Transcript Heirs of Bronzeville Road Show

Human Creativity
being manifested
through art and
cultural activities.
heirsofbronzeville.com
Table of Contents
1
Project description
2
Where is Bronzeville?
3
TIF Funded
4
Phased Development
5
Heirs of Bronzeville Development Team
6
Benefits
7
The Heir Gallery
8
Other Community Benefits
9
Additional Development Activity
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Cost Schedule
1. Project description
Project description
The project being submitted for consideration
is called Heirs of Bronzeville, with an ultimate goal of
creating a mixed used development and cultural
center in a historically underserved section of
Chicagoland
The Project will include a Festival Marketplace for artisans from many
disciplines including visual arts, culinary arts, and performance arts.
This Marketplace will be combined with a Supper Club, Black Box Theater
facility, ground floor retail (including restaurants), and office space,
forming a cultural hub for the Bronzeville neighborhood.
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Project description
South Shore
Community Center
Illinois Institute of Technology
Great Migration
monument
From a Transit-Oriented perspective, the project essentially surrounds the existing
“L” station at 314 East 43rd Street, and is also serviced by the private Trolley line on
Martin Luther King Drive. The project is located within walking distance of Chicago’s
McCormick Place Convention Center, one of the largest convention centers in the country.
Heirs of Bronzeville will benefit from heavy retail re-development along East 43rd Street.
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Photography: A. Alexander
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Project description
The Marketplace will serve
as showrooms, retail locations,
and a gathering space
The Marketplace will serve as showrooms, retail locations, and a
gathering space for a wide variety of artisans from globally diverse
cultures from around Chicagoland. Current plans also include a Supper
Club space, which will revive the spirit of the Checkerboard Lounge, a
blues and jazz institution that was part of this community for decades up
until the early 1990s.
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2. Where is Bronzeville
Photography: A. Alexander
Where is Bronzeville?
Principal Location
314 East 43rd Street
Chicago, IL 60653
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Where is Bronzeville?
Development Sites
A
As currently conceived, the Heirs of Bronzeville
Project consists of four distinct sites located near
the following intersections in the Bronzeville
neighborhood in the City of Chicago:
C
E. 43rd Street and S. Prairie Avenue (Site A)
B
E. 49th Street and S. Indiana Avenue (Site B)
E. 47th Street and S. State Street (Site C)
E. 50th Street and S. State Street (Site D)
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D
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3. TIF Funded
TIF Funded
The anticipated capitalization will be funded under a local
TIF based facility of approximately $13.3MM. This will be
combined with $8.3MM of New Markets Tax Credit based
equity and Private equity of $11.8MM, resulting in gross
proceeds to the project of $33.4MM .
To help fund the Project, Heirs of Bronzeville anticipates seeking assistance from the
City in the form of unencumbered funds from Tax Increment Financing (“TIF”) districts
in and around the Project. SB Friedman Development Advisors has been retained to
identify TIF districts that could be sources of funds and estimate the funds that could
potentially be made available to the Project.
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TIF Funded
The anticipated capitalization will be funded under a local
TIF based facility of approximately $13.3MM. This will be
combined with $8.3MM of New Markets Tax Credit based
equity and Private equity of $11.8MM, resulting in gross
proceeds to the project of $33.4MM .
SB Friedman estimates that approximately $20.5 million in unencumbered
funds are potentially available in 2013, including $5.0 million in the TIF
district in which Site A is located (47th and King Drive) and $15.5 million in
adjoining TIF districts.
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TIF Funded
A
The Project is located in
the following TIF districts:
C
B
D
47th and King Drive TIF District:
Sites A, B, and portions of Site C
47th and State TIF District:
portions of Site C and Site D
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TIF Funded
In addition, the Project is
surrounded by the following four
TIF districts, which could potentially
transfer funds to the two TIF districts
in which the Project is located:
41st and King Drive TIF District
43rd and Cottage Grove TIF District
47th and Halsted TIF District
Bronzeville TIF District
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4. Phased Development
Phased Development
The Project is anticipated
to occur in phases, proceeding
initially with Site A.
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A
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5. Heirs of Bronzeville Development Team
Heirs of Bronzeville Development Team
Byron Brazier, Jr.
PERSPECTIVE ARCHITECTS
DEVELOPER
Jackie Koo
Solomon Caldwell Benz
Kenta Bacus Hosaka
Gensler, Inc.
Architecture is Fun
Build America
DEVELOPER
Kevin Lewis
MARKETING STRATEGIST
JOHN MORRIS
Lisa Mazique
Loewenberg Architects
INTERNATIONAL AFFAIRS
Cedric Whitten
The Griffin Company
INTERIOR DESIGN
COMMUNITY ORGANIZER & GOVERNMENTAL SUPPORT
Moody Nolan
ARUP
ENGINEERING
MASTER ARCHITECTS
Birkdesign Inc.
MARKETING, SOCIAL MEDIA, BRANDING AND WEBSITE
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6. Benefits
Benefits
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Community Benefits of Development
Estimated temporary (construction) and permanent job creation and retention
270
215
job opportunities during the
FTE Jobs based on current
construction period (direct and
projected tenant mix
indirect construction employment)
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Benefits
Community Benefits of Development
Job training programs
A wide and varied host of potential job training programs exist
during construction and upon completion of the facility, direct or
indirect opportunities
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Benefits
Community Benefits of Development
M/W/DBE/veteran targets for construction and/or permanent jobs
Job opportunities, direct and indirect during and after construction,
will exist across all economic spectrums
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Benefits
Community Benefits of Development
Employment benefits such as living wage, health care, retirement savings, etc.
Upon full operating capacity, direct and indirect employment, wages paid
are projected at $6,880,000 annually, with employee spending
generating an estimated $702,040 in local tax revenue
Annual wage growth is projected to average 3% over the next year.
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Benefits
Community Benefits of Development
Expansion of educational and/or cultural amenities available
to the low-income community
The Festival Marketplace will serve as a central community gathering place for
community and artistic activities. The Black Box Theatre will support education
programming for the performing arts. Local musicians and entertainers will
perform at the Festival Marketplace and the Supper Club.
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7. The Heir Gallery
The Heirs Gallery
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The Heir Gallery, Inc.
An Heirs Of Bronzeville Project Seeks To Build The Catalyst
For Neighborhood Change In Bronzeville.
This project will spark growth and progress within Chicago’s urban core by creating a socially
and environmentally sustainable community facility that will empower inner-city youth with
marketable creative skills in the art, technology, and film industries. Housing and commercial
spaces will complement the creative and community facilities and programs that will further
develop the economic activities in both the immediate neighborhood as well as throughout
the greater South Side.
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The Heirs Gallery
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The Heir Gallery, Inc.
An Heirs Of Bronzeville Project Seeks To Build The Catalyst
For Neighborhood Change In Bronzeville.
This community facility will engage unique and contemporary design as well as sustainable
strategies to achieve these goals. In other words, this project aims to create a nexus of
creativity, technology, and commerce to reinvigorate the South Side while simultaneously
providing a home for Chicago’s creative community.
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The Heirs Gallery
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The Heir Gallery, Inc.
An Heirs Of Bronzeville Project Seeks To Build The Catalyst
For Neighborhood Change In Bronzeville.
With this development, the Heir Gallery, Inc. will bridge the gap between creative education
and employment opportunities while connecting development prospects with the needs of the
creative community. The Heir Gallery, Inc. intends to achieve these goals through partnerships
with organizations, corporations, and individuals who share similar visions. The intention is to
work with a variety of people for a holistic approach grounded in existing social infrastructure
that can operate and grow synergistically.
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8. Other Community Benefits
Other Community Benefits
The commitment to green technologies and
design elements will yield important
environmental long-term benefits and lifestyle
benefits. The green systems will create a
reduction in energy consumption that will reduce
utility costs, conserve water and generate
significant financial returns.
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Other Community Benefits
The development projects will strive for
“Platinum” LEED, but will achieve a minimum of
“Bronze and/or Silver” LEED certification. Green
buildings reduce environmental impact through
the following practices:
Energy efficiency and renewable energy
Use of environmentally preferable building materials
Waste reduction during the construction process
Healthy indoor environments
Water conservation
Environmentally conscious site planning
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9. Additional Development Activities
Additional Development Activities
Bronzeville has a sizeable population
with approximately 50,000 households
and is bordered to the north and south
by stable neighborhoods that have
experienced positive population and
income growth in recent years.
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Additional Development Activities
The Festival Marketplace will create increased retail
development west and east of King Drive along 43rd St.
and will bring significant additional transit revenues
to the Chicago Transit Authority (CTA).
The focus of activity at the Festival Market Place will bring additional
traffic from the participants in program activities that take place 365 days
a year at McCormick Place. McCormick Place is approximately 20 blocks
from 43rd Street site and will be reached by walking, CTA bus, private
Trolley, bicycle, and auto.
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Additional Development Activities
The Festival Marketplace will create increased retail
development and will bring significant additional transit
revenues to the Chicago Transit Authority (CTA) at Green
Line “El” stations at 43rd St; 47th St; and 51St.
HEIR Gallery will take the lead in redeveloping the closed CPS, Overton
School facility located at 49th and Indiana to bring about a new
public/private educational opportunity to create art, media, and
communications educational program located in Bronzeville.
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10. Cost and Schedule
Cost and Schedule
Total Estimated Project Cost
Four Phases
$250,000,000
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Cost Schedule
Total Site A Phase 1 Estimated Project Cost
Festival Market Place 100,000 Sq. Ft./$ 13.43MM
Festival Market Retail 40,000 Sq.FT./$ 6.14MM
Festival Market Supper Club 12,000 Sq. Ft./$ 6.23MM
Festival Market Black Box Theatre 17,500 Sq. Ft./$ 7.62MM
$33,417,000
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Cost Schedule
Total Site B Phase 2 Estimated Project Cost
Media & Technology Center 20,000 Sq. Ft./$ 9.75MM
Artist Housing 80,000 Sq.FT./$ 23.40MM
Public Amenity 50,000 Sq. Ft./$ 8.45MM
Site Prep & Parking 105,000 Sq. Ft./$ 4.50MM
$46,100,100
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Cost Schedule
Total Site C Phase 3 Estimated Project Cost
Fine Arts & Cultural District 100,000 Sq. Ft./$ 15.40MM
Artist Housing 80,000 Sq.FT./$ 23.40MM
Public Amenity 50,000 Sq. Ft./$ 8.45MM
Site Prep & Parking 105,000 Sq. Ft./$ 4.50MM
$51,750,000
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Cost Schedule
Total Site D Phase 4 Estimated Project Cost
Performing Arts Center 100,000 Sq. Ft. / $ 72.00MM
Public Amenity 200,000 Sq. Ft. / $ 33.80MM
Site Prep & Parking 350,000 Sq. Ft. / $ 12.94MM
$118,740,000
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CONTACT
J Bryon Brazier, Visionary
[email protected]
Branding, Website and Design: Birkdesign.com
©2014 Heirs of Bronzeville. All rights reserved.