Board Of Trustees Workshop Meeting. Documents: PUBLIC NOTICE AND WORKSHOP AGENDA PACKET.PDF

Transcription

1 1. Board Of Trustees Workshop Meeting Documents: PUBLIC NOTICE AND WORKSHOP AGENDA PACKET.PDF

2 VILLAGE OF HANOVER PARK PUBLIC NOTICE Public Notice is hereby given pursuant to the Open Meetings Act - Illinois Compiled Statutes, Chapter 5, Act 120, Section 1.01 (5 ILCS 120/1.01 et seq.) that the Village Board (Name of public body) HAS SCHEDULED A MEETING FOR February 1, 2018 AT 6:00 p.m. AT THE Hanover Park Village Hall, Room 214, 2121 W. Lake St., Hanover Park, IL (Location) Posted on : (Date) Agenda Attached By Eira L. Corral Sepúlveda, Village Clerk February 1, 2018 Pg. 1

3 VILLAGE OF HANOVER PARK VILLAGE BOARD SPECIAL BOARD WORKSHOP Hanover Park Village Hall, 2121 Lake Street, Room 214 Thursday, February 1, :00 p.m. 1. CALL TO ORDER ROLL CALL AGENDA 2. ACCEPTANCE OF AGENDA 3. DISCUSSION ITEMS a. Concept Plan Review - Church & Lake Street 4. ADJOURNMENT February 1, 2018 Pg. 2

4 AGENDA MEMORANDUM TO: FROM: Village President and Board of Trustees Juliana A. Maller, Village Manager Shubhra Govind, Director of Community & Economic Development SUBJECT: Concept Plan Review Multi-family Residential and Commercial: 7.4-acres at NW Corner of Church and Lake: 1830 Lake St. ACTION REQUESTED: Approval Concurrence Discussion Information MEETING DATE: February 1, 2018 Executive Summary This information is being presented to the Board for a Concept Plan Review. The intent is to receive feedback from the Board about a proposed development in its initial design stage. At this time, the purpose is to gain the Board s input before detailed plans are prepared, and to provide the applicant with direction for any changes they may need to make. The project will ultimately go through the public hearing process, with detailed engineering and design plans, and then come back to the Board for final action. Discussion The Applicant for the project is Monroe Residential, an experienced developer, who has developed several similar projects in the Chicagoland area. Please see attached narrative. Project Proposal The project proposal is for a mixed-use development at the vacant 7.4-acre site at the northwest corner of Church and Lake. The site is currently zoned for B-2 Local Business and is in TIF District #3. The proposal calls for the following: Total site: 7.4 acres 1 acre for commercial at the SE corner (about 4,600 sq. ft. building with 3 commercial units, with one drive-thru) 6.4 acres for rental multi-family residential (market rate apartments) 6 three-story walk-up apartment buildings consisting of a total of 131 rental housing units, of which 77 will be 2-bedrm and 54 will be 1-bedrm units 3,500 sq. ft. clubhouse and pool 235 parking spaces (60 integrated garages, 170 surface parking spaces). Since it is across the street from Metra, it is considered a Transit Oriented Development. This would need to go through a Planned Unit Development process. Agreement Name: Executed By: February 1, 2018 Pg. 3

5 Staff has held Development Review Committee meetings with all departments and provided feedback to the developer. The concept has been modified to what is attached. The developer also held an informational meeting with adjacent residents and received positive feedback. Funding Assistance Requested: The developer has conducted a market study and generated estimates for cost of construction. A gap in funding has been identified and TIF assistance has been requested by the developer. The Village s consultant, SB Friedman, has been retained to review the gap analysis and has concurred that assistance is appropriate. However, given that there are only about 7 years left until the expiration of the TIF district, there isn t enough revenue generated in that time for the Village to meet the need/request. In order to meet the need to fill the gap, a TIF extension has been requested to extend the life of the current TIF by 12 years. This is a legislative process, upon approval by the General Assembly. Municipalities seeking extensions must provide documentation of the need for the time extension and an indication of support from taxing districts in support of the extension. Feedback Requested: At this time, staff and the applicants are looking for feedback from the Board on the overall project, before a formal application is filed. Following are some issues for the Board to consider: Is the project acceptable as a mixed-use concept? Is the layout and architecture generally acceptable, with detailed drawings yet to be generated? Is the Board generally supportive of funding assistance, upon detailed review and recommendation by the TIF consultant? Should the Village pursue a potential extension of the TIF district for 12 years, if supported by other taxing bodies? Are there any other issues or concerns that need to be addressed as the project moves forward? Recommended Action Staff requests the Board to review the concept plan, discuss the issues listed above, and any others, and provide feedback to the staff as they move forward with their review. Attachments: Applicant s Project Narrative Conceptual Site Plan and building elevations Budgeted Item: Yes X No Budgeted Amount: $ 0 Actual Cost: $ N/A Account Number: N/A February 1, 2018 Pg. 4

6 DEVELOPMENT PLAN SUBMITTAL HANOVER PARK, IL NORTHWEST CORNER OF LAKE STREET AND CHURCH STREET HANOVER PARK, IL Drew Friestedt Mike Obloy Gary Kachadurian (312) (312) (312) P a g e February 1, 2018 Pg. 5

7 HANOVER PARK, IL Subject Property Northwest Quadrant of Lake Street and Church Street Hanover Park, IL 2 P a g e February 1, 2018 Pg. 6

8 HANOVER PARK, IL DEVELOPMENT PLAN: Monroe Residential Partners (MRP) is under contract to purchase 7.4 acres of land at the NW Corner of Lake Street and Church Street in Hanover Park, IL. MRP intends to develop a 131-unit market-rate apartment community and a 4,600sf retail center on the property. As proposed, the completed project will consist of six (6) three-story walk-up apartment buildings, 170 surface parking spaces, 60 integrated garages, a centralized resident clubhouse and a retail center on the SW corner of the site. The subject property is located directly north of the Hanover Park Metra commuter station and will be a transit-oriented development (TOD) increasing its appeal to prospective tenants who commute to downtown Chicago. Metra s Milwaukee District / West Line runs between Union Station in downtown Chicago and Big Timber Road in Elgin, providing 24 daily trips to and from Chicago s Union Station, including seven semi-express trains that get to Union Station in about one hour during rush hour. There are five afternoon rush hour outbound trains from Union Station to Hanover Park. The immediate area of the subject property is residential in character, so main commercial uses can be found along Lake Street and Barrington Road, which are improved with national chain retailers and service establishments as well as local credit tenants. The Stratford Square Mall, a regional shopping center along with the smaller strip centers in its immediate area is less than five miles southeast of the subject property in Bloomingdale within DuPage County. The development will include individual balconies, bike storage, and attached garages with interior finishes indicative of those found in newer luxury rental buildings throughout the suburban market. A community clubhouse, located centrally to the six apartment buildings, will consist of a club room, fitness center, leasing and management offices, and small business center that can be used as a small conference room. The clubhouse will also feature an outdoor patio, community barbeque station and in-ground pool The building will be managed by MRP and will be staffed with on-site property management and maintenance. The average unit size is 790sf and the mix includes: (54) 1 bed / 1 bath units (77) 2 bed / 2 bath units As noted, parking is adequately designed with 170 surface spaces and 60 integrated garages. The overall ratio of parking spaces to residential units is 1.76 and the ratio of parking spaces to bedrooms is P a g e February 1, 2018 Pg. 7

9 HANOVER PARK, IL 4 P a g e February 1, 2018 Pg. 8

10 HANOVER PARK, IL 5 P a g e February 1, 2018 Pg. 9

11 HANOVER PARK, IL MONROE RESIDENTIAL PARTNERS Monroe Residential Partners (MRP) is a full service multifamily development and investment firm based in Chicago, Illinois. With a combined 70 years of experience specializing in the multifamily industry, the principals of the MRP have completed the acquisition, development and redevelopment of over 30,000 apartments and condominiums providing exposure to a multitude of potential opportunities. Gary Kachadurian: Gary Kachadurian co-founded Monroe Residential Partners. Gary has over 30 years of real estate experience specializing in land and asset acquisition, construction, development, financing and management. Gary was formerly Senior Managing Director for Global Business Development for Deutsche Bank Real Estate where his responsibilities included raising equity in Japan, Germany and other countries for new real estate products. Also, Gary served as a senior member of the Policy Committee at RREEF, a leading pension fund advisor, in addition to being a member of their Investment Committee for 14 years. Gary was in charge of RREEF's National Acquisitions Group and Value-Added and Development lines of business from as well as having oversight in the acquisition and management of the company's 24,000-unit apartment investment portfolio. Prior to joining RREEF, Gary was the Midwest Regional Operating Partner for Lincoln Property Company, developing and managing apartment communities in Illinois, Indiana, Wisconsin, Kansas and Pennsylvania. Gary was formerly a founding Board Member of the Chicago Apartment Association and formerly Chairman of the National Multi Family Housing Council and still serves on its Executive Committee. He has been a featured speaker and panelist at many apartment industry events. Gary is former Chairman and currently Board Member of the Village Foundation, is on the Advisory Board of the Yellowstone Park Foundation and the Advisory Board of Cure Violence. Gary Received his B.S in Accounting from the University of Illinois. Drew Friestedt: Drew co-founded Monroe Residential Partners. He is responsible for the company s finance, development, and technology activities. He brings 20 years of real estate development and hands-on business operating experience to his role at MRP. He has developed over $1B of real estate across all asset classes, ranging from large mixed-use developments to custom single-family homes. Before co-founding MRP, Drew was Chief Operating Officer at Centrum Properties, one of Chicago's largest development companies. In addition to his operational responsibilities at Centrum, he managed the design, development, entitlement, and financing of the Roosevelt Collection, a $750 million mixed-use development in Chicago's South Loop. From 1996 to 2006, he worked at General Growth Properties, Westfield Group, Kravco Company and Lucent Technologies where he managed the development and expansion of regional malls, office buildings, and manufacturing facilities exceeding $400 million in value. Drew holds a BS in Construction Management from Arizona State University and an MS in Real Estate Development from the Massachusetts Institute of Technology. 6 P a g e February 1, 2018 Pg. 10

12 HANOVER PARK, IL Mike Obloy: Michael co-founded Monroe Residential Partners. He is responsible for the company s acquisitions, development, and construction management activities. Michael brings 18 years of direct real estate experience to MRP. During his career, he has led the acquisition, development, construction, management, and sales of over 1,500 residential units, with a value in excess of $400M. He has built and led acquisition, development, construction, and sales teams, and implemented operational platforms that reduced costs, increased efficiencies, and streamlined workflow. He has extensive experience managing the successful execution of multiple projects simultaneously. More recently, Michael was Principal and Operating Officer at Hyperion Homes LLC (now Home Partners of America) where he was responsible for developing and leading sourcing and acquisitions activities, establishing an operating platform that acquires single family homes across the country. Michael holds a Bachelor s degree in Business Management from DePaul University and was recognized by the Department of Management for Outstanding Achievement in Real Estate Management. He is a Board Member of the City of Chicago Chapter of the Home Builders Association of Greater Chicago (HBAGC) and previously held positions on its Executive Committee and Regional Board of Directors. Michael is also a member of the ELY Chapter of Lambda Alpha International, an honorary society for the advancement of land economics. Dawn Evans: Dawn brings over 18 years of real estate finance and accounting experience to her role as the Controller for Monroe Residential Partners. She manages all accounting, reporting and financial aspects for the company and its portfolios. Before starting her career at Monroe Residential Partners Dawn was a Vice President, Senior Fund Account Manager at BNY Mellon. Dawn started her career on Wall Street working for JP Morgan in their Financial Control Outstanding Division where she became an Accounting Officer. After relocating back to her hometown Chicago she worked for Ernst & Young Kenneth Leventhal Real Estate Group as a Senior Auditor. Having a desired to continue her work in real estate finance and accounting she obtained a position at RREEF (Rosenberg Real Estate Equity Funds), which was later acquired by Deutsche Bank, and therefore became a part of their Deutsche Asset Wealth Management Real Estate Investment Group. At Deutsche Bank Dawn was responsible for the financial affairs of a REIT with assets in excess of $565 million and 5 separate account funds with assets in excess of $1 billion. After working at Deutsche Bank for over 15 years the fund finance team at Deutsche Bank was acquired by BNY Mellon. At BNY Mellon Dawn was responsible for leading a team of fund accountants in all aspects of the day to day activities for the fund administration of a REIT and various separate account funds with assets in excess of $2 Billion. Dawn holds a BS degree in Accounting from Hampton University, and an MBA with a concentration in Real Estate Finance from Roosevelt University. 7 P a g e February 1, 2018 Pg. 11

13 February 1, 2018 Pg. 12