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East 125 th Street Development Taskforce

East 125 th Street Development Taskforce. Summary of RFP Reponses April 5, 2007. RFP Submissions. Developer A – Harlem East Developer C – East Harlem Media Entertainment and Cultural Center Developer E – no name. Developer A – Harlem East. Developer A – Harlem East. Program

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East 125 th Street Development Taskforce

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  1. East 125th Street Development Taskforce Summary of RFP Reponses April 5, 2007

  2. RFP Submissions • Developer A – Harlem East • Developer C – East Harlem Media Entertainment and Cultural Center • Developer E – no name

  3. Developer A – Harlem East

  4. Developer A – Harlem East • Program • Residential Space – 800,000 sf • Retail Space – 480,000 sf • Cultural Facility – 37,000 sf • Media/Creative/Office – 300,000 sf • Parking – 600 spaces • TOTAL – 1.71 mm sf

  5. Developer A – Harlem East • Urban Design Elements • 4 story retail base on East 125th Street • Two 13 story residential towers on top of 2 story base • One 21 story office tower on East 125th Street and Third Avenue • 15,000 sf of Public Open Space (including a stepped amphitheater) • 29,000 sf residential Green Roof • Parcel C is 10 stories with ground floor retail • Parcel A & B each have 300 parking spaces

  6. Developer A – Harlem East • Developers • 1 East Harlem Affordable Housing Developer (17.5%) • 1 Low-Income Housing Developer with office in East Harlem (17.5%) • 1 Major MWBE Investment Partner • 1 Real Estate Advisory Firm from CB10 • 1 Experienced NYC developer with large portfolio (principal developer)

  7. Developer A – Harlem East • Housing – Total 828 units • 47% homeownership, 53% rental • 49% 2 and 3 bedroom units

  8. Developer A – Harlem East • Retail • Anchor – Department Store • Sit-Down Restaurant • Century 21 • Borders • Bestbuy • Applebees • Chili’s • Pizzeria Uno’s • LOCAL RETAIL – 50,000 sf

  9. Developer A – Harlem East • Media/Creative/Office • V-Me – Letter of interest • Performing Arts Space • Film/Video/Multi-Media Studios • Art Exhibition Space • Cultural Component • Operated by AHA & CATCH • Host musical concerts, theatre, conferences, art shows

  10. Developer A – Harlem East • Hiring Plan • Willing to work with community develop hiring strategy • Job Creation • 1200 Office • 27-30 Property Managers • 700 Retail • 32 Residential Property Managers • 15-18 Cultural Related • 1850 Construction Jobs

  11. Developer A – Harlem East • Local Investment Fund • Details to be determined • Work with a local business development partner • Contribution to Parks/Waterfront • No mention

  12. Developer C – East Harlem Media Entertainment and Cultural Center

  13. Developer C – East Harlem Media Entertainment and Cultural Center • Program • Residential Space – 955,000 sf • Retail Space – 396,000 sf • Cultural Facility – 30,000 sf • Media/Creative/Office – 230,000 sf • Hotel – 104,000 sf • Parking – 800 spaces • TOTAL – 1.71 mm sf

  14. Developer C – East Harlem Media Entertainment and Cultural Center • Urban Design Elements • Towers • 2 residential towers, along Second Ave. (210 ft.) • 1 office tower on East 125th Street and Third Avenue (210 ft.) • Hotel entry on East 126th Street, 8 stories • Parcel C is cultural component w/ retail base • 800 parking spaces on Parcel B • 25,000 sf of open space

  15. Developer C – East Harlem Media Entertainment and Cultural Center • Developers • 1 large residential investment company with NYC portfolio (33.3%) • 1 large retail developer with ownership interest in more than 200 regional shopping centers (33.3%) • 1 residential housing developer (33.3%) • No local developers - need help to identify partner (will receive ownership interest)

  16. Developer C – East Harlem Media Entertainment and Cultural Center • Housing – Total 938 units • 50% homeownership, 50% rental • 80% 2 and 3 bedroom units • Condominium Homeownership

  17. Developer C – East Harlem Media Entertainment and Cultural Center • Housing • Proposed 30% low-income home ownership not feasible (HPD) • Also have a 50% affordable housing scenario, which only effects purchase price, rest of program stays the same

  18. Developer C – East Harlem Media Entertainment and Cultural Center • Retail • NY Sports Club (letter of interest) • Other possibilities: JC Penny’s, Kohls, American Eagle, Footlocker, Nine West, Restaurants, Cinema, etc. • 44,000 sf of local retail • Project Start-Up • Community Based Retail Development Program • $1,000,000 to create/expand business opportunities • 10 selected entrepreneurs will receive capital to set up new businesses

  19. Developer C – East Harlem Media Entertainment and Cultural Center • Media/Creative/Office • No information • Cultural Component • 3 story arts center (atop of 3 story retail base) • Will not collect rent for cultural space • Gallery, performing arts, educational space • Have compiled a list of local organizations to program space • Haven’t identified a local partner to operate; seeking Taskforce input • Hotel • 150 rooms - Letter of Interest from Comfort Inn

  20. Developer C – East Harlem Media Entertainment and Cultural Center • Hiring Plan • Viable M/WBE plan included in proposal • Development team is willing to work with local community • Job Creation • 32 parking attendants • 767 office • 94 property management • 480 retail • 100 hotel • 30 cultural related • 960 restaurant

  21. Developer C – East Harlem Media Entertainment and Cultural Center • Local Investment Fund • $5 million commitment • Contribution to Parks/Waterfront • $2 million commitment

  22. Developer E – no name

  23. Developer E – no name • Program • Residential Space – 902,000 sf • Retail Space – 466,000 sf • Cultural Facility – 46,000 sf • Media/Creative/Office – 200,000 sf • Hotel – 100,050 sf • Parking – 700 spaces • TOTAL – 1.73 mm sf

  24. Developer E – no name • Urban Design Elements • Retail base throughout • National Anchor Retail on upper floors • Specialty Local Retail on ground floor • Towers • 1 250 ft. residential tower on Second Avenue between East 126th Street & East 127th Street • 1 210+ ft. mixed use tower (ground floor retail, topped by office, topped by residential) on Third Avenue and East 125th Street • Infill capped at 8 stories • Parcel C – 150 ft. residential

  25. Developer E – no name • Urban Design Elements • Hotel on Third Avenue between East 126th Street and East 127th Street • 10,000 sf of open space • Cultural Component located off central plaza • Cinema located at end of open space on Parcel A • 80,000 sf of roof-top open space for residential and office • 700 parking spaces on Parcel B (both commercial and residential)

  26. Developer E – no name • Developers • 1 large acquisition firm active in NYC (50%) • 1 Experienced NYC Affordable Housing Developer (25%) • 2 Local East Harlem Based Affordable Housing Developers (12.5% EACH)

  27. Developer E – no name • Housing – Total 975 units • 49% homeownership, 51% rental • 80% 2 and 3 bedroom units

  28. Developer E – no name • Housing • Overall Affordability: • 31% Low, 26% Moderate, 29% Middle, 13% market • Willing to explore long term affordability

  29. Developer E – no name • Retail • Letters of Interest from the following possible tenants: • Bob’s Discount Furniture • Lowes • Dallas BBQ • BJ’s • Outback Steakhouse • Carrabbas Italian Grill • IHOP • Starbucks • Regal Entertainment Group • 51,000 sf for Local Retail

  30. Developer E – no name • Media/Creative/Office • Attracting Major Office Tenants • Media/Creative Tenants • Cultural Component • Built to meet museum standards • Building core/shell – no money for fit out • Will be owned as a condominium by a 501c3 formed by developer • 501c3 will rent out space (at below market rent) to cultural organizations for programming • Hotel • 175 Rooms, limited service • Letter of interest from Hilton and Starwood

  31. Developer E – no name • Hiring Plan • 30% MWBE contractors for construction • Local employment initiative • Target and train low income/underemployed local residents • Partner with local workforce development providers (STRIVE and EHCCI) • Job Creation • 622 Retail 40 Cinema • 254 Office 20 Fitness center • 134 Restaurant 50 Residential parking • 49 Hotel • 35 Cultural Related

  32. Developer E – no name • Local Investment Fund • Called “Enterprise Fund” • Board of Directors will be selected from community leaders • No monetary commitment outlined in proposal • Contribution to Parks/Waterfront • No mention

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