this demand, a primary strategy of the CRA for downtown
revitalization is the attraction of quality, new urban market-rate and workforce housing
and hotel units. The attraction of residents and tourists into our downtown acts as a
catalyst for increased retail, restaurant and entertainment venues.
The CRA has worked closely with developers, the Downtown Development Board
(DDB), Main Street Program, property owners, Clearwater Regional Chamber of
Commerce, and other stakeholders to coordinate projects that support this strategy.
These projects include a comprehensive marketing plan to promote the future of
downtown with a brand identity for Cleveland Street and a Fa~ade Improvement
Program with matching grants for buildings along Cleveland Street.
Item # 3
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Attachment number 1
Page 18 of 22
. Main Library- A 90,000 square
foot $20.2 million main library
designed by architect Robert A.M.
Stern was completed in 2004.
MEMORIAL CAUSEWAY BRIOGE
MAIN LIBRARY
. Memorial Causeway Bridge- Clearwater's
signature bridge linking downtown to the
beaches was completed in 2005 contributing to
a more pedestrian-friendly Cleveland Street.
Current Redevelopment Projects and Activity
In addition to infrastructure projects, Clearwater has approved 1,237 attached
dwellings in downtown, of which 519 units have been built or are currently under
construction. The CRA has been very active in the downtown creating several public-
private partnerships that has resulted in two development projects currently under
construction and several under development.
Downtown Core
Station Square Condominium Project
Construction is currently underway for a
mixed-use project consisting of 126 residential
condominiums, 10,000 square feet of restaurant/
retail space and 326 parking spaces, of which
100 will be public. This project lies on a 35,968-
~qUare-foot former parkiug lot lying on the north
STATION SQUARE
CON 0 0 M I N I U M PRO J E Ollm # 3
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Attachment number 1
Page 20 of 22
Clearwater Automotive
Long an impediment to the future
redevelopment around the Prospect
Lake area, an automotive junkyard
was acquired by the City through an
exchange of real property between the
city and Clearwater Mall, LLC.
The city and the CRA have partnered
on this project to complete the
environmental remediation of this
3+/ -acre site. The intention of the CRA is to issue a Request for Proposals once
all the requirements of the Brownfields Site Rehabilitation Agreement have been
completed and signed off by the Florida Department of Environmental Protection for
redevelopment of this site.
CLEARWATER AUTOMOTIVE
Downtown Clearwater
For more information about Downtown Clearwater, please visit
www.myclearwater.com/downtown.
.u...
Item # 3
Attachment number 1
Page 21 of 22
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Prepared by
Engineering Department
GIS Division
1 inch equals 600 feet
o 300 600
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Attachment number 1
Page 22 of 22
Frank Hibbard, Mayor
John Doran, Vice-Mayor
George N. Cretekos, Councilmember
Paul F. Gibson, Councilmember
Carlen A. Petersen, Councilmember
Rod Irwin
Geraldine Campos Lopez
~ Clearwater
u
Item # 3
Attachment number 2
Page 1 of 1
From: Irwin, Rod
Sent: Thursday, September 06, 2007 10:48 AM
To: Harriger, Sandy
Subject: FW: Supplemental page for Miles RFP
The attached e-mail and RFP page need to be attachments to the Prospect Lake
Agenda Item.
-----Origina1 Message-----
From: Jason Perry [mai1to:jason.perry@mi1esdp.com]
Sent: Wednesday, September 05, 2007 6:47 PM
To: Lopez, Geraldine Campos
Cc: Irwin, Rod
Subject: Supplemental page for Miles RFP
Geri,
Attached is the corrected purchase price page for the RFP. We apologize for
the typographical error. The information on this page should now be
consistent with the prices and schemes throughout the rest of the package.
Please let us know if there is anything else you need.
Sincerely,
J. Jason Perry
Vice President of Development
Miles Development Partners
3280 Peachtree Road, NW
Suite 600
Atlanta, Georgia 30305
P: 404.665.2096
F: 888.258.2415
jason.perry@milesdp.com
Item # 3
Attachment number 3
Page 1 of 1
In the past 12 months, Miles Properties, Inc. and its development subsidiary Miles
Development Partners have raised over $60 million in private equity, closed on a
$40 million real estate opportunity fund (callable over the next three years), and
raised $8 million in private mezzanine financing. Additionally, the firm has
secured over $275 million in debt financing from a variety of lenders. With an
estimated construction and development of over $35,000,000 for the Cleveland
Street development, Miles Development Partners is more than adequately
capitalized to undertake this project.
II. Description of Various Land Uses Being Proposed
a. Price Points of For-Sale Residential Units
Not applicable for our current development program
b. Proposed Rental Rates of For-Rent Residential Units
We expect that our units will rent from $775 - $1,650 per month
c. Proposed Lease Rates for Retail
We expect that our retail units will rent for $35 per square foot per year
(Full Service)
III. Suggested Purchase Price of the Property
Scheme "A"
$3,000,000 (Three Million Dollars)
Scheme "B"
$1,500,000 (One Million Five Hundred Thousand Dollars)
In addition to the purchase price mentioned above, we also believe that this project
will create a substantial economic benefit the City of Clearwater.
1. With an estimated hard construction cost of $32,000,000 and an effective tax rate
of 5.0288 mills, we estimate that this project will create an annual increase in the City
of Clearwater's tax revenues by over $160,000 per year
2. Because we are proposing a "for rent" development, our project will also create
several jobs including an apartment manager, an assistant apartment manager, several
rental agents, and several maintenance professionals. Additionally, the repair and
maintenance work that is sub-contracted out will generate additional work for local
contractors.
Item # 3
t~
MilES
DEVELOPMENT
PARTNERS
www.mHesdevelopmenlparlners.com
September 6, 2007
Mr. Rod Irwin
Assistant City Manager for Economic Development
City of Clearwater
City Manager's Office
112 South Osceola Avenue
Clearwater, Florida 33756
Mr. Irwin,
The purpose of this letter is to answer and clarify several questions that were asked of Miles
Development Partners during the interview process pertaining to the RFP issued on the Prospect
Park property along Cleveland Street. During the presentation held on August 1, 2007, your
team asked us to clarify and explain in more detail several items in our initial response to the
RFP. These clarifications and explanations relate to the following main categories:
1. Project Narrative & Vision
2. Conceptual Development Program (249 Units plus Retail)
3. Financial Plan and Pricing
4. Target Market
5. Project Staffing
6. Letters of Reference
7. Site Plan and Project Renderings (sent under separate cover)
We have enclosed with this letter, documents that will clarify and explain these items in writing
that were discussed verbally during the presentation and subsequent meetings. If you or anyone
from your team has any questions or comments, please do not hesitate to contact us.
Sincerely,
~_?~
J. Jason Perry \
Vice President of Development
Enclosures
Cc: Geri Campos Lopez, City of Clearwater
Bruce Wise, Miles Development Partners
Joseph Beaudoin, Miles Development Partners
Item # 3
Terminus 100.3280 Peachtree Road NW. Suite 600 . Atlanta, Georgia 30305 .404.965.3300
Attachment number 4
Page 2 of 12
~ect Narrative and Vision Statement
The proposal is to provide a quality contextual design, enhancing the built environment of
Downtown Clearwater, Florida. The project boundaries, residing within the Town Lake
Residential Character District, provide a unique opportunity for the development team. While
residing on the commercial artery of Cleveland Street and the park setting of Prospect Lake, the
best of both urban living and a restful green space can be achieved. The provision of these
exceptional activities to future residents and to the greater community provide for an experience
of rare coincidence.
The desire is create a dynamic mixed-use project combining for-rent multi-family and
neighborhood commercial/retail targeting the influx of persons to or near the Downtown District
of Clearwater, Florida. The property's proximity to Downtown creates a perfect location for
residential close to the cultural, entertainment, and business amenities of the central civic core.
As in other projects of the area, our demographics will be a variety of urban and near-urban
populations, including young professionals, educational and municipal workers employed in the
central core. The Cleveland Street location and value pricing of the project supports our primary
focus of a "soft-loft" concept mixed with retail and multi-family apartment units around Prospect
Lake.
Item # 3
Attachment number 4
Page 3 of 12
Conceptual Development Pro!!:ram
1. Narrative Presentation
This proposal uses the massing of four-story residential buildings fronting Cleveland
Street to create a pedestrian friendly urban "edge" composed of retail/commercial
uses below three stories of residential units. These buildings will comprise the
northernmost area of the parcel. The structures will take on architectural
rhythms/scale appropriate to the pedestrian and the existing urban fa9ade patterns of
Downtown Clearwater emphasizing a "Main Streef~ architectural style. Additionally~
pedestrian access to Prospect Lake Park is proposed for the passerby from Cleveland
Street on both the eastern and western property boundaries. Parking for these
residences is achieved via a "podium-style" two-level parking facility wrapped with
buildings and "green" amenities on its roof. These amenities will include a fitness
facility~ pool and associated outdoor recreation space~ private balconies and public
pedestrian entry/lobby.
Pedestrian access to Prospect Lake Park is a key focus for this proposal. A
landscaped and lit walkway linking pedestrians on Cleveland Street to Prospect Lake
Park is included along the western boundary of the site. This will also serve to
preserve a view corridor from Cleveland Street to the Park.
The remainder of site is occupied by a three-story building set in a garden atmosphere
respecting Prospect Lake Park by providing green space between the lake and
residential uses. Parking for these facilities also is located at greatest distance from
the park/lake and is used to buffer adjacent land uses from the stlUctures. Ample
secured parking and pedestrian access will be provided. Entry and egress points are
provided via Park Street, Pierce Street and S Prospectus Avenue. These multiple
access points allow for a distributed traffic pattern minimizing impacts on the
surrounding neighborhoods.
The architectural style of the project proposes a flexible design that may incorporated
a variety of styles to produce a more authentically urban infill development more
common to retail streets built over time. The material palette could include more
historical and indigenous materials such as clay tile~ stucco~ brick and wood siding
but also more contemporaneous materials such as steel~ glass and metal roofing.
a. Height
50 Feet Max
b. Scale
Rectangular
Item # 3
c. Square Footage of Specific Land Uses
Residential:
249 Units
50% 1Br & 50% 2Br
900 sqft Average Unit Size
225,000 sqft Total
Commercial/Retail:
16,800 sqft
d. Proposed Architectural Style and Material Types
See N arrati ve
e. Site and Building Orientation
Cleveland Street
f. Project's Relationship to the Adjoining Prospect Lake Park
Utilizes Prospect Lake for Residential Views & Open Air Amenity
g. Access Points and Curb Cuts
Curb cuts on Prospect A venue, Park Street, & Pierce Street
h. Breakdown of Proposed Parking Spaces to be Allocated for Each Use
436 Spaces (374 residential & 64 commercial/retail)
1. Creative and Innovative Design Solutions
Attachment number 4
Page 4 of 12
Item # 3
Attachment number 4
Page 5 of 12
Clarification of Financial Plan
1. Purchase Price: $3,000,000
This purchase price is based on the purchaser successfully obtaining the right to
develop 249 residential units plus retail on the site.
II. Earnest Money: $250,000
We are willing to make a good faith deposit in the amount of $250,000 (to be held in
escrow) upon the CRA's award of Miles Development Partners as the Preferred
Developer of the Prospect Park property.
III. No City Incentives
We are not requesting any incentives from the City of Clearwater to develop this
project.
IV. City Participation
We humbly request that the City of Clearwater support our development by awarding
an additional allotment of units to be developed on the site from the City of
Clearwater Density Pool.
This additional density will allow us to reach the critical mass required to efficiently
operate an apartment complex. With 249 units plus retail, the complex can support
dedicated leasing agents and dedicated maintenance staff. This significantly reduces
costs compared to subcontracting out these functions. This unit count also allows us
to allocate our fixed costs over more units, resulting in lower fixed cost per unit than
a smaller development.
V. Workforce Housing
Miles Development Partners is prepared to participate in the City of Clearwater's
"Workforce Housing" program as defined by 120% of AMI or less.
VI. Supporting Financial References
a. Copy of Private Equity Fund provided under separate cover
b. Purchase History & Financial References attached hereto
Item # 3
Financial Plan
.
1. Preliminary Financial Plan
Construction Budget Detailing Total Project Costs
Category
Land Acquisition:
Hard Construction Cost:
Architectural & Design:
Costruction Soft Costs:
Transactional Costs:
Development & Contingency:
Estimated Costs
a. Proposed Source(s) of Funding
Nominal
$ 3~000~000
$ 32,000,000
$ 1,300,000
$ 1~700,000
$ 4,000,000
$ 2.500,000
$ 44,500,000
Attachment number 4
Page 6 of 12
% ofProi.
6.74%
71.91 %
2.92%
3.82%
8.99%
5.62%
100%
Funding will be sourced from three major sources. The exact percentage of
capital and source of each tranche will be determined through competitive bidding
between potential sources. The source with the lowest overall cost of capital will
be selected for that respective tranche.
The land acquisition and construction loan will first be sourced from a major
commercial bank. We expect this loan to cover up to 80% of the total cost of
construction. Typical vendors include Key Bank, Wachovia Bank, LaSalle Bank,
etc. In the past 12 months, these banks have combined to issue Miles over $275
million dollars in senior debt.
We expect to raise an additional 10% of the total construction cost of the project
via mezzanine financing. Typical vendors include Merrill Lynch, CIT, etc.
The remaining capital will most likely be raised internally through Miles
Development Partners or our parent company Miles Properties, Inc. Even though
it is our intent to fund this capital internally~ we reserve the right to raise capital
through other capital sources.
In addition to all of these sources of capital, Miles Development has direct access
to $12,000,000 from our private equity real estate opportunity fund and
$8,000,000 in mezzanine financing from our private equity mezzanine fund.
These two equity sources alone could account for almost 50% of the required
capital of the entire project.
b. Demonstration of Developer's Financial Capacity to Develop the site
In the past 12 months, Miles Properties, Inc. and its development subsidiary Miles
Development Partners have raised over $60 million in private equity, closed on a
Item # 3
Attachment number 4
Page 7 of 12
$40 million real estate opportunity fund (callable over the next three years), and
raised $8 million in private mezzanine financing. Additionally, the firm has
secured over $275 million in debt financing from a variety of lenders. With an
estimated construction and development of over $35,000,000 for the Cleveland
Street development, Miles Development Partners is more than adequately
capitalized to undertake this project.
II. Description of Various Land Uses Being Proposed
a. Price Points of For-Sale Residential Units
Not applicable for our current development program
b. Proposed Rental Rates of For-Rent Residential Units
We expect that our units will rent from $775 - $1,650 per month
c. Proposed Lease Rates for Retail
We expect that our retail units will rent for $35 per square foot per year
(Full Service)
III. Suggested Purchase Price of the Property
a. $3,000,000 (Three Million Dollars)
This price is calculated based on a proposed density of 249 units. This price also
includes an allocation of credits from the density pool to achieve a development
of249 units.
b. $250,000 (Earnest Money Deposit)
As a good faith demonstration of our financial capabilities and commitment to
developing our proposal, we would be willing to make an initial earnest money
deposit in the amount of $250,000 upon the selection of Miles Development
Partners as the Preferred Developer for the Prospect Lake property.
Item # 3
2006 Acquisitions
Property Location # UnIts Purchase Price Equity Investment Close Date
Berkley Estales Dislricl Heights, MD 366 $22,375,000 $2,190,000 5116/06
Meridian North Charleston, SC 160 $6,300,000 $921,750 6126/06
British Woods Durham, NC 400 $11 ,200,000 $2,073,000 7124106
Madison Poinle Orlando, FL 188 $7,959,000 $1,201,000 8/21/06
Sloney Pointe Charlolle, NC 360 $9,650,000 $1,230,000 9/14/06
Cambridge Commons ForeslviUe, MD 599 $33,250,000 $5,130,000 9/15/06
Oaks al Wendover Chartolla, NC 239 $7,450,000 $1,548,500 llfl106
Chaucer Village Dallas, TX 384 $9,900,000 $2,098,000 11/27106
Caninglon ManorlWalerford Polne Memphis, TN 853 $16,200,000 $3,050,000 12115/06
Foxglenn Capital Heights, MD 172 $9,500,000 $1.490,460 12128106
Tolal/Avarages 3,741 $133,784,noo $.20,932,710
2007 Acquisitions
Property Locatlon # Units Purchase Price Equity Investment Close Date
Aspen Portfolio Birmingham, AL 1,840 $57,500,000 $9,353,280 115/07
Bloc!< C Land Parcel Jacksonville, FL TBD $3,314,625 $828,656 215/07
Bloc!< D Land Parcel Jac!<sonville, FL TBD $4,019,100 $1,004,100 2/5107
Park@ Lakewood Richmond, VA 720 $25,000,000 $3,856,000 2nJ07
Willowick Riverdale, GA 220 $6,600,000 $1,200,000 4/5/07
Jac!<son Square Ortando, FL 264 $13,350,000 $2,200,000 4/16/07
Brillany Chartotle, NC 310 $8,380,000 $1,554,860 5/10/07
Club @ Camp Creek College Park, GA 486 $15,000,000 $1,908,834 5/1 Bl07
Eagle CliIf Commerce GUy, GO 144 $5,000,000 $975,000 5/29/07
Foxworll1 Road Land Parcel Tampa, FL 500 $7,273,117 $1,818,279 6/15/07
Fox Road Land Parcel Raleigh, NC 480 $8,653,750 $2,163,438 7116/07
Ivy Commons Durham, NC 223 $5,350,000 $963,481 7/18/07
Govenby Village Memphis, TN 470 $9,225,000 $1,747,640 7119/07
Block A Land Parcel Jacksonville, FL 125 $3,889,375 $1,114,375 1 0/5107
Total/Averages 5,782 $172,554,967 $30,687,943
Attachment number 4
Page 8 of 12
Item # 3
Attachment number 4
Page 9 of 12
Tareet Market
The target market for our proposed development focuses on the working professional. Our
experience in other urban markets has allowed us to witness a pent up demand for affordable,
urban living. There seems to be a huge demand for affordable, urban living that is largely
underserved in most urban markets. Many working professionals have a desire to live close to
their employment, as well as entertainment nodes. Downtown Clearwater takes it one step
forward with its proximity to the beaches, which offer an abundance of entertainment and
recreational activities that many cities can not offer.
As witnessed over the past few years, most urban development has catered to the empty nester
and luxury home buyer. There has been very little focus on the working professional, who
makes up the largest demand pool for urban living. It is our focus to fulfill this demand and
create a retail environment that will serve the residents as well as visitors to downtown.
Weare also proposing to allocate a percentage of our units to workforce housing. This housing
will be set aside for residents that have incomes less than 120 percent of the Area Median
Income. These units will also have a rent restriction to allow more affordability for these
residents. Workforce housing is critical to a healthy mix of residents as well as employee
retention within the downtown core.
Item # 3
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Page 10 of 12
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Page 11 of 12
lilt'.
:::,.-
CUTY Of ST. PETERSBURG
POST OFF!CE Box 2842, ST. Pm~SRURG, F~ORIDA33731-2B42
WEB SITE. WWw.5tpete.DlgC~anneI35WSPF.TV
TmPHONE; 727 893-7171
To Whom It May Concern:
The City of 8t Petersburg is proud to be teaming with Miles Development Partners on
their projects within our City. With two projects nearing completion and one additional
project breaking ground, Miles has been an instrumental partner in the community
redevelopment of Downtown 81. Petersburg. Working closely with the City staff, we
found sensitivity to the City's interests as well as the needs of Ollr constituents. Miles
exhibited a flexibility rarely found in development companies while creating not only
mixed-use opportunities for downtown but also acting as a catalyst to encourage
additional investment with our central business district. Our experience with Miles has
proved a great understanding of creating livable cities that truly provide an exceptional
experience both for the resident and visitor. My office is always available should you
desire to discuss the Miles and their accomplishments in 81. Pete,
~
Kevin Dunn, Managing Director
Development Coordination
City Development Administration
Item # 3
Attachment number 4
Page 12 of 12
JEDC
JACK:>Oi\VH.I.F.
ECON( ll\11C DEVF.T .OPMEKT
C{}MMISSION
.J l\ly .~ 1. 2(}07
C(JIll!llllnit~ R...:dcvl'hlpt1l~lll Agency
City o["Cicaf\\'itkL Florida
'lu Whom 111\.lay Cuncern:
As the Lxcelltivc Direclor 0(" Ih~ Jacksonville Economic f"kvdopmenl ("onuniss[on.
(JLDC), [ woulJ like to personally endorse the gopd \vork and e,<p~rictlcc of ~v1iles
LkvdoprllCIll Partners as seasoned prot'r;;ssionals who Construcl. q1.l81ity housing with
modern amcniticoi that appeal 1(1 both t,uyers flnd renters, [have \vorktd with tllem in the
past in St, Petershurg and ClllTentJy in Jacksonville ane! [ hold Lhem in lhe highest reg.ard,
They are truly pioneers in the housing development field as evidenced in their impressive
portfoLio highlighting. development projects throughout the United. Slales. Partneritlg \vith
I.hem, we have unveikd a mixed-use redevelopment project consisLillg of 12.5 acres in an
urban blighted und neglected ncighhorhood of Downtown Jack:~nnville. The pi'oj.e~~t has
g<lm~r~d a great de;ll of support due to Lhe l\;files Development Partners keen sense of
cOrnnlllnil~, relating to tbe wams and needs of' the neighborhood as \\'ell as I.heir ability to
be ikxible in any given situation, a I.rait rarely found in developmenl companies,
CaLalysb in an area untonchcc] for tkcadt's. their presencc wi!! attract aJdil.innaJ imcrc515
and inve~llllent inti) the area no\\ pni:~(:d I'm redevelopmem,
l\gain. f \vould highly l'eCOlnmClld your sincere {,:onsider8tion of the LJuafi ikltions and
pfOVC'11 track record offvlilcs Lkveloprn":nl Panners f'or your upcominF; project. Please do
not hcsimtc to CllllLw..:1 me with any quc,~tions.
Sinccrch,
-((Z<). d~
Romld D, Garton
Fxecutive Director
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