For years, 17th Street between Carpenter and Washington was simply awful. Blighted buildings dotted the landscape until the City mercifully tore down almost every structure on the block. After that, both sides of the street sat almost totally vacant for quite awhile, waiting patiently for the inexorable flow of development to make its way to the block.
And last year, on the east side of the block, it finally happened. Carpenter Square's first phase involved the construction of eleven new homes, and it's now nearly complete. Several of those homes have already sold or gone under contract- it's only a matter of time before the mixed-use portion, to be located on the southeast corner of 17th & Carpenter, gets underway.
Across the street, a large City-owned lot has remained vacant and occasionally overgrown. But we've learned that this should not be the case for much longer. Recently, the Redevelopment Authority issued an RFP to find a developer for this large lot on the western side of the block. The requirements for submission mean that the competition for the project should be a spirited battle between a few select parties. But first some info on the property:
As you can see, the parcel is about half the size of the Carpenter Square project. It's about 9,300 sqft, and extends about 130' along 17th Street. If you were to build standard homes on this site, you could fit eight here without any trouble. If you wanted to create a drive-aisle like the one found across the street, you'd sadly be down to six homes. The zoning on the parcel is for multi-family, and another option here would be a collection of quadplexes. Or a large apartment building could work too. Clearly, there's no shortage of possibilities.
If you want to participate in the RFP process for this parcel, you've got some work ahead of you. First, you need to come up with a pro forma for the project to determine an appropriate offer price. And depending on what you want to do with the site, that price could vary significantly. Let's say you come up with a project that would include a drive-aisle as suggested above, and you would therefore build six homes. Well, the tradeoff is that another party with plans for eight homes would ostensibly be able to offer the PRA much more money. And someone with a long-term plan for rentals is working off of entirely different numbers. So there's that dynamic.
Another issue that will come up for many potential bidders is the requirement for proof of funds to construct the entire project within a two-year period. We're talking somewhere between two and four million bucks here, depending on the project. Do you have that kind of cash burning a hole in your pocket? Then by all means, put in a bid! Bidders will also be required to have architectural drawings (not cheap), experience with projects like this, and a detailed development schedule for the project. Clearly, this process won't be for the faint of heart.
Hopefully, several parties will respond to the RFP and the PRA will select a developer that will do a solid job with this site. Carpenter Square has set the bar quite high with their project on the east side of the block, and one would hope that the eventual design elements on the west side compare favorably. The deadline for submission is the end of February and a decision should come down in April. We'll see what happens, and provide updates as we hear new info.