Request for Proposals - 7th & Farnam Development Site (Parcels 17-30012-70 and 17-30012-60)
The Joint Development Corporation has issued its Request for Proposals for the development of the former Zahn Building and the Farnam Tennis Courts. The RFP Applications are due on: Friday, December 1, 2017.
RFP 7th and Farnam Development
RFP Application 7th and Farnam
The following firms have been selected to respond to the Joint Development Corporation’s Request for Proposals based on a Request for Expressions of Interest.
1. Cardinal Capital Management Inc.
2. Commonweal Development Corporation and Market & Johnson
3. Impact Seven & Building Blocks
4. Midwest Land Partners, LLC.
5. Mr. Spencer Schram and Mr. Bryan Schoeppner
All questions about the RFP will be posted on this website. They are below:
(1) Section 3.5 of the RFP mentions a “potential brownfield site.” Can the City share a Phase I ESA or other documentation it has related to potential contamination? We have no documentation that this is a brownfield site. I don’t think that there is soil contamination. I would not put this in your pro-forma. We had concerns about issues tearing down the building itself but you won't have to worry about that part. It’s past known uses would not have contaminated the soil.
(2) Section 3.7 of the RFP says the CDBG funding would trigger a requirement for 1.0 FTE created per $35,000 lent to the project. If the project restricts 20% of the units to households at/below 80% AMI, is this an alternate pathway to meet CDBG requirements? (i.e. do we have to satisfy one both the job creation and affordability requirements?). Yes, you can just restrict it to 20% of the units. You don’t need to meet both requirements.
(3) For determining future assessed value for the development, what expense ratio and cap rate should be used? On a market-rate apartment building, the expense ratio probably in the range of 17-24% before property tax. Then add in property taxes (another 15-17% on top of that). Then the cap rate would be 8%.
(4) What kind of parking plan would be acceptable? A parking plan that meets market demand. The City Planning Department would be willing to be supportive of a more flexible parking plan that its current requirements.
Previous Post (8/24/17): Request for Expressions of Interest - 7th & Farnam Development Site (Parcels 17-30012-70 and 17-30012-60)
We invite you to consider responding to the City of La Crosse's Planning and Development Department's RFEI. The deadline is Friday, September 29th for submission of expressions of interest. We are seeking experienced real estate development companies for this traditional neighborhood development opportunity on a half-acre urban site that is approximately 137 x 155 feet. Located at 1305 7th St S and 708 Hood Street. Please see the RFEI for more details.
PPH Joint Neighborhood and Campus Plan