FE AT U R E
it and to be connected by it. It’s a part of the community’s image,” says Bird. In addition, the City and Developer posed critical questions to determine project costs: √ What is supportable by rents/sales, office rents, retail rents, and condo prices? √ What cost /scope can be marketed/ financed by the developer? √ What “gap” needs to be closed? √ Can the economic tools close the “gap”?
PHOTO CREDIT: STUDIOHIO AND OHM ADVISORS
PHOTO CREDIT: STUDIOHIO AND OHM ADVISORS
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“A project like this would have never been feasible without some public funding, in particular the cost of the 389-space (public) underground parking garage — which was an engineering feat because it was located in the flood plain,” said OHM Advisors Vice President Jim Houk. “The public had to fund the gap to allow rents to be comparable in the marketplace.” The foundation of the public-private partnership was establishing a 30-year, non-school TIF (Tax Increment Financing) district passed by City Council in 2004 as a public purpose/economic development project. The TIF was created as a vehicle in which to service the debt incurred by the City to pay the $16 million public portion of the $61 million project. NEW OWNERSHIP, NEW RESIDENTIAL MIX Creekside has evolved in recent years. Strathmore Development Company purchased the development in 2012 and worked with OHM Advisors to alter the residential component to suit the current market conditions, enhance public spaces and create a new wayfinding package for the entire development. Just 14 months into ownership, a healthier mix of retail has taken root within the development, including nine new businesses, and all office space is full: Strathmore is converting the original 71 luxury condominium lofts into 83
GREAT LAKES CAPITAL FUND