Coeur d’Alene Midtown Development February 20,2019
Zoning: Midtown; C-17; MO “ The intent of this district is to create a lively, neighborhood business district with a mixture of uses, including retail, services, and residential. Storefronts would be relatively continuous along the street within the core of the district. Housing would be encouraged both above and behind commercial uses.” – Coeur d’Alene Comprehensive Plan
Coeur d’Alene Midtown Development FUTURE PHASE 2
Project Statistics: Coeur d’Alene Midtown Development • Four (4) retail / commercial spaces • +/- 6000 total square feet One (1) commercial loading • / unloading parking stall T wenty-one (21) residential • units are proposed Nine (9) One Bedroom flats • of approximately 650 -750 square feet T welve (12) T wo bedroom • flats approximately 900 square feet • Intend to provide T wenty- one (21) parking stalls. Project Amenities: • Spacious Midtown living • Plaza and open space Bike connectivity • • Provide parking stall per unit Close to restaurants and • services • Possible solar power
Coeur d’Alene Midtown Development
Coeur d’Alene Midtown Development
Coeur d’Alene Midtown Development
Coeur d’Alene Midtown Development
Coeur d’Alene Midtown Development Parking Midtown Parking Study, June 2018 by Rich & Associates • 5 year projection surplus of 406 spaces • 10 year projection surplus of 392 spaces. Results indicate that during the period study, capacity for lot 24 never exceeded 63% while lot 30 never exceeded 27% Peak Occupancy Lot 24 Peak Occupancy Lot 30 Peak Occupancy Lot 30 6/13/2018 1PM-3PM 6/13/2018 5PM-7PM 6/13/2018 7PM-9PM
Coeur d’Alene Midtown Development Parking Midtown Parking Study, June 2018 by Rich & Associates Summary: • Parking Supply for the study area is 948 spaces, with 332 (35%) of these public and 619 (65%) private. The majority of the parking within the study area is • found in private lots with only one public lot. • The highest utilization of parking is found along 4th Street between Montana and E. Reid Avenue. The peak occupancy occurred from 11:00AM – 1:00PM • at 36% occupancy. • The overall daytime parking surplus for the study area is 435 spaces. • The overall daytime parking surplus for the core area is 88 spaces. Study Recommendation 1. Discourage the development of any new private parking lots in the Midtown District. 2. Work with private parking lot owners in the Midtown to create additional shared use parking
Coeur d’Alene Midtown Development Parking Maximize use of time – • daytime and nighttime use Locate parking near center • of retail activity • Use central plaza as gateway from/to parking • Allow easy access to parking through buildings • Create simple interaction between parking and retail Provide landscaping to • buffer parking
Coeur d’Alene Midtown Development Growing Demand – Middle Income TARGET RESIDENT INCOME Low Income Middle Income Upper Income With expected growth in the area, middle income will S I NG L E <$35,250 $35,250 - $87,540 >$87,540 have less options for housing. Government support for low income and market-rate will continue TW O <$40,250 $40,250 - $127,250 >$127,250 to grow as demand grows TH RE E <$45,300 $45,300 - $145,000 >$145,000 FOUR <$50,300 $50,300 - $176,000 >$176,000 Target Residents: Middle Income Housing Per U.S Department of HUD low income limit for Coeur d’Alene is $35,250 Coeur d’Alene Median Household Income is $44,493 (per city -data.com)
Coeur d’Alene Midtown Development PROJECTS HISTORY OF SUCCESSFUL MIXED-USE
Coeur d’Alene Midtown Development
Coeur d’Alene Midtown Development 2/21/2019
Coeur d’Alene Midtown Development Vibrancy of Midtown The development’s proposed contribution to the vibrancy of the Midtown area Create an active, integrated, and connected neighborhood between residents, retailers, customers, and employees. By providing more housing options in the neighborhood, it will bring more people to the already creative retail node. Residents will bring more activity through daily interaction with the retailers. Retailers will expand to provide more options to support residents. More activity in the neighborhood will have a chain reaction as more activity will create more activity. By providing a 20 minute lifestyle for the neighborhood, residents and retailers alike can take advantage of all that is right outside their door. Together adding sustainable vibrancy to Midtown
Coeur d’Alene Midtown Development Development Success Probability of the proposed development’s success – based upon the stability and capability of the developer, demonstrated success based on past development projects undertaken by the developer, market analysis, business plan, financial strength, legal requirements, and timeline Similar Under Construction Projects Similar Completed Projects GIBSON HIXON Project Type: Mixed Use Project Type: Mixed Use Location: Boise, Idaho Location: Bend, Oregon Size: 90,000 SF, 81 Units Size: 125,000 SF, 203 Units, Completion: 2018 Completion: 2020 Cost: $19.0 Million Cost: $60.0 Million ASH + RIVER THE ANDY Project Type: Mixed Use Project Type: Student Housing Location: Boise, Idaho Location: Eugene, Oregon Size: 43,000 SF, 34 Units Size: 43,000 SF, 33 Units Completion: 2019 Completion: 2014 Cost: $9.0 Million Cost: $7.6 Million 1414 KINCAID Project Type: Mixed Use Location: Eugene, Oregon Size: 73,000 SF, 45 Units Completion: 2014 Cost: $12.0 Million
Coeur d’Alene Midtown Development Development Success Financial Strength deChase Miksis has successful developed and managed over $250 Million in real estate development in the past ten years. deChase Miksis and its financial partners have the financial strength to complete the proposed Coeur d’Alene project. Each project is evaluated for the correct financial package, with both debt, equity, incentives, and community funding. The Midtown project has been evaluated and we intend to use a program that allows us to keep the rents at a rate that is sustainable in the local market. Below are financial institutions we have engaged in providing debt for the project. DOUG WARD MOLLIE MEANS LANCE HATZENBELLER First Interstate Bank CBRE | Capital Markets Idaho Central Credit Union Commercial Group Manager Debt & Structured Finance, Commercial Loan Officer 208-319-2409 Multifamily & Healthcare 208-846-7150 |doug.ward@fib.com 206-830-6496 lhatzenbeller@iccu.com mollie.means@cbre.com
Coeur d’Alene Midtown Development Development Success Timeline The key to a successful project is a schedule that all parties can agree to and can be met with the current local construction market. Having all parties, including Ignite CDA, the City, and the neighborhood, involved in the process will ensure a successful project.
Coeur d’Alene Midtown Development Ignite CDA Involvement Developer’s expectations of the Agency for the project’s success. Community Involvement As a public- private project, community engagement will be important. We would appreciate Ignite CDA’s involvement in the outreach to community stake holders, neighborhood organizations, and any other persons or groups Ignite CDA feels would be important to be involved in the development process. Financial Involvement Through the financial analysis of the project the overall value of the property will be appraised through a re-use appraisal. If Ignite CDA sees community value in a middle-income project we have assumed the land value and public improvements would be provided by Ignite CDA through a disposition and development agreement. Below are the assumed financial requirements that will be determined through the appraisal process: Land Value - $460,000 • Public Open Space - $50,000 • • Public Streetscape - $75,000 **Funds would only be per a reuse appraisal** Contractual Involvement It is understood that parties will need to work together to complete agreements associated with the proposed project. We would ask Ignite CDA to confirm requirements and timelines to meet requirements.
Coeur d’Alene Midtown Development Q & A
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