Urban Development Unpacked: Crosstown Concourse

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Aubrey Jenkins
6 years ago
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1 Urban Development Unpacked: Crosstown Concourse

2 Thank You to our Annual Sponsors! GOLD SILVER BRONZE COMMUNITY CAPITAL GRINDER, TABER & GRINDER HIGHWOODS PROPERTIES INTEGRA REALTY SERVICES MALASRI ENGINEERING FIRST TENNESSEE BANK HENRY TURLEY COMPANY IBERIA BANK LEDFORD ENGINEERING MONTGOMERY MARTIN CONTRACTORS

3 Crosstown Concourse Panel Moderator Anna Mullins, High Ground News Panelists Construction- Brett Grinder, Grinder Taber & Grinder Design - Tony Pellicciotti, LRK Architects Financing - Gil Uhlhorn, Bass Berry & Sims Arts - Todd Richardson, Crosstown Arts

4 Urban Development Unpacked: Crosstown Concourse October 21, 2016 Brett Grinder GRINDER, TABER AND GRINDER, INC.

5 Project Collaboration & Coordination Early start of activities allowed by Tennessee Statute Legal Team, Development Team, Civil Engineer Allows for demolition, site clearing, grading, site utilities, temporary fencing and similar work prior to financial close Provided opportunity to uncover hidden conditions prior to financial close for both bidding / budgeting and design team to incorporate conditions Early budgeting and contracting for above activities required funding available 5

6 Project Collaboration & Coordination Construction Budget / MWBE Goals / Locally Owned Business 9 Different bid packages - Extended Vertical Urban Village concept to the construction - Divided building sections roughly along vertical lines of expansions from 1920 s to 1960 s - Separated Parking Garage, exterior envelope and MEPF pacakges - Sitework package bid extended for further design time Achieved 30%+ MWBE participation Achieved 90%+ local subcontractor participation 6

7 Project Collaboration & Coordination Historic Tax Credit requirements Extensive coordination and onsite meetings with LRK / CDT State Historic Preservation Office (SHPO) requirements and unusual Federal Park Service onsite visit Maintenance of distance from interior construction viewed from exterior New Market Tax Credit / QECB requirements Separated contracts to ensure compliance Extensive meetings with City of Memphis Housing & Urban Development Partnership with All World Project Management to ensure compliance and reporting LEED requirements Coordination of waste cycle, materials purchases, commissioning of building with LRK and OGCB 7

8 Project Communications Crosstown Team Development Team, Architects, Engineers, GC, Consultants Weekly Meetings. Onsite and at architect office Newforma Project Management Software All submittals, RFI s, revisions, meeting minutes held on Newforma Cloud based platform allows any registered team member access to data and project history Activity logs show bottlenecks and critical items Four project managers funnel data into the system Eight superintendents providing manpower and photo reports of daily activity 8

9 Project Communications Onsite Drone for elevated inspections 9

10 Project Communications Onsite Drone for envelope, window and roof inspections 10

11 Project Communications Onsite Drone for envelope, window and roof inspections 11

12 Project Communications Aerial Flights monthly overall progress communication 12

13 Project Communications Aerial Flights monthly overall progress communication 13

14 Project Communications Aerial Flights monthly overall progress communication 14

15 Unique Strategies / Future recommendation Break down larger projects in order to maximize minority and small business participation Set same goals and systems for all packages Staff properly assign superintendents and project managers with well defined scope of work and align with subcontractors Plan and communicate schedule and future activities with design team and ownership Maintain project first attitude with all parties Set a tone of trust, and team members will come through Possibly the youngest team for any project nearing $200M in the country. 15

30 Urban Development Unpacked: Crosstown Concourse October 21, 2016 Gil Uhlhorn

31 Project Collaboration & Coordination Monday, December 29, 2014 at 3:25 pm central Crosstown Financial Close Exactly 56 hours and 35 minutes before (i) CDE investors could drop commitments and (ii) subcontractors could re-bid About 119 days after our first target Closing Date May 2, 2007 First related to acquisition of Sears Crosstown Property March 22, 2012 First meeting with Crosstown Concourse Development Team to discuss potential structure 31

32 Project Collaboration & Coordination Real Estate 7 Different Tax Parcels - Purchase of Crosstown building, adjacent parking lot and triangle in Watkins - Purchase of a HUD financed apartment property - Purchase of an abandoned pre-civil war railroad easement - Purchase of a railroad bridge over North Parkway - Purchase of right-of-way from a probate estate - Resolution of multiple encroachments into a City alley Abandoned City Street (Claybrook) running through the existing building (along with corresponding utility easements) Box Culvert underneath the building 32

33 Project Collaboration & Coordination 9 different packages with General Contractor 9 separate AIA A102 contracts 29 negotiated/signed leases Office, retail, multifamily (no industrial!) Approx. 625,000 sq/ft Management Agreements Residential and Commercial 5 different Crosstown related entities in final structure chart Financing 20 different capital sources 33

7 million Bank Loans $80.5 million City Loan $8.

34 Crosstown Summary Sources of Capital Non-Profit Loans $12.5 million Government Grants $6.250 million Investor Capital $31.7 million Bank Loans $80.5 million City Loan $8.150 million NMTC Equity $16.4 million HTC Equity $36 million Project Costs $191 million

35 Project Collaboration & Coordination Crosstown Team Development Team, Architects, Engineers, GC, Bankers, Accountants, Consultants, Attorneys, etc. Weekly Financing Calls Started 18 weeks prior to Closing 71 invited attendees (NMTC, HTC, Secured Lender, Gov t, etc.) Over 30,000 s to date Closing Flow of Funds 16 pages 35

36 Project Collaboration & Coordination Taken as a whole, the project is completely overwhelming. Segment each piece and delegate responsibilities, keeping in mind the overall structure and goals Keep ball rolling on all aspects Accountability Regular attention/contact Checklists and conference calls Often not productive, but necessary in this transaction With the right team in place and everyone focused on the same goal, the project came together With time to spare on the financial close 36

37 Urban Development Unpacked: Crosstown Concourse October 21, 2016 Todd Richardson

Crosstown Concourse Organizational Chart GSGroup Sears Crosstown HTC Investor, LLC (Delaware) Crosstown, LLC (Tennessee) C Investor, LLC (Tennessee) Crosstown Redevelopment Cooperative Association,

38 Crosstown Concourse Organizational Chart GSGroup Sears Crosstown HTC Investor, LLC (Delaware) Crosstown, LLC (Tennessee) C Investor, LLC (Tennessee) Crosstown Redevelopment Cooperative Association, Inc. (Tennessee) % Crosstown Master Tenant, LLC (Delaware) Crosstown Building Owner, LLC (Delaware) Development Services Agreement Master Lease Fee Ownership* Crosstown Arts (Tennessee) *In order to effect the PILOT tax abatement and issuance of the QECB bonds, fee title to the Concourse building was conveyed to Memphis Center City Revenue Finance Corporation.

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