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Agenda Item - 2020-11-17 - Number 3.1 - North Anchor Update Presentation Project North Anchor Update Lake Oswego Redevelopment Agency November 17 , 2020 r It lir INN r- s 0 !f / ` ;1 1; lit - 1� / 00 ol " 111 \ III III is III Ilj 14 0 ii s III 1ii 4, ,,0* 1 AI 1111 • Rental vs. Condominium • Market for For-Sale is strong, but cost to build and # ' finance condominiums pushes sales prices >$1000/sf • Current Unit Mix (subject to change) 75 apartments 111,. • 3 studios = • 20 1 -bedroom/1 -bath • 18 1 -bedroom/1 -bath + den • 34 2-bedroom/2-bath I • • 62 on-site parking spaces + 17 on-street parking - { spaces # : • Fes{ • f • 6,600 square feet of ground floor retail, divisible into smaller spaces ! _ `'' , Program Update _ Hotel .. • _., . . ...- -- .. ,.. ...., If I it NW ! ..4M ;itl ill Illa _ rT L_. - H r 4 mg41 • i in r .' I di ■ ...; 1 , n" • 60 hotel rooms �•-� it , „i.,,,,,* » , L 1-1 , 1 - 1 Nov , �M� �: � ~� - , , - - 'ls ' i • Ground floor restaurant/bar/lounge - " - t' ' , „. - Ar , - ) 1w 4 r , :i. • Additional amenity (fitness, rooftop lounge, private dining) to be evaluated with hotel operator input • 60 parking spaces accommodated in valet car stacking system + 5 on-street parking spaces Parking Analysis Hotel Room Count Required Spaces/Room Required Spaces 60 0.64 38 Retail SF Required Spaces/1,000 * Required Spaces 2,700 7.63 21 Total Spaces Required 59 Total Spaces Provided** 65 *assumes restaurant usage **includes 5 on-street spaces Residential Units Required Spaces Required Spaces 75 0.64 spaces/studio 65 0.80 spaces/1 bedroom 0.96 spaces/2 bedroom Retail SF Required Spaces/1,000 * Required Spaces 6,600 1.89-7.63 12-50 Total Spaces Required 77-115 Total Spaces Provided** 79 *retail uses TBD **includes 17 an-street spaces Additional Below-Grade Tray Cost (Hard+Soft Cost) Cost/Stall 41 additional spaces $2,800,000 $68,300 Hotel Operator Update • Undertaking Selection Process for Hotel Operator • Priority is a Unique, High-Caliber, Full-Service Hotel • Selection process will evaluate operational history, demonstration of success with unique, independent properties, corporate/marketing experience and commitment to understanding and working with local market and community • Limited outreach (2-3 pre-vetted operators) F Oki,AL' famp:TANr.-'411,11 1 ri , til, —INV i.--, !.. .!- cm • , •• r 1 10BIIlk... 111 1111 \-Li• ---•. Ilk: ..•11.7".4. • . .• . : • . . ' 21: I 1. ' 'IMI71,. 1 VV... ! .'Ir •M 17.. II f • • .i . . 1 .11. 41 1 I . Ab...m. - I 4111 ' .:.4 a- • . r 'mai I- ....-.-. .J... . . • 1 od • . - :-.:‘::'.----- .: .--- I _. . ...„. •-• -- -- _',_ • ,_ . / \ . . - -- • .. "• ... j.- '. - !:LI.,: 11.V111. • 7 am ,00.,-A,...t... i .• i 1 way - . ilitl 11 , . .. . • !Pr . 0 I t° • .3.g.= . \ ;.1 M' , :.I._ —Lal .. . li I 1, .1. . • • : -.. •• '1/4!:'; i t P .':.,13i.:•••".:,--...z ,. ....._ __..._ ... ,•.. ..g.• ." , ., . ,. 1 !I F. im. .4.. 11,-, Ltitlit ''7'.777.7.'7-. . • ,,.. „ _ . I .1 e '•• f=4:17N..,-: •1 t .. . ... , _ .. ... , . ' ' • 444461 r ......2. :-.A: 4srft,61 Fri- \ 1 .! .E1,•I' Pvi.e)4,04444.4 .,,ii 1 . p 1 • .„ - ----quim-7-•.-- 44, AEI ,- • , . II ,. 1 , 11 • .:41,'':''1.- '. 11111 _: • -••'re.c 1111111P11"Iral . 1 4 1 i , ) •,,,,.-, • •• ••: , 1 it .. . ii , . . 1 • .t-. 1 . —:' 1,-. 4-----.. .. ••:-' .-,'t•f ' ., 0 .• . • ) I . .."7„.,• .., ;-• , ,i „, _ I I'•-4 • ..'".. i .',. ,e • . . , • I -•-._ . •- Selection Process/Timeline • Request for Information (RFI) issued : November 20 • Responses Due: December 11 • Interviews: Week of Dec 14 • Selection : by December 30 • Management Agreement Negotiation: January 2021 Financing and Investment • Current investor base aware of "Suburban Momentum" • UDP creating unique "product" enabling specific investment in North Anchor (vs multi market fund) • Actively meeting with new potential LO Investors • North Anchor currently funded by UDP's Tabor IV Fund (includes multi family project in Sacramento)