Presentation is loading. Please wait.

Presentation is loading. Please wait.

Human Creativity being manifested through art and cultural activities. heirsofbronzeville.com.

Similar presentations


Presentation on theme: "Human Creativity being manifested through art and cultural activities. heirsofbronzeville.com."— Presentation transcript:

1 Human Creativity being manifested through art and cultural activities. heirsofbronzeville.com

2 Project description 1 1 Where is Bronzeville? 2 2 TIF Funded 3 3 Phased Development 4 4 Heirs of Bronzeville Development Team 5 5 Benefits 6 6 The Heir Gallery 7 7 Other Community Benefits 8 8 Additional Development Activity 9 9 Cost Schedule 10 Table of Contents

3 1. Project description

4 The project being submitted for consideration is called Heirs of Bronzeville, with an ultimate goal of creating a mixed used development and cultural center in a historically underserved section of Chicagoland The Project will include a Festival Marketplace for artisans from many disciplines including visual arts, culinary arts, and performance arts. This Marketplace will be combined with a Supper Club, Black Box Theater facility, ground floor retail (including restaurants), and office space, forming a cultural hub for the Bronzeville neighborhood. Project description 1 1 TC 4

5 From a Transit-Oriented perspective, the project essentially surrounds the existing “L” station at 314 East 43rd Street, and is also serviced by the private Trolley line on Martin Luther King Drive. The project is located within walking distance of Chicago’s McCormick Place Convention Center, one of the largest convention centers in the country. Heirs of Bronzeville will benefit from heavy retail re-development along East 43rd Street. Illinois Institute of TechnologyGreat Migration monument South Shore Community Center Project description 1 1 TC 5 Photography: A. Alexander

6 Project description 1 1 The Marketplace will serve as showrooms, retail locations, and a gathering space for a wide variety of artisans from globally diverse cultures from around Chicagoland. Current plans also include a Supper Club space, which will revive the spirit of the Checkerboard Lounge, a blues and jazz institution that was part of this community for decades up until the early 1990s. TC 6 The Marketplace will serve as showrooms, retail locations, and a gathering space

7 2. Where is Bronzeville Photography: A. Alexander

8 Principal Location 314 East 43rd Street Chicago, IL Where is Bronzeville? 2 2 TC 8

9 Development Sites E. 43rd Street and S. Prairie Avenue (Site A) E. 49th Street and S. Indiana Avenue (Site B) E. 47th Street and S. State Street (Site C) E. 50th Street and S. State Street (Site D) Where is Bronzeville? 2 2 TC 9 A As currently conceived, the Heirs of Bronzeville Project consists of four distinct sites located near the following intersections in the Bronzeville neighborhood in the City of Chicago: BCD

10 3. TIF Funded

11 The anticipated capitalization will be funded under a local TIF based facility of approximately $13.3MM. This will be combined with $8.3MM of New Markets Tax Credit based equity and Private equity of $11.8MM, resulting in gross proceeds to the project of $33.4MM. To help fund the Project, Heirs of Bronzeville anticipates seeking assistance from the City in the form of unencumbered funds from Tax Increment Financing (“TIF”) districts in and around the Project. SB Friedman Development Advisors has been retained to identify TIF districts that could be sources of funds and estimate the funds that could potentially be made available to the Project. TIF Funded 3 3 TC 11

12 SB Friedman estimates that approximately $20.5 million in unencumbered funds are potentially available in 2013, including $5.0 million in the TIF district in which Site A is located (47th and King Drive) and $15.5 million in adjoining TIF districts. TIF Funded 3 3 TC 12 The anticipated capitalization will be funded under a local TIF based facility of approximately $13.3MM. This will be combined with $8.3MM of New Markets Tax Credit based equity and Private equity of $11.8MM, resulting in gross proceeds to the project of $33.4MM.

13 The Project is located in the following TIF districts: 47th and King Drive TIF District: Sites A, B, and portions of Site C 47th and State TIF District: portions of Site C and Site D TIF Funded 3 3 TC AB C D 13

14 In addition, the Project is surrounded by the following four TIF districts, which could potentially transfer funds to the two TIF districts in which the Project is located: 41st and King Drive TIF District 43rd and Cottage Grove TIF District 47th and Halsted TIF District Bronzeville TIF District TIF Funded 3 3 TC 14

15 4. Phased Development

16 The Project is anticipated to occur in phases, proceeding initially with Site A. Phased Development 4 4 TC A 16

17 5. Heirs of Bronzeville Development Team

18 Byron Brazier, Jr. DEVELOPER Build America DEVELOPER Kevin Lewis MARKETING STRATEGIST Lisa Mazique INTERNATIONAL AFFAIRS Cedric Whitten COMMUNITY ORGANIZER & GOVERNMENTAL SUPPORT Moody Nolan MASTER ARCHITECTS PERSPECTIVE ARCHITECTS Jackie Koo Solomon Caldwell Benz Kenta Bacus Hosaka Gensler, Inc. Architecture is Fun JOHN MORRIS Loewenberg Architects The Griffin Company INTERIOR DESIGN ARUP ENGINEERING Birkdesign Inc. MARKETING, SOCIAL MEDIA, BRANDING AND WEBSITE Heirs of Bronzeville Development Team 5 5 TC 18

19 6. Benefits

20 270 job opportunities during the construction period (direct and indirect construction employment) Benefits 6 6 TC Community Benefits of Development Estimated temporary (construction) and permanent job creation and retention 215 FTE Jobs based on current projected tenant mix 20

21 A wide and varied host of potential job training programs exist during construction and upon completion of the facility, direct or indirect opportunities Benefits 6 6 TC Job training programs Community Benefits of Development 21

22 Job opportunities, direct and indirect during and after construction, will exist across all economic spectrums Benefits 6 6 TC M/W/DBE/veteran targets for construction and/or permanent jobs Community Benefits of Development 22

23 Upon full operating capacity, direct and indirect employment, wages paid are projected at $6,880,000 annually, with employee spending generating an estimated $702,040 in local tax revenue Annual wage growth is projected to average 3% over the next year. Benefits 6 6 TC Employment benefits such as living wage, health care, retirement savings, etc. Community Benefits of Development 23

24 The Festival Marketplace will serve as a central community gathering place for community and artistic activities. The Black Box Theatre will support education programming for the performing arts. Local musicians and entertainers will perform at the Festival Marketplace and the Supper Club. Benefits 6 6 TC Expansion of educational and/or cultural amenities available to the low-income community Community Benefits of Development 24

25 7. The Heir Gallery

26 This project will spark growth and progress within Chicago’s urban core by creating a socially and environmentally sustainable community facility that will empower inner-city youth with marketable creative skills in the art, technology, and film industries. Housing and commercial spaces will complement the creative and community facilities and programs that will further develop the economic activities in both the immediate neighborhood as well as throughout the greater South Side. The Heir Gallery, Inc. An Heirs Of Bronzeville Project Seeks To Build The Catalyst For Neighborhood Change In Bronzeville. The Heirs Gallery 7 7 TC 26

27 This community facility will engage unique and contemporary design as well as sustainable strategies to achieve these goals. In other words, this project aims to create a nexus of creativity, technology, and commerce to reinvigorate the South Side while simultaneously providing a home for Chicago’s creative community. The Heir Gallery, Inc. An Heirs Of Bronzeville Project Seeks To Build The Catalyst For Neighborhood Change In Bronzeville. The Heirs Gallery 7 7 TC 27

28 The Heir Gallery, Inc. An Heirs Of Bronzeville Project Seeks To Build The Catalyst For Neighborhood Change In Bronzeville. With this development, the Heir Gallery, Inc. will bridge the gap between creative education and employment opportunities while connecting development prospects with the needs of the creative community. The Heir Gallery, Inc. intends to achieve these goals through partnerships with organizations, corporations, and individuals who share similar visions. The intention is to work with a variety of people for a holistic approach grounded in existing social infrastructure that can operate and grow synergistically. The Heirs Gallery 7 7 TC 28

29 8. Other Community Benefits

30 The commitment to green technologies and design elements will yield important environmental long-term benefits and lifestyle benefits. The green systems will create a reduction in energy consumption that will reduce utility costs, conserve water and generate significant financial returns. Other Community Benefits 8 8 TC 30

31 The development projects will strive for “Platinum” LEED, but will achieve a minimum of “Bronze and/or Silver” LEED certification. Green buildings reduce environmental impact through the following practices: Energy efficiency and renewable energy Use of environmentally preferable building materials Waste reduction during the construction process Healthy indoor environments Water conservation Environmentally conscious site planning Other Community Benefits 8 8 TC 31

32 9. Additional Development Activities

33 Bronzeville has a sizeable population with approximately 50,000 households and is bordered to the north and south by stable neighborhoods that have experienced positive population and income growth in recent years. Additional Development Activities 9 9 TC 33

34 The Festival Marketplace will create increased retail development west and east of King Drive along 43rd St. and will bring significant additional transit revenues to the Chicago Transit Authority (CTA). The focus of activity at the Festival Market Place will bring additional traffic from the participants in program activities that take place 365 days a year at McCormick Place. McCormick Place is approximately 20 blocks from 43rd Street site and will be reached by walking, CTA bus, private Trolley, bicycle, and auto. Additional Development Activities 9 9 TC 34

35 The Festival Marketplace will create increased retail development and will bring significant additional transit revenues to the Chicago Transit Authority (CTA) at Green Line “El” stations at 43 rd St; 47 th St; and 51St. HEIR Gallery will take the lead in redeveloping the closed CPS, Overton School facility located at 49th and Indiana to bring about a new public/private educational opportunity to create art, media, and communications educational program located in Bronzeville. Additional Development Activities 9 9 TC 35

36 10. Cost and Schedule

37 Total Estimated Project Cost Four Phases $250,000,000 Cost and Schedule 10 TC 37

38 Total Site A Phase 1 Estimated Project Cost Festival Market Place 100,000 Sq. Ft./$ 13.43MM Festival Market Retail 40,000 Sq.FT./$ 6.14MM Festival Market Supper Club 12,000 Sq. Ft./$ 6.23MM Festival Market Black Box Theatre 17,500 Sq. Ft./$ 7.62MM $33,417,000 Cost Schedule 10 TC 38

39 Total Site B Phase 2 Estimated Project Cost Media & Technology Center 20,000 Sq. Ft./$ 9.75MM Artist Housing 80,000 Sq.FT./$ 23.40MM Public Amenity 50,000 Sq. Ft./$ 8.45MM Site Prep & Parking 105,000 Sq. Ft./$ 4.50MM $46,100,100 Cost Schedule 10 TC 39

40 $51,750,000 Total Site C Phase 3 Estimated Project Cost Fine Arts & Cultural District 100,000 Sq. Ft./$ 15.40MM Artist Housing 80,000 Sq.FT./$ 23.40MM Public Amenity 50,000 Sq. Ft./$ 8.45MM Site Prep & Parking 105,000 Sq. Ft./$ 4.50MM Cost Schedule 10 TC 40

41 Total Site D Phase 4 Estimated Project Cost Performing Arts Center 100,000 Sq. Ft. / $ 72.00MM Public Amenity 200,000 Sq. Ft. / $ 33.80MM Site Prep & Parking 350,000 Sq. Ft. / $ 12.94MM $118,740,000 Cost Schedule 10 TC 41

42 CONTACT J Bryon Brazier, Visionary Branding, Website and Design: Birkdesign.com ©2014 Heirs of Bronzeville. All rights reserved.


Download ppt "Human Creativity being manifested through art and cultural activities. heirsofbronzeville.com."

Similar presentations


Ads by Google