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Presented by Lance Robbins, Principal, Urban Smart Growth, Los Angeles, CA.

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Presentation on theme: "Presented by Lance Robbins, Principal, Urban Smart Growth, Los Angeles, CA."— Presentation transcript:

1 Presented by Lance 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...

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6 The Arts in Rhode Island In recent years - and with increasing success - Pawtucket has focused attention on attracting the arts as an economic driver. For nearly a decade now, Providence has been hailed as the region's up and coming arts renaissance center.

7 Village Vision Balancing Artists and Small BusinessesBalancing Artists and Small Businesses Building CommunityBuilding Community Development of a Regional DestinationDevelopment of a Regional Destination Excellence and Innovation in Historical RestorationExcellence and Innovation in Historical Restoration

8 Our First Years The Village Project started June Urban Smart Growth established construction and development team in the village.The 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.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 2007June December 2007 –47 Tenants: 79,742sf –16 Signed Tenants for 2008, including 2 Restaurants!

9 Leases total: 63 Leases signed within the last 6 months: 40

10 Incentives New Construction within RenovationNew Construction within Renovation Flexible Lease TermsFlexible Lease Terms Tenant fit-out needs incorporated into rentTenant fit-out needs incorporated into rent Taxes Included in Monthly RentTaxes Included in Monthly Rent Enterprise Zone for Economic GrowthEnterprise Zone for Economic Growth Loan Programs from the City of PawtucketLoan Programs from the City of Pawtucket Community Advertising/EventsCommunity Advertising/Events Synergetic Environment between Arts and Small BusinessesSynergetic Environment between Arts and Small Businesses

11 Workshop & Industry Light 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 2008 Weave Shed 2: 60% occupied 20% on deposit

12 2005- Light Industry

13 Light Industry: Before and After Unit 715 in 2005Unit 715 in 2007

14 2007 Light Industry Before and After The Hive Custom Tattoo Studio and Gallery Space Available for Lease

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16 Office Suites Flexible Terms- yearly or month to month lease options.Flexible Terms- yearly or month to month lease options. Utilities, taxes, data installation included.Utilities, taxes, data installation included. Community Kitchen!Community Kitchen! 80% rented, 20% under construction80% rented, 20% under construction Our Executive Office Suites offer the flexible lease terms, full list of amenities, and a professional office atmosphere.

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18 2006 Office Before and After Space Available for Lease McCarten Violins Workshop

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20 Live / Work Lofts The 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.

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22 2007- Live/Work Close to Completion Live/Work Model

23 2005-Retail

24 2008-Retail Interior Shopping Hallway Boasts Newly Constructed Historic Windows, Custom-made Doors, and Buffed Concrete Flooring

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26 Open House September attending

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 Providence Eagle Square Lofts, Providence The Conant Thread Factory, Pawtucket

29 Urban Smart Growth Belville, North Carolina 80-acre waterfront re-development of new town-center across from Wilmington, NC.

30 Creative Negotiating Points Taking A Developers Fees May Be An After Tax LoserTaking A Developers Fees May Be An After Tax Loser Withdrawing Tax Credit Proceeds As Return Of Capital Tax FreeWithdrawing Tax Credit Proceeds As Return Of Capital Tax Free Allocation Of State Tax Credit Certificate To Admitted Partner Tax FreeAllocation Of State Tax Credit Certificate To Admitted Partner Tax Free Negotiating Sale Of Additional Credits And Minimal Time Adjuster (Room To Move)Negotiating Sale Of Additional Credits And Minimal Time Adjuster (Room To Move) Benefits Of Negotiating A Phased Project (Room To Move)Benefits Of Negotiating A Phased Project (Room To Move) Refinancing Alternatives-Negotiate Up Front With A Credit PartnerRefinancing Alternatives-Negotiate Up Front With A Credit Partner

31 USGS Economic Game Plan Buy Opportunities Ahead Of The CurveBuy Opportunities Ahead Of The Curve Build For Investment, Not ResaleBuild For Investment, Not Resale Build For Minimal CostBuild For Minimal Cost Credits Are Supplemental, Not A NecessityCredits Are Supplemental, Not A Necessity In-House OperationsIn-House Operations


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