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Farmer's Market site analysis, 2/11/11

Farmer's Market site analysis, 2/11/11

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Published by Tim Nelson
An analysis of the proposed Farmer's Market site, in a study commissioned by the city of Minneapolis
An analysis of the proposed Farmer's Market site, in a study commissioned by the city of Minneapolis

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Published by: Tim Nelson on Mar 03, 2011
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11/16/2011

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Eberhardt
ADVISORY,LLC
CommercialRealEstateAdvisory
January31,2011
Mr.
CharlesT.LutzCommunityPlanningandEconomicDevelopmentCityofMinneapolis105_5
th
Street,Suite200Minneapolis,MN55401RE:DevelopmentCostDeferentialPossibleVikingsFootballStadiumMetrodomeSitevs.FarmersMarketAreaDearMr.Lutz:James
W.
Nelson
Principal
FollowingourconversationofJanuary21,2011duringwhichyourequestedthatEberhardtAdvisory,LLCundertaketheanalysisofestimatedcostdifferentialbetweentheabovementionedsitesforaproposedMinnesotaVikingsFootballStadium,weacceptedtheassignmentandarepleasedtopresenttheresultsofthatstudy.EberhardtAdvisory'srepresentativesinthisundertakingareJamesW.Nelson,CRE,PrincipalandGordon
L.
Hughes,Associate.AdditionalprofessionalsengagedinthestudyareRobertG.Lunz,CREandMAl,PrincipalofNicolletPartners,Inc.appraisalfirmassistingintheestimateofpropertyacquisitioncosts,andrepresentativesofKimley-HomandAssociates,Inc,ledbyProjectManagerDaniel}.Coyle,P.E.whofocusedontheengineeringissuesrelatedtoimprovementsininfrastructureandsitedevelopmentcoststhatwouldbeapartoffacilitatingstadiumconstructionontheFarmersMarketAreasite.Welookforwardtoreviewinganddiscussingthisreportandtheattendantcostestimateswithyouatyourearliestconvenience.
WWW.EBERHARDTADVISORY.COM81SOUTH9THSTREET#310,MINNEAPOLIS,MN55402TEL:(612)201-7135FAX:(612)333-3540
 
MinnesotaVikingsStadiumAlternateSiteAnalysisFarmersMarketAreaJanuary31,2011
TheCityofMinneapolisdepartmentofCommunityPlanningandEconomicDevelopment("CPED")engagedEberhardtAdvisory,LLCtostudythedevelopmentcostdifferentialbetweentwositesforanewfootballstadiumfortheMinnesotaVikingsandpossibleotherusesforthebenefitofthepublic.BothsiteshavebeenidentifiedbytheVikingsasbeingofinteresttothemforthis.purpose.OnesiteisthatoftheexistingHubertHHumphreyMetrodome,thecurrenthomeoftheVikingsintheDowntownEastneighborhoodofMinneapolis.TheotherisasiteintheNorthLooplWarehouseDistrictofDowntownnearandincludingthepresentlocationoftheMinneapolisFarmersMarket.ThisreportpresentspreliminaryfindingssoastocompareandcontrasttheFarmersMarketAreasite(the"FMA")andMetrodomesitewithrespecttolocation,access,costofpropertyacquisition,infrastructureandotherconsiderations.CostdatainthispreliminaryreportaresupportedbyestimatespreparedbyKimley-HomandAssociates,consultingengineersand,NicolletPartners,apropertyappraisalfinn.Theirreportsareattached.
It
shouldbestressedthattheseestimatesarebasedonverypreliminaryanalysesundertakenwithintheconfmesofavailabletime.Therefore,thesereportsshouldbeviewedas"orderofmagnitude"estimatesforpurposesofcomparingthetwosites.BasedontheKimley-Homreport,costsassociatedwithinfrastructureenhancementsandothersitedevelopmentrequirementsmayresultina$39-111millioncostdifferentialfortheFMAoverandabovethatrequiredattheMetrodomesite.Giventhepreliminarynatureoftheseestimates,agenerouscontingencybudgetof30%isincluded.AccordingtotheNicolletPartnersreport,thecostofpropertyassemblagefortheFMAsitemayapproximate$47millionplusatte~dantcostsofrelocationofbusinessesandtenants.
It
shouldbenoted,however,thatasmallersitewithintheFMAmaybeadequateforthestadiumandrelatedparkingthusreducingacquisitioncosts.CostsforadditionalpropertyattheMetrodomesitetoaccommodatethelargerfootprintofanewstadiumwould'rangefrom$8-10million.Thus,thedifferentialpropertyacquisitioncostfortheFMAisestimatedtobe$37-39million.
1
 
MetrodomeasBaselineTheexistingMetrodome,inthecurrentplanconsideredbytheVikingsandtheMetrol?olitanSportsFacilitiesCornmi:ssion(MetrodomeNext,2010),willbedemolished.Anew65,000seat,retractableroofstadiumwillbebuilt,takingadvantageoftheexistinginfrastructureandexcavationontheMetrodomesite.The$870millionestimatedcostofthefacilityincludestwoadditionalparcelsjustnorth,across
4th
StreetfromtheMetrodomewhichhadbeenpreviouslyacquiredbytheVikingstobuilda1454spacestructuredparkinggarageandaneventtruckparking/stagingarea.
An
additional869carparkingrampwillbebuiltonthesoutheastportionoftheMetrodomesite.
An
additionalcostfortheMetrodomesiteof$8-1Omillionwillbeincurredtoacquireaportionofthe5
th
Streetright-of-way(onelane).eastofChicagoAvenuealongthesouthsideofthesitetoaccommodatetheslightlywiderfootprintofthetobeconstructedstadiumontheMetrodomesite.CostsofstructuredparkingontheMetrodomesite(approximately$48million,perMortenson'sestimatejjandstructuralparkingontheFMAsite,pertheengineer'sestimate,areapproximatelyequal.Costsofbuildingdemolition,sitedemolitionandinternalstreetdemolitionontheFMAsiteareestimatedtobebetween$2.9millionand$3.55million.DemolitioncostsofrheMetrodomestadiumandParkingfacilitiesonthesiteareestimatedtobebetween$3.-4million,.approximatelyoff-settingonesitetotheother.
;
GeneralSettingandProx-irilityIssues-FMATheFMAisboundedonthenorthbyHighway55(OlsonMemorialHighway),ontheeastbyNorth7
th
Street,onthesouthbyGlenwoodAvenueandtheCedarLakeTrail/SouthwestLightRaiiTransitway,andonthewestby1-94.(Figure1)TheFMAcomprisesapproximately42acresofprivateandpublicpropertiesplusapproximatelysevenacresofinternalstreetrightsofway.
It
islocatedwestofanddiagonallyacrossthestreetfromTargetField.Itispartofthesocalled''NorthLoopArea"andhasbeenidentifiedasapotentialredevelopmentareabytheCityofMinneapolis.Itcontainsaneclecticmixoflandusespredominatedbyagingindustrialbuildings.However,theFMAisalsohometoCitypublicworksfacilities,housingforindigent'-andhomelessindividualsandfamiliesandaseasonalfarmersmarketwhichgivesrisetoitsname.AccordingtoCitylanduseandredevelopmentplans,theFMAcouldprovideasettingformixedusesincludingresidentialandavarietyofnon-residentialuses.Thefarmersmarketisviewedasanintegralpartoftheareaanditstransitionintoayearroundvenuehasbeenencouraged.TheFMAcouldbeviewedasthethirdandfmallegofacomplexnowanchoredbyTargetCenterandTargetField.
It
isgenerallyproximatetothesametransportationcorridors,masstransitopportunities(bothexisting.andplanned),parkingfacilitiesandneighborhoodamenitiesenjoyedbyTargetCenterandTargetField.Duetoitslocation,itisthemostdistantvenuefrom
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