Transcript East 125th Street Development Taskforce

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125
East
Street
Development Taskforce
Summary of RFP Reponses
April 5, 2007
RFP Submissions
Developer A – Harlem East
Developer C – East Harlem Media
Entertainment and Cultural Center
Developer E – no name
Developer A – Harlem East
Developer A – Harlem East
Program
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Residential Space – 800,000 sf
Retail Space – 480,000 sf
Cultural Facility – 37,000 sf
Media/Creative/Office – 300,000 sf
Parking – 600 spaces
TOTAL – 1.71 mm sf
Developer A – Harlem East
Urban Design Elements
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4 story retail base on East 125th Street
Two 13 story residential towers on top of 2 story base
One 21 story office tower on East 125th Street and
Third Avenue
15,000 sf of Public Open Space (including a stepped
amphitheater)
29,000 sf residential Green Roof
Parcel C is 10 stories with ground floor retail
Parcel A & B each have 300 parking spaces
Developer A – Harlem East
Developers
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1 East Harlem Affordable Housing Developer
(17.5%)
1 Low-Income Housing Developer with office
in East Harlem (17.5%)
1 Major MWBE Investment Partner
1 Real Estate Advisory Firm from CB10
1 Experienced NYC developer with large
portfolio (principal developer)
Developer A – Harlem East
Housing – Total 828 units
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47% homeownership, 53% rental
49% 2 and 3 bedroom units
Taskforce
Developer A Rental
Developer A Homeownership
Low
30%
56%
0%
Moderate
35%
44%
25%
Middle
35%
0%
75%
Market
0%
0%
0%
Developer A – Harlem East
Retail
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Anchor – Department Store
Sit-Down Restaurant
Century 21
Borders
Bestbuy
Applebees
Chili’s
Pizzeria Uno’s
LOCAL RETAIL – 50,000 sf
Developer A – Harlem East
Media/Creative/Office
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V-Me – Letter of interest
Performing Arts Space
Film/Video/Multi-Media Studios
Art Exhibition Space
Cultural Component
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Operated by AHA & CATCH
Host musical concerts, theatre, conferences,
art shows
Developer A – Harlem East
Hiring Plan
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Willing to work with community develop hiring
strategy
Job Creation
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1200 Office
27-30 Property Managers
700 Retail
32 Residential Property Managers
15-18 Cultural Related
1850 Construction Jobs
Developer A – Harlem East
Local Investment Fund
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Details to be determined
Work with a local business development
partner
Contribution to Parks/Waterfront
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No mention
Developer C – East Harlem Media
Entertainment and Cultural Center
Developer C – East Harlem Media
Entertainment and Cultural Center
Program
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Residential Space – 955,000 sf
Retail Space – 396,000 sf
Cultural Facility – 30,000 sf
Media/Creative/Office – 230,000 sf
Hotel – 104,000 sf
Parking – 800 spaces
TOTAL – 1.71 mm sf
Developer C – East Harlem Media
Entertainment and Cultural Center
Urban Design Elements
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Towers
2 residential towers, along Second Ave. (210 ft.)
1 office tower on East 125th Street and Third
Avenue (210 ft.)
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Hotel entry on East 126th Street, 8 stories
Parcel C is cultural component w/ retail base
800 parking spaces on Parcel B
25,000 sf of open space
Developer C – East Harlem Media
Entertainment and Cultural Center
Developers
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1 large residential investment company with
NYC portfolio (33.3%)
1 large retail developer with ownership
interest in more than 200 regional shopping
centers (33.3%)
1 residential housing developer (33.3%)
No local developers - need help to identify
partner (will receive ownership interest)
Developer C – East Harlem Media
Entertainment and Cultural Center
Housing – Total 938 units
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50% homeownership, 50% rental
80% 2 and 3 bedroom units
Condominium Homeownership
Taskforce
Developer C Rental
Developer C Homeownership
Low
30%
30%
30%
Moderate
35%
35%
35%
Middle
35%
35%
35%
Market
0%
0%
0%
Developer C – East Harlem Media
Entertainment and Cultural Center
Housing
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Proposed 30% low-income home ownership
not feasible (HPD)
Also have a 50% affordable housing scenario,
which only effects purchase price, rest of
program stays the same
Developer C – East Harlem Media
Entertainment and Cultural Center
Retail
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NY Sports Club (letter of interest)
Other possibilities: JC Penny’s, Kohls,
American Eagle, Footlocker, Nine West,
Restaurants, Cinema, etc.
44,000 sf of local retail
Project Start-Up
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Community Based Retail Development Program
$1,000,000 to create/expand business opportunities
10 selected entrepreneurs will receive capital to set up
new businesses
Developer C – East Harlem Media
Entertainment and Cultural Center
Media/Creative/Office
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No information
Cultural Component
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3 story arts center (atop of 3 story retail base)
Will not collect rent for cultural space
Gallery, performing arts, educational space
Have compiled a list of local organizations to program
space
Haven’t identified a local partner to operate; seeking
Taskforce input
Hotel
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150 rooms - Letter of Interest from Comfort Inn
Developer C – East Harlem Media
Entertainment and Cultural Center
Hiring Plan
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Viable M/WBE plan included in proposal
Development team is willing to work with local
community
Job Creation
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32 parking attendants
767 office
94 property management
480 retail
100 hotel
30 cultural related
960 restaurant
Developer C – East Harlem Media
Entertainment and Cultural Center
Local Investment Fund
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$5 million commitment
Contribution to Parks/Waterfront
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$2 million commitment
Developer E – no name
Developer E – no name
Program
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Residential Space – 902,000 sf
Retail Space – 466,000 sf
Cultural Facility – 46,000 sf
Media/Creative/Office – 200,000 sf
Hotel – 100,050 sf
Parking – 700 spaces
TOTAL – 1.73 mm sf
Developer E – no name
Urban Design Elements
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Retail base throughout
National Anchor Retail on upper floors
Specialty Local Retail on ground floor
Towers
1 250 ft. residential tower on Second Avenue between East
126th Street & East 127th Street
1 210+ ft. mixed use tower (ground floor retail, topped by
office, topped by residential) on Third Avenue and East 125th
Street
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Infill capped at 8 stories
Parcel C – 150 ft. residential
Developer E – no name
Urban Design Elements
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Hotel on Third Avenue between East 126th Street and
East 127th Street
10,000 sf of open space
Cultural Component located off central plaza
Cinema located at end of open space on Parcel A
80,000 sf of roof-top open space for residential and
office
700 parking spaces on Parcel B (both commercial
and residential)
Developer E – no name
Developers
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1 large acquisition firm active in NYC (50%)
1 Experienced NYC Affordable Housing
Developer (25%)
2 Local East Harlem Based Affordable
Housing Developers (12.5% EACH)
Developer E – no name
Housing – Total 975 units
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49% homeownership, 51% rental
80% 2 and 3 bedroom units
Taskforce
Developer E Rental
Developer E Homeownership
Low
30%
62%
0%
Moderate
35%
11%
42%
Middle
35%
17%
42%
Market
0%
10%
15%
Developer E – no name
Housing
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Overall Affordability:
31% Low, 26% Moderate, 29% Middle, 13%
market
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Willing to explore long term affordability
Developer E – no name
Retail
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Letters of Interest from the following possible tenants:
Bob’s Discount Furniture
Lowes
Dallas BBQ
BJ’s
Outback Steakhouse
Carrabbas Italian Grill
IHOP
Starbucks
Regal Entertainment Group
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51,000 sf for Local Retail
Developer E – no name
Media/Creative/Office
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Attracting Major Office Tenants
Media/Creative Tenants
Cultural Component
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Built to meet museum standards
Building core/shell – no money for fit out
Will be owned as a condominium by a 501c3 formed by
developer
501c3 will rent out space (at below market rent) to cultural
organizations for programming
Hotel
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175 Rooms, limited service
Letter of interest from Hilton and Starwood
Developer E – no name
Hiring Plan
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30% MWBE contractors for construction
Local employment initiative
Target and train low income/underemployed local residents
Partner with local workforce development providers (STRIVE
and EHCCI)
Job Creation
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622 Retail
254 Office
134 Restaurant
49 Hotel
35 Cultural Related
40 Cinema
20 Fitness center
50 Residential parking
Developer E – no name
Local Investment Fund
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Called “Enterprise Fund”
Board of Directors will be selected from
community leaders
No monetary commitment outlined in proposal
Contribution to Parks/Waterfront
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No mention