Here is the March 20 letter from Martin Kenny of Lexington Partners to Ryan Porter, the project manager for Depot Square:
Dear Mr. Porter:
As you know, my firm Lexington Partners, LLC with 30 years of real estate development experience with
a focus on ground-up multi-family residential development primarily in Connecticut has joined forces
with the principals of D' Amato Construction, Inc. an experienced and reputable General Contractor with
deep roots in the Bristol community to work with Renaissance Downtowns to explore a financially viable
way to jump-start the first phase of development at Depot Square.
We have been working with our team of architects, structural & civil engineers & construction
professionals to come up with a development plan that includes residential apartment units housed in
an attractive four story structure of institutional grade quality, with amenity space and a retail
component fronting Main Street. We are currently finalizing design review and preparing a bid package
so that we have a comprehensive estimate of both hard and soft costs. We do not expect to have this
work finalized until the second week of April.
Provided the estimate works out, we along with Renaissance will then be prepared to sit down with the
Bristol Downtown Development Corporation ("BDDC") to discuss the plans and a financial proposal that
we feel would be successful. Our team is only interested in developing a quality property that the City of
Bristol and we can all be proud of. That being said, we recognize the development plan for this critical
first phase will require some subsidy, and cannot be all things to all people and still actually get built.
We hope to have a meeting to review our plan and the accompanying economics in mid-April. Thank
you for your consideration.
Here is the email that Bristol Downtown Development Corp. Chairwoman Jennifer Arasimowicz sent on April 1 to Ryan Porter, the project manager for Renaissance Downtowns:
Subject: Renaissance Downtowns Submittal
The BDDC is in receipt of the letter you forwarded from Lexington Partners dated March 20, 2014. As time is getting very short for the Board to make any recommendation to the Council and arrange for a Closing by May 25, 2014 if Renaissance's financing plan is accepted, I wanted to be clear on the expected deliverables in order for the Board to conduct a complete review and make meaningful recommendations. Our next meeting is currently scheduled for Monday, April 14. In order to proceed with that meeting and a review of Renaissance's financing, development and leasing plan, please submit the following materials no later than close of business on Monday, April 7. If these materials will not be available by April 7, please let me know the date on which you intend to submit them and I will poll the Board concerning the cancellation of the regular meeting and scheduling of a special meeting.
1. Renaissance's proposed financing, development and lease plan for the Phases on which Renaissance intends to close, including a detailed explanation of the "subsidy" noted in the letter from Lexington Partners, and the status of any pre-leasing or secured retail tenants. Please also include the amount, source and terms of all financing including equity, with documentation of the status of commitments for all sources;
2. Whether and to what extent there will be any set-aside for low-income or workforce housing;
3. An updated site plan of the Phases on which Renaissance intends to close;
4. Any requested modifications to the Final Concept Plan previously approved by the Board;
5. The plans for the piazza;
6. A copy of the subdivision plan approved by the planning and zoning commission and an explanation of why it was subdivided into 3 parcels;
7. A complete description of the proposed program mix for any Phases on which Renaissance intends to close along with a demonstration of how the program mix meets the requirements of the PDA for an initial closing;
8. A detailed explanation of the ownership structure/partnership that intends to close on the land, whether such structure is for only the particular Phases on which Renaissance intends to close or for the entire Project, and a demonstration that such a structure meets the ownership requirements of the PDA (i.e., Renaissance/Don Monti retaining 50% ownership);
9. An artist rendering of the proposed construction;
10. A detailed schedule for the proposed construction;
11. The plan for subsequent Phases of development; and
12. An explanation of the construction being "of institutional grade quality," as set forth in the letter from Lexington Partners.
Thanks and we look forward to receiving your submission.
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