HomeMy WebLinkAboutCOW 2008-09-08 Item 3A - Discussion - Developer Proposals for Tukwila Village 1 LA ‘,,4-14:i.14‘,
COUNCIL AGENDA SYNOPSIS
Initials
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Q i P1 1 Meeting Date Prepared by Mayor's review (1 �enuncil review 1
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08/18/98 I DCS P�
i 08/25/08 DCS 1 10CS
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ITEM INFORMATION
CAS NUMBER: 08-109 I ORIGINAL. AGENDA DATIi: AUGUST 18, 2008
AGENDA I ENITrnm: Tukwila Village: Discussion of developer proposals
C. \"I'E.GO N Discussion U _Motion n Resolution Ordinance Bid Award Public Hearing Other
liig Date 09/08/08 lft,g Date lltg Date ill! Date R& Date i1itg Date Kitg Date
1 SPONSOR n Council Mayor Arlin Svcs DCD Finance Fire Legal n P &R Police PIY/
SPONSOR'S Two developers have submitted proposals to develop Tukwila Village. At the August 18
SUMMARY Council meeting, the developers presented information regarding their proposals.
At this meeting Council will discuss the proposals. No action is required.
RI WI PAVED BY COW Mtg. [1 CA &P Cmte F &S Cmte n Transportation Cmte
Utilities Cmte its Comm. n Parks Comm. 1 1 Planning Comm.
DATE:
RECOMMENDATIONS:
SPONSOR/ ADMIN. Discussion
CO \IIMITfEE
COST IMPACT FUND SOURCE
ExP1 iND ITURE REQUIRED AMOUNT BUDGETED APPROPRIATION REQUIRED
$0 $0 $0
Fund Source:
Comments:
1 MTG. DATE I RECORD OF COUNCIL ACTION
08/18/08 Developer proposals were presented to the Council
08/25/08 Discussion and questions and answers; forward to 9/8/08 Council Meeting
MTG. DATE I ATTACHMENTS
08/18/08 Informational memo providing a basic statistical comparison of the proposals dated 8/12/08
Informational memo comparing statistics for proposed housing dated 8/14/08
Informational memo comparing developer experience dated 8/14/08
08/25/08 Informational memo evaluating the proposals to the City's criteria dated 8/21/08
09/08/08 Informational memo providing a revised evaluation of the proposals dated 9/5/08
....(Please bring the 2 proposals from the developers distributed in July)
(And your Council packets from 8/18/08 and 8/25/08)
q s'' City of Tukwila }y f Jim Haggerton, Mayor
Q 'J zap- t�
113.,; O Office of the Mayor
6200 Southcenter Boulevard
,'1,4 Tukwila, WA 98188
1908 www.ci.tukwila.wa.us
Date: September 5, 2008
To: City Council
Copy: Mayor
City Administrator
Legislative Analyst
From: Economic Developmen As .11 stra r
Re: Tukwila Village Proposals: Significant Differences
In order to help the Council compare the Tukwila Village development proposals, staff has
created a comparison of the significant differences (see below). Also, we have attached an
update of the worksheet that compares the two developer proposals to the evaluation criteria.
We are waiting for an outside consultant's report comparing the two proposals. The consultant's
report will attempt to identify any significant differences between the proposals that we have not
yet recognized. It will also attempt to quantify (within an order of magnitude) if the proposals are
economically feasible.
This worksheet and memo are based on preliminary discussions with the consultant. The final
report should be available by September 12.
One of the most important points to consider is that both of these developers are highly qualified
and very capable of developing Tukwila Village. Either of these developers would be a good
choice. There is no easy choice because both proposals have strengths and will be a benefit to
the community. Of course, their approaches are different and come with different trade -offs.
Please contact me at 206 433 -1832 or dspeck @ci.tukwila.wa.us if you have any questions.
Tukwila Village Developer Proposals
Comparison of Significant Differences
Legacy Tarragon
Advantaaes Advantaaes
1. More feasible 1. More retail space
Less risk of market demand Offers more welcoming atmosphere
Fewer unknowns Better ability to "grow" with Tukwila
80% of development in phase 1 (retail types can flex and upgrade
2. Indoor commons area for formal and over time)
informal gathering Additional retail offers approx.
3. Entire project offers $1 to $3 million $100,000 in sales tax to City
higher payment to City annually
4. 50 senior apartments (low income) 2. Many citizens prefer the extra retail,
5. 25 for -sale townhouses (moderate larger plaza, and aesthetic appearance
income, first -time homebuyers) 3. 60 apartments set -aside for moderate
income tenants
Challenaes Challenaes
1. Architecture, plaza, and landscaping 1. Locating a 15,000 square foot drug
need to be "warmer" and more store at the corner of TIB and 144
welcoming. separates the plaza from the rest of
2. Would need to structure a the community and is challenging to
partnership between property owner make attractive along TIB.
and City to manage indoor commons.
Risks Risks
1. May be challenging to find apartment 1. May not be financially feasible to build
tenants willing to pay $1.45 to $1.80 project for projected rents of $1.35
per square foot per month rent. per square foot.
2. Proposed density of residential on
phase 2 may not be palatable to City.
3. A large portion of commercial space
may be services instead of retail.
Version dated 9/5/08
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