Gardner Builders | 20 Washington

20 Washington GARDN E R BU I L D E R S P R O P OSAL R E SP O NSE P. 1

R E I N V E N T I N G 2 0 WA S H I N GTO N :

Boutique Hotel Vision, Expertly Delivered 03 Cover Letter Letter 04 Cover Why Work With Us

WorkBackground With Us 06 Why Company & Relevant Experience Background & Relevant Experience 18 Company Project Team Team 24 Project Pre-Construction & Construction Approach & Construction Approach 30 Pre-Construction MEP Engineering vs.

Design/Build Approach Engineering vs. Design-Build Approach 32 MEP References 33 Preliminary Preliminary Schedule Schedule & & Phasing Site PlanPlan

34 References Project Budget Budget 36 Project Fee Proposal and Exceptions & Clarifications Fee Proposal

Exceptions APPENDIX A& Clarifications Project Schedule

P. 2

Dear Kari and Nick, Thank you for considering the Gardner Builders team as your construction partner for the 20 Washington boutique hotel project. As a visual anchor of downtown Minneapolis since 1965, we are grateful to be considered in the reimagining of this building at a critical time for our city. Some buildings are just real estate. 20 Washington is a feeling. It deserves a revival that respects the integrity of Minoru Yamasaki’s design while bringing new life to a key intersection and a new reason for people to come downtown.

Like CDT, we can feel an old building’s potential. We see where it has been, what it can become, and what it can mean when it is brought back with care. Your vision for a boutique hotel that sits in the sweet spot between “hip” Hewing and “elite” Four Seasons is exactly the kind of work we love. Design-led, relaxed, and restorative. A looser kind of luxury with quiet confidence. The kind of place that feels effortless, not performative, and memorable without trying too hard.

Here is the line that runs through our entire proposal and why Gardner Builders is the right partner for this project: We protect what you fell in love with. We treat 20 Washington as the main character and make decisions that preserve its atmosphere, craft, and architectural intent.

We build boutique hospitality as an experience. Arrival, transitions, quiet guestrooms, signature rooftop and amenity moments, and the craft of every touchpoint are the deliverable.

We bring the right team for a once-in-a-lifetime icon. Deep experience in historic repositions, hands-on leadership, and the discipline to protect design intent through thousands of field decisions.

At Gardner, hospitality is not a tagline. It is the foundation of how we operate. For us, hospitality means approaching the project as a two-way conversation, listening as much as we lead, and making sure every voice at the table is respected, including design partners and trade partners.

We do not just build buildings. We build together. We understand CDT’s mission to create the most unique and memorable urban hospitality experience in the Midwest, and we are committed to a partnership that makes the building process as meaningful as the result.

With Mike Beer, Pete Schwarz, Moe Ludwig, and Pat Linder leading this effort, you will have a best-in-class team that blends creative problem-solving with the rigor required for historic repositions. Their experience across complex urban work, materials logistics, trade staffing, and lender-facing requirements equips the team to navigate the unique challenges of 20 Washington while protecting what makes it special.

On behalf of our Gardner team, thank you again for the opportunity. We would welcome an interview to walk through our approach and how we will steward CDT’s vision into a finished hotel that feels true to the building and unforgettable to the guest.

With Gratitude,

Bob Gardner | CEO / President bobg@gardner-builders.com | 612-363-6514

P. 3

WHY WORK W I T H U S ?

A PA R T N E R S H I P C E N T E R E D O N A S H A R E D V I S I O N

For a once-in-a-generation icon, choose the team built for icons - Gardner.

GA R D N E R ’ S MISSION C DT R E A LT Y ’ S MISSION To craft the most unique and memorable urban hospitality experience in the Midwest.

P. 4

To set the “platinum standard” in construction through a hospitality-focused approach.

This project is a rare opportunity to honor a historic masterpiece and contribute to the revitalization of downtown Minneapolis. We understand that you have a difficult decision to make when selecting the right builder, as we are fortunate to live and work in a community with many respected contracting partners.

We believe that how the work is completed matters just as much as the success of the final build. We look for clients with a vision that pairs well with our experience and values so that we can truly build together.

Our shared vision lies at the intersection of crafting an unforgettable urban hospitality experience and setting the platinum standard in construction.

Together, we will blend innovation, care, and collaboration to create a space that inspires, and sets a new benchmark for excellence in the Midwest.

P. 5

COMPAN Y BAC KG R O U N D & R E L EVA NT E X PE R IE N CE

Gardner Fast Facts Gardner Builders, founded in 2010, is a hospitality company in the commercial construction business – which means we are driven to create positive, impactful experiences for all involved in the construction process. Our goal is to be a place where people feel valued, challenged, and love to come to work, and we are motivated to set the platinum standard within construction.

P R IM A RY C ON TACT

OFFICE LO CATION

SELF-PE R F OR M

Pete Schwarz Senior Project Manager 507-217-7466 petes@gardner-builders.com

Gardner Builders Minneapolis 730 Second Avenue South Suite 1233 Minneapolis, MN 55402

+ Demolition + Drywall + Carpentry + Site Preparation + Site Clean-up

PR OJE CT MAN AG ER S

RE VE NU E

35

230

TOTAL EMPLOYEES

OUR C OR E VALUES

EMPATHY

P. 6

HUMILITY

PASSION

NIMBLE

EXCELLENCE

OUR F O C U SE S COMMERCIAL INTERIORS

HIGHER ED

HEALTHCARE

HISTORIC / REPOSITIONS

INDUSTRIAL

MISSION CRITICAL

SCIENCE & TECHNOLOGY

COMMERCIAL HANDYMAN SERVICES

AWARDS & R E CO GN ITIO N S

Named General Contractor of the Year by Finance & Commerce and Minnesota Subcontractors Association

Gardner Builders operates 100% debt free

1.00

Industry Average EMR 0.53

Gardner Builders EMR

P. 7

We are experts at reviving downtown icons.

Like you, we see 20 Washington as more than a building. It’s a symbol of urban renewal and a chance to create something extraordinary for not only our local community, but for visitors from out of state or even out of the country.

Our extensive experience with large-scale repositioning projects equips us to address the unique challenges of this endeavor, including:

P. 8

M AT E R I A L LO G I S T I C S

Strategically pre-ordering long-lead items, such as elevators and DOAS systems, to ensure timely delivery.

TRADE S TA F F I N G

Validating labor capacity and monitoring daily attendance to maintain seamless operations.

CA S H F LOW M A N AG E M E N T

Delivering accurate projections and maintaining a risk registry to meet lender expectations.

LENDER REQUIREMENTS

Leading with predictive construction strategies to proactively address challenges and mitigate risks.

K E Y R E L E VA N T E X P E R I E N C E The following pages provide an in-depth look at our expertise in large-scale repositioning and redevelopment projects. The table below highlights the similarities between our past projects and the critical elements of the 20 Washington project.

Relevant Scope

Cove West

Dayton’s Project

JI Case

Leijona

Northstar Center

Sandstone

Building Age

1923

1903

1906

1903

1963

1901

Historic Tax Credit Funding Residential Units Elevator Modernization MEP System Replacement New History Involvement Historic Window Replacement Fitness Center

P. 9

Cove West Apartments The Cove Apartments in downtown Duluth transform three historic buildings—the Builder’s Exchange, Interstate Auto Company, and Hockin Furniture Company—into a 48-unit mixed-use community.

Located in the Duluth Commercial Historic District, the project preserves architectural charm while offering modern studio, one-, and two-bedroom apartments, with five units designated as affordable housing.

The ground floor provides 9,000 SF of commercial space, while the upper floors feature 46,000 SF of residential space with nautical-inspired interiors reflecting Duluth’s harbor city character. The project overcame significant structural and preservation challenges, including repairs to connected buildings and securing state and federal historic tax credits.

S Q UA R E F E E T

A R C H I T E CT

LO CAT I O N

55,000

Foundations Architecture

Duluth, MN

VA LU E $6,800,000

P. 10

The Dayton’s Project This iconic project in downtown Minneapolis transformed the Dayton’s department store into a vibrant, multi-use space with an active skyway that sees approximately 20,000 people daily. The renovation included installing new mechanical and electrical systems, restoring and adding enclosure elements, upgrading security systems, and modernizing vertical transportation. The revamped building now offers modern office spaces, dining options, and retail areas.

Exclusive amenities for tenants include a green rooftop terrace with breathtaking skyline views, private lounge and library spaces, and a state-of-the-art gym. A grand interconnecting staircase connects large new openings in the building, seamlessly linking previously isolated floors and creating easy access between the street level and the skyway, no matter where people enter.

S Q UA R E F E E T

A R C H I T E CT

LO CAT I O N

1,100,000

Gensler

Minneapolis, MN

VA LU E $143,000,000

P. 11

JI Case Built in 1907 and known initially as the J.I. Threshing Machine Company, the J.I. Case Building underwent a complete renovation in 2023. Gardner Builders collaborated with Sherman Associates and Bluementals during a year-long pre-construction phase to determine the best approach for a post-COVID office environment. The project, listed on the National Register of Historic Places, secured federal and state tax credit funding.

The renovations included modernizing the entire infrastructure, upgrading MEP systems, and adding a new elevator. A fourth-floor amenity suite with a spa and pool was added, while infrastructure was installed to support a multi-tenant restaurant space on the primary and lower levels. The second and third floors were designed to house Sherman’s corporate offices.

S Q UA R E F E E T

A R C H I T E CT

LO CAT I O N

80,000

Blumentals Architecture, Inc.

Minneapolis, MN

VA LU E $20,000,000

P. 12

Leijona Apartments The Leijona Apartments is a thoughtful redevelopment of a historic Duluth landmark. Initially built in 1903 as the St. Louis County Jail, the building sat unused for over two decades before being transformed into 33 mixed-use apartments. This project honors the building’s history while addressing a critical housing need in the community.

Key architectural features, such as the original jail cells, have been incorporated into the design, blending historic character with modern functionality. These details create a space that feels unique and connected to its past. By balancing preservation with practical, contemporary living, the Leijona Apartments demonstrates how adaptive reuse can breathe new purpose into an old space.

S Q UA R E F E E T

A R C H I T E CT

LO CAT I O N

35,830

LHB Corp

Duluth, MN

VA LU E $7,500,000

P. 13

Northstar Center The NorthStar Center in downtown Minneapolis has undergone a significant renovation, transforming the historic 1963 building into a vibrant mixed-use space. Originally designed as a “City within a City,” it was home to the first Minneapolis Skyway System. The redevelopment includes 325,000 SF of office space, 218 Hotel Indigo rooms, and 221 residential apartments.

Gardner Builders revamped 160,000 SF across Levels 1, 2, 7, 8, and 9, focusing on office, amenity, and hospitality areas. Key updates include a public food service area, a full commercial kitchen, updated skyway finishes, a conference center, and turnkey office spaces. Highlights include an 8th-floor conference center with a 3,400 SF double-height room, a divisible 3,200 SF room, and a connected 3,000 SF events pavilion leading to a renovated 9,000 SF roof deck.

S Q UA R E F E E T

A R C H I T E CT

LO CAT I O N

157,000

RSP

Minneapolis, MN

VA LU E Confidential

P. 14

Sandstone School Conversion Originally built in 1901, the historic school showcases the distinctive Kettle River sandstone that gave the city its name. After the structure “burned to the ground” in 1909, the community reinvested in the property, rebuilding and doubling its size by 1910. As the needs of the school expanded, two additions were constructed—an auditorium and gymnasium on the south end in 1937, followed by a two-story classroom addition on the north end in 1962.

The building was decommissioned in 2004 and remained vacant until Meghan Elliot with New History and Jillpine took on its revival. Now listed on the National Register of Historic Places, the property is being thoughtfully repositioned into 32 new apartments designed to support the local workforce, with completion scheduled for May 2026.

S Q UA R E F E E T

A R C H I T E CT

LO CAT I O N

44,000

LHB Corp

Sandstone, MN

VA LU E Under Construction

P. 15

Additional hotel & residence experience

P. 16

+ 1225 LaSalle

+ LaQuinta Inn

+ Radisson Blu Bloomington

+ AC Autograph Hotels

+ Lofton Hotel

+ Salvation Army - Chicago &

+ Bloomington Central Station

+ Millenium Hotel

+ Holiday Inn

+ MN Adult & Teen Challenge

+ Titletown Flats

+ Hotel Minneapolis

+ OMNI Hotel

+ UMD Griggs Hall

+ Hyatt Hotel

+ Park Lafayette

+ UMN Middlebrook Hall

+ Iron Horse Hotel

+ Plankinton Clover

+ Westin Minneapolis

+ Kohler Carriage House

+ Potawatomi Hotel & Casino

+ Wolf Ridge Residence Hall

Minneapolis

“Business, as in life, is all about the way you make people feel.

It is that easy, and it is that hard.”

DA N N Y M E Y E R

P. 17

YOUR DE D ICATE D P R OJ E CT T E AM

Moe Ludwig

Pete Schwarz

Project Manager

Senior Project Manager

Mike Beer Project Executive / Pre-Construction Lead

P R IM A RY CO NTACT petes@gardner-builders.com 507-217-7466

Pat Linder

Bob Gardner

Ownership Engagement CEO / President

Superintendent

Brett Smith

Safety Director

S U P P O RT ING T EA M ME MBE R S

P. 18

+ Project Coordinator

+ Mechanical Specialist

+ Project Engineer

+ Project Accountant

+ Electrical Specialist

+ Risk Management Specialist

Pete Schwarz

S E N I O R P R OJ E CT M A N AG E R

While I’ve always had a passion for construction, my path into the industry was somewhat unconventional. I majored in finance and began my career at a large commercial real estate firm, where I gained valuable insight into how buildings are acquired and operated. That experience led me to pursue construction directly, working for a specialty contractor where I bid and managed a variety of projects.

As the Senior Project Manager, I’ll serve as the primary point of contact and a steward of the project vision from start to finish. For 20 Washington, I am committed to carrying that vision through every phase, ensuring alignment, accountability, and quality along the way.

What I enjoy most about construction is seeing plans come to life through collaboration and problem-solving, then stepping back to appreciate the finished product. I value strong relationships and clear communication, and I believe successful projects are built on trust and shared commitment to excellence.

My Hotel Hospitality Highlight One of my favorite hotel experiences was at the Fairlane Hotel in downtown Nashville. A spontaneous anniversary trip unveiled a hidden gem that my wife and I remember fondly. The building, a renovated art-deco bank headquarters, put a modern flair on a historic space. We enjoyed the rooftop bar with local whiskeys, the retro-chic rooms, and the classic lobby that paid homage to the building’s past.

The southern hospitality and embrace of the Music City were the cherry on top of a great stay!”

S A M P L I N G O F PA S T P R O J E C T S 801 S. Canal St. The Dayton’s Project North Central Companies Donaldson | Multiple Projects Quantinuum Captrust MN Department of Education Inspire Medical Systems Discover Strength

Minnesota Vikings TCO Performance Center Artis Reit Merced Capital Telos Spec Suite

E D U C AT I O N / C E R T I F I C AT I O N S + Saint John’s University B.A. Accounting & Finance Business Administration + OSHA 30 + First Aid / AED / CPR + MN AGC Building Leaders (2025)

REFERENCES Don Kohlenberger | 612-840-6725 Hightower Initiatives

Allianz Field Minnehaha Academy Shoreview Community Center 3M Cottage Grove

Chris Marxen | 612-271-5118 Donaldson Emily Marden | 952-345-8328 BDH

P. 19

Moe Ludwig P R OJ E CT M A N AG E R

As a Project Manager, I have been a part of complex projects with various ranges of specialties such as groundup, industrial, heavy civil, historical redevelopments, and tenant improvements. I have my Bachelor of Science degree in Construction Management with a minor in business from North Dakota State University. From a young age, I’ve had a knack for building things and creating relationships and being on the Gardner Builders team allows me to foster both of those passions. I strive for positive problem solving on each project, looking to learn where I can and help guide others along the way. As part of a team, I aim to provide the utmost care and attention to our clients and trade partners so that altogether, we can create something all parties are proud of and will better our community for the future.

My Hotel Hospitality Highlight My favorite hotel experience was at the Hilton in Cocoa Beach, FL. From the moment we walked in, the staff greeted us at the door with warm, genuine hospitality—always attentive but never intrusive.

They made sure every need was taken care of before we ever had to ask, which set the tone for the entire stay. One thing that really stood out was how seamless it was to rent a car through the hotel; the process was quick, organized, and made getting around incredibly easy. Overall, it was one of the most effortless and enjoyable hotel stays I’ve had.”

S A M P L I N G O F PA S T P R O J E C T S Sandstone School Conversion

Benedictine Health Center

Cove West Apartments

Lake Superior College

The Leijona Apartments

+ Shop AHU Space Design

Harbor Point Apartments

+ Shop AHU Replacement

St. Louis County + Boardroom Renovations + Courthouse Chiller Foundation + Theater Rigging PHHS Family & Children Services Sky Harbor Regional Airport

Sawtooth Mountain Clinic + Office Remodel Superior HRA Administration Building Remodel East Central High School Welding Shop Remodel

E D U C AT I O N / C E R T I F I C AT I O N S + North Dakota State University, B.S. Construction Management + OSHA 30

REFERENCES Andy Madson | 612-752-6925 LHB andy.madson@lhbcorp.com Meghan Elliott | 612-501-6832 New History elliott@newhistory.com

+ Terminal Facility Building + Snow Removal Equipment Building

P. 20

Shane Nies | 218-724-5568 Architecture Advantage shane@architectureadvantage.com

Pat Linder SUPERINTENDENT

With 35 years of experience in construction, my journey has taught me the importance of focusing on the unique needs of every client and partner. My approach is simple: be polite, honest, and attentive.

Communication is key in my role at Gardner. I ensure timely responses and provide clear updates throughout the project lifecycle. I pay close attention to our clients’ operational flow, especially in occupied spaces, using my experience to navigate these environments effectively and minimize disruption.

Creating a positive and hospitable client experience is always my top priority. This means actively listening to and respecting client needs to make every step of the process smooth and collaborative. That sense of connection and care fuels my work at Gardner, where I ensure every project is handled with precision, respect, and a client-first mindset.

My Hotel Hospitality Highlight Our hotel stay in Madison, WI was just an ordinary trip to a wrestling tournament at the University.

Our kids were very young. My son was still an infant. As we were leaving, we somehow mistakenly forgot his baby blanket. Not realizing the mistake until we were home of course. We wrote it up as gone forever. A few days later, the baby blanket arrived in the mail from the hotel with a note that said, “We know how important these can be for children and their parents. I hope you enjoyed the stay.” My son is now 27 and I’m still telling this story. What a great act of kindness.

S A M P L I N G O F PA S T P R O J E C T S

E D U C AT I O N / C E R T I F I C AT I O N S

United Hospital Pharmacy Carousel

St. Joes MRI

United Hospital Triage Doors

United Donor Wall

Aveda Compounding

United DSC Waiting Room

Children’s Hospital MRI United Cardio Rehab Children’s Satellite Pharmacy Children’s Window Leak St. John’s Window Replacement

+ OSHA 30

REFERENCES John Bittner | 952-393-8698 Allina john.bittner@allina.com Jasson Schulte | 651-307-8374 PCL Construction

P. 21

Mike Beer

PROJECT EXECUTIVE / PRE-CONSTRUCTION LEAD

I started my career in museum-quality design and interior renovation in Chicago, the Twin Cities, and Duluth.

I quickly discovered my passion for solving complex constructability and budget challenges alongside people who are passionate about their work. I enjoy the pre-construction planning for each unique project and find joy in a well-timed construction sequence and checking off milestones.

I also enjoy understanding a client’s product and business model to provide input on their long-range strategic facility goals. While anyone can complete a construction project, success isn’t just about crossing the finish line.

It depends on good people, great planning, honesty, and a few laughs along the way.

My Hotel Hospitality Highlight At a previous project, at the Hyatt - Bloomington Central Station Hotel, the newly hired executive chef was breaking in the new kitchen we had just built and tested the menu on our job site construction team. He plated dinners, gave recommendations, and appetizers, and mixed drinks for us. We felt like royalty. It was a full James Beard–level experience with white-glove service, and their brand-new team treated us like five-star guests.”

S A M P L I N G O F PA S T P R O J E C T S The Dayton’s Project Leijona Apartments Sandstone School Conversion Legacy Data Center 801 S. Canal St. Ecolab University of Minnesota + UMN Bell Museum + UMN Swenson Science Building Medtronic Hennepin County Medical Center Carleton College Augsburg College

P. 22

E D U C AT I O N / C E R T I F I C AT I O N S

Shakopee Mdewakanton Sioux Community

+ University of Wisconsin Madison, B.S. Civil Engineering

Walker Art Center

+ LEED A.P.

REFERENCES Richard Baker, P.E. | 612-325-8951 RJB Consulting Meghan Elliott | 612-501-6832 New History elliott@newhistory.com Steve Beringer Gensler Steve_Bieringer@gensler.com

Bob Gardner

OW N E R S H I P E N GAG E M E N T | C E O / P R E S I D E N T

I’ve spent much of my 36-year career in construction, focusing on delivering the highest-quality product for my clients. I have served as the CEO since our inception in 2010, leading alongside a talented team. Together, we operate a debt-free organization and prioritize our culture above all else so we can create better outcomes for our clients. I am passionate about setting the platinum standard within the construction industry, leading with an authentic, people-centric approach.

My Hotel Hospitality Highlight Our stay at The Largo became the emotional center of our Portugal trip, anchoring our family in the heart of Porto with a rare blend of quiet confidence and deeply personal care. From the first email, the team’s questions felt genuinely curious rather than scripted, so when we arrived at this cluster of historic buildings—one that truly lives up to “your home in Porto”—it was as if we were being welcomed back rather than checking in for the first time.

Inside, soft light on stone and timber, collected art, and beautifully composed rooms created a cocoon of high design and understated luxury. The staff knew each of us by name from day one and struck a perfect balance between attentiveness and space, offering tailored suggestions that wove the city’s food, streets, and stories into our days without ever feeling overbearing.

As a builder, I couldn’t ignore the precision and intentionality of every material and detail. But what set The Largo apart was the combination of that design integrity with such warm, intuitive hospitality.

Of all the places I’ve stayed, this was the single best all-around hospitality experience I’ve ever had— and it’s not even close.

1 5 Y E A R S O F GA R D N E R B U I L D E R S

E D U C AT I O N / C E R T I F I C AT I O N S

My vision of what type of company Gardner Builders could be has always been rooted in a single goal: We exist to be a place where employees feel valued, challenged, and love to come to work.

+ University of Wisconsin Madison

We believe our 15 years of tremendous growth, defying the odds and building iconic projects, is still because of this simple vision.

This year, Gardner received the following awards celebrating our culture and people: + Star Tribune Top 200 Workplaces + #2 Top Workplace in Minnesota (medium employer category) by The Minnesota Star Tribune + National Best Workplace by Inc. Magazine + Best Workplace (large category) by Minneapolis/St. Paul Business Journal (MSPBJ)

+ LEED A.P.

REFERENCES Deanne Erpelding | 612-801-5334 Gensler Don Kohlenberger | 612-840-6725 Hightower Initiatives Josh Stowers | 612-758-4000 Principal at HGA

P. 23

AREP PPRCON OACSTRUCT H TO YOI O U RN P&R C OJ OENCT ST R U CT IO N A PPR OACH

A S TO R I E D PA R T O F M I N N E A P O L I S H I S TO RY

The 20 Washington Yamasaki building has survived the many changes of the central business district economy and has reinvented itself as needed to remain relevant.

Our Gardner team would be proud to be your trusted partner in creating your vision for an iconic boutique hotel and preserving key elements of Yamasaki’s initial design. We understand how our hospitality in this process impacts the entire development team so our attention to the customer experience as well as the construction results are imperative.

P. 24

PRE-CONSTRUCTION LEADERSHIP Pre-construction work involving the Design Team, Historic Consultants, Engineers, and contractors is crucial to secure timely syndication of funding for historic projects. The collective efforts of the project team in pre-construction are vital for supporting financing diligence. This includes developing an adequate scope for HTC Part 2 submission, obtaining permits from the City of Minneapolis mapping the historic character of the property, understanding the risk register, and crafting a cohesive public relations narrative.

PRE-CONSTRUCTION SERVICES AND FEES Gardner Builders proposes 14 months of pre-construction services for $175,000 and $12,500 per month thereafter. For pre-construction flexibility, we suggest a contact form that is an AIA A102 & AIA A201. An AIA 102 contract type allows the CDT team maximum flexibility to contract limited scopes of work prior to loan documents, which may be required for site investigation, permitting, and exploration of existing conditions.

D O C U M E N TAT I O N T O V E R I F Y S C O P E O F T H E G M P The tools and processes we use during pre-construction mitigate project risk and deliver the best value for CDT. These include plan reviews, mock-ups, phasing plans, schedules, front-end specification instructions, and detailed scopes of work. Detailed scopes of work are written for all trade packages to ensure highly coordinated, complete, and competitive bids. This process eliminates assumptions and scope gaps, which adds a higher level of confidence and competitiveness to our final GMP. The pre-construction works our team suggests will include coordination meetings, SD & DD+ estimates, material selection support, site investigations, documentation to support financing, and constraint logs. Gardner Builders will work with the selected Design Team to provide constructability feedback, cost analysis, and budget resolution. We work openly with CDT during the trade buyout and procurement process. Our team will keep CDT informed of any identified constraints that could affect the project’s cost and/or schedule before financing is completed.

Once the project is approved to move forward to construction, concurrent with financing, for the 20 Washington Hotel project, our team suggests CD documents to be contracted with a Guaranteed Maximum Price plus Fee (AIA 102 & AIA 201). Our project Fee for the 20 Washington Hotel would be fixed at 2.00% Cost of Work and include a 30% shared GMP Savings, with the remaining savings returned to CDT at Substantial Completion.

P. 25

A N I N F O R M E D & C O L L A B O R AT I V E A P P R O A C H

We see historic reuse as an opportunity to breathe new life into existing spaces while honoring their past.

Collaboration is key—when owners, architects, engineers, and contractors align, we turn vision into reality, creating spaces that inspire and endure.

P. 26

We specialize in transforming underutilized structures into vibrant, functional places that preserve history and serve communities for years to come. These projects bring unique challenges, from aging infrastructure to evolving codes, but our proactive approach ensures transparency and informed decision-making.

U N D E R S TA N D I N G O F C O N T R I B U T I N G H I S T O R I C E L E M E N T S As with all historic projects, it is essential that we understand the contributing elements and any new elements that need to match the existing historic elements. Some of these custom items can take a considerable amount of time to replicate. (i.e., doors, molding profiles, plaster elements, stone, etc.). During the design phase, we’ll work with CDT and the design team to determine the contributing elements and ensure they are protected during construction or safely removed and reinstalled. If needed, we can leverage our longstanding relationships with local trade partners to have items duplicated to ensure compliance with the Secretary of the Interior’s Standards for Historic Preservation and SHPO expectations. We have found it beneficial to meet with the SHPO’s historic architect during design and construction to ensure compliance.

H I S T O R I C TA X C R E D I T E X P E R I E N C E The team proposed for 20 Washington has experience with multiple large-scale historic tax credit projects. These projects include Leijona Apartments, JI Case, Northstar Center, Northrup King, Dayton’s, and Sandstone. The historic tax credit projects present additional duties for contractors, including assisting with permit navigation, reporting building conditions, and maximizing QREs. In addition, multiple investors will require a high standard of project auditing.

A D D I T I O N A L G R A N T & I N C E N T I V E F U N D I N G O PT I O N S TO C O N S I D E R F O R H I STO R I C P R OJ E CT S During the pre-construction phase of the project, we will work with CDT & NIMBLE to explore grants and incentives, including historic tax credits and other Minneapolis incentives, to reposition office space into an urban hospitality experience. + Federal Historic Tax Credit

+ MN DEED Redevelopment Grant

+ Initiative Foundation

+ MN Historical Society

+ League of MN Cities

+ MN State Historic Tax Credit

+ MN Brownfields

+ Xcel Energy Rebates

+ MN Contamination Loan

P. 27

Inspiration from the Austin Proper Truly special places begin with respect for the experience they create and the stories they tell. That is why our team chose to experience Austin Proper firsthand, not to study it, but to feel it. We seek a deep understanding of your vision because our role is not just to build a project, but to help bring a dream to life, one that creates a lasting experience for you and for everyone who will share in it.

The spaces at the Proper feel intentional, layered, and deeply connected to the city around them. Experiencing that level of clarity and craft reinforced what is possible when a vision is carried consistently through every decision. That same discipline is essential when reimagining an iconic structure like 20 Washington.

Q U A L I T Y M AT T E R S Quality is an experience unto itself. It is unmistakable. Every detail feels deliberate and complete, with nothing reduced at the expense of the experience. Achieving this level of execution, especially within an architecturally significant existing building, requires discipline and a clear understanding of what must be protected. It also requires a partner who guides decisions with care and offers value added insight that strengthens the vision rather than compromises it.

P. 28

C O M M U N I T Y I M PA C T Thoughtfully programmed spaces and a clear point of view encourage guests and locals alike to engage with the city itself, making the hotel part of Austin’s story rather than a detached luxury outpost. 20 Washington’s revitalization can reenergize Nicollet Mall by turning an iconic building into a place people want to spend time in, one that contributes meaningfully to downtown Minneapolis. That kind of purpose driven work is what truly ignites us.

S T E WA R D S H I P O F T H E V I S I O N What stood out at Austin Proper was the consistency of intent behind the experience.

The vision was carried through every decision, including the difficult ones, resulting in a place that feels complete and intentional. Similarly, 20 Washington requires a partner who knows when to advance, when to pause, and when to protect what matters most, carrying the vision through complexity so what is built feels as meaningful as what was imagined.

P. 29

MEP EN GIN E E R I N G VS D E S I G N - B U ILD A PPR OACH

The preferred design method for the 20 Washington project is Design Assist.

Having MEP held by CDT allows the project team more time to evaluate qualified MEP contractors and select the appropriate mix of MEP partners. Yet, repositioning a historic downtown building into a boutique hotel while maintaining it’s distinct architectural character is a challenge that requires a dedicated design firm as they would: + Allow owners to dictate project direction and documents during Conceptual, SD, and DD pricing exercises. + Ensure needed changes are made throughout the project. + Create flexibility in trade selection based on price and scope.

P. 30

C O M P L E X I T Y R E Q U I R E S A D E D I C AT E D D E S I G N F I R M A dedicated design firm can respond to the needs of SHPOs, historic consultants, and interior design firms in ways that MEP contractors are not as well-suited for. This future boutique hotel and its lenders will be better supported through a dedicated design firm, given the significant amount of information that will be required to know throughout this project.

We believe design/build firms are best used when supporting pre-construction efforts with a variety of assistance. We have seen that design/build firms are very willing to support the project by providing constructability and concepts from other properties.

However, given the uniqueness of this project and the length of pre-construction engagement, as well as multiple subprojects, such as a restaurant, pools, amenities, and historic considerations that must adhere to Federal and State Historic Tax approval, we recommend a dedicated design firm to manage this amount of content.

M E P S U S TA I N A B I L I T Y A P P R O A C H During the MEP systems evaluation, CDT Realty could consider the tax and environmental benefits of a Williams IPS fan coil system combined with Darcy Geothermal Wells for this project.

This combination of systems would substantially reduce the project’s overall operating costs, is incentivized by federal tax deductions, and reduces the amount of plumbing materials needed to heat and cool the spaces. This concept is used in only a few locations locally and would be an early design and selection decision for the project team to budget for and consider.

Gardner Builders has many trusted, dedicated design firms that would be engaged early on if awarded this project.

These firms are beneficial in providing budget concepts and technologies learned on other projects.

P. 31

REFERE N C E S

Gardner Builders’ References

P. 32

A N DY MADSON

LHB Corp 612-752-6925 | andy.madson@lhbcorp.com

STEVE BIERINGER

Gensler 612-381-7776 | steve_bieringer@gensler.com

JULIA INGERSOLL

Callan Consulting Engineers 608-577-4412 | jingersoll@callenengineers.com

P RELIMIN A RY S C H E D U L E & P H AS IN G PLA N

See above for Gardner’s preliminary site plan.

Please see Appendix A for our full preliminary schedule.

P. 33

P R OJE CT BUD G E T Connecting People, Places, and Possibilities

Construction Budget Project Name: 20 Washington Historic Redevelopment # of keys

Scope

P. 34

Budget

164

Clarifications

General Requirements

$

1,684,854

Existing Conditions / Demolition

$

3,066,871

Selective demolition and saw cutting.

Concrete

$

293,679

Thickened slab, concrete infill at new stair and floor leveling/sloping at LL2 parking.

Masonry

$

314,125

Stair and elevator shafts and modifications to existing tunnel in LL2.

Metals / Structural Steel

$

708,800

New stair and railings at new stairwell, replace railings at existing stairs and misc. structural mods.

Carpentry

$

1,776,759

Rough and finish carpentry.

Millwork

$

3,150,234 Misc. millwork in amenity areas. Includes kitchen and bathroom casework in units.

Thermal & Moisture Protection

$

1,506,714 Re-roof and traffic coating at parking area.

Doors, Frames & Hardware

$

1,148,092

Guest room key card entry system by owner.

Glass & Glazing

$

1,513,966

Window film on interior and exterior is not assumed at this time.

Drywall & Ceilings

$

7,281,151

Gypsum walls, gypsum ceilings and acoustical ceilings.

Flooring

$

2,243,501

Carpet, LVP, millwork base and wood flooring.

Ceramic Tile & Stone

$

2,167,148

Unit showers, unit restrooms, core restrooms and flooring at bar, café, kitchen and spa/pool areas.

Paint & Wallcovering

$

2,186,807

No wallcovering assumed in guest rooms at this time.

Specialties

$

1,128,282

Restroom specialties, code signage, room signage and allowance for branding signage.

Equipment

$

Kitchen Equipment

$

1,150,000 Allowance for equipment at rest./bar, kitchen, café and pool bar area.

Pool, Hot Tub & Sauna

$

1,662,299

Furnishings

$

205,000 Operable partitions and drapes/curtains at restaurant and café.

Special Construction

$

550,000 Allowance for retractable roof openings.

Conveying Equipment

$

Fire Protection

$

1,128,337

Plumbing

$

8,107,500

HVAC

$

8,450,000 Williams IPS mechanical systems and Darcy Wells may be considered.

Electrical

$

5,391,135

Fire Alarm

$

279,900

MEP Design Build Fee Estimate

$

-

Communications / Low Voltage

$

966,150

Security

$

97,000

Earthwork

$

75,000 Excavation at spa area.

Exterior Improvements / Landscaping

$

Utilities

$

-

DAS

$

225,000

-

2,980,650

4,887,571

Subtotal

$

66,326,525

General Conditions

$

2,268,776

Permit

$

720,251

Construction Contingency (4%)

$

2,586,867

Design Continency (7.5%)

$

4,850,375

Insurance

$

575,646

Contractor Fee

$

1,353,248

BUDGET TOTAL

$

78,681,688

None assumed.

Pool allowance and associated pool equipment. Includes (2) spas and (2) hot tubs.

Modernization of (5) existing elevators and extension of elevators 1 thru 4 to penthouse.

See RFP Response on MEP Design Assist

Landscaping allowances, grade level pavers and limestone modifications and rooftop terrace Utility fee and monthly usage charges area assumed to be by owner.

Superintendents and project staffing.

Building permit.

Contingency amount carried during construction.

Liability insurance only. SDI not included.

Connecting People, Places, and Possibilities

ALTERNATES Kitchen upgrades for Extended Stay Units

$

420,000 Level 7: 6 units, Level 6: 6 units, Levels 3-5: 4 units per floor & Level 2: 4 units.

Model Rooms

$

270,792

Assumes build-out and finishes for (2) units. Does not include demolition or MEP in this breakout.

Qty 155 SAC & WAC Units

$

385,175

(See Met Council - Credit Estimation Sheet) - verify with property documents.

Relocate existing chiller/cooling tower system, assuming building will not go on district chilled water.

$

2,484,650

$

21,067,652

Assumes 158 hotel units and associated MEP; penthouse units included in "Rooftop".

$

11,231,946

Includes work associated with the outdoor terrace, pool area, common areas, elevator extension, penthouse windows, retractable roof openings and penthouse units (6).

$

3,570,976

Includes finishes, build-out and associated MEP related to the Rest./Bar and Kitchen BOH only.

Includes finishes, build-out and associated MEP related to the Café area only.

COST PER SF ESTIMATES Guestrooms

Rooftop Restaurant Café

$

871,526

Spa

$

2,809,372

Includes finishes, build-out and associated MEP related to the Spa area only.

Core & Shell MEPs

$

16,649,745

Remaining MEP not included in breakout(s) above.

P. 35

FEE P R OP OSA L AN D E XC E PT I O N S & CLA R IF ICAT IO NS

December 16, 2025

Kari Glaser Nimble Project and Development Services

730 Second Avenue South 729 Second Avenue South Suite 1233 Suite 1231 Minneapolis, MN 55402 Minneapolis, MN 55401 612-326-6376

Re: 20 Washington Redevelopment Dear Ms. Glaser, Thank you for the opportunity to provide preliminary pricing for the 20 Washington Redevelopment project. Our pricing is as follows: INFRASTRUCTURE: Breakout #1 Demolition (Complete) Breakout #2 Fire Protection (Complete) Breakout #3 Plumbing (Complete) Breakout #4 HVAC (Complete)

$8,450,000 $5,616,135 $279,900 $966,150 $97,000 $1,172,262

Breakout #5 Breakout #6 Breakout #7 Breakout #8 Breakout #9

Electrical (Complete)

Breakout #10

Full modernization of (5) elevators; cabs to remain existing due to SHPO. Includes extension of (2) elevators to penthouse level; includes saw cutting of penthouse floor and relocation of elevator equipment.

Does not assume doghouse on penthouse roof at this time.

Existing Stair Railings : Modify existing railings for code required clearances at (3) existing stairwells.

New Stairwell : construct new stairwell from first floor to penthouse; includes new floor openings, misc., structural at new openings, CMU stair shaft, metal pan stair and metal railings.

$2,980,650

Infrastructure Subtotal:

$32,895,687

Breakout #11 Breakout #12

P. 36

$3,066,871 $1,128,337 $8,107,500

Fire Alarm (Complete Low Voltage (Complete) Security (Complete) Roof Replacement : remove and replace roofing system at lower terrace roof (16,771 SF) and penthouse roof (14,078 SF). Assumes no blocking or structural will be required with the roof replacement.

Includes new cap and flashings.

$304,300 $726,582

HOTEL/PENTHOUSE UNITS: Breakout #13 Hotel Units (Floors 2 Thru 6) : build-out and finishes for 158 units, assuming a 4-pipe heating and cooling system. Assumes no balconies due to SHPO.

$10,520,900

Breakout #14

Common Areas (Floors LL2 and Floors 1 Thru 6) : includes the build-out and finishes for corridors; elevator lobbies; core restrooms; janitor closets; mech./elec. rooms; housekeeping areas, etc.

$5,858,808

Breakout #15

Penthouse Suites : includes build-out and finishes to fully construct (6) penthouse suites.

$879,660

Hotel/Penthouse Subtotal: AMENITY SPACES: Breakout #16 LL2 : includes build-out and finishes to construct Spa area (7,584 SF).

Breakout #17 Breakout #18

LL2 : includes build-out and finishes to construct Laundry area (4,403 SF).

LL1 Parking : build-out and finishes to construct Parking area (27,871 SF); demo of existing area; traffic coating; misc. sloping/leveling; floor drains; lighting and vehicle exhaust. Assumes no structural modifications.

$17,259,368 $1,400,268 $133,160 $909,513

Breakout #19

1st Floor Restaurant/Bar (5,336 SF) : includes full service kitchen; mechanical infrastructure; equipment connections; power and lighting; and walls and ceiling finishes South of core restrooms/elevators.

Includes a $350k allowance for Restaurant/Bar equipment package.

$1,039,852

Breakout #20

1st Floor Kitchen/BOH (2,518 SF): build-out and finishes for Kitchen/BOH area South of core restrooms. Includes a $650k allowance for kitchen equipment package.

$991,822

Breakout #21

1st Floor Café (1,824 SF) : build-out and finishes for Cafe area Northwest of core restrooms/elevators. Includes a $150k allowance for kitchen equipment package.

$460,829

Breakout #22

1st Floor Main Lobby (2,520 SF): build-out and finishes for main lobby area West of core restrooms/elevators.

1st Floor Fitness (2,018 SF): build-out and finishes for fitness area Northeast of core restrooms/elevators.

2nd Floor Event Space (941 SF): build-out and finishes for event space area West of core restrooms/elevators.

6th Floor Ballroom Space (10,632 SF): build-out and finishes for Ballroom areas.

Penthouse Pool, Saunas and Hot Tubs (2,978 SF) : Includes pool allowance and pool structure; allowance for (2) saunas and (2) hot tubs; unisex restrooms; standard pool area finishes.

$588,334

Breakout #23 Breakout #24 Breakout #25 Breakout #26

Breakout #27

Rooftop Terrace (14,078 SF) : includes roof pavers at penthouse terraces; elevated seating areas; planter/seat walls; glass perimeter guardrail; lighting; etc. around existing penthouse.

$430,409 $189,911 $924,946 $1,662,299

$2,666,730

P. 37

Breakout #28 Breakout #29

Penthouse Retractable Roof : allowance for (1) 14' x 44' and (1) 9' x 23' retractable glass roofs at penthouse.

Penthouse Window Openings : allowance for (24) 8' x 6' storefront openings at penthouse.

Amenity Subtotal:

EXTERIOR IMPROVEMENTS: Breakout #30 Façade Restoration : allowance for quartz concrete panel patching; replacement of silicone glazing at all exterior windows and entrance glass; replace caulking at penthouse vertical joints and perimeters of louvers and doors.

Breakout #31 Canopy : clean existing columns; clean existing ceiling of canopy; paint the canopy ceiling; retrofit existing light fixtures with new. Includes scaffold complete the painting and lighting scopes.

Breakout #32 Breakout #33 Breakout #34

P. 38

Exterior Lighting : includes LED retrofit and repair of existing exterior lighting.

On-Grade Site Improvements : Temporary site security fencing and $150,000 allowance for on-grade landscaping.

Exterior Granite Pavers at West Plaza : 1,964 SF; removal of existing pavers and mud bed; reinstall pavers (assuming 25% new due to breakage) into new mud bed. Does not include any repair of existing membranes or structure below mud bed.

$604,902 $292,800 $12,295,775 $260,000

$311,400

$80,000 $171,800 $176,760

Breakout #35

West Granite Pavers at building under canopy : 9,487 SF; removal of existing pavers on pedestals; reinstall pavers (assuming 2% new due to breakage) onto existing pedestals. Does not include any repair of existing membranes or structure below pavers.

$351,019

Breakout #36

North Granite Pavers at building : 1,526 SF; removal of existing pavers and mud bed; reinstall pavers (assuming 25% new due to breakage) into new mud bed. Does not include any repair of existing membranes or structure below mud bed.

$144,970

Breakout #37

East Granite Pavers at building : 1,525 SF; removal of existing pavers and mud bed; reinstall pavers (assuming 25% new due to breakage) into new mud bed. Does not include any repair of existing membranes or structure below mud bed.

$144,875

Breakout #38

South Granite Pavers at building : 1,972 SF; removal of existing pavers and mud bed; reinstall pavers (assuming 25% new due to breakage) into new mud bed. Does not include any repair of existing membranes or structure below mud bed.

$187,340

Breakout #39

East Entrance Granite Steps & Pavers : 783 SF; removal of existing steps, pavers and mud bed; reinstall pavers (assuming 25% pavers and 2" new treads due to breakage) into new mud bed. Does not include any repair of existing membranes or structure below mud bed.

$155,775

Breakout #40

Breakout #41 Breakout #42

West Plaza Entrance Granite Steps & Pavers : 788 SF; removal of existing steps, pavers and mud bed; reinstall pavers (assuming 25% pavers and 2" new treads due to breakage) into new mud bed. Does not include any repair of existing membranes or structure below mud bed.

Reflecting Pool Limestone Caps : 724 LF; replace 10% of the existing limestone caps (all other limestone cap to remain).

Reflecting Pool Limestone Walls along Washington : 325 LF; replace 10% of the existing limestone wall panels (all other limestone wall panels to remain).

$165,660

Exterior Improvements Subtotal:

$2,220,841

SUBTOTAL COST:

$64,671,671

General Requirements General Conditions Permit

$1,654,854 $2,268,776 $720,251

Construction Contingency (4%) Design Contingency (7.5%) Insurance Contractors Fee

$2,586,867 $4,850,375 $575,646 $1,353,248

PRELIMINARY ESTIMATE TOTAL:

$78,681,688

$41,992 $29,250

CLARIFICATIONS: No. 1: All work to be completed during normal business hours unless otherwise noted.

No. 2: Does not include sewer or water access charges.

No. 3: All hazardous abatement or remediation is excluded.

No. 4: Costs for special inspections excluded.

No. 5: Proposal based on preliminary layout by ESG Architects.

No. 6: Assumes no chiller or chilled lines at this time.

No. 7: Does not include costs for Cordia.

No. 8: FFE and OS&E is assumed to be by owner.

No. 9: Hotel branding and keying assumed to be by owner.

Thank you for the opportunity to provide this pricing. Feel free to contact our office if you have any questions or comments.

Respectfully, Gardner Builders

Bobby McCulloch bobby.mcculloch@gardner-builders.com Cell (612) 386-9232

P. 39

M I NNE AP OL I S 730 Second Avenue South, Suite 1233 Minneapolis, MN 55402 612-326-6377

M I LWAU K E E 648 North Plankinton Avenue, Suite 233 Milwaukee, WI 53203 414-418-8650

D U LU TH 2 West First Street, Suite 133 Duluth, MN 53203 218-302-1438

GB US Everywhere 612-326-6377

P. 40