City of Manassas Park

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "City of Manassas Park"

Transcription

1 Presented to: City of Manassas Park November 15, 2005

2 Overview of Presentation Background of Park Center Manassas Park Team Overview of Clark Realty What is Park Center? Master Plan Development Schedule Design Theme What the Project Means to Manassas Park

3 Background Original proposals submitted City selects Clark City and Clark sign Purchase and Sale Agreement Apr. 05 Aug, 05 Nov. 04 May 05 Oct. 05 Narrowed to 3 teams and follow-up proposals submitted City and Clark enter into exclusive negotiations

4 Selection of Clark as Developer Upon evaluating all proposals, the City selected Clark based on the following: Mixed-use master plan that incorporates non-residential uses Open spaces and streetscape that achieve a sense of place Urban buildings that orient to the street and pedestrians The right team that can execute the plan and make the project a reality

5 Overview of Clark Founded in 1906 Based in Washington, DC area with over 2,000 local employees Privately-held, national real estate company 50 developments for 20 million SF in last ten years Over $2.5 billion in annual revenue Developed or under development more than $1 billion in real estate Active in mixed-use, transitoriented developments throughout Northern Virginia MetroWest Vienna, VA The Clarendon Arlington, VA

6 Manassas Park Team City & Residents Developer Retail Broker Engineer Land Planner

7 What is Park Center? Before developing a master plan for Park Center, it was important to establish the vision: Mixed-use development with retail, restaurants, and residential Downtown center where Manassas Park residents can live, work, and play Attractive open space and streetscape that provide opportunities for recreation or relaxation Landmark development that will become the identity of the City of Manassas Park

8 Master Plan

9 Development Schedule First Phase Up to 100,000 SF of retail to include: Two 5,000 SF restaurant pads 35,000 SF mixed-use in-line retail 20,000 SF shopping center Two 5,000 SF retail pads 25,000 SF of flex space 300 residential units Manassas Drive Improvements Manassas Drive/Park Center Court Traffic Signal Pedestrian Bridge to VRE Platform

10 Development Schedule (cont.) Second Phase 114 residential units Third Phase 70% commercial 30% residential Exact plan to be determined and negotiated with City

11 Development Timeline* First Takedown Second Takedown Third Takedown TBD Delivery of first buildings (~18 months after start) Delivery of Second Takedown units (~18 months after start) * Subject to terms and conditions of Agreement of Purchase and Sale

12 Design Theme

13 The Park Center Project What the Project Means to Manassas Park November 15, 2005

14 General Conditions $500,000 on deposit in escrow to be distributed as project phases taken down Tap fees $11,000 per residence Proffer $10,000 per residence Other Proffers: Pedestrian Bridge to VRE $350,000 Manassas Drive Improvements (Park Center to Route 28 and Route 28 N & S) $1,000,000 Traffic Signal $200,000 Construct Main Street Material conditions survive closing enforceable City s ability to buy-back protected Alliance Bank to remain a city business

15 Phase 1 First Takedown Conner School site south side of Manassas Drive $7,500,000 purchase price Settlement earlier of 30 days following receipt of plan approvals or 12 months after completion of Feasibility Study Good mix of residential, retail, restaurant, and pad business office condo capability

16 Phase 2 Second Takedown Bays Tract site north side of Manassas Park City Hall (end of cul de sac) $4,000,000 purchase price Settlement earlier of 30 days following receipt of plan approvals or 24 months after First Phase Settlement Enterprise Fund pay-back

17 Phase 3 Third Takedown Optional at City discretion City Hall site north side of Manassas Drive Purchase price to be determined fair market value Demolition of City Hall developer s expense Settlement earlier of 12 months after completion of Phase 3 Inspection Period as impacted by Plan Approval and Complete Vacation of City Hall Minimum 70% commercial, 30% residential office condo capability

18 Summary Why This Version of Park Center The Clark Team up front commitment of resources City participation in project planning; City approval throughout the Project Central focus for the City point of unification Mathis to Andrew corridor Proceeds are one-time money set aside for future capital project needs Long term Comprehensive Plan vision business revitalization

19