The City of McAllen, Texas is inviting developers to submit their qualifications for the redevelopment of a 13.4 acre, soon to be closed, old Civic Center/Auditorium site and buildings by April 09, 2014.
The Site is viewed by the City as a key redevelopment opportunity and future economic generator. It is located within a key commercial corridor of the Rio Grande Valley of Texas that is bounded by the US 83 Expressway on the south, Lindberg Street on the North, State Highway 336 (10th Street) on the east, and 12th Street on the west. The site’s proximity to the Expressway, La Plaza Mall, Downtown, New Convention Center, Airport, International Bridges to Mexico, make it an incredible redevelopment location.
The City of McAllen owns the subject parcel and buildings, which will be conveyed to a developer submitting a proposal containing a development concept that is most consistent with the City’s plan for the area, meets minimum sales price, and exhibits the greatest ability to generate the highest revenue and economic impact for the City.
Current Fair Market Value Appraisal of the real estate is $11.00 per sf or $6,425,534 .
The Hidago County appraisal district value of the buildings is $51.97 per sf or $2,706,650.
The City seeks a developer with experience, financial strength, and a demonstrated record of accomplishment in undertaking high-quality development projects .This request for qualifications is the first step in a solicitation process to select a commercial development entity that will redevelop the site based upon a mutually agreed upon vision between the City of McAllen and that entity.
The City’s vision for this project is to create a private, master planned, mixed use, high density, lifestyle development under a planned unit development application with predominance of high end, specialty, or “destination” retailers, restaurants and unique venues that increase the regional draw of visitors to McAllen and new commercial choices of McAllen residents. Besides retail, the development could include a mix of hotel, private residence, professional office space, restaurant, boutiques and night clubs.
The City intends to evaluate the qualifications of interested development entities and then enter into an exclusive development agreement with the selected entity to complete this redevelopment project. Development responsibilities will include, but are not limited to, leading the effort in project financing, design, construction and operation.
Developers are encouraged to respond with their qualifications and past development experience that will meet the City’s goals and desires described within the RFQ, physical site conditions, real estate market realities, and identified end user needs.
Respondents should refer to the City’s request for proposals for detailed specifications, appraisal, and to register for future addenda. These materials can be found at www.ebidsexchange.com/mcallen , Project No. 04-14-S40-309. Further information or questions may be addressed to Brent Branham, Deputy City Manager, 956-681-1005 or email@example.com.