East End Gateway Site 4
SE corner 16th & P Street
Developer: MNA Management, Inc. / Foothill Partners
Architect: Mogavero Notestine Associates
Unit Count: 40 condominiums and 8 to 12 rental co-op rooms
Retail Space: 5,560 sq. ft.
Estimated Development Costs: $12,400,000
Projected Construction Period: Late 2011 to Mid 2013
Key Milestones: Developer to provide Financing Plan: August 15, 2009
CADA and Developer enter into Exclusive Negotiating Agreement subject to CADA Board approval of Financing Plan: September 18, 2009
East End Gateway Site 2 & 3
Location: Site 2: NW corner of 16th and O Streets Site 3: SW corner of 16th and O Streets
Developer: Ravel Rasmussen Properties and Separovich/Domich Real Estate
Architect: Stantec Architecture
Unit Count: 60
Retail Space: Site 2: 5,781 sq. ft. Site 3: 7,137 sq.ft.
Estimated Development Costs: Site 2: $9,300,000 Site 3: To be determined
Projected Construction Period: Late 2009 to mid 2010
Upcoming Milestones: July 15, 2009 - Developer to close on the property and start construction.
Status: CADA and Developer have entered into a Disposition and Development Agreement (DDA) effective as of January 25, 2008. The DDA was amended on January 30, 2009 requiring the Developer to close on the site and start construction by July 15, 2009.
The City Building Department has approved the construction drawings and is prepared to issue a building permit pending payment of fees by the Developer.
East End Gateway Site 1
Location: NW corner of 16th and N Streets
Developer: Em Johnson Interest, Inc & Nehemiah Community Reinvestment Fund Holdings, Inc.
Architect: Devrouax & Purnell & LDA Architects
Unit Count: 98
Retail Space: Approximately 6,000 square feet oriented along 16th Street
Estimated Development Costs: $37,000,000
Projected Construction Period: Demolition starts: October 2010
Construction ends: February 2012
Upcoming Milestones: Developer submits conceptual design to CADA – 9-09 Stakeholder design presentations – 10-09 Planning Commission and Design Review Commission reviews (tent.) – 9-09 CADA Board review of conceptual design – 10-09 ENA expires – 4-10
Status: CADA and Developer have entered into a an a one-year Exclusive Negotiating Agreement (ENA) with the Developer on April 17, 2009. The ENA may be extended by up to one additional year by the CADA Board, if needed.
During the ENA period, the developer will be refining the conceptual design, securing a construction financing letter of commitment, and negotiating the terms and conditions of a Development and Disposition Agreement (DDA) with CADA. CADA and the developer will be presenting the conceptual design to key institutional and community stakeholders and stakeholder groups. CADA will be completing an environmental review of the project.
A DDA normally is executed at the end of the ENA period. During the DDA period, the developer will complete the construction documents, secure the building permit, and take title to the site in preparation for construction.
Construction is scheduled to begin in October 2010.