Wednesday, July 1, 2015

The Cathedral Campus Redevelopment Plan: Questions and Answers (3)

This blog, by the LLC managers and consultant, is the third in a series of Questions and Answers about the Campus Redevelopment plan.  See all entries here.

Q: What criteria will the LLC and Chapter use to evaluate land-purchase proposals from developers?

A: The evaluation of offers received from developers in response to the planned Request For Proposals (RFP) for the Olive parcel will include quantitative and qualitative considerations. The Cathedral's goals go beyond simply monetizing the land, and include development of the property in consonance with its vision and mission.

Does the Cathedral accept less cash from a developer who proposes to build affordable housing, or select a market-rate developer who will provide more cash, close quickly, and contribute $1.5 million to the City’s inclusionary housing fund? Such alternative scenarios will surely present themselves and will need to be carefully evaluated by the LLC and Chapter.

The evaluation criteria will include the following:

  • Purchase price: is the offered price in line with the market for similar projects/sites? Will the proceeds enable the Cathedral to strengthen its ministries and outreach? 
  • Earnest money deposits and payment at closing: these are measures that the developer is serious about the project. 
  • Closing deadline: how quickly will we close and receive payment? 
  • Development program: Building size, construction type, and number of units. 
  • Type of housing and unit mix: Condominiums, apartments, market-rate, or affordable housing? 
  • Cathedral Program Space: Cost to the Cathedral and level of completion of the space (ca. 14,000 sq. ft.) for the Cathedral’s program needs. Does the space meet the Cathedral’s ministry needs? 
  • Vision for Mission: Is the proposal consonant with the adopted goals of the Cathedral’s planning process? 
  • Cathedral parking: Cost and location within the underground garage for 70 dedicated Cathedral spaces. 
  • Cathedral HOA dues for its program space: SPC will own its space in the project, but will share in common costs for the upkeep of the structure. 
  • Timeline and entitlement risk: Will the project require an amendment to the Site Development Permit? Any projects requiring amendment to the SDP may be riskier, since changes on this scale are not guaranteed approval by the city. 
The LLC managers and Cathedral Chapter will be in regular consultation and communication at this stage, and will carefully consider all these factors, and any others that may arise, before entering into an agreement with any developer.



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