City seeks to redevelop Bagdad Avenue Property in downtown as mixed-use project
Developers invited to submit letters of interest by June 16
- City-owned “Bagdad Avenue Property”
- 3.68 acres with 1,000 feet of frontage on E. Bagdad Avenue
- One block south of National Register Historic District; across the street from City Hall and Municipal Parking Garage
- Plenty of street parking throughout downtown
- Less than 0.5 miles from Interstate 35 and accessible from two exits
- Project objectives include:
- Redeveloping the site into a thriving mixed-use development that is an entertainment destination downtown;
- Creating a financially feasible project that maximizes the economic impact on the City of Round Rock while meeting the City Council’s 2017 Strategic Plan goals of creating an “authentic downtown” and an “exciting community destination” and the Downtown Master Plan’s vision for downtown;
- Ensuring new development exemplifies design excellence; and
- Creating a high quality pedestrian-oriented environment that links the site to the rest of downtown.
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:
- 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.
- 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.
- 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.
- 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?
- 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.
- 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 Invitation and Overview Document (PDF) of the Bagdad Avenue Property. In addition, there are links to supplemental materials related to this project listed below.
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:
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
About Downtown Round Rock
The core of the downtown is a two-block National Register Historic District one block north of the site. City Hall and a municipal parking garage are also adjacent to the site. The railroad, used for freight and passenger rail with 26 trips per day is located on the South side of the site. Bagdad Avenue, which runs east/west, extends under a bridge at Mays street which is elevated over the railroad tracks. The City plans to realign Bagdad Avenue which can be completed concurrently with the site’s development and in a location that accommodates the goals of the redevelopment project’s designs.
The City has undergone several downtown planning initiatives recently. In 2010, the City of Round Rock adopted a Downtown Master Plan. The Plan’s stated vision is that “Downtown Round Rock can become a thriving town center, featuring a viable mix of residential, commercial, retail, dining, entertainment and public space uses, in a walkable and historically-sensitive environment to enhance Round Rock’s economy, quality of life, and sense of place.” The vision of downtown as a vibrant destination is already gaining momentum with several new restaurants, personal service establishments and offices opening over the past year.
The City has also invested significantly over the past 10 years in streetscape improvements, upgrades to utilities, public parking, upgrades and construction of City facilities, public plazas and property acquisition and will continue to do so with several pending projects.
Planning & Development Services Department
City of Round Rock, Texas
301 W. Bagdad Ave. #210
Round Rock, TX 78664
Ph. (512) 218-5428 Fax: (512) 218-3286
Posted: Monday, April 28, 2014