LSI 2010 Real Estate Joint Ventures conference materials.pdf

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John W. Hanley, Jr. of Davis Wright Tremaine LLP Tom Tierney of Seattle Housing Authority Gary A. Young of Polygon Northwest Company Hal Ferris of Spectrum Development Solutions LLC Large-scale Residential Development in Public-Private Partnership Page 2 of 8 Speaker 13: 2 Speaker 14: 2 Speaker 15: 2 Speaker 16: 2 investment, improve efficiencies and result in more timely completion, foster better environmental outcomes, improve service to the community, and bring the parties mutual rewards through an allocation of resources and risks. (www.ncppp.org) Most of these advantages are present in the case of the development of High Point. They will need to be stretched and enhanced if we are to find success in the development of a new urban neighborhood at Yesler Terrace. The following sections provide background on the two projects and examine the partnerships that have been demonstrably effective at High Point and may yield significant benefits at Yesler Terrace. HIGH POINT At the end of the last century, High Point residents, community leaders, and Housing Authority employees started to dream about a new neighborhood for 4,000 residents on a beautiful hilltop site in West Seattle. Now, with all of the rental housing and about half of the for-sale homes completed, more than 3,000 people already live in this new neighborhood. What was once an isolated area, home only to those with very low incomes, has become an award-winning, mixed-income community that is a national model for sustainable development. The new neighborhood is characterized by pride of ownership among all residents, whether they rent or own. High Point now features well-designed homes that work for a wide range of people, from elderly singles to large families. It is a richly diverse place where people of many cultures, backgrounds and incomes live together as good neighbors. High Point’s streets are purposely narrow, to help slow cars and increase pedestrian safety. Wide sidewalks encourage walking. To help bring neighbors together, homes feature porches close to the street, and parks, playgrounds, and gardens are found throughout the community. New neighborhood amenities serve both the residents of High Point and the surrounding neighborhood. The Seattle Public Library has opened a new High Point branch, and Neighborcare Health has created a spacious new facility next to the library for its High Point Medical & Dental Clinic, which serves area residents in 24 languages. Neighborhood House recently opened a state-of-the-art neighborhood center, home to a Head Start program, on-site job training, offices for social service workers, and an afterschool gathering place for area teenagers. Law Seminars International | Real Estate Joint Ventures and Funds | 02/08/10 in Seattle, WA 2
John W. Hanley, Jr. of Davis Wright Tremaine LLP Tom Tierney of Seattle Housing Authority Gary A. Young of Polygon Northwest Company Hal Ferris of Spectrum Development Solutions LLC Large-scale Residential Development in Public-Private Partnership Page 3 of 8 Speaker 13: 3 Speaker 14: 3 Speaker 15: 3 Speaker 16: 3 High Point redevelopment has also benefited the environment. Because the neighborhood’s 120 acres occupy ten percent of the watershed of Seattle’s most significant salmon stream, Longfellow Creek, it was built with a natural drainage system beneath it. Water entering the stream is now filtered by the system and is as clean as water from a natural meadow. In addition, new homes all qualify for three-star BuiltGreen TM and Energy-Star certification. During construction 110 mature trees were preserved and still grace the community. As High Point nears completion, it is becoming a more integral part of West Seattle. New streets have reconnected it with the surrounding community and barriers between High Point residents and the rest of West Seattle – real or imagined – have diminished. By the time it is completed, a total of $550 million will be invested in the redevelopment of High Point. The uses of this money includethe construction of energy-efficient public and private housing, the development of infrastructure-including High Point’s innovative natural drainage system-and the creation of parks, community gardens, open spaces, the library, the neighborhood center, and more. Summary of investment at High Point $285 million - Private investment $106 million - Other public funding $68 million - Tax-exempt borrowing $56 million - Tax credit partnership equity $35 million - HOPE VI grant When the High Point neighborhood is completed it will include housing units for residents with very low incomes (50 percent of area median income or below) and lowincomes (80 percent or below) in addition to market-rate rental and for-sale housing: Housing Type Income Category Units For-sale housing Any income level 790 Public housing Very low income 350 Affordable rental housing Low income 250 Senior housing Any income level 160 Senior housing Very low income 75 Affordable for-sale housing Low income 56 Units of on-site housing 1,681 Law Seminars International | Real Estate Joint Ventures and Funds | 02/08/10 in Seattle, WA 3
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L A W S E M I N A R S I N T E R N A
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Monday, February 08, 2010 Real Esta
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Table of Contents Topic Speaker # L
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Faculty for Real Estate Joint Ventu
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John W. Hanley, Jr. of Davis Wright
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