To: Qualified Developers
From: City of Round Rock, Texas
Re: Invitation for “Letters of Interest”
Date: April 28, 2014
The City of Round Rock invites qualified developers to indicate their level of interest in developing a tract of City-owned property in downtown Round Rock.
Round Rock’s City Council has made the redevelopment of downtown one of its top priorities. Recently, the City acquired a prominent piece of land downtown, known as the Bagdad Avenue Property. The site is approximately 3.68 acres. The City wishes to develop this land as a mixed-use project that will complement the City’s vision for downtown and bring additional commercial activity, such as entertainment and dining venues, to the City’s core. The City is seeking a person or team with the financial strength to carry this type of project to fruition and a vision for the property that will result in an anchor destination for downtown.
In order to gauge the level of interest in the development community for projects of this nature, the City is inviting developers to submit a Letter of Interest, accompanied by the following information regarding experience and/or qualifications:
1. General overview of your organization both nationally and in the Austin/Round Rock MSA, if applicable. The overview should include the developer’s business and development philosophy and the growth and development history of your firm.
2. Local team to be assigned to this project. Please provide an organizational chart and a summary of qualifications and relevant licenses and/or certifications of the members of the team who will be working on this project, including a description of their roles and relevant expertise and experience. Please identify who will be the team leader throughout the project.
3. Developer or Development Team’s experience working on “urban infill” or redevelopment projects. Respondents shall identify three (3) to five (5) relevant projects with which the Respondent or its team members have had primary involvement. We are interested in your direct experiences working with other municipalities on projects of similar size and complexity. In addition, provide your firm’s experience working with major financial partners for these projects and include your past performance working with such groups.
4. Although it is the City’s preference to convey fee-simple title to the developer, should your team prefer a ground lease transaction on all or a portion of the Property, please provide your firm’s experience with ground leased development projects or similar structures. What has the degree of success been for your land partner (please be as specific as possible)? What have been the benefits and challenges of these structures for your projects?
5. Overview of your company’s financial strength which will be relied upon for completion of this project. We are very interested in the financial structure that you would use on your side of the relationship, in the structures you typically use and in the partners/investors/financiers you typically work with on these developments, and in the timing for including these partners.
6. For Respondents and financial/equity partners, include all projects underway, indicating for each project the status (% completed to date), size and scope, cost, developer equity, financial guarantees, and the role of the developer and/or financial equity partner.
Planning and Development Services has created an Overview of the Bagdad Avenue Property, which is provided with this invitation. In addition, please visit the City’s website at: http://www.roundrocktexas.gov/bagdadproperty/ for supplemental materials related to this project.
The City anticipates responding to Letters of Interest by mid-summer. A detailed proposal and vision for the property will be requested from qualified developers, with approximately three (3) months given to submit responses. Selection and negotiation with a chosen developer will occur in late 2014.
Any questions and requests for further information may be directed to:
Brad Wiseman, Director of Planning and Development Services
To respond to this invitation, please submit six (6) copies of your Letter of Interest and all accompanying documents no later than June 16, 2014. Letters of Interest are to be labeled for purposes of identification with “Land Development – Letter of Interest No. 14-015” and submitted to:
Brad Wiseman, AICP
Director of Planning and Development Services
301 W. Bagdad Avenue, Suite 210
Round Rock, Texas 78664