Leggat Mccall Properties
Total Page:16
File Type:pdf, Size:1020Kb
RFP 18‐18 Development Partnership with the City of Portsmouth for the Federal McIntyre Property 80 Daniel Street Response to RFP 18‐18 Leggat McCall Properties November 6, 2017 November 6, 2017 Finance/Purchasing Department City of Portsmouth City Hall 1 Junkins Avenue Portsmouth, NH 03801 To whom it may concern: Leggat McCall Properties (“LMP”) is pleased to provide you with our offer to partner with the City of Portsmouth, NH (“City”) for the reuse and redevelopment of the Thomas J. McIntyre Federal Property (“McIntyre Redevelopment” or the “Project”). We are enthusiastic about the opportunity to redevelop the site and revitalize a block of Portsmouth’s history. Since presenting to the City Council on Saturday, September 9th, our team has been focused on building a redevelopment plan that the community will deem a success. While we have worked hard to create a plan we believe will enliven the area and meet the goals of the City and community – we view this proposal as a “jumping off” point, as opposed to the final destination. If chosen to partner with the City, we will work closely with the constituent groups to incorporate feedback on all aspects of the site, including uses, layout and design. The key strengths of our redevelopment proposal include: 1) Vibrant and historically appropriate redevelopment plan – Given its central location, the McIntyre Redevelopment represents a unique opportunity to bring additional vibrancy to the urban core. Our development plan creates a destination for shopping, dining, and living, while still treasuring the City’s history. Our plan includes: a. 122 units of residential - we believe this use is an important way to meet the City’s housing needs and bring 24/7 activity to the area b. 23k SF of street-level retail - including a market, restaurant with outdoor seating, fitness center, storefront retail, and the 5,000 sf replacement post office c. Improved permeability and increased open space - we will draw people into the site and re- stitch the fabric of the nearby neighborhoods with an inviting pedestrian walkway through the site, including increased open space, outdoor seating, interesting landscaping, and the opportunity for a farmer’s market. We will also reconnect Daniel and Bow Streets with a new pedestrian throughway. d. Artist Stalls - the pedestrian walkway off Penhallow Street will feature glass-fronted artist stalls which will allow artists to showcase their work and interact with the community year-round e. A 98-key boutique hotel with public-access rooftop bar - given the requirement to maintain the window-lines and floor-plate of the existing McIntyre Building, we believe it would be difficult to create a high-end residential or office use in the building as contemplated. However, the building configuration works well for a hotel, which in turn provides vibrancy 24/7, supports retail and a destination ground floor restaurant, and would provide an opportunity for a rooftop bar and public gathering place. Furthermore, downtown does not have a Portsmouth-centric lodging experience that reflects the history or the spirit of the City of Portsmouth. The downtown Portsmouth hotel inventory consists largely of branded, non-descript lodging inventory, and even so, the four largest hotels in downtown run nearly 80% occupancy which indicates a high number of sold out nights. This unaccommodated demand is a lost opportunity for Portsmouth, and we feel a hotel branded with Portsmouth maritime history would be a memorable draw for tourists and businesspeople. f. Below-grade parking - to support residential and retail uses; hotel guests will be valet parked both on-site and off-site if necessary. We are proposing 184 underground parking spaces in accordance with 10 Post Office Square | Boston, MA 02109 | 617‐422‐7000 code requirements. We would like to work further with the City to understand the role of parking on the site in conjunction with the City’s long term goals. 2) Architecture and branding that honors Portsmouth history – As early as the 18th century (and possibly earlier), Linden Street bisected the site, so we propose naming the project “Linden Square.” As part of Linden Square, we will maintain the look, feel, and design elements of the McIntyre Building. The new buildings on the site will complement their historic surroundings with the highest quality of materials, design, and construction, in a manner that preserves but does not mimic old construction. For open space, we have worked hard to create human-scale spaces that promote community and diversity, and have proposed a project with approximately 32% open space, exceeding the City’s goal to have 20% of community space. 3) Strong financial proposal – Not only will Linden Square knit together the fabric of the community with inviting open spaces and vibrant uses, it will also deliver a strong financial boost to the City. The combination of ground lease payments and property taxes will initially deliver approximately $1,325,000 per year to the City of Portsmouth, with additional cash flow based upon the success of the project. In addition to the strengths of our redevelopment proposal, we believe we will be a good partner for the City. This project will involve extensive community involvement and coordination amongst multiple government agencies, so we understand that Portsmouth needs a trustworthy partner with whom it is easy to work. If chosen, we will lead an open and transparent process. We will communicate early and often and solicit and incorporate feedback thoughtfully to find a solution that both the community and the City view as a success. To do this, we have built a strong team to partner with Portsmouth: Key highlights of our team include: A. LMP’s proven ability to execute – With over fifty projects completed with budgets over $50MM and ten projects with budgets over $200MM, LMP has a robust track record of completing large and complicated projects in the New England area. Our firm is known for partnering with cities, institutions, and corporations on their most complex and challenging projects; many of these projects are in tight urban settings with complex 10 Post Office Square | Boston, MA 02109 | 617‐422‐7000 permitting requirements. This experience makes us well-suited to manage the McIntyre Redevelopment. We look forward to using our expertise and experience for the benefit of the City. B. Local experience – We have built a team with local knowledge to ensure that we have the right expertise to complete the project. Bill Wagner, our permitting/ project consultant, has over 40 years of private and public service experience in the City of Portsmouth and the State of New Hampshire. Peter Loughlin, our project attorney, has 40+ years of local, civic and professional experience in Portsmouth. Jennifer Ramsey has over 20 years of design and development experience in Portsmouth and the Seacoast. Eric Weinrieb of Altus Engineering has over 20+ years of proven project experience, including extensive utility experience in the historic water front district of Portsmouth. All of the local team, as they have demonstrated in the past, will continue to positively contribute to the community of Portsmouth during and after the completion of this Project. C. Strong leadership – LMP has 31 Project Managers (“PMs”) with an average of 21 years of experience, and we have selected Bill Gause, senior executive and partner, to lead the McIntyre Redevelopment. Bill is a long-term partner of LMP with executive management experience leading large, complex projects. He will be hands on in managing our team. Two seasoned PMs from LMP, Bob Walsh and Harry Nash, will report to Bill. This core group of experienced leaders will ensure that the team remains coordinated, focused, and effective. D. Operating partners with a track record of success – Bozzutto Management Co. (Bozzuto) and Hotel Asset Value Enhancement (hotelAVE) will manage the Project effectively once it is delivered. For the residential asset, Bozzuto will ensure that the projects are leased up quickly and maintained professionally. hotelAVE will create both a high quality hotel, and a dining and socializing destination at the restaurant and rooftop bar. Both companies have reputations for exceptional management that enhances both their resident and customer’s quality of life, as well as their properties’ financial returns. We understand the importance of this project to the City of Portsmouth and the region, and we are excited about the opportunity to contribute to the City. LMP has a long history of partnering effectively with clients like Portsmouth on projects of this size, scope, and complexity, and we are confident that our expertise and local knowledge will allow us to exceed your expectations for the project. We would be honored to partner with the City of Portsmouth on this project. Thank you for your consideration and please feel free to call us if you have any further needs or questions. Sincerely, Eric Sheffels Partner, Co-president Contact information for team: Bill Gause, Executive Vice President 617‐422‐7011 [email protected] Leggat McCall Properties LLC (LMP) is organized in Massachusetts, and is beneficially owned by 15 LMP employee partners and Berkshire Realty Ventures. 10 Post Office Square | Boston, MA 02109 | 617‐422‐7000 Response to Request for Proposal 18‐18 Development Partnership with the City of Portsmouth for the Federal McIntyre Property Contents 1. Executive Summary ..................................................................................................................................