Crosbie Real Estate Astor House Proposal

Page 1 of 12

November 12, 2018

Carly Lorentz Deputy City Manager City of Golden 1000 Tenth Street Golden, CO 80401

Re:

Response to RFP – Historic Astor House – 822 12th Street, Golden, Colorado

Dear Carly, Please consider the following proposal for repurposing and renovation of the Astor House property located in Golden. Please feel free to reach out if you or anyone at the City have questions regarding our proposal or qualifications.

Primary Project Representatives Scott Crosbie (303)-881-2211 scrosbie@creginc.com Crosbie Real Estate Group, LLC 2000 S Colorado Blvd Annex Building – Suite 110 Denver, CO 80222 Corydon J. Gilchrist (720)-379-7214 cory.gilchrist@gmail.com 1232 Bergen Parkway Suite 212 Evergreen, CO 80439 Sean Lynch (720)-379-7214 seanlynch@att.net

2000 S. Colorado Blvd. • Annex-Suite 110 • Denver, CO 80222 Office 303.398.2111 • Fax 303.865.8859 www.creginc.com

Page 2 of 12 Proposed Use First and foremost, we intend to keep the integrity and historic character of the existing building. With consideration to the existing property conditions, current market economics and market demand, we propose a mixed-use concept, to include but not limited to small technology focused office suites with a detached exterior beer garden component.

This concept would not require any major structural additions to the historic building, would minimize invasive construction to the existing structure, and retain the historical integrity of the Astor House by not diminishing its appearance and presence.

The Proposed Use would take place over time, in two different phases. The first phase would be the interior renovation of the Astor House and construction of small, technology focused, private office suites for rent. Phase two would consist of constructing a free-standing beer bar in the rear yard. We could create a small kiosk style building, with a bar top wrapping around 3 sides, serving multiple beers from local breweries.

Description -

12 – 14 small private (for-rent) offices on first and second floors

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1 common conference room on third level as an amenity to all office users

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2 common bathrooms in the general locations of existing bathroom plumbing

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1 small kitchenette & copy area towards rear of first floor, as amenity to office users

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1,000 Sq.Ft. free-standing beer bar in the rear yard of the property

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Multiple meeting and sitting areas in rear yard, with new landscaping, and art installations

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2 concrete pads north of the building, with utilities stubbed and ready for food truck/trailer operation

Purpose -

Our proposal satisfies the strong demand of private small offices in the Downtown Golden trade area, which the market is experiencing at this time. The construction expense required to construct mediumhigh quality office space is such that market rental rates for this product can yield a profitable and sustainable return.

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We considered a restaurant/retail use for the entire premises, but due to the size limitations and extra ordinary construction required, little economies of scale could be achieved. Additionally, market restaurant/retail rents could not sustain a profitable return.

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Lastly, our end purpose is to give the City of Golden a long-term, stable, and functional property, using the uniqueness of its historical nature to create character, distinguishable among Golden’s many landmarks. The Astor House would become a hub for small companies and a common meeting place for community members during the daytime and evenings.

2000 S. Colorado Blvd. • Annex-Suite 110 • Denver, CO 80222 Office 303.398.2111 • Fax 303.865.8859 www.creginc.com

Page 3 of 12 Conceptual Plan

2000 S. Colorado Blvd. • Annex-Suite 110 • Denver, CO 80222 Office 303.398.2111 • Fax 303.865.8859 www.creginc.com

Page 4 of 12 Conceptual Plan (cont.)

2000 S. Colorado Blvd. • Annex-Suite 110 • Denver, CO 80222 Office 303.398.2111 • Fax 303.865.8859 www.creginc.com

Page 5 of 12 Examples of Finishes / Construction Examples of Small Office Finishes

2000 S. Colorado Blvd. • Annex-Suite 110 • Denver, CO 80222 Office 303.398.2111 • Fax 303.865.8859 www.creginc.com

Page 6 of 12

Example of Small Office / Common Area Finishes

Examples of Outdoor Beer Bar & Seating Area

2000 S. Colorado Blvd. • Annex-Suite 110 • Denver, CO 80222 Office 303.398.2111 • Fax 303.865.8859 www.creginc.com

Page 7 of 12 Examples of Outdoor Beer Bar & Seating Area (cont.)

2000 S. Colorado Blvd. • Annex-Suite 110 • Denver, CO 80222 Office 303.398.2111 • Fax 303.865.8859 www.creginc.com

Page 8 of 12 Notice of Intent to Purchase We intend of purchasing the Property from the City, and holding it in a private partnership, whose principles are Scott Crosbie, Cory Gilchrist, and Sean Lynch. Additional limited partners may be included in the ownership group, to be determined in the future.

The terms in which we would Purchase the property are outlined below: Purchase Price:

$200,000.00

Earnest Money:

$25,000.00

Inspection Period:

90 Days from mutual execution

Closing:

30 days following expiration of Inspection Period

Financing:

None, cash will be paid at Closing for the purchase. Additionally, all improvements and future development will be funded with cash. No debt will be placed on the Property during the initial and future development.

2000 S. Colorado Blvd. • Annex-Suite 110 • Denver, CO 80222 Office 303.398.2111 • Fax 303.865.8859 www.creginc.com

Page 9 of 12 Qualifications Principle Bios Scott Crosbie -

Over 25 years of managing commercial real estate transactions and developments.

Co-owner of Crosbie Real Estate Group, LLC, a leading commercial brokerage and management firm in Colorado.

Past experience acquiring, developing, leasing, and selling hundreds of properties, including the historically designated buildings below:  Boulder Theater, Boulder, CO  1100 Washington St, Golden, CO  1440 Market St, Denver, CO  1444 Market St, Denver, CO  1529 & 1531 Market St, Denver, CO  417 W 4th Ave, Denver, CO

Corydon Gilchrist -

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President/Owner of KCG Holdings I, LLC. Focusing on primary investment research on a global basis.

Generates investment ideas across the spectrum of public equities, public fixed income, private equity/venture capital, and commercial real estate.

Current Directorships:  First Horizon National Corporation  The International Rescue Committee  Unite America  Unite Colorado Past experience acquiring, owning, and developing historically designated buildings, including:  1440 Market St, Denver, CO  1444 Market St, Denver, CO

Sean Lynch -

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President/Owner of Jameson Building Group, LLC, focused on commercial construction and development in Western Suburbs of Jefferson County.

Over 30 years of experience in the construction industry, including the following disciplines:  Residential homes (over 450 units), historical renovations, high-end custom homes, retail, educational, office/medical, restaurant and entertainment Past projects include:  Nob Hill Subdivision: 18 lots of high-end townhomes  El Rancho Self Storage: 76,000 sf facility  Rocky Mountain Academy of Evergreen: 28,000 sf charter school  Evergreen Mercantile: 14,500 sf retail, office, & industrial complex  Mammoth Park: 56,000 Industrial condo complex  Wild Game Evergreen: 25,000 sf family entertainment facility  Wild game Longmont: 26,000 sf family entertainment facility  Punch Bowl Stapleton: 25,000 sf Restaurant, bar, bowling facility 2000 S. Colorado Blvd. • Annex-Suite 110 • Denver, CO 80222 Office 303.398.2111 • Fax 303.865.8859 www.creginc.com

Page 12 of 12 Preservation Plan Steps to Preserve Historical Nature of Property 1.

Retain exterior condition of the building, including: a.

Rock façade b.

White exterior wall covering c.

Existing doorways along southern, western and eastern walls d.

Existing roof structure and pitch e.

Open space surrounding immediate edge of the building

2.

Retain condition of the rear yard space: a.

No new enclosed structure will be built, however beer garden and additional second floor deck will be constructed in a style to match the historical features of the building. b.

Existing gazebo will be removed. c.

Existing fence will be rehabilitated or replaced with similar style.

2000 S. Colorado Blvd. • Annex-Suite 110 • Denver, CO 80222 Office 303.398.2111 • Fax 303.865.8859 www.creginc.com