HomeMy WebLinkAboutMatthews LLC Mixed Use CCD Presentation Slides for Special MeetingThe Art of Urban Living
Commerce Center Development, LLC
Planned Unit Development (PUD)
Vision
Matthews, LLC aims to restore a sense of
community through the development of urban
environments so people can enjoy easier, more
connected, and sustainable living.
Mission
Our mission is to restore living in cities through
the transformation of downtown spaces into
dense, urban developments that are lively,
sustainable, and foster a sense of belonging.
Recent Transformation
Recent Transformation
Existing Neighborhood
Existing Conditions
Existing Conditions
•90,000 Square Feet of leasable office space
•2.9 acres
•280 parking spaces
•Assessed Value: $2,000,000
•Annual Property Taxes: $60,000 (Estimated)
Proposal: Site Plan
Market Rate Demand
Are We Overbuilt?
Are We Overbuilt?....No!
•4th
Largest City in Indiana
•At the center of 9-county, bi-state region of
well over one million people
•Downtown workday population: 20,226*
•Downtown residents: 3,386*
* Southbendin.gov
Current Market
•Strong, growing demand for new apartments
throughout the county
•Existing apartments are aging
–Not updated during the recession
–New apartments in the county are mostly student
focused.
Apartment Sizes
•1, 2, 3 and 4 bedroom apartments
•Diverse price range
•Matthews LLC has a pilot program to bring
volunteers in to the neighborhood
Inspiration
Design Process
Proposal: Elevation
Proposal: East on LaSalle
Proposal: East on LaSalle
Proposal: West on LaSalle
Proposal: North on Sycamore
Proposal: N.W. from Colfax Bridge
Proposal: View from 14th
Floor of
County City Building
Proposal: Mixed-Use Building
•12 stories
•Parapet Height: 162’
•Overall Height: 175’
•Footprint: 32,400 SQFT
•Total Building Area: 387,000 SQFT
•Commercial: 62,000 SQFT
•Residential: 325,000 SQFT
–240 Apartments –24 per floor
Proposal: Covered Parking
•Parking level: 1
•Footprint: 29,200 SQFT
•Parking Spaces Covered: 84
•Parking Spaces Open: 37
•Parking total adjacent & at grade: 121
Proposal: Parking Structure
•Parking levels: 2-8
•Footprint: 29,200 SQFT
•Parking Spaces Covered: 621
•Rooftop Deck: Limited common green space
Tax Consequences
•Proposed Development: $50,000,000
•Annual Tax: $1,160,000 (est.)
–Tax per decade: $11,600,000 (est.)
•Tax per floor:
–$96,600 per year (est.)
–$966,000 per decade (est.)
•Requested tax abatement instead of a city
funded parking will reduce these estimates
during the initial 10 years.
Tax Consequences
TIFF -History
•Tax Increment Financing Fund T.I.F.F.
•Eddy St. Commons Garage: $25,000,000
•Tax Abatement Request
Non T.I.F.F. Financed Garage
•Developer built and funded garage
–Estimated cost: $13,000,000
•Supported financially by apartments & office
leases
–Risk is shifted from citizens to private developer
Questions & Discussion
•For more information
The Art of Urban Living
PUD
PROPOSED MIXED USE BUILDING
Proposal: Sun Study March 20
10:00 AM
12:00 PM
Proposal: Sun Study March 20
2:00 PM
4:00 PM
Proposal: Sun Study June 20
10:00 AM
12:00 PM
Proposal: Sun Study June 20
2:00 PM
4:00 PM
Proposal: Sun Study Sept 22
10:00 AM
12:00 PM
Proposal: Sun Study Sept 22
2:00 PM
4:00 PM
Proposal: Sun Study Dec 21
10:00 AM
12:00 PM
Proposal: Sun Study Dec 21
2:00 PM
4:00 PM