HomeMy WebLinkAbout2013-05-08 HEDC Packet
AGENDA
CITY OF MAPLEWOOD
HOUSINGAND ECONOMIC DEVELOPMENT COMMISSION
Wednesday,May 8, 2013
7:00P.M.
Council Chambers -Maplewood City Hall
1830 County Road B East
1.Call to Order
2.Roll Call
3.Approval of Agenda
4.Approval ofMinutes:
a.April 10, 2013
5.NewBusiness:
a.Review of Adopted Gladstone Neighborhood Master Plan
b.Review of Updated Market Study for Gladstone Neighborhood
c.Potential Redevelopment of Maplewood Bowl Site, 1955 English Street
6.UnfinishedBusiness:
7.Visitor Presentations:
8.CommissionPresentations:
9.Staff Presentations:
a.Development Summary (No Report)
10.Adjourn
MINUTES OF THE HOUSING AND ECONOMIC DEVELOPMENT COMMISSION
1830 COUNTY ROAD B EAST, MAPLEWOOD, MINNESOTA
7:00 P.M., WEDNESDAY,APRIL 10, 2013
1.CALL TO ORDER
A meeting of the Commissionwas held in the City Hall Council Chambers and was called to order
at 7:00p.m.byChairperson Ulrich.
2.ROLL CALL
Commissioners
Gary Kloncz, CommissionerPresent
Mark Jenkins, CommissionerPresent
Jennifer Lewis, CommissionerPresent
Absent
Joy Tkachuck, Commissioner
Beth Ulrich, ChairpersonPresent
Dennis Unger, CommissionerPresent
Warren Wessel, CommissionerPresent
Staff
Michael Martin, Planner
3.APPROVAL OF AGENDA
Commissioner Klonczmoved to approve the agenda as submitted.
Seconded by CommissionerJenkins.Ayes –All
The motion passed.
4.APPROVAL OF MINUTES
Commissioner Wessel moved to approve the HEDC minutesforFebruary 28,2013, as submitted.
Seconded by CommissionerLewis.Ayes –All
The motion passed.
5.NEW BUSINESS
a.Tom Snell,White Bear Lake Area Chamber ofCommerce
Mike Ericson, Economic Development Consultant with the City of Maplewood addressed the
commission and then introduced the speaker, Tom Snell.
Tom Snell, Executive Director of the White Bear Area Chamber of Commerceaddressed the
commission. Mr.Snellhanded out information and then spoke about “Grow Minnesota” and
shared how the chamber of commerce can assist the City of Maplewood and the businesses in
Maplewood.
No action required.
April 10, 2013 1
Housing and Economic Development CommissionMeetingMinutes
6.UNFINISHED BUSINESS
a.Green Building Program Ordinance
i.Assistant Building Official, Nick Carver gave the presentation on the Green Building
Program Ordinance.
Commissioner Jenkins moved to approve the Green Building Program base documents and
incentive program.
Seconded by Commissioner Lewis.Ayes –All
The motion passed.
b.Review of HEDC Work Plan
i.Planner, Mike Martin, gave a review of the HEDC work plan.
Planner Martin reviewed the economic development priorities and redevelopment, business
retention, implementation activities and timeline and possible future activities.
No action required.
c.Consideration of Revolving Loan Program
i.Planner, Mike Martin, reviewedconsiderationofa revolving loan program.
The commission discussed the idea of a revolving loan program in Maplewoodand the pros and
cons of the program. They also discussed the different loan programs in Woodbury and Oakdale
as presented in the staff report.
No action required.
7.VISITOR PRESENTATIONS
None.
8.COMMISSIONPRESENTATIONS
Commissioner Jenkins asked if staffhad an update on the TIF legislative that was submitted on
behalf of the 3M project? Staff stated there is no update yet,possibly late spring and staff will
bring it forward to the commission when there is further information.
9.STAFF PRESENTATIONS
a.Planner, Mike Martin gave a brief development summaryon the latest projects in Maplewood.
10.ADJOURNMENT
Chairperson Ulrichadjourned the meeting at 9:05p.m.
April 10, 2013 2
Housing and Economic Development CommissionMeetingMinutes
Agenda Item 5a
MEMORANDUM
TO:
James Antonen, City Manager
FROM:
Michael Martin, AICP, Planner
SUBJECT:Review of Adopted Gladstone Neighborhood Master Plan
DATE:
April 30, 2013
INTRODUCTION
In April of 2007, the city council adopted the Gladstone Neighborhood Master Plan. This plan
identified future land uses and desired urban form for redevelopment opportunities within the
neighborhood. The Shores at Lake Phalen represents the first major phase of redevelopment
within the neighborhood. In addition, the city has invested around $8 million in right-of-way-
improvements and within the Gladstone Savannah.
DISCUSSION
In 2012, the business and economic development commission adopted a work plan to guide the
commission’s work and focus through 2013 and 2014. Thiscommission has since been folded
into the existing housing and economic development commission (HEDC). In the work plan, the
Gladstone neighborhood was identified as an area of concentration for redevelopment
opportunities. Staff has been meeting intensively with property owners and potential developers
in seeking opportunities for private investment within the neighborhood.
At the May 8, 2013 HEDC meeting, staff would like to go over the adopted master plan for this
neighborhood to ensure the commission has a good understanding of the plan and intent. In
addition to this item, later in the meeting a perspective developer will be presenting to the HEDC
on a potential project at the Maplewood Bowl site.
Attached to this report is a copy of the adopted plan. This copy is being provided to all HEDC
members to give them a chance to review the document prior to the meeting.
RECOMMENDATION
No action required.
Attachments:
1.Gladstone Neighborhood Master Plan, April 2007
Agenda Item 5b
MEMORANDUM
TO:
James Antonen, City Manager
FROM:
Michael Martin, AICP, Planner
SUBJECT:Review of Updated Market Study for Gladstone Neighborhood
DATE:
April 30, 2013
INTRODUCTION
In 2003, the city hired Maxfield Research to produce a market studyfor the Gladstone
Neighborhood. This market study worked to inform the master plan that was later developed for
this area. In late 2012, the city again worked with Maxfield Research to update this document to
ensure it reflected thechanging market conditions and constraints.
DISCUSSION
It is city staff’s intent to have all plans and policy documents produced to be reflective and
realistic in terms of market conditions. In addition the work plan for the housing and economic
development commission (HEDC) calls for the city to utilize market studies for areas of
economic development focus.
At the May 8, 2013 HEDC meeting, staff would like to go over the updated market studyfor this
neighborhood to ensure the commission has a good understanding of the document. In addition
to this item, later in the meeting a perspective developer will be presenting to the HEDC on a
potential project at the Maplewood Bowl site.
Attached to this report is a copy of the updated study. This copy is being provided to all HEDC
members to give them a chance to review the document prior to the meeting.
RECOMMENDATION
No action required.
Attachments:
1.Gladstone Area Market Study, November 2012
Agenda Item 5c
MEMORANDUM
TO:
James Antonen, City Manager
FROM:
Michael Martin, AICP, Planner
SUBJECT:Potential Redevelopment of Maplewood Bowl Site
LOCATION:
1955 English Street
DATE:
May 1, 2013
INTRODUCTION
Andrew Hughes, of Sherman Associates, Inc., has approached city staffwith a proposal to
redevelopthe Maplewood Bowl site into a three-phased mixed use project. The Maplewood
Bowl, which had been leased by AMF, has gone out of business potentially leaving a large
amount of land as vacant on the visibleintersection of Frost Avenue and English Street. City
staff has been working with the property owner in exploring potential uses for this site.
DISCUSSION
Mr. Hughes would be proposing to build a three-phased mixed use project. The first phase
wouldconsist of a 55-unit building with one, two and three bedroom units. These units would
include affordable housing. Phase two would consist of approximately 65 units of senior
independent living apartments. Finally, phase three would consist of approximately 6,000
square feet of neighborhood-oriented retail.Refer to the attached site plan.
Mr. Hughes is requesting the city consider the use of tax-increment financing (TIF) and the
reduction or waiving of development fees in order to make the proposed project feasible.
According to Mr. Hughes, Sherman Associates’ gap is $1,000,000 and TIF would have the
potential of generating up to $775,000. The city has not done any analysis on these numbers
and for the city council to consider TIF it would require an application be made at which point
the city’s financial consultant would work to verify Mr. Hughes’ numbers.
The above request would only pertain to the first phase of the development. City staff has been
workingwith the existing property owner and Mr. Hughes on a potential application to the
Metropolitan Council for availableLivable Communities Demonstration Accountgrant dollars. A
“pre-concept” application was submitted to the Metropolitan Council which only allows
Maplewood city staff to receive feedback from the Metropolitan Council on the viability on such
an application. In order for the city to submit a full application and apply for grant dollars, the
city council would have to adopt a resolution supporting the application, which willbe
consideredlater this summer. The purpose of the grant dollars would be to work towards
successful phases two and three.
Included with this report are several attachments submitted by Mr. Hughes. This information
provides a good picture of what the applicant would like to see happen with this site. In
addition, Mr. Hughes has provided a company profile enabling the commission to get a better
understanding of Sherman Associates. No land use applications have been made for this
potential development. City staff wanted to bring this before the HEDC to gauge itsreactions
before the process got any further along. If the project does proceed, the community design
review board and planning commission would also have the opportunity for review and
comment as they would on any development project.
SUMMARY
The housing and economic development commission is being asked to consider support for
potential city financial assistance in order to redevelopthe Maplewood Bowl site. Again, any
specific requests would be considered and approved by the city council with the city’s financial
consultants providing a thorough review and analysis.
RECOMMENDATION
Consider whether the city should provide potential city assistance for the redevelopment of the
Maplewood Bowl site.
Attachments:
1.Cover Letter from Mr. Hughes, dated May 1, 2013
2.Draft Site Plan
3.Phase I Redevelopment Summary
4.Phases II and III Redevelopment Summary
5.Sherman Associates Company Profile
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CONTENTS
COMPANY PROFILE: Contents
INTRODUCTION
Sherman Associates
Sherman Associates, Inc. is an award-winning development firm specializing in the design, construction
and financing of quality commercial and housing properties in Minnesota, Wisconsin, Iowa, Missouri and
Colorado.
Having earned a strong reputation for quality and follow-through, cities around the country have turned
to Sherman Associates to pioneer redevelopment in their highest priority urban neighborhoods.
Over the past 35 years, Sherman Associates has become an industry leader in tax credit, affordable
housing and tax increment financing projects. Such developments have been successful for the
participating cities, investors, residents and businesses.
Sherman Associates has developed approximately 8,500 multifamily, townhouse and single-family homes,
and 600,000 square feet of commercial and hotel space.
COMPANY PROFILE: Introduction
Capacity and Process
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COMPANY PROFILE: Introduction
Biographies and Staffing
George Sherman
George Sherman has planned and delivered multi- and single-family housing for more than 35 years. As principal in
developing more than 7,000 rental units and more than 1,200 for-sale housing units, to date the total value of his
development portfolio exceeds $2 billion.
Development:
Led directly by George Sherman, the development department has a proven track record of successfully leveraging
complex financing packages and strong relationships with local governments and community leaders. It is made up
of experts in multiple disciplines, including commercial real estate, affordable housing finance and conventional real
estate finance, who continue to build strong relationships throughout the major markets in which Sherman Associates
operates.
Key Staff: George Sherman, Tony Kuechle, Paul Keenan, Chris Sherman, Jackie Nickolaus, Andrew Hughes
Legal:
Sherman Associates’ in-house legal team spearheads the closing of all projects while also navigating issues that arise
in a diverse real estate company. Consisting of staff with high-level knowledge of real estate and land use matters,
as well as affordable housing and conventional real estate finance, this team is essential to the Sherman Associates
process. Led by Susan Fauver, the team works hand-in-hand with the development group to ensure the stability and
long-term success of Sherman Associates projects.
Key Staff: Susan Fauver, Anne Stephenson, Lis Peterson, Lisa Merk
Residential Property Management and Affordable Housing Compliance:
Sherman Associates’ professional management team is made of industry veterans with substantial knowledge and
experience in the management of low-income, market-rate and special-needs housing projects. The department
consists of over 200 employees ranging from caretakers and maintenance staff to upper-level property management
and compliance staff. This dynamic and diverse team, led by Don Cappaert, manages both the day-to-day and global
processes that allow Sherman Associates’ robust, multi-faceted rental portfolio to remain financially successful and to
cater to the needs of some 20,000 residents throughout the Midwest and Colorado.
Key Staff: Don Cappaert, Shiva Anderson, Eduardo Christ, Simone Achkar, Joe Keilen
Condominium Sales:
With a vast portfolio ranging from single-family homes to multi-million dollar high-end luxury condominiums, Brad
Goering has led the for-sale department at Sherman Associates through numerous successful sales. His extensive
knowledge of homeowner association matters, together with his ability to manage multiple selling agents, marketing
efforts and homeowner association warranty concerns in multiple regional markets, has allowed Sherman Associates
to progress and continue to grow in spite of the recent economic recession and the significant downturn in the home
ownership market.
Key Staff: Brad Goering, Lisa Merk
COMPANY PROFILE: Introduction
Commercial Property Management:
The commercial team at Sherman Associates manages real estate and brokerage throughout the five-state portfolio.
Leveraging important community connections and strong tenant relationships, this group has been a key on-the-
ground presence. They have added important community amenities to Sherman Associates’ mixed-use developments,
ensuing the long-term growth of the neighborhoods and local economies in which they are located.
Key Staff: Rob Kost, Katherine Marinac, Heather Nelson, Tony Kuechle
Hotel Operations
Sherman Associates’ hotel operations have added a key component to our ever-expanding portfolio of diverse and
highly-acclaimed projects. Boasting a hotel ranked in the top five of all Sheraton hotels nationwide, the aloft and the
Sheraton have continually operated with high occupancy and regional acclaim. With the second largest staff pool
in the company, consisting of upwards of 175 employees, this department is professionally managed by leaders with
decades of experience in the field.
Key Staff: Adam Herbranson, Troy Whelan, Karen Pionk, Doug Bremer, Deanna Somvong
Construction and Facilities Management:
The construction and facilities management team at Sherman Associates is one of the most essential components to
the completion of development projects and the continued maintenance of the portfolio. Led by Rich Kiemen, this
team coordinates with general contractors, architects, engineers and the property management staff on a daily basis.
Their continued diligence has been integral to Sherman Associates in staying on schedule and within budget to deliver
new construction, occupied rehabilitation and historic rehabilitation projects. This group is also responsible for the
oversight of day-to-day maintenance operations and preparation for numerous required site inspections throughout
the portfolio.
Key Staff: Rich Kiemen, Ron Wagner, Gordy Willey
Accounting:
With the complexity of financing in many projects, along with the vast diversity and sheer volume of products offered,
the accounting department at Sherman Associates is fundamental to the daily operations of the company. Managing
property accounting, financial reporting, relationships with financial institutions, support of the property management,
commercial, and home ownership teams, the department acts as the core linkage between the internal and external
transactions for the company. Led by Deanna Somvong, the team consists of staff with expertise in residential
accounting, commercial accounting and high-level auditing.
Key Staff: Deanna Somvong, Renee DeRosia
COMPANY PROFILE: Introduction
DEVELOPMENT EXPERIENCE
Completed Projects and Selected Experience
The following pages outline a full list of Sherman Associates’ completed projects in Rental Housing,
Commercial Real Estate, Hotels and For Sale Housing. We have also included detailed descriptions of
selected projects that successfully demonstrate Sherman Associates’ commitment to producing effective
quality developments in urban markets with opportunities for users of all income levels.
COMPANY PROFILE: Development Experience
Completed Rental Projects
Year Mixed
Project NameCityStateCompleted# UnitsProject TypeLIHTCHistoricUse
1.3100 ClintonMinneapolisMN199012Rehabilitation
2.3100 Fourth AvenueMinneapolisMN199210Rehabilitation
3.Autumn RidgeBrooklyn ParkMN2007366Rehabilitation
4.Bell BuildingMinneapolisMN198525Rehabilitation
5.Blaine Town Square Senior ApartmentsBlaineMN200587New Construction
6.Bottineau Commons ApartmentsMinneapolisMN2003119New Construction
7.Bottineau LoftsMinneapolisMN200337Adaptive Reuse
8.Boulevard ApartmentsMilwaukeeWI2007235Rehabilitation
9.Browns MeadowCoon RapidsMN1992148New Construction
10.Castle ApartmentsMinneapolisMN199011New Construction
11.Central Avenue LoftsMinneapolisMN200766New Construction
12.Community PlazaSt. PaulMN199940Rehabilitation
13.Cromwell Commons (Marvin Gardens)MinneapolisMN199618Rehabilitation
14.East Phillips CommonsMinneapolisMN200434New Construction
15.Falcon Heights MultifamilyFalcon HeightsMN2004119New Construction
16.Falcon Heights Senior ApartmentsFalcon HeightsMN200456New Construction
17.Farmington TownhomesFarmingtonMN200116New Construction
18.Gateway TerraceGrand ForksND1994New Construction
19.Grand Boulevard LoftsKansas CityMO2009134Adaptive Reuse
20.Grande Market PlaceBurnsvilleMN2003113New Construction
21.Greysolon ApartmentsDuluthMN2006150Adaptive Reuse
22.Guardian Angels of HastingsHastingsMN200230New Construction
23.Harrison LoftsDavenportIA*UC60New Construction
24.Highland ChateauDuluthMN199960Rehabilitation
25.Highland ParkMilwaukeeWI2008150Rehabilitation
26.Irving SchoolDuluthMN201144Rehabilitation
27.Jefferson Square ApartmentsDuluthMN200025Rehabilitation
28.Le Sueur Meadows ApartmentsLe SueurMN200240New Construction
29.Lexington ShoresShoreviewMN200268New Construction
30.Lodge at Little CanadaLittle CanadaMN200379New Construction
31.Longfellow StationMinneapolisMN*UC180New Construction
32.Lyons Court*St. PaulMN200560New Construction
33.Merritt SchoolDuluthMN200419Adaptive Reuse
34.Metro LoftsDes MoinesIA2010111New Construction
35.Midtown ExchangeMinneapolisMN2005219Adaptive Reuse
36.Mount Royal ManorDuluthMN2002114Adaptive Reuse
37.New Paris ApartmentsBensonMN198540Rehabilitation
38.Phalen Senior LoftsSt. PaulMN200673New Construction
39.Phoenix on the FaxDenverCO201250New Construction
40.River Run ApartmentsMinneapolisMN200574New Construction
41.Riverside PlazaMinneapolisMN20121303Rehabilitation
42.Rumely LoftsDes MoinesIA200966Adaptive Reuse
43.Russell LamsonDes MoinesIA201290Adaptive Reuse
44.Seward Flats (2)MinneapolisMN1997123Rehabilitation
45.Sibley Court Apartments*St. PaulMN2003122New Construction
46.Sibley Park Apartments*St. PaulMN2001114New Construction
47.Stradford FlatsMinneapolisMN*UC62Rehabilitation
48.Straus ApartmentsSt. PaulMN200349Adaptive Reuse
49.Syndicate TrustSt. LouisMO200770Adaptive Reuse
50.The Chateaus (3 Buildings)DuluthMN1998141Rehabilitation
51.The Crossings at Valley ViewBloomingtonMN200950New Construction
52.The RooseveltCedar RapidsIA200896Adaptive Reuse
53.Vine Street Lofts*Des MoinesIA2004110New Construction
54.West Gate TownhomesDuluthMN200128New Construction
55.West Side FlatsSt. PaulMN*UC178New Construction
TOTALS: 5,89438816
COMPANY PROFILE: Development Experience
Completed Condominium Projects
1.Zenith - Phase IMinneapolisMN200864New ConstructionCondominiums
2.The SyndicateSt. LouisMO2007102Adaptive ReuseCondominiums
3.311 SuperiorDuluthMN200733New ConstructionCondominiums
4.Vista San JacintoSan JacintoCA200734New ConstructionTownhomes
5.Homes of Emerson HillWest St. PaulMN200735New ConstructionTownhomes
6.Groveland TerraceMinneapolisMN2007128Adaptive ReuseCondominiums
7.The Villas of Little CanadaLittle CanadaMN200745New ConstructionTownhomes
8.The Brownstones at River RunMinneapolisMN200710New ConstructionTownhomes
9.The Bridges of BlaineBlaineMN200612New ConstructionTownhomes
10.The ChicagoMinneapolisMN200688Adaptive ReuseCondominiums
11.Printer's Row*St. PaulMN200642New ConstructionCondominiums
12.Midtown Lofts*MinneapolisMN200572New ConstructionCondominiums
13.Keene Creek TownhomesHermantownMN200544New ConstructionTownhomes
14.9th Street Lofts*St. PaulMN200549Adaptive ReuseCondominiums
15.Water Street Brownstones*Des MoinesIA200437New ConstructionCondominiums
16.Bottineau Commons TownhomesMinneapolisMN200327New ConstructionTownhomes
17.The Dakota*St. PaulMN200332New ConstructionCondominiums
18.Capital Heights City HomesSt. PaulMN200325New ConstructionTownhomes
19.Landings at Sawmill RunMinneapolisMN200358New ConstructionTownhomes
20.The ShoresShoreviewMN200315New ConstructionTownhomes
21.The Essex*St. PaulMN200238New ConstructionCondominiums
22.City Homes on Park AvenueMinneapolisMN200029New ConstructionMix
23.3100 Fourth AvenueMinneapolisMN19929New ConstructionSingle Family
24.3100 ClintonMinneapolisMN19908New ConstructionSingle Family
25.Parkway TerraceMaplewoodMN199090New ConstructionSingle Family
26.Highland TerraceMinneapolisMN199022New ConstructionSingle Family
27.Kenwood IslesMinneapolisMN198840New ConstructionTownhomes
28.Lakes CitihomesMinneapolisMN198583New ConstructionTownhomes
29.Boardwalk and Park Place TownhomesMinneapolisMN198263New ConstructionTownhomes
1,270
* Lander-Sherman Development
COMPANY PROFILE: Development Experience
Completed Commercial Projects
1.Zenith CommercialMinneapolisMN2007 10,000SFNew Construction
2.Syndicate Trust BuildingSt. LouisMO2007 20,000SFRehabilitation
3.Wentworth CommonsWest St. PaulMN2007 13,000SFNew Construction
4.Blaine Town SquareBlaineMN2005 50,000SFNew Construction
5.Robert Street RetailSt. PaulMN2005 4,400SFNew Construction
6.Garfield Business ParkDuluthMN2005 50,000SFNew Construction
7.Grande Market SquareBurnsvilleMN2004 30,000SFNew Construction
8.Village of Little CanadaLittle CanadaMN2004 20,000SFNew Construction
9.Grande Market PlaceBurnsvilleMN2004 14,000SFNew Construction
10.The Lodge at Little CanadaLittle CanadaMN2004 12,000SFNew Construction
11.Deephaven CourtDeephavenMN2003 18,200SFRehabilitation
12.Sibley Park Place*St. PaulMN2003 12,000SFNew Construction
13.The Straus BuildingSt. PaulMN2003 10,000SFRehabilitation
14.233 ParkMinneapolisMN2001 60,000SFRehabilitation
15.Deephaven SquareDeephavenMN1999 25,000SFRehabilitation
16.Canal Park SquareDuluthMN1998 60,000SFRehabilitation
17.Hawthorne CrossingsMinneapolisMN1997 50,000SFNew Construction
18.Camden CenterMinneapolisMN1997 15,000SFNew Construction
473,600SF
1.Aloft HotelMinneapolisMN2007 155roomsNew Construction
2.Sheraton Duluth HotelDuluthMN2007 147roomsNew Construction
302rooms
COMPANY PROFILE: Development Experience
RIVERSIDE PLAZA
Minneapolis, MNProject Details
Riverside Plaza represents the largest housing • Historic Rehabilitation and Stabilization
development project in the state of Minnesota and • 1,303 Total Apartments in 11 Buildings
one of only two projects in the United States that • 1,174 Tax Credit Units (60% AMI)
were built as part of a HUD pilot program called • 669 Project-Based Section 8 Units
“New Town, In Town.” Originally constructed • Project Value: $132 Million
between 1971-1973, Riverside Plaza consists of • Financing: Federal 4% LIHTC Equity, HUD-
1,303 rental units. Sherman Associates acquired the Guaranteed 1st Mortgage, Federal and State
property in 1988 and at that time performed the first Historic Tax Credits, MN Housing Finance
substantial rehab of the complex utilizing low-income Agency EDHC & PARIF, City of Minneapolis
housing tax credits and a HUD-insured mortgage as AHTF, Greater Metro Housing Corp Funds, Met
the primary sources of financing.Council LHIA, Family Housing Fund, Met Council/
Brownfield TBRA, Hennepin County/Brownfield
In January of 2011, Sherman Associates closed on Environmental Response Fund, Deferred
one of the largest tax credit rehabilitation projects in Developer Fee
the nation’s history and began a $132 million, two-
year refinance and renovation of this iconic property. Role: Developer, General Partner, Property Manager
In the process, Riverside Plaza was placed on the
National Register of Historic Places less than 40 Rehabilitation Completed: November 2012
years after it was initially constructed. The historic
designation was in part due to the concepts and Awards and Recognition:
design brought forward by world renowned architect • 2012 Best in Real Estate: Multifamily Development
Ralph Rapson. During the construction period, the or Redevelopment
building remained occupied, conducting a temporary
relocation that is unmatched in size and complexity.
The rehabilitation, completed in November of 2012,
focused on substantial upgrades to the mechanical
and electrical systems, along with exterior and site
work that returned the Riverside Plaza complex to its
original 1970s appearance.
COMPANY PROFILE: Development Experience
GRAND BOULEVARD LOFTS
Kansas City, MissouriProject Details
The former Dierks Building, a 17-story, steel frame,• Historic Acquisition and Rehabilitation
brick-clad office building in the heart of downtown• 134 Affordable Apartments
Kansas City, sat vacant for a decade. Through the• 6,700 Square Feet Retail - Ground Floor
help of City, State and Federal funds, this project now• Project Value: $33.3 Million
houses 134 families offering them rental opportunities• Financing: State and Federal Low Income Housing
that are integral to Kansas City’s efforts towardsTax Credits, State and Federal Historic Tax
downtown revitalization.Credits, HUD Insured Mortgage, MHDC TCAP
Soft Loan, Kansas City CDBG Loan
Re-christened Grand Boulevard Lofts, this project
represents Sherman Associates’ first move into theRole: Developer, General Partner, Property Manager
Kansas City housing market. Opening to fanfare from
city officials, the community has gained tremendousCompleted: December 2010
support from community organizations such as The
Urban Core Group. The building is listed on theAwards and Recognition:
National Register of Historic Places and contains two• 2011 Capstone Award by Kansas City Business
first floor and sub-level commercial spaces which areJournal
being marketed to top-rate national and local retailers.• 2011 T. Timothy Anderson Award for Best
Historic Rehab involving LIHTC - Finalist
COMPANY PROFILE: Development Experience
THE SYNDICATE
St. Louis, MissouriProject Details
The Syndicate Trust Building is a prominent historic• Historic Acquisition and Rehabilitation
property located at the intersection of 10th and Olive • 28 Affordable Apartments - Floors 4-5
Streets in the heart of downtown St. Louis. Originally • 42 Market-rate Apartments - Floors 6-8
built in 1907, the 16-story building is comprised of • 102 Condominiums - Floors 9-17
approximately 450,000 square feet and was previously • 20,000 Square Feet Retail - Ground Floor
used for office and retail space. The building was • Project Value: $81 Million
placed on the National Register of Historic Places • Financing: City of St. Louis, Federal Low Income
because of its notable architecture.Housing Tax Credits, New Markets Tax Credits,
Federal Historic Tax Credits, Missouri State
Retail has returned to the Syndicate Trust Building Historic Tax Credits, Missouri State LIHTC,
with top-rate national and local retailers located in theBrownfield Redevelopment Credits
street level space. Loft condominiums, located on
floors 9 through 16, and rental apartments, locatedRole: Developer, General Partner, Property Manager
on floors 4 through 8, provide residents with the
convenience, features and amenities associated withCompleted: December 2008
urban living.
Awards and Recognition:
• 2008 Development of the Year
COMPANY PROFILE: Development Experience
ALOFT HOTEL & ZENITH CONDOMINIUMS
Minneapolis, MinnesotaProject Details
In 2008, Sherman Associates opened the new 155-• New Construction
room aloft Hotel along Washington Avenue South • 155-Room Hotel
in downtown Minneapolis. Part of Starwood Hotels, • 64 Condominiums
aloft has five stories with guest rooms on 2 through 5. • 4,000 Square Feet of Retail in the aloft
The ground level includes approximately 4,000 square • 7,800 Square Feet of Retail in the Zenith
feet of retail space and the hotel’s common areas.• Project Value: $61 Million
• Financing: New Market Tax Credits, Environmental
Adjacent to the project is the Zenith Condominiums. Grant
Located in the prestigious Mill District, the project
provides an opportunity for contemporary living Role: Developer, Owner, Sales Broker
in a dynamic downtown neighborhood. Just steps
from the exciting new Guthrie Theater, and a few Completed: August / November 2008
blocks from the heart of downtown, the Zenith offers
dramatic views of the Minneapolis skyline and the Awards and Recognition:
Mississippi River. With shops, river trails and light • 2008 Finalist in Hospitality Development/
rail service all within walking distance, this project Redevelopment by Minneapolis/St. Paul Business
provides high-end housing in the downtown market.Journal
• 2010 Honor Award for Excellence in Concrete
Design & Construction
COMPANY PROFILE: Development Experience
GREYSOLON PLAZA | SHERATON HOTEL | 311 SUPERIOR
Duluth, MinnesotaProject Details
In 2006, Sherman Associates acquired and • Historic Acquisition and Rehabilitation
rehabilitated the historic Greysolon Plaza building in • 150 Affordable Senior Apartments
downtown Duluth, Minnesota. Built in 1910 as the • 147 Guest Rooms and Suites Hotel
Hotel Duluth, Greysolon Plaza’s guests have included • 33 Condominiums
several former US presidents. The building was • Project Value: $55 Million
converted to affordable senior housing in the 1990s. • Financing: Federal Historic Tax Credits, Federal
As part of its redevelopment plan, Sherman Associates Low Income Housing Tax Credits, Minnesota
has rehabilitated and preserved this affordable senior Housing Finance Agency Soft Debt, Section 8,
housing.New Market Tax Credits, Tax Increment Financing
Across the street, Sherman Associates constructed Role: Developer, General Partner, Owner, Property
a new building that includes the Sheraton Duluth Manager
Hotel which is connected to the historic ballroom
of the Greysolon Plaza by skyway. Five floors of Completed: Summer 2007
luxury condominiums have been constructed on top
of the six-story, full-service hotel. The renovation
and construction of the two buildings are part of a
multi-project redevelopment of the historic “Old
Downtown” area of Duluth.
COMPANY PROFILE: Development Experience
MIDTOWN EXCHANGE | CHICAGO LOFTS
Minneapolis, MNProject Details
In 2004, a collaboration between developers Sherman • Historic Rehabilitation and Mixed-Use Conversion
Associates and Ryan Companies transformed the • 41 Market-rate Apartments
mammoth 1.2 million square-foot historic Sears, • 178 Affordable Apartments
Roebuck building in South Minneapolis into a mixed-• 88 Condominiums
use masterpiece featuring 88 loft and penthouse condo • Project Value: $77 Million
units, 219 rental units (including affordable units), the • Financing: Federal Low Income Housing Tax
headquarters of Allina Health Systems and a global Credits, US Bank first mortgage (Housing Revenue
food market. The Global Market features a variety of Bonds), Minnesota Housing Finance Agency, City
small businesses started by local entrepreneurs.of Minneapolis, Hennepin County,Tax Increment,
Metropolitan Council
Midtown Exchange was designed, developed and
financed in record time spanning only six months initial Role: Co-Developer, General Partner, Property
inception to the beginning of construction. Sherman Manager
Associates took the lead on the development of the
condominiums and apartments at Midtown Exchange, Completed: December 2005
which remains one of Sherman Associates’ most
celebrated projects earning continued awards and Awards and Recognition:
recognition from both local and national sources.• 2010 Property Excellence Award by Minnesota
Multi Housing Association
• 2009 Best of the Decade by Minneapolis/St. Paul
Business Journal
• 2007 Affordable Housing Finance Magazine: Best
Historic Rehabilitation
• 2006 National Trust/HUD Secretary’s Award for
Excellence in Historic Preservation
• 2005 Best in American Living by Professional
Builder Magazine
• 2004 Best in Real Estate: Best Overall by
Minneapolis/St. Paul Business Journal
COMPANY PROFILE: Development Experience
VINE STREET | WATER STREET
Des Moines, IowaProject Details
Completed in 2004, Vine Street Lofts and its sister • 65 Market-Rate Apartments
condominium project, Water Street Brownstones,• 44 Affordable Apartments
were the first significant new construction residential• 32 Condominiums
projects in Des Moines in over 20 years. Located on• Project Value: $15 Million
a prime site overlooking the Des Moines River, the• Financing: HUD, Fannie Mae, City of Des Moines,
parcel had been a surface parking lot for decades.Polk County Housing Trust Fund, Neighborhood
Finance Corporation, Federal Low Income
Selected through a competitive request for proposalHousing Tax Credits, Tax Abatement
process, Sherman Associates and partner Lander
Urban Development introduced a model that was Role: Developer, General Partner, Property Manager
untried in Des Moines high-end home ownership
opportunities; market-rate rental units and affordable Completed: September 2004
rental units on the same block sharing the same
underground parking system. The project is a
resounding success and is considered the project that
jump-started the downtown housing market.
COMPANY PROFILE: Development Experience
WACOUTA COMMONS
Saint Paul, MinnesotaProject Details
Wacouta Commons is a multi-phase redevelopment of • Retail Space: Approximately 14,000 sq ft
the previously blighted industrial space in downtown • Dakota on the Park / 38 Units - For Sale Housing
• Essex on the Park / 38 units - For Sale Housing
St. Paul. The area was redeveloped to include mixed-
• Sibley Park Apartments / 113 Units - Rental
income rental and ownership housing along with
Housing
ground level retail space. The multi-faceted project
• Sibley Court Apartments / 121 Units - Rental
fully revitalized the entire northeast quadrant of
Housing
downtown Saint Paul and remains an essential housing
• 9th Street Lofts / 49 Units - For Sale Housing
component to the city’s continued redevelopment.
• Printer’s Row / 48 units - For Sale Housing
• Lyons Court/60 units - Senior Rent
• Total Project value: $96.2 million
Role: Developer, Property Manager, General Partner
Completed: 2001 through 2006
Awards and Recognition:
• 2001 Best in Real Estate by Minneapolis/St. Paul
Business Journal
COMPANY PROFILE: Development Experience
PHOENIX ON THE FAX
Denver, ColoradoProject Details
Sherman Associates brought its expertise in urban• New Construction
redevelopment to Denver with the Phoenix on the• 4,500 Square Feet Retail - Ground Floor
Fax project. Located southeast of City Park along • 50 Affordable Apartments
Colfax Avenue, and midway between downtown • Project Value: $10.5 Million
Denver and the employment centers in the • Financing: Federal Low Income Housing Tax
Fitzsimmons redevelopment area, it represents the Credits, Tax Credit Assistance Program, HUD
first new construction development in an area of Insured Mortgage, City of Denver HOME Funds,
Denver quoted to have an “infamous” past.State of Colorado HOME Funds.
Phoenix on the Fax has garnered the support of TheRole: Developer, General Partner, Property Manager
Fax Partnership, Denver City Council, Denver Office
of Economic Development, State of Colorado, HUD,Completed: February 2012
Colorado Housing Finance Agency, and local investor
RBC Capital Markets.
The new construction project features 50 affordable
rental units and 4,500 square feet of retail space.
Completed in February of 2012, Phoenix on the Fax
had tremendous interest from renters and leased up
very quickly.
COMPANY PROFILE: Development Experience
THE ROOSEVELT
Cedar Rapids, IowaProject Details
The historic Hotel Roosevelt is a 12-story masonry • Historic Rehabilitation
building located in downtown Cedar Rapids. After • 96 Affordable Apartments
sustaining damage from the Flood of 2008, the • 15,522 Sq. Ft. Commercial Space
adaptive reuse converted the hotel into 96 apartment • Project Value: $11.0 Million
• Financing: Iowa Finance Authority Mortgage,
units with income restricted units at 60% AMI and
Federal Low Income Housing Tax Credits, State
market-rate units. The second floor houses project
Historic Tax Credits, City of Cedar Rapids, EZ
amenities that include a large community room, a fully-
Tax Credit Equity, IFA 1602 Funds
equipped fitness center, a laundry room and a business
center equipped with computers for resident use.
Role: Developer, General Partner, Property Manager
The first floor contains over 15,000 SF of commercial
space, and the remaining space in the basement was
Completed: October, 2010
converted into additional, secure resident storage
lockers.
The historic designation of the building dictated
the exterior restoration of the brickwork, the
refurbishing of the windows, and the revitalization of
the interior corridors and doors. After 12 months of
construction, the Hotel Roosevelt now provides four
studio, 59 one-bedroom and 33 two-bedroom units
with upgraded amenities, including new flooring and
fixtures, central heat and air conditioning, and a secure
intercom entry system.
COMPANY PROFILE: Development Experience
THE RUSSELL LAMSON
Waterloo, IowaProject Details
The Russell Lamson Apartments is an eight-story masonry
• Historic Rehabilitation
and concrete building originally constructed in 1914. In
• 90 Affordable Units
that same year, an edition of the Hotel Bulletin refered to
• 12,105 Sq. Ft. Commercial
the Hotel Russell Lamson as “one of the most complete,
• Project Value: $15.3 Million
up-to-date and modern hotels to be found anywhere on the
• Financing: FNMA Mortgage, Federal Low Income
American continent. It bears a very favorable comparison
Housing Tax Credits, Federal Historic Tax
with the best to be seen in any of the largest cities.” The
Credits, State Historic Tax Credits, EZ Tax Credit
building has been on the National Register of Historic
Equity, EZ Sales Tax Rebate
Places since 1988.
Before the renovation began, the building had been
Role: Developer, General Partner, Property Manager
previously converted into 75 apartment units on floors 3
though 8, with commercial space on the first and second
Completed: August, 2012
floors. To minimize the relocation of existing residents,
construction was completed in two stages. This allowed
approximately half of the current residents as well as all
the commercial tenants on the street level to remain in the
building during the renovation.
The newly renovated building contains 90 affordable housing
apartments. The layouts consist mainly of studio and one-
bedrooms, with a few two- and three-bedroom units.
Within the units, the historic windows were refurbished,
kitchens were replaced and bathrooms were upgraded.
A new exercise facility was built in addition to a laundry
facility. During the renovation, forgotten architectural
pieces like the magnificent windows in the lobby were also
rediscovered and restored. The end result provided high-
demand affordable housing while revitalizing a Waterloo
icon.
COMPANY PROFILE: Development Experience
RUMELY LOFTS
Des Moines, IowaProject Details
As a historic landmark in downtown Des Moines, this • Historic Rehabilitation
six-story structure was transformed into 66 affordable • 66 Affordable Units
• 5,345 Sq. Ft. Commercial
apartments and approximately 7,000 square feet of
• Project Value: $17.1
retail space. The building boasts a large 1,500 SF
• Financing: Iowa Finance Authority Mortgage,
community room and is accompanied by a computer
State Historic Tax Credits, Federal Historic
learning center, a fitness center and an on-site leasing
Tax Credits, Federal Low Income Housing Tax
office on the main level. Bike storage and surface
Credits, Other Funding Sources
parking is also available at the site.
Role: Developer, General Partner, Property Manager
The units provide historic details coupled with
modern finishes. Original windows were restored
Completed: October, 2010
and provide wonderful views of downtown and the
surrounding area. In addition to the historical details
of the apartments, residents enjoy unit upgrades that
include in-unit washer and dryers, dishwashers and
sink garbage disposal systems.
COMPANY PROFILE: Development Experience
METRO LOFTS
Des Moines, IowaProject Details
Located in downtown Des Moines, Metro Lofts is a • New Construction
four-story new construction development with a total • 102 Affordable Units
• 11 Market-Rate Units
of 111 apartment units. The building offers an amenity
• Project Value: $21.0 Million
package including a large community room, fully-
• Financing: HUD Insured 1st Mortgage, Federal
equipped exercise room, a computer learning center,
Low Income Housing Tax Credits, IDED - EZ Tax
underground parking, secure entry, and an on-site
Credits and Sales Tax Credits, IFA 1602 Funds,
leasing office and manager.
CIty of Des Moines, Other Sources
The apartment units have modern, durable finishes.
Role: Developer, General Partner, Property Manager
Residents enjoy central air conditioning, in-unit
washers and dryers, high-speed internet connection,
Completed: December, 2010
energy-conserving fixtures, and an additional interior
storage closet. Select units have walk-in closets, patios
or balconies.
With downtown Des Moines right outside its front
door, Metro Lofts offers quality affordable housing in a
convenient location.
COMPANY PROFILE: Development Experience
LONGFELLOW STATION
Minneapolis, MinnesotaProject Details
Longfellow Station is a 180-unit transit-oriented • New Construction
development located along the Hiawatha Light Rail • 180 Rental Apartments
Line in Minneapolis. Located within the mill district of • 10,000 SqFt Commercial / Retail Space
the Longfellow Neighborhood, Longfellow Station will • 36 Market-Rate Apartments
appeal to families and single adults that rely on public • 144 Affordable Apartments
transportation to connect them to employment and • Project Value: $28.3 Million
educational opportunities. It is conveniently located • Financing: US Bank Construction Loan, Mass Mutual
a few miles south of downtown Minneapolis with 1st Mortgage, Low Income Housing Tax Credits,
easy access to major job centers such as Downtown MHFA Challenge Fund, Family Housing Fund,
Minneapolis, Mall of America, The University of Affordable Housing Trust Fund, Minneapolis CPED
Minnesota, Fairview-Riverside Medical Campus, and Deferred Loan, Hennepin County Affordable
the Minneapolis/St. Paul International Airport. The Housing Investment Funds, Met Council Livable
development of the Central Corridor Light Rail Communities Demonstration Funds,
Line will give additional benefit to the residents of
Longfellow Station when completed. Role: Developer, General Partner, Property Manager
Emphasis in the design process has been placed on Anticipated Completion: November, 2013
unit and common area amenities in order to compete
with market-rate product in the area. Units feature
open layouts, dishwasher, in-unit washer & dryer, a
built-in office niche, and fiber optic wiring. Common
area amenities include a community room, coffee area,
business center, fitness room, theatre room, bike
repair area, bike storage, heated underground parking,
a dog run, and tot-lot.
Project Currently Under Construction
COMPANY PROFILE: Development Experience
HARRISON LOFTS
Davenport, IowaProject Details
Harrison Lofts is a new construction development • 3-Story New Construction
of mixed-use housing and retail located on the 14th • 60 Apartments, 2 Retail Spaces
block of Harrison Street in Davenport, Iowa. On the • 54 Affordable Units (40% & 60% AMI)
street level, there are two retail spaces positioned • 6 Market-Rate Units
along each of the 14th and 15th street corners. • 3,100 SqFt Commercial
Residential parking is located behind the building, • Project Value:
and retail customers will utilize the ample street • Financing: Iowa Finance Authority Mortgage, Low
parking on 14th and 15th Street. The community Income Housing Tax Credits, EZ Tax Credit
room has a large area for tenants to gather or watch Equity, EZ Sales Tax Rebate, City of Davenport
television, and also provides workstations complete NSP Funds
with computer and internet access. In addition to the
community room there is a fully-equipped exercise Role: Developer, General Partner, Property Manager
room and a laundry facility. The building will also have
an on-site leasing office and is fully-equipped with a Anticipated Completion: July 2013
24/7 monitored security system.
The 60 apartment units consist of efficiency, one-
bedroom and two-bedroom layouts. As a mixed-
income building providing affordable housing, the
project targets single individuals and families. The units
feature high quality interior finishes and amenities such
as high ceilings, oversized windows, in-unit washer and
dryers, energy efficient fixtures and appliances, and
additional tenant storage.
Project Currently Under Construction
COMPANY PROFILE: Development Experience
Public Profile
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Sherman Associates
The following pages highlight some of Sherman Associates’ recent awards and press coverage. More can
be found at www.sherman-associates.com/media-center.
COMPANY PROFILE: Public Profile
Awards and Recognition
2012 Best In Real Estate - Multifamily Development or Redevelopment:
Riverside Plaza
2012 Minnesota Public Health Achievement Award:
Sherman Associates
2012 Property Excellence Award - Senior Housing:
Blaine Town Square Senior Apartments
2012 Property Excellence Award - Affordable Housing 101+Units:
Midtown Exchange
2011 Lifetime Achievement Award - Minneapolis/St. Paul Business Journal:
George Sherman
2011 Capstone Award - Multifamily:
Grand Boulevard Lofts
2011 T. Timothy Anderson Award for Best Historic Rehab Involving LIHTC Finalist:
Grand Boulevard Lofts
2011 Honorable Mention for Historic Rehabilitation:
Grand Boulevard Lofts
2010 Property Excellence Award - Affordable Housing 101+Units:
Midtown Exchange
2009 Best of the Decade by Minneapolis/St. Paul Business Journal:
Midtown Exchange and The Chicago Lofts
2008 Development of the Year:
Syndicate Trust Building, St. Louis
2007 Affordable Housing Finance Magazine: Best Historic Rehabilitation:
Midtown Exchange and The Chicago Lofts
2006 National Trust/HUD Secretary’s Award for Excellence in Historic Preservation:
Midtown Exchange and The Chicago Lofts
2006 Project of the Year: Adaptive Reuse by Multifamily Executive Magazine:
Midtown Exchange and The Chicago Lofts
2005 Best in American Living by Professional Builder Magazine:
Midtown Exchange and The Chicago Lofts
2005 Trillium Award by Builders Association of the Twin Cities:
Midtown Exchange and The Chicago Lofts
2004 Best in Real Estate: Best Overall by Minneapolis/St. Paul Business Journal:
Midtown Exchange and The Chicago Lofts
2003 Best in Real Estate by Minneapolis/St. Paul Business Journal:
Falcon Heights Town Square
2002 Best in Real Estate by Minneapolis/St. Paul Business Journal:
Burnsville Heart of the City
2001 Best in Real Estate by Minneapolis/St. Paul Business Journal:
Wacouta Commons
COMPANY PROFILE: Public Profile
COMPANY PROFILE: Public Profile
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GSRXMRYIHJVSQTEKI
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COMPANY PROFILE: Public Profile
GSRXMRYIHJVSQTEKI
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GSRXMRYIHJVSQTEKI
ZEXIFIX[IIRERHYRMXWIEGLQSRXL(YVMRKXLIYRMXWEXXLITVSTIVX]7LIVQERERXMGMTEXIHXLEXXLIVIRS
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