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Practice路Space // PS02

1417 Van Dyke


PRACTICE·SPACE / PS02 __ 1417 Van Dyke

About Practice·Space

Project Leaders

Practice·Space Team

Practice Space is a platform for gathering and energizing the rebuilders of Detroit. Located in a former auto garage in North Corktown, Practice Space combines two programs. First, the Incubator program helps entrepreneurs reclaim old spaces for new uses. Second, the Residency program is a yearlong vocational training for young creatives looking to gain experience collaborating on place-based projects in Detroit. Practice Space creates the framework for these diverse connections As the city retools, so must we.

Project Leader Alex Howbert alexhowbert@gmail.com

Program Director Justin Mast justin.mast@practicespace.org

Residents

Cultural Development Director Austin Kronig

Copyright Practice·Space 2801 14th Street Detroit, Mi 48216 hello@practicespace.org

Copyright © 2014 by Practice·Space Practice Space offers all its contents under the Creative Commons Attribution Non-Commercial No Derivatives license, which means you’re free to redistribute anything in here as long as you don’t change it, don’t charge for it, and do credit us.

Alana Schwartz alana.r.schwartz@gmail.com Josh Lipnik josh.lipnik@gmail.com

austin.kronig@practicespace.org

Financial Director Donald Hart donald.hart@practicespace.org

Advisors Contributors Special thanks to all the Experts, Guest Critics, and Speakers that contributed to this project: Architectural Salvage Warehouse, Mavis Farr, Michael Forsyth, Cliff Helm, Kyle Hoff, Matt Hubbard, Allison Killing, Jon Koller, Larry Mongo, Alex O’Dell, Lisa Sauve, John Schoeniger, Skip Stackhouse, TechShop Detroit, and Steve Wisinski.

Program Advisor Christian Unverzagt cu@m1dtw.com Legal Advisor Brandon Weiner brandon@creative-rights.org Architectural Advisor Brian Hurttienne brianh@thevillagesofdetroit.com

Real Estate Advisor Ryan Cooley ryan@oconnordetroit.com Community Advisor Virginia Stanard stanarvi@udmercy.edu

Printer / Distributor Lulu Press, Inc. lulu.com


Practice路Space // PS02

1417 Van Dyke


PRACTICE路SPACE / PS02 __ 1417 Van Dyke

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Table of Contents Executive Summary

12-15

West Village

16-23

The House

24-37

Landscape + Exterior

38-51

Activate 1417

52-55

Potential Tenants

56-83

Appendix I: Media + Press

80-83

Appendix II: Financial Details

84–93

Appendix III: Call for Entries

94–110

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Executive Summary

Project 1417 is all about returning retail to the space located at 1417 Van Dyke. The building itself needs moderate renovation. It’s our goal to have a specific commercial tenant in place to dial the renovation to their needs.

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The charm of West Village is largely related to the architectural history of the neighborhood as well as its walkability. 1417 Van Dyke is no exception. Project 1417 Van Dyke is all about returning retail in a historically commercial space while adding to the walkability of the neighborhood. After an extensive study of the building and the neighborhood, the team put together a “Call for Entries”. A panel of Judges consisting of representatives from The Villages CDC, Revolve Detroit, Practice Space and the building owner carefully reviewed each proposal. After a series of interviews with top candidates, the panel narrowed down the entries to three

finalists. The three finalists (in no particular order) are Paramita Sound, The Villages Reading Room, and Honey Vibe Yoga. Each finalist is detailed further in the book. In their own words they describe their business plan and how they envision occupying the space. Additionally, you can see a vignette of their proposed business and a conceptual floor plan. In addition to discussing the potential commercial occupants of the space, this book will make the case for 1417 Van Dyke as a project overall. First and foremost, the project makes sense on paper with a debt service coverage ratio of approximately 1.3. But this project is a lot more than just num-

bers. It’s about contributing to the history of a neighborhood. Not only will the redevelopment of this historic storefront/residential space tie in nicely with the existing and recent commercial additions in the neighborhood, it will grow the overall strength of the commercial node at Van Dyke and Agnes. This commercial node at Van Dyke and Agnes is critical to the future success of the neighborhood. More and more people are finding themselves attracted back to the neighborhoods with an identity. People are tired of the big box model and are seeking spaces with a unique identity and a community in which they may consider themselves a member. 1417 Van Dyke is exactly this type of commercial development. PS02 _ 1417 VAN DYKE

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EXECUTIVE SUMMARY / Management

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Management Alex Howbert is born and bred Detroit. He was raised in Indian Village, attended Cass Tech High School in the corridor and returned to the West Village neighborhood in 2004 after attending University of Michigan in Ann Arbor. Since his return to the neighborhood he has been working with his father to restore a historic apartment building at the Agnes and Van Dyke intersection. Alex feels a real personal connection to the neighborhood and is really excited to see the direction things are heading.

Professionally, Alex maintained a career in construction management before taking a position in Hamtramck to oversee a $15 million grant to rehab existing homes and build new infill homes. After the grant Alex decided to pursue a lifelong desire to own and operate his own business and oversee his own developments. In 2013 he purchased the storefront at 1417 Van Dyke along with a package of homes and one other storefront. He co-founded Detroit River Sports which had its opening season on Belle Isle over the

summer of 2013. In November of 2013 Alex oversaw the construction of the Detroit Institute of Bagels in which he is a co-owner with two other partners. Alex is excited to take his skills to 1417 Van Dyke and be a part of helping a new business through the process of opening.

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West Village

1417 Van Dyke’s greatest asset is its location in the heart of Detroit’s West Village.

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OIN EP SS IN. O GR 12 M

TE

MIDTOWN 10 MIN. N TER EAS RKET MA IN. 7M

BE

N OW NT . W N I O D 8M

E SL EI LL . IN 7M

Historic West Village is quickly becoming a busy and exciting district in the City of Detroit. West Village is one of Detroit’s most architecturally diverse neighborhoods featuring homes designed for automakers, attorneys, and captains of commerce. Featured styles are reminiscent of the Romanesque, Tudor Revival, Federal, Georgian, Colonial Revival and Arts and Crafts movements. Today, West Village is home to an eclectic and diverse population of all races, income levels, family sizes and interests. With so many more young people working and playing downtown,

West Village is seeing a big influx of folks seeking a nice community–feeling neighborhood with room for a family. This renewed interest in the neighborhood is really making a difference. Homes are being rehabbed and businesses are opening. Most recently we have seen Detroit Vegan Soul Food, Craftwork, Tarot and Tea, and Parker St Market open. All are at the Agnes and Van Dyke intersection, with the exception of Parker St Market, which is at Parker and Kercheval, another budding commercial district a short two blocks from Van Dyke and Agnes.

Although we do talk a lot about all the new people and businesses coming to the neighborhood we would be remiss if we neglected to mention the existing tight– knit community. It’s one of the greatest assets to the neighborhood. There is the West Village Association, Shipherd Greens Garden, and a few different block clubs. All of these folks have been working hard to keep the neighborhood looking a feeling great and it is thanks to all of them that people and families moving to the city are looking to Make West Village home.

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WEST VILLAGE / Neighborhood Development

HAIR + NAIL SALON TURSKA ANTIQUES BARBER SHOP

FUTURE COMMERCIAL DEVELOPMENT VIA VILLAGES CDC VILLAGES CDC RESIDENTIAL REHAB PROJECTS (UNDER CONSTRUCTION)

INDIAN VILLAGE TENNIS CLUB

DRY CLEANERS

FUTURE COMMERCIAL EXISTING STOREFRONT

RECENTLY COMPLETED $7 MIL. RESIDENTIAL RENOVATION

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Craftwork is a great new bar and restaurant now occupying the space many in the neighborhood once knew as the Harlequin Cafe. Before is was the Harlequin a few people in the neighborhood remember when the space was occupied by a drugstore with a soda fountain. Craftwork is doing an amazing job and shortly after opening they have become one the city’s newest hot restaurants, often with long waits for a table.

Detroit Vegan Soul Food was the first of the recent new businesses to open on Agnes in the past year. They have an amazing unique menu that is exactly as it sounds. The food is so good and hard to find they have actually become a destination for people, some even traveling to visit them from out of state. Their space is a well designed, clean and bright spot in a storefront adjacent to Craftwork.

Parker Street Market, the most recent new business in the neighborhood, is a small–scale local market with a great fresh look. Located at Parker and Kercheval, the market has set itself right in one of the nighborhood’s gateways and is quickly becoming a favorite spot for neighbors looking for a great fresh market in walking distance where they can always find eggs, milk, and some produce. Additionally, they offer a good range of locally produced food products.

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WEST VILLAGE / Neighborhood Context

3

N VA KE DY ST. 2

7 141 yke D Van

4

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KER PAR

1

ST. Parkstone Apartments / Craftwork

2

1

T. SS E N AG

West Village Manor / Detroit Vegan Soul, Tarot + Tea, Red Hook Coffee

3

N

Parking Garage Tashmoo Biergarten

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Van Dyke Apartments

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The House

A historic storefront built in 1895 with residential above and an ideal back patio/garden area.

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The 1417 Van Dyke building was built in 1895 and is a classic Victorian design. From the time it was built it has mostly been occupied as a grocer, and was at one point a dress maker’s space. The Commercial Space: The storefront is the first floor of a three story home located in the heart of West Village. The retail space has 18 ft. of frontage on Van Dyke and is approximately 900 sq.ft. The rear of the storefront leads out to a covered deck with potential for three season applications. Off the deck a small patio/ courtyard could be installed for outdoor seating in a secluded landscaped area.

There is opportunity for a live/work setup in either of the two apartments above the storefront. The front apartment has the capability of being connected directly to the storefront space via the front stairwell. The rear apartment would simply enter the storefront through the back door of the building. It is the goal of the building owner to fully restore the facade of the building as much as possible to match the original design, including full storefront windows and door. The Residential Space: The front second floor apartment is approximately 600 sq.ft. and enters off Van

Dyke. This is the unit that can be easily connected to the storefront space for live/ work applications. The rear apartment occupies the back half of the second floor and the entire third floor. This apartment has an amazing second floor deck off the rear of the house.

“West Village’s ultimate live-work situation now available.” - Curbed Detroit PS02 _ 1417 VAN DYKE

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THE STOREFRONT / [Interior Photos]


THE HOUSE / Floor Plans

21’ 4.25”

STAIRS TO APT. 2

15’ 7”

12’ 8”

10’ 2”

9’ 11”

9’ 11”

OUTDOOR SEATING AREA

5’ 11.75”

43’ 9”

9’ 6”

5’

BAR / COUNTER AREA

29’ 1.5”

POSSIBLE CONNECTING DOOR

15’ 11.5”

Commercial Space

7’ 11”

STOREFRONT WINDOWS

STORE ENTRY 3’ 4”

ENTRY TO APT. 1

17’ 8”

21’ 4.25”

GROUND FLOOR PLAN

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0’

STAIRS TO APT. 2

5’

10’

20’

12’ 8”

Apartment 2 (Lower Level)

COUNTER AREA

43’ 9” 29’ 1.5”

OREFRONT WINDOWS

ND FLOOR PLAN

Apartment 2 (Upper Level)

Apartment 1

SECOND FLOOR PLAN

THIRD FLOOR PLAN

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THE HOUSE / The Back

“Many of my favorite places boast secluded back patios ideal for hanging out with neighbors and friends” - Alex Howbert

The back of the house, pictured to the right, offers up a unique neighborhood feel with this back patio/ garden space. The potential uses for the back of the house are unlimited for whoever takes over the space. It is an ideal space

for a garden, cafe seating, a community gathering space, or an event space – just to list a few possibilities. Both the storefront and the second floor apartment have porches overlooking the yard. We can’t wait to see how 1417’s outdoor space is utilized!


Landscape + Exterior

The backyard of 1417 Van Dyke can be taken advantage of to create an intimate and comfortable outdoor space for its tenants.

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The outdoor space of 1417 Van Dyke is designed to create intimate spaces that can be shared between the building’s tenants and the residents of the surrounding houses. A series of partially enclosed wood decks provide a surface for tables and searing, with a stone walkway connecting them. Two geometric plant beds accent the hardscape, planted with a naturalistic mix of grasses and cooltoned perennials for both easy maintenance and visual enhancement. PS02 _ 1417 VAN DYKE

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LANDSCAPE + EXTERIOR / Site Plan

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LANDSCAPE + EXTERIOR / The Fence

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These options vary in the effect that they create, ranging from explicit openings in the mass of the fence to more of a screen effect. The different fencing options also allow for varying degrees of privacy, ranging from almost complete transparency to almost complete privacy. A fencing option can be chosen according to the needs and desires of the eventual tenant of 1417 Van Dyke.

Among the most important features of the backyard landscape design are the fences that enclose the wood decks. The fence, rather than acting as an impermeable barrier, functions more as a sieve, allowing some social interactions to pass through.

These fences attempt to shift the fence from an anti-social object to a catalyst for social interaction, creating a backyard space in which both privacy and openness can be achieved at once.

To achieve this effect, a variety of options have been designed to create permeability.

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LANDSCAPE + EXTERIOR / Material Palette

1

Material Palette 1

Black Mexican beach pebbles

2

Claytonia virginica; Virginia spring beauty

3

Reclaimed wood boards

4

Campanula rotundifolia; Harebell

5

Pennsylvania Bluestone

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Panicum virgatum; Switchgrass

7

Spartina pectinata; Prairie cordgrass

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Raw steel edging

9

Lobelia siphilitica; Great blue lobelia

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2

3


4

7

5

8 6

9

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LANDSCAPE + EXTERIOR / Ground Section

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LANDSCAPE + EXTERIOR / Exterior Sketch

Due to its history (and future) as a retail establishment, 1417 Van Dyke abuts the sidewalk in front of the building. Although this means that there is no front yard, there is a small setback of paved surface that will be used to maximum effect. Small tables will be placed outside in the warmer months, giving a cafe feel to the space and greatly enhancing the sidewalk culture that is currently lacking along Van Dyke Street. As the neighborhood continues to grow in both its residential and commercial sectors, the activation of small outdoor spaces such as this will become an important part of what makes the West Village such a desirable place to live, shop, and do business.

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LANDSCAPE + EXTERIOR / Facade: Before + After

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Activate 1417

Three unique businesses have been chosen as finalists in the competition to become the anchor tenant at 1417 Van Dyke.

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The call for entries proved to be a great road to follow for this project. We had a great turnout to the open houses and received a lot of proposals. The buzz and interest in the property was truly priceless.

The business that is able to open up in the space will benefit from this kind of approach by already having a good deal of momentum behind them before they even start build-out.

After a panel of judges reviewed the proposals and interviewed candidates, three finalists were selected to begin a second round of the competition in which they will be asked to flesh out their financial projections, think more critically through what they need in terms of build-out and what it will cost, and seek advice from industry peers.

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ACTIVATE 1417 / Contestant Bracket

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SUBMISSIONS

INTERVIEWS

FINALISTS

BRANDED BY DETROIT EMPOWER GEAR LAKEHOUSE DETROIT GUITAR CONSERVATORY

IT’S GOOD HAIR

IT’S GOOD HAIR

NICHE CONSIGNMENT

NICHE CONSIGNMENT

DETROIT GUITAR CONSERVATORY

HONEY VIBE YOGA CENTER

HONEY VIBE YOGA CENTER

HONEY VIBE YOGA CENTER

PARAMITA SOUND

PARAMITA SOUND

PARAMITA SOUND

VILLAGES READING ROOM

VILLAGES READING ROOM

VILLAGES READING ROOM

RENAISSANCE CLOTHING

RENAISSANCE CLOTHING

YOUNGSTOR

YOUNGSTOR

YUM VILLAGE

YUM VILLAGE

SULTRY COUTURE THE TEAHIVE COMPANY

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Potential Tenants

Three unique businesses have been chosen as finalists in the competition to become the anchor tenant at 1417 Van Dyke.

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THE VILLAGES READING ROOM HONEY VIBE YOGA PARAMITA SOUND

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POTENTIAL TENANTS / Villages Reading Room

Potential Tenant #1 Villages Reading Room My vision for the 1417 Van Dyke house is a communitycentered, event-driven bookstore. The bookstore will sell books, magazines, and gifts, but will focus on creating a sense of PLACE conducive to gathering and fostering the exchange of ideas. The store will have a “reading room” feel with tables and chairs. In addition, coffee and small bites will be offered, making it an ideal place to meet a friend, host an event, or simply get a cup of coffee and read. The space will be as welcoming as a friend’s living room, and the backyard will provide endless possibilities for events. These events will be an eclectic offering of literary themed gatherings such as 60

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a book club, poetry reading, and story time, as well as the not-so-literary cooking demonstration, wine tasting, or gardening class. The collection will be primarily nonfiction; this will focus on art, design, food, and local history. In addition, the store will offer a slightly smaller used fiction and nonfiction book collection. Magazines will also have center stage and motivate readers to come in on a regular basis for the latest edition. The bookstore will be curated to have a little something for everyone in terms of books, bites, and community. – Amanda Itria


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POTENTIAL TENANTS / Villages Reading Room

The Villages Reading Room will be a bookshop with a cafe that provides a space for gatherings and events. It will cater mostly to adults in the books and events offered. The strategy to include food is to create a warm environment while also inviting patrons to come to the store on a consistent basis. The bookshop’s collection will focus on four main categories: new nonfiction books, used books, magazines, and literary inspired

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gifts. New nonfiction books be the largest collection with an emphasis on art, design, cookbooks, health, and local history. A smaller used books section will include classics in fiction and nonfiction. A substantial magazine collection will feature niche titles in the fields of art, design, food, architecture, and writing. The store will also offer literary inspired gifts and locally-made artisan home goods.

In addition, a small collection of children’s books will be sold. This will spotlight classics that would be appropriate for any home library, or ideal as gifts. Customers can also order items upon request to be picked up instore. A small seasonal menu will be offered. This will emphasize simple food ideal for lunch or a snack, such as a farrow salad or croissant with jam. Coffee, tea, and bottled beverages will be served.


Events will be held on a weekly basis. They will begin with gatherings that are reading focused such as a book club or storytelling, but can range from a cooking demonstration to gardening workshop. This will help promote the complementary books sold, while also driving traffic for future visits to the bookshop. 1417 Van Dyke is the perfect space for the bookshop, which will utilize the first floor, second floor, and back-

yard. Upon entering, the patron will see a bar to sit at and have a cup of coffee. To their left will be a magazine shelf to browse, and to the right, new books that have just arrived. In the back of the store will be a couch, tables, and chairs. This room looks out on the deck and backyard, which will be the location for events in the warmer months. The second floor will have the remainder of the new collection and the used. Chairs and side tables will be peppered through-

out to provide reading and browsing sites. The 1417 house lends itself to the welcoming environment the bookshop will have. With the careful curation of books, furniture, and plants, it will feel like a living room or a home library. Yes, it is a bookshop, and yes, there is a cafe, but it is primarily a gathering space to share ideas and passions that we find in books, but that we also find in one another.

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POTENTIAL TENANTS / Villages Reading Room

Discussion Table

Lounge Area

Coffee Bar

Merchandise Checkout

Bookshelves

Magazine Rack

Display Table

0’

64

5’

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10’

20’

VILLAGES READING ROOM / Ground Floor Plan


Office/Inventory Community Kitchen

Bookshelves Bookshelves

VILLAGES READING ROOM / Second Floor Plan PS02 _ 1417 VAN DYKE

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POTENTIAL TENANTS / Villages Reading Room

[profile pic]

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Management Amanda Itria has an eclectic food and literary background. She is half of the pop-up restaurant team Midollo. Previously, she worked as an Adult Librarian at the Roseville Public Library. Prior to that she worked for Supino Pizzeria and the natural food company Simply Suzanne. Through these experiences she realized how much a local business can contribute to a neighborhood by having a presence and providing a significant service for a community. As a librarian at the Roseville Public Library, Amanda had the privilege of purchas-

ing books in subjects that she loves; these included books on cooking, carpentry, art history, painting, photography, and journalism. She created programming and recommended books for patrons to read. These experiences would translate directly into the operations of a bookshop.

Amanda’s academic, professional, and personal background is varied enough to wear the many hats needed to own and operate a small business. Her interests are wide ranging enough to recommend a book. She wants to bring these varied elements of print, ideas, and art together and share them with friends and community.

Amanda earned her Master’s in Library & Information Science from Wayne State University with the intention to move out of Michigan and work as a librarian at a university. But she does not want to leave Detroit. She wants to work for herself, and she wants to work in the city that she loves and lives in.

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POTENTIAL TENANTS / Honey Vibe Yoga

Potential Tenant #2 Honey Vibe Yoga My vision for Honey Vibe Yoga is a community space that is a true reflection of yoga: loving, vibrant, conscious, healing, unifying, and transformative. I want to bring this spirit to every level of my business and community, and manifest my vision by offering a warm and inviting space. A space that makes everyone who comes through Honey Vibe’s doors feel like a welcomed friend, with an authentic smile, a cup of tea, and a clean, cozy, and supportive space to practice, lounge, and meditate. Modern medicine has started to embrace what yogis have known for a long time: that, in the hands of a gifted teacher, yoga has a profound power to heal. Through 68

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regular workshops, small group classes and private one-on-one sessions tailored to the local community, yoga has helped countless people to manage conditions, reduce symptoms, restore balance, and regain health. I envision a core schedule with an emphasis on classes for seniors coupled with a robust schedule that will also fulfill the needs of families, pregnant women, and single adults. I anticipate classes that welcome all levels, where no previous experience is needed to enjoy them. In every yoga or meditation class, clients will have ample opportunity to increase healthy flexibility in both body and mind. – Emilie Kahn


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POTENTIAL TENANTS / Honey Vibe Yoga

I would like to build Honey Vibe to be the next evolution in a sustainable business that promotes health, wellness, community, and conscious living both on and off the mat. I want to strive to make an eco-built studio that is a model of sustainability, minimizing our collective environmental footprint and maximizing social justice. “Seva� means selfless service, and it is a core tenant of yoga and part of Honey Vibe’s mission to support and contribute to our community in a positive way. Honey Vibe is dedicated to making yoga and holistic wellness services available to individuals in need, and to nurturing a sustainable, caring community through 70

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a rich class schedule and innovative peace education services. My immediate goals for the physical space are fresh air, filtered water, and freedom from toxins. I am currently working at a studio that was featured in Yoga Journal as a standard for how to run an eco-friendly studio. I plan to incorporate as many of these steps as are financially viable, and to add steps as revenues allow, but I am 100% committed to making environmentally responsible decisions in how I run the studio, with as little negative impact on the environment as possible. I want to carry a practice of sustainable design through to the daily

operational choices as well. For example, by purchasing all recycled or organic products for office use, reducing waste through using glass instead of paper, or having a water filtration system. I would like to create a warm, welcoming space, with room for clients to sit, relax, have tea, and store their shoes during practice. I would like to balance that with creating as much space as possible for a practice area. Generating a practice area is very flexible, and ultimately, I would like to accommodate at least 20 students per class while using the remaining space creatively as a welcome area.


Main Entrance

Changing Room Reception Desk

Storage Area

Yoga Studio

0’

5’

10’

20’

HONEY VIBE YOGA / Ground Floor Plan PS02 _ 1417 VAN DYKE

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POTENTIAL TENANTS / Honey Vibe Yoga

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Management Originally from Indian Village, Emilie Kahn is a practicing yogi and public health attorney. After completing her undergraduate work at Michigan State, Emilie moved Boston to pursue a research fellowship and graduate studies in public health. While in Boston, Emilie began working in cardiovascular research and health care consulting.

A triathlete throughout her 20s, Emilie eventually turned to yoga to balance the demands of the private sector with her health and emotional well-being. Yoga began became a therapeutic necessity as she complete her law degree and began her career in public health enforcement. Emilie truly believes that yoga and meditation are changing the world in a positive way and aspires to increase access to these gifts. With time, yoga practi-

tioners cannot help but care about others. Emilie enjoys classes that allow students the space to experience the practice in their own way, whether it is challenging and intense, soft and nurturing, or meditative and focused. Emilie is a 2014 graduate of Flow Yoga Center (200 hour - RYT).

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POTENTIAL TENANTS / Paramita Sound

Potential Tenant #3 Paramita Sound Paramita Sound is a new-era vinyl shop re-imagining the record shopping experience. With a focus on merging new technologies with this century-old format, Paramita Sound aims to become a destination for nostalgic record buyers and new vinyl enthusiast alike. Offering a thoughtfully curated catalog of new, used and reissued vinyl albums, iPad listening stations, comfortable lounges and a bar serving a rotating selection of local brewery favorites. Doubling as an

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independent record label, Paramita Sound will work exclusively with Detroit and Michigan-based artists. Whether you’re digging for a rare find, checking out an in-store performance or just enjoying a beer, there’s a unique experience in which to engage at Paramita Sound. – Andrey C. Douthard


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POTENTIAL TENANTS/ Paramita Sound

www.paramitasound.com

Paramita Sound will market to a multiracial group of men and women between the ages of 18 – 35 residing in Greater Downtown Detroit and the Villages of Detroit neighborhoods. With roughly 36,550 people and more than 12,800 of this population being in our target market range, Greater Downtown represents a large amount of potential business patrons. Of this population, residents between the ages of 25 - 34 holding a bachelors degree

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account for approximately 7.2%. This area also serves two major academic institutions, Wayne State University and Detroit College for Creative Studies. These schools together have approximately 32,000 students enrolled.

books, turntables, headphones and vinyl accessories (record sleeves, carbon dust brushes, slip mats, needles and cartridges). We will also sell Paramita Sound label releases, branded slip mats, t-shirts, stickers, tote bags and store gift certificates.

Paramita Sound will generate income by way of two separate revenue streams. The conventional record shop revenue will come from the sale of new and used vinyl records, music related

In addition to tangible record store goods, Paramita Sound will offer its customers a selection of draught and bottled beer, wine, coffee and soft drinks.


Paramita Sound plans to use 1,500 sq.ft. of proposed interior building. The new release record parlor, bar, front desk, live performance, lounge space and iPad listing stations will occupy the entire lower 900 sq.ft. The smaller 600 sq.ft. upper apartment would be used for used vinyl records and additional lounge spaced equipped with vintage record players and assorted furniture.

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POTENTIAL TENANTS/ Paramita Sound

Beer + Wine Bar

Stage / Seating Area

Vinyl Crates

Merchandise Checkout

DJ Booth

0’

78

5’

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10’

20’

PARAMITA SOUND / Ground Floor Plan


Office/Inventory

Merchandise + Select Vinyl

Seating/Lounge Area Vinyl Crates

PARAMITA SOUND / Second Floor Plan PS02 _ 1417 VAN DYKE

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POTENTIAL TENANTS/ Paramita Sound

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Management Whether it was digging through his grandparents’ records as a child, playing the trumpet as a teenager or interning for a major record label, music has been a focal point in the life of Detroiter Andrey C. Douthard. Graduating valedictorian from Florida based Full Sail University in 2009, Andrey has since set his ambitions on developing music ventures back in his hometown. In the wake of his formal Music Business education Andrey has interned with Warner Music Group, served as a band manager, promoted live music events

and worked as an industry consultant for a plethora of artists in the Detroit area spanning over the past 10 years. Further engaging in the Detroit community, Andrey works for the Downtown Detroit Partnership project, D:hive. At D:hive he helps educate the general public on ways to live, work and engage in the city of Detroit. In his continuing education, Andrey is also a graduate of D:hive’s business and project planning program Build.

the study of meditation. Working for the Zen Center’s supporting business (Living Zen Organics), you can find Andrey selling kale chips and salads down at Eastern Market or hosting guests at the Detroit Zen Centers cafe and co-op Sunday mornings. In addition to his love for music and spiritual practice, Andrey is an avid Detroit City FC supporter, craft beer lover and of course a vinyl record enthusiast!

A practicing Zen student under the tutelage of Hwalson Sunim, Abbot of the Detroit Zen Center (Hamtramck, MI), Andrey is engaged in

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Appendix I: Media + Press

Three unique businesses have been chosen as finalists in the competition to become the anchor tenant at 1417 Van Dyke.

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APPENDIX I: MEDIA + PRESS / Media Coverage

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Appendix II: Financial Details

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TERM _ PROJECT TITLE PS02 _ 1417 VAN DYKE


RENTAL PROFORMA: UNIT INFORMATION + GROSS REVENUE POTENTIAL

# of Units

Baths

Sq.Ft.

Monthly Rent

Annual Rent

Commercial Units

1

1

900

$1,000

$12,000

Subtotal

1

1

900

$1,000

$12,000

1 BR Units

0

0

0

0

0

Subtotal

0

0

0

0

0

2 BR Units

1

1

600

$600

$7,200

1

1

1,050

$1,100

$13,200

Subtotal

2

2

1,650

$1,700

$20,400

Totals

3

3

2,550

$2,700

$32,400

Gross rent potential

$2,700

$32,400

Per unit average

$900

$10,800

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APPENDIX II: FINANCIAL DETAILS / Development Budget

RENTAL PROFORMA: DEVELOPMENT BUDGET PROJECT TOTALS

PER UNIT

PREDEVELOPMENT + FEASIBILITY

$0

$0

Appraiser

$0

$0

Architect + Engineer

$5,000

$1,667

Environmental Reviews + Reports

$0

$0

Market Analysis

$0

$0

Preliminary Title Search

$0

$0

Survey

$0

$0

Consultant

$0

$0

Application Fees (Permits)

$500

$167

Other – Environmental Assessment

$0

$0

Total Predevelopment:

$5,500

$1,833

Land

$0

$0

Existing Buildings

$0

$0

Relocation

$0

$0

Other

$0

$0

Total Acquisition

$0

$0

On-Site Improvements/Infrastructure (non-structure)

$0

$0

Construction budget (Rehab or new constr.)

$75,000

$25,000

Landscaping

$0

$0

Other – Permits

$0

$0

Contractor Profit (6%)

$0

$0

Contractor Overhead/General Conditions (8%)

$6,000

$2,000

Construction Contingency

$10,000

$3,333

Total Construction

$91,000

$30,333

Legal

$1,000

$333

Title + Recording

$0

$0

Cost Certification

$0

$0

Marketing/Advertising

$0

$0

Other

$0

$0

Total Professional Fees

$1,000

$333

BUILDING + PROPERTY ACQUISITION

CONSTRUCTION COSTS

PROFESSIONAL SERVICES

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PROJECT TOTALS

PER UNIT

Inspection + Draw Fees

$0

$0

Points + Bank Fees

$0

$0

Construction + Bridge Loan Interest

$0

$0

Builder’s Risk Insurance

$1,000

$333

Property Insurance

$0

$0

Real Estate Taxes

$0

$0

Interim/Capitalized Operating Costs

$0

$0

Other – Soft Cost Contingency

$0

$0

Total Carrying Costs

$1,000

$333

Points + Bank Fees

$0

$0

Title + Recording

$0

$0

Partnership + Organization Expense

$0

$0

Legal (including tax opinion)

$1,300

$433

Other

$0

$0

Total Permanent Financing + Syndication

$1,300

$433

Rent Up Reserves

$0

$0

Initial Operating Reserve

$0

$0

Operating Deficit Reserve

$0

$0

Other – Replacement Reserve

$0

$0

Total Reserves

$0

$0

DEVELOPER FEE

$0

TOTAL DEVELOPMENT COSTS (TDC)

$99,800

$33,267

Permanent Mortgage

$100,000

$33,333

Development Gap/Surplus

$200

$67

CARRYING + CONSTRUCTION FINANCING COSTS

PERMANENT FINANCING + SYNDICATION

RESERVES

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APPENDIX II: FINANCIAL DETAILS / Annual Operating Budget

RENTAL PROFORMA: ANNUAL OPERATING BUDGET REVENUE

Annual

Per Unit

Gross Rent Potential

$32,400

$10,800

Other Revenue

$0

$0

Subtotal Combined Vacancy Rate

8.0%

Adjusted Gross Income

$32,400

$10,800

$2,592

$864

$29,808

$9,936

Annual

Per Unit

100.0%

OPERATING EXPENSES Administrative Costs Advertising

$0

Management

$0

Legal/Partnership

$0

Accounting/Audit

$800

Compliance Monitoring

$267 $0

Other - Supplies / Phone

$720

$240

Subtotal

$1,520

$507

Maintenance

Annual

Per Unit

Decorating

$0

Repairs

$2,500

Exterminating

$833 $0

Grounds

$1,200

Other

$400 $0

Subtotal

$3,700

$1,233

Operating

Annual

Per Unit

Elevator

$0

Common Electricity

$180

$60

Water/Sewer

$1,440

$480

Gas

$0

Trash Removal

$0

Payroll

$0

Payroll Taxes & Fringes

$0

Other

$0

Subtotal

90

5.1%

PS02 _ 1417 VAN DYKE

$1,620

$540

incl in taxes

5.4%

12.4%


Escrows & Reserves

Annual

Per Unit

Insurance

$3,600

$1,200

Real Estate Taxes

$1,500

$500

Other Taxes Replacement Reserve

$0 $1,000

Other

$333 $0

Subtotal

$6,100

$2,033

20.5%

Total Operating Expenses

$12,940

$4,313

43.4%

NET OPERATING INCOME

$16,868

$5,623

56.6%

MORTGAGE Mortgage Amount Annual Mortgage Pmt

$13,023

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APPENDIX II: FINANCIAL DETAILS / Cash Flow Projection

RENTAL PROFORMA: CASH FLOW PROJECTION Year

Year

Year

Year

Year

1

2

3

4

5

$32,400

$32,724

$33,051

$33,382

$33,716

$2,592

$2,618

$2,644

$2,671

$2,697

Net Income

$29,808

$30,106

$30,407

$30,711

$31,018

Per Unit

$9,936

$10,035

$10,136

$10,237

$10,339

Inflation Factor REVENUE

Years 1-5

Years 6+

Gross Income Potential

1.0%

2.0%

Vacancy Factor

8%

OPERATING EXPENSES

Inflation Factor

Administration

3.0%

$1,520

$1,566

$1,613

$1,661

$1,711

Maintenance

3.0%

$3,700

$3,811

$3,925

$4,043

$4,164

Operating

6.0%

$1,620

$1,717

$1,820

$1,929

$2,045

Escrows & Reserves

5.0%

$6,100

$6,405

$6,725

$7,062

$7,415

Total Operating Expenses

$12,940

$13,499

$14,083

$14,695

$15,335

Per Unit

$4,313.33

$4,499.60

$4,694.46

$4,898.33

$5,111.65

Net Operating Income

$16,868

$16,607

$16,324

$16,016

$15,683

Per Unit

$5,622.67

$5,535.76

$5,441.25

$5,338.74

$5,227.79

Debt Service

$13,023

$13,023

$13,023

$13,023

$13,023

Debt Coverage Ratio

1.30

1.28

1.25

1.23

1.20

CASH FLOW

$3,845

$3,584

$3,301

$2,993

$2,660

Per Unit

$1,282

$1,195

$1,100

$998

$887

Operating Deficit Reserve Analysis $0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Starting Balance Annual Operating Deficit Interest Earned Ending Balance

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PS02 _ 1417 VAN DYKE

1.0%


Year

Year

Year

Year

Year

Year

Year

6

7

8

9

10

11

12

Gross Income Potential

$34,390

$35,078

$35,779

$36,495

$37,225

$37,969

$38,729

Vacancy Factor

$2,751

$2,806

$2,862

$2,920

$2,978

$3,038

$3,098

Net Income

$31,639

$32,271

$32,917

$33,575

$34,247

$34,932

$35,630

Per Unit

$10,546

$10,757

$10,972

$11,192

$11,416

$11,644

$11,877

Administration

$1,762

$1,815

$1,869

$1,925

$1,983

$2,043

$2,104

Maintenance

$4,289

$4,418

$4,551

$4,687

$4,828

$4,972

$5,122

Operating

$2,168

$2,298

$2,436

$2,582

$2,737

$2,901

$3,075

Escrows & Reserves

$7,785

$8,175

$8,583

$9,012

$9,463

$9,936

$10,433

Total Operating Expenses

$16,005

$16,706

$17,439

$18,207

$19,011

$19,853

$20,734

Per Unit

$5,334.88

$5,568.51

$5,813.05

$6,069.02

$6,336.99

$6,617.56

$6,911.34

Net Operating Income

$15,634

$15,566

$15,478

$15,368

$15,236

$15,079

$14,896

Per Unit

$5,211.35

$5,188.64

$5,159.25

$5,122.73

$5,078.59

$5,026.33

$4,965.43

Debt Service

$13,023

$13,023

$13,023

$13,023

$13,023

$13,023

$13,023

Debt Coverage Ratio

1.20

1.20

1.19

1.18

1.17

1.16

1.14

CASH FLOW

$2,611

$2,543

$2,455

$2,345

$2,213

$2,056

$1,873

Per Unit

$870

$848

$818

$782

$738

$685

$624

Starting Balance

$0

$0

$0

$0

$0

$0

$0

Annual Operating Deficit

$0

$0

$0

$0

$0

$0

$0

Interest Earned

$0

$0

$0

$0

$0

$0

$0

Ending Balance

$0

$0

$0

$0

$0

$0

$0

REVENUE

OPERATING EXPENSES

Operating Deficit Reserve Analysis

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APPENDIX II: FINANCIAL DETAILS / Cash Flow Projection

RENTAL PROFORMA: CASH FLOW PROJECTION Year

Year

Year

Year

Year

Year

Year

Year

13

14

15

16

17

18

19

20

REVENUE Gross Income Potential

$39,503

$40,293

$41,099

$41,921

$42,759

$43,615

$44,487

$45,377

Vacancy Factor

$3,160

$3,223

$3,288

$3,354

$3,421

$3,489

$3,559

$3,630

Net Income

$36,343

$37,070

$37,811

$38,567

$39,339

$40,126

$40,928

$41,747

Per Unit

$12,114

$12,357

$12,604

$12,856

$13,113

$13,375

$13,643

$13,916

$2,167

$2,232

$2,299

$2,368

$2,439

$2,512

$2,588

$2,665

OPERATING EXPENSES Administration Maintenance

$5,275

$5,434

$5,597

$5,764

$5,937

$6,116

$6,299

$6,488

Operating

$3,260

$3,455

$3,663

$3,882

$4,115

$4,362

$4,624

$4,901

Escrows & Reserves

$10,955

$11,502

$12,078

$12,681

$13,316

$13,981

$14,680

$15,414

Total Operating Expenses

$21,657

$22,624

$23,636

$24,696

$25,807

$26,971

$28,191

$29,469

Per Unit

$7,218.98

$7,541.18

$7,878.66

$8,232.16

$8,602.49

$8,990.49

$9,397.04

$9,823.06

Net Operating Income

$14,686

$14,446

$14,175

$13,871

$13,531

$13,154

$12,737

$12,277

Per Unit

$4,895.32

$4,815.41

$4,725.07

$4,623.64

$4,510.42

$4,384.68

$4,245.64

$4,092.47

Debt Service

$13,023

$13,023

$13,023

$13,023

$13,023

$13,023

$13,023

$13,023

Debt Coverage Ratio

1.13

1.11

1.09

1.07

1.04

1.01

0.98

0.94

CASH FLOW

$1,663

$1,423

$1,152

$848

$508

$131

($286)

($746)

Per Unit

$554

$474

$384

$283

$169

$44

($95)

($249)

Operating Deficit Reserve Analysis Starting Balance

$0

$0

$0

$0

$0

$0

$0

($289)

Annual Operating Deficit

$0

$0

$0

$0

$0

$0

($286)

($746)

Interest Earned

$0

$0

$0

$0

$0

$0

($3)

($10)

Ending Balance

$0

$0

$0

$0

$0

$0

($289)

($1,045)

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Appendix III: CALL FOR ENTRIES

Three unique businesses have been chosen as finalists in the competition to become the anchor tenant at 1417 Van Dyke.

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APPENDIX III: CALL FOR ENTRIES / Contest Overview

98

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APPENDIX III: CALL FOR ENTRIES / Attachment 1

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APPENDIX III: CALL FOR ENTRIES / Attachments 2 + 3A

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APPENDIX III: CALL FOR ENTRIES / Attachments 3B +3C

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APPENDIX III: CALL FOR ENTRIES / Attachments 4 + 5

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APPENDIX III: CALL FOR ENTRIES / Attachment 5

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APPENDIX III: CALL FOR ENTRIES / Attachments 6 + 7

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APPENDIX III: CALL FOR ENTRIES / Attachment 8

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PS02


1417 Van Dyke Concept Book