Presentation on theme: "Lance Robbins, Principal, Urban Smart Growth, Los Angeles, CA"— Presentation transcript:
1 Lance Robbins, Principal, Urban Smart Growth, Los Angeles, CA Presented byLance Robbins, Principal, Urban Smart Growth, Los Angeles, CA
2 Hope Artiste Village is a community, an eclectic mix of artists and entrepreneurs all working and living together in one of the biggest mill restoration projects in Rhode Island History.We strive to be the new artistic center of Rhode Island...a New England Destination. With easy access from I-95 and located minutes away from downtown Providence, the new Hope Artist Village will be a cultural destination point. We welcome you to explore the possibilities...
6 The Arts in Rhode Island For nearly a decade now, Providence has been hailed as the region's up and coming arts renaissance center.In recent years - and with increasing success - Pawtucket has focused attention on attracting the arts as an economic driver.
7 Village Vision Balancing Artists and Small Businesses Building CommunityDevelopment of a Regional DestinationExcellence and Innovation in Historical Restoration
8 Our First YearsThe Village Project started June Urban Smart Growth established construction and development team in the village.The project is currently in the middle of its second phase of development, and coming to the end of its first year of leasing.June December 200747 Tenants: 79,742sf16 Signed Tenants for 2008, including 2 Restaurants!
9 Leases total: 63Leases signed within the last 6 months: 40
10 Incentives New Construction within Renovation Flexible Lease Terms Tenant fit-out needs incorporated into rentTaxes Included in Monthly RentEnterprise Zone for Economic GrowthLoan Programs from the City of PawtucketCommunity Advertising/EventsSynergetic Environment between Arts and Small Businesses
11 Workshop & IndustryLight industrial spaces were the first completed spaces and are now 90% filled with a wide variety of artisan tenants.Weave Shed 1: 100% occupied January 2008Weave Shed 2: 60% occupied 20% on deposit
16 Office SuitesOur Executive Office Suites offer the flexible lease terms, full list of amenities, and a professional office atmosphere.Flexible Terms- yearly or month to month lease options.Utilities, taxes, data installation included.Community Kitchen!80% rented, 20% under construction
20 Live / Work LoftsThe Village has invited eleven live/work tenants to a small interactive community along Main Street. Each unit features impressively designed bathrooms and kitchens, open floor plans, and a dramatic spiral staircase. Refinished floors, exposed brick walls, and restored loft windows.100% pre-leased between July and September 15th.
27 The Floating Art Project, a guerilla-gallery adopted 7,000 square feet of space for an elaborate presentation of local artwork.Today, the organization is also a tenant in our retail development.Hometown heroes, Zox, played an outdoor concert at our Pawtucket Arts Festival Open House.Our plans are to develop the space for a summer concert series of local talent.
28 Urban Smart Growth in Rhode Island Greystone Mills, North ProvidenceEagle Square Lofts, ProvidenceThe Conant Thread Factory, Pawtucket
29 Urban Smart Growth Belville, North Carolina 80-acre waterfrontre-development of new town-center across from Wilmington, NC.
30 Creative Negotiating Points Taking A Developer’s Fees May Be An After Tax LoserWithdrawing Tax Credit Proceeds As Return Of Capital Tax FreeAllocation Of State Tax Credit Certificate To Admitted Partner Tax FreeNegotiating Sale Of Additional Credits And Minimal Time Adjuster (Room To Move)Benefits Of Negotiating A “Phased Project” (Room To Move)Refinancing Alternatives-Negotiate Up Front With A Credit Partner
31 USG’S Economic Game Plan Buy Opportunities Ahead Of The CurveBuild For Investment, Not ResaleBuild For Minimal CostCredits Are Supplemental, Not A NecessityIn-House Operations