Item2_REVISED_Servitas - AEDC Blocks 16 18 Presentation 3.18.24_final revision — original pdf

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Harold McMillan Cultural Advisor PLEASANT HILL COLLABORATIVE Block 16 and 18 VISION TO REALITY PLEASANT HILL COLLABORATIVE – BLOCK 16 & 18 PROPOSAL Harold McMillan Cultural Advisor Sean Garretson Project Manager VISION TO REALITY Sean Garretson Project Manager Things that keep us up at night • Cost vs source • Demand • Parking • Community PLEASANT HILL COLLABORATIVE – BLOCK 16 & 18 PROPOSAL PARTNERSHIP WITH URB/CITY/COMMUNITY Lessons learned make us a better partner to you, bringing best practices in design, construction, financing and legal structure. 44 PUBLIC PARTNERS SERVED NEW TO THE TEAM Garrett Scharton Lead Developer TERESA BOWYER LIHTC CONSULTANT PLEASANT HILL COLLABORATIVE – BLOCK 16 & 18 PROPOSAL EXECUTE THE PROPOSED VISION Garrett Scharton Lead Developer $1B HOUSING PROJECTS DEVELOPED 7,500+ HOUSING UNITS DEVELOPED PLEASANT HILL COLLABORATIVE – BLOCK 16 & 18 PROPOSAL MAINTAIN A PROACTIVE PARTNERSHIP THROUGH FINANCIAL OR MARKET CHALLENGES Garrett Scharton Lead Developer Keep the project in bounds and on target • Units on par with like product • Student Housing • Affordable Housing • Missing Middle Housing • Affordable, creative commercial • Reduce reliance on private capital and private gain • Gap financing is a tool, not a crutch • • Diverse methods of finance means a diverse neighborhood • Ground Lease term that extends beyond the debt term, but not longer Tension between code-minimum parking vs lease-up best practices PLEASANT HILL COLLABORATIVE – BLOCK 16 & 18 PROPOSAL Rachel Stone Block 16 Developer MAINTAIN A PROACTIVE PARTNERSHIP THROUGH FINANCIAL OR MARKET CHALLENGES Rents Should Cast a Wide Net • Block 16: residential will be 100% affordable housing prioritizing people with generational ties to the neighborhood GNDC waitlist has over 900 people from East Austin trying to return to/remain in their community o o Majority seeking 2- and 3- bedrooms, 50% MFI o Experience in low-income housing tax credit financing and filling gaps with fundraising Block 18: Target whomever YOU want to target on block 18 (arts, culture, music, Huston Tillotson) Offer relief on maximum income for breathing room • • • (for example, target lower rents, but allow incomes at higher levels) Offer that new leases could temporarily reset at higher AMIs, if it cannot maintain debt service Resident Eligibility is a priority, not a prohibition (be inclusive of the broader community at the bottom of the waterfall) • • o Right to Return & Displaced o HBCU o African American Creatives o Small Businesses, poised for growth o Folks with generational ties to East Austin o Arts / Culture / Music o Any other workers employed within East Austin with priority for income- eligible workers 1 2 3 PLEASANT HILL COLLABORATIVE – BLOCK 16 & 18 PROPOSAL COMMERCIAL OPERATIONS 2 Years of curating a list of potential tenants with confirmed LOIs Arts and Culture Projects and Nonprofits Texas Music Museum Kenny Dorham Mini-museum and Listening Room East Austin Black History Project Austin Black Music Archive East Austin Creative Coalition DiverseArts Austin Professional Musicans (ATX Music Pros) Women In Jazz Association Others TBA for Co-working Space Commercial Cultural/Creative Professionals Deborah Roberts Rejina Thomas—GraphicGlass Marcellus Sapenter Runway Underground/Design Works! Studio DM Profits Monks Jazz Lounge Jon Deas/Gary Clark,jr. Band, et. Al. (structure TBA) Commercial—Ethnic/Culture-based F&B Hoover's Good Eats Nissi Veggie Mex Tony's Jamaican Food PLEASANT HILL COLLABORATIVE – BLOCK 16 & 18 PROPOSAL Kim Shipman Commercial Operations Cultural history museum and archive Component specifically dedicated to Kenny Dorham history/music Cultural History rsearch project and archive (public history, academic) Cultural History rsearch project and archive (public, academic) Venue Management Work Space/co-working space Fine art gallery Administrative office Administrative office/Co-working space Co-working and office space Fine Art Studio/Gallery Fine Art Studio/Gallery Fine Art Studio/Gallery Fashion design and production studio Fashion design and production studio Live and Recorded music venue Recording studio and rehearsal spaces Southern Soul Food restaurant Vegan Mexican (not TexMex) café Jamaican/Caribean soul food Kim Shipman Commercial Operations PARKING ANALYSIS Step 1 - analyze time of day usage for all users Step 2 - analyze all mobility and parking options for reduction in parking demand, reducing cost but maintaining viable assumptions • Residents also working in artist/non- profit/rehearsal space • Day Use offset with Night Use • RideShare/Events typically multiple people per car • Valet • Any shared parking with residential or separate entrance Step 3 - analyze post construction for necessary modification PLEASANT HILL COLLABORATIVE – BLOCK 16 & 18 PROPOSAL PARTNERSHIP WITH URB/CITY/COMMUNITY 5 Phases of Community Engagement Initiation – Engage, Inform, and Excite through social media and direct outreach events AJ Bingham Community Engagement • • • • • Site-Activation – Engage highlight local creatives activations, workshops, residencies, and events the community and through cultural art Pre-Construction – Engage and Inform through a series of open houses, update communications, and community events Construction – Engage and Inform through open and houses, direct updates stakeholders to businesses Post-Construction - Communicate through updates and a series of opening celebration events including a public awareness campaign. PLEASANT HILL COLLABORATIVE – BLOCK 16 & 18 PROPOSAL Harold McMillan Cultural Advisor THANK YOU!