Downtown Connection TIF District FY 2018-2019 Annual Report
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Exhibit A Downtown Connection TIF District FY 2018-2019 Annual Report Photo Source: NewcreastImage Photographer: www.johnwoodcock.com. Office of Economic Development 1500 Marilla Street, 2CN • Dallas, Texas 75201 (214) 670-1685 http://www.dallas-ecodev.org/ October 1, 2018 to September 30, 2019 Exhibit A Downtown Connection TIF District FY 2018-2019 Annual Report Map of Reinvestment Zone Number Eleven 2 Exhibit A Downtown Connection TIF District FY 2018-2019 Annual Report Table of Contents Mission Statement ........................................................................................................... 4 District Accomplishments ................................................................................................ 4 Mixed-Income Housing Summary ................................................................................... 8 Value and Increment Revenue Summary ........................................................................ 8 Development Goals and Objectives ................................................................................ 8 Year-End Summary of Meetings ................................................................................... 12 Budget and Spending Status ......................................................................................... 15 M/WBE Participation ..................................................................................................... 17 FY 2020 Work Program ................................................................................................. 18 Appendix A: District Financials ...................................................................................... 19 Appendix B: Project Pay-Off Estimates ......................................................................... 22 Appendix C: District Set-Aside Funds ........................................................................... 23 3 Exhibit A Downtown Connection TIF District FY 2018-2019 Annual Report Mission Statement The mission of the Downtown Connection Tax Increment Financing District is to create a fund for public capital improvements in the core of Downtown essential for development of key spaces and buildings as well as focusing on catalyst projects to create a greater density and critical mass of development within the Main Street core area. The Downtown Connection TIF District was initiated by petition, pursuant to Section 311.005 (a)(5), Texas Tax Code through the sponsorship of the Downtown Improvement District and the Uptown Improvement District. The Downtown Connection TIF District took effect on June 8, 2005, per Ordinance No. 26020 and is scheduled to terminate on December 31, 2035 (including collections of the 2035 increment in calendar year 2036 or when the budget of $231.6 million (2006 dollars) has been collected. District Accomplishments TIF Funded Projects Completed During FY 2019 1712 Commerce. Conversion of a vacant office building and adjoining surface parking lot into 244 hotel rooms (121 room Residence Inn and 123 room AC Hotel by Marriott) and approximately 16,428 square feet of ground floor retail space. The dual- branded hotel portion of the project completed construction and opened October 12, 2017 as an AC Hotel and Residence Inn by Marriott. Construction of the adjoining 360 space parking garage servicing the hotels continued construction during the fiscal year. A major fire occurred within the parking garage, delaying completion until the third quarter of 2019. The total project cost is $54.8M. TIF Funded Projects Continuing Construction During FY 2019 First National Bank Building (formerly the Drever) – 1401 Elm Street. In October 2018, the project’s completion deadline was extended to December 2020. In May 2019, Todd Interests purchased the property and re- started renovation of the building. Thompson Hotels will still manage the hotel portion of the project. Upon completion, the project will provide approximately 324 residential units, 208 hotel rooms, 23,000 square feet of ground floor and upper level retail/restuarant space and 35,000 square feet of office space. The total project cost for the project is now approximately $400M. 4 Exhibit A Downtown Connection TIF District FY 2018-2019 Annual Report Map of Projects within the Downtown Connection TIF District 5 Exhibit A Downtown Connection TIF District FY 2018-2019 Annual Report Downtown Connection TIF District Projects1 Projects Within TIF District Utilizing TIF Funding Calendar Yr Project Location Complete Status Units/ SF2 Approx. Value3 TIF Investment4 1st Quarter 17 additional hotel Stoneleigh Hotel 2927 Maple Completed $28,452,160 $2,500,000 2008 rooms 1800 & 1808 4th Quarter 366 res. units; Mercantile Block Completed $72,050,000 $58,000,000 Main Street 2008 33,770 sf retail Santa Fe Lofts IV 1033 Young 4th Quarter Completed 193 hotel rooms $13,471,770 $3,734,419 (Aloft Hotel) Street 2009 Dallas Arts District 2301 Ross 1st Quarter garage renovations/ Completed $10,502,490 $1,078,635 Garage Avenue 2010 updates 1810 Continental 1st Quarter 203 res. units; Commerce Completed $23,694,930 $20,449,878 Building 2013 5,871 sf retail Street Lone Star Gas 300 S. St. Paul 1st Quarter Completed 107 res. units $2,675,000 $4,256,965 Lofts Phase I Street 2013 Main and 32 hotel rooms; Joule Hotel 4th Quarter Commerce Completed 24,700 sf retail; $13,068,600 $23,852,953 Expansion 2013 Streets 9,221 sf office Lone Star Gas 301 S. 4th Quarter 123 res. units; Completed $3,918,080 $15,460,149 Lofts Phase II Harwood Street 2014 9,500 sf retail 2323 Ross 4th Quarter 430,000 sf office; Hall Arts Center Completed $140,350,000 $7,347,845 Avenue 2015 30,000 sf retail 1600 Pacific 4th Quarter 171 hotel rooms; LTV Tower Completed $19,860,470 $25,730,391 Avenue 2015 186 res. units 411 N. Akard 3rd Quarter 215 res units; Mayflower Building Completed $32,000,000 $10,000,000 Street 2017 13,700 sf retail 219 res units; 1914 & 1954 1st Quarter 161 hotel rooms; Statler/Library Commerce Completed $81,700,000 $46,500,000 2018 60,000 sf retail Street 88,000 sf office Tower Petroleum 1907 Elm 2nd Quarter 150 hotel rooms; Completed $16,475,130 $10,300,000 Cambria Hotel Street 2018 6,174 sf retail Corrigan Tower 1900 Pacific 1st Quarter Completed 150 res units $22,750,000 $9,700,000 1900 Pacific Res Avenue 2018 1712 3rd Quarter 244 hotel rooms; 1712 Commerce Commerce Completed $22,575,000 $10,500,000 2019 16,428 sf retail Street 324 res units; First National Bank 1401 Elm 4th Quarter Under 23K sf retail; $150,000,000 $50,000,000 Building Street 2020 Construction 36K sf office; 218 hotel rooms 1,893 res. units; 1,186 hotel rooms; Subtotal $653,543,630 $299,411,235 223,631 sf retail; 562,969 sf office Projects Within TIF District Not Utilizing TIF Funding5 Calendar Yr Non- TIF Project Location Complete Status Units/ SF Approx. Value Incentives 2215 Cedar Ashton 2006 Completed 267 res. units $103,000,000 $0 Springs Road Trianon (Zom/ 2820 McKinnon 3rd Quarter Completed 317 res. units $77,540,000 $0 Rosewood) Street 2006 Uptown Plaza 2222 McKinney 3rd Quarter Completed 84,000 sf retail $16,950,000 $0 Shopping I Avenue 2006 1900 Akard 2nd Quarter Hunt Consolidated Completed 400,000 sf office $65,126,800 $6,300,000 Street 2007 Ritz-Carlton Hotel 2510 Cedar 2nd Quarter 71 res. units; Completed $238,599,270 $0 & Condos Springs 2007 218 hotel rooms 1414 Elm 3rd Quarter 14 res. units; Third Rail Lofts Completed $2,665,130 $1,800,000 (1414 Elm portion) Street 2007 3,500 sf retail 2900 McKinnon 2nd Quarter Azure Completed 154 res. units $159,146,680 $0 Street 2008 1900 McKinney 1900 McKinney 4th Quarter Completed 230 res. units $89,500,000 $0 (Hanover) Avenue 2008 2101 Cedar 2nd Quarter 400,000 sf office; Rosewood Court Completed $148,495,000 $0 Springs Road 2009 12,000 sf retail 2728 McKinnon 4th Quarter Alta Rosewood Completed 375 res. units $107,000,000 $0 Street 2008 6 Exhibit A Downtown Connection TIF District FY 2018-2019 Annual Report 2717 Howell 4th Quarter 220 res. units; AMLI/ Quadrangle Completed $47,000,000 $0 Street 2008 14,800 sf retail 15 res. units; 2000 McKinney 2nd Quarter 2000 McKinney Completed 445,000 sf office; $178,580,000 $0 Avenue 2009 6,500 sf retail 2555 Pearl Ritz-Carlton 4th Quarter Street 2400 Completed 92 res. units $179,661,750 $0 Residences II 2009 Olive Street 2501 Harwood 1st Quarter St. Ann’s Court Completed 320,000 sf office $113,525,000 $0 Street 2010 1717 McKinney 296 res. units; 2nd Quarter Granite/Gables Avenue; 1700 Completed 382,980 sf office; $152,372,000 $0 2010 Cedar Springs 14,091 retail 511 N. Akard 4th Quarter CityWalk Completed 209 res. units $9,623,150 $11,000,000 Street 2009 The Arts Apartment 2611 Ross 3rd Quarter Completed 228 res. units $41,200,000 $0 by JPI Avenue 2010 1918 Olive 4th Quarter Museum Tower Completed 115 res. units $267,405,840 $0 Street 2012 Residences at 2919 Maple 4th Quarter Completed 76 res. units $144,564,370 $0 Stoneleigh Avenue 2014 2728 Cedar 1st Quarter The Brady Completed 299 res. units $113,235,000 Springs Road 2015 $0 2021 McKinney 4th Quarter 480,000 sf office; McKinney & Olive Completed $213,960,000 Avenue 2015 50,000 sf retail $0 2212 McKinney 1st Quarter Uptown Plaza II Completed 203 res. units $77,000,000 Avenue 2016 $0 1615 Main 4th Quarter Forty Five Ten Completed 37,000 sf retail $7,205,000 $0 Street 2016 2651 N. 1st Quarter Rolex Building Completed 136,857 sf office $21,255,000 $0 Harwood Street 2017 1920 McKInney 1st Quarter 150,000 sf office; Parkview Completed $46,230,000 $0 Avenue 2017 8,500 sf retail 3130 N. 3rd Quarter