Town Center Core
Morrisville, NC
Town Center Core Development Partner Submissions
January 16, 2018
Meeting Agenda • Recap of Developer Submissions – Armada Hoffler – Castle Development Partners – Greystar • Proposal Comparisons • MOU Term Sheet • Questions
Developer Submissions
Armada Hoffler Properties
Armada Hoffler- Design Concept Program Elements Residential Units
172 Units
Commercial Space
20,000SF
Structured Parking
358 Spaces
Surface Parking
51 Spaces
Site
3.5 Acres
Library in SW corner
Library Parking needs for met
Multi-Family anchors private use
Foxglove Dr. Ext. in current align.
Commercial use along Carolina St.
Visual Screening of Parking Deck
Required Design Elements Preferred Design Elements
5
Castle Development Partners
Castle Development Partners- Design Concept Program Elements Residential Units
283 Units
Commercial Space
35,000 SF
Structured Parking
351 Spaces
Surface Parking
164 Spaces
Site
6 Acres
Library in SW corner
Library Parking needs for met
Multi-Family anchors private use
Foxglove Dr. Ext. in current align.
Commercial use along Carolina St.
Visual Screening of Parking Deck
Required Design Elements Preferred Design Elements
7
Greystar Development Group
Greystar- Design Concept Program Elements Residential Units
305 Units
Commercial Space
-
Structured Parking
348 Spaces
Surface Parking
194 Spaces
Site
5.4 Acres
Library in SW corner
Library Parking needs for met
Multi-Family anchors private use
Foxglove Dr. Ext. in current align.
Commercial use along Carolina St.
-
Visual Screening of Parking Deck
Required Design Elements Preferred Design Elements
9
Proposal Comparison
Proposal Comparison- Program Metrics Armada Hoffler Castle DP Residential Units
Greystar
172 Units
283 Units
305 Units
Structured Parking
358
351
348
Surface Parking (within site)
51
164
199
Total Parking provided in plan
409
515
547
UDO Residential Minimum | Projected Market Demand for Residential Parking*
129 | 258
212 | 424
229 | 458
Range of Residual Parking Spaces**
280 | 151
303 | 91
318 | 89
*UDO Minimum parking requirements applied- DFI assuming all 2 BR units for this analysis. Residential- .5 spaces/ 1BR, .75 spaces/2BR and 1 space/3br Commercial- 1 space/200 SF for restaurants, 1 space/500 SF for ‘other commercial’.
**These parking spaces would be available for commercial use, library and other public use. These ranges do not account for a shared parking agreement.
Proposal Comparison- Financials Armada Hoffler
Castle DP
Greystar
Total Private Investment*
$37M
$42.3M
$41M
Acquisition Price per Acre
$190k/acre
$114k/acre
$225k/acre
Estimated Town’s Annual Incremental Tax Revenue
$144,300
$165,000
$160,000
Estimated Town’s Annual Incremental Tax per Acre
$41,200/Acre
$27,500/Acre
$29,600/Acre
Parking Strategy
Town lease a portion of parking deck at costrecovery rate
* As shown in received development partnership proposals
Town lease a set number of spaces in parking deck for $50/space/month
Town reimburses Greystar for full parking deck costs estimated by Greystar at $7.5M
Memorandum of Understanding (MOU)
Memorandum of Understanding • To set forth a process by which the Town and its selected developer can execute a Purchase and Development Agreement (PDA) • MOU establishes basic terms and framework for the PDA
Memorandum of Understanding- Term Sheet • Project Description – Program #’s (residential, commercial and parking unit counts). – Phasing of the project, if any.
• Development Plan – Establishes timing for the developers providing of the Development Plan
– Establishes conditions where the Town and Developer could terminate the MOU
• Public Participation – Establish the terms for the Town’s participation in parking for the project
• Future Development – Establish terms for compensating Town for site control over future phases.
• Acquisition Price • Earnest Money Deposit – Amount and at which point it would be non-refundable.
Developer Selection TimelineTown Council Review of Proposals
Purchase and Development Agreement
MOU
Developer Proposal Review Developer Selection MOU / Negotiation Development Agreement
January 2018
February 2018
March 2018
April 2018
May 2018
June 2018
July 2018
Next Steps • Town Council resolution for preferred developer on January 23rd • MOU established in the Spring of 2018 • Purchase and Development Agreement executed in the Summer of 2018
Questions
24
Town Center Core Development Partner Submissions
January 16, 2018
Meeting Agenda • Recap of Developer Submissions – Armada Hoffler – Castle Development Partners – Greystar • Proposal Comparisons • MOU Term Sheet • Questions
Developer Submissions
Armada Hoffler Properties
Armada Hoffler- Design Concept Program Elements Residential Units
172 Units
Commercial Space
20,000SF
Structured Parking
358 Spaces
Surface Parking
51 Spaces
Site
3.5 Acres
Library in SW corner
Library Parking needs for met
Multi-Family anchors private use
Foxglove Dr. Ext. in current align.
Commercial use along Carolina St.
Visual Screening of Parking Deck
Required Design Elements Preferred Design Elements
5
Castle Development Partners
Castle Development Partners- Design Concept Program Elements Residential Units
283 Units
Commercial Space
35,000 SF
Structured Parking
351 Spaces
Surface Parking
164 Spaces
Site
6 Acres
Library in SW corner
Library Parking needs for met
Multi-Family anchors private use
Foxglove Dr. Ext. in current align.
Commercial use along Carolina St.
Visual Screening of Parking Deck
Required Design Elements Preferred Design Elements
7
Greystar Development Group
Greystar- Design Concept Program Elements Residential Units
305 Units
Commercial Space
-
Structured Parking
348 Spaces
Surface Parking
194 Spaces
Site
5.4 Acres
Library in SW corner
Library Parking needs for met
Multi-Family anchors private use
Foxglove Dr. Ext. in current align.
Commercial use along Carolina St.
-
Visual Screening of Parking Deck
Required Design Elements Preferred Design Elements
9
Proposal Comparison
Proposal Comparison- Program Metrics Armada Hoffler Castle DP Residential Units
Greystar
172 Units
283 Units
305 Units
Structured Parking
358
351
348
Surface Parking (within site)
51
164
199
Total Parking provided in plan
409
515
547
UDO Residential Minimum | Projected Market Demand for Residential Parking*
129 | 258
212 | 424
229 | 458
Range of Residual Parking Spaces**
280 | 151
303 | 91
318 | 89
*UDO Minimum parking requirements applied- DFI assuming all 2 BR units for this analysis. Residential- .5 spaces/ 1BR, .75 spaces/2BR and 1 space/3br Commercial- 1 space/200 SF for restaurants, 1 space/500 SF for ‘other commercial’.
**These parking spaces would be available for commercial use, library and other public use. These ranges do not account for a shared parking agreement.
Proposal Comparison- Financials Armada Hoffler
Castle DP
Greystar
Total Private Investment*
$37M
$42.3M
$41M
Acquisition Price per Acre
$190k/acre
$114k/acre
$225k/acre
Estimated Town’s Annual Incremental Tax Revenue
$144,300
$165,000
$160,000
Estimated Town’s Annual Incremental Tax per Acre
$41,200/Acre
$27,500/Acre
$29,600/Acre
Parking Strategy
Town lease a portion of parking deck at costrecovery rate
* As shown in received development partnership proposals
Town lease a set number of spaces in parking deck for $50/space/month
Town reimburses Greystar for full parking deck costs estimated by Greystar at $7.5M
Memorandum of Understanding (MOU)
Memorandum of Understanding • To set forth a process by which the Town and its selected developer can execute a Purchase and Development Agreement (PDA) • MOU establishes basic terms and framework for the PDA
Memorandum of Understanding- Term Sheet • Project Description – Program #’s (residential, commercial and parking unit counts). – Phasing of the project, if any.
• Development Plan – Establishes timing for the developers providing of the Development Plan
– Establishes conditions where the Town and Developer could terminate the MOU
• Public Participation – Establish the terms for the Town’s participation in parking for the project
• Future Development – Establish terms for compensating Town for site control over future phases.
• Acquisition Price • Earnest Money Deposit – Amount and at which point it would be non-refundable.
Developer Selection TimelineTown Council Review of Proposals
Purchase and Development Agreement
MOU
Developer Proposal Review Developer Selection MOU / Negotiation Development Agreement
January 2018
February 2018
March 2018
April 2018
May 2018
June 2018
July 2018
Next Steps • Town Council resolution for preferred developer on January 23rd • MOU established in the Spring of 2018 • Purchase and Development Agreement executed in the Summer of 2018
Questions
24
