presented by lance robbins, principal, urban smart growth, los angeles, ca
DESCRIPTION
Presented by Lance Robbins, Principal, Urban Smart Growth, Los Angeles, CA. Hope Artiste Village is a community, an eclectic mix of artists and entrepreneurs all working and living together in one of the biggest mill restoration projects in Rhode Island History. - PowerPoint PPT PresentationTRANSCRIPT
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Presented by
Lance Robbins, Principal, Urban Smart Growth, Los Angeles, CA
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Hope Artiste Village is a community, an eclectic mix of artists and entrepreneurs all working and living together in one of the biggest mill restoration projects in Rhode Island History.
We strive to be the new artistic center of Rhode Island...a New England Destination. With easy access from I-95 and located minutes away from downtown Providence, the new Hope Artist Village will be a cultural destination point. We welcome you to explore the possibilities...
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The Arts in Rhode IslandThe Arts in Rhode Island
In recent years - and with increasing In recent years - and with increasing success - Pawtucket has focused attention success - Pawtucket has focused attention on attracting the arts as an economic on attracting the arts as an economic driver.driver.
For nearly a decade For nearly a decade now, Providence has now, Providence has
been hailed as the been hailed as the region's up and coming region's up and coming
arts renaissance arts renaissance center.center.
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Village VisionVillage Vision
• Balancing Artists and Balancing Artists and
Small BusinessesSmall Businesses
• Building CommunityBuilding Community
• Development of a Development of a
Regional Destination Regional Destination
• Excellence and Excellence and
Innovation in Innovation in
Historical RestorationHistorical Restoration
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Our First YearsOur First Years• The Village Project started June 2005.The Village Project started June 2005.
Urban Smart Growth established construction Urban Smart Growth established construction and development team in the village.and development team in the village.
• The project is currently in the middle of its second The project is currently in the middle of its second phase of development, and coming to the end of phase of development, and coming to the end of its first year of leasing.its first year of leasing.
• June 2005 - December 2007 June 2005 - December 2007 – 47 Tenants: 79,742sf47 Tenants: 79,742sf– 16 Signed Tenants for 2008, 16 Signed Tenants for 2008, including 2 including 2
Restaurants!Restaurants!
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0
5
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15
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2005 2006 2007 2008
Jan-Apr May-Aug Sept-Dec
• Leases total: 63• Leases signed within the last 6 months: 40
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IncentivesIncentives• New Construction within RenovationNew Construction within Renovation
• Flexible Lease Terms Flexible Lease Terms
• Tenant fit-out needs incorporated into rentTenant fit-out needs incorporated into rent
• Taxes Included in Monthly RentTaxes Included in Monthly Rent
• Enterprise Zone for Economic GrowthEnterprise Zone for Economic Growth
• Loan Programs from the City of PawtucketLoan Programs from the City of Pawtucket
• Community Advertising/EventsCommunity Advertising/Events
• Synergetic EnvironmentSynergetic Environment between Arts and Small between Arts and Small
BusinessesBusinesses
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Workshop & IndustryWorkshop & IndustryLight industrial spaces were Light industrial spaces were
the first completed the first completed spaces and are now 90% spaces and are now 90%
filled with a wide variety filled with a wide variety of artisan tenants.of artisan tenants.
Weave Shed 1: 100% occupied Weave Shed 1: 100% occupied January 2008January 2008
Weave Shed 2: 60% occupied Weave Shed 2: 60% occupied 20% on deposit 20% on deposit
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2005- Light Industry
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Light Industry: Before and After
Unit 715 in 2005 Unit 715 in 2007
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2007 Light Industry Before and After
The Hive Custom The Hive Custom Tattoo Studio and Tattoo Studio and
GalleryGallery
Space Available for Space Available for LeaseLease
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Office SuitesOffice Suites
• Flexible Terms- yearly or month to month lease options.Flexible Terms- yearly or month to month lease options.• Utilities, taxes, data installation included.Utilities, taxes, data installation included.• Community Kitchen!Community Kitchen!• 80% rented, 20% under construction80% rented, 20% under construction
Our Executive Office Suites offer the flexible lease terms, full Our Executive Office Suites offer the flexible lease terms, full list of amenities, and a professional office atmosphere. list of amenities, and a professional office atmosphere.
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2005 Office
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2006 Office Before and After
Space Available for Space Available for LeaseLease
McCarten Violins WorkshopMcCarten Violins Workshop
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Live / Work LoftsLive / Work LoftsThe Village has invited eleven The Village has invited eleven
live/work tenants to a live/work tenants to a small interactive small interactive community along Main community along Main Street. Each unit features Street. Each unit features impressively designed impressively designed bathrooms and kitchens, bathrooms and kitchens, open floor plans, and a open floor plans, and a dramatic spiral staircase. dramatic spiral staircase. Refinished floors, exposed Refinished floors, exposed brick walls, and restored brick walls, and restored loft windows.loft windows.
100% pre-leased between 100% pre-leased between July and September 15th.July and September 15th.
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2007- Live/Work
Close to CompletionClose to Completion Live/Work ModelLive/Work Model
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2005-Retail
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2008-Retail
Interior Shopping Hallway Boasts Interior Shopping Hallway Boasts Newly Constructed Historic Windows, Newly Constructed Historic Windows,
Custom-made Doors, and Custom-made Doors, and Buffed Concrete FlooringBuffed Concrete Flooring
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Open House September 20071000+ attending
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The Floating Art Project, a guerilla-The Floating Art Project, a guerilla-gallery adopted 7,000 square feet of gallery adopted 7,000 square feet of space for an elaborate presentation space for an elaborate presentation of local artwork.of local artwork.
Today, the organization is also a Today, the organization is also a tenant in our retail development.tenant in our retail development.
Hometown heroes, Zox, played an Hometown heroes, Zox, played an outdoor concert at our Pawtucket outdoor concert at our Pawtucket Arts Festival Open House.Arts Festival Open House.
Our plans are to develop the space Our plans are to develop the space for a summer concert series of local for a summer concert series of local talent.talent.
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Urban Smart Growth Urban Smart Growth in Rhode Islandin Rhode Island
• Greystone Mills, North Providence
• Eagle Square Lofts, Providence
• The Conant Thread Factory, Pawtucket
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Urban Smart GrowthBelville, North Carolina
80-acre waterfront
re-development of new town-center across from Wilmington, NC.
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Creative Negotiating Points Creative Negotiating Points
• Taking A Developer’s Fees May Be An After Tax LoserTaking A Developer’s Fees May Be An After Tax Loser• Withdrawing Tax Credit Proceeds As Return Of Capital Tax FreeWithdrawing Tax Credit Proceeds As Return Of Capital Tax Free• Allocation Of State Tax Credit Certificate To Admitted Partner Tax Allocation Of State Tax Credit Certificate To Admitted Partner Tax
Free Free • Negotiating Sale Of Additional Credits And Minimal Time Adjuster Negotiating Sale Of Additional Credits And Minimal Time Adjuster
(Room To Move)(Room To Move)• Benefits Of Negotiating A “Phased Project” (Room To Move)Benefits Of Negotiating A “Phased Project” (Room To Move)• Refinancing Alternatives-Negotiate Up Front With A Credit PartnerRefinancing Alternatives-Negotiate Up Front With A Credit Partner
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USG’S Economic Game PlanUSG’S Economic Game Plan• Buy Opportunities Ahead Of The CurveBuy Opportunities Ahead Of The Curve• Build For Investment, Not ResaleBuild For Investment, Not Resale• Build For Minimal CostBuild For Minimal Cost• Credits Are Supplemental, Not A NecessityCredits Are Supplemental, Not A Necessity• In-House OperationsIn-House Operations