1 Monument Square 2017 Bonacio Proposal | Movie Theater | Vaudeville

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A portion of the proposal Bonacio Construction submitted to the city of Troy for the redevelopment of the 1 Monument Square site.
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  Downtown Waterfront Marina, Arts and Entertainment District RFP   Submied: January 20 th  2017    1 1.   Vision and Development Strategy Proposed Approach & Adherence to Development Goals :  Bonacio Construction and Bow-Tie Cinemas propose to create an 8-10 screen multiplex movie theater with 3-4000 square feet of complimentary retail space fronting River Street, 100 –   150 structured parking spaces below the building and a well-designed connecting stair/elevator complex that will gracefully connect the heart of downtown with the riverfront.  Although theaters, with their inherent need for blank walls, can be architecturally challenging, we are committed to a building that honors the architectural significance of Monument Square and intend to work closely with the City in the selection of appropriate materials and design.  Additionally, we are examining the potential creation of a strip of retail space at the Front Street elevation facing the riverfront trail. In the experience we’ve gained at our Dauchy Building  project  —  just to the North — we have learned that the costs of insuring finished space in the Flood Plain combined with the lack of retail desirability at this lower river facing location are –   in today’s  market  — very challenging. Although we are confident that as the Riverfront Park continues to be improved, this will change, the challenge today is in how to create space that is viable now, potentially as parking, but is set up to be reconfigured in the future as these improvements take hold. We believe that a first-rate theater at this location will strongly contribute to the recent momentum and growing vibrancy of the downtown core. The many new downtown housing opportunities that we, and others, have created over the past five years are fully occupied and continue to expand. This new residential base has already proved instrumental in the creation and success of exciting new restaurants and stores. An entertainment venue of this caliber will act as a focal point, providing a rewarding amenity for current residents, while also drawing day workers and others who do not currently think of downtown as an evening destination. As  proved the case in Saratoga Springs, we would expect this project to create an easy synergy with the “18 hour downtown” concept providing an important draw connecting the end of the work day with evening shopping, dining and late night entertainment.   Technical & Regulatory Issues : We are aware of the variety of challenges that confront the development of this site. We understand the soil conditions and have planned appropriately for the pile driven foundation that will be required. We have also designed our project around both the 50-foot setback to accommodate the Riverfront Park Esplanade, as well as the numerous underground utility lines that are identified in Diagram 2. Our project conforms fully to the City  Zoning Code and, to our knowledge, will not require any significant variances. We are aware of the need for Front Street to connect through our project and have designed our parking level to allow for this. Furthermore, we are aware that due to potentially low overhead heights underneath our project, that we will need to work with the City to produce satisfactory fire access to the river side of our structure. We believe that this can be accomplished by utilizing appropriate paving materials in the construction of the Riverfront Esplanade so that, in emergency use only, they can be used by fire apparatus to transit entirely around the building.    2 Phasing: As shown on attached schedule, this project would be completed in a single phase. Should we be selected as your preferred developer, our Goal would be to have all  preconstruction activities completed between January and October of this year. With a construction duration of approximately one year, this would allow the Project to open for business in the Fall of 2018. Public / Private Partnership: The financial partnership with the City is crucial to the success of this project. Due to the unusually high cost of construction at this location coupled with the still-maturing downtown retail demand, we anticipate requiring the full 3.8 Million dollars that is available in grants as well as an IDA PILOT with associated sales and mortgage tax exemptions to successfully finance the project. As stated previously, we will create a public access thoroughfare connecting River Street with the Riverfront Park. We are open to a discussion on joint ownership of this access and the associated elevator allowing permanent  public use of both facilities. Our intent is that we will own and operate the parking facility within the requirements of the grant. The reality of the theater business is that dedicated, convenient parking is a crucial component to success, however, we are open to discussions of  public pay use of the parking facility during off-prime time periods. Purchase Price: We will offer a purchase price for the +/- 1.2 acre developable site of $600,000.   2.   Relevant Project Experience a.   19 Railroad Place / Bow Tie Theater / 19 Railroad Place, Saratoga Springs, NY    Newly constructed 60,500 sf, 3 story mixed use building with a 35,000 square  foot, 11 screen multiplex theater on first level and office space on levels 2 & 3.    14 Month construction schedule, project adhered to srcinal schedule and theater opened on schedule in October of 2013.    Project relied on PILOT support from the Saratoga County IDA    Project was budgeted and cost 15.3 M    13.8 M in construction financing for the project was provided by First Niagara Bank. b.   Market Center, Saratoga Springs, NY    Newly constructed 190,000 sf, 6 story mixed use building with a 20,000 square foot anchor tenant Price Chopper grocery store, 4 additional street level storefront tenants, and 124 market rate apartments on levels 2 –   6.    18 Month construction schedule, project adhered to srcinal schedule and apartments were ready for occupancy on schedule in June, 2012.    Project was budgeted and cost 37 M.    30 M in construction financing for the project was provided by First Niagara Bank.  3 c.   The Dauchy Building, Troy, NY    Renovation of 42,000 sf historic building on River St, Troy, NY    12 Month construction schedule, project adhered to srcinal schedule and apartments were ready for occupancy on schedule in June of 2014.    Project relied on PILOT support from the City of Troy IDA    Project was budgeted and cost 5.4 M    4.3 M in construction financing for the project was provided by NBT Bank. d.   The River Triangle Building, Troy, NY    Renovation of a 20,000 sf historic building on River St, Troy, NY    12 Month construction schedule, project adhered to srcinal schedule and apartments were ready for occupancy on schedule in September of 2014.    Project relied on PILOT support from the City of Troy IDA    Project was budgeted and cost 2.3 M    1.8 M in construction financing for the project was provided by NBT Bank. 3.   Financial Capacity a.   Real Estate Portfolio & Recent Movie Theater Projects    Market Center, 55 Railroad Place, Saratoga Springs –   37 M –  2012 o   30 M financing obtained, First Niagara Bank    19 Railroad Place, Saratoga Springs 15.3 M - 2013 o   13.8 M financing obtained, First Niagara Bank    The Springs, 60 & 72-74 Weibel Ave, Saratoga Springs –   60 M — 2013-15 o   48 M financing obtained, M&T Bank    Spring Run, 130 Excelsior Ave, Saratoga Springs –   17M — 2015 o   13.7 M financing obtained, NBT Bank    The Grove, 233 Lake Avenue, Saratoga Springs –   18.6M — 2014-15 o   15.6M financing obtained, M&T Bank    The Washington, 422 Broadway, Saratoga Springs –   12.1M — 2013-14 o   9.6M Financing obtained, M&T Bank    2 West, 2 West Avenue, Saratoga Springs –   17.4M — 2014-15 o   13.9 M Financing obtained M&T Bank
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