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Memo - 8th Ave S Redevelopment Project Update • MEMO To: Honorable Mayor and City Council Fr.om: Tara Bearcf, Community Development Coordinator Date: August 20, 2010 . Subject: � 8 Avenue South Redevelopment Project Update A Request for Proposals (RFP) to redevelop the west side of 8 Avenue South was issued in June of this year. Three proposals were submitted in July arid will be presented £or your review. Prior to proposal presentations, updates about the pxoject in general will be discussed from 6:30PM to 7PM, including: • Interest from the owner of the old Lutheran Digest building at 31 9 Avenue South to be . a part of the redevelopment project area. • Receipt of an appraisal on the Park Nicollet property for $1,250,000, significantly less than the $2,000,000 purchase price desired from Park Nicollet. . • The upcoming deadline of the option to enter into a Purchase Agreement for the Park 1Vicollet property by August 31, 2010. • Two of the three proposals received do not include redevelopmerit of the. Johnson � • building at this time. • Updates on the two funding awards for the project; $1,Q00,000 from the State's Land Acquisition for Affordable Development (LAAND) fund, arid $875,000 from Hennepin ' Co�tnty's Transit Oriented Development program. � Presentatioris from proposers will last from 10 to 20 minutes, with time for questions afterward. Proposers have meet with staff since submitting their proposals and they have been asked to present a general overview of their vision and plan that addresses. staff s questions and concerns, . so there may be some changes or updates to their proposals. A summaxy of the proposals is provided below; highlighting issues for the City Council's consideration. 7PM — 7:45PM The Cornerstone Group . Pro,�ect Summarv The Cornerstone Group's proposal includes all of the properties listed in the RFP. Their proposal emphasi�es place=making and creating an identity for the project area. They propose acquiring the Johnson building arid re-purposirig it with renovations that would support an active retail "market" facing 8 Avenue South and office or other commercial space throughout . organized around a new internal atrium. This, concept includes outdoor use of the parking area and 2"a Street South to bring activity to Excelsior Blvd. The proposal's concept for the area � north of 1 Street South calls for three buildings of residential, with some commercial provided • on the first floor of the most northern building. Residential uses on the first �loor facing 8�' • Avenue South would have entrances facing the street: The Cornerstone proposal minimizes ` building footprints to m�imiz� open space, including the creation of a 5 sq. ft. market plaza between the northern and southern buildirigs. Pro erties North of 1S Street South Residential Units 156; 20% affordable � Commercial Sq. Ft. 11,OOQ Indoor . 5,000 Outdoor Total�Land Acquisition Cost $1,825,000 Zohnson Buildin Pro e Residential Units 0 Commercial Sq. Ft. Approx. 50,000 �, Total Land Acquisition Cost $3,925,000 � Issues to Consider • Other proposers feel that re-use or redevelopment of the Johnson Building is not realistic • at this. time. Why does Cornerstone differ? • � • Cornerstone's proposal cites $4,500 in TIF as a source of funds for the project. The City's financial consultant has done preliminary TIF runs based on the proposal that indicate much less increment is possible. Wliat other sources of funds or changes to the sources and uses could account for this gap? � • How would the praposal apprr,ach parking for the project site? Would public parkirig at the north end of the site be replaced? • Cornerstone Group developed the successful mixed use project, Mainstreet Lofts, in Downtown Hopkins. � 7:45PM — 8:34PM HIodt Incorporated . , Project Summarv Klodt has proposed redevelopment only on the parcels north of ls Street South. Their proposal . is for a phased development of three separate buiTdings aver an underground parking garage ' spanning the entire sitg: They have `indicated a desire to add the old Lutheran Digest site to their proposal in order to allow more creative site design and, additional residential units. The Klodt proposal does not include any affordable housing, which is a requirement of the funding awarded to the project. Depending on the rents proposed some units may qualify as affordable without - requir'ing subsidy and some or all of the funding could still be used, but this would require a commihnent from Klodt to affordable rental rates. Another option would be to decline the . funding with affordability requirements and seek other ways to fund acquisition. - Pro erties North of l Street South • Residential Units 196, all market rate Commercial Sq. Ft. 7,000 Total Land Acquisition,Cost $1,960,000 Johnson Buildin Pro ert Resid�ntial Units 0 Commercial Sq. Ft.. 0 Tota1 Land Acquisition Cost N/A Issues to Consider • Klodt has indicated an interest in investigating TIF to provide additional fundirig for the project, but has not done a project using.TIF in some time. They are proposing $1,960,OQ0 for property assessed at o.ver $2,300,000, and actual land costs may be much . higlier. � What are the pros and cons of using tfie committed sources of funds for acquisition that - • require affordabTe housing? . •. Klodt has experience doing recent mixed-use development near a Light Rail Transit st�ation in Minneapolis along the Hiawatha line. They build the'ir own buildings, act as � their own general contractor, and continue to own and manage. them in the future. 8:30PM — 9:15PM Dominium Project Sutnmary Dominium's proposal also only includes properties north of 1 Street South. Their proposal is for two buildings of senior residential with no commercial. They have located coinmon spaces on the first floor aand have expressed a willingness to add a small amount of retail to the corner of l Street South and 8�' Avenue South if required. � Pro erties North of l Street South Residential Units 189, all seniQr housing , Commercial Sq. Rt. 0 _ � Total Land Acquisition Cost $1,228;500 • � Johnson Buildin Pro ert Residential Units 0 Commercial Sq. Ft. 0 . Total Land Acquisition Cost . N/A ` Issues to Consider • Dominium's proposal cites $2,3d5,000 in TIF as a source of funds for the The City's financial consultant has done preliminary TiF runs based on the proposal that indicate this is a realistic figure. The financial sources cited by Dominium include additional funding from both Met Council (who has provided $440,000 of the $1M LAAND funds already acquired) and Hennepin County. Since these organizations have already awarded significant funding to the project is it reasonable to expect additional awards? . � Will senior housing with no commercial meet the visiori for the inviting extension of Mairistreet required to draw Light Rail Transit riders fram the Downtown Station across , Excelsior Blvd? ° � Dominium is an experience, national developer with signifzcant experience in houszng development. • . Attachments: Cornerstone Group Proposal Klodt Incorporated Proposal Dominium Proposal • . _ � ' Comparison of Three Proposals Residential Portion Only Sources of Funds Cornerstone Dominium Klodt First Mortgage $21,803,233 $16,537,500 n/p TIF Mortgage $2,649,998 $2,365,000 n/p LIHTC Equity $2,660,000 $7,653,965 n/p Met Council/Hennepin County/Other $1,000,000 $1,400,000 n/p Hennepin County TOD Funds $850,000 $425,000 n/p Elks Club Sale $750,000 $0 n/p Developer/General Rartner Equity $700,000 $4,355,266 n/p OtherlUndefined $134,593 $631,000 $28,058,500 Total Sources of Funds $30,413,231 $33,367,731 $28,058,500 Uses of Funds Acquisition $1,825,000 $1,22�,500 $1,960,000 Construction $23,631,520 $26,218,971 $24,625,500 SoftCosts $5,091,304 $5,920,260 $1,473,000 Total Uses of Funds $30,547,824 $33,367,731 $28,058,500 Total # of Units 156 189 196 Construction Cost Per Unit $151,484 $138,725 $125,640 Total Cost Per Unit $195,819 $176,549 $143,156 � Other Elements Elks Club Included in District Plan Yes No No 9th Avenue Office Bldg. Included in District Plan Yes No No Johnson Bldg. included in District Plan Yes No No Retail Component Included in District Plan Yes No Yes Total Non-Residential SF in Current Phases 9,800 0 7,000 Total Non-Residential SF in Future Phases 70,500 0 0 Possibility to convert to owner-occupied Yes No Yes Affordable Housing Percentage 20% 0% 100% Market Plaza/Greenway Park Connections Yes No No City's Stated Redevelopment and Design Goals (summarized and consolidated from RFP) Active First Floor Uses Yes Active Street Experience Yes Residential/Office uses Yes Owner Occupied Units Possible Walkable, visual experience Yes Enhanced landscape and streetscape Yes Shared parking Yes Design that supports active living Yes • � ,, � - - ,. _. . � _ .__ . x . .. ... , .. _ . .. �� "�� F O R T H E� ��n �, � � SoMa �D�IST�RI�CT � S o u t h o f M a i n �,� �� , �. ; , � � ; � � .�, 9�,� _- � . � s � �� q �. � �� -. J�. � � i , j :,<, , � � . r 'Y ��•� ... s .��'f'°� '� ', �,�,7 ..�.t �,� %-. � .�� > � '"� .,.�' �' < �,' ' . , � � i 'r ` �.� � ,` i .! � . i �' E �. .y�s, , �, �� ' 3Ys 1 ��5� � � � � � � � � � r� , � : °,. � � ` - x�' "�, - �� a � ' - ��.� � � I�f �� : I. .. > . _ �`: t � ;;,,� �` � ... � �, � �. ; a � = �{. � ,€ �� ' � � ' � ; �� :;� � •�# ,. 5 I ° �I � [� F� , � M'. ( I _ �� i � N n }.:� {` � � , � �H�>"s . � I �� ,, - ' � �; , ¢ rTM° x »j£-� � � � - tdw� * gs * �� " �'� � ; � � � �: � �.�. f w. � �� ._ _ � `� .:.� � � � . . 3' � �' i � t � �� '� � .�. . �, �.' . , , - � :. � , :�6 , .. . � �� fk; F � � -�, F�' t • � THE CORNERSTONE GROUP TRANSFORMING THE SPACES THAT SURROU\�D US INTO THE PLACES THA'I' INSPIRE US �;� Contents ,�. � �� }.� �. :�� a � �€ �, � # �' ,t ,� � � < 4 � ., �� .. _ . � �:- . .� ��-� � � �.a�� s THE CONCEPT An outline of the concept envisioned for the 8th Avenue SoMa District LETTER FROM THE CORNERSTONE GROUP ................................................................................................... TCG APPROACH TO DEVELOPMENT ................................................................................................................. ANALYSIS OF EXISTING CONDITIONS AND OPPORTUNITIES .................................................................. CONCEPT ............................................................................................................................:............................ CONCEPT DESCRIPTIONS ..................................................................................:................................................... � Park Nicollet Clinic .................. � , ............................................................................................................................. Elks Club Lodge and 8th Avenue City Parking Lot ...................................................:...................................... ' Market Plaza and Greenway ................................................................................................................................. 31 9th Avenue South .........................................................................................................:................................... '� Johnson Building ................................................................................................................................................... ' CityParking Lot on Excelsior .............................................................................................................................. OUR CAST OF CHARACTERS .......................................:...:..................................................................................... SUMMARY OF FINANCIAL PROJECTIONS .............................................................:.......................................... Estimated Market Value e'r Land Purchase Prices ............................................................................................. ' Preliminary e'r Uses ................................................................................................................................. TIMING PHASING ................................................................................................................................................. • � THE DEVELOPMENT TEAM An overview about our philosophy, expertise, experience and people I THEORGANIZATIONS ............................................................................................................................................ DEVELOPMENTEXPERIENCE ............................................................................................................................... �: , � �' REFERENCES.:................:............................................................................................................................................ : , CONTACT INFORMATION ................................... ' .................................................................................................. � � - --- - - - - � � ---.. - -__-- s � � ��- � � � � �� ;. � � �� ,� �� , �� *� .k��' 1 `+�..-� '` :� � � €,�°� �� `� ; � � ,c � � �I� � �,,,: � ��.�.'� � . � .�* � �_��..��:��-�+< �_ ��"�°` ,� � � LETTER from THE CORNERSTONE GROUP . The Cornerstone Group is pleased to present our proposal We also know that a successful project isn't realized � r the redevelopment of 8th.Avenue in downtown without strong, multi-disciplinary skills, attention to opkins. Our goal is to create a lively and vital district, detail, and a great development team. South of Mainstreet (SoMa), that bridges historic Mainstreet with the new light rail station on Excelsior We do our best work in partnership with others and have Boulevard. assembled an all-star cast to help us with this project. In addition to our typical team of developer and designers, We ha�e long valued our strong working relationship with we plan to bring together a diverse collaboration of local the City of Hopkins and consider Marketplace Lofts an experts to ensure that we deliver the most innovative, example of our best work. However, Marketplace Lofts well-designed concept. was planned and designed almost a decade ago and we have learned much in the intervening years that will allow �is development opportunity aligns perfectly with our us to create even more exciting and dynamic new company mission, to transform the spaces that surround developments: into the places that inspire us. We are excited to share our passion for sustainability, including smart land use . Great development is not just about bricks and mortar strategies, healthy living, access to nature and the arts and —it's about a holistic approach to creating a sense of the importance of local food in urban environments. place. We appreciate the opportunity to work with you on The . Great vision incorporates sustainability, diversity and SoMa District. We look forward to talking to you more connectedness, bringing people together in expected about your vision for downtown Hopkins and how we and unexpected ways. might help make your dreams a reality. . Great design involves an experience using all five senses in all four seasons. . Great places need to be flexible, to change and adapt COLLEEN M CAREY over time to accommodate a changing world. {pRESIDENT THE CORNERSTONE GROUP} • Our unique approach TO DEVELOPMENT �� The Cornerstone Group believes that a holistic approach to redevelopment will result in a more vital, dynamic and sustainable community. Our focus on six essential elements of a healthy community is an important piece of our plan for Hopkins' SoMa District. Sustainability � � ��,�� __ �� Food � We cannot afford to create new places that are not �'�` Eating is a communal activity. Increasingly, sustainable. We define sustainability as meeting , 3 Americans are making the connection between local ;" �``'° food, healthy living and strong communities. We aim today's needs without compromising future ""�_- generations' ability to meet their needs. We must �; � to create a unique food destination as part of our ', consider economic, ecological, social and cultural �, .� �`�ti'ork on this project through edible gardens, urban I factors in development decision-making in order to �`;�: �a`nming, a farmer's market and unique '� achieve true sustainability. Our SoMa district will be opportunities for food ' a new model for sustainable holistic development. vendors to find space to �;. ��' "�� ., sell their creations. " � i � Art ' Strong communities nurture and support creativity. In turn, artists and their art nurture and support i communities. Building on Hopkins' strong � �� ; � ' commitment to the arts, the SoMa �� i � �� '� � � district will incorporate public art and provide new space for artists to live, �j ! Biking work, perform and display their craft. i The Twin Cities is one of the best biking areas in the nation and Hopkins is at a � Nature �� nexus of two major bike trails. With i Green space, gardening and year-round ,� energy costs rising, the demand for access to the wonders of nature are all alternative modes of transportation will � possible on compact urban development �,,F only increase. Hopkins has the i sites. We intend to deliver a full sensory �' opportunity to position itself as THE experience of nature at its Minnesota best biking suburb. We will design the district with and create connections between the SoMa bikers in mind, welcomin bikers to live, work and I g district and existing parks, trails and hang out in Hopkins. recreational areas. Collaboration andlnnovation ! The future is about collaboration and innovation. We believe that we can work together to find local � � �� U �� solutions and create new models for sustainable, � healthy communities. We have & � � � � � � � assembled a "cast of characters" to � � P . ;- �� ' �� help us plan and design the SoMa G' , `� _� ~, _ district in a holistic, integrated t F'': manner. Experts from the fields of � ;�_� j ' : � transit, renewable energy, sustainable ;, �� design, urban agriculture, arts, local � �«� ' �� fo�d and biking have all agreed to !� �s '� �, help us design a truly unique �� _;. district for the City of Hopkins� , . � ,� . ' � ; ,: � ' �� _� .,..�.�� -- � e,i �-.. � - , a. � :.. ,:: . - . i . I � � ...�.. . . . I � • . �3� � .. .. .Y� ✓ ' � . . . «....._ , _ . _ . . �e��" 'M I .y*�t � � . .., _ __ .- -__� . f ___ _ _.__ _. _ _ ... _ ___ _ . . ... _ _ . __.. . . ._ _ ___-__ ._ I _._.__ ___ ____ ____ __ ._ _._..._ . . ANALYSIS OF EXISTING CONDITIONS � � OPPORTUNITIES 8th Avenue serves as a bridge between historic Main Street and the new light rail station--a bridge between the old and the new. The opportunity to move people from the rail stop to downtown Hopkins through an engaging and lively streetscape must address not only this specific street, but also the connections this street makes to other key routes and destinations. By broadening our view beyond the boundaries of the RFP area, we see the opportunity to create additional connections beyond 8th Avenue. These include: •'Ihe City Park Nesded between 9th and lOth avenues, this great shaded park is a hidden jewel. The opportunity to make a direct connection from 8th Avenue to the park, provide additional green space for the City, and increase activities and uses, will draw people from the light rail stop toward this newly improved destination. • The Farmer's Market Currendy located in the parking lot adjacent to the City Park, the opportunity to expand this great Saturday market e�usts by considering a new location in the SoMa district. • Bike Trails Major bike trails north and south of the District draw many bikers to the area. The redevelopment effort will provide the opportunity to connect these two regional trails with a newly bike-friendly 8th Avenue. �; _ �'�� : �''�� " < '� �.�� ' � - � � � � `"-* £ 's� i �i.£` „ . � „��1'"it�� ' >�� ,, � . � �� a �.;� � � z 4 �� ?�� _ � � � ,� � � � e � .� y_ ��; ��x� i � . � . . � 3i . � • a �� 0 � @ Q � . + $, ''� �,., . 6 . . o � y y ��' .; f ��^'�� `:v � ` �� . . �, � - r �� : � . :�.. • ; '� � � - � ��} �, �,€, s ; � '� � 3' �` '� � � g ,.��, � �,, :-� a� x��t• • `'� � � `,�„ �� "2��'H�z �� a ��, X 3 �, ' . . f^ : _ � . ''} . . ,�, �� ,. E:`� . $;' f R' � � � ' � °�y �,p��a�,��a&,��q r � � �?� 4��. s• •, }.� - 'F � $ �� ' �{ tt { �i � � t � � # � �� e � � � � �� s � >�� -�i> � ,�. �° f � � ��' .tlhs7t��;'-��: �' , � � �:;� �'.., �t�,,�� . : 4 L i F > � �-.2 +rlke `: �� s � "� �. ,�` .S?" . 'f, 3.: j X mt = g .;. � a J?�, 1 ,c +'µ� � 6� '.�., � ? ,� { � � a� II p � �.� � � � . #� y� ',�.p��, �� +�, j t a �� <`"� �� ;� � � � s �. . � ., � � , s � � `�' ` e = � '.�`�'�`�`} ", g ��,' �` ` � � � �: � �. } ,. � ; � � � ` �n � � �# �� e $. F s � 3 5 S � .'� ��1 , ��i�� aY.#s �`�� ; �°r�`"�`_, � � � � � �.s �' �� . � � x x� ' � • !' y • " .�,..; Wpr �`-�� ,�� h� ��'� �� '� � �- �s �;� �. . , '� � �,� _ s�"�" - . �. . � ' �, �'� � � k � -� r,k x �}'�%�' � �� r y ,. � �`. , �`��' � x�+ -„ ;. � ` ^t ' �. � `f '� �, � � : � �„ �*� � �� Fl�� , . � �; � � ��, � � . � � • - - • • • � �s �--s� � @ ,� � � � + � � � � , # � #�' v t y - .� r" - �. h. �^ �." s ,� '� � .°� j'� s��` ��,a� �,( � �, �� : � � F£ � � � ' ��\ _ „��s ¢ �,� t � 4 �a� { � 4 :+ ry ,�� ' �,.: °-. w� 'h �� y' � �* ;?�i„'\`� . � � kl ' 4 uP � �� ... .. . �w�� ... 11\i1�L"��'w� . � . . �_ � . �.r. ..s s....�... * x. . CONCEPT PLAN Our vision of the new SoMa district as a vital and lively bridge between the new light rail stop and Main Street is realized through the following key components, outlined in further detail on the following pages. . , . �� '=. 5 :l'..z ° q,V� {2' � ' \ � —.yY'� r � � �� ; . L ��.,,�� #?: , . z �'- �' E� � � � , 3 �� ° 4�#d � � 4 1�1` � � E�t3 �i i.�FE�" � � � �! � �� ,.��<.: y �I c�r� � � � _ , ��.� :� �� r��*� � �� ;�� >�� , . , �.� : � f a � �� a yr.,��.,� : . ' r3, �` ;,� ��.e qs } ': t{#ii' , 4k ' � �N�." �A� �� . ¥ �� } a � � t� � `" 'a Pi& � . � �4r.,^ M h.3� �' '� �..y � ua � . . x . ' ��,. .; . . . . �� ~��. � �,��+�,��... -. a . " �� •�"��. � ': . . ��•��. ;�� .�� -� .. � ��. � ' ,�" � �,� �' � �� ..� � � �� i � � . � ��.. �� , � � ��~� �.�E ��;.� � �s� � � � ,� � �� s?ca� ` �� ! � � ,� � � � � � � � , � � � T�E � � �ltt �� G��GE$ i� j �� i � r . I I �� #� �� I � �� I >� I � � �p s �.� �`� `�� . . � ;, �. .. , ,. . . "° � _ � � £� ��(a�,'�C$ .. . �. .., .� .a � ;� ` � � �-g�" P � ��'� � � � � � 3 ��' ��. � r �� ry� � � �Fk � �a 5 n . �� F k ; � � 3 � ��: + u ,� �.'' � �!�`� ��t��€��' �'�.�tJ �� _ _ I' � .__v.. . �� rn _ _._._�_. � � � .�.� � ---- ---- ---- --- — i .� :.,,,,� �, . ,; ..� - � - - - — - -- -- . ,..: . - - - - � �� y � `�r�r+�• `.�'. . �.: > � � . ,. � � �� ., � � _ � ��.� � - . � , � , , ,« :t y ,�,; �° : � � �. , a . ; i i' ��k k-� 'N� �� ' � t �� ,�. � IC, � � � � � �F ,. -,: „_ .. . ; � -, ..-.. , ;,� � � ' �.. ,� � . ,,.,.�� . ._ � ... .,. . >,. .:xYNiMt-�►' . . .�. .� �,. . . .. _ � ,,,�,,. .. , ., � � � . . . . ' <,:. ��- �di. � . I ' ._. . Existing 8th Avenue view . - � � " � r� � � s£��4F r,� � � t. �i � � � � �. .�� s� �� ' . �-';� . �¢ r �. � „` • '. 5 ;v . Park Nicollet Clinic �. . Construct 2 new 5-story buildings containing 120 units in a • muc of housing sizes and types including: apartments, condos, `# �'"' �'`� `� � . � � �.,�, ; � two story walk-up live-work spaces and affordable housing. � `�' ` y�'ti ,�,_�-,.- > • , � , �� : . Create a dramatic Greenway Connection between the =� . `° ` � �° buildings that provides access to City parks, bike trails, retail Preliminary8thAvenueconceptsketch at the johnson Building, and a new public Market Plaza designed to be a communiry space for art, music, farmers markets and other events. . Provide shared parking under the combined two buildings and greenway site that allows parking for retail and commercial daytime use and 24 hour permit parking for residents. Timeline: Pre-development could be complete by Spring 2012 with construction taking place in 1-2 phases over the following 18-24 months. This schedule could be expedited depending on market demand and would allow for the creation of condos and/or apartments. , Future Value: Dependent on whether condos or apartments are developed. Future value for apartments could range from $14-22,000,000. Development of condos would increase the future value. • ., '� i"' '�. :,rc � : �A ''i§ �� a �:�a �' ..,�.. :ti I' ��, I I I � w "�,._ �3, . s : � t"'r �., i �,.. s f � � �„� �� "�#... , 3 � _ °�o- �� z � . _.<€! a !. ,;� k �� '�� d ' �', ! �i ,�'. � I .��: ��' ;� � r � � ,, i . �; _�. �:; � � .,� �. � `r� ; z `,� ; ..,,. � s � h = � �.,. ��.. : z .. . ;. i.. w! t}$ � : _y,� t�� ,�, � � �. ,_ , - . . . .;r� �.�t . � �; , , ' -:..,�. .. , - . ' . F �P�h . �,�� . _ � . �_ , ..- �1 . ..:�ss..e� � .,.,,_ . ...�� __'_ �`�� ' � �_ . � � . B` ry {S+'�"`� " � �3" ,s�: . ✓ �'� : ,��,w . i i�s '�s 5 � � ��.� `�5� � � �¢ � ,.1X"ba`* � � `"�`§. � .. .�# %„ # Y f{� . . �€ � � �" s� 4°'�� 1 . M � � 4 k� ' �;S �'��" y � . r � t .. .. . � �� ,�� . �� ' 7 ,: `�. � �� _� � ; � t �'W � , 3 #�r: .� �, ; �� '�� . .�6�� r: ;, � w,�«:� * .�, : ;� < k • � � S �, •� * ,"�+, � i �t:x � , . � �- � � � :�� `� � �� y {t }�. li � � � tri r �e � � �, '-«*t:.::. . . . __ _ ' Elks Club Lodge and 8th Avenue City Parking Lot . Acquire City parking lot at 8th Avenue. �'�, � . Purchase and demolish the existing Elks Club building. �� . Create a mixed use building with 36 units of housing on the upper floors, and common areas, Elks Club and other I i retail on the lst floor. . Re-use the Elks Club site for the Greenway Connection and Market Plaza. i Timeline: This phase of the project could begin immediately with a construction start possible in Summer of 2011. Future Value: $5-8,300,000 � i �� , �� , -� � fi � � �: x � �� ' � > : � ' ] fi .� � $�' � ,k �:t. � - § . � 5 ; � . ,. ,y ,� �£�� ' !. . i S� h, 3 � . . _�� # �; 1 -t'� �� ,�� t ! � +.# � `z � � �� j II IIII� �. � � : i i'� X� �g � g �� "� � II I � �� tlgq� ��1*'�r� �� n ,'� � 'i #-p„y^� �,- � X , #fl�. }.Y� , i z � $'� > } - I I ' . x II F � � � b 3 :i �' � , r + .'. . . li�� g� � jf k - �- ' . � � a - .. � yAx". � .» � . :, � � � �' � .: � ' � t � � _ e�� l � �: . r - N.wm+ �� ..� Y �- . � a # f �; I tM'� r� a k:tFS`�3... � i � . z � = 4h � ( £ � ,��yd:- ' 1 ' � �,;t�� { . A�� w FL } ��'�$��9 p n " 3 sy` �. Ci � . `��'3.t�.zi �� . �� } � ( � '� . ��~ � � 3 �� I �� M �� , � '� r � �� < � �� .,�. �.:£:�.,. � I � .� I t x �':a� # � ;,f I � � � � ;<�' i 1 � � �' . rti � ,. � � o�'�nt �� . � . E e �—:. ., ' � s*s,��'., eii,.�..va.. `:.. �a :._,.. ^_.....'�""�� `� s - �'��` �� ,��.f�.'� � a-* � �� 1 � i Y �.,.o . ._ra�a-. >rs �3 . .. L�.�.�€x aa..rS�.. ..,.,. .. i � ,.-i . ., _ _ _ t.._...�. k9�" . _ „ . .. . . , .. v�, �.E^'- .,??d.,..$..x .:e ti ._ -_'_- _____ -___ _-__ f i - - -- --- — - --- -- — - — -- — , - . . . � _... �� _ � ��" °� : g a� rx� ..:. ��.x.��-�°��°��. � � � � � � � �� " �- . � .�=: � .. �.. � ��: „� �� , fi � � :� ; � �, �r= -„� � � - �, :: • � . �. �� - �¢ t. `» . ' " f t�t��A �;} .1 � .k7 �' � � r t � � .. M- ( . � �. �'" t ,. .. � � �',* � ��.-+J'M �..-�-� . �rt + �a. �� _ . ve.5.m� . Market Plaza � Greenway . Create a new mttlti-purpose plaza for farmers markets, holiday markets, ice skating, outdoor movies, weddings and other planned gatherings. This space could also be used for festival events such as the Elks' rib fest or as an extension of Raspberry FestivaL . Create a lush Greenway to make connections between the SoMa District, the City Park, Sth Avenue South and the Market Plaza. Timeline: Acquisition negotiations could begin immediately with renovation following acquisition if a suitable tenant is identified. However, this property would not be needed until construction of the Greenway Connection takes place during construction of the housing on the Park Nicollet site. Future Value : $750,000-$1,500,000 � � �`,� �- � �.';� 3 � r�a�ks r rr - �,3'. i = . . �it ` � "E.Cf� a frt 5 i 3 Mg'jA L X�„ it R �{ 4°P �. �'L.l'� 4 . �� . : T.� � a � �dt 3 34'� 5 �v� �£ F f ' ": � 1 '�trv t� ° - '<i'�, s.�d � �� . . ; . r� , r � Q �, 4 , �, q, ;.. � �.;: _ e : ,r ,.._ r ' ' ,� � �� j �� $ �. . ' � � :L'�4., , ' ,4 � �, �� . _ �,ea �,� ss+ � i.�g� . . rh `L� . "` �' , �� » ', y ; 9�� .�; � -_�� " � � :;: �,� ,� � �, ,, . � � �. � ,� , ,# �.,. -, . , �,� �_ �. . � - t�. - ,. ..: � , ,. r � �. �. t. . ,. ,. ,.- �, ,, _ . „ �� .. � , �..E; w,� �,. , ; , � ., .;�, , � � ,_ ,, �;.. � , � d- � , a .- , .. LL � *'n;- R � �� . < � � �-.. w1, II � • � �� 1� � ,. �} '�}'�� . }a _x.�.� �x4.:... `�i� ,� . . i � �� ;: � t ;�� -� �� "" ,g, ��' �� ""•- :° � s � +�� `` ; t'� ; �z�� ;v'' � . � � �� i,� ,. � �� t�s�' � a �.'`� � -.�a`€� a �- � �. � . ,:=t� . �`` � � R. . , M... , -. . ., _ . � . . ... , . ,-..# . . . . � . 31 9th Avenue Sauth . Acquire the building and renovate it for use as office, retail or restaurant space. . Participate in the shared parking plan for the district that would allow reduced parking behind the building. . Use the re-claimed parking space for the Green�ay Connection to the City's Downtown Park. Timeline: Acquisition negotiations could begin immediately with renovation immediately following if a suitable tenant is identified. However, acquisition of this property would not be necessary until construction of the Greenway Connection during the housing construction on the Park Nicollet site. Future Value : $750,000-$1,500,000 I j ej Y � ` � ;�� r � � °� � � _, � � �'`; r '� �° � � ��, � �.�+- �.� ��'; �� ,: � �p �z :� Y � , # k _ ; �� 6 N ,�{ Y �i •'L . � - § . ��f' i� �pf�x " k f �¢ A1 � ... : � � t . 4 yc, , ,�,. .. � "_ _ � . 7 . � -. '� . �" � < . , ��ic � r : `*� � °�� . �n I;; ..� ��a� '��t�t � I � � � �,'�,« �' �y,lt! y�i� r�;#,:*- �.:: � �'�� i . '� � .€F [ c , f #A ..� � �p �" � i _±�> . , , f , , � §""�i " `�'..��e� S a. � t r c � � �� .. 3 � ' r � _ � k �. � �� . 4't� , ' :4 .'�. ,� { �t �....�� ,. ' . r = . y 7� �i�. .:..' �(�� . � �`i " . p Y . k . w .. . .� , . �.�,.:., . ...._> a , . } `� ��.4� t }�� t kT s , ,.. � � $ � y ...., .� . ,.-- . ..,.� , � � � F I ��f7 i��.i : � �. . . � . . .:��' � �- I �• � s$» m.y •�" .,., .. . . . . . ¢I'1 u .t'.: f 1V , . ' . � . . I � . � . � � , y ' '�'' � ��i "� ' I '�19 �:� � i � r . i � # y , '` � � t � � �� }'(�, � , '�ta , � �<� I � � � �i �d � � i � , T f :� )j�� S . �� I 3 , ", i t3� �':. + �tj��j y �# i4'� � �'Y' 1��. �La�? � F �FI S .W 't � 3 � � $�, f '� °`... � • { • � 1 •°r' . '�� ~ � ti KR# j . . t i v � , r' . - 1 : . i:. �. i. � �. 3.A . . 'Y' y. .#t' r � I � :: ,, t � � .. . . :, ,.. ' � d >" , . � - � 'r�:. "�� S, {''� � I ++� I 6. � � ��i �"� �_�� '� , i $ �f #� I ��#� � �� „ < a � �r � � S � ,« � 9i � ..�'ztk.: ��" .. I.. .. .. . , c�v��.� .� . �'.. � __� ..__, — � — — - — — - _ • . _— _ — — — - — :_ _ _ . . ,. _ _. . .. , ,..,.��:, �� ... � • • — . — -- -- — — — — — , .,� , � ,. _ � � � �� ; ;�*� , �;�- � �, � � k �,+.* � A ��w �. ' � � � +. _ ; , > , t < .,, � !- } , . , ... -afr. ; 5 ti _ . � _. S 9�` � . � '-` . : . ... � . :, e , 3 , . . . _ rz =..�.' . ' �. . : : t. .. _ � � �I � � I �R x � r � � I • � � { � , f , � �..` 1 � �, ,� , - � g k. � ��3I 3 ' £ � 3fi a � r.` g � � :"u }_� �,' .! 1 � ; .F... .., ��'. 3i ' �;{?: �ia ".'�. Y� , . Existing Johnson Building view d" Johnson Building �� , • Acquire the Johnson Building and re-purpose it over time a� R ' � as demand emerges. �� `��_�� "� -�;� Y e�` : •. Create a strong point of entry to the building and the -; ��,,,;� ��° SoMa District at the corner of 8th and Excelsior. � ��; _�� r � � � �� ° .�� ; ' � • Add a skylight to create an atrium space in the middle of - ` �� . ��x �� the building that could be used as gathering space for Pre��m��a� B��a,� �o��ept 5ket�n winter markets, seating, and entertainment. • Cut openings into the building facade along the 8th Avenue to create small storefront spaces for retailers such as a taco shop, cafe, barber, bakery, newsstand/convenience store, a bike rental/repair shop. • Reorient the interior of�ice spaces and corridors to maximize window placement and activity along the faces of the building. • Continue conversations with 1he Works Museum and a theater to determine compatability with their space needs. Timing: Initial renovations could proceed immediately, depending on negotiations with several large prospective tenants, or could be implemented over time as tenants transition out and the light rail line is completed. �uture Value: $5-16,000,000 ,� � � � � � � � �. � � t ,.,. - � - R rr a. � .�-� , � �. b �� ,: r � f� ;; , ...,�. ;�� _ },, T .��` � ,_ � � � � . �� , < , , .. ,� � � F � � , �� . �� r, £ � � # � �` � :�, � � � �� . � # F � �� k } : ,; �, �, � ` �� s ��: � �� }��;x�� ` - � . F � -�� a { � � � � ( � �� ; _ Y . � � �r„ � , , , ., = . , ., �� ° �� : � . ,��s i . u� ..�,, :° ,.,: ��,<� � _. . �, .: _ . . _ � . � ..�e City Parking Lot on Excelsior • Utilize this space on Excelsior for food vendors who operate from food carts and trucks. This concept has been successfully implemented in a variety of cities like Austin, Portland, and Madison. These vendors add a dynamic vitality to the station stop at times when commuters are likely to be present and are a great way to provide a variety of fast, local food options for residents and visitors alike. • The Cornerstone Group would be willing to either acquire this site from the City and implement the food vendor plan or to provide assistance to the City to implement the plan themselves. I Timeline: Parking lot improvements to be done in time for light rail opening Future Value: To be determined after improvements and Light Rail completion I ,� � ` �;, ` �� ,�� ' � �� '�� , � � , �, ` � � _ = ' �. � i I ' ' � ' �� s,. � � r� �� a � � � ,#, a,,, t � I �,* � � � '��"��il �u I �,: � � � ��, �,: "'�? $�... }� �� # �} I � . :�" "+ ^ 1E �� a I - . � � f r' ��1�� Yy I '�I i I I I II�II ��p� I � I , F �+ ��,f _ *! � �.. � .. � ` + F . S�' s. p�$ & ,g'� #t I ..�w�.a v.r . I � � � ` t *4 ��.�.. k � Y d; �, 5 �� , '�r, y^' I �r" i � �" � � � �. � ��k, � ` �,� , �' `� � `` � ` � � �� ,. � � 3��' �� <�� £ x � , a� " z � 3'� ' �;��, ! �� ;�� ,�'� t � � �'�� ; , � �� " ;��' "` ,� f� � � , �y s� '"�� ;9+�'T,'#5 ��k tF�� #r�,a._ '�3�4saS�.'�.� �', � `� � � ^ 4 2 � ta.,��+��+� ` „ �k . . �.��.�I�a I . . . - _. _______' _____ _ _ _ _ . � ____-_ ___ .. _. _ _ . __ _" ____ _ � __ — _ __ -__ _ — ._._ ______ __- - - -' -' , - �`-.,._.: _ ' _ " _ ' , "_ _.:.: -. __ OUR CAST OF CHARACTERS � �l�� ° � �'�� „��. � I ��:: ° , � - K � � � ;j ", a� �: � �� : �, . �;, `' ' . , ,��; F ,. . >£, �, + � � �k �` � ��`s�, ,.s=i�"� Y � � Y.;;�' � �, ' . .. . . . �� "�::� y �,�~� ... � � . �. � .�:: : ��': �� ` � � � �� s�" , m �tG. �� q, t . I f �j I i� ,�T Y � � x a � (, '� �. � � � . � . :"> �� , , i K�� ' k'� f �' �s= � �� I �. � � 5 ��: �� - � �. � �� ; � , �. , �} A ; � � :, u�r,:, One of the most exciting elements of our proposal is the creation of an advisory team that will help us to research and consider innovative approaches and incorporate new thinking into our project. The advisory The Public Artist The Urban Ops Director team will include experts in the fields of art, public health, landscape Seitu Jones is a�dsual artist who works Since May 2005 Barb Grossman, of The design, urban agriculture local food and nutrition, transit, Complete in a variety of inedia dealing with issues University of Mimiesota Extension Streets, renewable energy and sustainable building practices. These of community. He describes himself as a Program, has coordinated a spectrum experts will work together to help us design a truly holistic plan for visual artist who has successfully of resources such as nutrition transforming 8th Avenue into a cohesive district that we call SoMa reconciled and embraced the multiple education, horticulture, family and (South of Mainstreet). aspects and responsibilities in his life youth development, community (father, husband, brother, artist, activist, engagement and agriculturel The Pioneer Shack supports small family farms in etc.) into tl�e artistic projects tl�at he em�ironment. She oversees community The Upper Midwest, utilizing organic/ does today. He lias worked with a development partnerships to meet the For oner 25 years, Lucia �1'atson has sustainable products whenever possible, ��ariety of organizations in transforining particular needs of urban/suburban been serving fresh, local, organic, farm- �eir "luxury streetfood" items indude vacant trash-filled lots into public communities. She also leads Extension � -table food at heT restaurant, Lucia's— Yacos, bison burgers, house-made spaces. Seitu is a community Uuilder urban planning and strategy d now, Lucia's \M1 ine Bar and Lucia's piclles and ketchup, tempura fried soft Who actively en�ages in the community development, participating in to-go. A third generation Minnesotan, sl�ell crab sandwiches, mini donuts, ice in which he liaes in order to affect University-wide urban efforts, Lucia's love for cool:ing began watching creams, farm salads and so much more! positive change in the world around advocatina for and promoting local her grandmother Lulu. Lucia served a four year term on the Organic Advisory rne Thespians him. investment. Task Force to the Minnesota In addition to founding the Illusion '�e Arts Administrator Baz•b's special interests include local De artment of A�riculture azid is food access, urban food policy and P � Theater, Michael Robins has directed For over 20 years Susan Hanna-Bibus lannin and reventive health currently on the board of the Institute over 100 productions at the Illusion has worked in nonprofit arts p g � for A�riculture and Trade Policy. includin� the acclaimed 1991 administration. She currendy is The Sikers 'Ihe Landscaper production of Miss Ei-ers' Bo��s Executive Arts Director at the Hopkins (nominated for a Pulitzer Prize). Most Transit for Livable Communities Center for the Arts and previously Hang out with the down to earth Paula recentlq, Michael directed the world works hard to make Minnesota's streets worked at other arts and arts education and sidewalks safe for bic clists and Westmoreland for an afternoon and premiere of the Illusion commissioned }' ou won't be able m think of another � organizations including the pedestrians, partnering with others to Y adaptation of V� illa Cather's My ivIinnea olis Colle e of Art and Desi n person more committed to restoring Antottia, which will soon tour p g g advocate for innovative policy and health and abundance to the land while and the Minnesota Opera Company. ,lannina chan es. WIan of the TLCers Minnesota. Michael has developed and She regularl}' serves on panels and does � b g Y reconnecting humans N�ith their food co-written a1115 Illusion Education are die-hard bikers but they also know and the rest of the natural world. Yaula, presentations on arts adininistration for ` it takes to make communities plays and regularly conducts residencies high school and college students. She more Iriendl and accessible for who has a background in computer and �vorkshop trainings for youth has an onaoina commitment to y database technology, has 10 years of connected with our Education � ' pedestrians too. Bike Walk Twin Cities rofessional landsca m ex erience promoting the arts as an integral is a federall funded initiative of TLC P P� € P Program. He is estremely active in the and vital part of community life. Y creating permaculture gardens that community, serving on the Boards of that works to increase biking and mimic natural ecosystems. many Twin Cities organizations, United Susan's past professional endeavors also walking and make cities safer and more Wa committees, and cultural diversit include editing the proceedings and accessible for bikers and walkers. The Street Fighters y y catalogue for an international coinmissions. Lisa Carlson and Carrie Summer have gonnie Morris has also been parf of symposium on electronic art, been chefs in the u er echelon of the accompanying theatrical productions pp Illusion Theater's remarkable 35+ year and ballet rehearsals, teachin� art at the fine dining ��orld for over 20 years. history as an actor, writer, educator and ' They have cooked everywhere froui producer. elemei�tary and junior high levels, California to New Iork Cit}; London to teaching private piano and music Bomiie is passionate about new H�ork lessons, workin five eus in the angkok The duo currently own and and new artists. Bonnie co-authored all g }, operate mobile l.�tchens called "the corporaYe sector and running her own Chef Shack" ia�tiriti:dzefshack.org and are °f Illusion's educational plays, including garden design Uusiness. Toudz, For Our Da.ughters, Like ih aters � in the midst of their fourth and most Rolliiig Down, No Laugliing Matter, successful season, paving the way of Clenr tke Air, and tl�e latest, Read,v Set street food in the Twin Cities. Chef Action. SUMMARY OF FINANCIAL PROJECTIONS ESTIMATES OF \1,�RKET VALUE � LA:�D PURCHASE PRICF,S _ __ _ ___ _ __ _ . ___ __ __. � ' Estimate of Market Value ' ' ' — � —. : Assumptions: Conservative Value= Cost of acquistion plus hard construction costs only _ __ _ _ _ . I , Most Likely Value = Based on 7% cap rate on 1 st year income projections _ _ _ _ _ __ _ __ __ , Optimistic Value= 30% better than Most Likely Scenario** , , __ _ __ _ _ __ ___ ___ __ __ ____ _.._-- ___ . . __ __ '�� **Includes market value of Elks Club Lodge--may be non-profit ownership for tax purp° __ _ ___. _ _ ___ UeryaC�nser��tEUe' _ _ _ __ __ ., _ ; ,,; , � `., � ;. _ � - -- , ; , , _ __ =Housing � ' Park Nicollet Site ! �20� $14��6��,5�$; _ _ _ ___ _ , , ` 20% affordable � ' � ` t � _ _ _ __ ; New Elks Club 36; $4,2�:8,452' ' _ _ __ . 20% affordable ' , ; __ _ _ : _ _ . I __ _ � _ _ _. _ __ � ; Range of Market Values for Housing Portion `$19;040,000! � � __ _ �� _ � ; i _ _ � _ _ _ _ ' `, ' � Ver� Conservati�re; i I Commercial Space Johnson Bldg. 65,000 . $4;90Q,000 � � �� 9th Avenue 5,500 �� $7.70,OOa�� Elks Club Lodge 9,800 $784,�00< � _ Total SF 80,300 ( __ __ _ _ . _ _ '' Range of Market Values for Commercial Portion !$6,454,000` _ _ _ _ __ __ . � � � � I Combined Estimates of Market Value '$25,494�OOQ $38;668,110 $50 � - _ __ _ _ __ � __ _ _ � . . ' ^ �.3 E7 ' .:3w y��y�v.. y��y�• v r � �. u''Y$Y� �s , �� - e r . `4*�S ��,.p,��. xx. <��. �__ — .. . _. � u �� , =.��.t �� . - -- --- - _ ---- - - - -- , - ---- _ , � : - - .......: ... ... ... . .._ - _ . . ._ . SUMMARY OF FINANCIAL PROJECTIONS PRELIMT?�?ARY SOURCES e'r USES • _ _ _ _ _ _ __ _ __ . __ _ _ __ _ _ _ _ _ __ _ __ _ _ _ __ _ _ _ ___ , ._. __ __ _. _ _ __ _. _ _ _ _ _ __ _ __ _ __ ._ __ _._ __ _ _ _ _ ___ __ _ ___ __ _. __ __. __ _ __ Preliminary Sources and Uses _ __ _ . _ _ __ _ _ _ __ __ __ ._ __ _ ___ _ _ _ _ _ __ _ _ . _ ___ __ _ _ _ _ _ _ . _ __ _ __ __ _ __ __ ._ _ _ _ _ Assumptions: FHA financing on residential units _ . __ .. _ __ __ _ __ ___ Conventional bankfinancing on commercial buildings _ _ _ . _ __ ___ ___ ___ City pass-through of Hennepin County Grant _ _ _. __ _ _ _ _ _ __ _ Other funding =Met Council, FHF and other govt. entities __ __ _ __ __ __ _ _ __ _._ _ _ ____ ___ _ _ __ ___ Sale of 7,500 SF space to Elks Club Lodge at $100 PSF' _ __ _ __ _ _ _ _ _ _ __ _ _ 20% affordable units with LIHTC equity __ _ _ __ _ . _ _ _ __ _ _ _ _ _ _ _ _ ___ __ _ _ _ _ _ _ _ ____ __ _ _ _ _ _ ___ _ _ _ _ _ __ __ __ __ . _ _ _ _ _ . _ ____ -- __ _ _ __ _ _ Preliminary Estimate . Sources of Funds . _ _ __ ___ _ _ _ _ _ _ _ _ __ __ ___ _ __ _ __ First Mortgage Residential $21,803,233 _ _ _ _ -_ First Mortgage Commercial $7,673,683 __ _ _ __ __ _ Hennepin CountyTOD Grant $850,000 ' ___ _ _ _ _ _ _ _ _ _ _ _ _ __ __ _ _ _ _ __ -0therfunding ; $1,000,000 Elks Club Sale . $750,000 . _ •rIF _ $4,500,000 __ : LIHTC Equity _ _ _ _ _ _ _ _ _ , $2,660;OOQ ___ _ __ __ . _ _ _ __ _ __ _ __ _ __ _ _ _ ___ __ Developer/General Partner Equity $700,000 _ _ __ __ _ __ _ _ _ _ __ _ _ _ _ __ __ _ _ _ Total Sources of Funds $39,936,917 ' __ _ ___. _ ____ ____ __ __ _____ ___ _ _ _ __ __ ___ __ _ _ _ ._ _ _ _ _ _ _ _ _ _. __ Uses of Funds _ _ _ _ _ _ __ _ _ _ _ _ _ __ _. Acquisition $5,875,000 _ __ __ _ _ __ ___ _ ___ _ __ . _ __ _ Construction $26,035,520 ' _ ___ _ . __ __ Architectural/Engineering $1,501,212 _ _ _ _ _ _ _ __ _ _ _ ___ Marketing $350,000 ' _ _ _ _ __ _ _ __ __ ,__ _ _ _ _ __ ___ ___ __ _- Carrying __ __ __ _ _ _ _ _ _ $2,996,781 _ _ __ _ _ Special Consultant/Project Management ` $1,275,000 ' Financing _ _ _ _ _ _ ' $1,498,635 _ ___ __ _ __ _ __ __ __ _ __ _ _ iTitle & Recording $114,983 ___ _ _ ___ _ _ _ _ ____ __ _ __ _ . Tax Credit $82,300 : ___ ___ __ _ _ _ _ _ Legal and Other Soft Costs $200,000 _ _ __ _ _ _ _ Total Uses of Funds $39,929,430` � TIMING & PHASING A LAYOUT OF THE PROJECT FROb7 START TO FIIVISH � PHASE ONE --PLANNING AND FEASIBILITY ANALYSIS Timeframe: 6 months from signed development agreement, Fall 2010-Spring 2011 Deliverables: More refined redevelopment plan for the entire SoMa District, purchase agreements on relevant parcels, and a feasibility study for all aspects of the plan. PHASE TWO--PRE-DEVELOPMENT PHASE FOR NEW ELKS CLUB BUILDING Timeframe:.12 months from signed development agreement, Fall 2010-Spring 2011 Deliverables: Design, pricing, financing plan and municipal approvals for Elks Club Building, including Elks Club Lodge space and apartments. PHASE THREE--CONSTRUCTION OF NEW ELKS CLUB BUILDING ' Timeframe: 12 months from completion of Phase 2., Fa112010-Spring 2012 ', Deliverables: Completion of new Elks Club building ' PHASE FOUR--PRE-DEVELOPMENT PHASE FOR PARK NICOLLET SITE I Timeframe: Complete by Spring 2012. I Deliverables: Design, pricing, financing plans and municipal approvals for Park Nicollet site construction plan including � apartments, greenway connection and market plazal PHASE FIVE--CONSTRUCTION OF PARK NICOLLET SITE Timeframe: 18-24 months from completion of Phase 4, Spring 2012-Spring 2014 � i Deliverables: Completion of two buildings and related improvements. � PHASE SIX--PRE-DEVELOPMENT PHASE FOR JOHNSON BUILDING i Timeframe: 6 months from signed purchase agreement Deliverables: Design, pricing, financing plan and municipal approvals for Johnson Building renovation plans, including finalized leases and renovation plans with potential new tenants. PHASE SEVEN-- RENOVATION OF JOHNSON BUILDING I Timeframe: 12 months from signed leases with major tenants. Deliverables: Completion of base building improvements I � I �,,; �.,� �� ,� � � � � .� � � , 'il ' � "� ,` �� ''�.�.':p�"a � � ��'� t . i 1,� � ,�' _� . , �. � _ � �� ' �a.« y �s s � �.Y, < �� i� � �a �, .: ,�� t � �� ''' �t . :7 . .......„.,v., _...,_� ,..._: W _._... .., ,�-, y -.,-.<.. r C rr . �-.. ^ � .� � ..:. ,. .... � . ,-__ .,, ��.. . _. .. � � � : � '� > l� ' �' Ni� ». -'^—�— I +�wrCl � � `� ��3�:. .�.<��; .� � < . , ��r� � � � � � a' �� r . . :7: . ,.. ,. . ...,. , ..0 �y. �:; ;- +�' .. . . � ..:, . . .,, ... .. �,._. , . . .. � � -- - - ------ -- -- --- - - - -- - �� _.:��,.. ��_- �_ .c, ., - - -`• --_-- __ . .._ . . - --.- ._ :. :.- ..-,.:. -,._.. � . -. _-:_- - � , - - - - -- , - - THE ORGANIZATIONS � A guide to our stories � our people THE CORNERSTONE GROUP is an award winning real estate development team founded in 1993 by Colleen Carey in response to the community's need for a variety of high-quality housing options. Since its inception, The Cornerstone Group has specialized in urban redevelopment projects as well as historic renovations of significant properties, creating over $200 million in housing and mixed-use development initiatives. Our diverse team of real estate professionals provides an exceptional mix of expertise and cross disciplinary skills that enables us to offer services in a multitude of disciplines including: real estate development, project management, asset management, investment analysis & consultation, construction administration & monitoring, urban planning, sales & marketing coordination, property reposition & workouts, and rooftop farms. Our mission is to transform the spaces that surround us into the places that inspire us. We believe in a collaborative approach to development that measures success beyond the bricks and mortar of a project, and strives to impact our communities, environment, and world in a positive, meaningful way. As part of this commitment, The Cornerstone Group established The Cornerstone Group Foundation, which makes contributions to non-profit organizations in the areas of environmental sustainability, family justice, art, culture, education and social justice located within the communities which we serve. DJR ARCHITECTURE, INC. has provided inventive solutions CLOSE LANDSCAPE ARCHITECTURE + is a planning and uniquely tailored to each client for over twenry years. DJR has design firm located in downtown Minneapolis, Minnesota. Bob earned a reputation for resourcefulness through our ability to adapt Close founded the firm in 1976, initially combining teaching at the to the individual circumstances of each project, and promote University of Minnesota with his professional practice. consensus among project constituents. Design ingenuity and spirit Incorporated in 1988, CLOSE Landscape Architecture + has the � f cooperation have been the keys to successfully fitting the pieces combhed talents of eleven people including seven registered of a project together and guiding it to completion. landscape architects, three design support staff and one office Established in 1985, DJR Architecture has its roots in the Phillips manager. CLOSE Landscape Architecture + emphasizes creative, neighborhood of Minneapolis where it joined efforts with local contextual, buildable design solutions responding the the unique non-profit organizations to create options for affordable housing opportunities and specific program goals of each new client, site and promote urban design strategies to stimulate community and project. The common thread through all of our work is the development. During that period, DJR established a ciry wide enrichment of the human experience and implementation of high reputation for taking difficult sites and designing capable and quality, engaging and sustainable environments that are accessible imaginative solutions. to all users. During the course of its history, DJR Architecture emerged as one In recent years, we have become increasingly focused on two of the areas leading firms in all segments of the housing market and primary areas of practice: urban design and landscape architecture. the practice expanded to include: mixed-use development, retail We provide planning and design services for a variety of project . and commercial development, and urban design and master scales and for a broad range of both public and private clients. We planning. Over time, the firm's resourceful and pragmatic designs value the involvement of our clients throughout the design process; have become a part of the Twin Cities' urban fabric. this relationship has become essential to project success, and provides the foundation for the inclusive and collaborative process that has become our signature. • DEVELOPMENT EXPERIENCE 7'he Cornerstone Group The GreatNorthern - St. Paul, MN Kensington Park - Richfield, MN � COMPLETED: 2003 COMPLETED: 2004 tTNITS: 53 condominiums UNITS: 110 condominiums TOTAL DEVELOPMENT COST: $29 million TOTAL DEVELOPMENT COST: $33 million CONSTRUCTION COST: $24 million CONSTRUCTION COST: $19 million CONSTRUCTION FUNDING US Bank (17M); TIF (3M); Met CONSTRUCTION FUNDING: M&I Bank (14M); Met Council (1M); I Council (1M); Equity (3M) Bonds (3M); Equity (1M) A magnificent refurbishment of an 1888 building in St. Paul's historic A dynamic blend of residential and retail, with 96 condominiums, 14 Lowertown, particularly challenging due to 30 years of neglect and a townhouses and 27,000 square feet of retail space. Re-energized the listing on the National Historic Register, particularly rewarding when center of Richfield, a 1940's first-ring suburb; commemorated by the the 3-year $30 million project resulted in 53 fully restored condos. $75,000 donation to the Wood Lake Nature Center and Richfield e Public Schools. Marketplace Lofts - Hopkins, MN m COMPLETED: 2002 The Mist - Spring Park, MN ' UNITS: 48 condominiums COMPLETED: 2007 TOTAL DEVELOPMENT COST: $14 million ITNITS: 120 condominiums CONSTRUCTION COST: $10 million TOTAL DEVELOPMENT COST: $59 million CONSTRUCTION FLTNDING: Bremer Bank (9M); Met Council (1M) CONSTRUCTION COST: $44 million A key component of a thriving Main Street community, with 48 units CONSTRUCTION FUNDING: M&I Bank (44M) plus over 18,000 square feet of street-level retail. Resulted in a parcel More than 100 units on Lake Minnetonka, offering contemporary loft that generates more tax revenue than the buildings it replaced while living in a traditionally suburban setting. The buildings add 12,000 , preserving the character of the neighborhood. square feet of neighborhood retail space, allowing residents to have , convenient walk-to-shopping while still living close to their beloved ', lake and related recreation. I The Lyric at Carleton Place - St. Paul, MN � I COMPLETED: 2010 DEVELOPER: The Cornerstone Group OWNER: Johnson Bros. Liquor I LTNITS: Ul Apartments TOTAL DEVELOPMENT COST: $35 Million CONSTRUCTION COST: $30 million � CONSTRUCTION FtJNDING: Private The Lyric at Carleton Place is an exceptional new luxury apartment residence that celebrates the cultural richness of the Twin Cities. Located on the Central i Corridor, the Lyric re-uses a brownfield site to create. the newest addition to � Carleton Place Artist Lofts - an affordable housing complex located in former historic warehouse buildings.The Lyric expands this exciting artist community I to anyone who values urban living and welcomes creativity, artistry, and � community. Blu, ff'Homes - St. Paul, MN Rivertown Commons - St. Paul, MN I COMPLETED: 1998 COMPLETED: 2001 I LTNITS: 73 apartments UNITS: 140 Apartments � TOTAL DEVELOPMENT COST: $8.2 TOTAL DEVELOPMENT COST: $8.6 I million Calumbine Townhomes - Eden Prairie, Million New Construction/Rehab MN Acquisition/Rehab I � COMPLETED: 1996 g Maple Pond Homes - Maplewood, MN UNITS: 32 apartments Minnetonka Mills Townhomes - I COMPLETED: 1998 TOTAL DEVELOPMENT COST: $3.2 Minnetonka, MN I LTNITS: 168 apartments � million COMPLETED: 1997 i TOTAL DEVELOPMENT COST: $9 million New Construction iJNITS: 30 Townhomes a� Acquisition/Rehab TOTAL DEyELOPMENT COST: $3.6 � = Million z New Construction � � F � � � -- ,-- --- --- - - . - -. .__... _ ., .� ..� �,.. ,. -. :.° .-- . - °._ .. ._ _, • . _ � - - DEVELOPMENT EXPERIENCE DJR Architecture, Inc. � Marketplace Lofts - Hopkins, MN West River Commons, Minneapolis, MN COMPLETED: 2003 COMPLETED: 2004 Marketplace Lofts is a 48-unit mixed-use, owner occupied West River Commons is a 56-unit mixed-use city block rental redevelopment in the heart of downtown Hopkins. Designed as a redevelopment on the prominent gateway corner of Lake Street series of individual facades, the project maintains the historic and West River Road. Designed to resemble 6 individual character and pedestrian scale of main street Hopkins. buildings the centerpiece of the development is a corner plaza � with public art, gardens and outdoor seating for a coffee shop and restaurant. Audubon Crossing - Minneapolis, MN � COMPLETED: 2010 Audubon Crossing is a 30-unit LEED for Homes (Gold Ellipse on Excelsior - St. Louis Park, MN Certification) redevelopment located at the intersection of Central COMPLETED: 2010 & Lowry Avenues in northeast Minneapolis. The affordable rental The Ellipse on Excelsior is a 132-unit mixed-use redevelopment development is designed with neighborhood involvement to on the gateway intersection of France Avenue and Excelsior enhance the streetscape and pedestrian access to neighborhood Boulevard. The contemporary apartment building features single services. story townhouse units that open onto Excelsior Boulevard and an expansive outdoor plaza with trellised covered seating, commissioned artwork and landscaping. CLOSE Landscape Architecture + • Elliot Park Master Plan - Minneapolis, MN North Quadrant Redevelopment - St. Paul, MN COMPLETED: 2002 COMPLETED: 2005 The plan called for preservation of historic features, creation of a A multiple block sea of asphalt was converted to a vibrant and more livable, pedestrian-friendly community through attractive neighborhood with apartments and condominiums built development of an engaging, high quality public realm and the around a new park. The design focused on the creation of a high- development of infill projects to strengthen the urban fabric and quality public realm to integrate the development into downtown reduce the impact of surface parking. The plan, subsequently Saint Paul's historic surroundings. Work included lighting, adopted by the City, has provided the community with a flexible, pavement, plantings, walls and resident courtyard gardens. The accessible tool for responding to development proposals and center courtyards were essentially green roof gardens: raised remains a living document for community leaders. planters and paving over underground parking. � � Midtown Greenway Corridor Framework Plan - Minneapolis, West River Commons - Minneapolis, MN . MN COMPLETED: 2002 COMPLETED: 2000 This successful mixed-use project, completed in conjunction with This master planning process, guided by CLOSE, involved DJR Architecture and public artist Andrea Myklebust, extensive community participation. The Midtown Greenway transformed an infill site along East Lake Street into stunning realizes a century old vision to establish an east-west "greeri' housing, commercial, and plaza space over-looking West River connection from the Chain of Lakes across the city to the Parkway and the Mississippi River gorge. The plaza provides Mississippi River. The urban design components of the project are outdoor restaurant seating, public gathering space and has intended to help spur economic development near the corridor, become a neighborhood destination. Stoops and familiar provide access for inner-city residents to regional open space plantings at the residential entries create a sense of privacy for the systems and provide a viable commuter bike route. homes and help them to fit seamlessly into the neighborhood. • � REFERENCES A register af soine great ��=orking friendships we ha��e built F��itli local institutions � BANKING CONSTRUCTION CITY • • • UNIVERSITY NATIONAL BANK JAEGER CONSTRUCTION CITY OF HOPKINS Jim Conrad Barry Jaeger Kersten Elverum 200 University Avenue 2317 Waters Drive 1010 lst Street South St. Paul, MN 55103 St Paul, MN 55120 Hopkins, MN 55343 651-265-5639 651-389-3377 952-548-6340 ' jim@universitybank.com barry@jaegerllc.com kelverum@hopkinsmn.com ' BREMER BANK JE DUNN CONSTRUCTION CITY OF RICHFIELD Terry Kriesel Doug Loef�ler John Stark , 225 S. 6th Street, Suite 200 9855 West 78th Street 6700 Portland Avenue i Minneapolis, MN 55402 Eden Prairie, MN 55344 Richfield, MN 55423 � 612-782-1982 952-830-9000 612-861-9700 flkriesel@bremer.com doug.loef�ler@jedunn-nc.com WEIS BUILDERS I Troy Wenck � 7645 Lyndale Avenue South, Minneapolis 612-243-5000 troywenck@weisbuilders.com i� � � Contact � The Cornerstone Group � 7610 Lyndale Avenue South, Suite 200 Minneapolis, Minnesota 55423 � Colleen Carey�PRESIDENT Beth Pfeifer�DIRECTOR OF DEVELOPMENT Elaine Swenson�DIRECTOR OF PROPERTY MANAGEMENT Ben Hertz�DIRECTOR OF INNOVATION �r SUSTAINABILITY i 612-746-0660 � www tcgmn.com 1 I I I � �� I I � - -- - . - - -- -- � ..:.,,.: „ .. .... . ... . . . .. ,... . . . , , --„ - - _ - - - - , . -: • Comparison of Three Proposals Residential Portion Only Sources of Funds Cornerstone Dominium Klodt FirstMortgage $21,803,233 $16,537,500 n/p TIF Mortgage $2,649,998 $2,365,000 n/p LIHTC Equity $2,660,000 $7,653,965 n/p Met Council/Hennepin County/Other $1,000,000 $1,400,000 n/p Hennepin County TOD Funds $850,000 $425,000 n/p Elks Club Sale $750,000 $0 n/p Developer/General Partner Equity $700,000 $4,355,266 n/p Other/Undefined $134,593 $631,000 $28,058,500 Total Sources of Funds $30,413,231 $33,367,731 $28,058,500 Uses of Funds Acquisition $1,825,000 $1,228,500 $1,960,000 Construction $23,631,520 $26,218,971 $24,625,500 Soft Costs $5,091,304 $5,920,260 $1,473,000 Total Uses of Funds $30,547,824 $33,367,731 $28,058,500 Total # of Units 156 189 196 Construction Cost Per Unit $151,484 $138,725 $125,640 Total Cost Per Unit $195,819 $176,549 $143,156 • Other Elements Elks Club Included in District Plan Yes No No - 9th Avenue Office Bldg. Included in District Plan Yes No No Johnson Bldg. induded in District Plan Yes No No Retail Component Included in District Plan Yes No Yes Total Non-Residential SF in Current Phases 9;800 0 7,000 Total Non-Residential SF in Future Phases 70,500 0 0 Possibility to convert to owner-occupied Yes No Yes Affordable Housing Percentage 20% 0% 100% Market Plaza/Greenway Park Connections Yes No No City's Stated Redevelopment and Design Goals (summarized and consolidated from RFP) Active First Floor Uses Yes Active Street Experience Yes Residential/Office uses Yes Owner Occupied Units Possible Walkable, visual experience Yes Enhanced landscape and streetscape Yes Shared parking Yes Design that supports active living Yes • �� Klodt Incorporated Is pleased to respond to a request for proposals for the properties on 8th Street in Hopkins that will eventually act as a pedestrian corridor that links Main Street to the future Light Rail Station. Klodt Incorporated- Who we are Klodt Incorporated is a third generation Minneapolis based Reai Estate Development Company that primarily buiids, owns and manages many types of real estate, including multi-fam'rly residentiai, hotels, retail centers, and o�ce warehouses. In the past we have also built, owned and managed office � buildings and restaurants. Our most current projects have been transit oriented designed; multi-farnily rental apartments on the Hiawatha light rail corridor in south Minneapofis. The first was the Oaks Hiawatha Station Apartments � on 46 Street, just to the west of the station. !t �s a 61 unit four story building with 3000+ SF of retail space. i'he next project was the Hiawatha Fiats development two blocks to the north, between 43rd and 44 Streets, aiso just west of Hiawatha. That is a 223 unit complex built in 2 buildings with 3 apartrrtent masses. That last buifding. there was completed in the spring of 2009. Our next project will b�gin in the spring of 2011, and it wiil be a 64 unit building that wilt be built on the same block as the 38"' Street Light Raii Station. Prior to our invoivement afong the Hiawatha Light Rail, our most recent project was The Metro buiiding at 4 and Marquette in Downtown Minneapolis. It is a 17 story mixed- �� use building that combines retaii uses on the lower and first floor, 9 stories of public parking off by 112 apartment units on the upper floors. We are differen# than most developers in that we build our own buildings, acting as our own general contractor and then own and manage them. 7his sets us apart from others. Our principals are Paul Klodt and his. son Kevin. A profle of the company is attached as weq as a history of projects developed. Also attached are some brief descriptions of key employees. These are the key . personne! that will buiJd and manage these buifdings if we are selected. One key factor that is common to these people: long-term stable employment with the organization. Dur proposal is for a phased development. The two blocks that are inc(uded in the RFP have uniquely different circumstances that cause us to look at each block individually. The Park Nicollet — Elks Club Block � We have concentrated our efforts an defining how the northerly block might be redeveloped. We have focused on this black because we 6elieve that the redevelapment of that block could occur prior to the �.� opening of the light Rail primarily due to its relationship to Main Street and the fact that the city � coritrols nearly 8090 of that property. Our proposal for that block is done in three phases, starting from the north and continuing in orderly, sequential fashion, beginning in 2012 and stacting subsequent phases every other year so that the fina! build-out is completed by the time the light rail opens in 2017. � This is a conservative and realistic approach that we feel is merited in these troubled economic times. Our. plan illustrates three buildings and phases that share one large single levei underground parking garage. The plan calls out 196 market rafie renta) apartment units and approximately 7,000 sq feet of retail space. The underground parking tevel would hause a little over 200 staEls dedicated to apartment residents, and there woutd be on-grade parking for another 100+ stat�s. We share the vision and goal of the City that is stafied in the RFP to create an inviting and energizing streetscape on 8 We envision store fronts, apartment tobbies, plazas at key corners and pedestrian intersections, and individual apartment entries. We envisian buildings with varying heights, zero street � setbacks and.balconies Phase One � The �rst phase would be the northerly most building which we are proposing to be four stories of wood � frame construction over one story of retaii and apartment lobby and common area amenities, for a total of five stories. We feel that this height is acceptabte and similar #o the new multi-use building on Main � �,?�^�,; Street thafi is a"tall" four story building. We feef that the primary tocations for retail along 8 Street will � ""�" be the two bookend corners: the corner at Excelsior and the north end of this bui(din g, just off the ailey. � We woutd create a plaza area just ta the north af this building that would tie into an enhanced � alley/streetscape. 7he apartment lobby and amenities would be housed in the south end ofthe first ' floor of this building and floors 2 through 5 would each have about 16 apartment units for a total of 64 i units. This would have an underground garage entry ramp off of 8 Street, to the south of the � _ building mass that will be one of two access points to the resident parking areas. We anticipate that � construction of tt�is 6uilding would begin in the spring of 2012 and would be on the market one year ' later in the early spring of 2013. We also anticipate that the tease up of this building wil! take 9#012 , months. The challenge with this phase is the narrowness of the site and the arrangement of the public parking area that is replaced on the back side of this building. One row of diagonally parked cars tuck under the second floor of the buiiding. During construction, the displaced public parking could temporarily be moved to the south end of this block. ' Phase Two � i Phase Two would be the construction of the second building which would be a four story building. This � building would front 8th Street and run from the corner of 1st Avenue up to the ramp and pedestrian � linked area that is to the south of the �rst building. The apartment entry, lobby and amenity areas � would be concentrated on the south end, at the corner of 1�` and 8�' with a plaza like feel at that corner. � _ The remainder of the 8 Street facade will have individual street level apartment entries to give the �'� bu'rlding an inviting, human scale feel. (See the enclosed photo of our Hiawatha Flats Building.) The � ' second entry ramp to the underground parking would be built off of 1 Avenue just to the west of this ;, � � �; - : � „ -- -- -; ....: . ... .. .... �. , . .: � --- - --- , - --- :. . . .,:3: . . „ ,, .: - -- , - - � buiiding with this phase. This building is shown with 68 apartment units. The most conservative time tine for this building would begin construction in the spring of 2014 with units coming on the market in 2015 with a simiiar lease-up period as the phase one building. If the phase one construction and lease- up is completed sooner than what is outlined above, then this phase could begin sooner as well. Phase Three � The third building and finaf phase af this block redevelopment would occupy the corner of 1 and 9 It would be all residential and woufd be five stories. The north wing of this building would be elevated to provide drive-under access to the second surface parking fot that would be designated for apartment guests only. This creates a rather smali first floor footprint. Again, the apartment tobby and entry wouid be orientated at the corner of 1 and 9 and the amenity areas would be on the north side of the first floor with 4 or 5 grade levei apartment units with individual entries on the south side facing 1� Avenue. The floors above would have about 15 units a floor. Our plans catl out a 64.unit buiiding in this phase. Again, a conservative time line would have this building under construction in the spring of 2015 with an opening a year later, coinciding with the opening of the light rail. An earlier completian of the prior two phases could merit an earlier start. Restdential Unit Description We have been in the muiti-family business for about S0 years. In that time we. have prided ourselves with delivering a high quality product that is buiit with an owner's perspective and meeting current • y � �� . . " tenants' demands. Over the recent decades we have always brought units on to the market that included underground indoor parking, in-unit laundry facilities, ceramic tiled bathrooms, real wood doors and millwork, and balconies. Our units tend to be a little larger than most of our competition and always include ample closet space. We provide units with individual heating and air conditioning units so the tenant has complete control, and we individualiy meter ali utilities which make a11 tenants accountabfe for their own use. This is a great energy saver and is naturally "green:' All of the above � qualities are why so many of the buildings we have built over the years make our buitdings prime candidates for conversion to individuai condominium ownership. While we typically own and operate buildings for years and sometimes decades, eventually all buildings change hands. !n the last condo conversion frenzy, hundreds of aur units were converted to individuai ownership. More recent trends include upgraded lighting, multi-colored waU schemes, updated hardware and appliances. Kitchen trencts are always an important element, and we strive to deliver a variety of styles with open arrangements with eating bars and islands. Our laundry facilities usua}ly are contained within a laundry room as opposed to a closet door that just opens into a haiiway. We have included our marketing material fior two units from our Hiawatha flats deve(opinent. The Buildings Our designers believe the laok and feel of the exterior of these buildings should tend towards the traditional, historical fook that relates to Main Street, and we agree. The existing apartments across gtn �� Street have a cleaner, modern look to them from which we will probably differentiate. Our primary exterior building element is brick. This can be seen on any of our law-rise garden style apartment . F:'�-^. � . G-`;; `;;� projects. We use a cement board and� metal trim oniy as accents. Yau will not see broad elevations of " � cement board, EFIS, or concrete blocic. We propose the buildings to have flat roofs with internal storm water drainage. Our unit mix is a combinatian af studio, one bedroom, one bedroom plus den, and two bedroom units.. The, one bedroom plus den units are a great value and a newer unit for us. The most demanded units over time tend to be the one bedroom units, although the demand for two bedroom units has risen in the past years. Our primary market is young singles, couples and beginning families, middte age singles and couples, and empty nesting singte and coupies. .Our buildings serve as good entry and exit points from a community. Common area amenity spaces typically inciude luxurious labbies, cammunity rooms, exercise raoms, and auxitiary storage space. We always provide bike storage space that should be of particular demand here in�Hopkins at the hub of a great bike trail system. All of our newer residential properties are designed with state of the art security systems that include secured entries, elevators, stairwells and garages. It is hard to move around in our buildings if you are not supposed to be there: The Wildcard - The lutheran Digest Site �--�= Our plan has not inctuded the Lutheran Digest site that was recently suggested to be available. If we I � :=�:;;.. � �=`= =� were selected by the City as the developer of the north block, we would make every effort to obtain that � site as well. The flavor and density of fihe plan wou(d remain the same. It may mean a fourth building, I and building #2 and #3 may both wrap around their perspective corners a bit more. 7he ramp entrance I on 1 Avenue maymove westerly to the of the btock. The surface parking entry off of 9 Street may not drive under the north wing of building #3. There would be an opportunity to create a � pedestrian link through the site towards the park across 9 Street. ,. The Johnson B)ock — Phase Four The btock with the �ohnson building may in the future be the cornerstone to invite pedestrian traffic up 8` Street from the future Light Rail Station, but chaflenges of proposing new development on that block at this time are numerous. The building's current use appears to be ongoing and viable. Whife the ! owner is said to be open to discussions of reuse, it does not mean that there is economic feasibility at ( this time. The current owner of that building holds all the power in the redevelopment of this block. � Another factor that comes into play with that si#e are the current ieases that are in piace and the � anticipated opening of the tight Rail being seven years away. !t is premature to redevelop that property i to a higher density use at this time. tf this site were to be redeveloped, its reopening should be in the � same time frame as the opening of the rail {ine. We would consider the redeve�opment of that block to � be the fourth phase of a muiti-phased development that may ar may not include our involvement. The � inclusion of the city owned right-of-way in that phase of the redevelopment wiit act as an incentive for � that site. ' �'� � � - - � , ,;,...,.. - - - ...,,.. -- - • __ _ -- - - .. _ �'t,:��' The Offer It is diffiwtt to ana(yze reat estate values in today's �nanciaf environment. The reaF estate market is searching for a bottom and stilt seems to be undefined, while most opportun►ties seem to be in distressed properties. Given this uncertainty, and considering that we are owner/developers looking at the tong term, we feel that what has worked for us in the past is what wiil worK for us going forward. With that said, we look back to our most recent compieted project, which is the Hiawatha Flats, complex as weli as our next development which wili be a 64 unit building at the 38 Street Station of the Hiawatha Light Rail scheduled to start in the spring of 2011. For both of those projects our raw land cost was about $10,000 per dwelling unit. We feel that that is a workable cost for this project. Based on our ptan for 19& dwelling units that we are submitting, our offer is: $1,960,000 far the three properties on the north bfock. Our offer is based on the num8er of dwelling units that we are able to get on the site. We prefer to provide all market rate apartments, but would be wiliing to expiore the need to provide low and moderate income units in buildings #2 and #3 if absolutely necessary. We are in favor of using tax increment financing to fiii any gap in fand acquisition costs, demolition costs, enhanced streetscape, utility and storm water costs and site impravement. � We propose that Transit Orientated Grant money available from Hennepin County be used for the publie way enhancements equally over the length of 8`�' Street, with the possibiiity af addressing storm water needs for the entire site as we!!. Financing will come from private funds and traditional insti#utional lending Concerns There are four areas of concern that we would like to express that will need to be resolved: 1. Acquisition of and negotiation with the Elks Club for their property. They have kieen partrayed � to us as a wiiling party. We have had na contact with them at this point. We would offer the ciinic building as a terr�porary location for them if they were interested in relocating within our first buitding. . 2. The mix of bars and residential properry at the north end of the site, and the bar patrons use of . the shared parking behind that buiiding. We are interested in the City's viewpoint on this, and whether there is reason for concern. This does go back to the necessity of the shared public parking requirement and whether there is an obligation by the City to prayide that parking. 3. No environmenta{ report has been provided. The assumption at this point is that the soil is relatively ctean and will not require special handling or treatment. _:::� �f �� :) 4. Storm water treatment has not been addressed in our ptan. Sites over one acre typically require � �4 x �Y storm water treatment. We have filled the site with a below grade parking structure. We. usuatly need to create a below grade storm water infiltration structure. .Other solutions can be expiorectthat coutd serve the entire development, ar a portion of the site may need to be dedicated to this function, which would then alter the underground structure. � � `.,'_`;:� irt �?`•' I i I . ; � � � (�"� ' ,�� `;,� '±„ ; . ; _ � - -- , , ,,,. - - - _:. I• -• :.. _I .- - _ ._:_- --- __ - - --- • -- :_ _ , �- ---_ ----- � 8th Street North Redevelopment - Hopkins ) ��_Y, REVENUE PHASE I PHASE II PHASE 111 TOTA! Apartment Rental $844,800 $897,600 $844,800 $2,587,200 Apartment Parking $40,200 $40,200 $40,200 $120,600 Retai! $84,000 $0 $0 $84,000 TOTA! REVENUE $969,000 $937,800 $885,000 $2,79Z,800 EXPENSES Maintenance $15,488 $16,456 $15,488 $47;432 Security $9,152 $9,724 $9,152 $28,028 Utilities $39,360 $41,820 $39,360 $120,540 Administrative $75,968 $80,716 $75,968 $232,652 Insurance $15,552 $16,524 $15,552 $47,628 Rea( Estate Taxes. $76,SOQ $81,600 $76,800 $235,200 Management Fee $48,450 $46,890 $44,250 $139,590 TOTA! EXPENSES $280,770 $293,730 $276,570 $852,070 NET OPERATING INCOME $688,230 $644,070 $6p8,430 $1,94d,730 ��t ��:�{ �� ASSUMPTIONS Number of dwelling units 64 68 64 196 Average cent/unit/month $1,100 $1,100 $1,100 � Rent/stall/month $50 $50 $50 Per sf retail rental rate $12 $0 $0 bEVELOPMENT COST Land $640,000 $680,000 $640,000 $1,960,000 Land Impravements $461,500 $374,000 $288,000 $1,123,500 Soft costs $497,000 $489,600 $486,400 $1,473,000 Building Hard costs $8,562,000 $7,480,000 $7,360,000 $23,502,000 $10,26Q,500 $9,023,600 $7,360,000 $28,058,500 Yearopen 2013 2015 2017 � � �v: IVote: Prajections are based on 2010 rates and values. 7/22/2010 �� T Klodt Incorporated is pleased to respond to a request for proposals for the properties on 8th Streefi in Nopkins that wili eventuafly act as a pedestrian corridor that links Main Street to the future Light Rail Station. Klodt incorporated- Who we are Klodt Incorporated is a third generation Minneapalis based Real Estate Development Company that primarily builds, owns and manages many types o# real estate, including multi-family residentiai, hotefs, retail centers, and office warehouses. In the past we have also built, owned,and managed office � buildings and restaurants. Our most current projects have been transit oriented designed; multi-family rental apartments on the Niawatha light rail corridor in south Minneapoiis. The ftrst was the 0aks Hiawatha Station Apartments � on 46�' Street, just to the west of the station. !t is a 61 unit four story building with 3000+ SF of retail space. The next proJect was the Hiawatha Flats development two blocks #o the north, between 43rd and 44 S#reets, also just west of Hiawatha. That is a 223 unit complex 6uilt in 2 buildings with 3 aparfiment masses. That tast building. there was completed in the spring of 2009. Our next project w�li begin in the spring of 2011, and it will be a 64 unit building that wili be built on the same block as the 38` Street light Rail Station. Prior to our involvement along the Hiawatha Light Rail, aur most recent project was The Metro building at 9 and Marquette in Downtown Minneapolis. It is a 1? story mixed- �� use building that combines retail uses on the lawer and first floor, 9 stories of public parking_capped off by 112 apartment units on the upper floors. We are different than most devetopers in that we build our own buildings, acting as our own general contractor and then own and manage #hem. This sets us apart from others. Our principals are Paul Klodt and his. son Kevin. A pro�le of the company is attached as weil as a history of projects deveEoped. Also attached are some brief descriptions of key employees. These are the key . personnel that wili buifd and manage these buildings if we are selected. One key factor that is common to these people: long-term stable employment with the organization. Our proposal is for a phased development. The two blocks that are inciuded in the RFP have uniquely different circumstances that cause us to look at each block individually. The Park Nicollet — Elks Club Black � We have concentrated our efforts on defining how the northerly biock might be redeve�oped. We have focused on this black because we 6elieve that the redevelopment of that block could occur prior to the � opening of the tight Rail primarily due to its relationship to Main Street and the fact that the city controls nearfy 809� of that property. Our proposal for that block is done in three phases, starting from the north and continuing in orderly, sequential fashion, beginning in 2012 and starting subsequent phases every other year so that the final build-out is compfeted by the time the tight rait opens in 2017. This is a conservative and realistic approach that we feei is merited in these troubled economic times. Our. plan illustrates three buildings and phases that share one large single levet underground parking garage. The plan calis out 196 market rate rental apartment units and approximately 7,000 sq feet of retail space. The underground parking level would house a littte over 200 stalis dedicated to apartment residents, and there would be on-grade parking for another 7.00+ stalis. We share the vision and goa) of the City that is stated in the RFP to create an inviting and energizing streetscape on 8�'. We envision store fronts, apartment lobbies, plazas at key corners and pedestrian_ intersections, and individual apartment entries. We envision buildings with varying heights, zero street � setbacks and balconies Phase One The first phase would be the northerly most buiiding which we are proposing to be four stories of wood - frame construction over one story of retail and apartment iobby and common area amenities, for a totai of five stories. We feel that this height is acceptable and similar to the new multi-use building on Main �� Street that is a"tall" four story building. We feel that the primary tocations for retail along 8 Street wil! be the two bookend corners: the corner at Excelsior and the north end of this building, just off the alley. We would create a plaza area just to the north of this building that would tie into an enhanced altey/streetscape. The apartment lobby and amenities wouid be housed in the south end of the first floor of this bui(ding and floors 2 through 5 woutd each have about 16 apartment �nits for a total of 64 units. This building would have an underground garage entry ramp off of 8 Street, to the south of the building mass that will be one of two access points to the resident parking areas. We anticipate that construction of this building would begin in the spring of 2012 and would be on the market one year later in the early spring of 2Q13. We also anticipate that the lease up of this building witl take 9 to 12 , months. The challenge with this phase is the narrowness of the site and the arrangement of the pubfic parking area that is replaced on the back side of this building. One row of diagonally parked cars tuck under the second floor of the building. During construction, the displaced public parking could temporarily be maved to the south end of this block. Phase Two Phase Two would be the construction of the second building which would be a four story bui(ding. This buildtng would front 8th Street and run from the corner of 1st Avenue up to the ramp and pedestrian linked area that is to the south of the first building. The apartment entry, iobby and amenity areas would be concentrated on the south end, at the corner of 1� and 8` with a plaza like feel at that corner. The remainder of fihe 8 Street facade will have individual street level apartment entries to give the � �� building an inviting, �uman scale feel. (See the encfosed photo of our Hiawatha Flats Buiiding.) The second entry ramp to the underground parking woufd be built off of 1S` Avenue just to the west�of this ` ;,.Yr building with this phase. This building is shown with 68 apartment units. The most conservative time tine for this building would begin construction in the spring of 2014 with units coming on the market in 2015 with a similar lease-up period as the phase one building. tf the phase one construction and lease- up is completed sooner than what is outlined above, then this phase could begin sooner as well. Phase Three � The third building and �nal phase of this block redevelopment would occupy the corner of 1 and 9 tt would be all residential and would be �ve stories. The north wing of this building would be elevated to provide drive-under access to the second surface parking lat thet would be designated for apartment guests only. This creates a rather smali first f(oor foofiprint. Again, the apartment lobby and entry would be orientated at the corner of 1 and 9 and the amenity areas woutd be on the north side of the first floor with 4 or 5 grade level apartment units with individual entries on the south side facing 1�` Avenue. The floors above would have about 15 units a floor. Our plans call out a 64.unit building in this phase. Again, a conservative time line would have this building under construction in the spring of 2016 with an opening a year later, coinciding with the opening of the light raii. An earlier completion of the prior twa phases could merit an earlier start. Residential Unit Descriptton We have been in the multi-family business for about SO years. In that time we, have prided ourse(ves v � with delivering a high quality product that is bui{t with an owner's perspective and meeting current tenants' derr�ands. Over the recent decades we have always brought units on to the market that inctuded underground indoor parking, in-unit laundry facilities, ceramic tiled bathrooms, real wood doors and miflwork, and balconies. Our units tend to be a littte larger than most of our competition and always include amp{e closet space. We provide units with individual heating and air conditioning units so the tenant has complete controt, and we individualiy meter all utilities which make aU tenants accountable for their own use. This is a great energy saver and is naturally "greert." All of the above � qualities are why so many of the buildings we have built over the years make our bui�dings prime candidates for conversion to individual condominium ownership. While we typicafly own and operate buildings for years and sometimes decades, eventually al! buildings change hands. !n the last cando conversion frenzy, hundreds of our units were converted ta individual ownership. More recent trends include upgraded lighting, multi-colored wall schemes, updated hardware and appliances. Kitchen trends are always an important element, and we strive to deliver a variety of styles with open arrangements with eating bars and islands. Our laundry facilities usually are contained within a laundry room as opposed to a closet daor that just opens into a haliway. We have included our marketing material for two units from our Hiawatha Flats developinent. The Buiidings Our designers believe the look and feel of the exterior of these buildings should tend towards the ,, traditional, historicai look that relates to Main Street, and we agree. 7he existing apartments across gtn •�;:� Street have a deaner, modern took to them from which we will probably differentiate. Our primary exterior building element is brick. This can be seen on any of our low-rise garden style apartment � projects. We use a cement board and� metai trim only as accents. You will not see broad elevations of �� cement board, EFiS, or concrete block. We propose the buildings to have flat roofs with interna! storm water drainage. Our unit mix is a combination of studio, one bedraom, one bedroom plus den, and two bedroom units._ The. one bedraam plus den units are a great value and a newer unit for us. i'he most demanded units. over time tend to be the one bedroom units, although the demand for two bedroom units has risen in the past years. Our primary market is young singfes, couples and beginning families, rniddte age singles and couples, and empty nesting single and coupies. .Our buildings serve as good entry and exit points from a community. Comman area amenity spaces typically include luxurious lobbies, community roams, exercise rooms, and auxiliary storage space. We always provide bilce storage space that should be of particular demand here in �Hopkins at the hub of a great bike trail system. All of our newer residentiai progerties are designed with state of the art security systems that inctude secured entries, elevators, stairwells and garages. It is hard to moVe around in our buildings if you are not supposed to be there: The Wildcard -The Lutheran Digest Site � Our plan has not included the Lutheran Digest site that was recentty suggested to be available. If we - were selected by the City as the developer of the north block, we would make every effort to obtain that site as well. The flavor and density of the plan w6uld remain the same. It may mean a fourth building, and building #2 and #3 may both wrap around their perspective corners a bit more. The ramp entrance on 1 Avenue may move westerly to the center of the block. The surface parking entry off of 9 Street may not drive under the north wing of buildir►g #3. There would be an opportunity to create a . pedestrian link thraugh the site towards the park across 9 Street. ,. The lohnson Block — Phase Four 7he biock with the lohnson building may in the future be the cornerstone to invite pedestrian tra�c up 8 Street from the future light Rai! Station, but chailenges of proposing new devetopment on that block at this time are numerous. The buifding's current use appears to be ongoing and viable. While the owner is said to be open to discussions of reuse, it does not mean that there is economic feasibility at this time. The current owner of that building holds aii the power in the redevelopment of this block. Another factor that eomes into play with that site are the current teases that are in place and the anticipated opening of the Light Rail being seven years away. It is premature to redevelop that property to a higher density use at this time. If this site were to be redeveloped, its reopening should be in the same time frame as the opening of the rai{ fine. We would consider the redevelopment of that block to be the fourth phase of a muiti-phased development that may ar may not include our involvement. The inclusion of the city owned right-of-way in that phase of the redeve{opment wili act as an incentive for >;.� that site. � The Offer It is difficutt to analyze real estate values in taday's financial environment. The real estate market is searching for a bottom and still seems to be undef�ned, while most opportunities seem to be in distressed properties. Given this uncertainty, and considering that we are owner/developers looking at the long term, we fee) tha# what has worked for us in the past is what wil! worK for us going forward. With that said, we Iook back to our most recen# completec! project, which is the Hiawatha Flats. complex as weli as our next development which will be a 64 unit buiiding at the 38 Street Station of the Hiawatha light Rail scheduled to start in the spring of 2011. For both of those projects our raw land cosfi was about $IO,Q00 per dwelli�g unit. We feei that that is a workable cost for this project, Based on our ptan for 196 dwetling units that we are submitting, our offer is: $1,960,000 for the three properties on the north btock. Our offer is based on the number of dwefling units that we are able to get an the site. We prefer to provide alf market rate apartments, but wauld be wilEing to explore the need to provide low and moderate income units in buildings #2 and #3 if absofutely necessary. We are in favor of using tax increment financing to fiil any gap in land acquisition costs, derrto{ition costs, enhanced streetscape, utility and storm water costs and site improvement. �� We propose that Transit Orientated Grantmoney availabte from Hennepin County be used for the public way enhancements equally over the Isngth of 8 Street, with the possibiliry of addressing storm water needs for the entire site as well. Financing will come from private funds and traditional institutional lending Concerns There are four areas of concern that we would like to express that will need to be resoived: 1. Acquisition of and negotiation with the Eiks Club for their property. They have �een portrayed ' ta us as a willing party. We have had no contact with them at this point. We would offer the clinic building as a temporary location for them if they were interested in relacating within our first building. 2. The mix of bars and residentiai property at the north end ot the site, and the bar patrons use of , the shared parking behind that buiiding. We are interested in the City's viewpoint on this, and whether there is reason for concern. This does go back to the necessity of the shared public parking requirement and whether there is an obligation by the City to provide that parking. 3. No environmentaf repart has been provided. The assumption at this point is that tF�e soil is relatively clean and will not require special handling or trea#ment. ::� �:, 4. Storm water treatment has not been addressed in our plan. Sites over one acre typically require �.;:.; storm water treatment. We have filled the site with a below grade parking structure. We. usually need ta create a below grade storm water infiltration structure. Other sofutions can be expiored that could serve the entire development, or a portion of the site may need to be dedicated to this function, which wouid then alter the underground structure. �� :� , � � 8th Street North Redevelopment - Hopkins j ��._u� REVENUE PNASEI PHASEII PHASEIII TOTAL Apartment Rental $844,800 $897,600 $844,800 $2,5$7,200 Apartment Farking $40,200 $40,200 $40,200 $120,600 Retail $84,000 $0 $0 $84,000 TOTA! REVENUE $969,000 $937,80Q $885,000 $2,791,$00 EXPENSES Maintenance $�5,488 $16,456 $15,488 $47;432 Security $9,152 $9,724 $9,152 $28,028 Utilities $39,360 $41,820 $39,360 $120,540 Administrative $75,968 $80,716 $75,968 $23z,652 tnsurance $15,552 $16,524 $15,552 $47,628 Real fstate'faxes $76,800 $81,600 $76,800 $235,200 Management Fee $48,450 $46,890 $44,250 $139,590 TOTAL EXPENSES $280,770 $293,730 $276,570 $851,070 NET OPERATtNG INCOME $688,234 $644,070 $608,430 $1,940,73Q <<£,;�;� �� ASSUMPTIONS Number of dwelling units � 64 68 64 196 Average cent/unit/month $1,100 $1,100 $1,100 Rent/stall/month $50 $50 $SO Per sf refiail rental rate $12 $0 $0 DEVELOPMENT COST Land $640,000 $680,000 $640,000 $1,960,000 Land Improvements $461,500, $374,000 $288,000 $1,123,5Q0 Soft costs $497,OQ0 $489,600 $486,400 $1,473,000 Building Hard costs $8,662,000 $7,480,000 $7,360,000 $23,502,040 . $10,260,500 $9,023,600 $7,360,000 $28,058,500 Year open 2013 2015 2017 � _- ,. :'.:l . .J Note: Projections are based on 2010 rates and values. 7/22J2010 . - • � PHAS� ONE ---� T�i1A54'f W0 . 6UILDING 67 BUILDING B2 a . 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Unde� und 2p09talla 1 T07A4 2905talls �¢ �� *�� +� �#� "� �� P �� : „ ; ' d� . ,s4tt -- .�{ �.� , � ,wr.w �u7 ' t `� , k- �»�' � � ` � F" . � � � w� c ��' d �� .an �h' "�r^� � r �dGi: ,e �� } 'V...�' .sn.n,. ,. 4 .. � . . . �. � - . . ,. ... . . ,� v . _ dY.ai+'.� _ .� a �? OCALE�i"..AO' � � � We� 0 40� �izo� �. � . RFPRE9PON9E: ?YPICALREBIDENTIALPLOOKS , ...,.�.�... in. � I'ROt'05ED K.�51pEN71Al. p�VEl.O�'MENT ( �A�th; � 22JULY2010 � �IOPKINS, MINNE50TA � , .. .�..� ... - � ! i • . PRt�FtL� `� � . �� KLOD�" tNCC3RRt�i�ATER : Klodt lii�rr�cirated {,KI) was establistied_ in 99�4 : ii� Mini��a�?oiis, Minnesota as a ' corncn�rci�l and cesiden#iaf deveCopet'lf�uilder. Paut Kfr�dt jc�ined: tfze firm iri �952; �+is . & sr�n� Kevin Kladt, in 1994, The: company has deuefo��d hprnes; ap�t�r�nents, ar�td �: �ormmercial and 'tndustrial: proj�c#s: t�� tiie 19�a's �nd 196�'s, the �rin built appr�X�mately 2,650 �partmat�� units in the na�tropolita�. at•ea. The tota! is .t�ow well . over 4,OQQ. : Follawirig irtdusfry trends in th� f�te 1970'�, K! developed sev�ral townhouse and .�. � concfom�.niurri coinpl�xes — Morningside Towni�omes in �Minrieapalis; Clearsprings Towrihom.�s [it Minne#anka; at�d three of tlie �rea's most �restigio�s conc4omirtiums — 1lVajrzaf� Plac� iiz Wayzata, and 3�2� Vlfest Calhoun P�rkway ar�d Calhoun Gard�ns in (Vli�tle�polis. , � Ir� additior�, Kt built shopping c�nte��s -- SpringGate Shopp'rt7.g Ceil�er in Golden V�liey; , Y�rktown Mall and Brandon Square iii Edirta; �Q��rnontlneac� Mall iri Burnsvitf� . � IViornin�si�e Shc�ppes `in Mitl�eapolis; a��d P�rlc. Pla�� Plaza in �t. Lo.uis i'�rk. : �7he 1:sJ70's ai�� 19�0's brnught v�ri�ures ir►fio offic� i�uiiding efevelopment wi#h the ct�nstruction of approximately 900,Oq0 sq�are fee� ofi subc�rban office spac� -- #h� X-$0 arid France Plac� t�ffice- Centers 'in BloomirigtQn; York Plac.e anc! 1'ork Place I1 tJffic� C�i�ters in Eciiria; �.nd P�rk Place and Park Pla�� V�f�st t�fFice Cen�ers, �s weA as Sheehan Corp4rat� Gent�r, iii St, Louis P�ark. � The: Sheratori Park (?Ia�� Hote! in S#: Lauis P�rK, a 300 i°oc�m luxury hotei v,ritl� tv+ro .. resfaurart�s and i�anquef facifities for 4;qp�, was develaped by KI and openetl in A�ari( •1982 �.mder its ow��t�si iip an� martag�menf.. The I��t�l w�s giveri a"Four Star Award" in �5�83. Ki alsa devel�ped, ceanstri�c#ed, c�jivl7ed, at�d ma.��ed two all�suite f�ot�l pi°operties — the Hofief L.uxeford Suites in Houston {� 98�) and Nfir�t�e��ofiis (� 98G). Boffi af fhe .Iocal hotels have beei�t r�branded with the D�ubleTr�e l�r�nd. . . � , . ; � PRtJFIL� KLODT ING(�RPORAY�I� . Rage 2. K,i began k�uif�irig ofCi�elshor�room �c�mpl�xes - Summer B��siness Genter ar�� Hennepin E3usiness Cei�tet` in �il(iiinsapolis; Rosevi!!e Business Cornmons in Rosevilie; ; f?ark Gten Vtlest anr� E�st Bu�iness C�nter� in St. L�uis Park; and Cttletro 94 Business C�nter irt . St. Paul. Ths �c�n�pany �lso constrt�cted many "us�r" b��iidings sucl� as free�tanding restaurar�tfs ��d industri�! bu:{fdings. ; Projects fro�n tt�e 1 g9�'s includ� the: tweive story, 102 uri[t Ker��rvood Gabies A�artmei�ts � on L.r�wry Hi!! and the 23 stc?ry, 416 unit Rive:rlNest Ap�trtments on th� Miss'issippi R.iWer, . both in downtown Min��apolis; fihe five screen, 800 seat Lagaon Cinema in the vibran# Uptbwn �rea of Minneapo�is; twci;_ 100 r:�om Holid�y lnr� Expre�s Hotet &�uites properties, on� in th� rapidly growirrg suburb af Waoc�bury and orie in downfawn Minneapa:l'is, a blaak fror� tYie Corivei�ti.or� Center; and the 124 urrit apartrrient � ccimmunity, Inglewaod �'ra'iIs in St. L,ou:is Park. � . , . -£ Mor� r�c�n� deve(opmei�fis ir�clude Th.e M�fro, a miXed use f�cility at 9� �i�d Marquette � i�� dawr�town Miprieapalis cont�ir�in� �112 ur�its of hot�sing, a 550 stall parking ratnp and V • street level retail. Th� I'ight raii corridor openetl .rr�ore opporturiit}� for deuelapr�ent, and KI responded wifii 4�k.s Hiawatf�a, a 6'i unit apartment.building at 46�" and H.�awath�a 3 _, fhat also cot�fiains �,'� 9� square feet of retail space, arid Niaw�ti�a �la#s, �. �33 unit luxury apartm�nf buiidii�rg at 44t anc! H'iawatha, � The organization� has et�veiaped and l�uilt over ��1 million square feet. �f �'esid�ntial a.nd commercial space. Ifs �ef have experienc� in al! phases of the develapmerifi, � c�nstructir�r�, and man�gemen# busii�ess. Pa�t1 Klodt is a past dire�tol' af the Minizeapolis Builders Association t�� Minneapoiis � Hausii�g Institufe, th� Nfinnesota i1��.�iti Hous.ing Associatian �nd fhe iVafiionai Associafiion of Home Bui.lc�ers. ;� . �� , � =Y � `-� _ . s<=; �; � • SlJ1VtCVIARY tJF �X�'ERCEtVC� �AND R�SpC)�VSI��L[TI�S J�H�! R, BELL. John gefl j�ined K(adt Iricar�or�a#ed i�� 1984. He r�eeived his Bachelor of Sciei�ce t?egr�� irt Civil-Struct�ra� �t�gine�ring fro�n the lnstitut� c�fi T�Ghnoftigy c�f the Universifiy of Minr�esc�ta in �97�� _ Fast �roje�ts ir� his career at Kl�dt Incorporateti inctude; � Hiawatha Ffa�s, 233-unit apa�fi��nt praject along th.e Hiawat{�� Line in ' Mir�rt�apolis; Hsi�e1 Luxeford, 23�-.suite hofi�l in. dov�nfown Mi��ri�apoiis; ;_ ` F�iverWest Aparti'��ts, 44�-unit property in dawnto�v�� Niin.neapolis; Tl�e iVt�tro, a � � mixe.d-use devei�apnient i� dowri�pwr� Minn�apolis, num�rous wood fra��e � apartrimei�t pr�jects a�id high4t��h. o��e/warehause developme.ti#s and a , countless ►1umt�er of vari�d �et�i�nt:�u'itit-t�uts.. Exp�riehce ir�cludes; , Cai�t�ct v�ifh governmental age�lcies, arci�'ttects:, �t�gineer, brolters, end users and subco.i�tractars. . . He was �r�viously em�aloyed .by Cei`ny A��ociafes Aj�chite. ctiir�l and �ngineei ar�� Ros�waod Gorporafic�rt. Jahn is a life-lon� r�sidet�t of Mirn-tieapolis, married with tw� . ciiildt•ert �ncl an active eomr��inity memb�r. �, � � � k:} . _ n ' . ' ' ' . . • �UMM�tRY O�' �XM��1F�I�N�E AN� I��SPC}NSIB(I�(TE� � PAULI�►;J. ir°t7►L�1f P�ula �aley joined Klodt incarpc�rated in �997. Sh� has ext�nsive.eXperien�c� in +�ornmercial real estate mana��r�i�nt in�ludir�� budg�#ing, ope`ration�, te�sii�g, and ass�t rn�ria_gement, � At Klodt lncor�aorated tier resp�nsibilities (nclud� a:peration�i duti�s ir�cluding the supenrisi�n af residenti�l .prop�erty mariag�rs, developrrier�# n� property b.udgets, and financi�( repartiiig to lenders. Additionaf.fy, she is respvns�ble foi- a1! Hurn�ri Resources . functions �ncluding th� admini�fr�tion of ail em��cayee be�e�it plans, work�rs . ; compensatlon, campensatior� reviev�, �mploye� �erForm�ric� i�eviews, an� devefoj�ment � arid implei�rtenfation vf rYianagar�ienfi tr pragrams: �� Priar ta Joinin� Klodfi Inctirporated F�ula v,ras wifh Gerterai Growth Managemenfi_, lc�c; € Her sxperience there included martagemerlt of thre� super-region�i shapping centers �� as uvelt as asset managemerit positions in �h� corpor�t� �ffic�. :- - .Paui.a has � Bachelrar of Arfs PsycYio�ogy �egre� fr��n Bemidji S#ate Uriiversity and a _ M�ster of Ar�s, Human Resflurce Manag�ment dec�ree from S�. Mary's Ur�iyersity. Sh� is : also a C�ttifled Shapping �enter M�nager, R�at Properfiy Administrator, and a liceiis�d Mi.nnesota real es�a#e sales pers.on. She is currently a member of tiie Minnesota Sh�ppinc� Center Ass�c'iati�n and the Society of Human Resource - Manag�rrtent: � , � ,f � - �� N;� � ' ��: , . , , � � $Ull�(IVtARI! f�� XP�RIENGE ANf3 RESP�►NSiBtLtTiE� L{�ts It�. F�.ANNERY . � L.ois Fl�r�tiery joir�ed KtQdt lncor�arated in 197�, Since fih�� tii�», sii� h�� be�n inv�Ived irt mast aspects ofi fh� real estate develo�ment, co��stru�tion arici maa7agem�nt �s pertains. to the compa�ty. , Durin� {��r c�reer wifil� f4lodt Incorporated, sh� _has p�rfiorri`��d it7 the fallowing capa�i#ies: � Clos.ed in exce�s c�f �t7 comi�ercial co«sfructiart loans �nd perrim�nent la�ns fiotali:ng ; o�r�r 2Q0 t�illion dofl�rs [ncluding p�rticipatian. �n (ender negotiations, doc�.t�nent reuiew ; ; ar�d comtnent assembly of documentation artci atfendance at closings. ; � ; Sup.er�ision of eesici�ntial and corritn�rcial pro�er�y rrian��er�, as weff as hane{s �Xperiertee in I�oth fii�lds, inc(udir�g est�blishment of r�nts, hiring and supervision of persorinel, plat�ning �nd implementation of ac�v�r#ising a. nci le�sin� programs, leasi ;., form devetopm��t ai�d prospective tenanf n�gotiafiions, tenar�t relations �tirl i maintenance d�cisions. . Participat�d in #he ��te �f commerciai and multi family p�ojects, including n�gt�fiiations : wi�h' �u�ers docutr�er�t pre�aratio.n andZor revfesnr, asserrtl�ly of documentat:ioii and ��fiendaric� at cf¢sings. Prepared ar�d made �resen#atioris to vari.ocis city co�r�cils at�d �lanning commissions regardtn� pr��osed develo�:rmenfs wi#hin tl�� cities; Including rezraniiig�, vai�ianc�s, conditio��l u,se peJ�mits and liquor licenses: ° Curr�ntly ar� ai'ficer of all Klo.dfi4r�lated e�tities, she is also � licensed Mipn�sci#a real �s#�ke bra�Zer and cl��er, a member of the Minneapolis Jlr�a Assaciation of R�altors _ � and a menlber of the Minr��c�ta Multi Hoi.isii�g As�ociafiian. • .. . . . �, . � ' . �UMtU1ARY t�� EXF'�f21�i�� AND R��pt3N�1�ILiT'tE� STEViiART ROSEN, C3�A �Active}, 11�B� St�virart Rasen j�ined Klo�it Incorporat�d in October �f '199.� a� the Contrr�ller/Manager of . lnfc�rmativn Systems. His �xtensjve e�rperience iri�fude5 p(ant�ir�g �nd fnrecastirig, dev�lopment and. produ�tian �f fnari�i�! repc�rtin� and management ofi accountfn�, finant�e, � �nd inforniation technoiagy. ' Sin�e �oining Kic�dt li� has intro�uced pr.c�cesses an� prc�c�ctu�-es to lnsure ttie �cc�rafe , ' ac�ountln� fc�r uarious ren�al prop�rti�s hofie:l�pr�perties, co��truction �r�jects, and � fi�e d:lriing r.e.st�urant. He is r�spc�nsibl� for dir�ct accnut�tin� °act��ities fc�r � 2 difFere�t � �ompanf�s; v�ihi�ch incli�d�s d�il� acc�unting funet'tar�s:, �nc! max3t7tizir�g irtvesfiner�t retur.ns � �y ufitizirtg_� mariagement skills.: Adc�Etli�nally, he rraanag�s the 1T function far � nrganizatian, . � # .Prior to f7is emplaymer�t wi#Ii Kl�dt he spertt � 3.y�ars as: the ��n#ra[Ier for M�rk�t�ng _ . � � Sp�cialists {7'immans-She�ha��} 1Nhile there �e was re��ni�s(�(� for developirig a � disci�lii�ed approach t� the•finan�ia! m�n�gem�nt of � closely i�e(d compan�: ; ;,: � Stewart ob#alned a k�achelQr of Science, Business-Accoun�ing from the University� o�F Mir�nesaia, a Nlasters of Business �dt�linistration frc�m ti�a UniVersity of �#. Ti�amas, ar7d a Certificate in Computer P:r�c�rarnr�iir�g frc�m #he Mit�nesot� �chool of Busine�s. � . . • • HOMER G. 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E . ,}e�;. •�.k*f `�r t , , d f s,- ,,.,. , w .: ,� .�" .,i a: t. a , i��*�•�; :t.�Y� s � k I. ,R '�,` j�; i j `� b # . �, � . . � ,-; ' ' �. x �.. � � ,� . „ � � � � ��, . ,, . �;� 3 �k�� 'i C � a� ,'. }� � � e �'C. � ti. ; .k � ^�+,� �'��e� p a "*+� L+"�� . � 3 < a�s 1' , a>t " `ur§rn ry x?.ni..±ru:.,x . fJ1��' � oW�� K1�� a � . � . ��,. ' �e�p N�ln � �. 9 . �`� . . . . . . .' � �f'� . a � , _ � � . . . � ` ... l ..�ti'.,; ..,' .. .. . . . . . . . . �, �,.� � � ' � � �" ', �,�r, _ �� ' f � P�,-�F ��'..,. i�a� � � � � � �� ^ , ; � .� :� `,t �� , � f �,. ' � � `�� : �� ,'�".�'"�� r�: ' �_ � r ��" .� ;��; � �'� � , R � � �� ., a � ,,: _ > :n �:�-°�" `�� - ,,.- , l i . �� . ,_ r� �-�� t � ._ � Y,..�-..... , , - ��.��>3� - �� , � � � � .�� ,�r..�.- � � HOMER G. PHILLIPS SENIOR LIVING COMMUNITY St. Louis, Missouri � � �� '� � � � � � �� -� �� >�� 2 � F � � _ . � . . . �: ,.: ' E.�. _ _ — _ .: �� Q`"a 9 R _ .Y ��*"�7,"'�'# : ,� « „;' :� x.� iu� r�s � V i� ; � � i �� } � � •'�: HOMER G. PHILLIPS SENIOR LIVING � q COMMUNITY �' St. Louis, Missouri TYPE OF PROJECT 220 Affordable Senior Apartments ARCHITECT Boarman Kroos Vogel Group CONSTRUCTION MANAGEMENT NBD Contracting The Homer G. Phillips Senior Living Community was a complete renovarion of the DOMINIUM'S RESPONSIBILITY historic Homer G. Phillips Hospital into 220 units of senior independent living Rea! Estate Qeve{opment a artments. The ro er was ori nall built in 1932 in The Ville Nei hborhood of Project Financing p p p�' � y g Legai and Environmentai Services St. Louis, and sat vacant until December of 2001 after being shut down due to a Design and Con Froperty Management lack of funding in 1979. Tota1 development costs for the project were $43,000,000. Section 42 Compliance Other developers had tried to redevelop this property for over 10 years prior to • FINANCIAL PARTNERS Domuiium's involvement. Although many thought that this urban neighborhood U.S. Bank N.A. � too far one to risk ca ital on new develo ment we saw otential. In c�ty ot st. i_ouis, r�o g p� p � p Piper Jaffray December of 2000 we entered into a partnership with a local minoxity owned Paramount Financial Group, inc. development group, and by December of 2001 we had totally redesigned the TOTAL DEVELOPMENT COSTS property, completely restructured the financing, and closed on the construction $� loan. This joint venture arrangement focused on the strengths of each organization: Domituum provided its creative deal-making expertise, management and markering SIZE capabiliries, and financial strength, whereas oux joint venture partner provided local 6.58 acres (site) market knowledge and political sawy. 313,000 sq. ft. (building) The success of this development lies not only in finishes and amenities that exceed COMPLETION DATE expectahons, but in the many alliances the development team made to provide .lu�y 2003 services to its residents. We entered into contracts with local non-profit agencies to provide on-site meal service, an on-site wellness center, transportation services, beaurician services, home health care services and a inini-mart. We have even hired ��,,- a former nurse from the hospital to coordinate resident acriviries. As a result of our development efforts, other redevelopment pxojects have begun in t�� * the neighborhood, and the property achieved 100% occupancy less than 6 months from construction completion. The Homer G. Phillips Senior Living Community has also received a number of awards, including the Preservation Honor Award from the Missouri Governor's office. �� : � � � '� ��a �; �� u` ��a� �.,'�'''; I,� , � _.�; �„� '>' ., � �. .x � � �� . _� � � � � � ,,�� _ �, � � � � � �� s �� r�j';\� 4M N � � � . 808 BERRY PLACE St. Paul, Minnesota � � �,*� �;, � . � t a r �; � � � z� i � `��t��,� � <. <t a � �'�" �_. �'� `"�"� g�°� '� ,�� a� s�+'�''' � ` t � < �;��z � � � �., .:� � �� 3 808 BERRY PLACE St. Paul, Minnesota TYPE OF PROJECT 267 Luxury AparEments 30% of units affordable (50% AMI} �; ,. .. � AI2CHITECT � ��,� �� VValsh Bishap Associates � ��„��'-�;• _ I � 808 Berry Place is a 267-urut apartment bwlding that is part of a larger redevelopment CONSTRUCTION MANAGEMENT district located near University Avenue and Highway 280 in Saint Paul Minn. The two- Weis Builders, Irtc. block site consisted of run-down industrial buildings and a few homes. Dominium has completely redeveloped one block of the site into luxury rental housing, with 30 percent DOMINIUM'S RESPONSIBILITY of the units set aside as affordable rental housin Wellin ton Mana ement and Hunt Real Estate Deve{oprraent g' g g Projeet Finaneing Associates built luxury for-sale housing on the other block. Legal and Environmental Services oesign and Construction Our desi conce t for 808 Ber Place is meant to fit within an urban warehouse Management � p rY Property Management redevelopment district. The basic building consists of four wings that forxn a rectangular Section 42 Compliance block, with a large courtyard area in the center. All units will have excellent views of the surrounding cityscape or of the interior courtyard. The courtyard is highly develope� FINANCIAL PARTNERS with a swimming pool, spa, deck areas, gazebo, arbors, fountains, and extensive �aSalle �ank N.A. landscaping. The interior common areas feature a fitness center, business center, pool Ramsey County City of St. Paul, MN and amusement room, theater room and a large gathering space overlooking the Dougherty & Company, LLC courtyard. Paramount Financial Group, fne. t�Iinnwest Bank The exterior of the buildin is s led as a warehouse-ins ired mulri-colored brick block eremer Bank v tY P with lighter-colored stucco and siding on the upper floors. The clubhouse and loft areas TOTAL DEVELOPMENT COST have a mansard treatment clad with a metal roof. The majority of the building is flat $45,0oo,00D roofed. Large window areas and a great degree of fa�ade articulation complete the elevarions. SIZE g08 Ber Place is located less than half a mile from Tower Hill Park in St. Paul and less 3.6 acres (site) rY 544 ,444 sq. ft. (buiEding) than three-quarters of a mile from the Mississippi River Parkway. The site's pro�nity to University Avenue, State Highway 280, Interstate Highway 94, and Interstate Highway 35 ' COMPLETION DATE provides easy access to all parts of the metropolitan area. , May 2004 I Residents of 808 Berry Place are able to drive or take a bus to downtown Minneapolis or � downtown St. Paul in 10 minutes and to either the Minneapolis or St. Paul campus of the Universiry of Minnesota in less than five minutes. � � _. r� E, ., �:, � � � � +f rt. ; � f9�� . $ �- � I . _ �, 'tb *�.. � 3 £' a I � � � F' t . — �x �� s � ; I � ��,�' * �i � li � � �r � �i �, .� .,. _ � �a � .�� , : :u 5� ;.` � � � � F �, --- - — -- --- � . � � _._ ---- ----------- -- -- - -- � - �_ - — ---- . THE BLUFFS AT NINE MILE CREEK Eden Prairie, Minriesota • THE BLUFFS AT NINE MILE CREEK . s Eden Prairie, Minnesota � �� ' i' �� "� �� a��-� � �"�: � u TYPE OF PROJECT 188 Luxury Apartments 30% of unit afEordabfe (50% AMI) ARCHITECT Walsh Bishap Associates CONSTRUCTION MANAGEMENT Weis Buifders, onc. The Bluffs at Nine Mile Creek is located at the northwest corner of Valley View Road and Flying Cloud Drive, in what is locally known as the DOMINIUM'S RESPONSIBILITY Golden Triangle. The Bluffs at Nine Mile Creek is one of the pYemiere Real Estate Qeveloprnent multi-family developments in the Twin Cities due to its excellent location Project Financing Legal and En�ironmenta6 Services and site-specific natural amenities, including acres of mature oaks and Design, Construction parioYarillC vleWS. Property Management Section 42 Campliance • The Bluffs is a single building with three distinct segments diffeYentiated FINANCIAL PARTNERS by one-story steps. The building consists of four studios, 70 one- LaSalle 13ank N.A. }�eclYOO1n flats, 102 two-bedroom flats and 12 luxury flats, for a total of Nennepin county, �t� 188 a artment homes. Althou h the entire buildin has four floors of City of Eden Prairie, MN p g g Daugherty & Company, LLC living area, these one-story steps allow the building to follow the natuxal Paramount Financiai Group, Inc. CoritouYS of t.�1e litllto Site, thereby minimizing gYading while at the same Minnwest Bank p sremer gank time breaking up the building mass to provide aYChitectuYal interest. TOTAL DEVELOPMENT COST All units have excellent views of the suxrounding area, which include the $34 ,soo,000 city of Eden Prairie, Nine-Mile Creek and downtown Minneapolis in the distance. Common area amenities include a swunming pool, spa, roof s�ze top deck areas, fitness center, business center, theater, pub entertainment 9.60 acres (site} 361,144 sq. ft. (building) room, expansive patio areas and extensive landscaping. The exterior of the building is mostly brick, with lighter colored stucco and siding at the top floor. Large window areas and a great degree of fac�ade arriculation complete the elevations. �� . . # Development of The Bluffs offered a variety of challenges. The land assemblage was complicated. Ou� main design challenges included �� miniinizing distuYbance of heavilp forested areas and maximizing views � � �' �� offeYed by the site's steep slopes. We setded on a plan that included two �: � : �� levels of underground parking to both minimi7e the building footprint � �� and maximize the views. We also helped the city meet its affordable `� ��, t . ��- �. � housing goals (30 peYCent of units axe affordable) by utilizing a creative '''�� "� � '�` tax-exempt bond st.xucture and Secrion 42 tax credits. , Our affoxdable residents enjoy the amenities of a high-end luxury Yental community. STONE CREEK AT MEDICINE LAKE Plymouth, Minnesota � f j I STONE CREEK AT MEDICINE LAKE � Plymouth, Minnesota I ✓�' , •`F�F . il TYPE OF PROJECT ° �� 132 Luxury Apartments � � 25% of Units Affordabfe � �� ? I y=n \ . � 2.�,^ . I�' ..�T r ��. { ARCHITECT i Wa(sh Bishop Associates � ��'�`° I I � CONSTRUCTION MANAGEMENT i Amcon Construction Stone Creek at Medicine Lake is a 132-unit luxury apartment community DOMINIUM'S RESPONSIBILITY developed on an infill location in Plymouth, Minnesota. This site has Rea� Estace �eve�opment excellent visibility along Highway 55, easy access to downtown Minneapolis Project Financing and convenient Yo�1ni to numerous ma or em lo ment centers. Legai and Environrr�ental Services p �' � p y Design & Construction sect on 4 comp�iance The challenges to developing this pYOperty included poor soils, environmental contamination, extensive wetlands, many mature trees that FINANCIAL PARTNERS needed to be saved and the city goals to pYOmote affordable housing. Our Glaser Financial Group Enc. development remediated environmental contamination, improved wetland� �asaue �ank tv.a. �ainage by adding rain gardens and minimi7ed impact on trees. We also t�linnesota Housing Finance Agency t�ennepin eounty, nnN utilized a more natuxal landscape design so the completed building would fit City of Plymouth, MN We]1 Wltll 1tS ri2tUYaI SLIYYOUriC11T1gS. Family Housing Fund Metropolitan Councif n�innwest Ban�c Doiizinium worked with the city to meet affordable housing goals — over 25 Paramount Financial Group, Inc. Dept. of Housing and tlrban Development percent of the units are designated to be affordable. We worked with state, federal and regional units of government as well as foundations to maximize TOTAL QEVELOPMENT COST �e ci 's affordable housin investment. We also si ed a eements with $21,000,000 �' g � � local non-pYOfit service providers so that our affordable Yesidents would have s�ze access to needed services and communi resources. 93.6 acres (site) �' 150,OOQ sq. ft. (builciingj COMPLETION DATE Stone Cxeek at Medicine Lake is a traditional apartment design, with quality June 2ooa fuiishes and generous portions of brick and stone exterior treatments. Li�ury units at Stone Creek have granite countertops, fireplaces, kitchen islands, vaulted ceilings and jacuzzi tubs, to name a few amenities. All units � s � = � � � contain raised-panel cabinetry, in-unit washers and dryers, six-panel doors, '{� ��' '�� :� �.�`� and central air conditioning. Other features include undergxound heated §' �s� '��, � parking, a fimess centeY and an outdooY spa. It would be almost impossible �' `' � � y �� ' to guess that this development contains housing affoYdable to low-income , �� , _� households - that's how we designed it. �� `, II ?" ; ,�� `;� �" � ,�� y , � lk:i ��,�� jt'��° '¢ i§. � s°' R:. §.... %�... 3�: . _'_ _ "_ ______ _ _ __'"_ __ __ __ __ _ _ _ _ ___ __I '___,'. f_ _ _"__ . _ _ " __ " . _ _ . ._ _ _ _ " . ___ . .. __"_" __ .' _. __ ___ — _ ______... ' "_ _—__ _ _ "___._ __'_"__ ___ _____ _ �. . .__. .I _ _ .. .. .. .. . _ _ � . .. . . .. . . . . . . . . .. . . WILLOW WOOD ESTATES Plymouth, MN � p � _ ��' . �:;�'�`�� °°� ` � ,�� ;�� ; WILLOW WOOD ESTATES �° _r. Plymoath, Minnesota � � 1�� : � �. `" � lll TYPE OF PROJECT �'''� � 40 Townhomes 0 1 r i 00 /o Affo dab e � r�� _ � . ARCHITECT BKV Croup .; � �&.a.��.,�as:. , �. CONSTRUCTION MANAGEMENT Benson-ortn associate�, �nc. Willow Wood Estates is a 40-unit Section 8 family townhouse pYOject oYiginally developed in 1980. This site has an excellent location at South Shore Drive and DOMINIUM'S RESPONSIBILITY Highway 55 in Plymouth, MN, offering proxu�zity to majoY employers, retail Real Estate Development services ublic trans ortation and ma or arterial connectors. Project Financing � p p � Legal and Environmental Services Design and Construction Management Willow Wood Estates was ori a1l develo ed as a Section 8 fam�l xo�ect with Property Management � y p y p � Section a2 comp�€ance 36 three bedroom and 4 fouY bedxoom townhouse units. The HAP contract term Section 8 comp��ance had expired and the contract was being renewed annually. Dominium worked • with city, state and fedeYal units of government to preserve Willow Wood Estates FINANCIAL PARTNERS as affordable housing. HUD agteed to extend the HAP contract for a twenty yeaY Glaser Financial Graup, lnc. Minnesota Housing Finance A �ency teYm. The City and Hennepin County both provided gap financing. We also Hennepin County nnN signed agxeements with a local non-profit service provider so that our affoxdable City of Plymouth, MN Metropalitan Cauncil residents wauld have access to much needed services and community resources. NEinnwest Bank Paramount Financial Group, Mc. Do�ni�uum undextook a major rehabilitarion of this property costing appro�tnately $62,000/unit. Major Yenovations designed to substantially increase TOTAL DEVELOPMENT COST �e livabili of the units included addin a half bath downstairs to the two=sto �s,soo,oao tY g rY three bedtoom/one bath units. The kitchens weYe re-designed from a galley-style s�ze to a U-shaped layout. This increased the size of the kitchens and optimized 5.31 acres (site) traffic patters in the living room and dining Yoom. Central aiY was added deleting as ,000 sq. ft. (building} � need for wall air conditioner units. Exterior renovations included new hardi- plank siding, windows and architectuYal shingles. A new clubhouse was COMPLETION DATE december 2U05 constructed and offeYed free-of-charge to a local non-profit service pxovider. , , — � ��,� �� - � � �� ' .,� ,.�� .�� ' z �� i , � �� ';' j �, �,, � k � , 3 s>_ � � � �� ..� , _ ��,� � .�� '� �1 � 11��' . � � ' � � ° °� � _ �.� .� _ � �.�,. .� �� ,��.,� �� THE LANDINGS AT SILVER LAKE VILLAGE St. Anthony, Minnesota � j# �.� � { ,. <� �' � � � ��.� '�, y: 4 :�:' I �•� � �ab „ � � �� THE LANDINGS AT SILVER LAKE ' ` , ` ` ' �� VILLAGE °"° "� ��` � � � " i � � �St. Anthony, Minnesota �� . � �, �� f k ' ` � �, � F "'f^ h � � �F� S., �` TYPE OF PROJECT I I 263 Apartments � (89 senior, 174 general occupancy) i i ARCHITECT � Boarman Kroos Vogel Group, Inc. I i ,: . ..kf w _.:�� Niam��.: j CONSTRUCTION MANAGEMENT � Weis Builders, lnc. ,: •u.tt�ru�i ...�;.. " t '"r� `- . DOMINIUM'S RESPONSIBILITY Real Estate Qevelopment Project Financing The Landin s at Silver Lake Villa e is a 261-unit a artment buildin that is art of a ' Legal and Environmental Services g g p g p Design and Construction Management larger redevelopment located on the former site of the Apache Plaza shopping mall in Froperty Nianagement St. Anthony, Minnesota. Developed in the early 1960s, Apache Plaza was one of the first indoor shopping malls in the country. The mall opened with great fanfare but FINANCIAL PARTNERS during the 1970s and 1980s, mall tenants began leaving for newer and larger malls �aSalle Bank N.A. being built in surrounding communities. Apache Plaza was ultimately demolished '� Ramsey County, MN The City of St. Anthony Village the spring of 2004. Over 4,000 people attended the "Bulldozer Bash" on March 2, Dougherty & Company ��C 2004 to say goodbye and cheer on the new development. Mfinnwest Bank The ent�e $150 nvllion redevelopment encompasses appro�mately 44 acres between TOTAL DEVELOPMENT COST Stinson Boulevard and Silver Lake Road to the south of Silver Lake. In addition to our $49;000,000 261-unit rental project, the development features a brand-new Walmart store, addirional strip retail and office space by The Robert Muir Company, for-sale S�ZE condominiums and townhomes by Pratt Ordway and Hunt Associates, and several new 7.14 acres (site) restaurants. 430,472 sq. ft. (building} COMPLETION DATE Our design concept for The Landings at Silver Lake Village features well-laid out unit tway 2006 plans and an amenity package that is second to none. The basic building consists of two wings separated by a two-story drive-through, meant to divide the building both �`�`• visually and also separate the 88 senior units from the 173 market-rate units. Of the 88 °� ,.�� r�.. �� '`�'' "� senior units, 53 will be set aside at reduced rents for lower-income renters. Senior � �� '� .�-9 �� a`� renters will enjoy their own fitness center, community room, and medical office. r ` �� a; Amenities on the eneral-occu anc side of the buildin include a ool ear-round hot �.. �� ,� �:` g p Y g� p �Y ,�, tub, fire pit, clubhouse, party room, fitness center, and theater. The exterior of the building is of traditional style, with a combination of brick, stucco, and lap siding. The one-story clubhouse has a stone fa�ade and is clad with a metal roof. Large window areas and a great degree of faCade articulation and roof detail complete the elevations. ��"': � y The Landings at Silver Lake Village is centrally located within the Twin Citie� �� approximately five miles from dowritown Minneapolis with convenient access to° ' r� � �` freeways. I I - - , .:-:: ..� - -- _ _ - -� - . --- - VILLAGE AT FRANKLIN STATION Minneapolis, MN • A �;,.; �� -� -` � V � ,,{ �� , t �;�� , � { . �� ' �;:�, � � I I �� >�_ � �� .. � ,, �. .ti K � � _ � � ' � � VILLAGE AT FRANKLIN STATION ,,,. � �� Minneapolis, Minnesota 4 _ �„ TYPE OFPROJECT 90 Units 100°/a of units affiordable ARCHITECT Blumentals/Architeeture, (nc. Village at Franklin Station, originally built in 1975, is a 90-unit subsidized CONSTRUCTION MANAGEMENT Benson-Orth Associates Inc. community serving disabled residents in a highly impacted inner city neighborhood of Minneapolis. The property has had a checkered past with a DOMINIUM'S RESPOPISIBILITY variety of management problems, property deficiencies, crime problems and Rea! Estate DevefapmenY resident issues plagiiing this community over time. Resident needs are also Pro�ect Financing varied as households are dealing with chronic physical and mental disabilities. Leaaf and Environrnentai Seevices Design and Construction Managerrient Praperty Management In order to address the issues of this community, Dominium entered into a Section 42 Compliance unique partnership with the Volunteers of America in Minnesota. Each • partner contributed based on their strengths Dominium provided FINANCIAL PARTNERS construction, development, financing and property management experhse, U.s. �ar�k t�.�. whereas Volunteers of America in Minnesota provided political sawy and t�innesata �ousing Finance Agency over a century of experience in serving Minnesota's most vulnerable citizens. Hennepin County, f�lFl Federal Eiome Loan Bank of Des fV{oin?s City of f��inneapofis In order to gain control of the community over time, both partners believed Richman Ohio Affordahle Housing ��e �at families' social needs must be met. As such, we added a resident services coordinator position to the property and provided a gut rehab of the TOTAL DEVELOPMENT COST community room to make it more functional and inviting. Doiniuium crafted �6,450,00o a rehab scope focusing on energy efficiency, high quality materials that would stand up over time and high quality aesthetics that would create a residenrial SIZE (as opposed to insriturional) feel. Together the partners structured a financial 1.5 aeres (site) acka e that would simultaneousl su ort this substantial renovation and 100 ,dQ€I sq. ft. (buiEd'€ng) p g Y PP increased level of social services to residents. COMPLETION DATE Our oal is to rovide a lace that residents will be roud to call "home", and December 20a6 g p p p a rental community that will serve the neighborhood for decades to come. Before Rehab After Rehab � � � � ��, z ��, .� �� _ i� g f R � �-�a� �1G�'"� ��k ' �� E `�� .s" €5� °'S��'S,v�'�pN'E °'� � 4. � 4{; 3: a., R � 1 -�. � - � 1a� ��{ � . . • � �;;� IM; I %rvi ��:: �,Y� i CHOWEN BEND TOWNHOMES I Burnsville, Minnesota �I i � � � CHOWEN BEND TOWNHOMES Burnsville, Minnesota ; TYPE OF PROJECT �; 32 Section 8 Townhomes 1d0% of units affordable (50% AMI) ARCHITECT BKV Group, Inc. i � CONS7RUCTION MANAGEMENT Chowen Bend Townhomes is a 32-unit townhome propexty located in BuYnsville, aenson-ortt, Associates, Enc. MN. The affordable community was built in 1981, undeY the Section 8 project- ; based housing program. The site consists of eight buildings in all comprised of � DOMINIUM�S RESPONSIBILITY �, and three-bedtoom townhomes. Real Estate Qevelopment Project Financing Le�a! and Environmental Services In 2006 Domuuum Develo ment & Ac uisltion LLC took on the ro ect of Design and Construction Management ' p q � p � Property fNanagement restoring Chowen Bend Townhomes in order for the property to continue to Seetian 42 Compliance effectively serve its residents. The company applied for and was awarded Low Income Housing Tax Credits fYOm Dakota County Community Developmen : FIN Dako a coa Agency. Soft funds wexe also pYOVided by Dakota County CDA's HOPE NEinnesota tiousing Finance Agency pYOgram and the Minnesota Housing and Finance Agency's PARIF funds. The Capmark Financial Group �ne. total development cost for the project exceeded $6.3 inillion. Minnwest Bank Thxough the aide of the LIHTC program and deferred loans, Doinuuum was able TOTAL DEVELOPMENT COST �s to perform an extensive rehabilitation to Chowen Bend Townhomes. One highly notable addirion is the construction of a completely new community building in s�ze W�ch residents may utilize onsite services and outreach programs. All new a.o2 acres (sitea appliances were installed in each of the units, along with the addition of washers, 3s ,560 sq. ft. (buildings) � and dishwashers. Furthermore, the exteYioY of each of the buildings was given a much needed lift, including the replacement of the roofs, siding, and COMPLETION DATE January 2067 windows. Dominium closed on Chowen Bend Townhomes in June 2Q06 and expects to have the rehabilitation complete in January 2007. In addition to the rehabilitation, Domuzium is renewing the Section 8 HAP contract, which was set to expire in September of 2006, for an additional 20 years ensuring that this community will � provide affordable housing into the future. � ,��., - � � .� . �, „ iff%#�i' r;; y� r � � `� 3 _ „ �� , . - � �, �. - r .,, , A IE .�:� „* � ;.� � � � . ""� '_'. �' x� , l � _ z'v-`_' �� _ - - __ _ .'_-___ - - ______-___ _ . _ _ _._ _.___ _ _ _ � _ _.__- - _-___-___. _ . __. _ _ ___ . __- �_._ -_._____- ... .. _ . . . ..� -___' -__- ____. ____.. CARLETON PLACE LOFTS St. Paul, Minnesota • �� '' ;�; ; ,;: � CARLETON PLACE �OFTS � � �; �:-� � St. Paui, ftAinnesota ��'` ,,.� �� , TYPE OF PROJECT 169 Loft Apartments 80°/a of units affordable (6Q% AMIj 10% of units affordable (50% AMI) '!0% of units affordable (30% AMf) ARCHITECT - BKV Group, Inc. Carleton Place Lofts is a historic xedevelopment of thxee waxehouse buildings located along Univexsity Avenue in the �vlidway area of St. Paul, �vR�1. The buildings are located at 2285, CONSTRUCTION MANAGEMENT 2295, and 2341 University �ve. The tl�ee buildings wexe previously owned by the Johnson VUeis Builders, Inc. $xothexs Liquox Company and up until 2000 were used as a distribution facility fox the company. DOMINIUM'S RESPONSIBILITY Phase One of the ovexall developments staxted in December 2005 and will xesult in the xe-use of Real Estate De�elopment Project Financing the three historic waxehouse buildings into 169 dwelling units. The second phase is projected to Legal and Environmental Services be an in of two new buildings totaling 250 units of market rate housing, raising the total .Design and Construction Management housing cxeated to approaimately 420 units. Property Management Section 42 Compliance Once the thxee buildings are xenovated they will total 169 units of tnze loft xental housing with exposed brick, concrete, and wood beams. r�ll of the units will be income xestricted and will be FINANCIAL PARTNERS rented to those with incomes at ox below 60% of the r�ititI. r�ll of the 169 units will be taxgeted Lasalle Bank N.A. to axhsts interested in live-work housing. Dougherty & Company, LLC �e nei hboxhood whexe the buildin s are located has been desi ated a historic distxict b the Capmark Financial Group, Inc. g g � y City of St. Paul, MfJ St. Paul Historic Pxeservarion Conuzzission. This designarion allows the development to use Ra�resey County, MN Fedexal Historic Rehabilitation Tax Credits in addition to Secrion 42 Low Income Housing Tax Nietropoiitan Council Cxedits. These cxedits will be used to partially offset the costs of xehabilitating the buildings fxom warehouses into a xesidenrial community. TOTAL DEVELOPMENT COST In addition to pxoviding appxo�nately 169 units of affoxdable housing, the comxnunity will �73,OOQ,000 include sevexal outdoor couxtyaxd axeas, a xooftop deck/garden, and community space to be used as woxkshop and gallery spaces. The housing will also support the use of public SIZE txanspoxtation and futuxe light xail based on its location on Univexsity r�venue. 6.21 acres (site} 222,038 sq. ft. (building) We believe that the cxeative xeuse of these historic buildings will be a catalyst fox a neighborhood that is in the beguuung stages of xedevelopment and xeinvestment. The xesidents ANTICIPATED COMPLETION DATE of this pxoject, along with the shopping and services that they will suppoxt, will help to May 2047 txansform this neighborhood into a destination xathex than mexely a transportation coxridor. w J , I��I �II, }i �� ; . .� �:' . '. : � ? ;.r � .� i k � �,� �� r �- �. : � �� .. � � CEDAR HILLS TOWNHOMES Minnetonka, Minnesota ; �, ��" �, ,� � �, � � � 3� � �� r� . . ry3' } � �' Z I � �� 4 k . �� t 3 . �� g. . � € '� � � �+ �? 4�� :�� R��1 e� .,�n � v � jv 8 � -:1 . � . =�- � �' #i . � CEDAR HILLS TOWNHOMES �` `� �. ,, Minnetonka, Minnesota � . . � � � �� E P I i � � . . �.�� TYPE OF PROJECT ' � �� t ' � � °�^ � � iri 30 Section 8 Townhomes �� '� � �� € ' S�� } 100% of units affordable (60% ANiI) �" �� '� � � ARCHITECT � I BKV Group, fnc. CONSTRUCTION MANAGEMENT Cedar Hills Townhomes is a 30-unit townhome propeYty located in Minnetonka, Benson-Orth Associates, anc. MN. The affordable community was built in 1982 under the Section 8 project- based housing program. The site consists of five buildings in all, comprised of DOMINIUM�S RESPONSIBILITY � three and four-bedroom townhomes. Real Estate Development Project Financing Lega! and Environmental Services In 2006 Dominium Develo ment & Ac uisition LLC took on the ro ect of Design and Construction Management � 1' q � p � Property Management substantially rehabilitating Cedar Hills Townhomes in order for the property to Section 8&�2 Compliance continue to effectively serve its Yesidents. The company applied for and was awarded Low Income Housing Tax Cxedits from the Minnesota Housing Financ� F enne� n Rt NHRA Agency. Soft funds wexe also provided by Hennepin County's HRA pxogram and Minnesota Housing Finance Agency the City of Minnetonka's CDBG program. The total development cost for the City af Minnetonka CDBG Yo ect exceeded $6.5 million. DMS p � With the aide of the LIHTC program and deferxed loans, Doniiiiium was able to TOTAL DEVELOPMENT COST �s,sao,aoo perform an extensive rehabilitarion to CedaY Hills. One highly notable addition is the construction of a completely new community building in which residents may s�ze utilize onsite services and outreach programs. All new appliances were installed s acres (site) in each of the units, along with the replacement of all major mechanical systems. s2 ,490 sq. ft. (buiidings) FuYthermore, the inteYior and exterior of each of the buildings was given a much needed lift, including the replacement of the roofs, siding, and windows. ' COMPLETION DATE , September 2607 Donzinium closed on Cedar Hills Townhomes in December 2006 and completed the rehabilitation complete in September of 2007. In addirion to the Yehabilitation, Dominiuxn has Yenewed the Section 8 HAP contract, which was set i to expire in SeptembeY of 2006, foY an additional 20 years ensuring that this community will provide affordable housing well into the futuxe. ��w � � � �� '� �� `-�`� � � " . 5 ��' i �i �� j. S� . . ^ J . + � . � r� '... � i.' i �. , . ' x �,- t' . . . � , � �r � �x. .w ... .. .. . � '�� ; ; . �� .y��... I � - C �� : l �� ( M �� + � n q [ 9: I � � E�W.�y . � ' 'a . . 1 i - �.' , P �.� � � _ EL � . � z,�. ��.�:. ''�. ..,. � . ' . � .' x _ i�e+� � _ _— _' ___ _._-__ _ ____-___ - ._- _____ .. -._.�.-•,.' _ _ __.__-_-___ ' -'_ ,_ . .. .-.,_ :-.. :_ ::.- _ __ _ _ __. _ _-___ - __' ____._. MISSISSIPPI VIEW APARTMENTS Coon Rapids, MN � � �„ � �r k '. , .�+ ' ,; , ., . , f ... �', 2 � � MISSISSIPPI VIEW APARTMENTS " Caon Rapids, Il�innesota � � .�. ,� > . TYPE OF PROJECT � � H � � `� ' �� 96 Units ' t 9�0% of units affordable " ' � ti, : � ARCHITECT BI€�rrientalslArchitecture, Inc. � CONSTRUCTION MANAGEMENT Benson-Orth Associates Inc. DOMINIUM'S RESPONSIBILITY Real Estate Developsraent Project 1=inancing Legal and Enviran€nenta� Services Design ard Cor�sEruction f�lanagement Property fVEaizage€nent �ssissi i View A artments ori all built in 1974 is a 96-unit Seetian 42 cc�rnp�iance pP p � $� Y � • HUD-subsidized community serving family households in Coon FINANCIAL PARTNERS Rapids, MN. The site consists of two 48-unit buildings contauung one, Piper J�ffiray & Co. tWO, and three bedroom units. Prior to Domuuum's acquisition of the MkV�A Finai�cial ��e Yo er the communi increasin 1 showed its a e as HUD- Richman Ohio A4farcEable Housing, LLC 1' 1' tY � � g y g City of Coon Rapids controlled rents were insufficient to pYOVide for capital improvements AnoE.a County �at weYe desperately needed. DeferYed maintenance and a lack, of adequate recreational facilities for the property's 150 children led to a TOTAL DEVELOPMENT COST variety of management problems and higher vacancies. $11,QQ0,000 S�zE In September of 2006, Dominium acquired the property and 4.8 acres {site} lllztllediately began a substantial rehabilitarion with the aide of low �og ,000 sq. ft. (building) income housing tax credits, tax-exempt bonds from the City of Coon Rapids and a deferred loan from Anoka County. The rehabilitarion COMPLETION DATE included all new siding, landscaping, cabinets, appliances, flooY september 200� coverings and an upgraded playgxound facility. The mechanical systems were completely re-designed and new fluoYescent light f�tures were installed throughout, resulting in significant improvements to the � property's energy efficiency: Since Doiniiuum acquired the property in 2006 through construction completion in the fall of 2007, Mississippi View Apartxnents has experienced a transformation into a stable community and a better � home for nearly 100 households in the City of Coon Rapids. Donvtuum's re-development approach and its experrise in management have posirioned this propeYty to continue to provide safe.and clecent affordable housing for anotheY 30 years. i � WHITTIER TOWNHOMES Minneapolis, Minnesota � � � ,� � a � ��''��" �� - � � � �� r ' - � t. :f .. . ., ,� . .. °. . ... . .s .. - .- �.:�R �n ' �%' � i i � WHITTIER TOWNHOMES '+ '� ` Minneapolis, Minnesata � � ', � TYPE OF PROJECT ,� �' 12 Section 8 Townhomes 100% of unifs affordable (60% AMI} '_-� £ ` s i . { �: f� i i il �9 ARCHITECT BKV Group, Inc. CONSTRUCTION MANAGEMENT �Ihittiex Townhomes is a 12-unit townhome property located in Minneapolis, Benson-Orth Associates, �nc. MN. The affordable community was built in 1982 under the Section 8 project- based housing program. The property consists of five buildings in all, located on DOMINIUM�S RESPONSIBILITY 2 sites and com rised of two three and four-bedroom townhomes. Real Estate Development � p � Project Financing Legal and Environmental Services In 2006 Do�niiuum Develo ment & Ac uisition LLC took on the ro ect of Design and Construction Management ' p � ' p � Property Management substantially rehabilitating Whittier Townhomes in oYder for the property to Section s& 42 Compiiance continue to effectively serve its residents. The company applied for and was awarded Low Income Housing Tax Credits fYOm the Minnesota Housing Financ� FINANCIAL PARTNERS Agency and tax-exempt bonds from the city of Minneapolis. Soft funds were also US Bank city ot nninneapo�is pxovided by Hennepin County's Family Housing Fund program, MHFA's PARIF Minnesata Housing Finance Agency pYOgram, and the City of Minneapolis's CPED program. The total development Hennepin County Family Housing D�S cost for the project exceeded $2.8 il�illion. TOTAL DEVELOPMENT COST With the aide of the LIHTC program and deferred loans, Doinvuum was able to �2,soo,oao perform an extensive rehabilitation to Whitrier Townhomes. All new appliances were installed in each of the units, along with the xeplacement of all majoY s�ze mechanical systems. Furthermore, the interior and exterior of each of the 7,�2a s�att. {bv id�r,ysj buildings was given a much needed lift, including the replacement of the roofs, siding, and windows. COMPLETION DATE septemner zoo7 Doininium closed on Whittier Townhomes in December 2006 and completed the rehabilitarion in September of 2007. In addition to the rehabilitation, Doinuuum has renewed the Section 8 HAP contract, which was set to expire in September of 2006, for an addirional 20 years, ensuring that this community will provide affordable housing well into the future. � F ��, , . i < �� r �' , z , � �_� � . � # �� 7� . �i. / .�� s � ' ��,;� �—_—�-,"�� ) � �� — y �; � - `: �i . -- _ , ` _, � �� ., �: � � � �� ;�. � _ _ �._.� - �- ._ , . ..Y ,�� ; ,� ��.u� --- - - - ... .,�. ... . . . . ... :: . - -_ - -_ MEETINGHOUSE AT MILWAUKEE llfilwaukee, WISCOIiSIII � £ r � `�� a � � �, � �' II � € # �' � 1 �'� ' �' �� II _ � 4 ��y �£ � �F�'�� $�� d ' S �:. �e�� 67 � ..c§ �.�'S �� Fi,-.a, . MEETINGHOUSE AT MILWAUKEE Milwaukee, Wisconsin �� TYPE OF PROJECT General Partner Repiacement 96 units ■ DOMINIUM'S RESPONSIBILITY Repiacement of General Partners Stabilize Property Operations Provide Tax Credit Guarantees Property Management Section 42 Compliance FINANCIAL PARTNERS Centerline Capital Group Wisconsin Housing �conomic -• Development Authority (WHEDA) TOTAL PROJECT FINANCING Meetinghouse Apartments is a 96-unit Section 42 senioY community in Debt - $3,950,Q00 Equity - $175,000 �waukee, �lisconsin. • CLOSING DATE Centerline Capital GYOUp, Inc. Yemoved the original general . partner, and �ecem�er zoa� took possession of and opexated Meetinghouse apartments in 2007 after the property had been experiencing significant operating deficits. �;,•� i , Domuuum purchased the geneYal paxmership inteYest in the fouYth quaYter ` � �- =7 ,� �; ; ��.� _- of 2007, and through a focused management effort has it producing positive cash-flow within s� months of their initial involvement. �.+a, � �� ■■. �� ` Donviiium Development & Acquisirion, LLC has a strong history of " ` assuming complex general parmerships, xesyndicating three large portfolios comprised of nearly 5,500 total units, and acquiring two-single GP Intexests, comprised of another 516 units. In all five cases, the original general partnexs wexe unable to perform, and Domiiuum stepped in to keep the pxojects out of foreclosure. .;;.� - _ �-�": : A ,. r� ; = y ,��'�" `�� ,� �� _ - - ;� • � BLOOMING GLEN TOWNHOMES Bloomington, Mirinesota �ui � � . ��'�� . � . +Y' � , `�, s` �."� � �BLOOMING GLEN TOWNHOMES � �. ;� �;��, �-# t: : � � Bioomington, Minnesota �:� � ,,;,,; � � � ��_ _ s��-�=m� ""� �,� . '�.�� a � ..� �� TYPE OF PROJECT �c '� 50 Units HUD Section 8 Preservation ; Acquisition(Rehabilitatian ` y_ „�t°' ri� , �,. �' � � � � �, � 9 ir� , . . . � °� � ��. � �� __ , t. � , � _� ,� FINANCIAL PARTNERS Minnesota Housing Finanee Agency The Richman Group Henne in Count M p y, N Bloomington Housing & Redevelopment Authority City of Bloomington The Metrapolitan Council Housing and Urban Development (HUD) � t �: I TOTAL DEVELOPMENT COST �� Z,000,000 Blooming. Glen Townhomes is a 50 unit, 7-building townhome project i built in 1980 in Bloomington, Minnesota. The property is conveniently � S�ze located at 10140 Lyndale Avenue South, just east of Intexstate-35W, a 5 acres (site) ma or metro olitan arteYial hi hwa All 50 units - 28 two-bedroom, 18 53,000 sq. ft. (building) j p � g 3'• three-bedYOOm and 4 four-bedroom units - are covered by a pYOject- aW COMPLETION DATE based Section 8�IAP contract. June 30, 2d08 Before Domuuum's involvement in the project, Blooming Glen suffeYed Before Rehabilitation from years of deferred maintenance and an absence of management �`''��i�` "= j ''"�' ''' presence on the site. In addition, Blooming Glen was at risk of being converted to market rate housing as the Section 8 contract was set to expire. Domuuum would soon begin changing Blooming Glen's future by acquiring the property in September of 2007 and unmediately investing nearly $72,000 per unit in rehabilitating the asset. The rehabilitation included the construction of a new clubhouse building that would provide on-site management as well as community space. for residents to gather. After Rehabilitation Perhaps the gYeatest success of the Blooming Glen project was not the .> ��_.' � W �� investment of capital that it desperately needed, nor the on-site management that it would now have, but Dominium's plan to bring �� suppoxrive service cooYdination to all of the project's 50 households. * Dominium, partnering with Episcopal Community Services of ,,�►.:�!' Miiineapolis, put in place a service plan that would greatly enhance the .� lives of the residents. Some of these services include life skills classes , �� . � � , ,�� .;; �ob placement, after school programs for children and parenttng suppor �� These services as well as others have inspired ouY residents to becom�� ' active members of the Blooming Glen community and to take pride in living their daily lives. - -- - --" i : .:: : � . - : - - - � : : --- - - - REDSTONE RANCH Denver, Colorado � �.� REDSTONE RANCH '� Denver, Coiorado �,�� TYPE OF6'ROJECT General Partner Replacement (280 units) Fee-Simple AcGuisition (140 units) ` 420 units ��; � �, �- _ � ..�:. DOMINIUM'S RESPONSIBILITY � Replacement of General Partners �" - Stabilize Property Operations Provide Qperating DeficitGuarantees x �^� � - r v Assumptian of all Financing � � �� `� � ,� � Property Management �� ,�v � � Section 42 Compliance � ° � ' ��'�� '� w � }� � ��,�� i.. 4�`� FINANCIAL PARTNERS $ ��`� � ,� Colorado Housing and Finance Authority � .'�� _��,�, � �� '�� (CHFA) Housing and Urban Development (HUd) gridgewater Bank Redstone Ranch Apartments is a 420-unit apartment complex made up of TOTAL PROJECT FINANCING �ee phases of 140 units each. Phases I and III are Section 42 pro)ects • DebE -$31 financed with HUD-xisk share mortgages, and Phase II is a 100% market Equity - $2,5d0,000 rate project CLOSING DATE ,�une 2oos Dominium purchased the GP-Interests in phases I and III, and fee-simple title to Phase II from the original geneYal partner and owner. The original GP experienced many challenges with the project, including large operating a � ° ' �: �`� r �� deficits. � ��.�,� 1� ;;�u '�i t��: �,: �:. . i �� I .:. �� ' i �_` �� h Domuuum acquiYed limited partneY, state agency, and HUD approvals � _} �' °''�'E� -, before being admitted as general partner. These approvals required � '� Donvnium to assume financing, provide operating deficit guarantees, and $ `` complete a HUD transfer of physical assets (TPA). n� Dominium completed the puYChase of the entire pxoject in the second quarter of 2008, and thYOUgh a focused management effort has opeYations on an ixnproving trend since its involvement. �''�� Dominium Development & Acquisition, LLC has a strong history of € � assumin com lex eneral artnerships, resyndicating three large portfolios g p g p � . .. . . . �` = l g comprised of nearly 5,500 total uruts, and acqwring two-single GP Intexests, comprised of another 516 units. In all five cases, the original general partners were unable to perform, and Dominium stepped in to keep the projects out of foYeclosure. • � ; MESSENGER TOWERS APARTMENTS Joplin, MO �,i�; MeSSENGER ToweRS Messenger Towers is a 130-unit, 14- �,� � �� Joplin, Missouri �` story high-rise built in 1973 in >> � �; �� TYPE OF PROJECT Joplin, Missouri. The property � r � ��_� � oo °/a Affordable provides affordable housing for �� n `�`: � =f � Ac uisition(Rehabilitation � � '�� p eldeYly and disabled residents �.� � thYOUgh a project-based Section 8 ��` ' � ARCHITECT }�� HAP contract. OveY time the 30+ �. � Sikes/Abernathie Architects yeax old builcling started to show its � � age. Deferred maintenance and �� _ ��;. CONSTRUCTION MANAGEMENT dated undeYUt�lized common areas �` Benson-�rth Associates, !nc � � = needed attention. �� , DOMINIUM'S RESPONSIBILITY �-«- . . . . �..� Rea! Esfate Develo �reent Doinuuum closed on e Y ��' � � _ I � � p th p o�ect in �� Pro�ect Fir�ancing Au St Of 20�7 exeCUtiri a �+ Legal and EnvironmentaE Serviees � � g E3e�ign and Consfruction fJianagement complex financial StYUCtuYe tllat "� �` # I Psoperty ft(Eanagement ��: ": � i � �ectian �2 Co�p[€�nce �cluded a xenewal of the e�iring � �. � � Secfian 8 Gomp€iance Section 8 Contract, tax-exempt `'� �` bonds and tax credits, tax abatement FINANCIAL PARTNERS from the city and a decoupling of Dougherty & Company, LLC �e remainiiig Interest Reduchon Alliant Asset Management Company ��c Pa ments from the Secrion 236 mor a e that was aid off with the closin US Bank National Association y � g p g• Missouri Housing Development Commission Harry s. fruman cDC The rehabilitation was com leted a ear later in Au st of 2008. The Yesidents at City of Joplin p y � Housing and Urban Devefopment (HUD) Messenger Towers now enjoy brand new units that include new appliances, cabinets, flooring, bathroom f�tures and paint. The first flooY common areas wexe completely redesigned and now host an upgraded community room with a TOTAL DEVELOPMENT COST new kitchen a media Yoom libra beau sho and a craft and sewin room. $10,300,000 > > �'� �' p� $ An on-site social service cooYdinatoY funded by a renewed HUD operating gtant size is also available to assist the elderly and disabled residents with the various 1.0 acre (site) aspects of their daily living. 115,000 sq. ft. (buiiding) COMPLETION DATE August 15, 2008 � � ,.� ��i�+��,' �'�`��^� �e �fin++ � y �.... r � , <' i � 4 ' � t ' � n �e,�.. � . d r� � � � �� $ ,��f�� . � : . > � i � : "� �. �: 'k�*�� i,.> >. S,.` . � � .�'��" „ s �.� ` � � � I �� • x y �'z .��;`# , �� m � �,' 3F a�� ut ��' � . x_ I � � � � I � ��`'�.'. . - _ _ ' _-_- . _ ' _ ___ _. _ _ . .. _ _ _. __ _ _ _ . _ _.. .,_... �, . _ _ _ . _ . . _ . ._.. _ _ ___-_ - ._._� ___ . _.___'_ _'_.' _:._ __ _.._._.-_ '_._. HILLSIDE PARKS APARTMENTS SIOUX Cl� Iowa � � � �-;.: � ,� HILLSIDE PARKS APARTMENTS Sioux City, iowa E� � ��[i p �!1/� , �� Iol � TYPE OF PROJECT �� ;�� + 101 Units » � ; � t' i 4 QO% Affordable (Section 8 & 42) � � �� '4�' �, � 4 � "� - � A �� I�� ARCHITECT ` `� � ��" �� '� � " � BKV Group, Inc. . -,, :.. _. �� :: � . �� 6,i CONSTRUCTION MANAGEMENT T""` Benson-Orth Associates, Inc. DOMINIUM'S RESPONSIBILITY # Real Estate 6evelapmer,f Project l=Enancing Hillside Parks Apartments, built in 1970, is a 101-unit Section 8 property located Legal and Environnnenta! Services � Sioux City, Iowa. The 9-building site consists of 9 one-bedYOOm, 56 two- Deaign and Construction Management Property I�lanagemen� bedroom, 30 three-bedroom and 6 four-bedroom units. Prior to Doin'vuum's `Section 42 Cc>mpliance acquisirion of Hillside Parks in DecembeY of 2007, there were needs foY a Section 8 �ompiiaace significant capital infusion to improve the property and to pYeserve the e�piring FINANCIAL PARTNERS project Section 8 HAP contract in order for the property to continue to lowa Finance Authority serve families of low income. In addirion, approximately 50% of the units were � lowa Department of Economic Qev. vacant and the pYOperty suffered from lack of proper management attention. Alliant Asset Management, LLC DougE & Co Verizon Capita! Dominiuxn' coordination of tax exempt bonds and low income housing tax City of Sioux City credits from the Iowa Finance Authori and an investment of state and federal Housing and Urban Development (HUD) �� low-income housing tax cxedit equity by Vexizon Capital made this project TOTAL DEVELOPMENT COST possible.. �� 3,zao,000 Hillside Parks Apartments' $45,000 per unit rehabilitation will gready improved S�zE the pYOpexty's worn facade and units. The project will receive new entry doors, s.5 acres (s�te} � dooxs, signage, roofs, and play facilities for childYen on site. The 9Q,Od0 sf. ft. (building) Yenovations will also include significant landscaping and a new 2,500 square foot CONSTRUCTION COMPLETION DATE community building, which includes a computeY lab kitchen, sitting area and September 31 2oos offices. Unit improvements include new lighting, flooring, kitchen and bathroom f�tures, window blinds, appliances, kitchen counters and cabinets, and paint. :� _ £ � � � p �� b � - � . °b� �;�' , � � � �� y ; � y� �� 4 E � �� a.. � � ^�".Ej � „1', � K 5 � '�i�� tv . � ��x ` ; �:� ;� _.�-� _ � � �■ � � ; �:� � � �s�� .��.� _ � �,� ,� �� z�� t �� ,� � e�. ,,. ,w a.: ��h, .Q.�.i� � PYRAMID PORTFOLIO ; 5t. Louis, Missouri � :, ' . � � . � `fij d' ,�� _ F � h' . y ��, i . ��. �: � d �k„i x. �� + ": r s . � „, �� '.��, '�� PYRAMID PORTFOLIO ' _�-�" � � St. Louis, MO and Surrounding P,rea � �f?` � 4 g }�� I TYPE OF PROJECT ;� � 231 Senior Apartments �" + � � 2� Single Family Homes "� � � 10U% of units affordable (60% AMI} � I ARCHITECT Trivers Associates, Inc., Pyramid, Worn T Jerabek, Rosemann & Assoc. � � CONSTRUCTION MANAGEMENT PARIC Corp., Pyramid, Morrissey The Pyramid Portfolio consists of 4 new construction properties Dominium purchased I the General Partner interest on in 2008. Dominium replaced the Pyramid Companies as DOMINIUM'S RESPONSIBILITY the new General Partner. The Investor on all 4 projects is Wachovia. Donvnium Real Estate Development worked closely wifli Wachovia, MHDC and IHDA to take over these properties. 'fax Credit Delivery Legal and Environmental Ser�ices Management At the time of takeover, three of the projects were still under construction, so Dominium property nnanagement stepped in as construction supervisor and ensuxed the successful completion and Section 42 Comp{iance tsansition into lease-up for all three properties. FINANCIAL. PARTNERS �ll properties are located in or around St. Louis, MO. Three of the newly constructed MHDC ��p buildings are designed to serve the needs of seniors only. The fourth property consists of Wachovia 20 single-family homes designed to serve the needs of families in the northwestern St. !1S Bank Louis area. Community Renewal & �evelopment C.R.E.A.T.E.,inc All the properries are well developed and include amenities such as patio areas, gazebos, TOTAL DEVELOPMENT COST arbors, extensive landscaping, a pond and walking paths for the residents. The interior $35,000 (AII Properties) common areas feature a fitness center, business center, conference room, beaury shop and a large gathering space. SIZE 5A acres {sites) Kiver Roads Manor, River Roads Estates and Grand South Senior are located within 173 ,000 sq. ft. (buildings} minutes of numerous parks and golf courses and are less than 2 xniles from the Mississippi River. The sites' proximity to Interstate Highway 70 and Interstate Highway COMPLETION DATE 270 provides easy access to all parts of the Jennings and St. Louis metropolitan area. October 2008 � } � � �.r� � � �� . � 1 III , 3� a �. . � �� , r � *# {� � � �. .� x �.:� :ti �� z r�� ,�� , � 4 �{, � �,;;r � � � �. ° - -- - � : .,_:.. � - - - - _ - �- ----- -_ _ -- - - LAKEWOOD APARTMENTS Lino Lakes, Minnesota . � _ �� ; �� ,.. , � �� _ > ' , ��r��'� � LAKEWOOD APARTMENTS ; � �, � �� i� � Lino Lakes, Minnesota � ; ��'�� ` � � � . a �� 'y�� . . � TYPE OF PROJECT � � � �� ' �� ' '� ��` � �� ; �� , r�� General Partner Replacement ,� � � � � � �� u , , � � � � � 60 units . ,; ]�� # �g ��- #z ��'� �; x, 1[� �� ', �� '� � �-� � DOMINIUM'S RESPONSIBILITY �� : � �� .�" I�� i� � � ReplacementofGeneralParYners � � � ��_��=� ._ -� Stabilize Property Operations "�` --• - - Provide Tax Credit Guarantees °' �""` Praperty Management � Y Section 42 Comp{iance �°' " g � �,: � � FINANCIAL PARTNERS �NNC, inc. - Minnesota Housing and Finance Agency (MHFA) Anoka County City of Lino Lakes TOTAL PROJECT FINANCING Lakewood ApaYtments is a 60-unit Section 42 family community in Lino • Debt — fNHFA LMIR $2,025,170 Lakes, Minnesota. Anoka HOME Loan $330,000 MHFA FFCG $707,901 City of Lino Lakes $225 ,000 �C, Inc. removed the original general paxtner, and took possession of and Equity -$450 operated Lakewood apartments in 2008 after the property had experienced a CLOSING DATE slower than expected lease up and stabilization of operarions. December 2008 Doininium purchased the general partnership interest in the fourth quarter of 2008, and through a focused management effoxt has it pYOducing positive ,, � � � ��, � � , cash-flow. �,�/ ��`�' Domuuum Development & Acquisition LLC has a strong history of �;t � � . #� t � : � f� assuming complex general parmexships, resyndicating three large portfolios � �;� � comprised of nearly 5,500 total units, and acquiiulg three-single GP �' ' Interests, comprised of another 576 units. In all siY cases, the original general partners were unable to perform, and Domi�iium stepped in to keep ��,F the projects out of foYeclosuYe. � > �`' � � - � �� ' ��,� x� •. „ .. , ��, . � f= � 4:.`�.��> �: � �� `� `�' ��k�� l�i�� E . � f � 1 ' Y� &�h�llill�'��P`W1UIP�p1,��IG��'at� . w � �� .��,-. � �* ��„r, - ;a �; ,� � � s � . �3 , �� E��"�a � ��,�� k � �= � �'� �, � r�t ,�wwr��P 2� � d� , �� '�' � �� > �. �� • �' . �� < � :r DALE APARTMENTS Coffeyville, KS � DALE APARTMENTS Coffeyville, Kansas TYPE OF PROJECT 47 Units 100°/a of units affordable Historic Rehabilitatipn ARCHITECT ,:�. �I Blumentals/Architecture, Inc. CONSTRUCTION MANAGEMENT � Benson-Orth Associates Inc. . � __. � .� , t ' � DOMINIUM'S RESPONSIBILITY � � � - �� Y, Real Estate Development i Project Financing Legal and Environmental Services Design and Construction Management Property Managernent I Sectian 42 Compliance j section s comp�iance Dale Apartments is a 47-unit project-based Section 8 histoYic project in I Coffeyville, Kansas. Built in 1924, the building was originally the Dale Hotel � FINANCIAL PARTNERS and was later converted to apartments in the 1970's. Consisting of 20 studio � Kansas Housing Resources Corparation units and 27 one-bedroom units, the property provides affoYdable housing Kansas State Historical 5ociety and services for eldexl and disabled residents. The ro er 's oor condition � i Alliant Asset Management Campany, LLC Y p p�' p i Christian Relief Services and its lack of usable community space resulted in an inability to effectively I Heartland Bank serve its residents. MinnWest Bank Housing and Urban Deve{oprnent (HUD) Dale Apartments entered into a Section 8 project-based contract in 1984 TOTAL DEVELOPMENT COST which was renewed in 2004 for an additional twenty years. Domuuum took �s control of the building in 2008 to maintain this contract and improve the site for its elderly and disabled residents. The residents' lives are fuYther enhanced S�ze as a Yesult of teaming with local nonprofits to pYOVide access to such services d.4Q acres (sitej 4s ,815 sq. ft. (building) as Meals on Wheels, Medical Lodges, and transportation to grocery stores and appointments. With the assumprion of the seller's 1S` and 2n mortgages, an COMPLETION DATE allocation of 9% low income $ousing tax credits from the Kansas Housing December 31 2oos Resources GorpoYation, and Federal and State historic tax credits, the renovation of the Dale Apartments became feasible. �� !�„ �� ,�� ,��,�� Dom.iiuum has completed major Yenovations of approximately $57,000 per e r� a1. Jz tt �d� i�N�€i I i � , � ' unit at Dale Apartments. The entire first floor common area is remodeled to include a new grand lobby, community room, media room, and exeYCise room. All units are fit with new kitchen and bathroom f�tures, new flooring, ��: appliances and cabinets. Exterior renovations include new storefronts, roofs and canopies that restore the building's historical significance. Donviuum and its partners have repositioned this project for years to come and have preserved a piece of history in Coffeyville's downtown area. "`' I '� -- -- - -- -- _ _ - f � _ -- - - �- , ---- --- — - -- - --. - -- MENDOTA CREEK APARTMENTS Parsons, KS � , ,, d MENDOTA CREEK APARTMENTS Parsons, Kansas TYPE OF PROJECT 100°/o Affordable m = AcquisitiontReF�abilitation ,� �;. °--�� `"`� ""' , , �, � -�� °� -� - ARCHITECT " Blumentais Architecture, Inc. CONSTRUCTION MANAGEMENT Benson-OrEh Associates, inc. DOMINIUM'S RESPONSIBILITY Real Estate Development Project �inancing Legal and Environmenta9 Services Mendota Creek Apartments is a 100-unit family Section 8 pxoject originally Design and Construction Management developed in 1969 in Parsons, KS. When Doininium took control of the project Property Management Section 42 Compliance in February of 2008, Mendota Creek (fka Osage Trails) had a reputation for Section 8 Campiiance critnuial acrivity and had been suffering from years of deferxed maintenance. The pxoperty desperately needed a major renovation and a change in FINANCIAL PARTNERS management. ansas Hausing Resources Curpora�ian Alliant Asset Management Company, LLC Christian Relief Services Immediately after closing on the project, Doininiuxn began rehabilitating the Capmark Finance Inc. Minnwest Bank propexty and would invest over $3,300,000 to complete construction. Exterior Housing and Urban Development {HUD) renovations included xeplacing all siding, roofing, and signage as well as significant upgrades to the landscape of the site. A new clubhouse building was constructed offering a computer lab for use by the pYOject's many childten, a TOTAL DEVELOPMENT COST �tchenette, a communi Yoom and new common laun facilities. In the units $9,1d0,d00 �' � nearly every surface was touched including new doors, flooxing, light f�tures, s�ze �tchen cabinets and appliances and paint. A cameYa system and increased site 10 acres (site) lighting were also added to deteY the cruizuial activities that had riddled Mendota 8U,000 sq. ft. (building Creek in the past. COMPLETION DATE In conjunction with the start of the rehabilitation, Dominium began taking December 31, 2008 strong management steps to turn axound the pYOperty's tarnished reputarion. A strategic plan was implemented that involved a partnership with the Parsons Police Department. This plan was a success and today Mendota CYeek pYOVides ' a safe environment for the community and its residents. � �> ��; � � � � � � � � �u��a�' - ; � �, ; � ��-� � ` �_ , "_��.,, � ; � � `� a x-,' l . :[ '� - �: � t I F � . E n x r. # y + — a ik 1� `�" k �� . " � a c�: . . _" � . . �*. � . t 3' �" 'Y ��.� 3 l :.;, ; �� . '�` � �� +' �� , E� ti ; <4:t r � 'x WAHKONSA APARTMENTS Fort Dodge, IA ( � WAHKONSA APARTMENTS Fort Dodge, lowa TYPE OF PROJECT 76 Units 100% Affordabie {Section 8& Sectian 42} Histaric Rehabilitation ARCHITECT BKV Group, Inc. CONSTRUCTION MANAGEMENT Benson-Orth Associates Inc. DOMINIUM'S RESPONSIBILITY I Real Estate Development Project Financing Legal and Environmental Services ;..,�< ° Design and Construction Nlanagement _ Praperty Management Section 42 Compliance section s comp�iance Wahkonsa Apartinents is a 76-unit pxoject-based Section 8 historic pxoject in FINANCIAL PARTNERS FoYt Dodge, Iowa. Built in 1907, the building was originally the Wahkonsa Iowa Finance Authority Manor Hotel and was later conveYted to a artments in the 1970's. Consistin State Historical Society of lowa l� $ Iowa Department of Economic Dev. . of 32 studio units, 40 one-bedroom units and 4 two-bedroom units, the �' Alkiant Asset Managerrsent Company ��c ro ex rovides affoYdable housin for elderl and disabled residents. The Verizon Capital p p �' p g Y aouynerty pxoperty's poor condirion and its lack of usable community space resulted in Housing and Urban C3eveloprnent (HUD) an inability to effectively serve its residents. TOTAL DEVELOPMENT COST ��s,soo,000 Wahkonsa Manox is subject to a long term HAP Contract. Domuiium took s�zE control of the building in 2007 to maintain this contract and impYOVe the site 0.4o acres �site} for its elderly and disabled residents. The residents' lives are further enhanced a2 ,000 sq. ft. (builcfing) as a result of reworking of the community space and increased accessibility. , CONSTRUCTION COMPLETION DATE The parrnership with the Iowa Finance Authority for a tax exempt bond December 31, 2Q08 allocation and low income housing tax credits, in coordination with the Iowa Depaxtment of Economic Development, and Fedexal historic tax cYedits, the renovation of the Dale Apaxtments became feasible. Dominium has completed major renovations of appYOxixriately $85,000 per x�' F � � m ;��`�� unit at Wahkonsa Apartments. The entire first floor common area is � �;+ ��# �} ,��,�� remodeled to include a restored grand lobby, community room, media room, I ' !' game Yoom, nuxse station, chapel, museum, crafts room, tub/shower room, # �: ;'; ,�� and exercise room. All units axe fit with new kitchen and bathroom fixtures, LL ,�; � � new flooring, appliances and cabinets. Exterior renovations include new i �., storefxonts, unit windows, roofs, French balconies and canopies that restore the building's historical significance. Dominium and its paxmers have repositioned this project for years to come and have preserved a piece of history in Foxt Dodge's downtown area. � ! � - - -- ---- , _ - --- �- - -- - ..:... - r -- - , MOUNTAIN VIEW APARTMENTS Beaumont, CA � �� ,,-�,�,�" -> MOUNTAIN VIEW APARTMENTS � ' "�� l Beaumont, California ' �' � .-----� ' TYPE OF PROJECT 80 Units 100°/a Affordable ,4cquisitionfRehabi litation ARCHITECT BlumentalslArchitecture, Inc. �� i � ." y CONSTRUCTION MANAGEMENT ��" ,��„�,�� „�� ;� lCOt� Builders DOMINIUM'S RESPONSIBILITY Mountain View Apartments, built in 1981, is an 80-unit Section 8 property located Real Estate Development in Beaumont, California. The 11-building site consists of 16 one-bedroom, 40 Pro�ect Financing �;o-bedroom, and 24 thYee-bedroom units. The propeYty features Lega6 and Environmental Services Qesign end Construction Martagernent patios/balconies with each unit, a large clubhouse, a common laundry facility, and Rrope�ty t�ana�ernent �ect access to a jogging trail within the community. The propeYty also has close Sectian 42 Ccrnpliance 8ection 8 Ccmplianee proximity to public facilities, employment, public transportation, and retail. � FINANCIAL PARTNERS Doiniuiuxn closed on Mountain View Apartments in J anuary of 2009, marking the CA Housing & Community Development company's entrance into the state of Califotnia. Domuuum's cooYdination of CenYerfine Capital Group construction financin from PrivateBank soft funds from California Housin & The PrivateBank and Trust Company g � g Prudential Mortgage Capital Company Community Development, and an investment of federal and state low-income Fredaie mac housin tax credit e ui b Centexline Ca ital Grou made this xo'ect ossible Housing and Urban Development (HUD g q�' y p p p ) p duxing times of instability in the cYedit markets. Don�uum also worked with TOTAL DEVELOPMENT COST HUD and the California Housin Finance A enc to extend the current ro ect- ��3,soo,aoo g g Y 1' l based Section 8 HAP contract set to expire in 2011 for an addirional 20 years. s�ze The extension will ensure that some of Beaumont's lowest income citizens have a 7.s� acres (s�te) safe place to live for the foreseeable future. 77,000 sq. ft. {t�uildings} Mountain View ApaYtxnents' $42,000 per unit Yehabilitarion will gYeatly improve CL031NG DATE � pYOperty after years of continued deterioration. The project will receive all January, 29, 2009 new windows, all new roofs, downspouts and gutters, new landscaping and signage, a complete oveYlay of the parking lot, and new picnic tables, benches and grills. The units will be updated with new lighting, flooring, kitchen andbathroom f�tures, window blinds, appliances, kitchen counters and cabinets and paint. } aa,�'i'�q �r r ��,� � � a� ,_ r; � �3��`� �� f , � ' � �� _ _ �., � �� p - F� r_� : =:y.�i�`s�.�.3�'�.�,' . . ,�. �. ., �„ .� .: . � :.,, - :a � � � � � „ � �"�'zs� .� . ' r �� z ��i:'��' . .u;A DESERT PALMS APARTMENTS Coachella, CA . � DESERT PALMS APARTMENTS Coacheila, California TYPE OF PROJECT � � ,� �� , �� . �=�. �~ � `� ��- ; � � � � f.: �� , ,-;>, �� • .�, �:. . �. � �'� 'I12 Units � � ,t�u �:�:�r = � � 100% Afifordable � ��' � ' �' � � � � � � � , ^ �'� �r; � � �� , a a� t ,�� '� �ry��i t��' ' ARCHITECT Blumentals/Architecture, Inc. I � CONSTRUCTION MANAGEMENT ' ICOtJ Buifders I DOMINIUM'S RESPONSIBILITY €2eaB Estate Qevelopment � Pra�ect Fin�ncing � LegaE and Environmental Services Desert Palms Apartments, built in 1981, is a 112-unit Section 8 propexty located Design anti Canstruction Management Property Managernent in Coachella, California. The 14-building site consists of 24 one-bedroom, 64 sectiar, 42 comp�iance � and 24 three-bedroom units. Priox to Doinuuum's ac uisition of Section 8 CornpEFar�ce ' � Desert Palms in January of 2009, there were needs for a significant capital FINANCIAL PARTNERS ��sion to impYOVe the property and to preserve the expiring project-based CA Housing & Community Development Section 8 HAP contract in order fox the pYOpeYty to continue to serve familie� Centerline Capital Group of low mcome. The PrivateBank and Trust Campany Prudential Mortgage Capital Company Freddie Mac Doininium's coordination of construction financing fYOm PrivateBank, soft City of CascheEla �nds fYOm California Housin & Communi Develo ment and the Ci of Housing and Urban Developmeret (NUD) g ry p tj' Coachella, and an investment of federal and state low-income housing tax credit TOTAL DEVELOPMENT COST equity by Centexline Capital Group made this project possible during times of $��,5ao,000 instability in the cYedit markets. S�ze Desert Palms Apartments' $36,000 per unit rehabilitation will gxeatly improve 99,000�o ft. (bu Eding) �e propexty's worn facade and units. The project will receive new patio doors & windows, doors, signage, xoofs, parking lot surface, and play facilities for CLOSING DATE children on site. The renovations will also include updates to the switruning .�anuary 2s, 2oos pool, landscaping and community center. Unit improvements include new lighting, flooring, kitchen and bathroom f�tures, window blinds, appliances, kitchen counters and cabinets, and paint � ,�� '!:�i�"-� t{ : _::. �� '� , � � � �� '- t ��. <. �i?�� : �,, �;.. , . �_, � � �,= . C - `Fz� : ,f ' � � i � � �[rt, s t ��i: . � F '�F$�; °"� kSf i �f �°k s� P Y. C; ��, :� s � r, a�= , . � > �'� a � t,a — --- ——— — — -- -- .. ...... ... . . — ,-_ ....,:, _�_ _ � __ OWSLEY PORTFOLIO Various Citres � � ' � �' ��°� � ;� # `�� 3 �� s��'l �P+, �t�` � � �� e '�; � � �,�+$ r7 ' , �� - ` ' j�`« a z�' �.''� . � �t�*�,a.t,.�'x �.r'�$�'"�` '�.�' .�.'"`'�u � s 'kx ,�.,t��' � "# �' ` °� `� � t � . . ` ,� ��.�$ a � �P � �. 3 `� � � �' �,.��a` a ,cr� S � � t � ��-�3.� s^,r '. c � - � ; �. � , � � � u � � � �' t� �� i�� ' �. � . . . , ` � � .: g �, � .r� �. ,� u 3.,�#y�� q . . � `� �,�t �� , �' � �,�7 °=� � �£'s�` . � � r�,�F W � ,, .. ' . s � q �. � � 3^fr �' 1a a, �,sa . � � .. , m �,: �"' ,.,�. 2 �a s s�." . w.... OWLSEY PORTFOLIO � ?%` _ '" Various Cities ' �� '� � ' � �T I � � �� , p � �` � I I TYPE OF PROJECT �� ., 84 Senior Apartments "� `- - � � �. � , 176 Multi-Family Apartments �; " �� -� � 98% of units affordable �9' '�� ; r x � � ��, � �� ARCHIYECT ` Stock Design �� , � � ? � Ron Reid & Associates � ; � CONSTRUCTION MANAGEMENT Mid-Am Construction Management Black Construetion DOMINIUM'S RESPONSIBILITY Real Estate Development Tax Credit Delivery The Owsley Portfolio consists of 4 properties Dominium purchased the General Partner Legal and Environmental Serwiees �terest on in 2009. Domituum replaced North Hart Run, Inc., an affiliate of Wachovia � Management Proper�y Management Securities, as the new General Partner. The Investor on all 4 projects is Wachovia. Section 42 Compiiance Doininium worked closely with Wachovia, IHCDA, I�IRC and IHDA to take over these properties. FINANCIAL PARTNERS ��A At dze time of takeover, two of the projects already had permanent financing in place. First Nationai Bank - Moline Wachovia The other two of the projects were without permanent financing, so as part of the MinnWest Bank takeover agreement, Donziiiium worked with MinnWest Bank to convert the old Lake Counfy Community Economie construction loans to permanent financing. Development Department The four properties in this portfolio are all in the Midwest, with two in Illinois, and one TOTAL DEVELOPMENT COST each in Indiana and Kansas. The property in Indiana is designed to meet the needs of �24,250 (A!I Properties) seniors while the other three properties are designed for Multi-Family use. SIZE All the properties are �vell developed and most include amenities such as patio areas, 29.5 acres (sites) children's la areas extensive landsca u1 and walkin aths for the residents. The 240 ,060 sq. ft. (buildings) p Y � p g� g p interior common areas feature a fitness center, business center, conference room, beauty COMPLETION DATE sho and a lar e atherin s ace. May 2oos p g g g p � �tk� t �� . �� p *,,. „, �� , ��,a . � 1� �� ,�.�� if� -� f p �'lll, < ; ,� #� '� I I I `�� 9q i g -,�� *�� "^ � � t #�a# `��. � �'' � � � � �, .. E v Y�, ;- F , 4� i 5 . t3 $� y _ � .t �{ �� t .ti� . � ��d � �" �.". ^�`... .�:�.�� , . i ALBERTVILLE MEADDWS TOWNHOMES Albertvplle, Minnesota � � I i i j I i i ALBERTVILLE MEADOWS I TOWNHOMES � AEbertville, Minneso�a __. _ . _, .. . �_-. � _ � . � �. TYPE OF PROJECT 37 SectBon 42 Townhomes 100% of units affor,dable (60% AMI)� x`��' _� �� , �-;'� �,� # �=� �' �. I � ARCHITECT BKV Group, Inc. GENERAL CONTRACTOR Frer�ct,s construction company Albertville 1Nleadows Townhomes is a 37-unit townhome propexty located in Albertville, MN. Construction began OctobeY 2008 and 100% of the units weYe DOMINIUM ReSPONS�g�� deliveYed by March 2009. The site consists of eight buildings in all, comprised of Real Estate Devefaprnent � three and four-bedroom townhomes. Project Financing Legal and Environmental Services Design and Construction Managemenf In 2008 Domuuum Development & Acquisition, LLC took on the project of Property Management section 42 comp�iance building Albertville Meadows Tocvnhomes. The company applied for and was awarded Low Income Housing Tax Credits and gap funding from the Minnesot� FINANCIAL PARTNERS Housing Finance Agency. The total development cost far the project exceeded �'I GMHP $8.4 million. NEinnesota Housing Finance legency US Bank nrtinnwest aank This was a new construcrion pYOject. The community features a 1,900 square foot community center with management offices, party room and exercise facility. The townhomes featuxe 9-foot ceilings, oveY-sized windows, full kitchens, TOTAL DEVELOPMENT COST � eYS, central HVAC and lofts. , �s,aza,000 ��Y I Dominium closed on Albertville Meadows Townhomes in October 2008 and SIZE 4.25 acres (site) expects construction to be complete in June of 2009. Four units are set-aside for 6�,7s� sq. ft. (bui�dings} homeless faxnilies. SuppoYt services foY these families will be pxovided by The Salvation Army. COMPLE710N DATE .iune 2009 i � I r` ;= ``, � v. �. � ��°*" � � ., � , �, ,: r , � ' F ' ,.. , � > U�_ ,�� 1 �. �� ' � >,�; �f �� ,. �awa� a�r,am �: . . . -' ; < . -� . � _,,,. _ : � � � � � � '��, ,� -- b ,.<.. �€ x ,�- � ��- ,. � �i�� , � - �� s � � � , � ua` E „€ �j.,� �, s:� _. __ . . _ . ____ . _ ___ — ___ ..- . .__ _... —_.. ` .__'_._ . . _. . ..,.. : .�.� ._ . -.. ..,: :.r.. ._ _ ;. ' ' ` '. _;�, . . . ,. ...: .,:;... .,�i.. . i . _�i.. � ... _. . . ._ . ._ . .. . . _ _ - - . . . _ . CANTERBURY RIDGE Canton, Georgia � ..,�; � K a , CANTERBURY RIDGE '�► - Cantor�, Georgia � � � = . TYPE OF PROJECT General Partner Replacement (7_12 units) � � �,`" �r � � �. _ t��tts��t � � DOMINIUM'S RESPONSIBILITY T �� "�,.rr�.,.+_ � Replacement of General Partners �_. :� ,.� ,> Stabilize Property Operat{ons � � � - �' a- � � � ��' � � Provide Operating Deficit Guarantees � � � � � � � � � Assumption of all Financing � � � �� Property Management ;� ` � "�� i�'I ' � Section 42 Campliance � � ��. � �'� � y . i!i � ! �� ,��` , .p FINANCIAL PARTNERS �' r Georgia Department of Community Affairs � �;� ' (GDCA) �_ � PNC/ARCS � FANNIE MAE Private Bank TOTAL PROJECT FINANCING Canterbury Ridge is a 212-unit Section 42 apartment complex. The building Debt -$9,039,031 Was ori all laced in service in 2000 and was financed throu h the sale of � Equity - $50 ,000 � Y p � g tax exempt bonds as well as tax credit equity. CLOSING DATE September 18, 2009 Domiiuum purchased the GP interest from the oxiginal general paYtner and owner. We closed on the acquisition of the interest and assumprion of financing on September 18, 2009. �� ; k ,� `" The acquisirion required consents from Key Bank as limited paxtner; the Georgia Departxnent of Community Affairs as state agency, PNC as the �� - �� mortgage servicer for Fannie Mae, and the Canton Housing Authority as the - � ; � issuer of the bonds. ....�.»,- �` The acquisition included an option to purchase the LP interest fxom Key Bank after the end of the credit period, which expiYes on 12/31 /2009. At this time, Dominium will facilitate a 1031 exchange to defer tax liability from the sale of othex real estate. � ,� � �' i � � ST. JAMES VILLAGE AP�►RTMENTS Houston, Texas ! ST.IAMES VII.LAC�E APAftTM�NTS ��!� � � � a 5�,, � ST. JAMES VILLAGE APARTMENTS Houston, Texas �� _ +e I I TYPE OF PROJECT I '�� 150 Units " 100% Affordable (Section 8 & 42) �`;: ARCHITECT ��k '�; � �� BKV Group, Inc. GENERAL CONTRACTOR 1Neis Builders, Inc. DOMINIUM'S RESPONSIBILITY ReaE Esfate Development Praject Financing Legai and Environmenta! Services Design and Construction Management St James Village Apartments (f.k.a. Chateau Village Apartments), built in 1981, �rapesty (�ana�ernent is a 150-unit Section 8 pYOperty located in Houston, Texas. The 13-building site - Section 42 Compliance section s com�Eiance consists of 48 one-bedroom, 82 two-bedYOOm, 16 three-bedroom and 4 four- bedroom units. Prior to Domuzium's acquisition of St. James Village in FINANCIAL PARTNERS OctobeY of 2009, there was a need fox a significant capital infusion to unprove Bank of America � property and to pxeserve the expiring project-based Section 8 HAP contra JP Morgan Capital Corporation Aliiant Asset Management Company ��c in ordex for the pYOperty to continue to serve very low income families. Texas Department of Housing 8� addit�on, the property suffered from lack of proper management attention. Community Affairs (TDHC.4} Gity of Houston Housing and Urban Development (HUd) Doin'vuum' coordination of a construction and pexmanent loan from Bank of America, a HOME loan from the City of Houston, an award of 9% low income TOTAL DEVELOPMENT COST housing tax cYedits from the Texas Department of Housing .& Community $18,OOO,00a Affairs DHCA and a tax credit e ui investment b P Mor n Ca ital �T ), q tY Y .T � p Corporation through r'�lliant Asset Management made this project possible. SIZE 8.0 acres (site) i �t�.o ,d00 sf. ft. (building) St. James Village Apartments' $50,000 per unit rehabilitation will gready � improve the propeYty's worn facade and units. The project will receive new � ; CONSTRUCTION COMPLETION DATE entrY doors, intenor doors, signage, and play facilities foY children on site. The i Estimated November 20�o renovations will also include landscaping and xeworking of the community building, which includes a computer lab, kitchen, sitting axea and offices. Unit impxovements include new lighting, flooring, kitchen and bathroom f�tures, window blinds, appliances, kitchen counters and cabinets, and paint. � �s _ � s s : %, '� a}6 r��i ��' �:� f ''� �, �; �a � ��y9��" i 3u,�" - , =,t;;:7�J" c � '. f �e�; �S§�:-� s''v e . �' � � '� � ��. � L��';' ,=�`� x � a 4� P� � =s � - -' ,��' , � ' '��, �T , �� `�� I�i I�� ." Q{ � � t 'i. r.. .. � �' �• .� `Y � 1� � i� s � q - � ��' s � : .+t 2�.. � "�' #fi ; ��c � � r�� , '� }��'��3 r°: �- �� s : �, � o� Lh I�i I , '��I � ' li � I �� j I �. , � o I � 'I � �t .t: ��.., n� i :. � .:;� � — — — — — _ � -- SEVILLE APARTMENTS Beaumont, Texas � � � � � `� �; � 3�� - -� �f 7� :�. } , v� �. Y� � . „�... �.:: �`�f. :. � �,,:� SEVILLE APARTMENTS :�� -� s� � Beaumont, Texas �a�� ,�?' ; �t � TYPE OF PROJECT - � ' 90 Units � 160% Afforda6le (Section 8 & 42} �� ARCHITECT � � ; � BKV Group, Inc. �. � � � � ; � � r, , ��: . _'� k„��t �� ' : � �� a. � CONSTRUCTION MANAGEMENT Benson-Orth Associates, Inc. DOMINIUM'S RESPONSIBILITY Reaf Estate De4�elopment Pro�ect Financinc Lega{ and Envirortmental Services Design and Construction Management Property r�anaoement Seville Apartments, built in 1980, is a 90-unit Section 8 pxoperty located in Section 42 CompfiaE�ce Be3urilorit, Texas. The 1-building site consists of 16 studio, 68 one-bedroom, Section 8 Cc>rnpiianee and 6 two-bedroom units. Priox to Dominium's acquisition of Seville in Deceinber of 2008, theYe were needs for a significant capital infusion to FINANCIAL PARTNERS � rove the ro er and to reseYVe the e irin ro ect-based Section 8 HAP • Texas Department of Housing & 1' p p�' p � g p � Community Affairs {TdHCA) contract in order for the property to continue to serve elderly and disabled Jefferson Caunty HFC ersons of low income. In addition the ro er suffered from lack of Yo er Alliant Asset Management, LLC p ' p p � p p Dougherty & Co. management attention. \Housing and Urban Development (HUD} Donvnium' coordination of tax exempt bonds and low income housing tax TOTAL DEVELOPMENT COST credits fYOm the Jefferson County Housing Finance CorpoYation and TDHCA $13,200,000 Yespectively, and an investment of federallow-income housing tax cYedit equity by Alliant Asset Management made this project possible. SIZE 2.5 acres (site) 77 ,000 sf. ft. (building) Seville Apaxtments' $25,000 pex unit rehabilitation will greatly improved the propeYty's worn fac�ade and units. The project will receive new entry doors, CONSTRUCTION COMPLETION DATE intenor doors, signage, and landscaping. The renovarions will also include the September 31st 2oos reworking of the common space, which will include a computer lab, kitchen, library, shower/tub room, and offices. Unit improvements include new lighting, flooring, kitchen and bathroom fiYtures, window blinds, appliances, kitchen �~�----.�' counters and cabinets, and paint �� ,.a_�:. �,�, ,l � � � �� L ,� #� { � : � � �� . � �� ; �;.� ;�� . � �► �3� �� ,} , �� ; �� .` ,.� �' � �� > ��.� �.. �f�� f , ��,, �� a �`� � ;�€>; � , �: i � STONEBRIDGE TOWNHOMES � Flortssant, Missouri i i yk : � . . . � �. . H''„ •�� STONEBRIDGE TOWNHOMES �� FEorissant, Missauri �� . - } ` +_^'- - TYPE OF PROJECT General Partner Replacement 100 units DOMINIUM'S RESPONSIBILITY Replacement of General Partners Stabilize Property Operations '� �€r-� �� "�; Provide Tax Credit Guarantees 2 x�"$ �,�� Property Management �� ,�� Section 42 Campliance ��''�'� ,� �� . '"�"°"� '" � � FINANCIAL PARTNERS Capmark Affordable Equi#y, Inc. Centerline Capital Group Missouri Housing De�elopment commission (nnH�c) Stonebridge Townhomes is a 100-unit Section 42 family community in Florissant, MO. It consists of 28 two-bedYOOm and 72 three-bedYOOm units. TOTAL PROJECT FINANCING Eighty of the 100 units are Section 42 and 20 are market rate. Debt- Centerline (Bonds) $5,270,Ofl0 Equity - $1,600,000 � Stonebridge was given a 4% tax credit awaxd in 2002, and went through a� CLOSING DATE substantial rehabilitation that same year. Donvnium replaced Atlantic Qctober 1, 2009 American Partners as the General Partner and Property Manager. Capmark is the Investor Limited Partner and Centerline is the first moYtgage servicer (tax-exempt bonds). Domuiium puxchased the general partnership interest in the fourth quarter of 2009, and through a focused management effort has it pYOducing posirive cash-flow. Domiiuum Development & Acquisition, LLC has a strong history of assun�ulg complex geneYal parmerships, resyndicating three large portfolios comprised of nearly 5,500 total units, and acquiruig thYee-single GP Interests, comprised of another 576 units. In all s� cases, the original I general partners were unable to pexform, and Dominiuxn stepped in to keep the projects out of foreclosuxe. � �.�� :�k � J �r�� r, � � ,. � i � ti �� , � ��C .�1 �`�� y �. �� ( � I . . �'I � AL�i � _ �! 1 �F I . l •' '� y �� 1 . 0 .-�.... 4 Y i . � i � ' x� � � t�� a� �Lt�a _ � Y � `).. �9� '�. �ii' Yr" • V ��I' i'� ' 4jM . � t � � s � I fi � � �� i�l y . .� .�� :. '. � ,,, , :. .2 '�,. ' ' Y �' i w . : d� �^� � �} � - �� _. w � ��, �� f li �< , .��' , t ,�< � � �,�, .�� x ;�. , -- � „..� , -- - - - --- � .;_,: � _ _ --- �-- - - - - LAKESHORE BEACH APTS Cleveland, Ohio � � � �„ ,. � , „ �, ,�,, �-�, �,� � . � ; �, Yt � �^ � �� s � S �y� � _ � ° �. �� 4 k ��'�, {�� E2.'�' "'i� �w d. r, � �� '�� . . t �a � � � � 3 " .P vs n ' � � . � #�t�, " ^`� 3�f ' y � 4T+��a'�" 7 r.v �. -y•' � , � , �� a �"��"` : ' ' ,,e � _=r,w � �; � � � _ � ;* �> LAKESHORE BEACH APTS 4 � � :�u. Cleveland, Ohio °�� '�-� �r .� `'' � �,: . �. TYPE OFPROJECT 108 Family Apartments 10Q% Section 8 (project based) ARCHITECT Blumentals Architecture Inc. CONSTRUCTION MANAGEMENT JAS Construction, Enc. Lakeshore Beach Apartments is a 108 unit family apartrnent complex located in DOMINIUM'S RESPONSIBILITY Cleveland OH, and is just over 6 miles outside of downtown Cleveland. The property Real Estate Development consists of 5 buildings, all of which are designated 100% project-based Section 8, Tax Credit Delivery originally built in 1982. Legal and Environmental Services Management - Property Management With its close proxin to downtown Cleveland, the design concept for Lakeshore Section 8 CampiFance Beach is meant to fit within an urban environment. The basic building is rectangular and • 3 stories high. Most units have excellent views of the rest of the property or surrounding FINANCIAL PARTNERS neighborhood. �HFA US Bank City of Cleveland The substantial rehabilitation of the project will consist of replacing all the exterior siding and insulation on all buildings. The new exterior of the buildings is creatively sryled with TOTAL DEVELOPMENT COST different color sections of hardi-boaxd on the 2 upper floors of the building and brick on $14 ,zsa,000 the bottom floor. The buildings are angle-roofed. Large window areas and a great degree of fa�ade articulation complete the modern looking elevations. The rehab also includes SIZE �e addirion of a new communi buildin on site which rovides residents with a 6.42 acres (site) �' g � p 102,00o sq. ft. (buiEding) computer room, gathering space and conference room. COMPLETION DATE Its urban setting means Lakeshore Beach is witivn a very short distance of shopping, October 2009 banks, restaurants and specialty stores. In addition, it is located within minutes of numerous parks and is only a block away from Lake Erie. The pxoperty's proxunity to Lakeshore Blvd, Interstate Highway 90 and local bus lines provide easy access to all parts of the greater northeast Cleveland metropolitan area. Residents of Lakeshore Beach are able to drive or take a bus to downtown Cleveland in 15 minutes or less. i� _ � � � , � �{ ta: � a e.�' ' ° �e. � 7 �� s s'�_ .,. � � ,. ( � � �� .. c � � �' ;� s ,,;,, , ��A ii. .) .,..2.. -. �'° � - . • . x. �� TIMBERS EDGE APARTMENTS � TIl 1��R� Beaumont, Texas �� V� � � � � �1t�'1�3�?�IJT�`i � .. �� I � TIMBERS EDGES APARTMENTS " ± ��, � `' � Beaumont, Texas -� I i �v - I TYPE OF PROJECT ,� M1,� � 150 Units .��rx� ;�� `.' ; 100% Afforciable (Section 8 & 42) � ��- �v.� ' � � �° � � � ,� � . �, � �4 I ARCHITECT � �;.,� � BKV Group, Inc. � � �,�;k� ; -��"�.��. `Y . I CONSTRUCTION MANAGEMENT Bertson-Orth Associates, lnc. � � � �� i DOMINIUM'S RESPONSIBILITY � Real Estate Develop€nent Pro�ect Fine€�c�ng i Legal and Environrrtenta€ Seruices � Lesign and Construct€on f�anageenent � �roperty Mana�ement Timbers Edges Apartments (f.k.a. Park Shadows Apartments), built in 1980, is a sectFOn 42 comp=�ance 150-unit Section 8 property located in Beaumont, Texas. The 12-building site Sectian 8 CorrspEiance consists of 40 one-bedroom, 62 two-bedxoom, 44 three-bedroom and 4 four- bedtoom units. Pxior to Domuuum's acquisition of Timbers Edges in FINANCIAL PARTNERS DecembeY of 2008, thexe were needs for a si ficant ca ital infusion to Texas Department of Housing & � p ' Community A€fairs (TDHCA} improve the property and to preserve the e�piring project-based Secrion 8 HA� Jefferson County HFC contract in order for the ro er to continue to serve families of low income. Alliant Asset IVlanagement, LLC p p � oougnerty & co. In addition, the property suffexed from lack of proper management attention. �Housing and Urban Deve{opment (HUD) Domi�iium' coordination of tax exempt bonds and low income housing tax TOTAL DEVELOPMENT COST cxedits from the Jefferson County Housing Finance Corporation and TDHCA $13,200,0�0 respectively, and an investment of federal low-income housing tax credit equity by Alliant Asset Management made this project possible. SIZE 9.4 acres (site) �ao ,000 sf. ft. (buifding) Timbers Edges Apaxtments' $25,000 per unit rehabilitation will gready improved the propexty's worn faCade and units. The project will receive new CONSTRUCTION COMPLETION DATE entry doors, interiox dooYS, signage, and play faciliries for children on site. The december 31st zooa renovations will also include landscaping and reworking of the community building, which includes a computer lab, kitchen, sitting area and offices. Unit improvements include new lighting, flooring, kitchen and bathYOOm f�tures, window blinds, appliances, kitchen counters and cabinets, and paint. `'�tz�t "� J� � �± .'�s �r .- .ra� e '�^`�,� � 4. d g y ; F s E �. * x��,`�` . 7��' 3 � '� t F i �K ` �;.i c ` f� b��i t 1 t }` a � o-�� # _: ��?��y'y `�*�-� � '��.c Sg�`�` ��t��'*�r�,j ��'�C�� '#$5� ,6�i � a s. �,��. 's�. ,r �a .�s�+�. �. .� �� a � �� $ ?� t�v ii�"�� s � � ��i � �.,� ,: k.' _.� E � , ua, �'i�� { n c �� Y' , �,` � ,� _. � �. ,,�' �� i 4m �' '^ $ g # � ��.::. � '�"`�;'� �' ' I II � . n'�i � �„ I,. �� `� � � .� z + � < r *? ^ r� `,i :� �s + ._ YF° .r . ._ ._. ____ _ .:_-. _______ _. __ __ _ _. _ __ . . . ._. ______ _ _-__- __ __-_ _ .'� -.._�� . � . _"_o. - -: .: ._ _, _ _ _' - . _ _ . . ._ _ _ __ __ _ . . - . . . JEFFERSON SQUARE TOWNHOMES 1Vorthfield, M1V � * � '�� 1 � �� `_ � � � � "��,�. �' r ,� � L g ,� � 'I > a � � g � � � � r? � �� JEFFERSON SQUARE � �� Northfieid, MN s �� TYPE OF PROJECT 50 Townhomes Combo Section 42 ! SectQOn 8 ARCHITECT BKV Group. ., CONSTRUCTION MANAGEMENT � `"�` "�� `��` �� '� Everwood Company, LLC. Jefferson Square Townhomes is a 50 unit townhome complex located in Northfield, MN, DOMINIUM'S RESPONSIBILITY 35 miles south of the Twin Cities metropolitan area. The property consists of 9 Real Estate Developsnent buildings, each two stories tall, that consists of both Section 8 and Section 42 units, Tax Credit Delivery originally built in 1979. Legal and Environmental Services Asset Manageument Property Managernent Every townhome unit at the property has a walk out patio, front porch entry, and private Section 8& Section 42 Compliance garages available on a first come first serve basis. Townhomes are available in two, three � and four bedroom layouts. FINANCIAL PARTNERS Minnesota Housing Dominium received 9% tax credits from MHFA and closed on the project in May of Wells Fargo Greater MN Housing Fund 2010. The project is being financed in partnership with Wells Fargo, MHFA, Greater Three Rivers Community Action �nesota Housing Fund, and Three Rivers Community Action, Inc. Minnwest Bank The $3.2 nvllion substantial rehabilitation of the project will consist of significant interior and exterior work. Among other things, units will receive new flooring, windows, TOTAL DEVELOPMENT COST a liances in-unit washers and ers and central air conditionin . The buildin ��o,as�,000 pp , �Y , g g exteriors will receive new roofs and siding. The project rehabilitation will also include parking lot improvements, site landscaping, and the construction of a new community SIZE buildin 5 acres (site) g' 54,320 Net Rentable Area COMPLETION DATE Jefferson Square is conveniendy located near banks, grocery stores, the post office, retail �ecember2o�o shopping and more! The site is also within walking distance of the Northfield Community Center. Jefferson Square has many beautiful wall�ing and biking paths around the community, as well as easy access to local parks and area schools. � ��f91� � �''` � �, ,,., .: . � ��. :• v�r . � ��i � 1 � �� , p i �, �� - .� � . � ARV PORTFOLIO I Colorado, Michigan & Ohio � ARV PORTFOLIO Colorado Michigan Ohio i � TYPE OF PROJECT , General Partner Repfacement 8 Properties 745 Units DOMINIUM'S RESPONSIBILITY Replacement of General Partners Gomplete Construction Restructure All Construction Loans In 1998 based in part upon their success with the NHG portfolio, i Complete Lease-up of Properties Domuuum re laced the eneral artner interests of ARV Assisted Livin Provide Tax credit Guarantees p g p g� Property Management Inc. located in California ("ARV"). ARV was a publicly traded enrity which Section 42 Compliance had developed 15 low income housing projects as part of a new business model that it later determined was inconsistent with its ongoing primary FINANCIAL PARTNERS business of assisted living faciliries. Greystone & Company Glaser Financial Graup, lnc. Colorado Housing Firtance Authority The ARV transaction consisted of Yeplacing the general partners in parmerships owning a total of 745 rental housing units. ARV pursued the � sale of the geneYal partnex intexests in a competirive bidding aYrangement and �, �� ; �� chose to negotiate exclusively with Doinuuum. ARV was experiencing �� difficulty in operating the properties in accordance with the original budgets. ,�: ARV originally sold most of the equity interests in the projects to individual investors. The ARV transaction involved (i) the amendment and Yestatement of the original paYmership agreements; (u) soliciting and obtauliiig consent of the majority of the e�sting limited partners to the admission of Dominium as the new Yeplacement general partner; and (ui) developing new marketing and lease-up strategies for the properries as well as correcting certain deferred maintenance and construcrion issues. : As with the NHG poYtfolio, the ARV pxoperties have remained fully tax I � credit compliant since Dorniiuum took oveY as general partner. Doiniiuum has met all debt service and other expense obligations with respect to the projects throughout their compliance pexiod. , , � -- - -- -- - - - - -- - - -- - ---- --- � a - --. . :: - - - - NATIONWIDE HOUSING GROUP (NHG) PORTFOLIO Midwestern United States � NHG PORTFOLIO Iilinois fndiana lov�a Kansas ft!ii n nesota � Missouri : Nebraska North Dakota VVisconsin TYPE OF PROJECT General Partner Replacement 58 Properties 3,862 Urtits In 1996 Doininium was retained by the Narionwide Housing Insritutional DOMINIUM'S RESPONSIBILITY Fund, (the "Institutional Fund") a mulri-investor fund established to Repiacement of General Partners comp�etz construction purchase affordable housing projects sponsored by Nationwide Housing Restructure All Construction Loans GYOUp ("NHG"). The primary investors in the Institutional Fund wexe Complete �ease-up of Properties Provide Tax Credit Guarantees FOYturie 5OO COmpariies with 3M, General Mills and HB Fuller owning a Property Management ma)ority inteYest in the Fund. Section 42 Campliance � FINANCIAL PARTNERS Doinuiium was initially retained by the Fund to evaluate the performance of Greystone & Company various pxoperties and assess the operating income and expense informarion Paramaunt Financial Group Enc. upon which the investments were being structured. A number of propexties Glaser Financial Group, Inc. credit America savings wexe experiencing operating deficits and were otherwise not performing as Bank af America pYedicted. As a result of continued discussions with the investors of the zap� Bank Institurional Fund and the financial failure of NHG Doininium re laced Green Fark Financial � p nearly all of the general partners in the NHG portfolia �� -` .� � �`� �� `�'� h' The NHG poYtfolio consisted of appro�mately 67 low income housing tax ,r ��` credit projects totaling oveY 4,000 housing units located generally throughout �,;�, the uppex Midwest. At the time the general partner was xeplaced, these .�.. projects were in various stages of development and lease-up and required considerable restructi.irulg to reach stabilization. With the consent of the t NHG Institutional Fund and a substanrial majoYity of the individual investors, Doininium replaced the general partner in 58 partnerships. / � � _� � -��v=� . . � - �,:� _ , .. ,. �� ,� ,�. . �.�. �� f: � �; � NATIONWIDE HOUSING GROUP (NHG) PORTFOLIO Midwestern United States u; �� ; � �� '' �`� _� ' The transaction required Doii�uiium . to restructure or complete the � development of each of the properties in the portfolio. Specifically, Domuiium was required to restructure virtually every construction loan in the poYtfolio; (u) to undeYtake the complerion of the physical lease-up of the portfolio; (iii) to reconfirm and recreate the first year credit files for each of _ the projects in the portfolio; (iv) apply foY 8609's for most of the portfolio; -:._ - and (v) ultimately place permanent FNMA financing on virtually all projects in the portfolio. Domuuum advanced over $8,000,000 of its own working capital at various times, obtained a$10,000,000 working capital line foY the Fund, and -° I��, obtained an interim pre-stabilizarion facility with Gxeystone & Company of . approximately $50,000,000 to complete the stabilization of the p.oxtfolio Over the course of the compliance period these projects obviously have faced difficult rental maYket conditions and have incurred substantial o.perating deficits. Nonetheless, each propeYty has continued to remain credit � eligible throughout their compliance period and the investors have received 100% of the credits projected. This is true even though many of the NHG projects were built in less than ideal rental markets and developed by a variety of different builders with suboptimal design and other physical limitations. � � �,�� ;�.. � . �, . , :,�� I I � I � i I I � 3 � r -.-- -- � --- -- -- . . --- ----- -- - - --- --- ------ - -------- ------- � ---- ------ - -- - u. -- - • _ ...�,:.a - -- - � - - - - . --�.:--- -... . _ . .-._.- . ::-:-.-._..... PARAMOUNT PORTFOLIO Iowa, Mtnnesota & Wisconsin � � PARAMOUNT PORTFOLIO lowa Nlinnesota V�!isconsin � TYPE OF PROJECT : General Partner Replacement 20 Properties 855 Units DOMINIUM'S RESPONSIBILITY Replacement of General Partners Restructure Construction Loans Stabilize Property Operations PaYamount Financial GYOUp, Inc., now Capmark Financial Group, Inc., was Provide Tax Credit Guarantees Do�liuuum's s ndication artner on both the NHG and ARV ortfolios. Property Management y p p Section 42 Compliance These two organizations have had a strong relationship over the past 10 years, closing numerous equity transactions in excess of $250 FoY FINANCIAL PARTNERS these reasons, Doinituum was approached by Paramount in 2005 to replace Enterprise Nlortgage � general parrner in the 20 partnerships we know as the Paramount MMA Financial, LLC US Bank NA portfolio. Zapp National Bank • Welis Fargo wood county t�ationa� eank Paramount liad taken possession of and operated 20 properties in Dial National Bank �nesota, Wisconsin, and Iowa totaling 855 units. These propexries had GMAC wisconsin Housing �conomic been experiencing significant operating deficits, with Paramount feeding the Development AuthoriEy (WHEDA) portfolio over $1 nvllion per year. Several of these challenging assets were Wisconsin Affordable Housing Ailiance Paramount Financial Group mc. consolidated on Paramount's balance sheet. TOTAL PROJECT FINANCING Don�uuum took over the portfolio in the fall of 2005, and through a focused Debt -$21 ,�oo,aoo management effort has it operating near break-even within one year of theix initial involvement. 4 , :4� �, Dominium Development & Acquisition, LLC has a strong history of - assuming complex general partnerships, resyndicating three large portfolios �'� R� compYised of nearly 5,500 total units. In all three cases, the original general �� i� partners weYe unable to perform, and Doinuuum stepped in to keep the projects out of foreclosuYe. � � t �°� � � �s�'� � ,� �� , ��. �� ,u � ; ` �s��= e�#`S .�a, i s` ; � . a� r x,��o-fi .� f��:#�.r . ; s� �,. - .�.��.� � � � . �,�IG hi,� ,ti� , . 1 ;� . . .. Dom�nslutn Ove�vlew i � Founded in 1972 by David Brierton and Jack Safar, Dominium is one of the largest and fastest growing apartment development and management companies in the Midwest. Created as a family of companies (Dominium Development & Acquisition, LLC / Dominium Management Services, Inc.), Dominium utilizes a variety of real estate disciplines throughout the development and acquisition process. Dominium has grown substantially over the past several years by becoming a leader in the real estate industry. Since 1991, Dominium has grown from a company with 3,000 apartment units to a company that now owns over 17,000 apartment units. This growth is credited to the company's ability to adapt to an ever-changing real estate market. ❑ Dominium has been providing development, property management and � consulting services since 1972. ❑ Dominium Development & Acquisition, LLC, was founded in 1999 by David Brierton, Jack Safar, Armand Brachman, and Paul Sween. The i company was spun off of the existing management company and focuses ' solely on the acquisition and development of apartment properties. ❑ Headquartered in Minneapolis, Minnesota, Dominium Management Services, Inc. has several additional regional offices across the United States dedicated to management support of its properties. ❑ The Dominium family of companies boasts a professional staff of over 700 employees across the nation. Dominium Development & Acquisition, LLC, has been highlighted in numerous publications as a innovative and creative privately-owned development firm. � � � -- :�,.:. ._ „ _ � -� ,.. :.,:,:, � _ -- - - - . , ... . - - _ -- ,� . � Dominium Development & Acquisition, LLC Crafting Innovative Solutions to Meet Challenging Deuelopment Needs Dominium is a Minneapolis-based owner, developer and manager of multi-family rental properties with a solid reputation for innovative, creative approaches to development assignments. During its 35 plus year history, Dominium has built a strong reputation as a creative problem solver, taking on unique development assignments. With more than 19,000 owned or managed apartment units in 18 states, Dominium is a proven leader in creating effective, long-term solutions for rental-housing needs in communities nationwide. One Solution Won't Solve Every Problem At Dominium, we know that every community is different. That's why we approach every potential project with an attention to detail and creative focus you won't find at other firms: Our expert team works to fully explore a diverse range of options and potential solutions. � � Working from a strong knowledge base, we customize solutions to meet each community's unique needs. Relying on a deep range of experience, talent and creative thinking, we're willing to work on challenging projects because we believe that we can get the job done. We strive to serve as long-term owners and managers, focusing not on short-term profits, but on helping people and improving the places they live. From market analysis, site selection, financing, redevelopment, design and construction, to marketing and management, we have experience in every facet of multi-family real estate development. We work to develop and fund each property based on the specific needs of the community and the individual property. We work with you to create financially sound properties that generate successful results. As our track record shows, we have a strong legacy of solving community rerital- housing issues through our creative approach, deep knowledge base and persistent attention to detail. Proven Successes — A Cut Above the Rest At Dominium, our experienced development team relishes the challenge of a new project. Put simply, we thrive on the opportunity to generate and implement creative � ideas to help communities create strong, successful housing outcomes. We work tirelessly to help you meet your goals. Find out more online at www.dominiuminc.com. � i I�I_ Per,sonal Pro�le. David L. Brierton Principal/Co-founder � ��''��' �� David Brierton, along with Jack Safar, � co-founded Dominium in 1972 and �� Dominium Development & , ,; �_ � �.J Acquisition, LLC, in 1999. Since ��: � 1972, Mr. Brierton has been primarily g �' involved in the entrepreneurial real � {� estate development process. His focus �. £� ��`� within the company is on the real � `��, r �'� � estate development process. Mr. � � Y� � � ' t Brierton is involved in community and `��.: �� site identification, site control, municipal approvals, architectural programming, financial negotiations, � , construction, marketing and ; management. � Mr. Brierton received a Master of Science degree from the Graduate School of Business at the University of Wisconsin. He was awarded a graduate i study fellowship by the Department of Housing and Urban Development of � Washington, DC. Mr. Brierton received his undergraduate degree from the University of Wisconsin. He is a recipient of the Wall Street Journal's � annual Dow Jones award for "Outstanding Student Achievement in the School of Business". � I i Mr. Brierton is a past member of the Board of Directors of the National � Leased Housing Association of Washington DC, and is a past director of the � Minnesota Multi-Housing Association. I � � ; I �,._ j � - - - -- , ,. .:. . : ::.. _ . . .: . ...: �_ _ - -- -�- - — - - -- -- - - _ � Personal Pra ile .� Jack W. Safar PxincipaldC o-founder , ��, � � - 11I �� ,;,''�' ` , Jack Safar, along with David Brierton, ��,�« , � � < ''' �� ° co-founded Dominium in 1972 and Dominium Development & Acquisition, a � �✓ LLC, in 1999. Since 1972, Mr. Safar / e. �� `�� °� " �� has been primarily involved in the � �` entrepreneurial real estate development '`��- process. His focus includes community � �v - � �� ' and site identification, site control, ��;��: � � �� ° � ;� municipal approvals, architectural programming, financing, construction, '� marketing and management. • � i Mr. Safar received a undergraduate degree and his Master of Business Administration (MBA) degree from the University of Hawaii in 1969. He also earned an MBA Degree from the University of Wisconsin Graduate School of Business in 1970. Mr. Safar was employed from 1970-72 by Arthur Rubloff and Company of Chicago, Illinois, a fully diversified real estate organization. Mr. Safar functioned as a broker and counselor to various clients. Mr. Safar is a past board member of the Minnesota Multi-Housing Association and National Association of Housing & Redevelopment Officials and is has served on the boards of the National Multi-Housing Association and the National Leased Housing Association. • i ; �;,.� ' Per,sa�al Pro�le Armand E�. Brachman . Princlpal � ,I w��s - � . ;. ; � ��' il`` °"`' �� ' � "'� ` As principal of Dominium Development ; „� & Acquisition, LLC, Mr. Brachman is � responsible for the coordination and ; implementation of new project '` ' �' development and acquisition for �� ,s.: �� - Dominium. �� ti �} Mr. Brachman joined the firm in 1979 °., -, after receiving his undergraduate degree :� �� from the University of Wisconsin. �, �: !N y . Mr. Brachman has extensive experience in working with various federal, state and local housing programs. He is currently involved in the development process including community and site identification, site control, municipal approvals, architectural programming, financing, construction management, I marketing and management. Mr. Brachman's combined experience in both the development and property management disciplines provides him with the necessary experience to address ' both the short and long term goals for a successful multi-family development. ' , � - - - - > - -- -- - --- - -- - ,...:. •__: - - - - -- . .. :: _ - - . � Per,sonal Profi�e Paul R. Sween . Principal As principal of Dominium Development & Acquisition, LLC, � �� Mr. Sween is responsible for � � h` =� :, acquisition financing and � �� , development. In this capacity, he has '' assisted in the acquisition and �,,:Y�� `= financing of approximately $800,000,000 of real estate. G/y� �.�.. . . � �� Mr. Sween joined Dominium in 1989. . ` 3 � He is a graduate of Pennsylvania State University and is a CPA. , � � Previously, Mr. Sween worked in the tax department of the international accounting firm of Ernst & Young. Mr. Sween has been active in the multi- housing industry since 1981. Prior to joining Dominium, he was a principal in a development and property management firm that syndicated existing apartment projects, completed Low Income Tax Credit and historic rehab proj ects. � � � I Persor�al Profil� , ; i� � � ; ; � Jeff�ey R. Hug�ett � �� i � � � � � � � � Prpj ect Partner� � Jeff Huggett joined Dominium's Development and Acquisition group in August of 1997. His focus �; �� , includes locating and closing new ��" ��` development, redevelopment and u �j�� 33 ' ac uisition o ortunities. Before q PP � �' ' � ''' joining Dominium, Mr.� Huggett � �3 � �_ spent five years developing and �`�;;" arranging financing for more than �� 500 units of afforda�le housing in � � �� : � �� three states. �` � �� 3'; . . � . . � . �� . �> . ,.- 3 _:- . . � ' Mr. Huggett has also worked in asset management and workouts at Dain Corporation in Minneapolis, Minnesota where he was responsible for a$100 million portfolio located in nine cities throughout the Midwest and Southeast. Previously, Mr. Huggett worked with PaineWebber Properties, Inc., in Boston as Chief Operating Officer of eight public syndications and at Eberhardt Company in Minneapolis as a Commercial Mortgage Banker where he originated in excess of $100 million in financings and sales. Mr. Huggett received a Master of Science in May 1984 from the University of ! Wisconsin — Madison. He also holds an undergraduate degree from Wisconsin. Mr. Huggett is a licensed real estate broker in the state of Minnesota. ��,� i - ,_ i - - -- - - - -- __ � - -- _ r � Personal Pro�le Mark S. Moorhouse Proj ect Partner �= As a Project Partner for pominium, Mr. Moorhouse is responsible for ,�,� �� locating and closing new ' � ` � , =r development, redevelopment and . �� i � r �: � ,�. _-� �,15-�" acquisition opportunities. These � � � � : �:, , � � � � �yf responsibilities include underwriting ��f ; ,� ; new projects, negotiating with � �� ; �; lenders, investors and third party ` ��< vendors, as well as working with �: outside legal counsel. �%: • � , Since joining the firm, Mr. Moorhouse has worked on the acquisition of several portfolios, new project development, and the acquisition of several existing apartment projects. Mr. Moorhouse has also played an integral rola in the financing of over $140,000,000 of apartments and has helped raise in excess of $40,000,000 in equity. Mr. Moorhouse joined Dominium in 1996 after receiving his undergraduate degree from St. Cloud State University. Since that time, Mr. Moorhouse has also earned an MBA from St. Cloud State University. Before joining Dominium, Mr. Moorhouse worked as a financial analyst for a large Midwest investment real estate company and as a market analyst for a Minneapolis commercial real estate company. � , I � Pe�sonal Profile � Christophe� P. Barnes Proj ect Partner � As a Project Partner with Dominium, Chris Barnes is responsible for new project development, financing, ��„ acquisitions, and dispositions. His a ` daily responsibilities include ,, 3.f�' � " � � 3� + ';' r �,':� `� ��H. identifying new sites and projects, , � �`��`��'� determining project feasibility � � , � � �` ° �� negotiating with local government, „ � �x. sM�e `: �� ; lenders, investors and third party { ` vendors, overseeing construction and lease up on new developments and the disposition of certain assets. � , ;, ;: i Since joining Dominium in 1999, Mr. Barnes has been involved in placing over $100,000,000 in project debt and raised $30,000,000 in equity while working on ' a variety of different project types. Mr. Barnes has worked on several new construction and rehabilitation projects � (both historic and conventional), as well as several financings and sales. Most I recently, Chris was integrally involved in Dominium becoming the replacement general partner on a portfolio of 20 assets totaling over 850 units in Minnesota, Wisconsin and Iowa. Mr. Barnes is a graduate of the University of Wisconsin-Madison. His � professional affiliations include the Urban Land Institute, the Minnesota Multi � Housing Association, and the UW Real Estate Alumni Association. u�i' ' , - -- - - ::.. .. ° G . ::_: .: ,I_ _ --- -- -- -- - -- - -- , -° - - - - � Persanal P�o ile .� .I��l��I�.TI�� Ryan J. Lunderby Developer �� As a Developer with Dominium, Ryan , � �', � Lunderby is responsible for new project development, acquisition and financing. ,, . His daily responsibilities include � � . analyzing new acquisition opportunities, ;, " � �» determining project feasibility, overseeing design and construction, z 5 z „ �_ W � � partnership restructuring and negotiating ��e with lenders, investors and third party �:; �� .�� /' vendors. � �� ;, � ��'� • . v(, � � „+�i 3 4 . . . . �t'�,lC �" �> a ` Since joining Dominium in 2004, Ryan has been involved with acquisition/rehabilitation, new construction, and historic rehabilitation projects. Most recently, Ryan was heavily involved in Dominium's entrance into the California market with the acquisition and rehabilitation of 200 units in the Palm Springs area, as well as several acquisitions in the Twin Cities metro area and in Kansas. Mr. Lunderby is a graduate of St. Cloud State University. . i �� Personal Pro�le . Owen C. Metz De,velopment Ass,ociate i As an Associate Owen is responsible for assisting with new ro'ect develo ment, P J P ' acquisition, and financing. His daily ' �� , responsibilities include working with the � . ,__, , principals and project partners on all steps �--' of the acquisition and development �� E process. Owen is charged with generating �,� � and analyzing new deals, overseeing the �"° design and construction process, reviewing � ,::,;,.; documents, working with attorneys, '�>�. negotiating with lenders investors and �, � , y= third party vendors. � � , �: ' ; � � �. _�,_=_ i Since joining Dominium in 2006, Owen has worked on the acquisition and renovation of numerous apartment communities. In addition, Owen has been involved in Dominium becoming the replacement general partner on several properties. Owen has also contributed in placing over $40,000,000 in permanent financing, $30,000,000 in construction financing, and $30,000,000 in equity while working on a variety of different project types. Recently Owen has played a major role in Dominium's entrance into the Texas multifamily market with the acquisition and extensive renovation of 390 units in the Beaumont and Houston areas. Owen is a graduate from the University of Wisconsin — School of Business with , a BBA in both Real Estate and Finance. His professional affiliations include the ' UW Real Estate Alumni Association. �;� E _r_ _- _ -.- , .� . ._„-.-.- _ ______.. _ . - __ _ ___ '_'.' _________- _-_-____ ____ _ _ ___ '_'1_ � Personal Profile Shane LaFave Development Associate �� ;�� , �_ ; �' E� g�� _� %�� .. Shane LaFave is res onsible for �� ,��. � �� k p � �'= " i�� ;� ;\ assisting in new project development, � ' u� k' ,� �� acquisition, financing, and �`�� ;- x�- construction. His daily responsibilities � �� M ��,�� .� = j�` include assisting the project partners �� , , ��'� y��,r ' � �'g = with analyzing new projects and R�3� �� :; �� 3 "�,��:_ ,:� ne otiatin with lenders. In addition, �� ,� g g �� - .� ��. Mr. LaFave is responsible for �� ; � � y �� : 3 �� :� overseeing a portion of Dominium's �� x � ,� � �=�� property portfolio. Since starting with „,� �`� � `�`° Dominium, Shane has worked mainly i � �--�� in the realm of acquisitions analysis. .�; ;�., ��;:: � :" � Shane is a graduate of the University of St. Thomas, located in St. Paul, MN, with a Bachelors of Science in Real Estate Studies. His professional affiliations include the UST Real Estate Society. � !ii' Persor�al Pro�le Nick C. Andersen Dev�lopment Associate �� Nick Andersen is responsible for ��'�'""' assisting with new project development, 5'��5� 1f ��.. � . . . . ��,.:, acquisrtion and financmg. His daily � �, �; responsibilities include assisting the y � ,. ,�: . , -,v: praject partners with analyzing new ��;¢ projects and negotiating with lenders, � investors, and third pariy vendors. In �� addition, Mr. Andersen is responsible for overseeing a portion of Dominium's �! � -�� . . �. �� property portfolio. Since starting with Dominium, Nick has worked predominately with project acquisitions � and analysis. Nick is a graduate of the University of St. Thomas with a B.S. in Real Estate Studies, and a B.A. in Entrepreneurship. His professional affiliations include - the UST Real Estate Society. i ' � � I � ,. i . .. : .,. i : -- - : - - . . ; --:-- � ; - --- --- - � Personal Profile Ross P. Stiteley Development Associate '�� w Ross Stiteley is responsible for assisting �� i i �, i '3 �� I; �� with new project development, acquisition and financing. His daily responsibilities include working with �` � the project partners analyzing new �"` projects and negotiating with lenders � � � and investars. In addition, Mr. Stiteley is responsible for overseeing a portion �' of Dominium's property portfolio. � Since joining Dominium, Ross has worked predominately with proj ect • �-, acquisitions and analysis. Ross graduated with honors from the University of Wisconsin — Madison School of Business with a B.B.A. in Real Estate & Urban Land Economics. His professional affiliations include the Wisconsin Real Estate Alumni Association. . ��. , Pe�sonal Profile Kyle P. Brasser Development Associate '��°��`'" Kyle Brasser is responsible for assisting 4; �� ? `� �`��;.+ with new project development, acquisition and financing. His daily , responsibilities include working with � ...u„_ "-" the project partners analyzing new ;� projects and negotiating with lenders ,,; �� " %�% , % and investors. In addition Mr. Brasser � � � r;�.� S�R� � ��;� y�� is responsible for overseeing a portion � f 5 � �� ` z ' o f D o m i n i u m' s r o e o rt f o l i o. � � ...::.� � ;, P P �' P « Since joining Dominium, Kyle has � worked predominately with project �I, acquisitions and analysis. ,� ''� � W� I ��, Kyle is a graduate of the Wisconsin School of Business with a BBA in Real ' Estate and Urban Land Economics, and Finance — Investment and Banking. His � professional affiliations include the Wisconsin Real Estate Alumni Association. � I �,; -- - - -- -- - - -- _ _ - --- -- . __ -- - ,.- • : . ... .: :. . � _ ,. . ! Pe�sonal Profile Brian R. Hara De�elopment Associate ,�„+;y; Brian Hara is responsible for assisting , i , �° � with new project development, acquisition and financing, His daily :�� . responsibilities include working with the project partners analyzing new projects and negotiating with lenders and investors. In addition, Mr. Hara is responsible for overseeing a portion of Dominium's property portfolio. Since ':� joining Dominium, Brian has worked predominately with project acquisitions • and analysis. Brian is a graduate of the Wisconsin School of Business with a BBA in Real Estate and Urban Land Economics. His professional affiliations include the Wisconsin Real Estate Alumni Association. ' • i � ; l � Personal Pro��e Brendt Rusten ' Director of Asset Management �, i Brendt Rusten has been actively involved in multifamily acquisition, development and management for over •;, , 25 years. After attending the University � � of Minnesota Mr. Rusten began his �%u / / � �. „_;,. career managing a portfolio of ,; "` multifamily units for a Midwest based ��: � �� ' '� ' �,;��,�� ` �, � ��. �. `� � development/management � firm. In � 1984 he joined Dominium, eventually , 4 i r ,.93:� ,,. < . �,; running its Management Company. � In 1994 Mr. Rusten began providing private consulting services to the multi- family industry. Since that time he has assisted in the acquisition and financing of over $180,000,000 of real estate. In addition, he provided due diligence/asset management reviews on over 350 multi-family assets throughout the United States. In 2008, Mr. Rusten re joined Dominium and as Director of Asset Management is responsible for oversight of Dominium's owned portfolio representing over 130 multi-family assets. Mr. Rusten is one of the original founding Board Members of the Midwest � Association of HUD Management Agents and continues to be actively involved � in many of the industries major trade associations. ; i � f i I . . . -. - _.__ 4 - ____. _ _ ___- _____. _ __ __ ._ _ _ _ _.____ — — _ — __ _ - - _ _ -. ._ - __ ___ ____ _ ... _ _ _ __ _ . ,,. . i... - - -�-.-.. .. _� -_ . . .- - . . . _ . _ _ - _.-�..: ___ _ - . . _ - ,-.: ,. ._._ ... _.: ... . , ., � . .. . .. ., , , .. .. � Personal Pro ile .� Tom G. M�Allister Chief Financial Officer Mr. McAllister is the Chief Financial Officer of Dominium Development & Acquisition, LLC. Mr. McAllister oversees the accounting, finance, tax, risk management and insurance functions of Dominium and its affiliates and assists in overall business strategy. =r� °�.� � "`' Prior to joining Dominium in 2003, Mr. McAllister was an Independent Consultant providing tax expertise to organizations including Lawson Software and Minnesota State Colleges and Universities (MnSCU). Prior to consulting he was a Tax Manager for Wilsons The Leather Experts, a publicly held Minnesota based retailer and was a Senior Tax Accountant for Opus Corporation, a Minneapolis based real estate development company. He was instrumental in the coordination and settlement of IRS audits with both companies. Mr. McAllister has been an active CPA for over 20 years, beginning his career at Arthur Andersen where he specialized in international and partnership taxation. He holds a bachelors degree in Accounting from the University of Iowa. • in� I � I Property Portfolio _ PropertyName City Sqte Zip Units MazketType YeazAcquired Califonia Desert Palms � � Coachella CA 92236 112 S42/S8 . 2009 . Mountain View Beaumont CA 92223 80 S42/S8 2009 Colorado 1601 Colorado Denver CO 80220 112 S42/Residential 2009 Park Avenue West Denver CO 80205 122 MarkeUS42 2009 Redstone Ranch (Phase p Denver CO 80249 140 MarkeUS42 2008 Redstone Ranch (Phase II) Denver CO 80429 140 Market 2008 Redstone Ranch (Phase III) Denver CO 80249 140 MarkeVS42 2008 Traditions Derner Highland Ranch CO 50126 96 S42 1998 Georgia Canterbury Ridge Canton GA 30114 212 S42 2009 Wellington Ridge Covington GA 30016 220 S42 2010 lowa ' Cottages of Pleasant Hill Pleasant Hills IA 50327 60 S42 2005 Fenway Manor Des Moines IA 50313 120 S42 1996 Hillside Park Sioux City IA 51103 102 S42/SS/S236 2007 � Lancaster Place Des Moines IA 50320 72 S42 1996 Raintree Cedar Rapids IA 52404 72 S42 1996 Sargent Park Des Moines IA 50317 96 S42 1996 Southridge Des Moines IA 50315 60 S42 1996 Valley View Apartments Cedar Rapids IA 52402 96 S42 2002 Wahkonsa Apartments Fort Dodge IA 50501 76 S42/S8 2007 lllinois Briarwood II Normal IL 61761 120 S42 1996 I � Bristol Gardens Decatur IL 62526 144 S42 1996 I Cedar CreeK Crossing Quincy IL 62305 80 MarkeUS42 2009 � Heritage Landing MT Vemon Sr Mt Vernon IL 62864 50 S42 2008 � Huntington Ridge Springfield IL 62703 96 S42 1996 i Lida Lakes Estates Rochelle IL 61068 72 S42 1996 i Meadow Lane Pekin IL 61554 56 S42 1996 Oakwood Estates Decatur IL 62526 80 S42 1996 Rainbow Urbana IL 61802 72 S42 1996 Resene at Fox River Yorkville IL 60560 132 MarkeUS42 2008 Westport Sullivan IL 61951 48 S42 2009 � lndina Kirby Manor Hobart IN 46342 80 S42 2009 Monroe Park South Bend IN 46601 57 S42 1996 Kansas Covington Pointe Olathe � KS . 66062 32 S42 1996 Daie Apts Coffeyville KS 67337 47 S42/S8/Commercial 2008 € Indian Meadows Olathe KS 66062 148 S42 1996 � Mendota Creek Apartments Parsons KS 67357 100 S42/S8 2008 Porter Commons Hutchinson KS 67501 48 S42 2009 Ridgeview Olathe KS 66061 384 S42 1996 Kentucky '. Brushwood Apartments Owensboro KY 42303 172 Luxury/Market 2005 � I - - - - - -- - - - - :-..._.;. . � --- _: . _ - .- :. - -- - - - ._..:, .. . - -- - � Property Portfolio Pmperty Name Gty State Zip Units MazketType Yeaz Acquired � Michigan Traditions Holland Holland MI 49423 120 S42 1998 Minnesofa 808 Berry Place St. Paul MN 55114 267 Luxury/MarkeUS42 2003 Albertville Meadows Albertville MN 55301 75 S42 1996 Albertville Meadows Townhomes Albertville . MN 55301 37 S42 2008 Arlington Ridge Shakopee MN 55379 48 S42 2005 Ashwood Ponds Woodbury MN 55125 36 S42 1996 Blackrock Terrace Aitkin MN 56431 51 Market 1992 Blooming Glen Bloomington MN 55420 50 S42/S8 2007 Bluffs at Nine Mile Creek Eden Preirie MN � 55343 188 Luxury/Market/S42 . 2004� Bristol Village Bloomingfon MN 55438 290 Luxury/Market 1988 Carefree Cottages I Maplewood MN 55109 58 S42 2005 Carefree Cottages II Maplewood MN 55109 48 S42 2005 Carefree Cottages III Maplewood MN 55109 142 MarkeUS42 2005 Carleton Artist Lofts St Paul . MN 55114 169 S42 2006 Cedar Hills Townhomes Minnetonka MN 55305 30 S42/S8 2006 Champlin Drive Champlin MN 55316 72 S42 1996 Charter Oaks Townhomes Waseca MN 56093 33 S42 2000 Chowen Bend Townhomes Bumsville MN 55337 32 S42/S8 2006 � City Limits . Minneapolis MN 55419 198 S42 1995 • Colony North Mankato MN 56003 120 S42 2000 Cottages of Albertville Albertville MN 55301 44 Market 2005 Cottages of White Bear White Bear Lake MN 55110 60 S42 2005 Country Cove Young America MN 55397 48 S42 1996 Deer Run Howard Lake MN 55349 24 S42 1996 � Dove Terrace Elk River MN 55330 51 S42 2007 . � Dove Tree Elk River MN 55330 68 S42 1996 Eagle Ridge Willmar MN 56201 46 S42 1996 Eastgate Estates New Prague MN 56071 46 S42 1996 Elm CreekApartments Champlin MN 55316 72 S42 2006 EssexPark-Villages Rochester MN 55901 144 Market 1998 Essex Place I Rochester MN 55901 72 S42 . � 1996 Essez Place II Rochester MN 55901 72 S42 1996 Ewing Square Brooklyn Center MN 55429 23 S42IS8 2009 Fairview St. Peter MN 56082 48 S42/S236 2000 Fountains in the Park Brooklyn Park MN 55429 96 Market � 2000 � , Gertnan Heights New Ulm MN 56073 37 S42 1996 Highland Commons Arlington MN 55307 41 S8 1979 Homestead Apartments Mankato MN 56001 120 S42 2000 Homestead Village Rochester MN 55904 102 S42 1996 Huntington Place Brooklyn Park MN 55429 834 Market 1995 Jefferson Square Northfield MN 55057 50 S8 2005 Lake Square White Bear Lake MN 55110 89 Lwcury/Market 2005 Lakewood Apartments Lino Lakes MN 55014 60 S42 2008 Landings at Silver Lake Village St Anthony MN 55421 263 Luxury/Market 2005 Larson Commons qoquet MN 55720 85 S42/SB 1980 Main Street Village New Brighton MN 55112 125 Luxury/Market 2002 Mandolin Place Austin MN 55912 72 S42 1996 Maple Crest Commons Waconia MN 55387 20 S8 1983 Mississippi View Coon Rapids MN 55433 96 S42/S8/S236 2006 Newport on Seven St. Louis Park MN 55426 167 Luxury/Market 1987 � Nicollet Ridge Bumsville MN 55337 339 Market 2007 NoRhwoods Commons Baudette MN 56623 32 S8 -.- � 1975 . • � , „•::;� I Property Portfolio Property Name City SWte Zip Units MazketType Yeaz Acquired i � Minnesofa (Continued) Oakdale Terrace Townhomes Oakdale MN 55128 17 S42 1997 ' Oakdale Village Apartments Oakdale MN 55128 175 S42 1997 � Oakwood Court Princeton MN 55371 20 S8 1985 Park Edge Maplewood MN 55109 51 S42 1998 Park Haven Brooklyn Park MN 55428 176 S42/S8/S236 2000 Pelican Rapids Townhomes Pelican Rapids MN 56572 40 S42 2005 Pennel Park Commons Duluth MN 55811 101 S42/S8 1978 - Prairie Village � Waconia MN 55387 60 S42 1996 Provinces Little Canada MN 55117 118 MarkeUS42 1997 Raven Court Blaine MN 55449 32 S42 1996 Red Oak Manor Farmington MN 55024 37 S8 1984 Ridgedale Square Hutchinson MN 55350 48 S42 1996 Rivertown Commons Stillwater MN 55082 96 S42/SS 1978 Royal Oaks Townhomes Rochester . MN 55901 24 S42 2005 � Sibley Estates Henderson MN 55396 25 S8 - 2005 � Sibley Estates (West) Wnthrop MN 55396 25 S8 2005 Skylight Gardens St. Cloud MN 56303 59 Market 1994 Somerset Apartments Willmar MN 56201 48 S42 1996 Southview Gables Inver Grove Heights MN 55077 424 Market 2005 Stone Creek Plymouth MN 55441 132 Luxury/MarkeUS42/S8 2004 Summit on Second Waseca MN 56093 48 S42/S8/S236 2002 The Lyric St Paul MN 55114 171 Luxury 2009 � Thomas Lake Pointe Eagan MN 55122 216 Luxury/Market 1986 Timberlea Terrace Waconia MN 55387 30 S42 1996 Towns Edge Glencoe MN 55336 42 S42 1996 Tralee Terrace Coon Rapids MN 55433 68 S42 1996 Valley Creek Apartments Woodbury MN 55125 402 Market 2006 , Valleyview Commons Mahnomen MN 56557 32 S8 1978 I Van Dyke Village � � Maplewood MN 55109 20 S42 2004 Village at Franklin Station Minneapolis MN 55404 90 S42/S8 2006 Village Green Faribault MN 55021 36 S42 1996 Waters Edge Willmar MN 56201 48 S42 1996 I Whispering Pines � _ Cloquet MN 55720 36 - S42 1996 I White Bear Woods Apartments White Bear Lake MN 55127 228 Market 2006 White Bear Woods II White Bear Lake MN 55127 76 Market 2006 WhittierTownhomes Minneapolis MN 55408 12 S42/S8 2006 Willow Wood Estates Plymouth MN 55441 40 S42/S8 1980 I Woodbridge Owatonna MN 55060 72 S42 1996 Woodland Park Anoka MN 55303 90 S42 1996 I Wyngate Townhomes Maplewood MN 55109 50 S42 2010 Missouri � Chapel Ridge of Blue Springs Blue Springs MO 64014 216 S42 2007 Chapel Ridge of St Joseph St Joseph MO 64507 160 MarkeUS42 2008 ChapelRidge of Union Union MO 63084 168 S42 2006 Grand South Senior St Louis MO 63118 87 S42 2008 Homer G Phillips St Louis MO 63113 220 S42 2003 i MessengerTowers Joplin MO 64801 130 S42/S8/S236 2007 F Pinewood Place OFallon MO 63366 72 S42 1996 River Roads Estates Jennings MO 63136 � 20 S42 2008 River Roads Manor Jennings MO 63136 94 . S42 2008 ; Stonebridge Townhomes Florissant MO 63033 100 MarkeUS42/Residential 2009 �I I � --- --- - - - - -- -- -- - -- - -- ---- --- - - - _ .. ...... .. .. .. .. . . : .- { : ° 1 . _ -- - • Property Portfolio Properly Name City State Zip Units MazketType Yeaz Acquired North Dakota . Birchview Fargo ND 58075 24 S42 1996 . � Prairiewood Wahpeton ND 58075 45 S42 1996 Prairiewood II Wahpeton ND 58075 15 S42 1996 Nebraska Riverfront So. Sioux City NE 68776 84 S42 1996 Ohio Cooper Colony Westerville OH 43081 70 S42 1998 Elmwood Villas Marysville OH 43040 110 S42 1998 Lakeshore Beach Apartments Cleveland OH 44110 108 S42lS8 2008 Oaks of Euclid Euclid OH 44132 740 S42 � 2010 Three Rivers Townhomes Columbus OH 43207 � 73 S42 1998 � � Three Rivers Villas � Columbus OH 43207 77 S42 � 1998 Traditions Troy Troy OH 45373 92 S42 1998 Vienna Forest Villas Middletown OH 45044 107 S42 1998 South Carolina - Mossy Oaks Village � Beaufort SC 29902 96 S8 - 1980 South Dakofa • Brentwood Apartments Sioux Falls SD 57104 98 S42 2000 Meadowland Sioux Falls SD 57106 120 S42/S8/S236 1999 Texas Ambenvood Apartments EI Paso TX 79924 310 S42 2010 Arbor Cove Donna FX 78537 120 MarkeUS42/Residential Cathy's Pointe Amarillo TX 79107 120 S42 City Parc at West Oaks Houston TX 77082 166 S42 2010 - Humble Memorial Gardens Humble TX 77338 75 S42 2009 � � � Madison Pointe Cotulla TX 78014 76 S42 Seville Row Apartments Beaumont TX 77706 90 S42/S8 2008 St James Village � Houston TX 77045 150 S42/S8 2009 � Timbers Edge Beaumont TX 77707 150 S42/S8 2008 Wisconsin Arbors of Hudson Hudson VN 54016 45 S42 2005 Breezewood Village II Hartland WI 53029 65 S42 1996 BrookLane Brown Deer WI 53223 278 S42 1999 Brookstone � Hudson WI 54016 34 S42 2000 � Brookview I Monroe WI 53566 24 S42 1996 CedarRidge Hudson WI 54016 72 S42 1996 Cottages of Elisworth Ellsworth WI 54011 24 S42 2005 Deer Path Townhomes New Richmond WI 54017 24 S42 1999 Deer Path Townhomes II New Richmond WI 54017 24 S42 2000 Diamond View Wausau WI 54401 100 S8/5236 2006 . Diamonds Edge � Wausau WI 54401 58 Market 2006 Fox Valley Meadows Menasha WI 54952 60 S42 1996 Freedom Village Tomah WI 54660 32 S42 2005 Hanley Place Hudson WI 54016 65 S42 1996 � Heritage Apartments Marinette WI 54143 32 � S42 2005 � . Holland Place Appleton WI 54914 80 S42 1996 Jackson County Center Circle Black River Falls WI 54615 8 SS 1976 Jackson County Hillside Black River Falis WI 54615 8 S8 1976 � Jackson County Meadow View Black River Falls WI 54615 8 S8 1976 � � I i Property Portfolio � � Pmperty Name City State Zip Units MarketType Yeaz Acquired Wisconsin (Confinued) Jackson County River Grove Black River Falls WI 54615 40 SS 1976 Jackson County Village Center Black River Falls WI 54615 8 SS 1976 Jackson County West Indies Black River Falls WI 54615 8 S8 1976 Lincoln Crest Apartments Twin Lakes WI 53181 32 S42 2005 Lincoln School Historic Apartments Racine WI 53404 64 S42 2007 II � Maple Leaf Townhomes Green Bay WI 54303 36 S42/S8 2005 � Meetinghouse Apartments Milwaukee WI 53224 96 MarkeUS42 2004 j NeenahlHearthside Commons Neenah WI 54956 60 S8 1980 Neenah 11 Fireside Commons Neenah WI 54956 61 S8 1979 NeenahilFox Meadowsl Neenah WI 54956 8 S8 1979 Neenah 11 Fox Meadows II Neenah WI 54956 7 S8 1979 Park Meadows New Richmond WI 54017 27 S42 1996 ParksideVillageApartments Mayville WI 53050 24 S42 2005 Prairie Meadows II Germantown WI 53022 40 S42 2005 Preirie Meadows III Germantown WI 53022 34 S42 2005 Primrose Apartments Neenah WI 54956 72 S42/S8 2005 Ridgeview Commons Lone Rock Richland Center WI 53581 10 S8 1978 Ridgeview Commons Richland Center Richland Center WI 53581 58 S8 1978 Ridgeview Commons Viola Richland Center WI 53581 10 SS 1978 River Grove Senior Village Wsconsin Rapids WI 54494 24 S42 2005 � Summe�eld Place Oshkosh WI 54901 120 S42 1996 � Sunset Terrace Plover WI 54467 22 S8 1982 � Tanglewood Apartments Kenosha WI 53142 100 S42/S8 2005 Waukesha County/Breezewood Village I Hartland WI 53029 60 S8 1981 Waukesha Parkland Commons Oconomowoc WI 53066 40 SS 2005 Whispering Pines -Antigo Antigo WI 54409 24 S42 2005 Winnebago Fainvay Meadows Oshkosh WI 54901 22 S8 1981 Winnebago Lakeside Commons Menasha WI 54952 37 S8 198T Winnebago Maplewood Meadows I Neenah WI 54956 8 S8 1981 ', Winnebago Maplewood Meadows II Neenah WI 54956 8 SS 1981 Winnebago Woodland Meadows Menasha WI 54952 30 S8 1981 Woodsedge Eau Claire WI 54701 64 S42 2002 Wyndham Senior Villas Marshfield WI 54449 48 S42 2005 Yorkshire Lane Apartments Manitowoc WI 54220 56 S42 2005 � � � i I � �� I I � - -� - - - ---- -- - -- - - -- - - - — _ — � ---- --- ___ _ :�§ � •�� / I I � ��. �� r"� ` �� \ • ., � � , .- � ,,:; . . . � ; Dominium Management Servtces, LLC the Dominium difference We believe the success and growth of Dominium Management Services, LLC, is attributed to our philosophy of working with owners as if they were our partners and managing their investments as if they were our own. This commitment results in our outperforming the competition and exceeding the expectations of our clients. Our � positive business relationships with owners and developers throughout the nation has come to be recognized as "The.Dominium Difference." For over a quarter of a century, Dominium has been providing services in both development and management of real estate. Solid working relationships, backed by superior performance and innovative ideas, make the difference in achieving the goals and expectations of our property owners and investors. At Dominium, we have built trusting and financially rewarding partnerships utilizing our team of experienced property managers, accounting professionals and marketing executives. ♦ Dominium's specialized services include: ,,;,;. ♦ Professional Property Management ♦ Construction Consulting ♦ Lease Up of New Construction ♦ Section 42 and Section 8 Compliance ♦ Dominium has developed in excess of 6,000 housing units and manages over 19,000 units in the following states: ♦ California ♦ Missouri ♦ Colorado ♦ Michigan ( ♦ Georgia ♦ Nebraska ♦ Illinois ♦ North Dakota ♦ Indiana ♦ Ohio ♦ Iowa ♦ South Carolina € ♦ Kansas ♦ South Dakota � ♦ Kentucky ♦ Texas ♦ Minnesota ♦ Wisconsin ! '� � - � i_ _ - -- - - _ - � The Dominium difference Continued... ♦ Dominium's portfolio consists of a variety of product types and classes. Today, 58% of Dominium's portfolio is comprised of affordable communities, primarily Section 42 Tax Credit and senior properties with 42% market rate properties. Product types range from garden style to mid-rise to high-rise communities including historic and value added rehabs. ♦ Dominium offers expertise in project and residential compliance under various governmental programs such as Section 8, FMHA 515, Public Housing, State Agency funded properties and Section 42 - Low Income Housing Tax Credit Properties. With strong analytical skills, creative insight, and execution ability, Dominium's expert staff is well-equipped to address the challenges various properties present. We have been very successful operating properties in their respective markets • and in significantly improving their investment value. The Dominium Difference begins with commitment to performance... When you work with Dominium Management Services, LLC, you work with a established and competitive management company that has earned national recognition for excellence from The Institute of Real Estate Management as an AccNedited Management ONganization. Dominium Management Services, LLC, m�imizes income streams and property values through comprehensive management planning and a staff of dedicated professionals. Below are a few of the ways Dominium will make an immediate and positive impact on your property: ❑ Comprehensive Oversight: Regional Managers and Area Managers provide hands on oversight of on-site personnel. Routine site visits include property inspections, audits, market analysis and financial reviews to ensure each component of the operation is maximized. Corporate oversight and support is provided by the following departments; Human Resources, Compliance, Marketing, Accounting, Maintenance & Purchasing, Audit, and Information Technologies (IT). � � � l: I The Domini:um difference Continued... ❑ Professional Training: Dominium University is a complete in-house "University" in which 25 classes are taught in the Schools of Management, Marketing and Maintenance. Overseen by its own Board of Regents, the goal is to make sure every Dominium employee receives a complete set of educational tools for job competencies and career advancement. "DU" has its own high tech classrooms and maintenance lab, in which every conceivable maintenance problem can be duplicated. ❑ On Line Operations Manual: Dominium's intranet provides site staff with immediate access to all policies, procedures and forms. Changes to operational procedures and forms are updated as needed, ensuring all sites are operating at optimum efficiency. ❑ High Standards: Regional and Property Managers conduct regular physical inspections to ensure properties are well-maintained. Site inspections include detailed review of: ♦ Cuxb appeal ♦ Staff ♦ Building cleanliness ♦ Leasing activities � ♦ Grounds and ♦ Budgets building maintenance ♦ Preventive maintenance ♦ Resident relations ♦ Local competition and market analysis ♦ Office procedures ❑ Client Communications: Keeping clients well informed and abreast of property issues and market changes is a priority at Dominium. Client needs are assessed upfront and the flow of communication and reporting needs are then custom designed to ensure that client needs are continually met. ❑ Cost ` Savings: We routinely reduce property operating expenses through a focused program o£ ♦ Competitive bidding of all services and contracts ♦ Competitive insurance premiums ♦ Cost-effective budgeting ♦ Unit-turnover cost reduction ♦ On-site personnel turnover reduction ♦ Utility Consumption Analysis ♦ National Purchasing Programs � I � i , - -- - - - --- - — _ _ _ i -- , - - -- _ � - � Personal Profile Jon R. S egner Chief Operating Off cer Mr. Segner is the Chief Operating Officer and President of Dominium Management Services, LLC. Mr. - Segner oversees the operations for �� '' over 19,000 units, as well as , �, �� ,, �� .: � s + � ��,,� k � ¢ � assisting Dominium Development ' ' ; } � y�: ��. - & Acquisition, LLC in board level rE , % EE _,� strategy. �� .� � �. y� 3��'� �',, . . )„.. j f � �� Prior to joining Dominium in 2001, Mr. Segner was previously the CFO and Co-founder of Boomerang Marketing, Inc., a Minneapolis dot-com that raised $10 million in venture capital and eventually was purchased by BI of Edina, MN. Boomerang was involved in the promotion and incentive area of consumer marketing with clients including Pillsbury and Best Foods. Mr. Segner also served as the CFO at Real Estate Equities, a Minneapolis based apartment and townhome developer and manager. Prior to his real estate experience, Mr. Segner served as the Vice President and CFO of Ambassador Performance Group, a travel/incentive maxketing company. Mr. Segner is a CPA and he has an MBA from the University of St. Thomas, St. Paul, MN. � I ;.� Spec�alized PNOpe�ty Man_agement Se�vices When you work with Dominium Management Services, LLC, you work with a well- established and competitive management company that has earned national i recognition for excellence from The Institute of Real Estate Management as an �' Accredited Management Organization. Dominium Management Services, LLC, m�imizes income streams and property values through comprehensive management planning and a staff of dedicated professionals. Our Certified Property Managers (CPMs) solidify our dedication toward excellence and sound property management. Below are a few of the ways Dominium will make an immediate and positive impact on your property: , � ❑ Stability: Provides high-quality management services to a variety of individual and j institutional property owners throughout the country. 'n Services: Develo ed ro rams and staff trainin for ro ert �' ❑ Consulti g p p g g P p Y � management, leasing and marketing on a consulting basis which has been highly successful and cost-effective. ❑ Award-Winning Operations Manual: Hire, train and supervise all on-site management, maintenance, and j anitorial staff in accordance with its nationally recognized Operations and Procedures Manual. This program results in a professional , on-site staff that is among the best trained and qualified in the industry. i i ' ❑ High Standards: Property and maintenance supervisors conduct regular physical , inspections to ensure properties are well-maintained. Site inspections include detailed review o£ ♦ Curb appeal ♦ Staff ♦ Building cleanliness ♦ Leasing activities ♦ Grounds and ♦ Budgets building maintenance ♦ Preventive maintenance ♦ Resident relations ♦ Local competition ♦ Office procedures ;�� - -- -� --, - - - - _ _ --- � Special ized P�operty , 1Vlanagernent Se�uices ❑ Client Communications: One of our priorities is keeping clients well- informed. Each property is assigned a Supervisor who communicates regularly with clients. Resident Property Managers submit monthly status reports which also provide clients with additional insight into their investment. ❑ Cost Savings: We routinely reduce property operating expenses through a focused program o£ � ♦ Challenging real estate taxes ♦ Competitive bidding of all services and contracts ♦ Competitive insurance premiums ♦ Cost-effective budgeting ♦ Unit-turnover cost reduction . ♦ On personnel turnover reduction ♦ Utility Consumption Analysis ♦ National Purchasing Programs � _ _ i � � � Refer�en.ces Le�al Mr. Todd Urness Winthrop & Weinstine Suite 3500 225 South Sixth Street Minneapolis, MN 55402 (612) 604-6657 turness @winthrop. com Mr. David Kirkman Ravich Meyer Kirkman 4545 IDS Center � 80 South Eighth Street Minneapolis, MN 55402 i (612) 317-4746 dekirkman@ravichmeyer.com Mr. Norman J. Baer Anthony Ostlund & Baer 90 South Seventh Street Suite 3600 Minneapolis, MN 55402 (612) 349-6969 nbaer@aoblaw.com ' Mr. Conal Hession Kutak Rock LLP 1650 Farnam Street Omaha, NE 68102 (402) 346-6000 conal.hession@kutakrock. com , � , - _ _ - � -- - __ . � Refe�e�ees Co: nt�nuec�.. t Bankin� Mr. Tom Bobak, Managing Director The PrivateBank & Trust Company 100 South Sth Street Suite 1920 Minneapolis, MN 55402 (612) 392-2201 tbobak@theprivatebank. com • Mr. Erik Schwegler, Vice President Crown Bank 601 Marquette Avenue South, Suite 125 Minneapolis, MN 55402 (612) 465-0787 Craig D. Mizushima US Bank Rookery Building MK-IL-RY2C 209 South LaSalle Street, Suite 210 Chicago, IL 60604 (312) 325-8893 craig.mizushima@usbank.com • . � . . �I;�ii_ � � • References Contlnuec�... � Financin� Mr. David Juran Dougherty & Company, LLC 90 South 7th Street Suite 4400 Minneapolis, MN 55402 (612) 376-4075 dj uran@doughertymarkets. com Mr. Robert Barolak Greystone & Company � Carnegie Hall Tower 152 West 57th Street, 60th Floor New York, NY 10019 (212) 649-9700 ext. 108 bbarolak@greyco.com Mr. Eric Trucksess Centerline Capital Group ; 625 Madison Avenue ' Stn Floor New York, NY 10022 (212) 521-6392 etruckse ss@centerline. com Mr. Tony Palaigos Alliant Asset Management Company, LLC 21600 O�ard Street Suite 1200 Woodland Hills, CA 91367 �+�� ., (818) 668-6800 , �`'�`' tony.palaigos@alliantcapital.com � - - - - - --- -- -- _ _ _ _ _ --- -- ___ ---- - , . .. � _ � References Continuec�... Government and Re�ulatory Dan Bartholomay Commissioner of Multi-Family Housing Minnesota Housing Finance Agency 400 Sibley Street, Suite 300 St. Paul, MN 55101 (651) 296-5738 Paul Woxland Multifamily Hub Director US Department of Housing and Urban Development � 920 Second Avenue South Minneapolis, MN 55402 (612) 370-3051 ext 2264 Mr. A1 Carlson Central Team Leader City of Saint Paul Department of Planning and Economic Development 25 West Fourth Street Saint Paul, MN 55102-16221 (651) 266-6616 � i � Refe�enees Co�tti�ued � . . Government and Re�ulatorv Mr. Michael Mornson City Manager City of St. Anthony 3301 Silver Lake Road St. Anthony, MN 55418-1699 (612) 789-8881 Mr. Robert Schreier Director of Community Development � City of Brooklyn Park 5200 85th Avenue North Brooklyn Park, MN 55443 (763)493-8060 ' I i I I i � � , .,, -- - ---- --- _ :-- --- - � _ � - -- -- - - � - _ _ �,�� '�� n �j/�j� �r r��l�y/'iy� ��,yr'y�l� ` 'S"�� .� �i. �� i � �� ,.. �. , , . <. ,� .,, „ �, ,. , �_ _ Dominium revitalizes former shopping malf St. Ant.hony, Minn. — Chze of btiinneapoiis� iargest owners of i.ow- Bank, nc a ilc��ting rate st.arting a? ti4o. income :~:ousing tax credit prc>perties ::as broker. ground cm an ambi�ious "I'he project wil; rece:ve abi�at �2 5 mil.lien ;n tax c�e�;it ee�ui!y, and rare m:xed-inco;ne �:ro�ect he:e "\'Je cior:'� see a lot of h<�:isir.g':^ere a�th;�ug� �A:e syi<dica:or �� ;s �er,c.ing at I�ress titr:r, �aid t�luorhou,e. I:Id', i'11.nT'�1IC.5 �UXU"y' W1:}; c^.{{O7'Ci�ihle }"10U�!rib,�� Sa':CI Mni k�'�OOC�I()USe, c", T�'e. ..:t5% 2!SO 7?t'OV1GC(� �U�� C3X ;P,Cl"E':21t;i1[ i1n?riCiTln ii?I' �5 �'F'w;5, prc>ject ;�a�tner f<ir pon.uiiu.n DeT,�eic>p�nent �w :Acqa:sir:ir_ ant; t'^e rest c>: the tinancil3g �uiL ccr::e frc�m pri��ate cic�•ele.�er ecui:}>. Dcm�niurr has begu� conscttzc- � tion c,�. The L:nd'_ngs a Silve- Lal.e �.,, ; -,� � � ; � � . , ., ,__ _ ; - Villag�, a 2fil-:�n;t apar:ment buildir.g �� . �t�� t��t��C�� r`^�.t'h�� t�d�#� �� on t�;e sire of :he fom Apacne Plaza shoppi��g mall fi�e miles (rorri do��- to�=�n ��inneapolis Compla:;on is � s expec.ed in �arch 200h �, T::e finn had to cunvince "�-°°� � �- ��•=ce �� lende�s that there c�as a demar.d for �� '� luxury 'r.uusing in this agin� corr.mu- ��' �'"� � Y g as3 nity. it fou:zd one, LaSalle �3ank. N,A , �^�� ,. '- ' �' ,� � �� . rhat was wjlling co finance a��roject � �� _; �u that induded affordzole housing and " �. � � ' �� '�� • € ��, � � could also proviile the ful[ ioa�� F.�� o, �:�� `°a '� , �°��- � "� rec�l:est for c:onstraction financing F °� .. � ��. � : �r : � a The Landings is Dominiun;'s �°`: �� "� �� j •. � �, � fourth mSxed-t;se, rnixed-incorne �� `� � �;d� ° x �, . development in the area in t_he pasi � � ��'� F � u }e.:�r. It ��ill cor,sist of na>o sz�arate � �- " , �� s components diaided bp a t��s�a-stery � � � � �� `�_ � � � � � dr;ve-through. � * � r , . One will hzve 88 �enia:s hett�- �� °"`�, _� �� ir.g units, and �he o�her �v:ll have 173 �%�� '�- - stud;<; and c>nE- ro three-��edroom units. The aaerage square footage per «,.�� uni! is I,IOQ F�Fty [hrt�, ��: ±he 261 SKV totat um:s wi:l br re>en cd for ;E.nar.ts �c>�sr,�un, earnir.g r,o more than ?0°io of tt�.e area r;ec>an income Rerts will : irem �I,O()0 to $2,F�00 for the marke�-rate units, and �651� to $80£r The I_�r,dings Ga�ill occupy 7_1 acres t:i the �1St million, 44- for :ne affcrdaLle !mi.s. ac,e Sil��er 1,ake Villz�e. ~e.le��2loPment, which «�i;l ir.clude a new The seniors :om}��nem wiil hare its own Iitness cen;er, ce;rt- ��'al-Man; strip reta:l and o:f:ce �pace dr4�eloped hy I�he Robert mun:�y rc>, m and mecical of:ice The other c:;mponen; �vili �:ave a hor Muir Cu ; for-sale cc,,�dominiutns ard to��-nhouses de��eiopea by tub, fire pit, c�ub'r:c�;;�e, titness cenier z�c� theztEr. P;att ��r�way :and Hunt ,As;ociates; and seee<al new restauran�s. Firiar.cing fc�. :I�e S�9 m.�i,��; project �ntluded ��;U n�iillion in l�o :�:niun: l�a� r�e:velc�:3ea _:�ore t1ia�1 14.(?00 apart�nents in 18 izx-ex�n.�>: bonds f.om the city o[ St. ,4r.thc>ny. T?:e first �34 million siates i;: t,.e past 3L t•ears. The cc>:npan}' w:L' t�a��e a greatez focus o: piece «�as credi.-en�arced by LaSa;:e at a flo�ti^g rate starting ai 3�%, mixed-use ,�rc��ects th:s year and �t�ill also be active ir. p;e�e.n�ing pr<�- and t'r.e �econd �6 r,lillion piece euas credit-er.har.ced 'Cy Minm�est ject-6ased se� 8�c�u�;ng, said �,1t>orhou�e. ■ Reprinted from Affordabls Housrng Finance February 2005. For more infiormation on AHF or to subscribe, visit www.hausingfinance.com or call (800) 989-7255_ � �i �y��£� DOMINIUM � De��elupmen: Rt 4cyulsition. L,LC � Dominium Development & Acquisition 2355 Polaris �ane Norih, Suife 100 • Plymouth, MN 55447 763-354-5500 ��.�'��° ��s�� i� � � .� � � � � M�ixed-income project finds tenants �close to home � By �ohn Zipperer St. Paui, Minn. — An rstablished deti�eloper here suc- -�••-� cesslullv mined its existin� �ortiolio oI Ic�cal alfordable , � k , , we5t mixed-income de��clo �mc:nt . h�usin� units to seed its ne } , �� ith trusted tenants i3y employing separate markctin� �° !�•, campai;r.s for the re�t of �he unit5 of �('2? Berry Place, the � �.�.� cr,mpzny° succeec?ed �n achle��in� an occupanc}� le��e1 ��e11 w- z �� '�.,, aboti e t;ie local a� C i��e. ,� �, •_. wg ; A.;e�� c.e�n��r�zct;o;l de.��eloprr,ent, 808 �3�rr�� PIace is a � V. ,� , .._ �� . � ,,, ,, � r,iuitifa,:i::y, low-rise building in St. Paul's Frar,?.li;;-Et:;er<=id "'" � 2 ,� �� neighL�a�hood. "I'he 267 uni?s inciude 27 re�er�°ed for resi- �° ' � ,� ii � i � � C:£TiiS 2�tr'.11Ti� I70 R1i:rf' 17'.2.T] 3fl��/o Oi :li"Ea I11PL�1a11 iI7COiTl2 i'x°z '�"-°='" � liw'� �i''� �� a<��.. {r'1MI), and �4 for those at 50°b oE ;��11; the ten.aind�r are � �_ � ., �� ` � markec-rate. �; � ? �. '�� The plans : Construction began in Octc�ner 20C`.2 and :inished in Jul}` �� 2004. l..ease up began in November 2003 and fin;slled in fall , z� �� ,�� ,; 2004. The marketing �va� divided ii:to threc approaches. "" '� �:.. � , , ` � "tl'e thotight aur af(�ordable units v.-ould lea�,e first t _ �..�,,.,�� be:cause the}'re: such a gr�at bargain," caid t�lark ?��ioorhotise, " , � project partner tc�r pominium, Inc., the de�°eloperof the pro��- � er�y. "Whai :lapper�.ed ��ras that otzr �i�°'o units leased ��crv qti:�ckiv. ar.d c�ar m�r:�et-ra:e ututs leased f�aster �� n c�ur 30`30 � unii5. On a��erabe, the. 7C�%�� anits anci the :narket �:.:its teased �-'' ��> -a - o � � , �, �.. I w _. . . �- � .,. .�, ' up at ubout the sa:�1e pace 1he 3C�i� units t<>4� �is ai�ou� a year to Ii;i up; it's a Iittle harder dem��gra:�h:c." _ _ Add.ny to the chail�rye of (.iling up ihe .3�°f� i ri.s tieas �hat L�orninium "had set criini;�al and cr�dit st�.i tiat�s pret,y 8 gQ��y p�aee financing h;�h," noted C}iri; �<-.rres, � DomiriuT.r. a��e�oj�er. - ihe. compar.yr `oeused on t11e �:la Ket-rate u::�ts iirst Private-activity tax-exempt bonds from St. Paul Housing anc3 because +hey t�-oul;i ;��ro��ide ":he grea�es� >e��enue streai�� Redevelopment Authority (HRA): 517 million ��hile ~�e 4ve:e leasir.g up �he project,'� sa�.d Moorr,ouse. So :r:i- Private-activity tax-exempt bonds fram Ramsey County 1ia1 m<i~keting and outreach �m=e�e �;eared toward fillin�; tltf:se !-IRA: $18.7 miliion units first. Tax credit equity (syndicated by Paramount Financiall: Iht° 50`3o units we.re marketed by doin; i��itreach to $2•3 million L7ominium's e�isting portfolio of >,Q00 affc�rtiable units in the Tax-increment r`inancing: $3.1 million "I��in Cities. Gooci residen�s were in��ited to cl�cck oui the ��ew f'rivate (developer equity): $1.8 miflion 't3uilding, and tr�ey also spread tlle «ord aLout the dc��elop- tvletropolitan Council (in waived fees}: $g6,000 ment. In tFie end, abou� 40°o af the teilants in the 7l?`% units Total development cost: $43 miElion r:me froin Dominiurn's oiher properiies. Moorho.zse s�;id th�it �; i > - ome �eo .t at Dominium weie conceri�ec! that such ei�forts r P ��otild cannibaii�e tenants �rcm other apartn:ents — especiall� im•i°5tors. TY.e campany also �_�aid a re�erral fee to the other if ar.}� one building «ere to Iese a lar�;e nt.�mber o[ tenants — com;nunities to help them co��er turno��er costs. l�u; "t.he turilo�;�er on a stabilized �roje<�t is about 40`io "I'o Fill the 30% units, I�ominium reached otit to the local eac�. year, �o our assump'icm was ?hat ��e are reall}' not nc�u5irig authorities to market lhe prt�perty to pe•�ple who dramaticail� affeui:�g these other ar;t�." were on wauing lists �ar Sec. 8 vauchers. , �arn�.s udmit�ed trat t�e s�r�t�g�� clid er1t�3; SUi11� ;isk. in "1 ren:.al market is probaUl}•' a 10�%-vacant marltet the end, t'r.e comnany^ Ct:lt it was «•orthwliile be�aase it want ribht no��, a nd we're at 5% vacancy," said Moorhouse, satisfied ed tc� lease ua th2 atfc�rdable units to �ati�fy i;s ta� cretlit ��ith the end �resl.ilts. � - - - - - - - -- ---- - - - ---- -- - - - _,_ � � -- :�-_ ,:: The property �9�� y �� :li'°f�ll ��1�wl�l�l�;��°, �� ,� ]ta��QS �ilCj di?r�1�tCt� • � � 9;4 3 �� e v�., � i�m � 3t2r�buteS =�� +� � � �� I� �° �,;, � 41�0,1��0 ncw �eaidcnts. He:pin� to ger.erzte °� < It's proje:cted .o add u�ord-of-mou;h ad��ertis- � "�� "�' :. �� anotner _5t?O,��OC� b� . . � - r ' ` � � � � -- a � - . , _ . 2�_0, acc�. zaln tc 1ti�-�,1 ing �� ere a na�3�ber of fea `�, _ �-w .. , �: � tures in both tl�e atford- ,"� Citic:s Public Te�eti��s:on. _ ��a��; . able and markei-rate � - ;� rhe Ti;=in Cit�es � _ P e ,5 aparm�ns. such � in-un't ° � tlo��nto�l�ns aie expe. ..�� `°� r�3 encin� tne sarle condo- u°ashers ar.d dr}°ers, r.et- '°`� f;�, �,, � «�urk:n� systents, azid ,,... � co�l�•e;,io;� mo�°ement individual h�titi�g and � ` �� as other cities, and that � 1 - �, a>L�li��g unit�. The bui!d- �"` � has on.}� ;er��ed to ..etp ing includes ewc; le��els af ' �a ��-°� �� Dozl��:iu�n lea�e up the `.�, ,�� . L'tT:�21'b?'C�UrCl �)3T�lIl� Fz `� `� � t?iS3�.°1'U�S hY C.2n1T?� '' "`� ` �"=K; CO?11 E:llilOi� OUI O� t�lc^ clallnt)use, ct?rifererice P room, outdeor pocl, al,- � " � � ��r�et. seasor. o�t�3oc�r hot t�b, �,� ��' `�.� �ut the end prod- �11I12SS C�1::21", t1T1T;1:1� � ��i� �. ,.�,_�' � UCI t�it�EiS � })it iCOM � S110T1, SUTI"OUrid-SOUIICi < :ts t Cit,lIlll COT;CCpilOri. � :heaier, and more. �, %�� fi �, ` � Dc,min:urn's ?n��c�1�•e- � 13esigned �vith '�,' .� ; � <.% n�ent goes bacl� to late brich s;d�ng and a � ' .��"�� :� 5 '. 200O ��hen it consici- �Iiansard roef to fit into �'` �""�-� ABOVE:808 erec� huilding tc�r-sale � �., .: ��,�r, , the neigFborhood a:chi- -„ ��,,� �� Berry Place housin� on the site. fhe tecture, the building also includes a pool, ��• E,ncoiiraged it tt� b��asts ;nteriors tl�at were hot tub, gazebo switch to de�`elo�in�, des:gned after rrsearch- featur s ny other renial housing. Tl�c ctir- ing tenant tastes. For ren; ma�•or ��•as electcd exa.n 1e, o �n kitchen� � �' P' � The kitchens io ofiice on a ��latform • ��ith islancis and penin- '� �"x �. �,.� � '�r � were designed thai included creanng sulas reflect the role of �� '' �" � in an open style �,000 new r��sic;c:�tial the modern kitcheri as a ��' to take advan- units in SL Paul h�• 20U6. N�� 3 k:. place «�nere people con- y�. tage of modern So 808 �3err�� Place g �� t � , use of the };£�an:e one of the first ''t' kitchen as a Dominiurn cre :ted af ,,., ��rojec�ts to be part c�f� 31 di:ferent kloor pl�ns �' > gathering place. �1eeting t'r.:s �;oal, which a fer the units, rang�ng � , � "�" �`�,-'� �� _ - ��as dubbe<i the i from � C60-sc�uare-fc�ot 7QOt� program. St�bg<?als s�udio to a 1,795-�quare-foot tti�•o-story; tliree bedroam to�vr,- include ha��ing 10`;�, of tne �t�usi��g be affordahl.e to house- nome. I��1c�n�hly rents in th� af[ordable units range from �3'"�0 hoIds e.arning no mc�re than 3c)%, o't �I�1I, and an�ther 10`�0 !o f�or a studio to �80(? for a t.hrec-b unit; ltirury units huuseholds ezrning no mc�re tllar. 70°rb of AM1. Somc c:ty rert ior 9� 1,000 to �Z,?00. funds ��ill be redil ta h<>using de��elopments tlzat will The propetty has mary stren�;ths, rot !cast its location, help it re<�ch its �;oai.. which is naiF��ay bet�i•een do��•n:own i�4ir;neapolis and do��-n- Tinancing for the T43 mill�or. de��elo�;mert inclucaed to«�n st. i auL It is in a genu nci�hborhoo,l oE fortizer more than �'».7 n�illion in pri��ate-acti��ii}' tax-cxempt bends �varehcuses that a-e r:�pic.�y b�>;ng replaced by restaurants «nd (,ee sidei:,ar) Rarnes said ti:at the project has a^umi�er of COIIQOIT11i1:UTi�S. �:��ti' iiCC:'.» :t) I}lTi'e TT'Lf1Va�'S iif',1}' '<iC3C�S 10 i�'ii �i:l<iC1;:i11��,.T, �lc TC)r:S, I11t:li.IC�IT'i F�iII'�i1?Cl.11l? �'1tt�117C1�3! C1"C)l]�, IT1C., center-ot`-e��erything fei>1 oi the r':ac.e. which s��r.ciica*.ecl the 4�io low�-incorne housin�; ta�; credits; St. Paul urban i.eaders lil�e to present their ci�y as an LaSall� Bs nk, ti��l:ich enh<��nced the h:?rds; <.iz�d Doughei �St' afi�rc!al,le. Iami15�-fr:endl�� p':ace :o li��e. C�o., ��h:ch marketed Che: bonds and sold tne t=;x-irlere�,}ent- Achie�•ing that l�eeame n;t>�e di{£icult as t!:e 1�-linneapolis- financin� r:otes. I.aSalle al�o did a three-}•ear const�uction lo�.n St: Pau! metro area became an econi?mic. supersLar during the follo��eu by� a sc.�•en-��ear n�ini-perm. ■ Reprinted from Affarriable Housing Finance April 2005. Far more information on AHF or to subscribe, visit www.housingfinance.com or call (800} 989-7255_ � DOMINIUM 0.�.cfopnxnt K .4cquisa!on. LL ( � dominium Development & Acquisi#ion 2355 Polaris Lane North, Suife 100 • Plymouth, MN 55447 • 763-354-5500 I �I ��a�� , � I,� �� April 21, 2046 � L fts rl t n Place o Ca e o BY SARAH BROUILLARO j CONTRISUTING WRiTER ;� �. �° �- � . t� .. r 6.,� . -' _ �� Light �rail transit (LRT) � � �� ,,,; ,,-- , : may cvcntually whisk °' �`� _ . � � �- past its front doors, but ��,�.�� ' �"'� �'-� " ; �.:;; Carieton P1ace Lofts, upon ' . . ,� ,,; complciion, will laak like � � ,�, 9 it belongs instead in the � �_�M � �„: �� era of Studehakers and � w � � streetcars. _�--. - _� � � � � � Phase I of the project �� '�4 � �� ,�. � � � �� °` � ,� � r involvesconvertin three ° �`� ' � F� �`� �`� E` � �`""� � �� '� :� ,.--. �. " _ °� � , 3 �� q� � . . , � .�. _ � °��.. � ,� °��:� •.� a �. ' ; , , , � �;, f Univcrsity Avcnue ware- � � °' ° � � � �� ,�„;�- ...,,� .� houscs into 169 afford- �' '"°�' ' ahle rental lofts, while " i also restoring the exteriors to look as they did in thcir 1930s hcyday. Thc decision to off�ice on one of the sites up until his death developer and dcsigners must abide by da so was partly a sentimental one. Johnson from a plane crash in 2042. strict guidelines set by the National Park Bros. Liquor Co. occupied the properties The Johnson family's largcr vision is to Service, Vogel said. unti1200Q, when it moved to Shepard Road kick-star[ redevelopment along University That designation adds a level of in St. PauL Avenue, which could coincide with the complexiry to the project that Best in Real The Johnson family which stitl owns building of an additional LRT line in the Estate (BRE) judges found compelling, said the buildings, wanted to preserve a piece next few years, Vogel said. Kcn Rowe, partner with Oppcnhcimer WoIff � •' al at 1 the famil went & Donnell and BRE 'ud c. of it's ast said Gar Vo cl rinci With the cit of St. Pau P� Y �•P P Y , Y Y J� Minneapoiis-based BKV Group, the through the process of� establishin� the To expose all the walIs of the historic architecture firm for the project. surrounding area as a historic district. buildings, crews had to demolish several The buildings are also notable for their Because the buildings wiIl be a part of the smaller infill buildings between and recent history. Sen. Paul Wetlstane had an Nationa] Re�isterof Histoi Places, project adjacent to them. During that process, "we encountered numerous unforesecn � ' ' `��" �"'� �� , '� �, �° conditions," Vagel said. r �� ,�� Many of the walls bear scars from shoddy � � '°' construction of the infill buildings. One � � � �, �� r � ��"�� wall, in particular, ttad steel beams pushed ;�, � ��` � � ; � . � � °�` � ' � � �� k=� into it by past can�ractors who operated �� . � � �� . , � � &`' `y � �"°�� `��;- ��- °�-° "sort of� at a disre�ard for what the futttre klx' i Lx„ �� •. � � ,�;: b � s� � "� , ' �� , �°� might be; ' Vogel said. � �;; ��`�� : �,`�`�� $ � �� `�� ` '" Thaugh many areas of the brick facade �� " � �� :� � � ��. , a d wcathered Vo et and his � are stxined n �.. � � �"�.�. ° n?A.,� � „ � �s ,` �4r4 4Y'F�,°t IvfiS f (� . .� F"fe.. ,�" �? "'�u/, � .. . � �- P � . � � .� �'��, �� team can't resort to the usual method of �.� � � �� w � � � �" � kk „ � 9 � ,� � �`"� '�r� s � � �°�� a v * � � � > � �' . � ,� ��.� x sand-blastin� Instead, huilt-up b rime mus I ; � - _. � M��, s � k � _:-� � �` � �� `� � �*�, '� � �� be washed away with watcr. � � '. �� , � E � ��,�.,�� , �,�� ' Missing windows must be replaced with �; � t � �� .^ �>��° �� ,' new ones that ctosely resemblc the �� ,� � �� y ,� a ��,_ � . „�� ,. � , � �, c�riginals' style and shape. � �� ,� - � . ' `_: � ' .� �- �� "� � � � . � � �� ' �� A Yecent task — removing 70-year-oId r �e,a��. r � �.w.��y.��.. � ,e�� ,� . �." , - - - - - - -- - --- - -- - --- --- -_ ---� -- - i - �_ paint from woodframes — involved � TITLE COMPANY: Commercial Partners Title great care. OTHER KEY PARTIES: Hess Boise Historical "We went throu h ei ht, nine or 10 VALUE: $60 million Consuitants, Winthrop & Weinstine, Paramount g g Financ+al Group � ifferent methods ... to come up with a LOCATION: 2285 University Ave. W., St. Pau1 roper way to get that paint off without S2E: 2i1,00Q square feet destroying the wood," Vogel said. HOUSING 11NtTS: 169 well as a$235,000 Livable Communities Consultants uneaithed photos and con- GRaUNDBREAKIN: December 2005 grant from the counciI's Tax $ase struction drawings for the buildings from EXPECTED COMPLETION: February 2007 Revitalization account. Ramsey County the 193Qs to help Vogel and his team restore gave a similar grant, also for $235,000. the buildings to their original appearance. �' � " In April, Dominium will begin marketing Development of CarIeton Place Lofts ` the lofts to people who want to live and Phase I will cost $60 million. The project's BUYER: University Carleton Development � in this part of St. Paul, Moorhouse Carleton Place Lofts extensive environmental cleanup, coupled SELLER: Johnson Bros. �iquor Co. said. The campany's target tenants are with affordable rental rates (at or below 50 DEVELOPERS: University and Carleton ar[ists, wha will be able to display their percent median-income level for the area) Development, Dominium Development & � in the main entrance. Acquisition , prompted the city and county to kick in CONSTRUCTION MANAGER: Weis Builders It s rare to find developers pursuing a funds for the project. ARCHITEGT: BKV Group modest niche for this kind of project, Rowe The city of St. Paul is providing $32 QESIGN ARCHITECT: BKV Group said. Most would rather attract a more million in tax-exempt bonds, and 25 years LANDSCAPE AF?CHITECT: BKV Group lucrative, high-end clientele. of tax increment financin said Mark E��EER: BKV Graup The first building is due to be completed g> LEASiNG AGENT: Dominium Management Moorhouse, partner with Plymouth-based Services Inc. by October2006, the second by December DominiumDevelopment&Acquisition,[he FINANCE PROVIDERS: LaSalle Bank, 2006 and the last by Fehruary 2007. pz'oject's developer. Dougherty & Co., City of St. Paul Department of Planning and Economic Development, Ramsey The Metropalitan Council provided a County HRA, Metropolitan Council, Paramount $550,000 Livable Communities grant, as Financial Group SARAH BROUILLARD IS BASED IN ST. LOUiS PARK. • Reprinted with permission from The Business Journal. 02006, all rights reserved. Reprinted by Scoop ReprintSource 1-800-7b7-3263 ✓�� DOMINIUM Development & Acquisition, LLC 2355 Polaris Lane N. 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'; t��e �l��t�m��r ��a z��lc� �� c��l;� c�t��r� �cru�t r;�s�s. T�e,��e�in� ��a�- �"Es�* k��1� k��s k��c�tt �c��r�� t��sir��; ' h�rcis�r t� �c;ii tca publir:, ��d r�nt 7��asc> t�r�ns �aricrr �n �Is�s��a� �� h th� d�v�la��r �'car �c��a� y��ar� ; �axiv�t� �'in��aci�r�:. �cxti� �ut� �ii�a- c��—s�a�e� ca�'erir�� c:r��°s�a��i�� a�- �� t:�� t�� }��s �#€�� "iv� �a�° �i� � �ezzc;� �at� � 1evc� t�t� csr �`hr��x c�via �r��ts �a�fnr� ��ir�� t I��t�c��-�a°� si�ail�r ��r�j��t:;� ir� t��t ti�r��. `�S��z � craYa��t�t ��s��ae�i e�vili �ik�iy tl�� rest �c�tutic�ts�. ��a� lc�� t prc� �'arr�� a�c� ��c:��tt�ar��, � ��e�r the�c i�su�� a€�fcar� t�r� �t�� 3�c�t tE�� nciin�s ��i� s�z��ss�'u�ty �u� �h�t� ra�i� ��r�u��,'� �� lai�a;;. � �r��s�cic�fax.} �ar��i��cd i�:s �r��rc�nz��t�� iw "�V� 1�� tt� t�eli�v� i�� tl°�� c��- � 23�c:��t�� iz c�rt c�f��n c�k:t, Xe�ra ye�� '��e4 ��c� �i�t� cst�x�r thi�z�s �t�a��; ��€°e �f �[�'s��tc��s�r� te� �� t bt��lt <�aad � tc� r��rr�p t�zc�� rap�rti�� rt be �'�� t3 �%�� its ��r�ti�i�a. ""Tl�� z��ltz�`�� x��riez�c��l cna�a��r�a�s�� t�arz� ' di�Cicazl� ta� iz��a ��s��-s irr��re�st�c�. �ty �z��:rk�t �� lin��.�ar�lis k��s ��z� ��t 7c��vs �;a��r t�� t it ��.s�:�." tr�rrt i i �� ; � n E��prinl�d with p�rmis�i�r` €tc�r� ih� ��If �� c� �A�.�.r��at,�i ��rrs�� n��ia�e, � N��3ey Y+��d, �1-�fi�78139 �i��rir�t�� kty ��rsQ �an�g�m�rt ��ralc�s, ��1.��.9�}. Tq s��quest a �u�f� �nlir�, +�5i€ �.r��in�t��er,c�t�. _. _ -- - - - - - - - --- - - - - -- - � - - - _ _ ___ - 1 _ _ _ , ,_ • • � � ��.�� l�p�� r�, �L� �� P��ri� �.� �`. �tt�. �� 1► �'ly�n��h 1�1� ��'� 4w "�'el�p�h�� t��-�354-��€1� • ; � Facts&Fi.gures Eden Prairie, Minnesota Owner. An Aftiliate of Dominium (`(` ,( �I DevelopmentandAcquisition,LLC, T�l� B�Ullil �l N�.L14 1Y11I� Cl�l.� Ptymouth I iype of Yroject A new luxury � . ' apartmentbuiltling - MB�klflg Yh� 111Lef52CClOf1 O{ iW0 '� � arohitecUinterior �esigner: �pdj0� f�2e�n�dYS, The 8luffs at Nine Walsh Bishop Associates, � M;nneaPoiis Mile Geek perches high atop a hifl Consfructinn Manager. Weis in the southwest meYropoliYan area aui�dera mc , Minneapofis of the Twin Cities. Siie: 361,144 square feet � i �. � . The new apartment building Cnst: $35 mllllon (total) �`� " � `��' �I Construction Time: February brings luxury housing to people ,, 2003 - September 2004 Wh0 want to live in the Golden t Th N ed: Affortlable and e e . Tnan le — an area so named 9 Iuxurious rental housin in the � . � � 9 southwest metropoiitan area of because of its high concentration � � tneTw�nctt�es of businesses and jobs. '?he Bfuffs The Challenge: Garnering f I O OVI � Ll a s des a a d use with P mm ni u rt n mana in � - , co u ty s ppo a d g g a tight tonstruction site traffic patterns that are counter- . . ,,,; ,.,- „- cydical to these predominant - "" "' � �� Photos courtesy of Steven Bergerson Photography �7004 SupportiveTeamMembers commercial uses," said Armand Artska Companies E. BI'dCflRld�t, managing partner �� wood floors and fireplaces. Althaugh complete[y and positioned the araun Intertec of an Affiliate ofi Dominium ihe project is a luxury dwelling, 63 building so as to preserve more Engineering & Environmenial � � � Consulting pevelopment and Acquisition, LLC, units have been set aside at reduced than 60 percent of the site's trees. Brock White Company the projecYs owner. rents fU� low-incame tenants. Since the resulting site proved Construction MaterialsSupplisr Those approaching the 3b1,144- "lnnovative and creative design tight for construction purposes, Custom Expressions s uare-foot 81uffs encounter three brou ht to bear on a s ectacular site Weis Builders, Inc., the ro ect`s Window Treatments �1 9 P P 1 Doody Mechanical inc. separate parking leveis and six resi- makes The Bluffs a new landmark in canstruction. manager, saved space Mechanical Contractors � <JenTIdl I�V�IS t}ld1 stairslep up the - the Twin Cities housing market," by utilizing prebuilt wood wall . raed��a eiec�r�c i�c. steep site and wind thraugh an oak said Brian Lubben, housing, business panels ihat could be constructed off Electrical Contractor - forest. Steel pergolas mark the main unit leader for Walsh Bishop site and delivered as needed. The . Midwest Commercial Exteriors, . - tnc. entrance near an outdoor swim- Associates, the project's architect/ dubhouse portion, particularly Siding & Architecturai Wall � � � Claddin9 Systems Contractor ming pooL lnside, an aquarium wall interior desiyner. around the rooftop spa, posed the Northland Concrete & Masonry leads into a two-story rotunda sur- However, garnering community greatest challenge, as it was difficult � cnmpany uc rounded b mana ement offites, a and tit su ort for the ro ect to et a waterti ht fit where the Concrete & Masonry Contractors Y g Y PP P 1 9 9 rrywood maustries eouncertops pub and a two-siory clubroom. A proved difficult because there was structural steel, precast plank and � Counfertop ManufacNring fifth-floor roof �deck contains a concern that the project might wood framing joined�. "We ins[aqed srs cons�ira��s �ca. heated spa and o[her amenities. ruin the site's natural beauty. in an in-s(ab snowmelt system with Engineering/Testing/Inspection & � . � Geotachnical Engineering � T�tE BIUffS� 188 units have various the end, the team worked with floor drains around the spa tub," Surveying and Engineering floor plans and feature stainless st�l the existing topography to avoid said Jason Law, project manager . rmtess�onats,mc. a 6ances, ranite counterto s g" g g y y Surveying&Engineering PP� 9 p, chan in the rades of the hifl for Weis. "A secondar s stem rwin ci�y Hardware � �� ,;�� , colletts water that gets past the ArchitecturaVCommercial � i r� g ,.,� � '� � � � � -_ Naroware , ";,, waterproofing." Weis also utilized ;�r� � f v ri - I Veit Companies '�� , a ous sound b ocking methods to Specialty Contractors �' :; Y' �' revent clubhouse soun fr Ty � �:. P ds om � � � � r �_= ,�: � Wilki n n � I v .. � �� i, : e Sa derso �, %� w , ,, = traveling to the nearby apartments. Archdeclural MillworWCaseworW � woodwork �, ; '"�' Completed in September 2004, f � ; The Bluffs at Nine Mile Creek � �; ;. ' �`' ; offers unique and luxurious apart- �' '" "}� � ` ments to those wishing to live in . ��i .. �x u, �,'.� �� q the Golden Triangle. ■ , ',�� , �,,� , � � : � •��"" ``�' — fune Campbell �, , � , . R ,, . :. . £ H �� i . . : y �/ ;��. . . � . � Kc � � 4e � I „�'� �� .,, '�� _� �� 3U; � �' s� % �. i f;,, � ,: 9. za„ ' , '�'i�-� f, •3�. � !� � ' . 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E�.. 3 £ . . , f °�«a ,. <�£ �- , . � _ :.� �� - �.. �� . - �3 " t. .. �...3 .x.. 11_" L � �31.. � f._.'��. �� e`r'V "YS .. . ... ... .£.a. , . ✓xYl.:.1 £'...... ...... . �..£ {Y ... . �I ... . , .. �„� " � � 8/24/2010 � RASP�ERRY FLATS Presented by: Klodt Incorporated August 24, 2010 KLODT INCORPORATED � Minneapolis based development company � Family owned company � Third generation � Developed over 4,300 apartment units • KLODT INCORPORATED � Experienced in-house management � Site Acquisition � Design Development � Construction � Asset Ma�agement � Operations � Accounting • 1 � 8/24/2010 • RECENT PROJECTS HIAWATHA FLATS, MINNEAPOLIS �� - HIAWATHA FLATS, MINNEAPOLIS r� � : ,� .r� � i , ;� �� fi � ,� -,_, S�� HIAWATHA FLATS, MINNEAPOLIS \ • 2 � 8/24/2010 � HIAWATH/� FLATS, MINNEAPOLIS �� a� �� :; �; � ��. � . *� g, ' l HIAWATHA FLATS, MINNEAPOLIS I I . . :`�: � , �r�, �, M. . ,�f , ,�� , _. i �.>e.� ..,,. :: ��;.:;,..s�, a� OAKS HIAWATHA STATION, MINNEAPOLIS !� 4. i� sii. �C , o _� H -.11 11 �(F. p '.. S 11 II 11 _ P � • 3 ' 8/24/2010 � THE METRO l�PARTMENTS, MINNEAPOLIS ., � �� 3 .,,,, �`?_ � j ,�. 4 Y, - �� '� � . � INGLEWOOD TRAILS, ST. LOUIS PARK � -1 ,-., '� • � ,,::�, •'� ,�,� '� k t�:, F ARCHITECT - WCL ASSOCIATES � Dave Clark - Senior Principal & CEO � LEED Accredited Professional with United States Green Building Council � Lead Designer - Building and Interior � Specializes in complex projects - including apartment buildings • 4 . 8/24/2010 � PROJECT �ESCRIPTION :__ s ,� � - - _- � :� a -_. ------" . � � ,�o�..�..o....o. _ PROJECT l7ESCRIPTION s � ,__ r � S �� > �"' � ��1 � � � `z�� 3 ;� . ! —„r+ -- s � _..-.-:—_ ai ...._.._"__ � s�o...M.o....w PROJECT DESCRIPTION ,- _ _---- _ ----- _ _- � _ __ ;�! - - ; � t��i� [ _ � � �-' �-- �' � , �.: ,� .� � .� s, � � � .��... - _ _ �5 � ' ' __ � � �,. �.r�. al . ....... �'.. �� s�o...�..o..ao.. - '��, • 5 � 8/24/2010 • PROJECT �ESCRIPTION � � ..�� .,_ � ; �� ,� , ��° �''} � � g . : i ' � F`i�f�i.I` � t'FeSr� �� Y l lt . '� e ��r � �: � +�. a � � af ,3,� �� ?' �: �� s�. ' �. � ,��. ;�.. �s»z �:: 6�� i�"'�"a e �._ _ t 1 ��.. # .14�u a t4 t ° e ` � - ��1 � � C � ti.� g �, . ��e......o.....o..� _ ��.. PROJECT DESCRIPTION ,-�- �- � � : <�. V ��: � e� � �_ "i , :'�w� ' :� ,�� _� d , • � �4, � � �� tr �� e � a $�' ��-_� �^+-•.,,y„ +9 x �:' � ,, �Il-- � _ _x � k , � � � —�"�.3 . . . - � , e�oexn��oerewr PROJECT �ESCRIPTION � Three separate buildings � Market rate apartments � 196 units � Parking structure below grade � Parking ratio 7.1 to 1.2 for apartments � 50 - 60 stalls public surface lot • 6 � 8/24/2010 • DEVELOPMENT PRIOItITIES � Transit Oriented Development � Link to Southwest LRT . Retail opportunities > Walkway link to Downtown Park � Provide parking for downtown businesses DESIGN PRIORITIES � Create active street zone � Enhance neighborhood feel � Separate entrances • � Amenity rooms � Quality finishes � Unique floor plans � Studios, 7 Bedroom, and 2 Bedroom units � Includes bonus spaces, i.e. sleeping alcoves, media rooms CONSTRUCTION � Design/build/manage project � General contractor > Experience in all phases of project � Projects built for conversion to condominiums .__ �� 7 ' 8/24/2010 i PROJECTE� TIMELINE � zoi o � Due Diligence � Land Acquisition � Design Studies with City Staff PROJECTED TIMELINE > zo� i � Design and City approvals � Final design and construction documents • � financing completion � Bid phase PROJECTED TIMELINE �ZOi��zo�z = Construction begins � Develop marketing program � Market retail space • $ ' s/z4/zoso � SITE ADVANTAGES � Strength of Hopkins community > Proximity to downtown & Southwest LRT > Diversity of employment base CHALLENGES/UNKNOWNS � Negotiations with Elks Club � Possible inclusion of Lutheran Digest building � Unknown environmental conditions of site . � Storm water treatment FINANCING � Cost of project � Hennepin County TOD Funds � TIF � Private Financing � 9 . ' 8/24/2010 � CONGLUSION � Desirable, realistic plan for site � Compatible with city's objectives for site � Provide an experienced, committed partner for the City of Hopkins ►QU ESTIONS i 29 � 10 � `� �' ' ` �` �"�� ` r �'� " � � � ,� -�.�� - � � � � �� `. � } � § � � ��' � s. � �� ;� �` $srt€� �� .,�# z � � -� . r�e� �:;: � `� ` �. �';' : " ; . ; � +��' �. - ,<.: �y ;.�::' C �r,," ,� ;c, `�' ' � ` �,'�.` ,,;��.,..:. �,.t�9� '�'t�' a3'� ��;�";� � � � � � �� ,� � , _� �,,� � ., � __ i , , � ��. ;: �� `�� : F ��^-�....� � `�� . .. � 9* ^ �;, � F 1 5 # � L h � 'k� 5 S � � i. #� � f��i: ��, �, :t� r - -� � x r: -�, �, ' �� ,j - zi. � c s�:, - x � . 4 o, ��'� " 3�'�T..�r�3i� ��. . . � � �, _ . � _ y R,.� } ,. �, �. � � _ _ A,e = �a. r''`i z _ * *M �� y, � �� 3�k � �, � �� .. „t`"c'%� Fa��=,�.,i�=,�,�i�� s '�P � �cr ,� �r� r '' -�,� � �; �� ' , f fi�.`Y�v � ¢ $ � ,,: � �� 3 � � - '�� Is �,. - �..i b s� t-�- Y�a �' �c�''.�"�,i"�,.:-", v . � .,� 3.£, '��"".g4i « .;, b a' �_�, °'c .,�� ^: : r . .., , ,... . �� ,,.. , . ,. .�n � n .. . >"-.. Y�� - � �� / �� R � y A ; a, " z .. _ YV�' �; �V�/�.+y. _ ��' \ " _ — — � �~ �.. J'�. R�V��ilS��. .�■��'` 81Q= > _�-, _ �,_. . ��!■� ■_ � : +� 3t�� .,� ,. .� ; � . � � ��' {" �5 � ` � `� "w: _ �`�. . ':� ' � .,a� , , ;r� � ` _ �� _ �., � - • � '�.� .. : _ �. �>�� . � � � � � �`�;; � _ �� ;� , . - , - -- _ _, ... � - .� +� � �.� <. ;�. :._ <. , � �� - ,. _ � � p � �. �� „ � � � x ,� �_.� �- �� `�� t.�� , �� $ � �� - �T�� , � . r� � , , r ,.. - <. �� ( , � �� -' � . � _ � ,� `��' ``� � �� ' _ � � �� : � ° � � �. �� ':�� ; � � � ° ��- �� e = � ',�O �- _ �-t �_ � � � a � � � � "" ��" �E,E. : �, :s� �' _��,'�.,�x"�. �, � 3 �.-.. '�. ;�; : x ` J y � � ��r �:"��- � � � � �� . � �� A g/y.( •y � ��'�. Yq � :.� �'�u � n'�' 'if/�ill - . �:> �*` � g:. .. �.� . : :' ,',�E '� �- a , � . . 3°�'`� a � � � :� � a.n "� � ., --" # �s�;,. �` �� `�` Futvr: Laght Rail ?ran�t Station �� ' � �; ' � �� °y�..3^ -3_"y . ��v' ` . .. . .. S .i:.,...�v,e .,� .a,,. ..., s�..,. . �� w.a..�'a 7�� ` � . ..._. . . . . HoPK�s RFP _ Table o Contents � � i L COVER LETTER I � II. DRAFT SITE PLAN AND MOCK ELEVATIONS � � III. DEAL SNAPSHOTS ; � K IV. DOMINIUM BROCHURE � ; � € � � � I � ; i � i; ,; , � ��'� � DOMINIUM_ �: — ,._ , .. . — , : :: —— — — --- -- -- — � I. COVER LETTER � � � �� DOMINIIJM � Development & Acquisition, LLC � � � � 3uly 28, 201 U Ms. Kersten Elverum VIA: Emuil T7irector of Planning & Economic Development City of Hopkins ', 101�0 First Street South � � � � Hopkins, MN 55343 Re: The Park Nicollet, B.P.O. Elks and City of Hopkins sites {the "Interests") Dear Ms. Elverum: Thank you for the opportunity to present this offer an the Hopkins RFP site. ��'�� Dominiun7 has a history of working on similar projects, and we have proven our ability to complete these types of projects in an efficient and timely manner. This letter is intended to set forth the proposal of Dominium to redevelap the Hopkins I RFP site. Far the purposes of this offer, we have split the total RFP site into twa different sites: Site 1: The three sites including the Park� Nicollet, B.P.O. Elks and Gity of Hopkins sites (collectively the "Site"). The proposed purchase price for the Site land is �1,228,500.00. Site 2: The Johnson Building site. Due to the current economic state of the rental housit�g market, we believe it is premature for us to look at doing a market-rate ( project. In the next 24-36 months, Dominium would also be interested in � reevaluating the site as a possible market-rate opportunity. i: Dominium proposes to build a 189- unit seniar housing complex (the "Project"), with I 100% of the units restricted to rents below the 60% Minneapolis/St. Paul area median income. Along with a larger courtyard for the residents use, Dominium plans on making the rnajority of the l floor of the Project common areas, which will mimic the active look and feel of retail and restaurant use (please see draft site plan and typical building elevations in Section II of this package). � � I 2355 Polaris Lane North, Suite 100 Nliianeapolis, MN 554�7 Phone 763-3�4-5500 Fax 763-3�4-5654 � � .4ca)i�i,s�itivr: • I�e��elopnterit • Cotrstraretiaa • rtJnirzr,t;emenj � �I — - - -- - - - - � - - - -- - ___ - - , -- - _ -- - - - - -- - ..- -_ - � •°--• i_. � Dominium will be the developer of the Site and will work with BKV Group architects to design the Project. If selected, Dominium has many good working relationships with local general contractors and will work with them on bidding the proj ect and bringing it to completion. We anticipate a construction period of about 12 months, with another 12 months needed to fully lease-up the Project and bring it to stabilization. DOMINIUM EXPERIENCE Dominium Development & Acquisition, LLC and its principals have acquired andlor developed over 20,000 units of housing with a value of over $1 billion. Dominium's current portfolio boasts in excess of 6,000 units developed, 9,000 units acquired, and 4,000 units fee-managed, for a total of over 19,000 apartments owned and managed nationwide, a number that has mare than guadrupled since 1994. More recently, in the past two years Dominium has developed in excess of 1,540 housing units. Founded in 1972, our organization has a 37-year history in developing and managing affordable and market-rate housing. Dominium has tackled some of the most complex transactions in the multi-family industry since its inception, earning the company a reputation for financial expertise and a creative approach to real estate. In addition, Dominium has an established track record of completing RFP developments, � as described in Section III of this package. DOMINIUM MANAGEMENT SERVICES, LLC Dominiuin Management Services, LLC (DMS) has established and maintained a reputation for exemplary property management. For over 30 years, Dominium has been providing services in the management of real estate. Solid working relationships, backed by superior performance and innovative ideas, make the difference in achieving the goals and expectations of our property owners and investors. DMS manages over 19,000 units throughout seventeen (19) states which totals to almost a billian dollars in residential real estate managed. With strong analytical skills, creative insight and execution ability, Dominium's expert staff, especially its extraordinary accounting department, is well- equipped to address the challenges managing properties can present. Dominium has been very successful in repositioning properties in their respective markets and significantly improving their inveshnent value. � Ms. Kersten Elverum July 28, 2010 Page 3 of 3 � CONCLUSION We will allocate the necessary staff resources to close as quickly as possible. Our firm has the experience to acquire your Site and the track record necessary to bring the Project to completion. In addition, we have the financial resources necessary ta stand behind our ! coznmitments to you. � i I I We look forward to discussing our offer. ' Very truly yours, � Dotni�iiutta �evelopmesit & Ac isition, LLC ' � .�-- .__.----- � �� Mark S. Moorho {763) 354-5613 � nitnoorhouse(�a,do�niniulninc.com �,,,. CC: Tara Beard — City of Hopkins � Ross Stiteley — Dominium � � � � -- � , - - - - _ _ _- - -- __ _ __ - -- , . J:�DevelopmentWcquisi6onsWew ProjmuV-lop4ins, MN - RFP�Profo�mas\Hopi:ins RFP- Bovds - 07.28.10 Hopkins RFP Hopkrns, MN Max Ren! Number of Square Feet Tota[ Square Projected Mo. Rent Per Monthly Annual Income Unit Descripfion Units Feet Rents Sq. Ft Income Senior Housing - Affordable Studio $ 943 27 700 18,900 $ 894 1.28 $ 24,138 $ 289,656 1 Bedroom 1,010 108 850 91,800 939 I.10 101,412 1,216,944 2 Bedroom 1,212 54 950 51,300 1,121 1.18 60,534 726,408 TotaUAverage $ 1,058 189 857 162,000 $ 985 $ 1.15 $ 186,084 $ 2,233,008 PROFORMA Vacancy Per Square per Unit Total Income Foot GrossPotentia[Income $ 13.78 $ 11,815 $ 2,233,008 Gazages 0.50 429 81,000 Vacancy expense 5.00% (0.71) (612) (115,700) Effective gross income $ 14.50 $ 12,427 $ 2,198,308 Other Income Storage Lockers $ 0.18 $ 156 $ 29,400 Miscellaneous Income 0.22 186 35,154 ElecticaUCable Phone Income - - - Total other income $ 0.40 $ 342 $ 64,554 Effec6ve Gross Inwme $ 14.90 $ 11,973 $ 2,262,862 Per Square per Unit Total Expense Foot Opertuing costs Marketing $ 0.26 $ 225 $ 42,525 Administrative Dominium Expenses - 2009 0.26 225 42,525 Payroll Pro e Uuits '' Perlunit ' 1.46 1,250 236,250 Utilities Senior Meeringhouse 96 2,559 1.02 877 165,838 Repairs and maintenance Senior Prairie Meadows 74 3,026 0.41 350 66,150 Insurance The Landings 263 3,620 032 275 51,975 Tota[ operating costs Total/ Avg. 433 $ 3,283 $ 3.74 $ 3,202 $ 605,263 Non-operating costs Propertytaxes $ 125 $ 1,069 $ 202,028 Management fee 0.42 359 67,886 Replacement Reserves 0.66 565 106,785 Total non-operating $ 233 $ 1,993 $ 376,699 TotalExpenses $ 6.06 $ 5,196 $ 981,961 Per Square per Unit Total Net Operatin Income Foot $ 8.84 $ 6,777 $ 1,280,900 � � ProSmma - 1 of 2 J:�DevelopmrntWcquisitlonsWew AojecisU-IapY.ins, MN - RFP�Profonnas�Fiopki¢s RFP - Honds- 07.28.10 II I � Hopkins RFP � Hopkins, MN Source and Use Of Funds . Sources of Funds: Pe, Unu Series A Bonds - Tax-exempt lst Mortgage $ 16,537,500 $ 87,500 ` Series B Bonds - Tax-exempt • TIF Mortgage 2,365,000 12,513 Tax Credit Equity - lst Installment 742,378 i 3,928 : T� Credit Equity - 2nd Installment _ Tax Credit Equity - 3rd Installment 5,567,835 29,459 i Tax Credit Equity - 4th Installment ],113,567 5,892 ` Imputed Expenses 230,185 1,218 ' GIC Income 631,000 3,339 `- Met Council 650,000 3,439 ! Hennepiri TOD FLINDS 425,000 2,249' Hennepin CDBG/HOME Funds 750,000 3:,468 GP Contributions Bonower Cash (Credit) 4,355,266 23,044: Total Source of Funds $ 33,367,731 $ 176,549 i Uses of Funds• Per antr I Acquisition Costs $ 1,228,500 $ 6,500'' Construction Costs 26,218,971 138;725' Imputed Expenses 230,185 1';218? Cash Accounts 4,308,700 22;797 Professional Services 499,250 2;642' Bond Costs 658,562 3,484 Financing Costs _ LOC Costs _ _ I Bonower's Counsel 75,000 397 I Closing costs 38,466 '204; - Tax Credit / Bond Fees Payable 110,097 583 ' F Total Use of Funds $ 33,367,731 $` 176;549 ' i i � i I � � Sources & Uses-Ciq�,Ehlers - 2 of 2 . � --� ----- ----- - . , . '----- --- ------ - - - - -- -- - - --- - -- ------ -- - -- - - - ----- - - - - - . I_..- ------ � --- ----------.. . -- ---- ----- . . � II . DRAFT SITE PLAN & MOCK ELEVATIONS � � B K V � �g s� . �� : G R O U P �� t !� � • Architecture d � " � _ ' " _�� v�� `•�� • � ' � interior Design - . � I Engineering • , .. Boarman , - � � � ...: � ._.�� Kroos � � : Y°ge1 '� Vt� �� i�� Group ` '. : fnc. . 222 North Secand Street '�,,,.�"' � � (�. � Minneapolis, MN 55401 ` - Telephone: 612.339.3752 t ' �J I Facsimile: G12.339.b212 � � i � j (�. ; �'� . , � www.bkvgroup.com ! 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F z� �� } z �� Q �€ �� r i � . � " t a ' . � � � � '� ± �': . r � , g � $ 3 �-/� 4.- M a' a° #��d�+'n # �;° °i � � � :�>��, a�� a� � _,a u . . . . 1. _.� , _ _, III. DEAL SNAPSHOTS ""'� � . , � . F _ , -- --- -- -- - _ --� - ------- - _ THE LANDINGS AT SILVER LAKE VILLAGE St. Anthony, Minnesota � ; ' � * �� - f. � � � - � _„ , � ,� - .- . ; -a � �� -�� ::�. �:;�� ` '_.�, �-� THE LANDINGS AT SILVER LAKE ��a� , � VILLAGE � � � � .,A -' �` ,.�, k X St. Anthony, Minnesota �, � : ' ` � �;��' � . :•`'�ti � �. a` � � � � . ,�;�ff� �� .��' :i�s � x .ay , �. TYPE OF PROJECT `"'"` 263 Apartments (89 senior, 174 general oecupancy) ARCHITECT Boarman Kroos Vagel Graup, Inc. CONSTRUCTION MANAGEMENT '- Weis Builders, Inc. � �; ,,� �, ,��.<: � � � DOMINIUM'S RESPONSIBILITY � � Real Estate Development Legal and Environmentai Services The Landings at Silver Lake Village is a 261-unit apartrnent building that is paxt of a Design and Construction Management larger redevelopment located on the former site of the Apache Plaza shopping mall in Property rt�anagement St. Anthony, Minnesota. Developed in the early 1960s, Apache Plaza was one of the first indoor shopping malls in the country. The mall opened with great fanfaxe but FINANCIAL PARTNERS during the 1970s and 1980s, mall tenants began leaving for newer and larger malls � �aSalle Bank N.A. being built in surrounding communities. Apache Plaza was ulrimately demolished in Ramsey County, MN �e s rin of 2004. Over 4 000 eo le attended the "Bulldozer Bash" on March 20 The City af St. Anthony Village p g � p p ' Dougherty & Company, LLC 2004 to say goodbye and cheer on the new development. Minnwest Bank � The entire $150 inillion redevelopment encompasses approximately 44 acres between TOTAL DEVELOPMENT COST Stinson Boulevard and Silver Lake Road to the south of Silver Lake. In addition to our $49 261-unit rental project, the development features a brand-new Walmart store, additional stsip retail and office space by The Robert Muir Company, for-sale SIZE condominiums and townhomes by Pratt Ordway and Hunt rlssociates, and several new 7.14 acres (site) restaurants. 430,472 sq. ft. (building) COMPLETION DATE Oux design concept for The Landings at Silver Lake Village features well-laid out unit May 20Q6 plans and an amenity package that is second to none. The basic building consists of -�- two wings separated by a two-story drive-through, meant to divide the building both ��{��,� �� ,;�� visually and also separate die 88 senior units from the 173 market-rate units. Of the 88 � A�"`�� `� �:,: senior units, 53 will be set aside at reduced rents for lower-income renters. Senior `� � k.. renters will enjoy their own fitness center, community xoom, and medical office. ��;:. Amenities on the general-occupancy side of the building include a pool, year-round hot _�. , . �. tub, fire pit, clubhouse, party room, fitness center, and theater. The exterior of the building is of traditional style, with a combination of brick, stucco, and lap siding. The one-story clubhouse has a stone fac�ade and is clad with a metal roof. Large window areas and a great degree of fa�ade articulation and roof detail � complete the elevations. ��' The Landings at Silver Lake Village is centrally located within the Twin Cities, , ,:; �, approximately five miles from downtown Minneapolis with convenient acc�ss to 4 freeways. �.=� I ( � 4 � : � ' � ' � The I,andl�gs �� Silu�r Lake V�I1age ' t { :t k i , ` ` � ; S�in� �f�ony; M�T ` ' � , ± �, ,. , _ ,.�., �,.�. fi2.,. > r ._ . _ . . ... � a , . ' , „ . . 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F ��,„ , ��` '^�,�,��,� � ��. �t � i � � S � � € k t 4 a� ,�+t ,� '.' - ' ' =° �, �-�:� y � ; �,�� . ,: . � — . ,:r. . � �,�,� r' . s,�: , � - , :- �,, .r,�.,�� 5�+r� ... �+,� �� ' � ' 1 s. ° _ _ �� .. � i � � �� , c � �' � �= y" "� x� � �� "h �'xz� �;��..zA � 3�� = �`� a� ��s..�. � . F �•, Gtt� 'E%��'� � /n' . � ?... c+�"�e y� +�� 'S i` _ � 3��'P'e�P' i � � � ` bvvi � �., , uq �''� � � `� ' � � .� � - �� `. �.; �= 1 �� .� � �� • � � ` � � � �' � �. � � � : � ? 3z� � �- , � . , " � ' , � X - � � t� ; -- - , � � ;�. �� .:, �' `�� J �: � �--R. �t � _ '� f �,�� 808 BERRY PLACE St. Paul, Minnesota � � � � �� ., � � �,� �� ' t: � � ��` " , � =`; � ��, �'� � �r�'�At�'��gi,� a� - � �t �` �J� •. . . . ,`.';j.', � .. 808 BERRY PLACE St. Paul, Mir�nesota TYPE OF PROJECT 267 Luxury Apartments 30% af units affordable (50% A�I} ARCHITECT �� Walsh Bishop Associates '�"' = - �� - ,z� . �, 808 Bexry Place is a 267-unit apartment building that is part of a larger redevelopment CONSTRUCTION MANAGEMENT district located near University Avenue and Highway 280 in Saint Paul Minn. The two VVeis Builders, Inc. block site consisted of run-down industrial buildings and a few homes. Dominium has completely redeveloped one block of the site into luxury rental housing, with 30 percent DOMINIUM'S RESPONSIBILITY of the units set aside as affordable rental housing. Wellington Management and Hunt Real Estate Development Project Firtancing �ssociates built luxury for housing on the other block. Legai and Environmental Services Design and Construction Our desi conce t for 808 Ber Place is meant to fit within an urban warehouse NEanagement � p �' Property Management redevelopment district. The basic building consists of four wings that form a rectangular Section 42 Compliance block, with a large courtyard area in the center. All units will have excellent views of the surrounding cityscape or of the interior courtyard. The courtyard is highly develope� ' FINANCIAL PARTNERS with a swimming pool spa, deck areas, gazebo, arbors, fountains, and extensive �asaue Bank t�.A. landscaping. The interior common areas feature a fitness center, business center, pool Ramsey County City of St. Paul, MN and amusement room, theater room and a large gathering space overlooking the Dougherty & Company, LLC courtyard. Paramount Financial Group, fna Minnwest Bank The exterior of the buildin is s led as a warehouse-ins ired multi-colored brick block Bremer Bank g tY p with lighter-colored stucco and siding on the upper floors. The clubhouse and loft areas TOTAL DEVELOPMENT COST have a mansard treatment clad with a metal roof. The majority of the building is flat $45,000,000 roofed. Large window areas and a great degree of faCade articularion complete the elevations. SIZE g08 Beri Place is located less than half a mile from Tower Hill Park in St. Paul and less 3.6 acres (site} Y 544 ,444 sq. ft. (build'mg} than three-quaxters of a mile from the Mississippi River Parkway. The site's pro�mity to University Avenue, State Highway 280, Interstate Highway 94, and Interstate Highway 35 COMPLETION DATE provides easy access to all parts of the metropolitan area. May 2dQ4 Residents of 808 Berry Place are able to drive or take a bus to downtown Minneapolis or downtown St. Paul in 10 minutes and to either the Minneapolis or St. Paul campus of the University of Minnesota in less than five minutes. �� .: �:, ,; i � ! � 4 �� . � z , i � � �'�� ' � �-°� Y y,� `' �`- �,F� ''T+ �p I j '. il � .. f Iii � �` y � ��, ' � � � � � � � � �'FC . s �� v . . . .,s ' ' . _. � j ` �#„ � ` '� . -,.+ .: . .r . . .:.. . , , ,�,. 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I � "� .a�� s ,� 4 j �.. � �� ' �.0 �, . ' > �#: '.'; .I..:;.�i�_ 1 � ... .�-_.' � . -.- . . _ '- _ _.-__.___ .- ___'_.. _ _ __ ___ -_ ___ ___.__ . _____ . _ __— _ � _— _ ___ _ _ _ __ . _ _ _ . .___________ ._______ ____' ____ _' _ ' � �. -_'__ ,: ... .�� _ ._'"_ . ." ' _ _. -. - _-, __ . - ...- .. .. . . . .,.; . .. . . THE BLUFFS AT NINE MILE CREEK Eden Prairie, Minnesota � THE BLUFFS AT NINE MILE CREEK ''� � `�` Eden Prairie, Minnesota , 4� s : TYPE OF PROJECT �i88 Luzury Apartments 30°/v of unit affordable (50%a ANEI} ARCHITECT Walsh Bishop Associafes CONSTRUCTION MANAGEMENT weis Buitders, inc. The Bluffs at Nine Mile Creek is located at the noYthwest corner of Valley View Road and Flying Cloud Drive, in what is locally known as the DOMINIUM'S RESRONSIBILITY Golden Triangle. The Bluffs at Nine Mile Creek is one of the premiere Real Estate Deveiopmertt multi-family developments in the Twin Ciries due to its excellent location Project Financing and site-s ecific natural amenities includin acres of mature oaks and Legal and Environmenfal Services p � g Design, Construction palloYamlC views. Property Management Sectian 42 Gompliance � The Bluffs is a single building with three distinct segments diffeYentiated FINANCIAL PARTNERS by one-story steps. The building consists of fouY studios, 70 one- LaSalle Bank N.A. beclYOOin flats, 102 two-bedroom flats and 12 luxury flats, for a total of Hennepin county, Mt� 188 a artment homes. Althou h the enrire buildin has four floors of City of Eden Prairie, MN p g g Dougherty & Company ��c living area, these one-story steps allow the building to follow the natural Paramount Financial Group inc. contours of the hilltop site, thereby minimi7ing gracling while at the same Minnwest Bank Bremer Bank time breaking up the building mass to pxovide architectural intexest. TOTAL DEVELOPMENT COST All units have excellent views of the surxounding area, which include the �s4,soo,000 city of Eden Prairie, Nine-Mile Creek and downtown Minneapolis in the distance. Common area amenities include a swimming pool, spa, roof s�ze top deck areas, fitness center, business center, theateY, pub entertainment 9.60 acres (site) 361,144 sq. ft. (buiiding) room, expansive patio axeas and extensive landscaping. The exterior of the building is mostly brick, with lighter colored stucco and siding at the top floox. Large window areas and a great degree of fac�ade articulation complete the elevations. �..: . ' � Development of The Bluffs offexed a variety of challenges. The land �;. assemblage was complicated. OuY main design challenges included �� = minimizing disturbance of heavily forested aYeas and maximizing views � offered by the site's steep slopes. We settled on a plan that included two ' levels of underground parking to both minim;7e the building footprint ��, ;#_ � vfi and maximize the views. We also helped the city meet its affordable � �� °� s housing goals (30 percent of units aYe affo.rdable) by utilizing a creative ��_. ` �;rt � �� ; ;. tax-exempt bond structure and Section 42 tax credits. Our affordable '' residents enjoy the amenities of a high-end luxury rental community. i � , _,,_:.-� . .. � .�__ , .a_.,. __ f t p k { ` �= The Bluffs; �,t Nine ��le �re�k �_� � � E�� , , , l i � i �` '`� � � f � Ec��n �Fra�r��,1�N , , � � � � ,� �� ,,� �3 , .� �.,.�__. ..<<:� �.___; _ _,.:,�,.:_. .. .� �w_�..°.�..��. ._� .� �.�.,�..._s.�.��,�.��.�.__� �.��. � _ �.. ..�._... _..�._ .�_ �. �._.. _.,.. _, r ; �"�e � � : � � , §`., ax � *s '�:'" �. si�-s� , x�` ,� a f�� ry �°¢ 2' ,� a aa , u,� � `.4 �. $ 4<< '� I w'.,,. ,..z�.,f.+ , riA= # . ({' � �� _ � � ? �h� �� 5 ,� ,�s�g. 3'� � � sC 5 Jx.h " . ,�,;, a �a � � � r },t � ? r, � �,�r�, .n'�.'t a � � �, �" �" � a��°��e.,d�8`8#�:^`� . . � � � ,. : .: - ,. � �. " ._ .:. :. .. r , xb ` . � . s a� . - ; .. . . . - '�'" �� `� _ ��..�, ��. . _ _ . ... . 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L �; y 1 D £ � I .s-.�"i i � �� pp � } �.�,i.�¢ '�� y+r�t� 4' 4 y� I� a� `�`� w� 4� P.i� � �?:� ��e�r i ��7 ��.�� 3 �� .: � ` - � "�, . � i �E�' . f 4F. )a��t' �s ' ; E #yYit v�, �� - # n.:..j`� r2i -: 6 f . x Y , T _ . � ��. -- .: ...:- -':-__ c,..: ___._ . _ " _________ ____ __ _ __________ _ ____ . . . . . . . ___ - _._ __ ____. _ . _ � _ _ — _ _ __ - r -- -- -- , ,� .,.�_. -- - - - -,�� - �- �,,��— + � ��. �'_ �� ,-:: _, .�,. m. ,_ � �� ; , � ti3 ` .e.�` . " .}�«_x " �-c-ca� a. .iW'.-.:.s .. •�:�. . . . .� :. r _ � S�'�}� 3�4 i: � c� i-� �. £E«. : yY_ � > ua��:��:.. . � ' t �'"�'P 7 �I � €�� _� � �� €�ac �� °�°§� � �a s „zR ; �{aS�R'i ' � ; . �� t �' � +��a�-, , `� iFP ," �� a ,,� �. 4 �� '' j . � ' c� � � � : �`� " � � � �� L � �: '��,s ��. i � � e {�" �` z ��. ( ' , .;. � � �� ' ��a�r t Y � { � I � � I � �� $'rt '�d .�; � � I� � � � �,�,r. ,�} ��.��' ,r�.,. '�'� �' . a�`rti �t'� ��'� , ;,: , ��"�'"`r�� ,- r �� , �=� � f ; �'' s� .� �5 °. �� ,..� � � � � e�i� : ��ti �• "$'�� `s'��..., . ... �,; '_.,: �,u _.:.� ...; ,.._._. ��..`�Y .. ��,+��„� . . a �, ,. , - .. , x e ` . � ` ,n . � "� ,+� � r� ` t s, � � ��.. , -��,, . � . �,; �,+i Y� r .�'� ' � .x; �� ; �'�;_ t . �; � -� �� '� �` �� - e � � ��h_� 2 `��e. ��t' ` K' . '�'"R: k �yn>i .uv3+Y*S':�'; ,] k 2. �- __ £ � .:+y* 5t .....�i. � . ,��.� �, � ? � . .�. au S ._��.. �. . .. , , � � , - ,;�t. , �; �, 5'�*� � �.. � t� {+� �� # i � t , k , ��,,�* �-a.��. � �` �� r�� £�.c ��'�'�v� �� ,�€�" � �� i ( r �a;t�i� 3 $ :��, � �� t �� ^� ��, x s ' �a�� : � � � �� £ i h �� ,� � �� `� � . _ ?.�_� -< « . , � . �. _, � . _ . , � _., .. t. ; ,. ,�, . >.a.,.<�s.�,_: � . s �., � STONE CREEK AT MEDICtNE LAKE Plymouth, Mrnnesota � STONE CREEK AT MEDICINE LAKE Piymouth, Minnesota �nr-� � TYPE OF PROJECT ' x't��' i 132 Luxury Apartrnents 4 �•�, 25% of Units Affordabie L � � �� , ARCHITECT � ��`"�' � °�� k �� Walsh Bishop Associates CONSTRUCTION MANAGEMENT Amcon Construction Stone Cxeek at Medicine Lake is a 132-unit li�ury apaYtment community DOMINIUM'S RESPONSIBILITY developed on an infill location in Plymouth, Minnesota. This site has Real Estate Development excellent visibility along Highway 55, easy access to downtown Minneapolis Project Financing and convenient roxiuu to numeYOUS ma oY em lo ment centers. Legal and Environmental Services p �' � p y Design & Construction sect on a comp�iance The challenges to developing this pYOpeYty included poor soils, environmental contamination, extensive wetlands, many matuxe trees that FINANCIAL PARTNERS needed to be saved and the city goals to promote affordable housing. Our Glaser Financial Group �nc. development remediated environxnental contamination, improved wedand� �asa��e Bank tv.A. �ainage by adding rain gardens and minimi7ed impact on trees. We also Minnesota Housing Finance Agency Nennepin county, Mtv utilized a more naturallandscape design so the completed building would fit City of Plymouth Mr� well with its natural surroundings. Family Housing Fund Metropofitan Council minnwest gantc Domuzium worked with the city to meet affordable housing goals — oveY 25 ; Paramount Financial Group Enc. ercent of the units are desi ated to be affoYdable. We worked with state, i Dept. of Housing and Urban Development p � federal and regional units of government as well as foundations to maxuiiize TOTAL DEVELOPMENT COST $21,000,000 �e city's affordable housing investment. We also signed agteements with local non-profit service providers so that our affordable residents would have I SIZE I �s.s acres (s�te) access to needed services and community Yesources. �so,aoo Sa. ft. ��,eid�ng> I COMPLETION DATE Stone Creek at Medicine Lake is a traditional apartment design, with quality June 2004 finishes and generous poxrions of brick and stone exterior treatments. Luxury units at Stone Creek have granite counteYtops, fireplaces, kitchen islands, vaulted ceilings and jacuzzi tubs, to name a few amenities. All units ;�� >� , contain raised-panel cabinetry, in-unit washers and dryers, six-panel doors, ; �` ��'�� :�' � � and central air condirioning. Other� features include undergxound heated � i � parking, a fitness center and an outdoor spa. It would be almost impossible � �''� r ��' ' to guess that this development contains housing affordable to low-income s fz households — that's how we designed it. ; �.-�: • �� _; �r } � � � � � � � # $ ��.; ,�' ri � � �� ,',�� 4� �f � - ---- ... � -- - - -- - - - - :.- _ . . _ . . .,::.., .. , : . . : . � . - -- - - - - - - - --- — — --- -- � a '� o ° . a �aV � � � L k' '� �i � 2 ':�i.��a�'�M�� $ �`� f ~ . � � "'�.� F e �# . �'�€ 3 � �"� zt 6', � • , .� ��..s� 4.. 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' � Y 9� .. y� �,t� �,�+ ' '5 � 3 �� , '4 :t �` . .. 1 '"�, � . r ,� � W, � '"" Pa e �q .. � 5 � ° 5� #�� t �� . .. � . . . 5 K'�� y S5 � �� t . �� a-� t � r ,, c ' � �:� _., - � _ , . �� . . �, �. �. ea � � � 5.!�F F � k wfi � . . � '��<�rc,T� 3 t.,� .#v.�.,'. CARLETON PLACE �OFTS St. Paul, Minnesota • £ r � � � � r� = � 4 ;. , ` �' ;'� � �� CARLETON PLACE LOFTS `�� St. Paul, Mirtnesota �'� 'E g $ �. ��'%x�� { TYPE OF PROJEGT 'E69 Laft Apartments 80% of units aiforciabie (60% AMI) 10% of units affordable (50% ANfi) 10% of units affordab4e (30% AMI) ARCHITECT BKV Group, Inc. Carleton Place Lofts is a historic xedevelopment of three waxehouse buildings located along University �venue in the Midway axea of St. Paul, MN. The buildings are located at 2285, CONSTRUCTION MANAGEMENT 2295, and 2341 Univexsity r1ve. The thxee buildings were pxeviously owned by the Johnson Weis Buifders, Inc. Bxothexs Liquox Company and up until 2000 wexe used as a distriburion facility fox the company. DOMINIUM'S RESPONSIBILITY Phase One of the ovexall developments staxted in Decembex 2005 and will xesult in the re-use of Real Estate Qevelopment Project Financing �e tl�ee histoxic warehouse buildings into 169 dwelling units. The second phase is pxojected to Legal and Environmental Services be an in-fill of two new buildings totaling 250 units of maxket xate housing, xaising the total .pesign and Construction Management housing created to approximately 420 units. Property Management Section 42 Compliance Once the three buildings axe xenovated they will total 169 units of true lofr rental housing with exposed brick, concrete, and wood beams. �ll of the units will be income xestricted and will be FINANCIAL PARTNERS rented to those with incomes at ox below 60% of the s�MI. �11 of the 169 units will be tasgeted Lasaile Bank N.A. to arrists intexested in live-woxk housing. Dougherty & Company, L�C �e nei hboxhood where the buildin s axe located has been desi ated a historic district b the Capmark Financial Group, Inc. g g � y City of St. Paul, MN St. Paul Histoxic Pxeservation Conunission. This designation allows the development to use Ramsey County, MN Fedexal Histoxic Rehabilitation Tax Credits in addition to Secrion 42 Low Income Housing Tax Metropotitan Council Cxedits. These credits will be used to paxtially offset the costs of rehabilitating the buildings from warehouses into a xesidenrial community. TOTAL DEVELOPMENT COST In addition to providing appro�nately 169 units of affoxdable housing the community will $73,000,000 include sevexal outdoox courtyard areas, a rooftop deck/gaxden, and community space to be used as workshop and gallery spaces. The housing will also support the use of public SIZE transportation and fut�e light xail based on its location on Univexsity r�venue. 6.21 acres (site} 222,038 sq. ft. (building) We believe that the cxeative reuse of these historic buildings will be a catalyst fox a neighboxhood that is in the be nnina stages of redevelopment and xeinvestment. The xesidents ANTICIPATED COMPLETION DATE of this pxoject, along with the shopping and sexvices that they will support, will help to May 2007 txansfoxm this neighboxhood into a destination rather than mexely a transportation coxridox. � ,,,, _ : ,. . _ � . q �i;� Yi n `; . t' f , �.a ;�� {�. ' ; F, 4 , " Y , " , a ° • ��" � � � �i rt��,.... � . _ � z se,�; ' . , _cF �� X +V � `o� . 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I I _ , "� i f I 1 . , � , �. � ' � t � 2 2 1 1 } l 2 i ; � i 2 2 � I I I 2 'L 2 i i ;, 73 � . � � .+ 11 � . � 2 2 1 S i Z _. � .�I �" _..��._.� 2 � '?� E , 7 16 22 ' 29. , � � 1 I I � t 2 190 spaces � I 1 2 t� ' � 2 Z. . 4 � _ ' ! I 2 - I . _ ' .l � -- 17 �,- !}. I I 2. � � l ' ..� z . � � ! � . �s � � .,� 2 � ,L � 1 ,, � . Future Project S � 2 2 � Parkin� Level 1:40 Up�er Leveis 2-4 1:40 N 6. CONCEPTUAL PLANS �' BKV DOMINIUM G R� u P