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Waterfront Commercial Development Opportunity

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Waterfront Commercial Development Opportunity Request for Expression of Interest (RFEI) Waterfront Commercial Development Opportunity Town of Sylvan Lake 5012 - 48 Avenue Sylvan Lake, AB T4S 1G6 Issued: July 16, 2019 Table of Contents PROJECT VISION………………………………………………………………………………………..3 1.0 Introduction……………………………………………………………………………………….4 2.0 Background……………………………………………………………………………………….5 3.0 The Setting………………………………………………………………………………………..7 3.1 Town of Sylvan Lake……………………………………………………………………7 3.2 The Site…………………………………………………………………………………..8 4.0 The P3 Opportunity…………………………………………………………………………….10 5.0 Submission Requirements…………………………………………………………………….11 6.0 Selection Process………………………………………………………………………………12 7.0 Terms and Conditions………………………………………………………………………….12 APPENDIX 1- Lakefront District Regulations (draft)………………………………………………..14 Town of Sylvan Lake | Request for Expression of Interest 2 Waterfront Commercial Development Opportunity PROJECT VISION The Waterfront District is the vibrant heart of Sylvan Lake; providing year-round attractions and amenities for both residents and visitors alike. The Waterfront District showcases Sylvan Lake as a hub of regional culture and recreational activities that inspires people to live and work in the area and offers visitors an exciting opportunity to visit throughout any season. The Vision for Waterfront redevelopment is best depicted in the recently produced Investment Opportunities video. Link:Economic Development Investment Opportunities Video - https://www.sylvanlake.ca/en/business-development/investment-attraction.aspx The Project The Town of Sylvan Lake is calling for submissions to this Request for Expression of Interest (RFEI) for a mixed-use commercial development that will serve as the nucleus for downtown / waterfront revitalization. The proposed project will be located on the municipally-owned parcel of land located at 5104 Lakeshore Drive. This Public-Private Partnership (P3) opportunity will be based on a 60-year non-renewable lease of the public land. The Private Partner should have a proven track record in: successful ground-up development; sophisticated investment; financially stable-AAA rating; exceptional employee relations; previous experience in development and operations in multi-use facilities; and a demonstrated understanding of the characteristics required for a successful national and international tourism destination, including the promotion of year-round waterfront activities. previous experience in hosting reoccurring events The proposed mixed-use commercial / retail project for the waterfront redevelopment should include the following attributes: a. The focus must be on people and cater to a range of ages; b. It must be a year-round gathering place, meaning a covered space; c. It must be programmed; d. Primary hours would be from 4:00pm to 10:00pm six days a week, with shops generally open from 10:00 am to 10:00 pm; e. It has to be intimate with landscaping, seating and smaller spaces; f. It must be monetized with a mix of small vendors and businesses; g. It also must be culturally rich with a range of performances and activities; h. It needs to be historically rich, showcasing the history of the Town of Sylvan Lake; i. It must be void of vehicles – yet be easy to access; j. It must be integrated with its neighbors as a single, outstanding destination; k. It must create a memorable sense of place and experiences to share; and l. It must enhance water-based commercial and seasonal recreational opportunities. m. It must have a venue space capable of hosting events of at least 200 attendees Town of Sylvan Lake | Request for Expression of Interest 3 Waterfront Commercial Development Opportunity 1.0 Introduction As an Investor/Developer/Visionary there is a constant, and often unsolicited introduction to a considerable number of real estate opportunities. Each one of them with the promise of an attractive return on investment (ROI) even at the very early stages of investigation. That first cursory review often separates the weak from the potentially strong and helps to ascertain if a given opportunity warrants further diligence, and the associated costs. All aspects of an early stage investigation falls under the risk management umbrella. This is most often not understood or considered by the various levels of government, or the community at large. The Town of Sylvan Lake, has, and is continuing to invest heavily into its own future through hard capital investment and prudent planning. In January 2019, Council adopted the Sustainable Waterfront Area Redevelopment Plan (ARP), a statutory document that will guide future development in the waterfront district. Critical to the Plan was the community engagement process including a 3-day Community Design Workshop or visioning charrette hosted by the Town and supported by all 3 levels of government. The project, branded as REIMAGINE SYLVAN Your Waterfront, was lead by a team of consulting professionals providing direction on how best to incorporate highest and best use principals and practices into the Plan, while at the same time capturing the community’s vision. The many stakeholders involved in the 412-acre Sustainable Waterfront Area Redevelopment Plan (ARP) understand that there are many crucial elements to be considered prior the injection of private capital; especially with a project of this magnitude. Many of the development opportunities will span 20 years into the future. The Town is currently refining the Land Use Bylaw (LUB), its land use districts, designation of authority, and will remove the Direct Control Districts as a starting point for the ARP implementation plan. The Waterfront Urban Design Guidelines have been repealed and the Planning and Development Department is establishing a Design Review Panel (DRP). Terms of Reference and protocols are being created prior to assembling the DRP. The ARP and the community-backed implementation plan efforts to redevelop key sites in the waterfront district are lead by the Economic Development Department. The Plan speaks to establishing a Public-Private Partnership (P3) or innovative partnership to create a development model for the Lakefront Park indoor/outdoor facility, which is suggested to include commercial spaces for unique and boutique retail operations, programmed public amenities; market, theatre/performance space, event space, water play area, etc. that will become the nucleus of development in the waterfront district. With a focus on establishing the Town of Sylvan Lake as a year-round destination, the Town is currently considering the strategic advantages of a P3 agreement for the ±5-acre municipally-owned Lakefront Park site. Link: Sustainable Waterfront Area Redevelopment Plan - https://www.sylvanlake.ca/en/business- development/area-redevelopment-plans.aspx Town of Sylvan Lake | Request for Expression of Interest 4 Waterfront Commercial Development Opportunity 2.0 Background 1. Since 2012, the Town has invested over $35 million in infrastructure with a focus on boulevard and streetscaping on Lakeshore Drive adjacent to Sylvan Lake, and the creation of Centennial Park, a passive recreation area for residents and visitors alike. In keeping with the community’s Waterfront Redevelopment Strategy, the Town of Sylvan Lake purchased a ± 5 acre property in 2016, now known as Lakefront Park with the intention of developing out a portion of the parcel as a destination magnet for year-round tourism. In 2017, the Province of Alberta divested Sylvan Lake Provincial Park to the Town of Sylvan Lake to operate and maintain one of Alberta’s most popular beach locations and public pier. These strategic investments have demonstrated the Town’s willingness to diversify and improve the quality of place for residents and investors. 2. In April 2018, the Town of Sylvan Lake held an Economic Business Development Summit with a number of pre-qualified national and local investment leads in attendance. During the Summit, Gary Mathieson, President and CEO of Quay Property Management, presented to Mayor and Council an overview of the Quay Property Management Market business template. The presentation included the Quay Market concept: how they operate, how they animate, how they refresh, the logistical requirements, locations, and attraction to the end user, as well as a discussion on scalability, and the suitability of this type of venue for the proposed waterfront redevelopment. The presentation was very well received. 3. In May 2018, the Town of Sylvan Lake hosted a 3-day visioning charrette that included the public at large, Mayor, members of Council, business owners, and community leaders. Vicki Kurz, Economic Development Officer (EDO) and Kim Devlin, Senior Planner along with the team from McElhanney Consulting Services Limited were able to garner input from all attendees and felt that the community was generally in support of the direction for housing densification to support commercial development, proposed land use districts, and the Water’s Edge design concepts. In addition, an online survey was utilized to garner feedback from residents. With over 600 people participating, feedback on the Water’s Edge design concepts were overwhelmingly positive. The Mayor and Council demonstrated their support by adopting the Sustainable Waterfront Town of Sylvan Lake | Request for Expression of Interest 5 Waterfront Commercial Development Opportunity Area Redevelopment Plan (ARP) in January 2019. Municipal department budgets have since been approved that include the Plan’s implementation actions supporting the re- visioning
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