Dreamer Development, LLC Northeast Gateway A Mixed-Use Land Bridge Development Minneapolis, MN

Dreamer Development, LLC Project Overview Summary of Major Components Lower I-35W Reconstruct I-35 & 10 th Ave Bridges Deck I-35W from 2 nd to 5 th vehicle parking ramps Transit Station 260,000 SF commercial space 160,000 SF office space 358 new dwelling units Goals / Purpose Recapture an under-used urban space Re-integrate a split neighborhood Add new housing to Minneapolis Think Big & Dream

Dreamer Development, LLC Area Profile MARCY – HOLMES Minneapolis’s Oldest Neighborhood Population 9,000 residents 76% White Average Age: 24 50% 1-person households & 35% non-family households 56% earn less than $25,000 per year. Housing 15% owner-occupied (Citywide ownership rate of 51%). Numerous Historic Properties High percentage of apartments. Commercial Neighborhood nodes in Dinkytown & East Hennepin ‘Big Box’ services at the Quarry Neighborhood Vision (2003 Master Plan) More owner-occupied single family housing Traditional urban design. Better transit. A deck over the Freeway!

Dreamer Development, LLC Existing Conditions

Dreamer Development, LLC Land-Use Plan Consistent with the Minneapolis Plan: Growth Center designation for the University of Minnesota area and immediate vicinity. Community Corridor designations for University Avenue. Envisions 7,000 to 10,000 new jobs in the University of Minnesota campus area. Expects 750 to 2,000 new housing units.

Dreamer Development, LLC Block Profile: A Summary Land Area: 60,000 SF Existing Land-Use: Historic Apartments Proposed Land-Uses: FunctionUnits or SFHeight 1 Transit Station20,000 SF1 2Parking Ramp300 Spaces3 3Apartment / Condominium Land Purchase: $3.8 M

Dreamer Development, LLC Block Profile: B Summary Land Area: 60,000 SF Existing Land-Use: Abandoned Restaurant & Gas Station Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Neighborhood20,000 SF1 2Apartment / Condominium403 3Single Family Attached Townhouse Land Purchase: $2.7 M

Dreamer Development, LLC Block Profile: C Summary Land Area: 30,000 SF Existing Land-Use: Parking Lots Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Regional 60,000 SF Land Purchase: $3.6M

Dreamer Development, LLC Block Profile: D Summary Land Area: 60,000 SF Existing Land-Use: Hotel, Fraternities Proposed Land-Uses: FunctionUnits or SFHeight 1Commercial – Neighborhood 20,000 SF2 2Single Family Attached Townhouse153 3HotelExisting Land Purchase: $1.5M

Dreamer Development, LLC Block Profile: F Summary Land Area: 120,000 SF Existing Land-Use: Freeway Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Regional 40,000 SF2 2Public Green Space 3Two Family - Attached Duplex243 4 Apartment / Condominium162 5 Single Family - Attached Townhouse82 Land Purchase: NA - Bridge

Dreamer Development, LLC Block Profile: G Summary Land Area: 120,000 SF Existing Land-Use: Freeway Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Regional 40,000 SF1 2Commercial – Neighborhood40,000 SF1 3Civic Space40,000 SF0 4Commercial – Office160,000 SF2 5 Land Purchase: NA - Bridge

Dreamer Development, LLC Block Profile: H Summary Land Area: 120,000 SF Existing Land-Use: Freeway Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Neighborhood 20,000 SF1 2Two Family - Attached Duplex203 3Apartment / Condominium404 4 Single Family - Attached Townhouse113 5 Land Purchase: NA - Bridge

Dreamer Development, LLC Block Profile: I Summary Land Area: 60,000 SF Existing Land-Use: Multi-Family Residential Proposed Land-Uses: FunctionUnits or SFHeight 1 Two Family - Attached Duplex 383 2Single Family - Attached Townhouse Land Purchase: $4.8 M

Dreamer Development, LLC Block Profile: J Summary Land Area: 60,000 SF Existing Land-Use: Multi-Family Residential Proposed Land-Uses: FunctionUnits or SFHeight 1 Multi-Family Rental Land Purchase: $7.2 M

Dreamer Development, LLC Block Profile: K Summary Land Area: 60,000 SF Existing Land-Use: Neighborhood Commercial / Residential Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Neighborhood20,000 SF1 2Parking Ramp300 Spaces3 3Two Family - Attached Duplex 243 4Single Family - Attached Townhouse 52 5 Land Purchase: $5.7 M

Dreamer Development, LLC Transportation Plan

Dreamer Development, LLC Urban Design

Dreamer Development, LLC Cost Summary One-time Cost Public Work: $483,491,968 Land Bridge Span: $400,320, th St. Bridge: $29,171,968 I-35W Trenching: $54,000,000 Land Development: $191,548,000 Land Acquisition: $29,462,000 Housing Units: $89,925,000 Comm & Office Buildings: $55,770,000 Ramps: $10,302,000 Major Street Reconstruction: $1,789,000 Transit Station: $4,300,000 Traffic Cost: $27,313,600 Parking Cost $8,313,600 Transportation Disruption-construction $19,000,000 Total One Time Cost $483,491,968 Annual Cost Traffic Cost: $1,425,000 Increased SOV Trips: $665,000 Increased Congestion: $760,000 Quality of Life: $4,507,750 Air pollution: $2,774,000 Increased Non-local Traffic: $1,733,750 Bridge Maintenance (Land Bridge only) $360,000 Total Annual Cost: $6,292,750 Annual Cost NPV (50 Years, r=3%) $160,475,552 Project Total Cost (NPV): $502,829,120

Dreamer Development, LLC Benefits Analysis Benefit (One Time) Increased Property Value: $200,915,200 Land Bridge Property Value: $78,750,000 Surrounding Redevelopment Value: $147,950,000 Property Value for Existing Structures $11,784,800 Preserve Undeveloped Land : $21,491,520 Employment Benefit (Public Work Only): $61,745,984 Construction jobs: $49,396,787 Professional assistance jobs: $12,349,197 Total One-time Benefit: $298,152,704 Project Total Benefit (NPV): $538,685,573 Benefit (Annually) Increased Property Tax (3%): $6,027,456 Transportation Benefits: $2,213,675 Freeway Noise Reduction: $253,675 Incorporates Transit Plans: $500,000 Implements Walk/bike Plans: $1,460,000 Amenities: $314,800 New Park: $214,800 Improved Urban Views: $100,000 Other Benefits: $1,480,000 Parking Fees: $1,200,000 Public Work Employment: $180,000 Affordable Housing Creation: $50,000 Integrates Neighborhood: $50,000 Total Annual Benefit: $10,035,931 Annual Benefit NPV (50 Years, r=3%) $255,932,869 Cost-Benefit Ratio: 0.80

Dreamer Development, LLC Conclusion Final Comments: The project would have positive benefits to the city and local community. - Reconnect neighborhood - Increased tax base - New housing units The cost of infrastructure would be prohibitive.