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Dreamer Development, LLC. Northeast Gateway A Mixed-Use Land Bridge Development Minneapolis, MN. Dreamer Development, LLC. Project Overview. Goals / Purpose Recapture an under-used urban space Re-integrate a split neighborhood Add new housing to Minneapolis Think Big & Dream.
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Dreamer Development, LLC Northeast Gateway A Mixed-Use Land Bridge Development Minneapolis, MN
Dreamer Development, LLC Project Overview • Goals / Purpose • Recapture an under-used urban space • Re-integrate a split neighborhood • Add new housing to Minneapolis • Think Big & Dream • Summary of Major Components • Lower I-35W • Reconstruct I-35 & 10th Ave Bridges • Deck I-35W from 2nd to 5th. • 2 300-vehicle parking ramps • Transit Station • 260,000 SF commercial space • 160,000 SF office space • 358 new dwelling units
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 Summary Land Area: 60,000 SF Existing Land-Use: Historic Apartments Proposed Land-Uses: FunctionUnits or SFHeight 1 Transit Station 20,000 SF 1 2 Parking Ramp 300 Spaces 3 3 Apartment / Condominium 35 4 4 5 Land Purchase: $3.8 M Block Profile: A
Dreamer Development, LLC Summary Land Area: 60,000 SF Existing Land-Use: Abandoned Restaurant & Gas Station Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Neighborhood 20,000 SF 1 2 Apartment / Condominium 40 3 3 Single Family Attached Townhouse 5 2 4 5 Land Purchase: $2.7 M Block Profile: B
Dreamer Development, LLC Summary Land Area: 30,000 SF Existing Land-Use: Parking Lots Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Regional 60,000 SF 3 2 3 4 5 Land Purchase: $3.6M Block Profile: C
Dreamer Development, LLC Summary Land Area: 60,000 SF Existing Land-Use: Hotel, Fraternities Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Neighborhood 20,000 SF 2 2 Single Family Attached Townhouse 15 3 3 Hotel Existing + 4 5 Land Purchase: $1.5M Block Profile: D
Dreamer Development, LLC Summary Land Area: 120,000 SF Existing Land-Use: Freeway Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Regional 40,000 SF 2 2 Public Green Space 3 Two Family - Attached Duplex 24 3 4 Apartment / Condominium 16 2 5 Single Family - Attached Townhouse 8 2 Land Purchase: NA - Bridge Block Profile: F
Dreamer Development, LLC Summary Land Area: 120,000 SF Existing Land-Use: Freeway Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Regional 40,000 SF 1 2 Commercial – Neighborhood 40,000 SF 1 3 Civic Space 40,000 SF 0 4 Commercial – Office 160,000 SF 2 5 Land Purchase: NA - Bridge Block Profile: G
Dreamer Development, LLC Summary Land Area: 120,000 SF Existing Land-Use: Freeway Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Neighborhood 20,000 SF 1 2 Two Family - Attached Duplex 20 3 3 Apartment / Condominium 40 4 4 Single Family - Attached Townhouse 11 3 5 Land Purchase: NA - Bridge Block Profile: H
Dreamer Development, LLC Summary Land Area: 60,000 SF Existing Land-Use: Multi-Family Residential Proposed Land-Uses: FunctionUnits or SFHeight 1 Two Family - Attached Duplex 38 3 2 Single Family - Attached Townhouse 5 2 3 4 5 Land Purchase: $4.8 M Block Profile: I
Dreamer Development, LLC Summary Land Area: 60,000 SF Existing Land-Use: Multi-Family Residential Proposed Land-Uses: FunctionUnits or SFHeight 1 Multi-Family Rental 72 3 2 3 4 5 Land Purchase: $7.2 M Block Profile: J
Dreamer Development, LLC Summary Land Area: 60,000 SF Existing Land-Use: Neighborhood Commercial / Residential Proposed Land-Uses: FunctionUnits or SFHeight 1 Commercial – Neighborhood 20,000 SF 1 2 Parking Ramp 300 Spaces 3 3 Two Family - Attached Duplex 24 3 4 Single Family - Attached Townhouse 5 2 5 Land Purchase: $5.7 M Block Profile: K
Dreamer Development, LLC Transportation Plan
Dreamer Development, LLC Urban Design
One-time Cost Public Work: $483,491,968 Land Bridge Span: $400,320,000 10th 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 Cost Summary
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 Benefits Analysis
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.
