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Developers Roundtable AICP CM 2 Want to gain an insider's view of what the development world is considering these days? Join the Minnesota Chapter of the Urban Land Institute (ULI) and a pre-eminent panel of developers from around the country at our annual Developers Roundtable. Explore a development case study in the Minneapolis-St. Paul region, strategically located between the new Green Line and Blue Line transitways. Learn how this project overcame complex and controversial development and financing issues. Hear from a panel of experienced developers and lenders about what it takes to take a project from idea to reality. Then, ask your own questions and receive feedback from our panel during a moderated Q & A session. Moderator: Caren Dewar, Executive Director, Urban Land Institute, Minnesota, Minneapolis, Minnesota Tony Barranco, Vice President of Development, Ryan Companies USA, Inc., Minneapolis, Minnesota Meea Kang, President and Founder, Domus Development, Davis, California George Sherman, Principal, Sherman Associates, Minneapolis, Minnesota Cynthia A. Parker, President and Chief Executive Officer, BRIDGE Housing Corporation, San Francisco, California Christine Maguire, Senior Manager, Development Planning and Finance Group, Austin, Texas Colleen Carey, President, The Cornerstone Group, Bloomington, Minnesota
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Riverside Plaza Renewing an Iconic Urban American Community George Sherman
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
Riverside Plaza Resident Resource Center
Plaza Halal Foods
Cedar Riverside Community School
Oct 2012
Jan 2011
National Register
Dec 2010
2004 Cedar Square West
1970 1980 1990 2000 2010 2020
1987
1973
2010
1988
11
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
Old Colors
New Colors
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
$140M
$120M
$100M
$80M
$60M
$40M
$20M
$0M
Developer Fee Reserves Reloca.on Other General Development/ Financing Fees Construc.on Interest Architectural/Engineering/ Legal Fees
Construc.on + Construc.on Con.ngency
Acquisi'on Cost $41 Mil
Sources Uses
Deferred Developer Fee Cash Flow from Ops Rebates Seller Note GMHC Loan Met Council CPED FHF Loan MHFA -‐ EHDC Loan MHFA -‐ PARIF Loan
4% LIHTC Equity Tax-‐Exempt Bonds
$140M
$120M
$100M
$80M
$60M
$40M
$20M
$0M
Developer Fee Reserves Reloca.on Other General Development/ Financing Fees Construc.on Interest Architectural/Engineering/ Legal Fees
Construc.on + Construc.on Con.ngency
Acquisi'on Cost
State HTC Loan Federal HTC Equity
B Bonds
Sources
Uses
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
Deferred Developer Fee Cash Flow from Ops Rebates Seller Note GMHC Loan Met Council CPED FHF Loan MHFA -‐ EHDC Loan MHFA -‐ PARIF Loan
4% LIHTC Equity Tax-‐Exempt Bonds
$140M
$120M
$100M
$80M
$60M
$40M
$20M
$0M
Developer Fee Reserves Reloca.on Other General Development/ Financing Fees Construc.on Interest Architectural/Engineering/ Legal Fees
Construc.on + Construc.on Con.ngency
Acquisi'on Cost B Bonds
State HTC Loan Federal HTC Equity
$29 Mil
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study
Riverside Plaza Renewing an Iconic Urban American Community George Sherman
ULI Minnesota-‐‑ Rail~Volution Riverside Plaza Case Study