Welcome! PRE-BID BID MEE EETING TING Requ equest est for r Qua ualif ificat ication ions (R (RFQ FQ) ) for Devel elopm opmen ent t of Mix ixed-Inc ncome ome For or-Sale le Hou ousin ing On Rea eal Prope perty ty Located ed at 2907-29 2915 5 Welt lton on St St . August 23, 2017 Blair-Caldwell Library Julie Stern, Housing Development Officer, Office of Economic Development Rachel King, Contract Administrator, Office of Economic Development John Hersey, Senior Associate for Transit-Oriented Development, RTD
Th The e Pr Proper operty ty: 29 2907-29 2915 5 Wel elton on St. t.
29 th & Welton: The Site 2907-2915 5 Welton on Stree reet • 0.43 acres • Within Five Points Historic Cultural District – Design Guidelines • Adjacent to Curtis Park Historic District • Zoned C-MX-5 • Approx. 50 units – Approx. 60 parking spaces below building 3
RTD’s Role Sit ite Hist istor ory • 1993: RTD acquires site during Central Corridor construction • 2010: RTD approves TOD Pilot Program, lists Welton Corridor • 2013: FPBDO Vision Plan Implementation & Revitalization Strategy calls for less parking, more activation & affordability • 2016: RTD approves sale of site contingent upon mutual selection of developer – For-sale condominium – At least 25% of units affordable at 80% AMI – Developer must secure financing 4
RTD’s Role Sit ite Hist istor ory • 2017: RTD and OED host community meeting and launch online survey to gauge public interest in redevelopment – Project should replace existing parking – Project should look attractive, use brick, not look cheap (2300 Welton) – Commercial ground-floor use is important • Grocery (71%), restaurant/bar (61%), retail (54%) 5
Th The e Outcome utcome: Mi Mixed ed-Income Income For-Sale Sale Ho Housing using
OED Housing Investments on Welton = Affordable (income-restricted) rental development with OED investment 7 = Proposed site of affordable for-sale TOD pilot project
Climbing Costs of Homeownership Media dian sold ld price, , City and d County ty of Denver 12-month rolling average $ $450,0 ,000 $405, 5,000 000 Affor ordable dable price e for a homebuy ebuyer $400,0 $ ,000 earning ng 80% of Area Median an Income come Single-Fam amily ily $ $350,0 ,000 $311,000 ,000 Homes $169,08 ,084 for a 1-bedroom home $300,0 $ ,000 $218,108 for a 2-bedroom home $ $250,0 ,000 Condos dos $200,0 $ ,000 $150,0 $ ,000 80% of Area Median an Income come $100,0 $ ,000 $ $50,0 ,000 $47.00 .000 for a 1-person household $67, 7,100 00 for a 4-person household $- $ 8 Source: Denver Metro Association of Realtors October 2016 Market Trends Report; Jan-Sept YTD medians
New Condo Construction in Denver Condo ndo Un Unit t Const nstruction ruction Starts ts by Qu Quarter, , City y of Denver er 900 800 700 600 500 400 300 200 100 0 9
Project Characteristics ➢ At least 25% of units must be affordable to income-qualified buyers at 80% AMI • Community Feedback: Affordable units should be primarily higher bedroom count units (2-3 BR units) ➢ Project must meet Five Points Cultural Historical District Design Guidelines • Community Feedback includes examples of well-designed projects • Community Feedback: project should include below-grade parking • Community Feedback: project should include ground-floor commercial space ➢ Project should meet sustainable design benchmarks
Pr Proposal oposal Gu Guidel idelines: ines: Req equire uired d App pplicat lication ion Ma Mater erials ials
Part 1: Developer Experience 1.1 Experience and success developing condominiums 1.2 Experience and success developing income-restricted housing 1.3 Experience and success leveraging public financing 1.4 Development team experience 1.5 Financial capacity/access to capital
Part 2: Project Approach 2.1 Project Vision 2.2 Project Financing 2.3 Implementation Strategy 2.4 Construction Defects Strategy 2.5 Community Engagement Strategy
Sel elect ection ion Pr Proce cess ss Over ervie view
RFQ Timeline ▪ Today | 8/23/2017 Pre-Bid d Meet eting g 9/6/2017 | 4PM MDT RFQ Questions ons Due ▪ ▪ 9/13/2017 | 4PM MDT RFQ Ad Addend ndum um Publi lished shed ▪ 10/17/2017 | 4PM MDT RFQ Submi missi ssion on Deadline ne December 2017 Intervie views ws & Selection on (Tent entati ative) e) ▪
RFQ Key Milestones RFQ Submiss missio ion n Revie view w of f Condit ditio iona nal l Lett etter er of Selec lectio tion Issued ued Dead adline line Eva valuat luatio ions Eva valuat luatio ions of Inter ervie views ws with th Propos oposals Selec lected d Finalis alists Post-Selec lection tion Req equir ireme ements ts (Appen endix dix A of the RFQ Guide delines lines) ▪ Applica icatio ion for OED D Financi ancing, , if applicab licable le ▪ OED Exer ercise ises s Optio ion Agree eeme ment t ▪ See ee Optio ion Agree eeme ment t in Appen endix dix D of the RFQ Guide deli lines es ▪ City Council il Requir iremen ents ▪ Assignme ignment & Assumptio ion of Optio ion Agree eemen ment ▪ Develope loper Closes oses Ac Acquisit isitio ion with h RT RTD D
RFQ Documents Where to find: RFQ Guidel elines nes RFQ Appl plicati ation on Checkli list st WizeHiv Hive Guide de WizeHiv Hive Appl plica cation on Link https ps:// ://www www.de .denverg rgov.or .org/ g/co cont ntent/ ent/de denvergo gov/en/ v/en/de denver-office ce-of of-econ conomi omic- develop opment/ ent/fun unding ding-op oppo portun unities.ht s.html ml
RFQ Documents
RFQ Technical Requirements Overview WizeHiv Hive Appl plica cation on System: m: https ps:// ://app app.wize .wizehive.c .com/ om/app apps/ s/ 2017F 7For orSale SaleHou HousingRF ngRFQ Requi quired ed docum uments ents mark rked with red asterisk sk, , with one except ption on: Diversi sity y & I Inclu lusi sivene eness ss E-form
RFQ Reminders Remind minder ers: : Non-Respon esponsi sive e Det etermina nations ns Awa warene eness ss of Ad Addend ndums ums Written en Question ons – Due by 4:00 0 PM MDT Septembe mber 6, 2017 Proposa oposals ls – Due by 4:00 0 PM MDT October r 17, 2017 SEND ND ALL QUES ESTION TIONS S TO: OEDPr DProposals@de oposals@denverg ergov.or .org
Q & A THANK YOU FOR ATTENDING!
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