Transcript Presented by Lance Robbins, Principal, Urban Smart Growth, Los Angeles, CA

Presented by
Lance Robbins, Principal, Urban Smart Growth, Los Angeles, CA
Hope Artiste Village is
a community, an eclectic mix of
artists and entrepreneurs all
working and living together in
one of the biggest mill
restoration projects in Rhode
Island History.
We strive to be the new artistic
center of Rhode Island...a New
England Destination. With easy
access from I-95 and located
minutes away from downtown
Providence, the new Hope Artist
Village will be a cultural
destination point. We welcome
you to explore the possibilities...
The Arts in Rhode Island
For nearly a decade
now, Providence has
been hailed as the
region's up and coming
arts renaissance
center.
In recent years - and with increasing
success - Pawtucket has focused attention
on attracting the arts as an economic
driver.
Village Vision
• Balancing Artists and
Small Businesses
• Building Community
• Development of a
Regional Destination
• Excellence and
Innovation in
Historical Restoration
Our First Years
• The Village Project started June 2005.
Urban Smart Growth established construction
and development team in the village.
• The project is currently in the middle of its second
phase of development, and coming to the end of
its first year of leasing.
• June 2005 - December 2007
– 47 Tenants: 79,742sf
– 16 Signed Tenants for 2008, including 2
Restaurants!
• Leases total: 63
• Leases signed within the last 6 months: 40
30
25
20
15
10
5
0
2005
2006
Jan-Apr
May-Aug
2007
Sept-Dec
2008
Incentives
• New Construction within Renovation
• Flexible Lease Terms
• Tenant fit-out needs incorporated into rent
• Taxes Included in Monthly Rent
• Enterprise Zone for Economic Growth
• Loan Programs from the City of Pawtucket
• Community Advertising/Events
• Synergetic Environment between Arts and Small
Businesses
Workshop & Industry
Light industrial spaces
were the first completed
spaces and are now
90% filled with a wide
variety of artisan
tenants.
Weave Shed 1: 100% occupied
January 2008
Weave Shed 2:
60% occupied
20% on deposit
2005- Light Industry
Light Industry: Before and After
Unit 715 in 2005
Unit 715 in 2007
2007 Light Industry
Before and After
Space Available for
Lease
The Hive Custom
Tattoo Studio and
Gallery
Office Suites
Our Executive Office Suites offer the flexible lease terms, full
list of amenities, and a professional office atmosphere.
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Flexible Terms- yearly or month to month lease options.
Utilities, taxes, data installation included.
Community Kitchen!
80% rented, 20% under construction
2005 Office
2006 Office
Before and After
Space Available for
Lease
McCarten Violins Workshop
Live / Work Lofts
The Village has invited eleven
live/work tenants to a
small interactive
community along Main
Street. Each unit features
impressively designed
bathrooms and kitchens,
open floor plans, and a
dramatic spiral staircase.
Refinished floors, exposed
brick walls, and restored
loft windows.
100% pre-leased between
July and September 15th.
2007- Live/Work
Close to Completion
Live/Work Model
2005-Retail
2008-Retail
Interior Shopping Hallway Boasts
Newly Constructed Historic Windows,
Custom-made Doors, and
Buffed Concrete Flooring
Open House September 2007
1000+ attending
The Floating Art Project, a guerillagallery adopted 7,000 square feet of
space for an elaborate presentation
of local artwork.
Today, the organization is also a
tenant in our retail development.
Hometown heroes, Zox, played an
outdoor concert at our Pawtucket Arts
Festival Open House.
Our plans are to develop the space
for a summer concert series of local
talent.
Urban Smart Growth
in Rhode Island
• Greystone Mills, North Providence
• Eagle Square Lofts, Providence
• The Conant Thread Factory, Pawtucket
Urban Smart Growth
Belville, North Carolina
80-acre waterfront
re-development of new
town-center across
from Wilmington, NC.
Creative Negotiating Points
• Taking A Developer’s Fees May Be An After Tax Loser
• Withdrawing Tax Credit Proceeds As Return Of Capital Tax Free
• Allocation Of State Tax Credit Certificate To Admitted Partner Tax
Free
• Negotiating Sale Of Additional Credits And Minimal Time Adjuster
(Room To Move)
• Benefits Of Negotiating A “Phased Project” (Room To Move)
• Refinancing Alternatives-Negotiate Up Front With A Credit Partner
USG’S Economic Game Plan
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Buy Opportunities Ahead Of The Curve
Build For Investment, Not Resale
Build For Minimal Cost
Credits Are Supplemental, Not A Necessity
In-House Operations