LOUNDOUN COUNTY QQ-01768 EXECUTIVE SUMMARY Route 606 Metrorail Station Site
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LOUNDOUN COUNTY QQ-01768 EXECUTIVE SUMMARY Route 606 Metrorail Station Site TC606, LLC has assembled a stellar team with proven track records to develop a project which includes a commuter parking garage at the future Route 606 Metrorail Station in collaboration with Loudoun County to meet its requirements. The members of TC606, LLC are Trammell Crow Company (“TCC”) and Route 606, LLC (an affiliate of H. Christopher Antigone). Trammell Crow Company is the Managing Member and shall execute all agreements required to deliver the project on behalf of the limited liability company, and shall take the lead role in negotiating, financing, and delivering the scope of the work. The team that has been assembled for this effort include some of the most experienced and knowledgeable firms in the region and nation: Clark Construction; Davis Carter Scott, masterplanners and designers of the 2500 space Metro garage at Reston Station; Urban Engineering; Burgess & Niple; BB&T Capital Markets; Gorove/Slade; Walker Parking Consultants; Standard Parking; and others. All have proven ability to deliver high quality, well designed projects. This group also has the financial strength and resources to deliver the project in a timely and cost effective manner. Subject to the right for commercial development to occur on federally owned and MWAA leased property in the vicinity of the Route 606 rail station and the intent and desire of MWAA and Loudoun County therefor, as shown on the attached Conceptual Design Plan, this proposal builds upon the scheme developed as part of the Preliminary Engineering exercise. Minor modifications to the commuter garage design result in a more efficient layout which incorporates the kiss and ride and 26,000 square feet of retail and consumer services space. Bus operations are immediately adjacent to the garage. This reconfiguration allows for the construction of three office buildings totaling 480,000 square feet. Additional retail areas face this plaza on the east adjacent to the commuter garage and on the west in an office building resulting in a total of 50,000 square feet of retail or consumer services space. The construction of the garage can move forward independently without the construction of any commercial space. The construction of the garage and any ancillary facilities is proposed as a wholly private venture. Our team will not seek any government support beyond the necessary agreements between Loudoun County and MWAA to allow a concession for the use of this property. With the assistance of the Public Finance Group from BB&T Capital Markets, the Team has reviewed a variety of approaches for financing the Project. The PPTA framework allows the County to consider a broad array of alternatives, including structures relying upon 100% private financing and alternatives which feature varying degrees of public participation. The objective of the Team is to present herein an overview of the benefits and challenges to several of the financing models available, and to work closely with the County in the identification of the optimal structure given the County’s objectives and constraints for the completion of the Project. Within that section of the proposal, we outline the most relevant of these options to the Project, and how we anticipate we will work with the County over the coming months to identify the expected outcomes for each. The most likely development scenario will be a private concession agreement which has been increasingly used to finance infrastructure projects. Virginia has become a leader in the use of this model for transportation projects. The recently opened 495 Express Lanes represents the first full private transportation project in the Commonwealth, and toll projects to improve I-95 in northern Virginia and the Downtown and Midtown Tunnels in Hampton Roads also reached financial close in 2012 using a private development model. These projects have demonstrated the willingness of the private sector to undertake major project development efforts to build public use infrastructure and the ability to assemble the funding necessary to complete these projects. Submitted by Trammell Crow Company | Route 606, LLC Loudoun County will realize numerous benefits from the construction of this project including: Benefits from this project will devolve to several parties. First, establishing a transportation hub at this location will enable commuters seeking to take advantage of the benefits of the Silver Line . Persons arriving on the Silver Line will likewise have access to a wide variety of options to access the airport and other parts of Loudoun County also enhancing other transit providers operations. Loudoun County and its residents benefit by having a major piece of its transportation infrastructure constructed at no cost or risk to the County. Encouragement and facilitation of additional private sector development. This will contribute to Loudoun’s long term economic development and further the County’s goal of increasing its non- residential tax base. Furthering of the Dulles area’s continuing evolution in to one of the premiere “aerotropolises” enhancing Loudoun’s and the region’s economic growth as well as encouraging increased utilization of MWAA’s facilities. Reduction in the demand for expansion of costly roadway infrastructure as well as diminish environmental pollution and degradation. In addition, as many as 200 workers will be employed during the construction of the project. Communication will be important throughout this effort. We believe fully in the necessity of an open and collaborative process, especially in the case of public/private partnership efforts such as this. The development team will work with the County, MWAA, WMATA and other stakeholders to establish a mutually agreeable process of public outreach and information sharing. This would be in addition to the meetings and public hearings related to the entitlement process. This SCP response will reduce the cost of the Project to users of the Dulles Toll Road, many of who are Loudoun County residents, and to Loudoun County taxpayers. The project will add an “arrival experience” at the Route 606 station making the rail experience a more pleasant and less stressful one. To the extent that a retail component is included, it will make the shopping experience more convenient. This proposal has a 2190 space commuter garage which slightly exceeds the number listed in the SCP. The kiss and ride facility is incorporated into the garage giving the added benefit of this function being under roof. The bus functions occur on the long axis of the garage adding to the functionality and convenience of this portion of the project. The touch down building is located at the southern end of a large public plaza that could be used for civic events and which is fronted by small shops which could house retail or restaurant uses as well as consumer serving uses such as banks and drycleaners. If parking demand proves to be sufficiently high, additional parking could be accommodated on the south side of SR 267. Submitted by Trammell Crow Company | Route 606, LLC Volume I – Materials Requested in Section 4.5.4 of RFP Table of Contents TAB Letter of Submittal before TOC Signed Addenda Executive Summary before TOC Section 4.5.4 Response to Conceptual Proposal Evaluation Criteria – . Qualifications and Experience a . Project Characteristics b . Project Financing c . Project Benefit and Compatibility d Section 5 Additional Information Requested by the County e Appendix – f Firm Bios Resumes Project Experience Submitted by Trammell Crow Company | Route 606, LLC Due: January 15, 2013, 5:00 PM LOUNDOUN COUNTY QQ-01768 RFP RESPONSE FORM Route 606 Metrorail Station Site 1. QUALIFICATIONS AND EXPERIENCE a. Identify the legal structure of the firm or consortium of firms making the proposal. Identify the organizational structure for the project, the management approach and how each partner and major subcontractor in the structure fits into the overall team. Also identify the senior principal who will execute the Interim Agreement on behalf of the firm or consortium. TC606, LLC has assembled a stellar team with proven track records to develop a project which includes a commuter parking garage at the future Route 606 Metrorail Station in collaboration with Loudoun County to meet its requirements. The members of TC606, LLC are Trammell Crow Company (“TCC”) and Route 606, LLC (an affiliate of H. Christopher Antigone). Trammell Crow Company is the Managing Member and shall execute all agreements required to deliver the project on behalf of the limited liability company, and shall take the lead role in negotiating, financing, and delivering the scope of the work. TCC is an independently-operated but wholly-owned subsidiary of CBRE Group, Inc. (NYSE: CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles and CBRE is the world’s largest commercial real estate services firm. All contractor and consultant contracts will be held by TCC, and the PRINCIPAL AUTHORIZED to execute the Interim Agreement on behalf of TCC will be CAMPBELL SMITH, a principal of Trammell Crow Company in Washington, DC. Identification of Firms who are part of the proposed Team: TEAM ROLE FIRM Ownership TC606, LLC - a Virginia Limited Liability Company the members of which are TCC and Route 606, LLC. TCC is Managing Member - Virginia State Corporation Commission number F134369-0 Development Manager Trammell Crow Company – d/b/a DC MidAtlantic Development V, Inc. Financial Services BB&T