Renaissance, the BDDC and Depot Square

2012 rendering of possible Depot Square look

Depot Square plan needs financial assistance
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. Sincerely yours, Martin Kenny
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   Ryan, 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.   Jenn Arasimowicz Copyright 2014 All rights reserved. Contact Steve Collins at scollins@bristolpress.com

Renaissance's new target: finance plan by March

The project manager for the Depot Square project pushed by the Long Island-based Renaissance Downtowns said Friday he's still working to put together a comprehensive financing package for the $39 million first phase of the development eyed for the former mall site in the city center. Ryan Porter, the project manager, said the company's goal is to have a financing plan in place by March. The Bristol Downtown Development Corp. and the City Council have to review and approve the financing before the sale of the first parcel can go through. By contract, that's supposed to happen no later than May 26.
Copyright 2014 All rights reserved. Contact Steve Collins at scollins@bristolpress.com

Renaissance issues update on downtown project

Bristol Rising Charging Ahead

Developer and Community Meet Key Milestones 

By Ryan Porter, VP of Renaissance Downtowns

The past couple of years have seen a tremendous amount of positive activity in regard to the redevelopment of Depot Square and Bristol’s downtown. Led by Master Developer Renaissance Downtowns and the Bristol Rising community, key approvals and rezoning efforts are complete, positioning Bristol’s downtown for transformative development. 

With financing efforts at the forefront and the more publicized visibility of the approval process mostly behind us, we felt it was the right time to create a column to better inform the masses on our current and future efforts on the development.   

On a personal note, it’s been gratifying working with such a great community and a municipality that gets it. The Bristol Rising community’s response has been overwhelming in what has been one of the most transparent redevelopment efforts in this country’s history, a tradition we will work to continue with this column. This three-way collaborative was highlighted during the approval processes, which has led to the implementation phase of the project, and brings us to today.

Currently, Renaissance has been working diligently to put the final pieces together in anticipation of the upcoming groundbreaking by finalizing financing for the initial phase of the development. The thing most people aren’t aware of is the complexity required to finance and develop new construction in this day and age. It takes creative partnerships, creative financing, and long negotiations to pull it all together. We’re inching closer each day, requiring our utmost attention and inherently less spotlight. 

It’s important to note that when Renaissance Downtowns was designated by the City of Bristol as Master Developer, numerous milestones were established for this public/private partnership. Due to our excellent working relationship with our municipal partner and the Bristol Rising community, the initial concept planning and zoning milestones were achieved at an extraordinary pace. This accelerated process led to the approval of an engineered Site Plan for Phase 1 in February of 2013, along with the recent completion of the new McDonald’s in a manner that is consistent with the overall goals and objectives of the public/private partnership. I have never before seen a municipality move the ball forward as has been done here, and as a result of the City’s desire to see progress occur, revitalization efforts are 6-8 months ahead of schedule.

Regarding McDonalds, it’s important to emphasize that moving the old franchise was necessary for new development to occur, and had particular implications on financing the project. We’re now nearing completion of this stage with McDonald’s now open in their new building on North Main Street, and with several weeks to go before the old McDonald’s will be demolished to make way for our development. 

Now that things are where they are, financing efforts have been ratcheted up significantly the past 3-5 months, when it was known the McDonald’s move was a certainty. We continue to work with a number of interested parties on hammering out a deal, doing our best to keep you better informed on our efforts moving forward. 

 

To that end, we are presently in discussions with multiple regional/national development firms as well as foreign and domestic private equity financing sources to demonstrate to them, the economic viability of downtown Bristol in regard to innovative, mixed-use development. The overwhelming number of signed letters of interest from both local and regional residents expressing a desire to move into the new development downtown continues to assist us in our efforts.   

On the community side, Bristol Rising has been programming and conducting innovative events and initiatives which have already added vibrancy to and awareness of downtown. They are currently working to improve the existing downtown business landscape by offering the power of crowd to businesses like Mike’s Tortoise & Hare Café. In June, Bristol Rising helped launch a Shared Retail initiative where for three weekends small business vendors occupied a vacant storefront to help add life to a previously empty downtown location. Every little bit is helping the overall cause in showing Bristol as a place that desires a walkable, vibrant center of commerce and social activity. This is proven by new entrepreneurs stepping forward each month expressing interest in opening businesses downtown.

I know that we are all anxious to see more shovels in the ground but our success thus far has not come with compromising on quality and we continue to ensure that our partnerships share that requirement. That said, as we reflect and celebrate our significant victories and accomplishments to date we will continue our relentless pursuit of greatness for Bristol while keeping everyone informed along the way.

 

Sincerely,

Ryan Porter

Copyright 2013 All rights reserved. Contact Steve Collins at scollins@bristolpress.com

Downtown grocery store may yet bounce back

City officials are not ready to throw in the towel on the grocery store they hoped would serve downtown for years to come. Bristol's Marketplace closed this spring after a falling out between its owners, but it may not be gone for good. "Hope is still alive," said Frank Johnson, chairman of the nonprofit Bristol Downtown Development Corp. "Oh, absolutely," said Ryan Porter, the project manager for the Long Island-based Renaissance Downtown that seeks to redevelop the former mall property. Porter played a crucial role in getting the new store up and running last year after the city demolished Discount Food Outlet, the last remaining municipally-owned building on the mall site. Porter said a partnership dispute led to problems for the new store, but he hopes they can be worked out so the store can reopen. He said is "fairly confident" it will remain as a grocery store. He said the store is fitted out for selling groceries now and the spot has already proven it can draw customers. Porter said that in its early months, it drew more customers than DFO, though their orders were typically a little smaller than the previous store.
Copyright 2013 All rights reserved. Contact Steve Collins at scollins@bristolpress.com