Irvington Development Organization: Seeking Project Manager for Building Acquisition and Redevelopment Project
Seeking Project Manager for Building Acquisition and Redevelopment Project
Deadline for proposals – June 25, 2012
The town of Irvington was founded in 1870 by prominent town planners Jacob Julian and Sylvester Johnson. Named for writer Washington Irving, this carefully planned neighborhood quickly became known for its winding tree-lined streets, beautiful parks and architecturally significant homes. In 1902, the town of Irvington was annexed into the City of Indianapolis, and has since become entirely surrounded by commercial, industrial, and residential development. Irvington is a neighborhood of many assets, including a large and engaged community with a strong desire to foster positive growth and development while preserving Irvington’s many unique attributes. Like many historic neighborhoods in Indianapolis, Irvington is seeing a resurgence of investment. As home renovations occur and the community nurtures a bustling commercial corridor, Irvington’s residents are working steadfastly to rekindle awareness of this gem on the eastside.
Irvington Development Organization (IDO) was founded in 2002 by neighborhood residents committed to bringing commerce back to the heart of Irvington. In 2006, Irvington’s Washington Street Business District received the FOCUS designation, which allowed IDO to hire a full time Executive Director to develop and implement strategies to support economic retention and growth in the area. IDO has also been successful in receiving two – $1million transportation enhancement grants. In conjunction with the two infrastructure improvement projects, IDO raised $258,000 to date as the local match to the federal grant funds. Construction of Phase 1 of the Washington Corridor Streetscape Project began this spring of 2012.
In 2011, IDO partnered with a private co-developer to apply for housing tax credits to build a new 50 unit apartment complex on the site of the former Indy East Motel. The tax credits were awarded in February 2012, and construction is slated to commence in the fall of 2012.
A key commercial property in the Irvington business corridor has come on the market, and IDO is considering purchasing the building to redevelop it. The timing is such, however, with the above concurrent projects, that staff time is limited. IDO is seeking an experienced professional to serve as project manager and oversee the necessary tasks to enter into a purchase agreement with the owner and pursue the appropriate due diligence activities prior to closing. These tasks include, but are not limited to:
- Develop project budget, including development and business pro forma once the contemplated rehabilitation construction is complete and the building is operational.
- Manage professional contracts for legal, real estate, engineering, and construction vendors.
- Evaluate the results of the analysis and make recommendations on the viability of the proposed purchase.
- With contract attorney, draft legal and financial documents to create appropriate structures to hold the property and secure investors.
- Advise IDO in the appropriate legal dealings leading to closing on the purchase of the property and immediately after.
Requested information:
In no more than 2 pages, please outline the qualifications of your firm as they relate to the scope of services described above. In addition to the firm’s contact information, include the following information (provide attachments where helpful):
- Experience your organization has providing these types of services.
- Experience working with community-based or not-for-profit development organizations.
- Qualifications and expertise of specific staff to provide services under this contract.
- An outline of your fee structure. Fee structure should include an itemized list of the hourly fees for the services listed above.
- Examples of past work and references accepted.
Time is of the essence. The purchase agreement is to be signed before the end of the month and the due diligence period is 75 days from signing. For questions or further details, call Margaret Lawrence Banning at 317-260-0669. Submit your proposal to margaret@irvingtondevelopment.org by 5:00 pm, Monday, June 25, 2012.
Confidentiality is required. The exact building in question cannot be publicly identified until the purchase agreement is executed.
Margaret Lawrence Banning
Executive Director
Irvington Development Organization
338 S. Arlington Avenue, Suite 202
Indianapolis, IN 46219
Phone: 317-260-0669
Email: margaret@irvingtondevelopment.org.
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