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Dreamer Development, LLC. Northeast Gateway A Mixed-Use Land Bridge Development Minneapolis, MN. Dreamer Development, LLC. Project Overview. Goals / Purpose Recapture an under-used urban space Re-integrate a split neighborhood Add new housing to Minneapolis Think Big & Dream.

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slide1

Dreamer Development, LLC

Northeast Gateway

A Mixed-Use Land Bridge Development

Minneapolis, MN

slide2

Dreamer Development, LLC

Project Overview

  • Goals / Purpose
  • Recapture an under-used urban space
  • Re-integrate a split neighborhood
  • Add new housing to Minneapolis
  • Think Big & Dream
  • Summary of Major Components
  • Lower I-35W
  • Reconstruct I-35 & 10th Ave Bridges
  • Deck I-35W from 2nd to 5th.
  • 2 300-vehicle parking ramps
  • Transit Station
  • 260,000 SF commercial space
  • 160,000 SF office space
  • 358 new dwelling units
slide3

Dreamer Development, LLC

Area Profile

  • MARCY – HOLMES
  • Minneapolis’s Oldest Neighborhood
  • Population
  • 9,000 residents
  • 76% White
  • Average Age: 24
  • 50% 1-person households & 35% non-family households
  • 56% earn less than $25,000 per year.
  • Housing
  • 15% owner-occupied (Citywide ownership rate of 51%).
  • Numerous Historic Properties
  • High percentage of apartments.
  • Commercial
  • Neighborhood nodes in Dinkytown & East Hennepin
  • ‘Big Box’ services at the Quarry
  • Neighborhood Vision
  • (2003 Master Plan)
  • More owner-occupied single family housing
  • Traditional urban design.
  • Better transit.
  • A deck over the Freeway!
slide4

Dreamer Development, LLC

Existing Conditions

slide5

Dreamer Development, LLC

Land-Use Plan

  • Consistent with the Minneapolis Plan:
  • Growth Center designation for the University of Minnesota area and immediate vicinity.
  • Community Corridor designations for University Avenue.
  • Envisions 7,000 to 10,000 new jobs in the University of Minnesota campus area.
  • Expects 750 to 2,000 new housing units.
slide6

Dreamer Development, LLC

Summary

Land Area: 60,000 SF

Existing Land-Use: Historic Apartments

Proposed Land-Uses:

FunctionUnits or SFHeight

1 Transit Station 20,000 SF 1

2 Parking Ramp 300 Spaces 3

3 Apartment / Condominium 35 4

4

5

Land Purchase: $3.8 M

Block Profile: A

slide7

Dreamer Development, LLC

Summary

Land Area: 60,000 SF

Existing Land-Use: Abandoned Restaurant & Gas Station

Proposed Land-Uses:

FunctionUnits or SFHeight

1 Commercial – Neighborhood 20,000 SF 1

2 Apartment / Condominium 40 3

3 Single Family Attached Townhouse 5 2

4

5

Land Purchase: $2.7 M

Block Profile: B

slide8

Dreamer Development, LLC

Summary

Land Area: 30,000 SF

Existing Land-Use: Parking Lots

Proposed Land-Uses:

FunctionUnits or SFHeight

1 Commercial – Regional 60,000 SF 3

2

3

4

5

Land Purchase: $3.6M

Block Profile: C

slide9

Dreamer Development, LLC

Summary

Land Area: 60,000 SF

Existing Land-Use: Hotel, Fraternities

Proposed Land-Uses:

FunctionUnits or SFHeight

1 Commercial – Neighborhood 20,000 SF 2

2 Single Family Attached Townhouse 15 3

3 Hotel Existing +

4

5

Land Purchase: $1.5M

Block Profile: D

slide10

Dreamer Development, LLC

Summary

Land Area: 120,000 SF

Existing Land-Use: Freeway

Proposed Land-Uses:

FunctionUnits or SFHeight

1 Commercial – Regional 40,000 SF 2

2 Public Green Space

3 Two Family - Attached Duplex 24 3

4 Apartment / Condominium 16 2

5 Single Family - Attached Townhouse 8 2

Land Purchase: NA - Bridge

Block Profile: F

slide11

Dreamer Development, LLC

Summary

Land Area: 120,000 SF

Existing Land-Use: Freeway

Proposed Land-Uses:

FunctionUnits or SFHeight

1 Commercial – Regional 40,000 SF 1

2 Commercial – Neighborhood 40,000 SF 1

3 Civic Space 40,000 SF 0

4 Commercial – Office 160,000 SF 2

5

Land Purchase: NA - Bridge

Block Profile: G

slide12

Dreamer Development, LLC

Summary

Land Area: 120,000 SF

Existing Land-Use: Freeway

Proposed Land-Uses:

FunctionUnits or SFHeight

1 Commercial – Neighborhood 20,000 SF 1

2 Two Family - Attached Duplex 20 3

3 Apartment / Condominium 40 4

4 Single Family - Attached Townhouse 11 3

5

Land Purchase: NA - Bridge

Block Profile: H

slide13

Dreamer Development, LLC

Summary

Land Area: 60,000 SF

Existing Land-Use: Multi-Family Residential

Proposed Land-Uses:

FunctionUnits or SFHeight

1 Two Family - Attached Duplex 38 3

2 Single Family - Attached Townhouse 5 2

3

4

5

Land Purchase: $4.8 M

Block Profile: I

slide14

Dreamer Development, LLC

Summary

Land Area: 60,000 SF

Existing Land-Use: Multi-Family Residential

Proposed Land-Uses:

FunctionUnits or SFHeight

1 Multi-Family Rental 72 3

2

3

4

5

Land Purchase: $7.2 M

Block Profile: J

slide15

Dreamer Development, LLC

Summary

Land Area: 60,000 SF

Existing Land-Use: Neighborhood Commercial / Residential

Proposed Land-Uses:

FunctionUnits or SFHeight

1 Commercial – Neighborhood 20,000 SF 1

2 Parking Ramp 300 Spaces 3

3 Two Family - Attached Duplex 24 3

4 Single Family - Attached Townhouse 5 2

5

Land Purchase: $5.7 M

Block Profile: K

slide16

Dreamer Development, LLC

Transportation Plan

slide18
One-time Cost

Public Work: $483,491,968

Land Bridge Span: $400,320,000

10th St. Bridge: $29,171,968

I-35W Trenching: $54,000,000

Land Development: $191,548,000

Land Acquisition: $29,462,000

Housing Units: $89,925,000

Comm & Office Buildings: $55,770,000

Ramps: $10,302,000

Major Street Reconstruction: $1,789,000

Transit Station: $4,300,000

Traffic Cost: $27,313,600

Parking Cost $8,313,600

Transportation Disruption-construction

$19,000,000

Total One Time Cost $483,491,968

Annual Cost

Traffic Cost: $1,425,000

Increased SOV Trips: $665,000

Increased Congestion: $760,000

Quality of Life: $4,507,750

Air pollution: $2,774,000

Increased Non-local Traffic: $1,733,750

Bridge Maintenance (Land Bridge only)

$360,000

Total Annual Cost: $6,292,750

Annual Cost NPV (50 Years, r=3%)

$160,475,552

Project Total Cost (NPV):

$502,829,120

Dreamer Development, LLC

Cost Summary

slide19
Benefit (One Time)

Increased Property Value: $200,915,200

Land Bridge Property Value: $78,750,000

  Surrounding Redevelopment Value:

$147,950,000

Property Value for Existing Structures

$11,784,800

Preserve Undeveloped Land : $21,491,520

Employment Benefit (Public Work Only):

$61,745,984

Construction jobs: $49,396,787 Professional assistance jobs: $12,349,197

Total One-time Benefit: $298,152,704

Project Total Benefit (NPV):

$538,685,573

Benefit (Annually)

Increased Property Tax (3%): $6,027,456

Transportation Benefits: $2,213,675

Freeway Noise Reduction: $253,675

Incorporates Transit Plans: $500,000

Implements Walk/bike Plans: $1,460,000

Amenities: $314,800

New Park: $214,800

Improved Urban Views: $100,000

Other Benefits: $1,480,000

Parking Fees: $1,200,000

Public Work Employment: $180,000

Affordable Housing Creation: $50,000

Integrates Neighborhood: $50,000

Total Annual Benefit: $10,035,931

Annual Benefit NPV (50 Years, r=3%)

$255,932,869

Cost-Benefit Ratio: 0.80

Dreamer Development, LLC

Benefits Analysis

slide20

Dreamer Development, LLC

Conclusion

  • Final Comments:
  • The project would have positive benefits to the city and local community.
    • Reconnect neighborhood
    • Increased tax base
    • New housing units
  • The cost of infrastructure would be prohibitive.