Location: 18 S. Main St.
Founded in 1977, the Downtown Memphis Commission (DMC) is the public-private partnership charged with advancing Memphis and Shelby County by making Downtown Memphis a better place to live, work, learn, invest, and visit.
As part of its strategic focus on fighting blight, adding vibrancy, and improving property values in the Downtown Core, the DMC has secured an option contract to purchase the property at 18 S. Main Street. The subject property is a 3-story brick building with mezzanine and basement totaling approximately 29,000 sq. ft. The property is located on the Main Street Mall, a pedestrian and transit street that runs through the heart of Downtown Memphis. While one ground-floor tenant currently occupies a portion of the space, the remainder of the building is vacant and in need of renovation. The existing ground- floor tenant is not expected to remain in the building after the renovation is complete.
The DMC, and its affiliate the Center City Development Corporation (CCDC), is calling for proposals from developers with experience in adaptive reuse and renovation projects. The selected developer will propose a plan that accomplishes the following project goals:
Subject to an approved development agreement, the selected developer will own the property and be responsible for all costs associated with the improvements of the property.
All proposals must be received no later than Wednesday, January 3, 2018, at 12:00 PM.
Proposals received after that time shall not be considered.
An optional pre-submittal conference will be held on Friday, October 27, 2017, from 1:00 PM - 2:30 PM.
This meeting will include a walk-through of the property. Please RSVP to Christine Taylor at (901) 575-0563.
The following rating criteria will be used by the CCDC Selection Committee to assist in the comparison of proposals. Final recommendations will be predominantly based on the rating criteria but will consider other pertinent factors, as appropriate.
In addition to a cover letter describing your interest in this project, please include all of the following information in the RFP submission.
I. Project Team
a) List all members of the development team and include their current resumes.
b) Disclose if any member of the development team has any previous or ongoing relationship with any Board member of the DMC or its affiliate Boards. If such a relationship exists, please describe in detail.
c) List any architects, engineers, or other professionals involved with the project.
II. Relevant Experience
a) List and describe successful examples of similar development projects undertaken by the development team, especially in Downtown contexts. Include information about total development cost and pertinent details for each project.
b) Provide a list of the institutions that have provided major financing for these projects and a description of the form and terms of this financing.
III. Development Concept
a) Describe the proposed project, including the following:
IV. Financial Details
a) Include a Sources & Uses Statement including estimated project costs broken down by component (e.g. land, construction costs, equipment, soft costs, etc.).
b) Include a 10-year pro forma for the proposed project.
c) Describe the proposed capital stack. Include information about possible financing for the project (e.g. loan amount, interest rate, term, amortization, etc.).
d) Indicate whether you propose to apply for a PILOT or any other public incentive in conjunction with the development project.
e) Provide a minimum of three (3) credit references
f) Include current financial statement of the development entity proposing the project, if applicable, or include financial statements for all project partners.
V. Project Timeline
State the proposed schedule for the project include the dates anticipated for the following:
VI. Equal Business Opportunity (EBO) Program
The DMC and CCDC requires at least 20% M/WBE participation in the development cost of this project. Please describe your plan for employing a fair and open bidding process and affirm your commitment to meet or exceed 20% M/WBE participation in the combined hard and soft costs for the project.
The following disclosures, along with detailed information as applicable, must be made:
a) If the applicant, guarantor, or any other principals involved with the project are currently engaged in any civil or criminal proceeding.
b) If the applicant, guarantor, or any members of the development team involved with the project have ever been charged or convicted of any felony or currently is under indictment.
c) If the applicant or any member of the development team has ever filed for bankruptcy.
VIII. Earnest Money Deposit
An earnest money deposit of $5,000 is required along with the submittal of all proposals. Please include a check made payable to Center City Development Corporation. This deposit will be refunded to all developers not selected. These funds will be held in escrow until a decision has been made and approved.
RFP Published: Wednesday, October 18, 2017
Pre-Submittal Conference and Building Tour (Optional) Friday, October 27, 2017, from 1:00 PM - 2:30 PM.
Representatives from the DMC will be present and available to answer questions. A building tour will also be provided. This meeting is not mandatory, but is highly encouraged. Please RSVP with Christine Taylor at 901-575-0563.
Proposals Due: Wednesday, January 3, 2018, at 12:00 PM
Please submit twenty (20) printed and bound copies of the proposal no later than 12:00 PM on Wednesday, January 3, 2018, in order to be considered for this RFP. Include a cover letter and use the submittal outline described on pages 4-5.
Please submit proposals to the following address:
Mr. Brett Roler, AICP
Downtown Memphis Commission
114 N. Main Street, Memphis, TN 38103
Additionally, please email one digital copy of the complete proposal (as a PDF) by the deadline to: Brett Roler atroler [at] downtownmemphis [dot] com
Questions regarding this RFP should be directed to Brett Roler at 901-575-0574 or roler [at] downtownmemphis [dot] com
Proposal Selected: Jan.–Feb. 2018
Selected developer secures financing and is ready to close: Prior to end of March, 2018