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HomeMy WebLinkAboutCommittee of the Whole packet for 11/21/2016 �... Committee of the Whole Attendance Date: � 1 COUNCIL PRESENT �'' Randy Corman, President � Armondo Pavone, Pres. Pro-Tem � Ryan Mclrvin C C��v1�� �' `,�{S v�) � Ruth Perez �� ,�' Don Persson ,� Ed Prince � Carol Ann Witschi SAFF PRESENT ,� Denis Law, Mayor `�-- Jay Covington, Chief Administrative Officer �Preeti Shridhar, Deputy Public Affairs ❑ Other- � �� Administrator ❑ Other:��,,,r�.�A �,— � Jason Seth, City Clerk ❑ Other: ),n/„ ,;, Co/�vv�� ❑ Megan Gregor, Deputy City Clerk ❑ Other: ,��,� ,s� �,y,/�� ❑ Julia Medzegian, City Council Liaison � �� ❑ Other. �� ���vl r"� ����iN,�.�� S ❑ Larry Warren, City Attorney � ❑ Other: ❑ Zanetta Fontes, Senibr Assistant City Attorney ❑ Other: ,'�— Shane Moloney, Senior Assistant City Attorney ❑ Other: � Kelly Beymer, Community Services Administrator ❑ Other: ❑ Chip Vincent, Community and Economic ❑ OfFer: Development Administrator � ❑ Other: Ellen Bradley-Mak, Human Resources& Risk ❑ Other: Management Administrator � Chief Kevin Milosevich, Police Department ❑ Other: � Gregg Zimmerman, Public Works Administrator � Other: � ❑ Other: Jan Hawn, Administrative Services Administrator ❑ Jennifer Henning, Planning Director ❑ Jim Seitz,Transportation Director ❑ Leslie Betlach, Parks Planning& Natural Resources Director � Cliff Long, Economic Development Director � AGENDA Committee of the Whole Meeting 5:30 PM - Monday, November 21, 2016 7th Floor, Council Chambers, 7th Floor, City Hall – 1055 S. Grady Way 1. ANIMAL CONTROL SERVICES Presentation 2. 200 MILL REDEVELOPMENT RFP EVALUTATION a) Staff Report b) Presentation 3. REGIONAL ISSUES AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. AGENDA ITEM #1. DEPARTMENT OF COMMUNITY & ECONOMIC DEVELOPMENT M E M O R A N D U M DATE: November 17, 2016 TO: Randy Corman, Council President Members of Renton City Council VIA: Denis Law, Mayor FROM: C.E. “Chip” Vincent, CED Administrator STAFF CONTACT: Cliff Long, Economic Development Director John W. Collum, Community Development Project Manager SUBJECT: Evaluation of 200 Mill Avenue Development Proposals I Background The City-owned site at 200 Mill Avenue sits in the heart of what has been identified as the civic node – a confluence of major civic, recreational and cultural amenities within Renton’s downtown. It is a centrally-located but underutilized 3.79 acre property improved with a seven-story office building built in 1969 (former Renton City Hall) and a large surface parking lot. The site is located adjacent to the Renton Library, across the Cedar River from Liberty Park, and within a few blocks of key downtown services and landmarks. With a long linear frontage on the Cedar River, the property presents both a challenge and a tremendous opportunity for development that will require a thoughtful approach to maximize its potential public and economic development benefits. The former City Hall building is currently 72% occupied with a mix of public, nonprofit and private tenants, a majority of which pay market lease rates currently. Despite this, building operations have run at a deficit in the past several years, which has required the City to support maintenance and upgrades from the City’s general fund. Between 2013 and 2016, the City invested approximately $1.8 million in building improvements, partially through a loan that requires annual payments of $175,000 beginning in 2016. The building is in an aging condition that will require increased ongoing maintenance and significant upgrades to bring the building up to a level that would improve operating performance and marketability. A 2009 building study estimated this cost at more than $10 million. Recent property valuation reports suggest it is unlikely that such expenses would be recovered by significantly increased lease income based on relatively weak demand for office space in the south end market. AGENDA ITEM #2. a) Randy Corman, Council President Page 2 of 10 November 17, 2016 The City initiated a two-part process to entertain proposals to acquire the 200 Mill Avenue building and surrounding property with the purpose of repositioning or redeveloping the site in a manner consistent with the City’s goals and objectives. The Request for Interest (RFI) was published and sent directly to more than 130 individuals to respond to a Request for Proposals (RFP) with an Expression of Interest. Three firms were selected as finalists and were asked to respond with development concepts and transaction proposals that thoughtfully address the City’s vision and provide a creative approach to catalyze a vibrant urban development pattern in the City Center. Two teams responded with development proposals. An RFP Review Committee consisting of City staff (representing departments with expertise in different areas of review, including: Facilities, Finance, Legal, Economic Development, and Planning) and Council representatives evaluated each proposal based on its responsiveness to the City’s stated objectives; the qualifications and capacity of the development team members, including site tours and review of similar completed projects; the proposed development concept; and the purchase offer and its ability to achieve the City’s financial objectives as stated in the RFP. Additionally, a preliminary financial feasibility analysis of each proposal was conducted and each team was required to demonstrate its financial capacity to carry out its respective development concept. Finally, each team participated in a two-hour interview with the Review Committee where each was invited to make a presentation and respond to interview questions, specific to its proposal. II Summary of Development Proposals The Review Committee was impressed with the caliber of both development teams and the thoughtful approach each took to delivering a high-quality development proposal to intensify and energize this important location. The two proposals summarized below take very different approaches to the development challenges and opportunities presented by the 200 Mill property. See associated presentation for proposal drawings. Cosmos Development Company The Cosmos team consists of Bellevue-based Cosmos Development Company as developer and owner, Seattle-based Jackson Main Architecture, Charter Construction, DCI Engineers (civil and structural), Brumbaugh & Associates (landscape architects), and Heffron Transportation. Cosmos has recently developed The Lofts at Second and Main in Downtown Renton (nearly complete), and recently finished Lake Hills Mixed Use Center in eastern Bellevue and Redmond Square in Redmond. Two other large scale development projects are planned in Lynnwood and Redmond. Each of the team members has collaborated with Cosmos on other projects and most have worked with each other. Highlights of work experience showed a capability to do complex multifamily mixed use developments of a similar scale to the 200 Mill site proposal. The team proposed a joint and coordinated Public Private Partnership with the City, wherein Cosmos would acquire the parking lot of the 200 Mill Building (about 2.09 acres) and develop it with a mix of residential and retail uses. It would leave the office building in City ownership and AGENDA ITEM #2. a) Randy Corman, Council President Page 3 of 10 November 17, 2016 proposes that the City develop additional public improvements and amenities to enhance the site. Private Development Portion: Market Rate Residential (rental): Approximately 312 studio, one-, two- and three-bedroom units in three mid-rise buildings ranging in height from six to eight stories. The development is proposed to be done in two phases. Convenience Retail: Approximately 24,400 square feet of ground level retail space within two buildings, with a public pedestrian walkway (MEWS) providing internal site access to the some of the retail space. The retail uses are primarily proposed to support the new residential units and immediate surrounding area. Shared Parking: One structured parking garage (one full level below grade and two partial levels above grade). Parking would accommodate between 344 and 406 spaces that would serve the new residential and retail uses, as well as the existing office building. Public Development Portion: The team proposed that the City retain and upgrade the existing office building including improvements to the building exterior similar to those proposed in the 2009 building study. The team also proposed that the City continue to own the library surface parking lot and commit to significant public improvements on the remaining City-owned property, including a new public arrival plaza, a new linear pedestrian trail along the Cedar River, and a public park on the southeast side of the office building fronting the Cedar River. The private development component was contingent on the City making the commitment to move forward with the office upgrade and public improvements in conjunction with the private development. The overall project schedule envisioned a phased development over the next three to four years, subject to timing of City improvements as well as market conditions. Purchase Offer: Reconfigure parcel boundaries to create a 1.60 acre Parcel A, which the City would retain and a 2.08 acre parcel from the existing office parking lot (Parcel B) which Cosmos would purchase at the stated value of $30 per square foot 1 for a total purchase price of $2,727,210. Winson Investment The Winson team consists of Bellevue-based Winson Investment as the developer and owner of the entire site and all improvements; a design team comprised of Bellevue-based BDCL Design International and Portland-based V3 Studio (master plan and lead designer of the public improvements); with Seattle-based Rolluda Architects for the school and community learning center components; and SAGE Architectural Alliance for the senior housing component; and MarPac Construction as the general contractor. The project’s key investor, Mr. Guile Pan, is from China and brings the vision for a key component of the proposal as described below. The 1 From the Broker’s Opinion of Value dated July 8, 2016 prepared by SVN Raven AGENDA ITEM #2. a) Randy Corman, Council President Page 4 of 10 November 17, 2016 development team members have worked with each other in some combinations on numerous past projects, like the Cosmos team, though only BDCL, V3 and MarPac have worked with Winson. On project tours, the Review Committee visited MarPac’s ID Village Square project in Seattle’s International District and Rolluda’s Ethnic Cultural Center on the University of Washington campus in Seattle. The committee also saw a presentation of two of Mr. Pan’s past projects (JingYU Hotel in Chongqing, China and QingLan Peninsula master planned development in Hainan, China), as well as several projects that Winson, BDCL, and V3 have collaborated, including high-density master planned developments in various cities in China. Winson proposes to acquire the entire site and develop it into a mix of residential, educational, community, retail and restaurant uses with significant community benefits in the form of public amenities in three phases. The heart of the plan is the creation of a “Learning Center” that will be anchored by two main components: a new International School and an adult/senior housing complex. Phase 1 Development: Shared Learning Center: A multi-use Learning Center shared between the school and the community providing classrooms and meeting space for student functions during the school hours and an extension of the library for meeting space during non-school hours. International School: A new International School initially sized for up to 500 students in grades 6-12 with student “commons,” a cafeteria, and an 11-story dormitory tower with 250 quad- style units that would house approximately 400 international students initially, with the remainder anticipated to be local students living off campus. A student census that is more balanced between international and local students is anticipated in future years with reputation growth. Shared Multi-Function Gymnasium and Theater: A two-level gymnasium/theater facility that would be available for school functions as well as events in the surrounding community; also to include classrooms and administrative office space for the International School. Phase 2 Development: Independent Senior Living: A 10-story senior housing tower with approximately 30,000 square feet of support space (reception, fitness area, salon, housekeeping, activity rooms, and private dining areas) plus a ground floor waterfront restaurant open to the public overlooking the Cedar River. Phase 3 Development: Outdoor Civic Plaza and Riverwalk Park: The plan also proposes considerable public amenities that would be privately-owned and maintained but open to the public in perpetuity, including a civic plaza with water feature, amphitheater, and riverwalk park connecting the site to the AGENDA ITEM #2. a) Randy Corman, Council President Page 5 of 10 November 17, 2016 Cedar River and the Liberty Park playfields beyond. To accommodate these improvements, the existing office building would be demolished either during phase 2 or 3, dependent upon the status of existing tenant leases and ultimate timing of completion of phases 1 and 2. Shared Parking: Approximately 15 library parking spaces would remain in a surface lot with the balance of required library spaces provided in an underground 340-space garage, which will also support the school, residential, retail and other public uses on site. The garage would be constructed during phases 1 and 2. The three-phased project schedule includes two alternatives over the next 4-5 years, dependent upon the status of existing tenant leases. Purchase Offer: Proposing a total of $4,000,000 cash plus the value of public improvements at cost, estimated at $3,010,469, for a combined offer of $7,010,469 (slightly exceeds stated combined Broker’s Opinion of Value for building and land of $6,983,870). III Review Committee Summary The City intends that proposed development of the 200 Mill site will achieve certain City objectives. Both teams presented development concepts that address most of these objectives with a higher intensity development plan that brings a variety of different uses to the site and creates a more urban center feel. Both proposals would increase the round the clock utilization of the site with a more intense residential development supported by a mix of public and private amenities. The Cosmos proposal relied on significant participation of the City to achieve these objectives, while the Winson team proposed to provide the City’s desired objectives privately. Other distinctions between the two proposals are noted in more detail below. City Objectives Cosmos Winson a. Private use that complements image and function of civic node concept and Center Downtown Zone – both of which call for higher intensity development with a variety and mix of land uses that are indicative of an urban center High density residential; moderate retail use Institutional; residential; community; moderate retail; restaurant, public amenities; employment opportunities b. Enhance access and visibility with better connections to other amenities and business district Public access through site’s new private development; connections to History Museum and business district along Mill; pedestrian connections to river dependent on Public access through site’s new private development, as well as public accessibility via new civic plaza and riverfront park provided by developer; connections to History AGENDA ITEM #2. a) Randy Corman, Council President Page 6 of 10 November 17, 2016 requested City improvements Museum and business district along Mill c. Superior building w/ 360-degree site design Good building façade design along Mill and Houser; building phasing dependent on City; parking above and below grade; overall site design is oriented internally Full site design and superior building design with through-linkages (visual/pedestrian); interesting variations in building heights and transitions to surrounding buildings; majority of parking below-grade; overall site design is oriented toward publicly- accessible open space and river d. More intensive use and round-the clock activity/energy High degree of residential tenants brings energy and demand for other downtown retail businesses; retails uses increases foot traffic High degree of students and seniors plus public amenities and retail/restaurants = high activity e. Retain library parking per agreement with King County Library District Does not acquire library parking lot. No change proposed Retains some surface parking and provides balance underground f. Provide public benefits/amenities that enhance site (exceeding minimum standards required by Design Guidelines) Pedestrian public access between retail buildings; public arrival plaza and riverfront trail/park amenities to be responsibility of City to complete; private development is contingent on City commitment Privately developed public access; significant community benefits including civic plaza and connected riverwalk park; shared use Learning Center; multi-use performance/ gymnasium space and pedestrian connections linking to surrounding area g. Provide fair market return to City in disposition (both the building and land were to be valued at Fair Market Value). Portion of land purchased at City’s stated value; no value given to City-retained portion or development costs for building upgrades and Return to City comprised of cash and value of public improvements to be privately developed and managed/maintained in perpetuity AGENDA ITEM #2. a) Randy Corman, Council President Page 7 of 10 November 17, 2016 public amenities Potential Financial Impact of Proposals Cash purchase: $2.7M City cost-building: ($10M) City amenities: ($3M) Total Net Cost: ($10.3M) Maintenance: ($200K)/yr) Building Ops: ($100K/yr) Cash purchase: $4M In-kind amenities: $3.01M Total Net Benefit: $7.01M Ongoing Maintenance Benefit: $200K/yr The two proposals were rated by the Review Committee based on the scoring criteria in the RFP, providing a total of 150 possible points. The breakdown of team scores was determined to be: Category Winson Cosmos Total possible Team Qualifications & Individual Commitment 22.8 23.3 30 Proposed Development Concept 32.7 27.3 40 Additional Submittal Items 14.3 11.0 15 Financial Feasibility (Pro Forma) 14.0 12.0 20 Proposed Project Schedule 9.5 9.8 10 Purchase Offer 9.3 7.5 10 Interview 23.1 17.4 25 TOTALS 125.7 108.3 150 IV Issues of Concern In reviewing the proposals, the Review Committee identified areas that may warrant further discussion or raise questions of concern to the City as it entertains each proposal. These are summarized by team below. The issues of concern would be further reviewed and considered during the early stages of due diligence and development agreement negotiations between the City and selected development team. Cosmos Proposal x Proposal leaves City with significant known and unknown costs for: o Ongoing operations of the 200 Mill building (currently operating at a deficit of over $100,000 annually); with significant and increasing maintenance costs. o Required upgrading of the existing building exterior (described as a requirement for private participation). A similar scope was estimated at $10 million in 2009. o Construction of significant public amenities and improvements (arrival plaza, river trail, and riverfront park). Cost unknown but potentially could be several million dollars. AGENDA ITEM #2. a) Randy Corman, Council President Page 8 of 10 November 17, 2016 o Ongoing maintenance of public improvements and library parking in perpetuity. Cost unknown but potentially could be hundreds of thousands of dollars per year. x Commitment by the City to assure funds and complete improvements in conjunction with development schedule is required for developer participation. x Project schedule and phasing would significantly impact parking. Development team did not address parking needs during phased construction. Parking would be eliminated completely from private development site at start of Phase I and would not be restored for approximately 20-month construction duration. x Development of first 237 units occurs in Phase I, however completion of remaining 75 units would be contingent on City participation and market conditions. No assurance of timing for later portions of development. Interim condition of site leaves vacant retail space (would not be leased until completion of Phase 2) and an above grade parking garage and concrete building pad as the “face” of Mill Avenue. x While the initial financial review revealed sufficient financial capacity to complete development at stated cost, development budget appears to be understated. Additional capacity would therefore need to be evaluated prior to agreement. x Developer proposes that all parking would be paid parking. What is the feasibility for this in the area? Winson Proposal x The project concept includes an International School, drawing students from China. Based on information provided in the RFP process, there appears to be significant pent up demand for such U.S.-based education opportunities. As a unique use to the area, the financial feasibility is difficult to fully evaluate at this stage. o The development team proposes to operate the school based on a local private school model, with similar staffing ratios and expenses on a per student basis. The lead investor has experienced Chinese education partners advising on the school’s structure and operational development. The Review Committee also viewed tuition comparables for both local schools and International Schools based in China which appear to support revenue assumptions. As part of a due diligence process, the development team intends to gather more in depth information on the school operating structure and financial assumptions. This information would need to be reviewed by the City should the proposal move forward. x Public amenities are significant and commitment to construct may require some form of financial assurance of completion as these would be done following demolition of the office building. x Public amenities (civic plaza with water feature, riverwalk park) would not generate revenue but will require ongoing maintenance (cost is estimated at $200,000 annually). AGENDA ITEM #2. a) Randy Corman, Council President Page 9 of 10 November 17, 2016 These uses will be subsidized largely by the International School and Learning Center functions. Financial feasibility of school operations is therefore important for the full scope of public benefits proposed. x Availability of investor resources was analyzed in detail and determined to be sufficient for the required participation in the overall project; however timing and access of the portion of resources held in China will require government authorization of the investment once a development contract is executed. U.S. based resources appear sufficient to work through predevelopment and DDA stage but would need to time investment and movement of other resources to assure sufficient equity. (Lender would require this as well). x Senior independent living units are proposed in a high rise design. While senior housing may be in demand, need to better understand market for this type of design concept in the Renton area. V Conclusions / Recommendations The Review Committee was impressed with the caliber of both development teams and the thoughtful approach each took to delivering a high-quality development proposal to intensify and energize this important location. Both proposals, if fully completed, would bring greater density to the area and catalyze a vibrant urban development pattern to this end of Downtown Renton. Both development teams have a demonstrated track record and capacity to deliver on the concepts they propose. However, only one proposal appears to accomplish this without the requirement of significant up front and ongoing public resources and involvement. The uncertainty related to the availability of the capital resources of significant building upgrades on a timeline necessary for the Cosmos team to move forward is of concern. Additionally, the Cosmos proposal’s request to retain ownership of the office building would mean the City would continue to incur on- going operating costs for the facility, as well as additional construction and maintenance costs for the requested public park and trail improvements in perpetuity. On the other hand, the Winson proposal provides a wide range of public amenities provided by the developer, including both construction and management/maintenance costs and public access to facilities. Furthermore, the Winson proposal presents the opportunity to introduce the downtown area to a wide variety of interconnected uses on one site, including an educational facility, that can serve as a catalyst for other development in downtown while connecting the Cedar River and areas beyond more directly to the business district. Given these concerns and the opportunities presented through the Winson proposal, the Committee therefore recommends pursuing negotiations with the Winson Investment team to determine whether a mutually acceptable Development Agreement can be reached to move forward with its proposed concept. AGENDA ITEM #2. a) Randy Corman, Council President Page 10 of 10 November 17, 2016 VI Next Steps – ENA and DDA Processes and Timeline The RFP process describes the next steps upon selection of a development team. Council would authorize the City to enter into an Exclusive Negotiating Agreement (ENA) with the selected team, which would establish a scope and timeline in which both parties would conduct initial feasibility analysis and due diligence activities sufficient to arrive at a mutually acceptable Disposition and Development plan. The proposed timeline for completion and execution of the ENA is by December 2016. Upon execution of this Agreement, the selected team would provide an earnest money deposit to hold its right to exclusively negotiate the terms of development with the City. The RFP established a tentative timeframe of four (4) months for the completion of preliminary feasibility work and presentation of a more detailed Development Plan to the City. The City and the selected developer would then begin negotiating the terms for execution of the Development Plan, formally referred to as the Disposition and Development Agreement (DDA) which would address items including, but not limited to, terms for the disposition of land, timing of predevelopment activities including entitlements, community engagement, design development, preliminary budgeting, permitting, financial commitments, and phasing of construction. The RFP established a tentative timeframe of four (4) months for the negotiation and completion of the DDA, with an anticipated approval and execution date of September 2017. AGENDA ITEM #2. a) 2 0 0 M i l l A v e n u e Fo r m e r R e n t o n C i t y H a l l AGENDA ITEM #2. b) S i t e D e s c r i p t i o n • Un d e r u t i l i z e d C i t y - o w n e d p r o p e r t y wi t h 1 9 6 0 ’ s e r a s e v e n - s t o r y o f f i c e bu i l d i n g • Ex i s t i n g o f f i c e b u i l d i n g i s a g i n g a n d in n e e d o f u p g r a d e s • 3. 7 9 a c r e s i t e ( p a r c e l s 1 & 2 ) • Ad j a c e n t t o L i b r a r y , C e d a r R i v e r , & Li b e r t y P a r k • Ci t y i s s u e d R F I & R F P t o s o l i c i t pr o p o s a l s f o r r e d e v e l o p m e n t o f s i t e • Re d e v e l o p m e n t m u s t b e c o n s i s t e n t wi t h C i t y ’ s g o a l s a n d o b j e c t i v e s ou t l i n e d i n R F P AGENDA ITEM #2. b) D e v e l o p m e n t G o a l s Ci t y C e n t e r C o m m u n i t y P l a n • Re n t o n i s e x p e c t e d t o g r o w co n s i d e r a b l y o v e r t h e n e x t 2 0 y e a r s • Th e C i t y C e n t e r C o m m u n i t y P l a n ad o p t e d i n 2 0 1 1 i s d e s i g n e d t o : • sh a p e a n d d i r e c t g r o w t h • pr o v i d e s t r a t e g y t o s t i m u l a t e ec o n o m i c d e v e l o p m e n t • im p r o v e l i v a b i l i t y o f n e i g h b o r h o o d s • pr e s e r v e C i t y C e n t e r ’ s u n i q u e i d e n t i t y wh i l e c r e a t i n g c o m m u n i t y c h a r a c t e r AGENDA ITEM #2. b) D e v e l o p m e n t G o a l s Ce n t e r D o w n t o w n Z o n e • Al l o w s f o r w i d e s t m i x o f l a n d u s e s • St r o n g l y e n c o u r a g e s i n t e n s i v e de v e l o p m e n t t o c r e a t e v i b r a n t di s t r i c t a n d i n c r e a s e e m p l o y m e n t op p o r t u n i t i e s • Si t e i s s u i t a b l e f o r h i g h e r d e n s i t y ur b a n u s e a n d p e d e s t r i a n a c t i v i t y • Pr o p o s a l s s h o u l d p r o v i d e a c r e a t i v e ap p r o a c h t o c a t a l y z e a v i b r a n t ur b a n d e v e l o p m e n t AGENDA ITEM #2. b) C i t y O b j e c t i v e s • Re t u r n a n u n d e r u t i l i z e d s i t e t o pr i v a t e u s e t h a t f o s t e r s t h e i m a g e an d f u n c t i o n o f C o m m u n i t y P l a n ’ s ci v i c n o d e c o n c e p t a n d t h e C e n t e r Do w n t o w n Z o n e • Pr o v i d e e n h a n c e d a c c e s s , v i s i b i l i t y , an d c o n n e c t i o n s t o s u r r o u n d i n g ci v i c , n a t u r a l , a n d c u l t u r a l a m e n i t i e s an d D o w n t o w n B u s i n e s s D i s t r i c t • Ac h i e v e s u p e r i o r 3 6 0 - d e g r e e bu i l d i n g a n d s i t e d e s i g n t h a t d o e s no t t u r n i t s b a c k o n s u r r o u n d i n g us e s • Ma x i m i z e s i t e ’ s a p p e a l , b r i n g i n g mo r e i n t e n s i v e r o u n d - t h e - c l o c k ac t i v i t y a n d e n e r g y t o t h e a r e a AGENDA ITEM #2. b) C i t y O b j e c t i v e s C o n t i n u e d • Re t a i n p a r k i n g f o r p u b l i c l i b r a r y • Pr o v i d e p u b l i c b e n e f i t s / a m e n i t i e s th a t e n h a n c e t h e n a t u r e a n d ch a r a c t e r o f s i t e a n d s u r r o u n d i n g us e s a n d e x c e e d s t h e C i t y ’ s mi n i m u m s t a n d a r d s • Pr o v i d e f a i r m a r k e t r e t u r n t o t h e Ci t y i n t h e d i s p o s i t i o n o f i t s p r o p e r t y AGENDA ITEM #2. b) T h e C o s m o s P r o p o s a l AGENDA ITEM #2. b) C o s m o s • Ph a s e 1 i n c l u d e s d e v e l o p e r ’ s c o n s t r u c t i o n o f fu l l b e l o w a n d a b o v e g r a d e p a r k i n g g a r a g e a n d po d i u m a n d b u i l d i n g s A ( 8 s t o r i e s ) a n d B ( 7 st o r i e s ) ( i n c l u d e s 2 3 7 D U s ) ; a l s o , C i t y ’ s de v e l o p m e n t o f p u b l i c p a r k a t N E c o r n e r o f s i t e • Ph a s e 2 i n c l u d e s d e v e l o p e r ’ s c o n s t r u c t i o n o f bu i l d i n g C ( 6 s t o r i e s ) ( i n c l u d e s 7 5 D U s ) ; a l s o , Ci t y ’ s r e f u r b i s h i n g o f e x i s t i n g o f f i c e b u i l d i n g an d d e v e l o p m e n t o f C e n t r a l P l a z a • To t a l o f 3 1 2 m a r k e t r a t e D U s • 24 , 4 0 0 S F r e t a i l w i t h i n b u i l d i n g s B a n d C • 34 4 t o 4 0 6 t o t a l p a r k i n g s t a l l s • Pu b l i c p l a z a n e a r M i l l / H o u s e r , l e a d i n g t o pe d e s t r i a n o n l y r e t a i l / r e s t a u r a n t s t r e e t ( M E W S ) an d e n d i n g a t c e n t r a l a r r i v a l p l a z a • Pr i v a t e c o u r t y a r d f o r r e s i d e n t i a l t e n a n t s a b o v e pa r k i n g g a r a g e AGENDA ITEM #2. b) C o s m o s • Pr o p o s e d l o t l i n e a d j u s t m e n t i n or d e r t o p u r c h a s e a p o r t i o n o f pa r c e l 2 o n l y • 2. 0 9 o f t h e 3 . 7 9 a c r e s a r e d e s i r e d fo r p u r c h a s e • Le a v e s t h e s e v e n - s t o r y o f f i c e bu i l d i n g , l a n d a l o n g C e d a r R i v e r , an d l i b r a r y p a r k i n g i n C i t y o w n e r s h i p (e n t i r e p a r c e l 1 a n d b a l a n c e o f pa r c e l 2 ) • Pr o p o s e d p u r c h a s e p r i c e i s $2 , 7 2 7 , 2 1 0 ( 9 0 , 9 0 7 S F x $ 3 0 p e r SF ) • Ci t y i s t o r e f u r b i s h e x i s t i n g o f f i c e bu i l d i n g a n d d e v e l o p a n d m a i n t a i n a p u b l i c p a r k a n d w a l k / t r a i l a l o n g th e C e d a r R i v e r AGENDA ITEM #2. b) C o s m o s AGENDA ITEM #2. b) C o s m o s AGENDA ITEM #2. b) C o s m o s AGENDA ITEM #2. b) T h e W i n s o n P r o p o s a l AGENDA ITEM #2. b) W i n s o n • Ph a s e 1 i n c l u d e s c o n s t r u c t i o n o f b e l o w g r a d e p a r k i n g , l e a r n i n g ce n t e r ( 2 s t o r i e s ) , s t u d e n t d o r m i t o r y w i t h c a f e t e r i a a n d r o o f t e r r a c e (1 2 s t o r i e s ) , i n t e r n a t i o n a l s c h o o l w i t h g y m , c l a s s r o o m s , a n d ad m i n i s t r a t i o n a r e a s • Ph a s e 2 i n c l u d e s e x p a n s i o n o f b e l o w g r a d e p a r k i n g , d e m o l i t i o n o f ex i s t i n g o f f i c e b u i l d i n g , c o n s t r u c t i o n o f i n d e p e n d e n t s e n i o r l i v i n g un i t s a n d f a c i l i t i e s ( 8 3 D U s ) , a n d w a t e r f r o n t r e s t a u r a n t • Ph a s e 3 i n c l u d e s c o n s t r u c t i o n o f c i v i c p l a z a , R i v e r w a l k p a r k , a n d wa t e r f e a t u r e • 50 0 s t u d e n t c a p a c i t y w i t h 2 5 0 d o r m r o o m s • 17 , 6 5 6 s q f t o f r e t a i l / r e s t a u r a n t s p a c e a l o n g M i l l A v e n u e a n d wa t e r f r o n t • 34 0 t o t a l p a r k i n g s t a l l s i n g a r a g e a l o n g w i t h 1 5 s u r f a c e s p a c e s de d i c a t e d t o l i b r a r y ( a d d i t i o n a l g a r a g e s p a c e s d e s i g n a t e d f o r li b r a r y ) • Pu b l i c c e n t r a l c i v i c p l a z a s u r r o u n d i n g n o n - s t r e e t s i d e s o f b u i l d i n g wi t h w a t e r f e a t u r e t h a t b o r d e r u p p e r a n d l o w e r p l a z a s e c t i o n s ; ri v e r f r o n t p a r k c o n n e c t i n g c i v i c p l a z a l e v e l s t o C e d a r R i v e r • Sm a l l p u b l i c p l a z a a t M i l l a n d H o u s e r , a l o n g w i t h p e d e s t r i a n p a s s - th r o u g h s f r o m s t r e e t s b e t w e e n b u i l d i n g s t o c i v i c p l a z a AGENDA ITEM #2. b) W i n s o n • Pr o p o s e d p u r c h a s e o f b o t h p a r c e l s an d e x i s t i n g s i t e i m p r o v e m e n t s • Pr o p o s e d p u r c h a s e p r i c e i n c l u d e s $4 , 0 0 0 , 0 0 0 c a s h a n d $ 3 , 0 1 0 , 4 6 9 wo r t h o f p u b l i c a m e n i t i e s p a i d b y de v e l o p e r ( i n c l u d i n g d e m o c o s t o f ex i s t i n g o f f i c e b u i l d i n g , de v e l o p m e n t c o s t o f r i v e r f r o n t p a r k , ci v i c p l a z a a n d w a t e r f e a t u r e , a n d va l u e o f l a n d t h a t w i l l b e m a d e av a i l a b l e f o r p u b l i c u s e ) f o r a t o t a l pu r c h a s e o f f e r o f $ 7 , 0 1 0 , 4 6 9 • In a d d i t i o n , d e v e l o p e r r e s p o n s i b l e fo r c o s t o f m a n a g i n g / m a i n t a i n i n g ri v e r f r o n t p a r k , c i v i c p l a z a a n d fo u n t a i n ( e s t i m a t e d a t $ 2 0 0 , 0 0 0 an n u a l l y ) AGENDA ITEM #2. b) W i n s o n AGENDA ITEM #2. b) W i n s o n AGENDA ITEM #2. b) W i n s o n AGENDA ITEM #2. b) S e l e c t i o n C r i t e r i a C a t e g o r y W i n s o n C o s m o s T o t a l P o s s i b l e Te a m Q u a l i f i c a t i o n s a n d In d i v i d u a l C o m m i t m e n t s 30 p t s Pr o p o s e d D e v e l o p m e n t Co n c e p t 40 p t s Ad d i t i o n a l S u b m i t t a l It e m s 15 p t s Op e r a t i n g P r o - F o r m a , Pr o j e c t S o u r c e s & U s e s 20 p t s Sc h e d u l e 10 p t s Pr o p o s e d P u r c h a s e P r i c e 10 p t s In t e r v i e w 25 p t s TO T A L S 15 0 AGENDA ITEM #2. b) S e l e c t i o n C r i t e r i a C a t e g o r y W i n s o n C o s m o s T o t a l P o s s i b l e Te a m Q u a l i f i c a t i o n s a n d In d i v i d u a l C o m m i t m e n t s 22 . 8 2 3 . 3 30 p t s Pr o p o s e d D e v e l o p m e n t Co n c e p t 32 . 7 2 7 . 3 4 0 p t s Ad d i t i o n a l S u b m i t t a l It e m s 14 . 3 1 1 1 5 p t s Op e r a t i n g P r o - F o r m a , Pr o j e c t S o u r c e s & U s e s 14 1 2 20 p t s Sc h e d u l e 9 . 5 9 . 8 10 p t s Pr o p o s e d P u r c h a s e P r i c e 9 . 2 5 7 . 5 10 p t s In t e r v i e w 2 3 . 1 1 7 . 4 25 p t s TO T A L S 1 2 5 . 7 1 0 8 . 3 1 5 0 AGENDA ITEM #2. b) I s s u e s o f C o n c e r n 20 0 M i l l A v e n u e AGENDA ITEM #2. b) C o s m o s P r o p o s a l C o n c e r n s • Pr o p o s a l l e a v e s C i t y w i t h s i g n i f i c a n t kn o w n a n d u n k n o w n c o s t s • Pr o j e c t s c h e d u l e a n d p h a s i n g w o u l d si g n i f i c a n t l y i m p a c t p a r k i n g d u r i n g co n s t r u c t i o n • 23 7 u n i t s d e v e l o p e d i n P h a s e 1 , w i t h co m p l e t i o n o f r e m a i n i n g 7 5 u n i t s co n t i n g e n t u p o n C i t y p a r t i c i p a t i o n a n d ma r k e t • In t e r i m c o n d i t i o n o f s i t e b e t w e e n p h a s e s le a v e v a c a n t r e t a i l s p a c e w i t h p a r k i n g ga r a g e a s “ f a c e ” o f s i t e • De v e l o p m e n t b u d g e t a p p e a r s t o b e un d e r s t a t e d • De v e l o p e r p r o p o s e s t o c h a r g e f o r a l l pa r k i n g AGENDA ITEM #2. b) W i n s o n P r o p o s a l C o n c e r n s • Fi n a n c i a l f e a s i b i l i t y o f I n t e r n a t i o n a l Sc h o o l i s h a r d t o f u l l y e v a l u a t e a t t h i s st a g e • Pu b l i c a m e n i t i e s a r e s i g n i f i c a n t a n d co m m i t m e n t t o c o n s t r u c t m a y r e q u i r e fi n a n c i a l a s s u r a n c e o f c o m p l e t i o n • Pu b l i c a m e n i t i e s w i l l r e q u i r e o n - g o i n g pr i v a t e m a i n t e n a n c e . C a n o t h e r s i t e fu n c t i o n s s u p p o r t t h i s ? • Ti m i n g a n d a c c e s s t o i n v e s t m e n t eq u i t y h e l d i n C h i n a w i l l n e e d t o b e na v i g a t e d • Be t t e r u n d e r s t a n d i n g o f m a r k e t f o r se n i o r i n d e p e n d e n t l i v i n g i n R e n t o n ar e a i s n e e d e d AGENDA ITEM #2. b) R e v i e w C o m m i t t e e C o n c l u s i o n s / R e c o m m e n d a t i o n 20 0 M i l l A v e n u e AGENDA ITEM #2. b) C o n c l u s i o n s • Th e R e v i e w C o m m i t t e e w a s i m p r e s s e d w i t h c a l i b e r o f b o t h t e a m s a n d p r o p o s a l s a n d be l i e v e e i t h e r w o u l d b r i n g g r e a t e r d e n s i t y a n d e n e r g i z e d o w n t o w n • Bo t h d e v e l o p m e n t t e a m s h a v e a d e m o n s t r a t e d t r a c k r e c o r d a n d c a p a c i t y t o d e l i v e r • On l y t h e W i n s o n p r o p o s a l a p p e a r s t o a c c o m p l i s h C i t y o b j e c t i v e s w i t h o u t t h e n e e d f o r si g n i f i c a n t u p f r o n t a n d o n g o i n g p u b l i c r e s o u r c e s a n d i n v o l v e m e n t • Th e W i n s o n p r o p o s a l p r o v i d e s a w i d e r r a n g e o f p u b l i c a m e n i t i e s ; i n t r o d u c e s t h e do w n t o w n a r e a t o a v a r i e t y o f i n t e r c o n n e c t e d u s e s o n o n e s i t e t h a t c a n s e r v e a s a ca t a l y s t f o r o t h e r d e v e l o p m e n t ; a n d c o n n e c t s t h e C e d a r R i v e r a n d a r e a s b e y o n d m o r e di r e c t l y t o t h e b u s i n e s s d i s t r i c t • Th e o n g o i n g d e m a n d o f o w n i n g , o p e r a t i n g , a n d u p g r a d i n g t h e o f f i c e b u i l d i n g w o u l d b e in c r e a s e d b y r e q u i r e m e n t t o c o n s t r u c t a n d m a i n t a i n p u b l i c a m e n i t i e s i n p e r p e t u i t y • Gi v e n t h e s e c o n c e r n s a n d t h e o p p o r t u n i t i e s p r e s e n t e d t h r o u g h t h e W i n s o n p r o p o s a l , th e R e v i e w C o m m i t t e e r e c o m m e n d s p u r s u i n g n e g o t i a t i o n s w i t h t h e W i n s o n I n v e s t m e n t te a m AGENDA ITEM #2. b) R e c o m m e n d a t i o n : W i n s o n P r o p o s a l AGENDA ITEM #2. b) N e x t S t e p s a n d T i m e l i n e N e x t S t e p s T i m e l i n e Co u n c i l a u t h o r i z e s E x c l u s i v e N e g o t i a t i o n A g r e e m e n t b y D e c e m b e r 2 0 1 6 De v e l o p e r p r o v i d e s e a r n e s t m o n e y d e p o s i t b y D e c e m b e r 2 0 1 6 Du e d i l i g e n c e a n d f e a s i b i l i t y a n a l y s i s p e r i o d J a n u a r y – A p r i l 2 0 1 7 Ne g o t i a t e t e r m s o f a n d d r a f t D i s p o s i t i o n a n d De v e l o p m e n t A g r e e m e n t ( D D A ) Ma y – A u g u s t 2 0 1 7 Ap p r o v a l a n d e x e c u t i o n o f D D A S e p t e m b e r 2 0 1 7 AGENDA ITEM #2. b) • r ' � ��� � _ � �p � ■ : 2 MiII Av : - t� n e u e -._ � Former Renton City Hall � � � , ..� ' ��`��,�' � " �,�� ..�" �'` �.�� . � � �.A � ;�`���,. . ♦ �. � -� ... . �� Site Description � � . . � ��.. _ ;� « � e _ -�� • Underutilized Cit -owned ro ert �����'� � � f �' � ��� �. � p Y -��; � �. �7 � �t�, with 1960's era seven-story offiice ��-� . � ��� '� � z� ����� � � , f>�,, � � � building � ; �1� � � �` � � � :��k � �� x - .�. � _ - , r Rentz�n � ��: ,< , -, Librar �£ � • Existing ofifice building is aging and ���� �'� � � ���� a. ��� '�� � � ��� �� �'`�� � � �� in need of upgrades �a �-. ��, �`����� � ���� �:� ,�- ���� ���,� �t,� :,`�� ��� �S � . ,. *►� ° � � � � c� ` � �?� _ �� � . . . .: a .y �'w,, , �,.$ �, :'� '�U ,uk<37c> � 3.79 acre site (parcels 1 & 2) ����0,�50� �� � � � P������; � �- �.� -��� ��;� �, � _ = ,, .� �� • Adjacent to Library, Cedar River, & �. s 2nd sr � �, � �� ,� � �'-� ; � .e �� ���R, � � � � � � � � : ��: - ��, �- Liberty Park � -�3{ .«�".,�.`� F�« �� :�: � � •'''b► � � ��_ � � �_ �`�� -� ;�� ` � �� 3� � .�� _ �f�:_ s�t�o►� � Parcel � ��� .-� ��� � �� - . �_ _� .� � �,,r+�`' ,r • City issued RFI & RFP to solicit � � � , 2 �- ro osals for r �°� � �. �.'" �„ •���N=�''� a`�� �- p p edevelopment of site 2� r � / � �a. -.- ,���.�..,. � � • � � �5Q` �� �--�.c � �� �,t"' � I''� ��'` � ` � �' �,� C� �" . � `°,��-.. �R�ni�41t` �_����` ,r'..�`,1•��� ,�������:; d`�C�' • Redevelopment must be consistent = �� ���� . H,�to fi �. �� �y� _V�.fErar�s �` ��USe �- , �,, �. ��. �, . �` � , * > � ,� � with City's goals and objectives . � s��.�.z� � � � �' � _��� � � �.��ti � � � .�� � �� �� � outlined in RFP � . . � Development Goals City Center Community Plan � �- � - � ����- � '�� !� I� �� � � xY �����`;,. ...��` ���.,� �' • Renton is expected to grow � �� --� i��° ' �-� ���`����� �� p�� � � . �,- , �����, , � "t ,�� � �� , �� considerably over the next 20 years � �� �; ���� � �,� ._ � ��� ���_ � t � � � � �� � � � � �_ f � ��, �� �1 � The City Center Community Plan � �x� %� �� � � � � � , .. �� adopted in 2011 is designed to: ���= � � � - � � � �� ����� �� � �,�..��=-= _ 1. • shape and direet growth ' �� � � ��� ��' � `' r � � � � � � �� � � , � � • provide strategy to stimulate � �� � ,, � economic development � CITY CENTER • improve livability of neighborhoods COMMUNITYPLAN • preserve City Center's unique identity Adopted:lune6,20�t � RepareJ by.MAKERS archllecl�rn arq urnan tleagn w i e creating community character T�T�a�s���, �� . � r�\. ,, � ���, � � � t ��' Development Goals �.:.f;- � �-�.� >� Center powntown Zone .- � =-�:�� ° � ����� � ���� � .� � � � �.. �� �� 1 � �, 4 °,: �� 3� ;� �� • Allows for widest mix of land uses -� � � ` � � � ��~���"� ' ��� � � "��� � --� � � _ r , z � .� , ° � ��„� _ �, � r�•�� � ��� �- � � � • Strongly encourages intensive �ti�ti��`� ' � � �`�� �� � � �- ��- — �'��� � � t� '' �` � �, ---- -� �" � ��� , � development to create vibrant ����� � �'�� �"� ��� ������ district and increase em lo ment - � � � � -�� � ��� � � ���='� � p Y � ., ,� __ �� �: . -__ __ opportunities � � ` � �� � ������ �;` � ' , � } �°: .� � � �_� � �'� �`� ( - �, , _ , :. � � .' • Site is suitable for higher density � �� -� � �� � ��� �� �� -- �. .� �. .� u .� � ��Q , , ;.; n �_ � t ~ � � .. urban use and pedestrian activity � -� ,. � ��� � ,� � � --�► .,-� • Proposals should provide a creative ���� � �� ;���� � �:��„�,,, " .� � approach to catalyze a vibrant � � � � ������� ���� � ��� � .�� ��:� � urban development ����� � ����,� �� � �,e � � � � - ;�: ; , � � �_ �;_ � . � ��� �` . � City Objectives • Return an under�tilized site to � - ������� �-� � �������� � � private use that fosters the image �� �.�p� � � � � and funetion of Community Plan's �� � ����� `� � � s � �� � � � ����� ���� � �� civic node concept and the Center � � ���� -� �� � �� e�}�Y' fh.��4 � S� �� �"� S Downtown Zone ��� �°�� °���� -� � ���.� � � � k ��� � � � �,, � ' � � , t � 9 .. �`� �,'-����r �a k� i�Y-,��+°.�� ;F ''�''y,��, • ;,�.€��.> �`�',,,u;:; -..§a '_, . pg 4>a� �z, �.�� x . grt., �- ,� 4 � • Provide enhanced access, visibility, �� � ��������� k �;�� . �: � ���� �;��`��� �°� ,� ������°�� � � � �,� �}� ���� �#�� . �. ,�� �� ��x��t�� 4��- . s�-" � , �� and connections to surrounding �� .,°��� ; . rµ N,�,�� ��.� � �� -�:_ �k � "� � w �� s""�h� �. s s�" '+, � ��rri � F �� ' �"''� civic natural and cultural amenities �t ��a���'��� �� ��'� �,���';��`" ���`����� r�`" ��:� �� � � � f f � �� � s� and Downtown Business District ���" � �� �`��� ` �'�� �����"� �.�'� � �� . x , ;�,* ,�. ' ~� �'` � �,� �� �, ���.� �� ,�.d �'�r� �,- _ � ,'��. �_�. �.3 � ' �Q�N'�'� :. .t���. � " "n *'�"'" ��`a�' �� �}l • Achieve superior 360-degree � � �� ___ . . � �, � .;,� � - -" � �, - '�'w"�' ��� x. .�: a ����„ building and site design that does � � `�� - �� ��x'` ����'��' ... not turn its back on surrounding ��� �� �`��=��"`������� �� ��`�� ���� ���� �� � �'°-�� �� �� �� uses • Maximize site's appeal, bringing more intensive round-the-clock activity and energy to the area City Objectives Continued �� - � • Retain parking for public library � .�������� '�;;��� � � �� �� �y,�� ��� e ; . � • Provide public benefits/amenities �`�� _ � � �� � � ���� , ���� �� � . � ��� .. that enhance the nature and � ��� ��� ;: �}.�•:� m � � Y _.p .. a .� F�&„k. , d� ... ...... ,:+.,a. ._}. ro.�.,. . character of site and surrounding ��` ��, `�'` � .r � � :� _�w � �� .�. . _._ ._ uses and exceeds the City's � ���� � ��� � � ��������,������ -� minimum standards ������ ��� �, ��� ��� '� � - ` � � ��� � ��� . . � i������ �_-.�� � ���.,� k: ;w ��4 , •K---m�.���. ,-�, , ,M.e . � • Provide fair market return to the ��: ��: -- �� �� City in the disposition of its property ����`°�`���� �� � �� �, ., ���K �. �� ������ �r�„ ix �A*, y, ..... . .� }m^.«� �. �"� y°' `aw. ,�"_ .'�`�' . �t '��'° � ; < .: , � .�->� ... s s . � s� �� _,_„� , ... . �_..W..'' .._.. . ,.._�..w, a v3 �"...�......�.�,,..:.. ...�...�. .. :r�#,°�✓ea§ ;:. ;�31 � _�� � _ - � _ :� : The osmo s Pr I o posa � ��.ti� JACKSON � MAIN ,�- , , �1ARCHITECTURE CHARTER , // ' C O N S i p U C T 1 O N y ^ f � '�' ,s' fp€ � ,.,.y.YE: � � �r' t f Brumbau�h & Assaciat�s � �� �� �� L A. hJ C• 5 C. A P 6 A R C M T � '" T U " f� � "��� �� � � f-1 C-� I E-1 � r=. � ����,� n ♦ � I�"������ i �p � . � ���� 4 • • • _.. a ,.;.��s.<a`r �� � Cos m os • Phase 1 includes developer's construction of full below and above grade parking garage and podium and buildings A (8 stories) and B (7 �,� ��; stories) (includes 237 DUs); also, City's . ��,�� �-. R T N ."/� EN D LIBR�RV develo ment of ublic ark at NE corner of site = � ;��� ��� �� ��� ����- � p p p � � _. � E%ISiING�ARKING � � �� �" �� WITN LARGE TREES PRESERVED O {���' '�� ��., �,- �h • Phase 2 includes developer's construction of W �� ` '� � ������ � , �� buildin C 6 stories includes 75 DUs • also = �� �� `� �� ��; � ""�� R,�,w,� g ( ) (' ), , w � , � Q � ' \ RELoOALED s , , / City s refurbishing of existing office building ' � �� Fo�NTA� 1 �� k �F ���. _ ��n i� �������� � �.'`� oqR �� ST�EPSALL and development of Central Plaza � � -� -� �-� � '���� �. ��`--` '�. � ` ���� � . �'�5�� � IIEPUIIl�lMED L�C FUTURE `j� �\�.,- O F F I C E q + '�'�PUBLIC PARK • Total ofi 312 market rate DUs ���� � s������� � .,� S.2 N D 9 T. �� ` pE Ra� � ��4a, _. ' \_ ` �� � � :t ����`,� � , � � � ��f e �. �� � ��` `'�.'_, \ � �\ �'`;. � 24,400 SF retail within buildings B and G "� � C g ;� ��AJ�� � '� ��� �;,% RETAIL � BRIDGE �( �`{�Y � � �' CAFE, CONNECTION \�R t (� � P STREETSCAPE �� TOOFFlCE �� � „�r��( � u��t YQ �, � PEDESTRIAN BIDG DECK. " � �` �`�.�....�! .,-4 . / • 344 to 406 total parking stalls LOBBV � BR��E -�-�; � , a, , ,, 1 � - v ENTRY � . � � ����'� _ �-. C'r _ \ � ,. PEDESTRIAN—• \ � � ...RETAIL STftEET� p�/��`��, �"'� ��- `\� '� � - P�r,� u °`�'.,. " r"\ <�r%: • Public plaza near Mill/Houser, leading to ���ry�R� � ���`� �� � q � �� � �.�� � pedestrian only retail/restaurant street (MEWS) �� =�--��- � ���� � ���-�;.-= �'���� �� IRAZAACCESS �• and ending at central arrival plaza � , E�Y�` ��y5�°`� � i � l�'� ��'�...'O J � •NP �te courtyard for residential tenants above ENHANCEDCORNER ----�� ;�� S� � PR SERVEDTREEES �� 'r!' �'^" � �. rking garage ���� � �� �� � Cos m os parcel as is �� ��� � • Proposed lot line adjustment in ��� � � �� � RENTo� P�B��� � :�� �� LIBRARY order to purchase a portion of �� r�� �� parcel 2 only �� � ����� �. "�`'� EXIS � FICE g� �� ' - - BUILDIN ���' • 2.09 of the 3.79 acres are desired � for purchase �� ° 000�zo�5o �-�� �5���� _ • Leaves the seven-story offiee �� "� �' �- �� �� ��� ���� building, land along Cedar River, ����'` �� °�,��� � �-��� ��� and library parking in City ownership � :� �� � � ��� �`' ���� �� (entire parcel 1 and balance of proposed parcel ������� � � � � � � � � parcel 2) ��� �� ° : � � �'� RENTON Pl18LIC � PL BETWEEN PARCELS IS CL " '�' — �IB�RY OF SECOND STREET ���'� r� �� � � �, • Proposed purchase price is EXTENS�oN --- .�, � r� $2,727,210 (90,907 SF x $30 per ��.� � ��� � ��, �. � � EXIS ��-�FI�E K� SF� � �'���` BUILDIN °�.�� . � ��s,�#, � �. ^w ` '� `�?�' - � • City is to refurbish existing office ��. � --� � � . � t. �'3tks� � building and develop and maintain �� -'�= ���� �_ �-� �� �°�� � - � a public park and walk/trail along � � �� �� ,�.����� _ the Cedar River �;� H� � ,� �P ,_� '��� �` � ,�� �, , � ��i�° � �� � � � �� � , � � � �k �.� 4 � n �� t O # � � � Y gti� � �E� � � ag. -U�,. , .� . } ' �r ��� � � ����: � �Er, �;� � �� � � �� ��. 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' � t- � . r • • rc�l��da �r�hitec�� � . � .� , �.�.: �rchitecture qlanning inter�c�r desi�n �:. �� Wi nson • Phase 1 includes construction of below grade parking, learning center(2 stories), student dormitory with cafeteria and roof terrace � ,y4 (12 stories), international school with gym, classrooms, and � 0 administration areas `�`c+ . ���,,•�✓'`,... t.iD+.7tY Park �:'� • Phase 2 includes expansion of below grade parking, demolition of ;�� existing office building, construction of independent senior living units and facilities(83 DUs), and waterfront restaurant • Phase 3 includes construction of civic plaza, Riverwalk park, and waterfeature `�..���� ,,. r • 500 student capacity with 250 dorm rooms '� � ' s�,���n z„a s� f � � � ti� � • 17,656 sq ft of retail/restaurant space along Mill Avenue and ��,,,�.���� ���� � i '� `� ,/` waterfront � : � � �� �..� ,� � � � �� • 340 total parking stalls in garage along with 15 surface spaces � _ � 2 dedicated to library(additional garage spaces designated for � r �,"° �;� ,,. ,�� � library} � • Public central civic plaza surrounding non-street sides of building ���� �� �� 5 �� "' �" ��=' �� with water feature that border u er and lower laza sections `*1\ � pp p , ���`� u������ riverfront park connecting civic plaza levels to Cedar River • all public plaza at Mill and Houser, along with pedestrian pass- t oughs from streets between buildings to civic plaza �a�� ���: Y!�\b W i n s o n s � - �},F�, � , ��.. �, � r� s � � 5 � � , �� ,°'" �ati . °�: �� � � • Proposed purchase ofi both parcels � ��� � ���o�°°�� � � � �� �� �� and existing site improvements ��'`���� �' � � �.,h�=r,.P�,�k �.�. � ��. �. �ry , • Proposed purchase price includes �� �� �� �� � r _: ,�� �� ; r _ $4,000,000 cash and $3,010,469 �„' : � ��--� � ` � � � ��� °-�o��.� ��� ��� r, � � � � �i x .. � '' y � `�_.. . `�4�..•^h� 1 �,�� ,m, « worth ofi public amenities paid by � � �- �- _� � k� ��� ��� �� � � : . _ � � _ � ,, � ���� � ; � � developer (ineluding demo cost of � � �� � ��--;�" � -�� � ; �� � � � existing office building, � � � �_____l � ��� ��� � �. � � ' rt � � development cost of riverfront park, �„��� � �<,�h�°°�� � � �~' .,; �� � � =�� � � � ��� civic plaza and water feature, and � ��: �-� � �� �; � ,��, �=��.� � �; � � � �, , ,. '�� i ! <i , � � ,.� value of land that will be made � ; � - � . > _� J ; , ¢¢ ' - �' � available for public use) for a total �� � , _ °- ,� -����� � � ; .r , z � _ � r � purchase offer of $7,010,469 �� � ' �`��� � � � ����� " � � �� � ��� � �� a �_�.. _ - _ U, ,., . °` l � '� �. � _ - - ���' � x.�„ � • In addition, developer responsible � � �� '� � ���� for cost of managing/maintaining -�---� r '�'r�°�``, �-- � ' � „ ; F �� � x ��' � � `�� �� � _ . riverfiront park, civic plaza and �� � � �--; ����: � � � _ � ,��� � �� � i .- ,�-' �=�� ��,� fountain (estimated at $200,000 � � ' � - � �. ��� __ � �� ��. � �,�, annually) �� � � t � r S� " � '�, ,�, rt����� � � � '��� � m � � � .h�� a ,� ,� ��. .. o � '��s:.�.� �. � ���J! 1 � ��-�- . ; �" `� � ..� � - -r� �;� �� � � - , �'' _ �� � , �� � 4'� r _a< < _ � �(�� _. _— _: _ �' � � � ��1�, l� � � rj �t,�•� �. _ � r� .11 ��'� II !'� � � � �� � . . � ��� � � � � � � �� � fii� � �_ �°Iil �� Irt�� r � � � �. ���� . 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I . . . - . - - . - Team Qualifications and 22 $ 23 3 30 pts Individual Commitments Proposed Development 32.7 27.3 40 pts Concept Additional Submittal a 14.3 � ; 11 15 pts � .� � � �. �� � � � ��� Items �� � ���� - � ���:� �:�. �����_ �� Operating Pro-Forma, 20 pts 14 1 2 Project Sources & Uses : �.� � � �� ���. � � � pti.- � 10pts ��� �: ,n Sched u le ��� 9.5 '����� ���w 9.8 �,,� �� , �� ���°� ��_ � � ,���' �: _ .x ��`��:�. :,� � Proposed Purchase Price 9.25 7.5 10 pts 25 pts Interview ,_ : 23.1 _., 17.4 � ,��. _ .x � �: ��':. , -� TOTALS 125.7 108.3 150 A `� �'" ,�' �.�z 1� _� � � ��� � ` � ': � ' � � 8 ■ '� sues f 0 oncern -�. 200 Mill Avenue � � � � ��h� � ��� . ��� ,, ti �. f . . �¢� g,.�-''� �`�� ,�-�`� �` �'" � � �� ���t�.. � � � ♦ �� . � �`� Cosmos Proposal Concerns • Proposal leaves City with significant known and unknown costs � Project schedule and phasing would significantly impact parking during construction ��` �_��� �� . : ��� e � - . :.N. ;. � �� � � � � BLDG A �_— _ _� �. � � } ;�,,.a. '� �i_ � .�� .: � � -� � . • 237 units developed in Phase 1� W�l� � OFFICETOWER BLDGB � o- � . �,. �� w �� � � completion of remaining 75 units � -��� �.. , �� � � � � contin ent u on Cit artici ation and � � � � �`_ �� � � g p Yp p �� ��. � � � _ � ��� ���.� � � � �� � �- � ��"� �.. ��, ' �*-w ��;� � � � -� �_ - m a r ket �.�.-�:---�-"�`�:� _ � � �"�� �� �;� � "w ti � ��;. .�I� . ��� ,,. ���� . , • Interim condition of site between phases � '�"M�� -��` ���� � � `� � _� � leave vacant retail space with parking RENTONPUBLIC > m �� '" LIBRARY a �� garage as "face" of site ,,�� �� �` � � ; �� � � � • Development budget appears to be � , � � y �, ��� � understated � � � �� i�� � ��� _ ��,;� '�` �� � � . � �� r, ���: ; , ti • Developer proposes to charge for all � �� ��� �- � ��� � � � � �� � _ ._ ,,r_._� ::, �� parking Winson Praposal Concerns • Financial feasibility of International School is hard to fully evaluate at this stage ��..�, �.,,� _ n��.r�a ���� _ �� � ��.� �� � � � • Public amenities are significant and commitment to construct may require � financial assurance of completion �"��� ��� �� — � • Public amenities will require on-going ��" �F �,... .�-r�ni�n� � � private maintenance. Can other site �� ����'�""�'��R� ,�: ATn �19 t11�9 Rlf� 7 i�. n�i�,,I%II1 Ti1�I�t'A€� functions su ort this . , � ��������� p p �Y:..�. - �n�i-. �o�t�n . � � � ,� � _ ��,�,� � _ � r�������ii��e ���m �° ��=.,,.E.��; . -- • Timing and access to investment � � ��� , �„ �� ��,� �,� � . ������ equity held in China will need to be �� � � � �-��a ��it � �����p ��- � ��: ���������������� � � , ,,, navigated �-a,� �� � ���---���� � .� �� � ���� � � , t , - .� � .� y r-"�"3,:: , dre�'s � ,���r�-, "'��� �F+,� M� � it�S � � • Better understanding of market for ' ��� �� _�- ���:� �,� ,�: .a.. senior independent living in Renton area is needed `��� � ���� µ � �� � �. _ ��.�..�� _.��� -_ � ���'�� # r� � � � Review Com m ittee �� jS ■ __....._... Concl us � ons . Recom mendat � on --_. ,.�� 200 MiII Avenue fi .� ��� :� ° �� . � , . � � �K. . , ,�� �,, _ ,� " ` �'`_`` �. :,� �,. � � 4 ,�� ���, �:� ��� � . �� _. �5.� �; �� ' ��, Canclusions • The Review Committee was impressed with caliber of both teams and proposals and believe either would bring greater density and energize downtown • Both development teams have a demonstrated track record and capacity to deliver • Only the Winson proposal appears to accomplish City objectives without the need for significant up front and ongoing public resources and involvement • The Winson proposal provides a wider range of public amenities; introduces the downtown area to a variety of interconnected uses on one site that can serve as a catalyst for other development; and connects the Cedar River and areas beyond more directly to the business district • The ongoing demand of owning, operating, and upgrading the office building would be increased by requirement to construct and maintain public amenities in perpetuity • Given these concerns and the opportunities presented through the Winson proposal, the Review Committee recommends pursuing negotiations with the Winson Investment tea m _ � , � � `^'� ,��_= ��„, .� - � , ,��� . . ..: � � - � �.�'����,,� �, __. � , � _ „ - � � , , � � � , =� . <� � ��� �..�.. � _ � , . . . .- ,=..,. - � �,,« � � � , � - ��: � � ����� � � � _. � � �, '1A ' � •., `_��' y t ,xi� �i 'R' ��� �." � ,yM��y t�'��r_ .�. . � 9�� 7 � # j� �,p �° —��.<-- ---�� � � � � .� � . , �a�. _ , . _ �,, ; - �� �� � g , � ��w , � �:� ._ . : : 4 � � �� � ��,� �.. ,�t � �� i __-- ��� �(C i�# a ,. �. ; r, ..� m .. � . _ ;, �.�- �,� � y ��� . , . � �..� . � , , . . �s� �. � � '�.� ,�„ �,�.--��.�.� � �� , �t ! � �► �.� k � ��� �������� " ��,'� ��k, ,������51�i���r�, ����� '��'�� �_ � `� ��� � � r.� �� ° , ,, �: . � �� ���'�� �����l1� v � t,4 � � , .�� � , , � aws��ri..;uir� uOai:r.� .,� ����11/ ,."., � � �s�a -- =x �� q �' � t.�.,�.. . . � ��i� �'���7� � . . j �s.^�{ ��,�.,...-....a—,,..-� �_.., q 1 ■�fI �x .. � T',.�. ... 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I�u� - --�� � „ , lll l���111 (�pLE�ll�1��_-�-�Ilt :'�1 t ' JU�,Illlll.l �h�.��ll!(l�-��1�.0 n �� J.JIJIiLI �"�I��LI(tut.,L1lL _ y�,j :lll I ��lil CCLII�L°fE�iuu� � -""'�i J11 1jL,��ll� „,�..�lL111 � +���iiL�J�iiiy« i�u a . ��� � i:1 U1� �.� � � �..x��e.'�;. ,: '4 � ��., � � ZY< �� ., �� ,��„ � � ,� ��; �. �.�.,.� v< ���x,���.3 ... ,. ��sodoad uosuiM :uo��� �auauua�a� 7 , • d � Next Ste s and Timelin� p . � � . . �. . � ev �� w a�� ��, �� �. �a� �� _e� � � av . _,� � � e ��� �� �� .� ��� . � ; � e Council authorizes Exclusive Negotiation Agreement by December 2016 Developer provides earnest money deposit by December 2016 ��� � ����r Due diligence and feasibility analysis period � v January - April 2017 ���" �;�: ���'��;�: Negotiate terms of and draft Disposition and ' Development Agreement (DDA) May - August 2017 � � �; Approval and execution of DDA ��� ��� � September 2017 �... �~� .� � ��� ����. -�� �� ri' � � � '� �, � , ,�„,�,��w��.� _ �` �,f ,� . , i