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

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

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

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

  2. Hope Artiste Villageis 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...

  3. 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.

  4. Village Vision • Balancing Artists and Small Businesses • Building Community • Development of a Regional Destination • Excellence and Innovation in Historical Restoration

  5. Our First Years • The Village Project started June 2005.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 2005 - December 2007 • 47 Tenants: 79,742sf • 16 Signed Tenants for 2008, including 2 Restaurants!

  6. Leases total: 63 • Leases signed within the last 6 months: 40

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

  8. 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

  9. 2005- Light Industry

  10. Light Industry: Before and After Unit 715 in 2005 Unit 715 in 2007

  11. 2007 Light Industry Before and After The Hive Custom Tattoo Studio and Gallery Space Available for Lease

  12. Office Suites Our 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

  13. 2005 Office

  14. 2006 Office Before and After Space Available for Lease McCarten Violins Workshop

  15. 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.

  16. 2007- Live/Work Close to Completion Live/Work Model

  17. 2005-Retail

  18. 2008-Retail Interior Shopping Hallway Boasts Newly Constructed Historic Windows, Custom-made Doors, and Buffed Concrete Flooring

  19. Open House September 20071000+ attending

  20. 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.

  21. Urban Smart Growth in Rhode Island • Greystone Mills, North Providence • Eagle Square Lofts, Providence • The Conant Thread Factory, Pawtucket

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

  23. Creative Negotiating Points • Taking A Developer’s Fees May Be An After Tax Loser • Withdrawing Tax Credit Proceeds As Return Of Capital Tax Free • Allocation Of State Tax Credit Certificate To Admitted Partner Tax Free • Negotiating 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

  24. USG’S Economic Game Plan • Buy Opportunities Ahead Of The Curve • Build For Investment, Not Resale • Build For Minimal Cost • Credits Are Supplemental, Not A Necessity • In-House Operations

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