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Riverside 
Plaza 
Renewing 
an 
Iconic 
Urban 
American 
Community 
George 
Sherman 
ULI Minnesota-­‐‑ Rail~Volution 
Rive...
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study 
Riverside Plaza 
Resident Resource Center 
Cedar Riverside 
C...
Jan 
2011 
Oct 
2012 
Dec 
2010 
National 
Register 
2004 
1988 
1987 
2010 
1980 1990 2000 2010 2020 
11
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study 
Old 
Colors 
New 
Colors
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
$140M 
$120M 
$100M 
$80M 
$60M 
$40M 
$20M 
$0M 
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study 
Developer 
...
Deferred 
Developer 
Fee 
Cash 
Flow 
from 
Ops 
Rebates 
Seller 
Note 
GMHC 
Loan 
Met 
Council 
CPED 
FHF 
Loan 
MHFA 
-...
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
Deferred 
Developer 
Fee 
Cash 
Flow 
from 
Ops 
Rebates 
Seller 
Note 
GMHC 
Loan 
Met 
Council 
CPED 
FHF 
Loan 
MHFA 
-...
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
Riverside 
Plaza 
Renewing 
an 
Iconic 
Urban 
American 
Community 
George 
Sherman 
ULI Minnesota-­‐‑ Rail~Volution 
Rive...
RV 2014: Developers Roundtable presentation by George Sherman
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RV 2014: Developers Roundtable presentation by George Sherman

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Developers Roundtable AICP CM 2

Want to gain an insider's view of what the development world is considering these days? Join the Minnesota Chapter of the Urban Land Institute (ULI) and a pre-eminent panel of developers from around the country at our annual Developers Roundtable. Explore a development case study in the Minneapolis-St. Paul region, strategically located between the new Green Line and Blue Line transitways. Learn how this project overcame complex and controversial development and financing issues. Hear from a panel of experienced developers and lenders about what it takes to take a project from idea to reality. Then, ask your own questions and receive feedback from our panel during a moderated Q & A session.

Moderator: Caren Dewar, Executive Director, Urban Land Institute, Minnesota, Minneapolis, Minnesota
Tony Barranco, Vice President of Development, Ryan Companies USA, Inc., Minneapolis, Minnesota
Meea Kang, President and Founder, Domus Development, Davis, California
George Sherman, Principal, Sherman Associates, Minneapolis, Minnesota
Cynthia A. Parker, President and Chief Executive Officer, BRIDGE Housing Corporation, San Francisco, California
Christine Maguire, Senior Manager, Development Planning and Finance Group, Austin, Texas
Colleen Carey, President, The Cornerstone Group, Bloomington, Minnesota

Published in: Real Estate
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RV 2014: Developers Roundtable presentation by George Sherman

  1. 1. Riverside Plaza Renewing an Iconic Urban American Community George Sherman ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  2. 2. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  3. 3. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  4. 4. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  5. 5. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  6. 6. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  7. 7. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  8. 8. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  9. 9. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  10. 10. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study Riverside Plaza Resident Resource Center Cedar Riverside Community School Plaza Halal Foods
  11. 11. Jan 2011 Oct 2012 Dec 2010 National Register 2004 1988 1987 2010 1980 1990 2000 2010 2020 11
  12. 12. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  13. 13. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  14. 14. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  15. 15. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  16. 16. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  17. 17. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study Old Colors New Colors
  18. 18. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  19. 19. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  20. 20. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  21. 21. $140M $120M $100M $80M $60M $40M $20M $0M ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study Developer Fee Reserves Reloca.on Other General Development/ Financing Fees Construc.on Interest Architectural/Engineering/ Legal Fees Construc.on + Construc.on Con.ngency $41 Mil Acquisi'on Cost Sources Uses
  22. 22. Deferred Developer Fee Cash Flow from Ops Rebates Seller Note GMHC Loan Met Council CPED FHF Loan MHFA -­‐ EHDC Loan MHFA -­‐ PARIF Loan 4% LIHTC Equity Tax-­‐Exempt Bonds Sources Uses $140M $120M $100M $80M $60M $40M $20M $0M Developer Fee Reserves Reloca.on Other General Development/ Financing Fees Construc.on Interest Architectural/Engineering/ Legal Fees Construc.on + Construc.on Con.ngency Acquisi'on Cost State HTC Loan Federal HTC Equity B Bonds
  23. 23. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  24. 24. Deferred Developer Fee Cash Flow from Ops Rebates Seller Note GMHC Loan Met Council CPED FHF Loan MHFA -­‐ EHDC Loan MHFA -­‐ PARIF Loan 4% LIHTC Equity Tax-­‐Exempt Bonds $140M $120M $100M $80M $60M $40M $20M $0M Developer Fee Reserves Reloca.on Other General Development/ Financing Fees Construc.on Interest Architectural/Engineering/ Legal Fees Construc.on + Construc.on Con.ngency Acquisi'on Cost B Bonds State HTC Loan Federal HTC Equity $29 Mil
  25. 25. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  26. 26. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  27. 27. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  28. 28. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  29. 29. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  30. 30. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  31. 31. ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study
  32. 32. Riverside Plaza Renewing an Iconic Urban American Community George Sherman ULI Minnesota-­‐‑ Rail~Volution Riverside Plaza Case Study

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