REPORT TO THE SUCCESSOR AGENCY TO THE REDEVELOPMENT
AGENCY OF THE CITY OF FRESNO, THE HOUSING SUCCESSOR AGENCY AND THE
FRESNO REVITALIZATION CORPORATION
DATE: October 30, 2014
FROM: MARLENE MURPHEY, Executive Director
SUBJECT:
Title
Approve Selection for the South Stadium RFQ/P
Body
RECOMMENDATION
The Review Committee is recommending that the City Council and Successor Agency select The Noyan Company/TFS Investments LLC for the purpose of proceeding with due diligence for a period of 120 days.
EXECUTIVE SUMMARY
On April 3, 2014 a Request for Qualifications/Proposals (RFQ/P) to Purchase and Develop in Downtown Fresno was issued with a response deadline of July 2, 2014. The project area of approximately 5.32 acres, referred to as the South Stadium Area, is generally located on the south end of Fulton between Kern and Inyo Streets and is shown and described in the attachment. The RFQ/P sought qualified parties to develop the area into a multi-story mixed use development that includes affordable and market rate housing along with other uses that could include retail, office, entertainment and parking.
BACKGROUND
On April 3, 2014 a Request for Qualifications/Proposals (RFQ/P) to Purchase and Develop in Downtown Fresno was issued with a response deadline of July 2, 2014. The project area of approximately 5.32 acres is generally located on the south end of Fulton between Kern and Inyo Streets in the Central Business District and is shown and described in the attachment. The Project Area consists of eleven parcels of which four (4) are owned by the Successor and Housing Successor Agency identified as A1, A2, A3 and A4 and proposed for sale. Five (5) parcels are owned by the City of Fresno, identified as C1, C2 and C3, and two (2) parcels are privately held. The RFQ/P sought qualified parties to develop the area into a multi-story mixed use development that includes affordable and market rate housing along with other uses that could include retail, office, entertainment and parking. A primary objective of the RFQ/P is the development of quality mixed uses that will leverage and maximize the value of the site and enhance both the Stadium destination area, the Fulton Corridor and the greater downtown area.
Three proposals were received from the following: GrapeVine Advisors, LLC from Southern California; The Noyan Company together with TFS Investments LLC; and, Granville Homes Inc. A Selection Committee comprised of three Councilmembers, the Mayor and staff reviewed and evaluated the proposals through an in-depth two stage process. At the conclusion, the Review Committee selected The Noyan Company/TFS Investments LLC. The Noyan/TFS proposal envisions a phased development that features housing, retail, office and entertainment in a diverse mix. The preliminary concept initiates phase 1 with residential over retail and parking in a multi-story building at the northwest corner of Inyo and Fulton.
The Review Committee is recommending that the City Council and Successor Agency formally decline further consideration of the two remaining respondents and select The Noyan Company/TFS Investments LLC for the purpose of due diligence for a 120 day period. The due diligence phase is intended to further examine the details of the proposed development and necessary financing. If the due diligence phase results in a recommendation to proceed to a development agreement, such agreement will be brought to the Council and Successor Agency for consideration and approval.
ENVIRONMENTAL FINDINGS
N/A
LOCAL PREFERENCE
N/A
FISCAL IMPACT
There is no fiscal impact from the recommended action to select a developer for the purpose of due diligence.
Attachment: Project Area Map