Item2_Legacy Pres_AEDC - March 15 - 031524 — original pdf
Backup
AUSTIN ECONOMIC DEVELOPMENT CORPORATION URBAN RENEWAL BOARD DEVELOPMENT PARTNER FOR BLOCKS 16 & 18 • A proposal by : • Austin Revitalization Authority • Legacy Real Estate Development • Monge Capital Vision for Urban Design • This project, a vibrant mixed-use complex, is set to redefine East Austin's Blocks 16 and 18. Orchestrated by a collaboration between the Austin Revitalization Authority, Legacy Real Estate Development, and Monge Capital, urban transformation. is poised to be a beacon of this development • On Block 18, our plan includes the creation of affordable housing, a retail, and ample hub, modern office spaces, dynamic cultural parking facilities. • On Block 16, we will feature a blend of affordable housing, retail spaces, and convenient parking solutions. • Our mission is anchored in the principle of equitable development. We envision this project as a transformative addition to East Austin, creating a dynamic campus that fosters living, working, and recreational activities in a cohesive community environment. • ARA will be the operator of the commercial components of the Project. ARA is a leader in commercial property management in East Austin for over 3 decades. • The development will feature public spaces designed to be welcoming for both the greater East Austin community and the development's residents, fostering an inclusive and vibrant communal environment. Community Impact • Community Impact Initiatives: • Community Responsive Retail • Attract health-focused retail tenants for community well-being. • Attract and promote local small businesses Pursue sustainability with LEED Certification and a minimal carbon footprint. • • Offer diverse community courses in finance, homebuying, mental health, and physical fitness • Offer creative equity ownership alternatives • Local Engagement and Diversity: • Collaborate with The Greater Austin Black Chamber of Commerce and • Actively engage local businesses, share bid opportunities, and organize events. Project goal of 33% MWBE participation. • Host quarterly community meetings on campus to maintain community McKissack engagement • Equitable Development Vision Goal: • Work with Six Square for community engagement and programming. Contracting opportunities for local creatives. Project Team Structure and Experience • Developers - Legacy/Austin Revitalization Authority/Monge Capital • Principal-In-Charge - Legacy • Local Partner - ARA • Architects - Architecture in Formation/Mark Odom Studio & McKissack • Developer Senior Project Manager - McKissack • Design Project Manager - Mark Odom Studio • Planner/Urban Designer - MakeMake | Sekou Cooke Studio • General Contractor – Andres • CM – OHLA+Journey | ASD Consultants, INC. • Property Manager / Operations - United Apartment Group Project Team Structure and Experience • Local Small Business • Six Square • Urban League Austin • Capital Partners • JP Morgan Chase • Berkadia • WNC • Greystone • Regions Development Program – Block 16 Development Program – Block 16 Development Program – Block 18 Development Program – Block 18 Project Team Structure and Experience Developers Austin Revitalization Authority Legacy Real Estate Development Monge Capital Financial Viability Block 16 - LIHTC Financial Viability Block 18 - LIHTC Financial Viability NMTC Project Execution and Phasing through strategic management, The execution strategy for this development will materialize the vision technical proficiency, regulatory adherence, and objectives aligned with the RFP. The development team will oversee planning, design, construction, and the delivery process with a focus on timeline adherence, stakeholder methodological collaboration. Additionally, a property manager will be responsible for preleasing and continuous leasing operations. Systems to manage risk, finances, and scheduling will be implemented to ensure efficient and effective realization of project goals. control, quality rigor, and • Site Acquisition and Due Diligence Completion Projected Timeline • Project Awarded June 2024 • • Design and Planning Approval • • • June 2025 June 2025 June 2025 • Financing Secured • Begin Construction • September 2025 • Completion of Construction • Phase I – Block 16 - complete - September 2027 • Phase II – Block 18 - complete - September 2029 • Grand Opening • November 2027 Q&A