2.1.
HRA Work Session
- Meeting Date:
- 07/17/2012
- By:
- Darren Lazan, Housing & Redevelopment Authority
Information
Title:
Consider Offer to Purchase Land - Senior Housing (portions may be closed to the public)
Background:
The Development team has received an offer from a senior housing developer for the purchase of three and one-half acres located at the NE quadrant of Center Street and Ramsey Parkway.
This parcel is currently contemplated in Development Plan 6.0 to be a high density multi-family use, and a senior housing project would be consistent with the current design/master plan.
The offer contemplates a relatively short due diligence period and closing, and would likely be constructed in late 12/early 13
The project consists of approximately 78 units of senior living and memory care in an initial phase, with an additional 78 units in a future second phase. The entire 3.5 acre parcel would be acquired with the initial phase. Their proposal is to construct a two-story building with courtyards and amenities such as a theatre, fitness center, chapel, game rooms, library, and ice cream parlor.
The project proposes approximately 60 new employees to the community (48 FTE), and a potential for the location of a regional office within the community in the future.
Youtube link on their existing properties - http://youtu.be/oEd1jOqlIBo
This parcel is currently contemplated in Development Plan 6.0 to be a high density multi-family use, and a senior housing project would be consistent with the current design/master plan.
The offer contemplates a relatively short due diligence period and closing, and would likely be constructed in late 12/early 13
The project consists of approximately 78 units of senior living and memory care in an initial phase, with an additional 78 units in a future second phase. The entire 3.5 acre parcel would be acquired with the initial phase. Their proposal is to construct a two-story building with courtyards and amenities such as a theatre, fitness center, chapel, game rooms, library, and ice cream parlor.
The project proposes approximately 60 new employees to the community (48 FTE), and a potential for the location of a regional office within the community in the future.
Youtube link on their existing properties - http://youtu.be/oEd1jOqlIBo
Observations:
The development team believes the proposed use provides a much-needed service in the community, generally complies with the desired land use in this area, and with some effort, can comply with the design framework for The COR.
The deal structure proposed does provide some challenge as the proposed purchase price is below the dashboard price, and they have requested additional consideration on development and building permit fees.
UPDATE: Subsequent to the initial case before the HRA, the development team has had discussions with the developer about an alternative site. The alternative site would allow greater flexibility on pricing and architecture, and may be considered a more desirable location.
The proposing party will be in attendance to present on their project prior to moving to closed session.
Details on the proposed offer will be provided in closed session.
The deal structure proposed does provide some challenge as the proposed purchase price is below the dashboard price, and they have requested additional consideration on development and building permit fees.
UPDATE: Subsequent to the initial case before the HRA, the development team has had discussions with the developer about an alternative site. The alternative site would allow greater flexibility on pricing and architecture, and may be considered a more desirable location.
The proposing party will be in attendance to present on their project prior to moving to closed session.
Details on the proposed offer will be provided in closed session.
Recommendation:
The development team recommends the HRA consider the proposed offer and provide direction to further assist in consideration of this offer.
Funding Source:
N/A
Council Action:
Consider the developer's proposal and move forward based upon discussion.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 07/12/2012 03:20 PM |
- Form Started By:
- dlazan
- Started On:
- 07/12/2012
- Final Approval Date:
- 07/12/2012