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RV 2014: The Infill TOD Circus- Step Right Up! by Tony Barranco


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The Infill TOD Circus: Step Right Up

Developing within a built-up transit corridor has unique challenges: demolition, infrastructure improvements, increases in scale, access improvements, community opposition (or support) and financing. Add to those, managing expectations for a new transit facility in an existing community, and infill TOD can be a real circus. Hear our panel of developers talk about their experiences. What does it take to develop that mixed-use environment everyone wants? How can you manage expectations? And what does it take to establish a brand?

Moderator: Mariia Zimmerman, AICP, Principal, MZ Strategies, LLC, Arlington, Virginia
Meea Kang, President and Founder, Domus Development, Davis, California
Tony Barranco, Vice President of Development, Ryan Companies USA, Inc., Minneapolis, Minnesota
Norman Bjorness, Developer, Oaks Properties, Minneapolis, Minnesota

Published in: Real Estate
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RV 2014: The Infill TOD Circus- Step Right Up! by Tony Barranco

  1. 1. Downtown East By Tony Barranco, Vice President of Development Ryan Companies US, Inc. September 20, 2014
  2. 2. Transit-Friendly Location RYAN’SSITE
  3. 3. Post-MetrodomeDevelopment –Hubert’s
  4. 4. Downtown East –Low Density, Surface Parking
  5. 5. West Side of 5th Avenue –Physical Barrier
  6. 6. Minneapolis Skyway System
  7. 7. Mill District Development -2004 Aerial Photo
  8. 8. Mill District Development -2013 Aerial Photo St. Anthony Mills Apartments Guthrie Theatre Guthrie Parking Ramp Gold Medal Park American Academy of Neurology Zenith Condominiums Aloft Hotel The Bridgewater MacPhailCenter for Music Mill District City Apartments
  9. 9. Transit-Friendly Location RYAN’SSITE
  10. 10. Stadium District Per State Legislation
  11. 11. Reinventing Downtown East We started with a Stadium, Plaza and Parking  $400 million private investment  193 apartment units (first phase)/300 residents  1,610 stall parking ramp  5,000 -6,000 downtown jobs  Connections between Stadium and Core  $3.5 million annual taxes / $1 million to Minneapolis  World-Class Urban Park
  12. 12. The Downtown East Development
  13. 13. Important Skyway Connection From Downtown to Stadium
  14. 14. Perspective View of Downtown
  15. 15. Most Significant Project Challenges Creating A Compelling Vision for ALL Project Stakeholders  StarTribune (to allow us to control land)  Corporate Office User –Wells Fargo  Minnesota Sports Facilities Authority  Minnesota Vikings  City of Minneapolis  Neighborhoods Expending SIGNIFICANT “at risk” Effort, $  Design  Development  Construction Management  Legal  Government Affairs  Environmental  AUAR Creating a Funding Plan that satisfied City, Wells Fargo  No TIF Multi-party Public Commitments Required  City of Minneapolis  MSFA (required Minnesota Vikings concurrence) Aggressive Schedule  Fixed occupancy date by Wells Fargo Managing Risks  Corporate User Commitment  Multi-Entity Political Decision-Making  Construction Pricing/Availability  Design Schedule  Environmental Contamination
  16. 16. Funding Plan –Public Project Components Parking Ramps, Skyways  Owned by MSFA  Substantially funded through State legislation for Vikings Stadium Park  Owned by City of Minneapolis Public Funding for Park, City Portion of Parking Ramp (non-Vikings):  TIF is not an option for several key reasons Ryan Proposed Funding Plan  Approximately $55 -$60 M G.O. bond issuance by City  Ryan manages MSFA-owned Parking Ramps − Ryan takes all economic risks during contract term  Ryan commits to make payments to City − Based on, but not tied to, parking NOI
  17. 17. Ryan’s Project Completed beforeStadium opening -City Council Approvals December 13, 2013 -MSFA Board/Vikings Approval December 13, 2013 -Acquired 5 blocksfrom StarTribune February 10, 2014 -CityIssued G.O. Bonds March 4, 2014 -Abatementand Demolition Start April 1, 2014 -Groundbreaking Ceremony May 13, 2014 -Initial Office Tower Delivery February2016 -Initial Residential Delivery Spring2016 -Park Opening 2Q 2016 Aggressive Project Schedule
  18. 18. Phase I -Downtown East -2 Wells Fargo buildings = 1,200,000sf -193 apartment units facing the park -1,610 stall parking ramp Plus air rights development above parking ramp (pending) -350 apartment units with Magellan/Ryan Air rights above parking ramp
  19. 19. It Takes a Village!
  20. 20. Downtown East By Tony Barranco, Vice President of DevelopmentRyan Companies US, Inc. Questions?