consultants are sandburs

Friday, April 11, 2014

FLAHERTY: Indianans get over ten thousand square feet of useful retail space. We got a grudging three thousand in Ramsey. And Raytown gets mixed use. We got dense housing.

This Indiana item, noting:

Downtown Terrace is a collaborative effort between the following: City of Petersburg, Pike County Progress Partners, Jim Higgs Associates, Myszak & Palmer, and Flaherty & Collins Properties. These agencies have teamed up for this wonderful downtown development, which is made up of 40 units of senior housing and approximately10,500 square feet of retail/office space. Pike County Progress Partners, Inc. is the sponsoring not-for-profit agency for this community development initiative. Good Samaritan Hospital will also be a major anchoring tenant for the newly constructed building. They will run an urgent care facility on the main floor, providing mental health service and a physician’s clinic.

"We are ecstatic to officially break ground on this exciting project," said Duane Miller, Vice President of Community & Asset Management for Flaherty & Collins. "We are looking forward to what this development will do for the City of Petersburg and our partnership." Flaherty & Collins Construction will build the development, which is scheduled to open December 2014.

Designed to feature energy efficiencies that will keep ongoing monthly utility bills reduced, Downtown Terrace also maximizes location, with many Petersburg amenities, such as restaurants, parks, grocery stores, shopping, entertainment, banks, churches and medical facilities, all located within close proximity to the project.

Downtown Terrace will be funded by the National Equity Fund, Indiana Housing & Community Development Funds, Pike County Progress Partners, and deferred development fees. Chase Bank will be the construction bridge lender for the development.

That report does not list the town the development is to be built in as having any part of ponying up active cash funding. (In fairness, "deferred development fees" are mentioned, but not any second ill-secured cash position.) Different than here, that way.

Considering Raytown, Missouri, there is this online:

The proposal, from Flaherty & Collins. includes a possible grocery store, a possible new City Hall and some 200 rental apartments.

The structure, which could stand up to five stories, could attract as many as 325 residents to Raytown’s downtown district, generate perhaps $30 million in construction investment and perhaps create 500 construction jobs.

“The Flaherty & Collins proposal definitely met the overall goals that Raytown has had for its downtown for quite a while – a nice multi-family development with some mixed use,” Cole said.

Raytown is getting mixed use. We got Darren Landform in the process, City of Ramsey serving as multimillion dollar banking of last resort in things. And so it goes. Should we be thankful for having had Darren Landform working with Ryan Cronk?

Should we always keep that in mind, as election follows election? Should cash lending participation be barred, in Ramsey's charter? It is a good question.

No comments: