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Good evening.

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Good evening, everybody. I'm to a special workshop of the Highland Village City Council, planning a zoning commission. Today, as Thursday, June 30, the meeting is called to order at 6 p.m., let the record show all council members are in attendance with the exception of councilman, Kicks Miller and Councilman, Feester, Councilman Feester, didn't notify he would be running a little late tonight. So I've called the meeting order for City Council, Mr. Skinner, would you like to call the meeting order for P&Z?

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Yes, sir, I will. I'll call the meeting to order for the Planning and Zoning Commission and

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please let the record show that all commissioners are present.

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Thank you, sir. Before we get started, I just want to make a few announcements. The workshop

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for tonight is informational only. There will be no action taken by City Council or the Planning

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and Zoning Commission this evening. With that, I ask everyone to be respectful of others during

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tonight's workshop. Please, no yelling, clapping, or similar disruptions will be allowed.

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Seating is limited and we do have overflow in the training room where you can watch on a big screen.

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And tonight's meeting is also being streamed through halivolage.org-hvtv frontier channel 43.

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And the city's YouTube channel YouTube.com slash halivolage tx.

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The meeting is also being recorded and will be available for on-demand viewing on the city's website and the YouTube channel.

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We provided the community opportunity to submit questions for the presenter and for the

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city to address.

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There were many good questions and we appreciate the thought and effort put into submitting

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these questions.

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The city will retain all questions, some of which are best explored and answered if an application

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is made.

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The majority of our community's questions for the city center on a few specific things that

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I'd like to address right now.

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We are nearly at the halfway point of the Arvillage Arvision project.

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Community input is an important part of the project, which is why the open house and online engagement

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opportunities took place at the beginning of the project.

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Several other pieces of input are included in the project.

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McAdams and city staff are completing meetings with the business and property owners in the

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opportunity areas and along the 407 corridor to hear what they envisioned for their properties

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in the short and long term.

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A statically valid survey of our residents is concluding this month.

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The market analysis of the opportunity areas is complete and was part of the information provided in community input activities.

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All of this information, the community input findings, the property owner input,

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resident survey and market analysis will be used by Macadams to develop the proposed plans.

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Council, City staff, and the community will have the opportunity to view those plans and provide feedback before they are finalized.

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TechStop manages the FM407 and FM2499 roadways.

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TechStop's planning documents currently show traffic has not met their capacity triggers.

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FM407 is at ultimate build.

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TechStop's planning for FM407 traffic accounted for approximately 35,000 cars and is currently

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at 25,000.

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FM2499 face 4, which is not funded at this time, has a two-lane expansion that will be

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constructed sometime in the future.

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at 524-99 is designed for 43,000 cars and is currently at approximately 30,000.

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Flower Mount is hired in engineering consultant to design dual-left turn lanes and all directions

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at the intersection of 24-99 and 407.

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They're currently in the survey and site plan phase, and 30% of plans are expected for

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you late this summer.

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And as a side note, I met with Mayor's Gilmore and Francis Morning for Breakfast and one

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of things we talked about was an intersection and Mayor Francis said they expect to be able

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to start construction on those turn lanes next year, or I think you said 2024.

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City Water and sewer systems were designed to provide for our max build-out population of

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about 18,000 people.

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The city will work with future developments to ensure there is capacity in the city water

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and wastewater systems, and if they require upgrades to the various portions of our systems.

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Today's workshop with PNZ and Council is for the owner of the shops at Highland Village

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to present to us a proposal for their property.

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As the property owner, they have the right just as any of you do for your properties to

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present a proposal for consideration by the city, PNZ and Council.

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No formal submission or application has been made to the city.

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No formal action, approval or denial will take place at this workshop.

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With that, I item three on the agenda is to receive a presentation and discuss possible

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development of property at the shop's pile of village located at 1701 Shoal Creek.

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Thank you, Mayor.

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Council members, planning is heading.

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We really appreciate you all coming out today and spending your time on a Thursday evening right for how they we can to listen to us.

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We've been working on this for quite a while.

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We started meeting with people back in October with an HOA meeting and several of you and several of the planning and zoning.

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to start gathering thoughts and ideas about what we were anticipating and thinking about at the shops.

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And so that's what we're here today because we have evolved every time.

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And so now we have a vision for what we anticipate moving forward.

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So I am Josh Poga, I should have started with that with Pope shopping centers.

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We are the manager of the shops at Halloween Village.

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We took over in January 2020, thankfully right before COVID.

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And so we had some ideas about what we thought was going to happen with the shots in 2020, 2021,

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and a lot of that could put on hold, but that's where we also took the time during that

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pause in the retail world in front of the world at large to really work on our vision for

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what we thought for the future.

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So, I'll start and then we'll have several other team members that will make parts of the

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presentation today and so I think the presentation will last 20 to 30 minutes long and then we'll

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open up for Q and A for everybody to ask any question they want, we're here to be as open as possible and take feedback because as you know as maybe we have additional adjustments and I mean we just want to hear what you think of what others think and and we did get a copy of some of those questions from the public so that we can answer some of those and a lot of them as you address for more for the city than for us but I appreciate your taking care of some of those.

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So, first of all, I took a look at where we've been and where we're going just on the retail side,

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because that's my background. I focus on retail. I've done a couple of mixed use projects that have

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residential in them, but I have not been responsible for the residential. Multi-family is not my expertise.

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I have 25 years of history in the retail world in the life-salt center specifically. So, when you look

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The companies that have closed, the retailers have closed over the last five years at the

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shops at Holland Village, you'll notice the trend in the working company, Justice and

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Taylor, Charlie, Janey Jack, Dilias, Children's Place, Jimberry, Coerne Creek, Joe Zabak,

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100% of those are fashion tenants, they sell clothes.

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And so when I started in the business back in the late 90s,

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The focus was on the clothing industry, and frankly, until probably about 2012, clothing,

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dominated the life-suffering industry, but then e-commerce, I mean, started expanding like

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crazy, people were able to buy clothing online, and a lot of these retailers are all line

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retailers that have not succeeded.

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Some don't even exist anymore.

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I mean, like Cold War Creek, and don't think Tilias existed all anymore, and New York

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and Company Antealer has a handful of stores out there, but their shelves, what they used

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to be. So then also looked at what the retail today is. And Sip and Saver is a great example

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of that. And that's a restaurant that you'll may know as under construction now. We'll

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open up this fall. And it's far into table. It's a restaurant. And the restaurants at how

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I'm Village are very important for our future. When we first developed the Lifestyle Center

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concept in late 90s, we're actually my dad and his partner developed in late 80s. It was about

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experience for the consumer.

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And so even at that early date, they focus on restaurants because restaurants create culture.

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We sit around a table and we talk to each other at dinner.

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It's a way to catch up with friends.

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And as restaurants have progressed over time, he think about the late 80s was Applebee's

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Ruby Tuesdays.

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Then you had the 90s and 2000s, which may have been the PF chains and the bravo, I mean

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that kind of stuff.

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I mean, chains that were very successful in high quality.

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But in this sort of falling out of favor in what is more dominant now, or the shift of

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in concepts, individual concepts that can cater to their individual environment, their

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individual community, rather than trying to be the same thing to everybody.

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There are still extremely successful chain restaurants, but we've tended to focus on the more

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likely driven concepts of late.

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So these are the concepts that have opened over the last five years.

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A seven-saver, I mean opening up this fall, brass tap, Lambo's, Lamarah, Madison's

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Lawrence, neon elephant, Buckle, Kendra Scott, Buff City, Slope, Tangerine, Slime.

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You'll notice another trend, only one of those is a fashion tint.

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All the rest of those are services there are, I mean, Kendra Scott being a jeweler, Lambo's,

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and brass tap and seven-saver being the restaurants.

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So it's about food and beverage, it's about services, it's about experience.

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the stuff that you can't readily get online, and so that's our competition in

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a day is what people can do online because the ease of access of getting good

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online.

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So, just real quick, the numbers on left are hard to see, but this is a

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traffic, five-year traffic pattern for the Shops of Allen Village. So, in 2018,

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so obviously prior to COVID, we were at about four and a half million visitors a year.

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In 2019, we've dropped a little bit, maybe 4.4 million, 2020, obviously devastating

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with COVID, we dropped down to about 3.2 million. In 2021, we got back to over 4 million.

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So we're heading in the right direction. Traffic is coming back, but we are still below where we were in 2018 and 19.

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So traffic has diminished over time at the shops at Howard Village.

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So this is a slide that I wanted

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to take you through because this is why we focus on the evolution of our properties. We're constantly

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looking at how to evolve our properties, make sure they stay relevant today's society.

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So in this property up in 2007, Ecommerce made up 3.4% of total retail sales.

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Today, that's four times, 13.2.

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So it's not just that the Ecommerce has grown, it's grown exponentially.

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So now it makes up 13.2% of total retail sales.

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And I made sure I use 211 numbers because 20-20 numbers were actually much higher than that.

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But that's because of COVID.

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And so Ecommerce sales came back down in 2021.

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2007, the first iPhone debuted, now we're on the iPhone 13.

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And so what that matters, why that matters, is that prior to the iPhone, there was no

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e-commerce on your handheld.

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Now that's the fastest growing segment is buying people buying stuff on their iPhones.

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And so the dramatic change that the iPhone has made over the last 14 years and continues to

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make is exceptional to our business.

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Amazon sales were 14.8 billion last year, 469 billion, 30 times the size of where they were in 2007.

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So that just shows once again what's happened.

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Now the last two relate to the theater specifically.

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Netflix debuted in 2007.

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Today they have 220 million subscribers.

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The U.S. maybe box office in 2007 in real numbers,

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not inflated adjusted was 9.6 billion.

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the US movie box office in 2020 or 2021 because the movie theaters were still shut down

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for the most part for $4.5 billion. Now they're expected to go to $7 billion in 2022.

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And so that's actually obviously a much bigger increase. But in 2019 the number was 11.6 billion.

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So we're down about 40% from where the movie box office was in 2019. So I've told the story

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And so there's said anything that's private, but when we took over the property, we knew

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that the lease with AMC was coming out at the end of the year, end of 2022.

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And so we talked to the owner's A-Dubbing, and we said, look, AMC is not going to last.

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If they want to stay in the property, they're going to ask for a substantial reduction in rent.

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And if we want the best modern-movieter, they're not going to be willing to invest, and

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we'd have to put millions of dollars into it.

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And so I said, we need to start anticipating, and I say, I was really my team.

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It was a vision group that came together and said,

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we need to look at what we could do on the site

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if AMC closes.

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And so that's where the first germ of the idea

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with the multi-camel came up.

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So flash forward, and when COVID hit,

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the movie theater devastated, as you can imagine.

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I mean, they just couldn't open.

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There was no film coming out to them.

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And at that point, we just were certain AMC was going to close.

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Now, about a year ago, a little over a year ago,

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The whole Robinhood thing happened online where a community basically bought up the stock prices

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VAMC and GameStop and drove their stock price somewhere around $5 a share to $55 a share.

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And every landlord in the company were joys because suddenly AMC had capital that they could pay

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the rent and and survive the downturn.

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So they have steadily been doing better and I'll tell you like, and this is more anecdotal

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maybe more in the weeks than you want to know.

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but Bond, James Bond, last October was a first movie

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that really started saving the movie theater industry again.

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People started going back to the movie theater's last fall.

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James Bond did fairly well, but really we call

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Spider-Man, it's the movie that saved the industry.

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Because Spider-Man opened in December of 2021 and killed it.

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And so our movie theaters actually did better

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in December of 2019, or 2021, then they did December of 2019

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across the country.

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But January, February, March, will really

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months again because there was no new film that was coming out and no new good film coming out.

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But then April, Dr. Strange, I mean May, June, we've had some really good film with Top Gun,

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Jurassic Park, I mean Thor comes out next week. I mean so it's the the comic book industry,

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but I mean like it's like our summer is looking really positive. But then you can mark on a

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encounter because there's not a lot of good releases that are coming up in September, October, November.

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And December, there's a handful of good films coming out, so it's just right in the way that we're doing with the movie theater industry.

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I will tell you that since we originally said, okay, AMC is not going to be able to stay,

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because we didn't think that they'd financially be solved in.

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We have started working and it turned from an idea where we started negotiating with them and saying,

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okay, this is something that we think we can work through to now.

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Now, we're at the point where we have a handshake with them. So they actually want to stay in the property. Now, we are having to take a large financial hit in order to keep them the property to reduce or rent to stay in the property. But we think we have a deal for the long term.

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So that affects what we present, because when we first started looking at this back in October,

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or actually we've looked at it before October, but presented in October, we thought that the MAMC would go away.

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So now we start looking at it, okay, what happens and what can we design to evolve the center, but to keep the MAMC in place?

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So, the other thing I want to look at is just some of the questions I've been, I've had, or what about what's going on elsewhere?

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What's the competition in the market?

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And to ask Ravi, our property manager,

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Joan and manager, to take a look and offer suggestions

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of what else is going on.

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And some of these may be familiar to you,

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some may be in the drawing board.

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But all of these are mixed use projects that are happening

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in this rounding area.

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All of them, opening restaurants, retail,

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residential, some with hotels, some with all of this.

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Mixing uses, because that's

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what the evolution of the life cell center has become.

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When the original developer developed, the shops of Allen village, they were intelligent

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to put office in the property, but a lot of our projects now have hotels and animal

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decampling.

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And so that's just the evolution of the lifestyle center over time.

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So these are just some of the projects that are either existing and offer competition.

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I mean, I was talking about one gentleman today who was talking about the restaurants that

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lakeside doing more than double, but our restaurants do it our project.

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and a lot of that is attributed to the experience that they've created with the constant

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traffic from all the residential in the area.

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So another thing that I've been asked about is just the view that the Shops of Holland village

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is as an quaint small project for just the Holland village community and the reality is

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it's got a much wider draw than just Holland village.

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And that should be appreciated because the fact is that that draws a lot of people in a lot of

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tax dollars from outside of Holland Village into the city of Holland Village.

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And so when you look at these numbers, about 40% of our traffic comes with them three mile radius,

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and 60% comes from outside that three mile radius.

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So a majority of our customers come from outside the three mile radius of the project.

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So, with all that being said, let me think.

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Yeah, so I think I've covered everything that I wanted to cover, but with all that being said,

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it's one thing to hear from me.

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I've been on the project for a couple of years.

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I've been working on the project and visioning this.

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But we wanted to bring Sean Chattless.

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And Sean is with A, W, and A, W is the pension fund manager that oversees the ownership of asset.

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So he's a one that I talked to on a regular basis about what the vision for the center should be and where the

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leasing should go and what kind of deals we can make and all that kind of stuff.

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So versus hearing it just for me, I wanted to bring Sean and introduce himself and to talk about AW in the

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project.

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So, John.

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Thanks all.

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First, thanks everyone for the time today again.

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You know, I go Josh's comments there.

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This asset is really important to us.

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You know, my name is Sean Chalos.

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I work for AW Capital, and we own this shopping center.

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Specifically, you know, I think it goes without mentioning, you know, this is a big asset.

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You know, where we each year spend millions of dollars to operate, truly with the partnership

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of the City Council, shops at how in the village that make this happen, and we do appreciate

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business and support of the shops over these years.

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We bought this center back in 2014 on behalf of a pension fund, and since that time we've spent

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additional tens of millions of dollars to track and retain high quality tenants that deliver

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the vision that Josh has mentioned.

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I've had fortunate experience of working on the asset for the majority of that time, and I can speak that, you know, it has had its ups and downs, you know, I think COVID and the pandemic really sort of highlighted the reasons why we need to make a pivot and as Josh mentioned, you know, I think we're looking at this collaboratively with, you know, the city and the community at large to try to better serve them.

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So, it's a job and responsibility to take very seriously.

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The stakes are very high and ultimately for our client and our investor, you know,

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we're very focused on delivering, you know, high quality, function and property.

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That is future proof, and that's really the focus of this meeting today.

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You know, there's, you know, the rest of the slides will go over a little bit more detail on that,

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But, you know, this is part of the first time you might have heard of my company, A.W.

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So I thought I'd use the time now to briefly give an overview of our portfolio and our experience.

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A.W. is a global real estate asset manager.

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We have a global network across essentially three different hubs here in Europe, Asia and North America.

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We work with hundreds of clients, mainly large institutions, looking to invested real estate across

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the country.

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And it really across the globe.

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I embossed them based and for this client, they're actually bossed based as well.

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But when I heard there's a workshop in a working session here,

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I definitely want to make sure I about opportunity to speak in front of you all.

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In total, it's close to $100 billion of assets.

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We are one of the biggest real estate investors in the whole world and we have over 40 years of experience

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and you don't gain 40 years of experience managing that amount of money without making

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not just the right decisions to invest but being proactive to pivot and deliver results for the clients.

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So we've been very fortunate to deliver that performance.

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It's again something we take very seriously and we're very focused on the future to retain that.

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Just a little bit of a composition of the $94 billion dollars.

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You know, what we do is a bread and butter are core investments.

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Those are investments that we see as holding for over 10 years.

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These are long-term commitments with communities.

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These are hand-hand decisions to figure out the best real estate value we can deliver.

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And that is a partnership with our investors and local communities and product.

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Again, something we take very seriously on our commitments.

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In terms of overall sort of product types,

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We are very, very much a global player.

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We invest in prototypes across spectrums and risks.

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These are high quality shopping centers, office buildings,

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industrial sites, senior living facilities across the country

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and globe.

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This is just an excerpt of visuals to help demonstrate the quality.

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specific to North America, you know, we have over $40 billion of assets.

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To Josh's expertise in the retail, you know, we partner with managers such as Josh and his team

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to operate these shopping centers.

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We have in total for retail, 12.8, 12.7 million square feet, which is about $5 billion of assets.

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specific in Texas across all of our assets is close to four billion, which a lot of it

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is in the DFW area.

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So we absolutely bring a lot of expertise to operating these shopping centers.

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We bring a lot of breadth and expertise in managing across shopping across all product types.

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That includes mixed developments and Josh's right to point out that we are seeing

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actually in a global level, the desire to move to mixed use

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developments, the desire to facilitate living, working, and

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shopping in a very cohesive way, really strong trends that

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we need to be thinking of in a future proofing mindset,

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back to the slide about sort of our risk spectrum.

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You know, the shops at how new village are a core asset for us

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is a core pension fund looking for stability of the asset.

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As you can imagine during COVID, when the shopping center was being shut down,

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stores, you know, we're telling employees to go home and we'll see what happens in a couple of weeks or months.

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Very concerning time to be a real estate operator.

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I'm very proud to say that was Josh's team and myself.

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We work with almost every single tenant of the shopping center to provide relief and make sure that they kept the doors open when we came back to the business.

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I think that's the success we've seen in 2021 and in 2022 and just how vibrant the community is around here.

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It's been a really awesome to see everyone pitching in and helping the community at large.

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So going to the next slide, just in our investment process,

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we, with our experience, we see a lot of deals.

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We are very selective in our risk,

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and we are very selective in funding capital.

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For each deal that we see about 10% goes through our screening

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process as investable ideas.

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You know, shops at Hollywood Village was an adjustable idea for us.

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I'm proud of that.

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You know, we love the shops.

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We love what we're doing at the center.

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We absolutely have had tough times.

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But we see a really bright future and what we can do here.

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Our client does not like to accept a lot of risk.

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You know, these are supposed to be stable assets.

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When you're talking about transformational changes

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This is Josh mentioned about the theaters and changes to the retail landscape.

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We need to be thinking about holistically future-proofing the assets.

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That's what we do.

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That's why we work with a team here to figure that out.

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That's why we work with the cities in the future visions, one of the priorities to figure

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that out.

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And it's something we take very seriously for our screening process and putting additional

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money to work.

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Just to be clear, this would be a very big event for us to move forward with the ideas

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that we're laying out here today.

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It would be tensed millions of dollars in additional money we've been putting to work to

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build this development, including new jobs, tax-city funding, from tax revenues, and the

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total impact that came in, I think, would be helpful from a cohesiveness to the Shopping

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center. You know, based on our experience in based on our studies, you know, we would not be here today.

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Unless we thought that was true.

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On top of our screen process, too, we also have been working with a number of multi-family developers to evaluate this proposal.

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And totals almost ten different multi-family developers.

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and we let a screening process to evaluate what we thought based on the quality of the product,

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based on the pipeline of deals based on track record, who was the right party to be working with.

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We have selected a pricidium, which Mark is represented here, and he's going to go over the next couple slides,

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where we are in that process.

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Again, thank you guys for your time.

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Good evening, Mayor.

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City Council members, Chairman Skinner and PNZ members.

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Thank you so much for having us here tonight.

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We know this is contentious.

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We got a nice crowd here to support our development.

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I think I probably should have went before Sean,

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because our numbers are going to look at the door

363
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compared to the numbers you're doing.

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But I'm Mark Farrell.

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I'm the President of Development for the Presidium Group.

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A proceeding group is close to 20 years old, it's a Texas-based company with corporate headquarters in Dallas and in Austin.

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We have over 2 billion dollars under assets, growing every day, 400 employees, 80 assets, over 13,000 apartments, and we have four large master plan communities in Austin.

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This kind of gives you an idea of our footprint.

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You can see we're in Florida, you see Jacksonville, we're also in Tampa.

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We've acquired one site, we have four sites on a contract, up in Atlanta, Portland, Maine.

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We've got all the Texas covered, Santa Fe, and Phoenix, you can see we have a pipeline

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at close to 10,000 units.

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But

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what I wanted to do, let me just step back,

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Percidium, we were pretty much a company

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doing acquisition and rehabs, and we acquired

377
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about 20,000 apartments, and probably five years ago,

378
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we kind of flipped the platform, because the acquisition

379
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was getting more expensive, and it made more sense

380
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to build and to buy something old that's over price,

381
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and then try to fix up and hope to sell it.

382
00:29:57,890 --> 00:29:59,950
Well, I joined the company three and a half years.

383
00:30:01,820 --> 00:30:29,980
I partnered with the owners in Florida. That's how we got in Jacksonville. And we hit it. We hit a home run. We did a great job. I've been in the business since 87 developed over 10,000, probably close to 15,000 apartments. We had a very successful development there. They asked me to come out here and join the company. And since then, we've been quite busy. I mean, we've already developed 20 from last three and a half years, about 20 years.

384
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We have about 25 under construction and we'll probably close on another 2,000 by the end of the year.

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Provided construction costs and interest rates don't screw everything out.

386
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But that's where we're going.

387
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When I came to the company, I just said if my name's going to be on it, it'd better be good.

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And so I started with working to start branding our apartments.

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So, everything we do has pricidium, blank, pricidium, town center, pricidium, hills, tree,

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pricidium, chase hill, pricidium, frisco, whatever it is, we're going to put our name, front

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and center there.

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So, people know who did it, and if it's bad, they're going to know who did it.

393
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And if it's good, they're going to know who did it.

394
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And our thought is, if we do a real good job, we're going to get more investors, more

395
00:31:20,620 --> 00:31:22,520
lenders, and be more successful.

396
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So that's my goal, that's my direction to our team, is to make the best product out there.

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So when we look at a site and every site is different, every market's different, every demographic is different.

398
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But what we do is I bring my team, the architects and engineers, ID, interior designers, and we canvas the market.

399
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we do a five, like a five-mile ring and let's look at the competitive set and let's make

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it better.

401
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And that's what we do.

402
00:31:56,600 --> 00:32:02,540
It's a lot easier developing when you're the best in the market as opposed to coming

403
00:32:02,540 --> 00:32:08,840
into the middle and that's what we're going to do and that's our thoughts if we're lucky enough

404
00:32:08,840 --> 00:32:15,880
if we're able to work something out that we will build without question the nicest apartment

405
00:32:15,880 --> 00:32:21,500
in this area. Hands down. Here it is. My name is on it. It's going to be the best.

406
00:32:24,020 --> 00:32:24,640
So, what

407
00:32:24,640 --> 00:32:30,160
I wanted to do is bring some slides of some product that we've done. And this will

408
00:32:30,160 --> 00:32:35,700
be similar to what we would propose. It shows you in a minute area. This is in Florida.

409
00:32:36,880 --> 00:32:42,460
This is the Jacksonville deal that I got associated with Percidium. And you can see the double

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side of fireplace. The trellis has plexi up there. See through so you can sit out there in the rain.

411
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The zero edge pool.

412
00:32:53,460 --> 00:32:58,260
This is another project in Jacksonville. Again, you can see the zero

413
00:32:58,260 --> 00:33:00,500
edge pool, the modern design.

414
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This is one of the club room spaces that we have. You can see

415
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we have the pool tables, the shuffleboards. You can't see everything up there, but there's a bar

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that leads out to a second story balcony porch.

417
00:33:14,990 --> 00:33:18,430
We typically, in this case here, we won't have it,

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but we typically like to have at least a 18 foot

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and depth 30 foot wide balcony that comes down

420
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into the pool area.

421
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We like to blow out the gyms.

422
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Minimal 2000 square feet, in this case here,

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it's a two story.

424
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And we think this will all this I can't do.

425
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This is an easy way to lease a unit.

426
00:33:37,270 --> 00:33:38,910
People think it's finally going to get in shape.

427
00:33:38,910 --> 00:33:44,130
I'm finally going to be able to work out and people like CNS and they don't have to join

428
00:33:44,130 --> 00:33:44,810
a club.

429
00:33:45,730 --> 00:33:51,070
But this has all the modern equipment, we're spending at least $150,000 on equipment.

430
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And whatever the latest ingredient is, we tell the team, buy it.

431
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This shows a passive courtyard.

432
00:34:00,030 --> 00:34:05,110
So a lot of times we would have this in the development that we're proposing, we have

433
00:34:05,110 --> 00:34:05,690
two courtyard.

434
00:34:05,690 --> 00:34:16,530
When we have a wrap product with a garage, you're wrapping the garage with units, and then it offers some opportunities to have courtyards.

435
00:34:17,330 --> 00:34:19,850
A lot of times you have two courtyards or three courtyards.

436
00:34:20,970 --> 00:34:24,090
Well, the product that we're proposing would have two courtyards.

437
00:34:24,910 --> 00:34:30,430
We have an active courtyard, which has the pool, which has the cabanas, which has a zero-edge pool.

438
00:34:30,430 --> 00:34:33,870
We have the fire pits, we have ping pong,

439
00:34:38,040 --> 00:34:41,320
and the passive courtyard would be more like this.

440
00:34:42,460 --> 00:34:45,560
And this would be something similar that we would have in our second courtyard.

441
00:34:47,320 --> 00:34:53,640
And you can see there's hammocks, there's gathering spots, place the outdoors where you can work.

442
00:34:54,280 --> 00:35:03,620
You can see how this project's in Austin, how we landscape the garage, again, to soften it.

443
00:35:07,880 --> 00:35:11,940
This is down in this is Chase Hill, this is down in San Antonio.

444
00:35:13,220 --> 00:35:16,260
We're probably 75% least up. This is the clubhouse.

445
00:35:16,480 --> 00:35:21,900
I mean, this is as good as yet. You can see it's a two-level pool.

446
00:35:22,320 --> 00:35:24,160
There's a pool area at the bottom.

447
00:35:24,880 --> 00:35:34,160
But this is the type of quality because there was an apartment that had a pool that I've never seen before.

448
00:35:35,340 --> 00:35:38,160
And I told our landscape architect, make it better.

449
00:35:38,880 --> 00:35:39,940
This is what we got.

450
00:35:40,700 --> 00:35:43,240
We were over budget, but I mean, it's stunning.

451
00:35:43,820 --> 00:35:46,860
But that's the type of stuff we do make it better.

452
00:35:47,420 --> 00:35:48,920
He jumbo sized it.

453
00:35:50,810 --> 00:35:54,650
That's looking over a lock in terror that we're sitting on a hill.

454
00:35:55,190 --> 00:35:57,210
Hold number one, and we were looking down the fairway.

455
00:35:59,890 --> 00:36:00,850
This is right in Frisco.

456
00:36:01,050 --> 00:36:06,650
This is right up the street here near the soccer stadium.

457
00:36:07,590 --> 00:36:10,270
This is an interesting site about 370 units.

458
00:36:10,990 --> 00:36:11,850
It's a city block.

459
00:36:11,890 --> 00:36:14,930
They required us to have three different facades.

460
00:36:15,950 --> 00:36:17,430
This has three courtyards.

461
00:36:17,730 --> 00:36:20,230
This is going to be stunning when it's done, but again,

462
00:36:20,230 --> 00:36:23,970
that fiscal area has wonderful apartments.

463
00:36:24,910 --> 00:36:26,470
High level, we said, make it better.

464
00:36:29,480 --> 00:36:30,460
Here's our pool area.

465
00:36:31,200 --> 00:36:32,640
It looks like something out of Vegas.

466
00:36:34,360 --> 00:36:36,240
But that's one of our courtyards.

467
00:36:36,640 --> 00:36:38,300
But again, that's what we would plan.

468
00:36:38,800 --> 00:36:40,940
The quality that we would bring to the neighborhood.

469
00:36:41,680 --> 00:36:43,780
I know there's concerns talking about apartments.

470
00:36:44,220 --> 00:36:46,440
Well, yeah, they are apartments, but they're different.

471
00:36:46,820 --> 00:36:49,020
They're not the apartments that we grew up in.

472
00:36:49,020 --> 00:36:54,700
These are the apartments my four kids are living in now, and they're enjoying this.

473
00:36:58,570 --> 00:37:03,570
So we'll talk about the design, what we're proposing next.

474
00:37:07,250 --> 00:37:13,130
Before we do that, just some thoughts, some benefits to the community, and we're having

475
00:37:13,130 --> 00:37:19,530
this conversation with some of the largest mall owners in the country, we're probably going

476
00:37:19,530 --> 00:37:30,030
strike a deal in Maine with a national developer to repurpose a JCPenney, then also a

477
00:37:30,030 --> 00:37:36,950
Sears could be a four-phase project. We're talking to a group and DC about telling

478
00:37:36,950 --> 00:37:46,830
something. These centers, these small lifestyle centers, if they were not developed with

479
00:37:46,830 --> 00:37:49,130
apartments, they're bringing apartments in.

480
00:37:50,090 --> 00:37:53,650
This is an incredible turbo charge to these centers.

481
00:37:55,290 --> 00:37:58,730
We expect the residents that are living there to make 80,000

482
00:37:58,730 --> 00:37:59,350
in above.

483
00:38:00,470 --> 00:38:02,710
There'll be people making $300,400,000.

484
00:38:03,910 --> 00:38:05,810
That's who we expect living here.

485
00:38:06,830 --> 00:38:08,170
And they're going to bring their wallets.

486
00:38:08,310 --> 00:38:10,190
They eat three meals a day out.

487
00:38:10,830 --> 00:38:11,850
They don't cook.

488
00:38:12,750 --> 00:38:21,130
So, we think, you know, if I'm a retailer in the shops, I'm like, oh my God, how better

489
00:38:21,130 --> 00:38:21,770
could it be?

490
00:38:21,950 --> 00:38:25,130
We're talking about getting 60% of the people from three miles out.

491
00:38:25,670 --> 00:38:28,370
We're going to bring people and they're going to live on site.

492
00:38:29,250 --> 00:38:30,510
Are you kidding me?

493
00:38:31,230 --> 00:38:33,010
They're going to walk to this shops.

494
00:38:34,410 --> 00:38:38,030
They're not going to drive cars, they're not going to generate any traffic coming to the

495
00:38:38,030 --> 00:38:38,310
shops.

496
00:38:38,530 --> 00:38:39,150
Excuse me.

497
00:38:39,990 --> 00:38:42,850
So, we think it's a wonderful advantage there.

498
00:38:44,230 --> 00:38:46,150
And that increases the viability of the tenants.

499
00:38:47,010 --> 00:38:50,990
Okay, we've heard in our last community meeting,

500
00:38:51,170 --> 00:38:52,490
you know, when are you going to get better tenants?

501
00:38:52,730 --> 00:38:53,790
And where are the restaurants?

502
00:38:54,150 --> 00:38:55,030
And this and that.

503
00:38:55,070 --> 00:38:57,310
This type of stuff does that.

504
00:38:57,370 --> 00:38:59,130
This transforms the center.

505
00:39:00,750 --> 00:39:02,750
You have 280 apartments there.

506
00:39:02,750 --> 00:39:13,260
luxury apartments with 25 to 42-year-olds living there that are spending money.

507
00:39:13,620 --> 00:39:15,580
Yeah, I think I want to come here.

508
00:39:17,020 --> 00:39:21,540
Because they're going out in stakes and they're drinking expensive wines and things like that.

509
00:39:25,130 --> 00:39:28,170
I mean, the conditions, we all know the conditions in the market.

510
00:39:29,290 --> 00:39:30,710
I mean, the housing market is nuts.

511
00:39:32,170 --> 00:39:34,550
I mean, expensive. There's no product out there.

512
00:39:34,550 --> 00:39:39,950
If there is the house for sale, you got 20 offers on them.

513
00:39:40,670 --> 00:39:41,830
So what do they do?

514
00:39:42,530 --> 00:39:44,630
What are these young professionals do?

515
00:39:45,130 --> 00:39:45,930
Well, they go to apartments.

516
00:39:46,850 --> 00:39:48,690
That's why you see all the apartments being built.

517
00:39:48,850 --> 00:39:49,750
And they're all filled.

518
00:39:50,470 --> 00:39:54,010
And they're being absorbed twice the expected velocity.

519
00:39:56,780 --> 00:40:01,420
So these young professionals, the places to live.

520
00:40:03,890 --> 00:40:07,350
In addition, I mean there will be some economic benefit for the city.

521
00:40:07,350 --> 00:40:12,130
I mean, with a traditional revenue that they're spent at the centers, they're going to have

522
00:40:12,130 --> 00:40:13,170
more sales tax.

523
00:40:13,450 --> 00:40:16,530
They're going to pay more goods, which have sales tax.

524
00:40:17,470 --> 00:40:18,270
And it's stabilization.

525
00:40:18,530 --> 00:40:22,850
We're going to be somewhere around 1.4 million dollars annually, and add the long taxes.

526
00:40:29,220 --> 00:40:30,520
Then we get to the stereotypes.

527
00:40:31,720 --> 00:40:33,640
We hear it constantly.

528
00:40:35,960 --> 00:40:37,660
These are my kids that are living here.

529
00:40:37,700 --> 00:40:40,300
These are kids, young professionals, making six figures.

530
00:40:40,300 --> 00:40:42,400
I mean, that's who's living here.

531
00:40:42,940 --> 00:40:46,160
I mean, this isn't, we heard this is affordable housing,

532
00:40:46,360 --> 00:40:49,740
HUD housing, this is anything but that.

533
00:40:50,500 --> 00:40:54,980
I mean, this housing, members in the audience would live here,

534
00:40:55,520 --> 00:40:56,760
the diets would live here.

535
00:40:57,520 --> 00:40:58,920
I live in one down in Austin.

536
00:41:01,320 --> 00:41:04,980
So, I think that stereotype, I mean, for getting people

537
00:41:04,980 --> 00:41:07,100
that can't afford a house to live in here,

538
00:41:07,140 --> 00:41:08,420
and it might be a time.

539
00:41:08,740 --> 00:41:10,180
It's a lifestyle choice.

540
00:41:10,180 --> 00:41:15,280
I mean, the amenities that we have, the clubhouses that we're building, I mean, this

541
00:41:15,280 --> 00:41:17,200
will have a minimum 10,000 square feet.

542
00:41:18,800 --> 00:41:20,760
It'll have a clubroom, leasing room.

543
00:41:21,360 --> 00:41:25,760
Clubroom will have the pool tables and the shuffleboards and the arcade games and the pack

544
00:41:25,760 --> 00:41:26,240
ban.

545
00:41:26,820 --> 00:41:28,220
We'll have co-work space.

546
00:41:28,540 --> 00:41:30,100
How you have 1,500 square feet.

547
00:41:30,400 --> 00:41:32,520
We'll have conference rooms.

548
00:41:33,500 --> 00:41:35,060
Large ones, small ones.

549
00:41:35,300 --> 00:41:36,820
We'll have podcasts rooms.

550
00:41:36,820 --> 00:41:39,900
with a soundproofing of people who want to do a podcast,

551
00:41:41,560 --> 00:41:42,900
will have the exercise room.

552
00:41:43,460 --> 00:41:46,760
I mean, this is what we're providing.

553
00:41:48,320 --> 00:41:49,600
So people like that lifestyle.

554
00:41:50,660 --> 00:41:51,840
And the people that are downsizing,

555
00:41:52,320 --> 00:41:55,680
I'm 63, so to be 64, I have friends that are downsizing.

556
00:41:56,440 --> 00:41:57,660
They're looking to travel.

557
00:41:58,740 --> 00:42:00,680
They're running apartments in different cities

558
00:42:00,680 --> 00:42:02,380
so they can visit grandkids.

559
00:42:03,080 --> 00:42:03,680
And that's happening.

560
00:42:05,400 --> 00:42:09,620
People here in the community here are being one of downsides, get the equity out of their house.

561
00:42:10,300 --> 00:42:16,380
Have a nice place to lift, shut the doors, they go, still live in Highland Village, and then they can travel.

562
00:42:18,880 --> 00:42:19,000
Crime.

563
00:42:20,940 --> 00:42:21,380
Again,

564
00:42:23,750 --> 00:42:29,250
while we require background checks and everyone, we're going to have a courtesy officer.

565
00:42:30,230 --> 00:42:35,710
One of the Highland Village police officers we will ask, give them an apartment.

566
00:42:36,810 --> 00:42:41,450
And then we just don't tolerate just like anything, you know, people respect what you

567
00:42:41,450 --> 00:42:41,870
inspect.

568
00:42:42,910 --> 00:42:44,170
We're not going to put up with any nonsense.

569
00:42:44,490 --> 00:42:45,650
I don't want it.

570
00:42:45,930 --> 00:42:47,390
You all don't want it.

571
00:42:47,750 --> 00:42:48,850
It just makes it for it.

572
00:42:49,110 --> 00:42:52,090
It's just harder to manage when you have problem people.

573
00:42:52,830 --> 00:42:53,790
But these are young professionals.

574
00:42:54,050 --> 00:42:56,190
These are all employing.

575
00:42:57,500 --> 00:42:58,900
Security, we'll have state of the art.

576
00:42:59,020 --> 00:43:02,380
I mean, with the garages, we'll be, the we gated.

577
00:43:02,380 --> 00:43:06,120
certainly well lit, we'll have cameras in our entrances,

578
00:43:08,860 --> 00:43:10,940
and we asked the Highland Village

579
00:43:10,940 --> 00:43:18,560
Police Department to give us the 911 calls generated from Montana, about the park, the

580
00:43:18,560 --> 00:43:26,880
apartments here. And what I did is, we did, we extrapolated the number of bedrooms there,

581
00:43:28,560 --> 00:43:33,060
and we represented one person per bedroom. So we probably were conservative, probably understated

582
00:43:33,060 --> 00:43:38,580
that, and then we use that number based on 17,000 people,

583
00:43:40,610 --> 00:43:41,930
and they represent less than one

584
00:43:41,930 --> 00:43:48,510
percent of the calls. So in regards to 911 calls, I mean departments are generating

585
00:43:48,510 --> 00:43:55,590
any more than the general public. But again, it's the quality of the people that we're

586
00:43:55,590 --> 00:43:59,310
looking to live here.

587
00:44:01,900 --> 00:44:07,120
Getting into the design up on the screen, in the center of the screen,

588
00:44:07,120 --> 00:44:16,240
You can see the AMC theater, and the first time we presented this, it was a two phase thinking

589
00:44:16,920 --> 00:44:19,880
that the AMC was not going to be here.

590
00:44:21,020 --> 00:44:27,480
So we've adjusted the plan and cut the density in half because I know that was a concern,

591
00:44:28,060 --> 00:44:54,080
where it's a single phase in 280 units and to the right in the dark black, that's the apartment on the right and you can see in the middle of that area kind of the hash lines there that's the parking garage and you can see the garage we've wrapped the garage with units or you're not going to see the garage, okay?

592
00:44:54,640 --> 00:44:59,100
And you can see there's two court yards there in their good size.

593
00:45:00,500 --> 00:45:05,580
And right now we have parking lots, and now we're going to bring some green space into that area.

594
00:45:06,960 --> 00:45:09,600
And you can see there's an entrance, kind of north and south.

595
00:45:11,260 --> 00:45:16,280
And up above you can see what the average size is 848 units, 280 units.

596
00:45:16,420 --> 00:45:17,520
It's going to be four levels.

597
00:45:19,500 --> 00:45:25,940
And what we did on the left-hand side is kind of required parking on the retail there.

598
00:45:25,940 --> 00:45:29,400
It's a 110-spaces that theater for 50, the residential's fort.

599
00:45:29,580 --> 00:45:38,700
So 981, and what we're providing is 956, but this plan does not include snuffers, so it would

600
00:45:38,700 --> 00:45:40,620
be in kind of compliance in that regard.

601
00:45:45,430 --> 00:45:53,450
Here's a visual, and this is looking south, and you can see the building, one, what I would

602
00:45:53,450 --> 00:45:57,250
call the passive courtyard, and you can see the neighbor, it's to the right.

603
00:46:00,000 --> 00:46:01,280
You can see the garage in the middle.

604
00:46:01,280 --> 00:46:04,580
It's enclosed, so you're not going to see into the garage.

605
00:46:06,910 --> 00:46:09,810
This is looking further west on the back side.

606
00:46:09,890 --> 00:46:12,430
You can see in the white box at the AMC.

607
00:46:13,530 --> 00:46:14,710
We're doing this for scale.

608
00:46:15,050 --> 00:46:16,070
I mean, just to kind of give you this.

609
00:46:16,090 --> 00:46:18,810
And sometimes it's hard to visualize how big these are,

610
00:46:18,970 --> 00:46:20,630
but just to kind of give it some scale.

611
00:46:23,570 --> 00:46:25,790
What we did here is we actually

612
00:46:25,790 --> 00:46:28,970
dropped our renderings into, say, Google Earth.

613
00:46:29,290 --> 00:46:33,370
So these are the actual trees in

614
00:46:37,370 --> 00:46:37,890
the view.

615
00:46:39,230 --> 00:46:48,470
with the trees and I know there's a big concern and I understand the concern to the

616
00:46:48,470 --> 00:46:51,830
North or residents of the North but you can see the oak trees I mean it's pretty

617
00:46:52,450 --> 00:46:56,470
full and the beauty about oak trees they don't lose their leaves they're they're

618
00:46:56,470 --> 00:47:02,070
quite dirty but they don't lose their leaves and that's just kind of a further shot

619
00:47:02,070 --> 00:47:06,350
and this just kind of helps you too you know just the height of the building you're

620
00:47:06,890 --> 00:47:09,210
pretty much the same height as the AMC.

621
00:47:13,780 --> 00:47:16,160
And one thing we wanted to present here, again,

622
00:47:16,300 --> 00:47:20,080
there's questions about the concern of the view

623
00:47:20,080 --> 00:47:22,440
from the back of the house's and vice versa.

624
00:47:23,400 --> 00:47:26,260
So what we did is we got a drone, and at those three

625
00:47:26,260 --> 00:47:30,220
points, A, B, and C, and starting from A, we said,

626
00:47:30,460 --> 00:47:32,960
OK, what is that view at the second floor, third,

627
00:47:33,040 --> 00:47:34,140
four, and four, four?

628
00:47:36,110 --> 00:47:37,670
So that's the second floor day.

629
00:47:38,470 --> 00:47:39,050
That's the tree.

630
00:47:39,050 --> 00:47:46,130
coverage, that's third floor, that's the fourth floor.

631
00:47:47,010 --> 00:47:54,780
Here's B, second, third, fourth and

632
00:47:54,780 --> 00:47:57,640
second, third and fourth.

633
00:48:03,680 --> 00:48:08,480
So with that, I just want to say, I know there's

634
00:48:08,480 --> 00:48:11,820
concerns about apartments, I get it, I've heard it,

635
00:48:11,820 --> 00:48:19,620
understand it. But I think this is something we'll be proud of. I mean, like I said,

636
00:48:19,720 --> 00:48:26,440
my name is not going to be on this unless this is quality. And in light of the discussions

637
00:48:26,440 --> 00:48:31,100
that are had, I'm going to make sure it's pretty damn good. Because I'm not going to go in

638
00:48:31,100 --> 00:48:36,620
front of you all and say, it's not that good. Well, if we turn it over, we wanted to have a traffic

639
00:48:36,620 --> 00:48:43,380
study, it camely horned head. I want to introduce Jonathan Kirby. Thank you very much for your time.

640
00:48:50,480 --> 00:48:55,640
Good evening. I'm Jonathan Kirby with Kimley Horn, a vice of engineer. So just wanted to briefly

641
00:48:55,640 --> 00:49:01,940
go over the traffic study that was performed for this. As you can see here, the traffic counts were

642
00:49:01,940 --> 00:49:09,580
collected in November of 2021. Important to note it was while schools were in session and you have the

643
00:49:09,580 --> 00:49:15,320
study area for the intersections, the intersections along the village Parkway, Justin Road,

644
00:49:15,860 --> 00:49:19,560
Chinchap will, and obviously the intersection of village Parkway and Justin.

645
00:49:23,280 --> 00:49:27,780
Mary, you kind of stole my thunder with this one at the start, talking about the proposed improvements

646
00:49:27,780 --> 00:49:31,260
for village Parkway and Justin Road.

647
00:49:31,740 --> 00:49:36,440
So I'll be brief on this, but yes, dual left turn lanes, it all intersections.

648
00:49:36,440 --> 00:49:52,360
they will also have to retime the signal with all of that, so the signal timing, meaning the time the light is green, yellow and red for all phases will also be looked at and changed with these.

649
00:49:53,440 --> 00:50:03,320
Again, you went into this, the 30% plans are set to be finalized, I think, in July, with construction anticipated to start in 2024.

650
00:50:05,800 --> 00:50:12,780
So, if we hit the ground running, go full steam ahead, mark correctly if I'm wrong, I don't think we're delivering units before 2024.

651
00:50:13,800 --> 00:50:19,720
So, we are very confident to say that based on the schedule that we've been provided by text.

652
00:50:20,320 --> 00:50:26,860
And by flower mount, that the improvements would be constructed before we delivered units.

653
00:50:30,980 --> 00:50:41,520
So, I wanted to just put this graph up there that shows the existing traffic volumes that we had at the study and intersections.

654
00:50:43,020 --> 00:50:50,200
And we have an AMP hour, the morning, and a PMP hour, and what we do is we sit out there for this project.

655
00:50:50,360 --> 00:50:51,860
We actually sat out there all day.

656
00:50:52,340 --> 00:50:57,620
Normally we just do a three hour window in the morning and a three hour window in the evening, but we were there all day.

657
00:50:57,620 --> 00:51:02,560
And the AMP peak hour was between eight and nine AM.

658
00:51:03,160 --> 00:51:05,320
That was the highest volume traffic that we saw.

659
00:51:05,960 --> 00:51:08,520
The PM peak hour was between five and six PM.

660
00:51:09,560 --> 00:51:13,120
The PM peak hour, as you can see here, it's the gray.

661
00:51:13,400 --> 00:51:17,040
The AM is the orange, I guess.

662
00:51:18,680 --> 00:51:20,960
The PM peak hour was the highest volume.

663
00:51:21,000 --> 00:51:23,700
So that's what we're focusing on with this graph.

664
00:51:24,420 --> 00:51:27,880
that's by far the most volume for these study

665
00:51:27,880 --> 00:51:28,520
intersections.

666
00:51:32,980 --> 00:51:34,180
So this is our trip generation.

667
00:51:34,380 --> 00:51:37,360
So what we do in our traffic study,

668
00:51:38,060 --> 00:51:40,240
we get the existing counts that we got in November.

669
00:51:40,500 --> 00:51:41,540
I went through that.

670
00:51:42,140 --> 00:51:46,100
Then the industry standard is to go to the ITE Manual,

671
00:51:46,820 --> 00:51:48,340
the Institute of Transportation Engineers.

672
00:51:49,460 --> 00:51:52,680
And we calculate our proposed trips,

673
00:51:52,680 --> 00:51:54,480
what our proposed project,

674
00:51:54,480 --> 00:52:01,620
trip generation would be based on the industry standard for whatever that land use is in that

675
00:52:01,620 --> 00:52:10,320
project. So what you see here on the left hand side is the existing condition, am and orange,

676
00:52:10,660 --> 00:52:15,660
and PM, and gray, peak hour trips generated. So that's what's being generated by the site today.

677
00:52:17,060 --> 00:52:24,460
And then on the right side, that is the proposed trip generation. So you'll see that in the

678
00:52:24,480 --> 00:52:33,180
PMP power, we have an increase in trips over that hour of six trips per day and in the

679
00:52:33,180 --> 00:52:38,360
AMP power, it's 96 trips additional per day.

680
00:52:43,920 --> 00:52:48,800
This is a graphic that shows the trip distribution, so this is based on the counts that we

681
00:52:48,800 --> 00:52:54,360
have and based on our industry experience and industry standards of where these trips are

682
00:52:54,360 --> 00:52:56,320
coming from.

683
00:52:56,320 --> 00:53:01,320
I'll briefly go through this, but it's really just more of a point for everyone to see.

684
00:53:01,680 --> 00:53:07,320
You know, we kind of have it green, yellow, red of where the most trips are coming from.

685
00:53:08,440 --> 00:53:14,380
So you'll see, as expected, what's bound on Justin Road, the most trips from the site,

686
00:53:15,180 --> 00:53:19,020
Chen Chappell, generates the least trips to the site.

687
00:53:22,860 --> 00:53:31,660
This slide represents the peak hour volume increase at the study intersections based on the proposed development.

688
00:53:32,800 --> 00:53:37,200
So what that means is the total number of trips that are there today in existing conditions.

689
00:53:37,960 --> 00:53:46,060
What is the percent increase at those studying intersections based on the chip generations that I went over a minute ago?

690
00:53:47,500 --> 00:53:53,520
So as you'll see, it is less than 1% at most intersections.

691
00:53:53,820 --> 00:53:59,720
It is 1% at the most of the study there is.

692
00:54:02,760 --> 00:54:04,720
Then we have level of service.

693
00:54:05,200 --> 00:54:13,260
Level of service is an industry standard term used to decide if a intersection or if a roadway

694
00:54:13,260 --> 00:54:18,040
is operating at acceptable delay times, it's the definition.

695
00:54:20,000 --> 00:54:22,060
Kind of like in a school right D equals degree,

696
00:54:22,180 --> 00:54:25,960
I think we've all heard that before, D is the acceptable level of service.

697
00:54:26,360 --> 00:54:30,220
So if you're at A, B, C, or D, you're considered acceptable.

698
00:54:30,600 --> 00:54:35,560
If you're at E or F, F is the lowest, then you are considered not acceptable level of service.

699
00:54:37,040 --> 00:54:42,540
This chart shows existing conditions, so you'll see that the village parkway,

700
00:54:42,540 --> 00:54:51,140
And Justin wrote intersection is currently operating at a level of service of E and AM, that's why there's two letters there.

701
00:54:51,540 --> 00:55:04,360
So left side is AM, right side is PM, so it's a level of service E in the AM and F in the PM, which is why the project is going on on the intersection improvements are happening.

702
00:55:07,680 --> 00:55:25,500
This graph shows what the level of service will be at those intersections with the build-out of our project in addition to the project that is being done at the intersection of Justin Road and Village Parkway.

703
00:55:26,640 --> 00:55:33,100
So, you'll see that what was a level of service of E in the AM and AF in the PM at just

704
00:55:33,100 --> 00:55:40,240
in Rotten Village Parkway is now a level of service of D in the AM and D in the PM, which

705
00:55:40,240 --> 00:55:42,780
is considered an acceptable level of service.

706
00:55:46,480 --> 00:55:47,720
And that is the end of the presentation.

707
00:55:47,960 --> 00:55:49,140
Thank you.

708
00:55:52,830 --> 00:55:53,110
All right.

709
00:55:53,470 --> 00:55:58,350
I appreciate your patience and so now we open the floor to any questions you have.

710
00:55:58,350 --> 00:56:05,970
I mean, I'm here today to answer the retake questions, and obviously my compatriots are able to answer the residential and traffic or anything else you'll have.

711
00:56:07,510 --> 00:56:11,150
So, do we want to start with P&Z questions first?

712
00:56:12,790 --> 00:56:13,230
Do we do?

713
00:56:16,040 --> 00:56:17,160
I do.

714
00:56:18,380 --> 00:56:21,700
And it actually was about the traffic.

715
00:56:22,600 --> 00:56:24,920
And you might want to pull the act.

716
00:56:25,080 --> 00:56:28,100
If you don't mind, can you pull the slide up

717
00:56:28,100 --> 00:56:34,340
that showed the 1% because I made them misunderstood

718
00:56:34,340 --> 00:56:36,740
with that right there?

719
00:56:37,080 --> 00:56:39,200
So that's the peak hour volume increase.

720
00:56:39,380 --> 00:56:41,420
You proposed the proposed development.

721
00:56:42,600 --> 00:56:45,300
But in an earlier slide for the AM,

722
00:56:45,520 --> 00:56:49,160
I thought you said it would be a 100 additional trip.

723
00:56:49,160 --> 00:56:53,160
So what from $2.96, the $3.00, which is $1.00.

724
00:56:53,480 --> 00:56:54,380
So $30 or $4.00?

725
00:56:54,520 --> 00:56:56,680
If I didn't mention this, my apologies.

726
00:56:57,620 --> 00:57:01,700
I meant to, this is based on the peak hour,

727
00:57:01,900 --> 00:57:05,140
which was the PM that five to six window.

728
00:57:05,380 --> 00:57:08,540
Oh, just the PM was so, yes, so if you go.

729
00:57:08,900 --> 00:57:13,240
So it was the six, the increased by six.

730
00:57:15,200 --> 00:57:16,300
Yeah, that went there.

731
00:57:16,380 --> 00:57:18,300
Right, right, yes, I don't.

732
00:57:18,300 --> 00:57:26,780
have the numbers memorized, so I don't want to over commit here, but as I recall the AM

733
00:57:26,780 --> 00:57:30,800
max increase was a 5% increase.

734
00:57:31,940 --> 00:57:35,280
5% based on that slide you just showed, because that again.

735
00:57:35,440 --> 00:57:38,140
Now that's based on the existing traffic volumes.

736
00:57:38,180 --> 00:57:41,180
That's not an increase from off of our site.

737
00:57:41,320 --> 00:57:46,260
That is all the cars that are driving through these study intersections, what's the percentage

738
00:57:46,260 --> 00:57:51,240
increase that we're adding to those intersections, not percentage increase cutting it out of the

739
00:57:51,240 --> 00:57:51,620
site.

740
00:57:52,440 --> 00:57:56,600
If the development went forward 5% in the AM, that's what you're saying.

741
00:57:57,540 --> 00:58:02,740
Yeah, that will be in our traffic study that we will submit if we make an application

742
00:58:02,740 --> 00:58:08,500
and move forward, so that number will be out in the open, that's what I recall it being.

743
00:58:12,010 --> 00:58:17,550
Okay, that answers that question and I had an additional question based on the

744
00:58:17,550 --> 00:58:27,850
apartments. If the average is 848, 848 square feet, what would, and this probably is more

745
00:58:27,850 --> 00:58:34,710
from Mr. Pope. But what would be the, what is the expected rent structure of that?

746
00:58:38,160 --> 00:58:44,320
The question was, what is the rents going to be? What we anticipate, we haven't finalized

747
00:58:44,320 --> 00:58:49,880
a unit mix on this, but I would say we're probably going to have 70% one bedrooms and 30%

748
00:58:49,880 --> 00:58:57,900
two bedrooms. The blended rent, and we'll have various sizes, especially with a, he

749
00:58:57,900 --> 00:59:01,800
start having angles around the parking garage as you have some unique. So we'll have probably

750
00:59:01,800 --> 00:59:08,900
12 different floor plans. But the average will be the rents will be at least $2,000.

751
00:59:09,160 --> 00:59:17,960
We'll have one bedroom up to $2,000 and the two bedrooms probably close to $3,000. So we'll have

752
00:59:17,960 --> 00:59:18,760
$2,000.

753
00:59:19,300 --> 00:59:26,780
And so I'm assuming when you say this is more for young professionals, retirees, that's

754
00:59:26,780 --> 00:59:31,390
kind of where you're getting enough to make sure that price point is more suited for

755
00:59:32,960 --> 00:59:33,080
that.

756
00:59:33,280 --> 00:59:33,880
That's a comedy.

757
00:59:34,700 --> 00:59:40,300
I mean, we have, I think we have 10 under construction right now and that helps us and then

758
00:59:40,300 --> 00:59:41,260
looking at the market.

759
00:59:41,400 --> 00:59:47,540
I mean, really, when we, there's a whole process when we design the development,

760
00:59:47,540 --> 00:59:53,240
Not only do we look at the competitors that we look at the rents, and then we want to

761
00:59:53,240 --> 00:59:59,220
certainly be in tune with the rents that are being charged, and then we look at the

762
00:59:59,220 --> 00:59:59,960
product that we're going to...

763
01:00:00,000 --> 01:00:12,480
So, it's a combination of all those. So, I think we feel very comfortable with the rents. And people making that income can certainly pay that. So, we feel good about the rent structure.

764
01:00:14,100 --> 01:00:19,880
Do you mind me asking, is that kind of where you're at in the first go development? That price point?

765
01:00:19,880 --> 01:00:22,700
We're going to be hiring first go then here.

766
01:00:23,900 --> 01:00:25,920
Just because the market's higher.

767
01:00:26,220 --> 01:00:31,080
I mean, what will happen is, and it typically happens,

768
01:00:32,380 --> 01:00:35,140
you start at a point, and in effect,

769
01:00:35,380 --> 01:00:36,160
heavy is very good.

770
01:00:36,260 --> 01:00:37,140
You raise it up.

771
01:00:37,620 --> 01:00:39,900
So the starting point for fiscal will be higher than here,

772
01:00:39,900 --> 01:00:41,740
because the market out there is higher.

773
01:00:50,290 --> 01:00:51,810
And maybe this will be helpful too.

774
01:00:52,090 --> 01:00:55,330
What I didn't mention is just kind of the level

775
01:00:55,330 --> 01:01:00,690
finish of the apartments, they're going to have quartz countertops, stainless steel

776
01:01:00,690 --> 01:01:09,890
appliances, islands, kitchen islands, pendant lights, LVT wood flooring, we'll have tiles

777
01:01:09,890 --> 01:01:17,390
around so the ceiling up in the showers, tile bass. These will be full size washer and dryer

778
01:01:17,390 --> 01:01:22,930
in each unit. These will be nice units. We'll have smart apartments where you can, we'll

779
01:01:22,930 --> 01:01:27,050
application, where you can get into the garage, you can get into the buildings, you can get

780
01:01:27,050 --> 01:01:31,770
into the humanity space, you can open up your door, you can turn on your light, you can turn

781
01:01:31,770 --> 01:01:37,010
on your thermostat, you can do your, you can pay your rent, you can put it in a work order.

782
01:01:37,970 --> 01:01:41,250
So, it'll be real high technology on this.

783
01:01:41,630 --> 01:01:42,310
What other questions?

784
01:01:43,630 --> 01:01:47,910
You showed us kind of what that view was from the, from the north side of the province.

785
01:01:49,670 --> 01:01:52,510
what's your lighting like back there? What do you propose for lighting?

786
01:01:53,390 --> 01:01:57,590
What are we proposing? Well, we're going to have to go certainly light it up. Put a bit.

787
01:01:57,710 --> 01:01:59,030
We'll be mindful of the neighbors.

788
01:02:00,790 --> 01:02:04,330
What will the neighbors be looking at?

789
01:02:04,450 --> 01:02:05,590
They're not going to be looking at lights.

790
01:02:06,950 --> 01:02:10,770
If anything, we're going to have the lights on the neighbor side pointing towards our buildings.

791
01:02:12,270 --> 01:02:19,370
I mean, certainly there's porch lights and things like that that people will probably be utilizing,

792
01:02:20,110 --> 01:02:23,290
but as relates to street lights, or anything like that, there won't be anything.

793
01:02:23,590 --> 01:02:27,270
It will be very mindful that there's anything lighting there now.

794
01:02:27,810 --> 01:02:29,390
Yeah, I mean, there's existing poles there now.

795
01:02:29,550 --> 01:02:34,210
So if we have to compliment it to get the light, because we want to say, I mean, we want,

796
01:02:34,550 --> 01:02:39,490
you know, I always say light it up, you know, so that's a preference, it's just good.

797
01:02:39,490 --> 01:02:41,430
And people feel secure when it's split.

798
01:02:42,130 --> 01:02:43,790
Okay, thank you.

799
01:02:43,790 --> 01:02:43,830
Yeah.

800
01:02:43,830 --> 01:02:45,490
Do we have any more questions?

801
01:02:46,610 --> 01:02:48,610
Go question on this side.

802
01:02:49,450 --> 01:02:54,140
Is that better?

803
01:02:54,860 --> 01:02:55,120
Is that better?

804
01:02:56,760 --> 01:02:57,280
Yes.

805
01:02:57,500 --> 01:02:57,800
Yes, it's bigger.

806
01:02:58,380 --> 01:02:59,060
Some more.

807
01:03:00,240 --> 01:03:00,480
Okay.

808
01:03:01,660 --> 01:03:06,300
So my question is, do you guys have a summary of a list of the zoning changes

809
01:03:06,300 --> 01:03:11,300
or SPUs or whatever they're going to be needed to complete this development?

810
01:03:17,610 --> 01:03:23,270
We do not have a list, but we certainly, we know we don't have to have a list before we talk to them.

811
01:03:23,330 --> 01:03:25,130
Do we have a list to present to you?

812
01:03:25,290 --> 01:03:30,050
No, we know height, parking in the landscaping setbacks and all that.

813
01:03:31,890 --> 01:03:36,630
Or kind of at a conceptual right now.

814
01:03:36,630 --> 01:03:42,410
And we're just trying to be mindful of the process and, you know, if we get to a point

815
01:03:42,410 --> 01:03:48,550
that we are going to then our engineers, Kim Lee, who we work with, we'll get put some

816
01:03:48,550 --> 01:03:53,750
fine lines onto the drawings and get more jacked in and an actual request.

817
01:03:55,050 --> 01:03:55,390
Okay.

818
01:03:55,550 --> 01:03:56,290
Thank you.

819
01:03:57,430 --> 01:03:58,170
Quick question.

820
01:03:59,010 --> 01:04:01,370
Is the parking garage going to be open to the public?

821
01:04:01,630 --> 01:04:02,430
Or is it gated?

822
01:04:02,450 --> 01:04:03,650
I didn't get to look.

823
01:04:03,650 --> 01:04:07,510
No, there will be some retail parking in the first four.

824
01:04:08,090 --> 01:04:09,970
Since we're taking some spaces, yeah.

825
01:04:10,510 --> 01:04:14,290
Where that demarcation is, we haven't determined that yet,

826
01:04:14,310 --> 01:04:15,930
because we haven't designed it.

827
01:04:16,170 --> 01:04:20,410
But there's probably, I think, some around 180 spaces,

828
01:04:20,410 --> 01:04:22,810
I think within the garage, don't hold me to that,

829
01:04:23,050 --> 01:04:25,590
but something like that, that we'll have for retail.

830
01:04:26,370 --> 01:04:27,550
Since we're taking some space.

831
01:04:27,730 --> 01:04:28,490
Thank you.

832
01:04:33,050 --> 01:04:42,050
question that I did have relates more to the current occupancy, where your rates are, and the

833
01:04:42,050 --> 01:04:48,010
expectation, and again, I want to clarify for myself, my understanding, and I'm excited

834
01:04:48,010 --> 01:04:52,870
about this, if I'm understanding correctly, AMC stays, is that the current plan, I know there's

835
01:04:52,870 --> 01:04:55,470
no guarantee on that, but that's exactly exactly what I was going to say.

836
01:04:55,590 --> 01:04:59,730
We have a handshake on it, and so yes, we anticipate that a movie theater will be there and

837
01:04:59,730 --> 01:05:03,470
thing, but I can't control the industry or AMC.

838
01:05:03,850 --> 01:05:06,970
I spend a lot of money on movies over there, so it's good.

839
01:05:07,430 --> 01:05:09,890
Are you shrinking your clothes in a state of saying?

840
01:05:09,930 --> 01:05:11,630
No, it's going to stay the same.

841
01:05:12,150 --> 01:05:15,430
I mean, we have talked to them about redeveloping it, which is putting more luxury

842
01:05:15,430 --> 01:05:17,530
seating, but they just don't have the capital right now.

843
01:05:17,750 --> 01:05:21,250
So that's if that happens, that'll be three to five years down the road.

844
01:05:21,330 --> 01:05:25,230
So that would reduce number of seats, but footprint would stay the same even then.

845
01:05:25,750 --> 01:05:32,270
And on that note, the slide that I saw does look like snuffers would be gone?

846
01:05:33,170 --> 01:05:40,470
Yeah, and so that's where I don't know where those discussions are, because if snuffers would like to stay in the project,

847
01:05:40,650 --> 01:05:47,510
we would like them to stay in the project, we'll find a new home form, because we are well-leased on a percentage basis.

848
01:05:47,510 --> 01:05:51,490
We have quite a few deals that are on shorter terms that we could find a space form.

849
01:05:51,490 --> 01:06:00,210
And then the anticipation, if the units to go in, is there a short list of potential new tenets?

850
01:06:02,090 --> 01:06:07,650
I mean, I have my list that I want very badly, and I tell my leasing team that all the time.

851
01:06:07,710 --> 01:06:11,150
Sometimes they tell me I'm completely unrealistic, because there's a balance there.

852
01:06:11,390 --> 01:06:13,510
But like the sit and savor was high on our list.

853
01:06:13,510 --> 01:06:32,430
That restaurant tour was one that worked for the group that's done some phenomenal concepts around the Dallas area and so what he's designing what he's building is really going to be added to the restaurant's air and really just bring the competitive level within the restaurant's to hire level and I should say this

854
01:06:33,870 --> 01:06:39,850
At lunch today, we went to Sholes, and so we met Jim, the owner of Sholes and Lambo's here.

855
01:06:40,070 --> 01:06:40,410
There you go.

856
01:06:41,410 --> 01:06:43,990
And so we were asking for his feedback about what he thought about this.

857
01:06:44,410 --> 01:06:46,530
And it was just like, I'll bring more customers.

858
01:06:47,110 --> 01:06:49,090
We need the people who are coming by the expense of drinks.

859
01:06:50,370 --> 01:06:51,970
So sorry, Jim, we're also bringing the competition.

860
01:06:52,370 --> 01:06:53,350
I hope we'll help.

861
01:06:55,270 --> 01:06:55,670
Okay.

862
01:06:55,770 --> 01:06:58,890
The only other question that I had was about the traffic.

863
01:06:59,470 --> 01:07:17,110
One of the things that we know is happening west of this intersection, there's a lot of growth and there are a lot of new subdivisions and new homes being built in those areas was that taken into consideration as part of the growth coming from that western direction.

864
01:07:17,110 --> 01:07:23,510
Yeah, sure. So when we do, when we do the study, we do, there's a horizon here, there's

865
01:07:23,510 --> 01:07:30,230
what we call it. So for this, the horizon here was 2028. So we project growth volumes based

866
01:07:30,230 --> 01:07:35,930
on historic data and based on industry standards. And these aren't growth volumes of

867
01:07:35,930 --> 01:07:45,070
population growth necessarily. It's traffic growth. So based on historic data and based on what

868
01:07:45,070 --> 01:07:48,750
We have done on other studies around here working with other cities.

869
01:07:49,150 --> 01:07:52,330
We assumed a 2% traffic growth year over year.

870
01:07:53,750 --> 01:07:58,490
That, to say, the only person that this has been submitted to is the public.

871
01:07:59,330 --> 01:08:05,430
So, if the city wanted us to take a look at different growth rates and had data to support different growth rates,

872
01:08:05,610 --> 01:08:06,830
we certainly would do that.

873
01:08:13,090 --> 01:08:14,590
And there's just one phase, right?

874
01:08:15,030 --> 01:08:20,170
There's just, yeah, we heard that one loud and clear at the meeting last fall.

875
01:08:20,170 --> 01:08:26,750
So, yeah, that was one thing we really studied from an economic standpoint, just to see whether we could justify the one phase.

876
01:08:27,590 --> 01:08:34,770
And because we heard loud and clear that the larger 580 apartments, I think, was just not tenable.

877
01:08:35,030 --> 01:08:37,970
And so that's where we made that decision to shrink it.

878
01:08:38,510 --> 01:08:46,370
I know it's still in conceptual phase, but you guys feel comfortable with an estimate on the total capital to complete this project,

879
01:08:46,370 --> 01:08:51,530
the time that it would take to do that and then when it would be completed.

880
01:08:53,790 --> 01:08:59,090
Yes, we're anticipated about the 75 million and 25 million of equity.

881
01:09:00,970 --> 01:09:06,730
If we were once given the green light, I would say a year for us to start.

882
01:09:07,130 --> 01:09:12,390
Probably deliver the first, first units, 18 months out, complete in 26 months.

883
01:09:14,370 --> 01:09:18,950
So right now we haven't started full design, really kind of conceptual, we haven't got

884
01:09:18,950 --> 01:09:21,070
into our schematic design yet.

885
01:09:26,490 --> 01:09:27,210
Anybody else?

886
01:09:30,220 --> 01:09:31,040
How long y'all mean?

887
01:09:31,280 --> 01:09:35,640
Do you build things in the hole in where you build a solid, move on down the road?

888
01:09:38,670 --> 01:09:40,350
Well, we typically hold them.

889
01:09:40,510 --> 01:09:43,910
I mean, we only sold one of our new projects so far.

890
01:09:45,070 --> 01:09:48,670
And to be honest, it was because we never had a history of selling.

891
01:09:49,270 --> 01:09:51,570
And it was funny with the investors that we were talking to.

892
01:09:51,570 --> 01:09:55,170
they go, well, what's your success but I knew new project was that we haven't sold any.

893
01:09:56,110 --> 01:10:00,530
And so it's almost like we had to do a round trip in a sense to show that what the yields

894
01:10:00,530 --> 01:10:00,850
were.

895
01:10:00,870 --> 01:10:01,930
So we did that.

896
01:10:02,630 --> 01:10:10,090
I think with a partner, for the AWS, I think Shawn was pretty clear that this is a long-term

897
01:10:10,090 --> 01:10:16,550
hold asset for them, and they would be partners in this, so this would be a long-term

898
01:10:16,550 --> 01:10:16,830
hold.

899
01:10:16,830 --> 01:10:21,310
So with that long-term hole, you make better decisions long-term.

900
01:10:22,230 --> 01:10:24,870
You know, you might spend more money on finishes and development.

901
01:10:24,870 --> 01:10:26,830
If you know you're going to hold that versus flipping it,

902
01:10:27,390 --> 01:10:28,610
you just do it a little smarter.

903
01:10:29,330 --> 01:10:31,770
So this would be considered a whole property.

904
01:10:37,130 --> 01:10:39,770
Well, we just start developing, you know, five years.

905
01:10:39,930 --> 01:10:41,690
Those types of five years on the new stuff.

906
01:10:42,130 --> 01:10:44,710
We've owned stuff probably 15 years.

907
01:10:44,850 --> 01:10:47,970
I think companies, about 18 years old,

908
01:10:47,970 --> 01:10:50,230
start off buying dueplexes and stuff,

909
01:10:50,590 --> 01:10:53,990
but getting into the bigger 200-plus units,

910
01:10:55,990 --> 01:10:57,250
probably after three years,

911
01:10:57,390 --> 01:10:58,710
so probably 15 years or so?

912
01:11:05,740 --> 01:11:08,060
Yeah, just something to something question for,

913
01:11:09,440 --> 01:11:10,460
do we plan to flip?

914
01:11:10,780 --> 01:11:12,940
This is absolutely, we'd be a build decor,

915
01:11:13,940 --> 01:11:16,600
for us long-term hold.

916
01:11:17,540 --> 01:11:19,360
Essentially, they'll let down on the center, honestly,

917
01:11:19,640 --> 01:11:21,440
but we have that much conviction on the asset

918
01:11:21,440 --> 01:11:24,660
in all the growth that's happening here to make that call.

919
01:11:25,320 --> 01:11:28,260
Build decor is a concept we do see nationally,

920
01:11:29,440 --> 01:11:32,260
taking vacant land parcels and back to Vietnam.

921
01:11:32,960 --> 01:11:33,740
It's very competitive.

922
01:11:34,180 --> 01:11:35,480
If you think it's really competitive

923
01:11:35,480 --> 01:11:38,780
by single family home today, it's just as competitive

924
01:11:38,780 --> 01:11:39,880
in the commercial side.

925
01:11:40,560 --> 01:11:45,240
So big institutions like myself, we find land developers,

926
01:11:45,420 --> 01:11:48,640
partner with groups such as Mark and Percidium,

927
01:11:48,900 --> 01:11:50,640
build the product and hold it.

928
01:11:50,640 --> 01:11:52,720
to the absolute be a long-term hold.

929
01:11:57,360 --> 01:11:58,240
Thank you, Mr. Mayor.

930
01:11:58,680 --> 01:12:02,100
As much as the question for the question for the pension fund.

931
01:12:02,320 --> 01:12:04,440
You're finding what pension do you represent?

932
01:12:07,020 --> 01:12:09,400
Yeah, I'll try to dive into as much detail as it can.

933
01:12:09,600 --> 01:12:10,980
If you don't have to get in the way, just just.

934
01:12:11,060 --> 01:12:11,500
Yeah, exactly.

935
01:12:12,560 --> 01:12:14,460
So this is a state pension fund.

936
01:12:15,400 --> 01:12:20,760
They represent state employees and teachers for the state

937
01:12:20,760 --> 01:12:21,380
of Massachusetts.

938
01:12:22,400 --> 01:12:24,500
They're one of the largest pension funds.

939
01:12:24,500 --> 01:12:27,380
And it then, you know, very active investor,

940
01:12:28,420 --> 01:12:30,520
and certainly, you know, for this site, you know,

941
01:12:30,720 --> 01:12:36,080
I think, you know, I've been pleasantly pleased

942
01:12:36,080 --> 01:12:38,520
with the results here, but they've definitely

943
01:12:38,520 --> 01:12:41,260
see the potential to add value and, you know,

944
01:12:41,260 --> 01:12:42,120
make the center better.

945
01:12:42,460 --> 01:12:44,180
And, you know, I think we're really focused on that.

946
01:12:44,980 --> 01:12:47,720
I think back to the question about the occupancy, you know,

947
01:12:48,380 --> 01:12:51,800
we are trying to do everything we can to bring fresh tenants

948
01:12:51,800 --> 01:12:54,180
and attract tenants, that does require a capital.

949
01:12:55,120 --> 01:12:58,720
We've been very willing to do that, you know,

950
01:12:58,900 --> 01:13:00,980
and I think in a long-term strategy like that,

951
01:13:01,120 --> 01:13:04,340
a long-term hold when you're giving new information

952
01:13:04,340 --> 01:13:07,360
new data, the pandemic was one of those for us.

953
01:13:07,680 --> 01:13:11,260
It requires us to think about the next 10 years, right?

954
01:13:12,660 --> 01:13:14,960
So the pension funds can do that, you know,

955
01:13:14,980 --> 01:13:16,140
not every investor can.

956
01:13:16,940 --> 01:13:19,880
So you guys really have a good partner here, you know,

957
01:13:19,880 --> 01:13:23,340
be looking at these things proactively and in terms of your strategy.

958
01:13:24,100 --> 01:13:30,040
So, and you guys are funding the apartment, the old family, you guys are on the pension fund

959
01:13:30,040 --> 01:13:31,160
would be funding it.

960
01:13:31,200 --> 01:13:36,080
Denver, that's the, that's the reason I asked that question, because typically pension funds,

961
01:13:36,720 --> 01:13:40,960
they hold assets for long term, so it's like, clip and keep on for their members.

962
01:13:41,460 --> 01:13:41,840
Thank you.

963
01:13:42,320 --> 01:13:42,640
All right.

964
01:13:43,140 --> 01:13:44,920
So, 75 million to bill.

965
01:13:44,920 --> 01:13:50,260
And then your average unit size is 848 square feet.

966
01:13:50,620 --> 01:13:52,080
What's the largest unit size?

967
01:13:53,260 --> 01:13:55,940
Well probably our two bedrooms will be 1450.

968
01:13:56,240 --> 01:13:56,320
Okay.

969
01:13:56,540 --> 01:13:59,520
So your rents are anywhere from 2 to 2,500?

970
01:14:01,320 --> 01:14:02,140
Yes, the average.

971
01:14:02,540 --> 01:14:02,560
Yeah.

972
01:14:02,680 --> 01:14:05,280
We'll have the average will be a little over 2,000.

973
01:14:06,020 --> 01:14:08,320
And we will have one bedroom set maybe smaller.

974
01:14:08,880 --> 01:14:11,180
Based on where they line up.

975
01:14:11,180 --> 01:14:13,080
So they may be below 2,000.

976
01:14:13,220 --> 01:14:15,640
I mean, it may have 600, 700 square foot,

977
01:14:16,760 --> 01:14:19,120
but we're being close to 2,000 on the one

978
01:14:19,120 --> 01:14:19,340
better.

979
01:14:19,540 --> 01:14:22,520
And the two of them is close to 3,000.

980
01:14:22,640 --> 01:14:25,160
I ask this repeat that in the mic.

981
01:14:25,440 --> 01:14:25,680
I'm sorry.

982
01:14:26,180 --> 01:14:27,220
Our viewers.

983
01:14:27,580 --> 01:14:29,280
No, I apologize.

984
01:14:30,480 --> 01:14:30,720
Okay.

985
01:14:31,440 --> 01:14:34,300
Let me see if I try and repeat the question.

986
01:14:34,800 --> 01:14:39,340
The question was, the average size being 848 units

987
01:14:39,340 --> 01:14:45,740
are square feet and I said that there was going to be we're probably going to have probably

988
01:14:45,740 --> 01:14:52,460
12 different unit sizes. And the two bedrooms are probably going to go up to 1450 again.

989
01:14:52,600 --> 01:14:58,080
It depends could go up to 1500. So it could be 3,000. That could be close to that.

990
01:15:00,000 --> 01:15:12,960
As I follow yet, but I'm trying to gauge for our listeners, you're not going to have a units in this complex that are going to be running for $12 to $1500. You're talking high in class A.

991
01:15:13,520 --> 01:15:21,840
Well, yes. I would say, without having to, we're going to be probably close to $250 square foot on those small one-bedroom isolated.

992
01:15:21,840 --> 01:15:31,840
And so that's probably, and then if you put a 10 percent, you know, the fees and things like that, they're probably minimum, be 1,700, even the smallest ones.

993
01:15:32,380 --> 01:15:37,800
And then the bigger ones are going to go up to probably close to 2,800 and then some.

994
01:15:37,860 --> 01:15:39,440
How many elevators in the project?

995
01:15:40,220 --> 01:15:46,300
We typically like to do, I don't know what we have planned here, but we probably have four.

996
01:15:46,300 --> 01:15:51,480
Please like to do 70 to 80, an elevated per 75 to 80 people.

997
01:15:52,120 --> 01:15:55,180
And then all units are sprinkled fire gas.

998
01:15:56,120 --> 01:15:59,120
And then going to the comment about the police officer apartment.

999
01:15:59,500 --> 01:15:59,880
I'm sorry.

1000
01:16:00,120 --> 01:16:02,280
The police officer that's going to have an apartment.

1001
01:16:03,060 --> 01:16:03,760
Is that what you said?

1002
01:16:04,240 --> 01:16:10,880
We would offer if the police officer or the police department would allow it.

1003
01:16:10,880 --> 01:16:11,180
Okay.

1004
01:16:11,200 --> 01:16:11,860
We do that.

1005
01:16:11,900 --> 01:16:13,020
We call them courtesy officers.

1006
01:16:13,880 --> 01:16:21,360
And we would offer a unit as compensation for doing minor patrol, having a car present and

1007
01:16:21,360 --> 01:16:22,220
things like that.

1008
01:16:22,520 --> 01:16:24,860
Would you please tell the chief that I accept that position?

1009
01:16:27,400 --> 01:16:27,880
Okay.

1010
01:16:28,520 --> 01:16:35,240
We would have to, I don't want to be presumptuous, but we'd have to make sure that it is acceptable.

1011
01:16:35,860 --> 01:16:41,740
We do this in other communities, but we just think it's a wonderful asset to have enough

1012
01:16:41,740 --> 01:16:42,100
sort.

1013
01:16:42,100 --> 01:16:47,100
And then, when does the, to you the shop owner, when does the snuffers lease expire?

1014
01:16:52,480 --> 01:16:53,460
I believe it's 2023.

1015
01:16:54,220 --> 01:16:54,400
Okay.

1016
01:16:55,720 --> 01:16:59,400
Because you, you can probably, in less you guys do something really sweet.

1017
01:16:59,660 --> 01:17:01,560
You can probably count on snuffers to exit.

1018
01:17:02,840 --> 01:17:05,360
Yeah, I mean, that's, that's where it always comes down to as negotiation.

1019
01:17:06,100 --> 01:17:06,300
Yeah.

1020
01:17:06,720 --> 01:17:08,340
So, I mean, I think we would like it.

1021
01:17:08,820 --> 01:17:12,460
We've heard they like it, but it's, we've already taken a huge shit on the AMC.

1022
01:17:12,620 --> 01:17:14,520
So, I'm not sure how much more of a hit we can take.

1023
01:17:14,520 --> 01:17:21,460
Yeah. And then for those who are listening 75 million dollars to build this, that is just

1024
01:17:21,460 --> 01:17:27,100
so, you know, that is a plus. We've been involved. I'm in the banking industry. I've

1025
01:17:27,100 --> 01:17:31,260
been involved in several multi-family projects. And you guys are making a true commitment here

1026
01:17:31,260 --> 01:17:36,240
whether or not it goes through and passes. I just commend you on your work and a true commitment

1027
01:17:36,240 --> 01:17:41,880
of 75 million. And if you're getting close to $3 a foot, which I'm calculating on the larger

1028
01:17:41,880 --> 01:17:50,640
larger units, that's pretty stout, the interior parking, you're not going to allow anybody to park on the street or outside of the units, correct?

1029
01:17:53,860 --> 01:18:02,400
Let me correct something here. You mentioned three dollars foot, no, we're not going to get to three dollars foot.

1030
01:18:02,420 --> 01:18:03,800
I know what you're getting close.

1031
01:18:04,420 --> 01:18:08,460
So I would say with the one veterans maybe we get the 250 or so.

1032
01:18:08,540 --> 01:18:10,600
I think overall might be 250.

1033
01:18:11,840 --> 01:18:19,480
In regards to the parking, we plan to have enough parking, 1.5 spaces per unit within the garage.

1034
01:18:20,460 --> 01:18:27,800
Now, and hopefully their guests can park there too, but certainly there's parking available.

1035
01:18:27,940 --> 01:18:32,700
I can't control people, but we should, the parking for the apartments should be self-contained.

1036
01:18:32,700 --> 01:18:39,880
I've got you. Last question, what is your walking traffic goal? Talk about it, 2019, 2021.

1037
01:18:40,500 --> 01:18:44,980
How many people you want to see, you guys want to see going through the shops? What's your

1038
01:18:44,980 --> 01:18:45,480
goal?

1039
01:18:47,560 --> 01:18:49,500
Talk about your walking traffic. Talk about your walking traffic.

1040
01:18:49,600 --> 01:18:53,460
So what's your goal? You mean like on the the four and a half million side?

1041
01:18:54,420 --> 01:18:59,100
Yeah. I mean ideally we'd be with the five million. I mean what we really try to do is

1042
01:18:59,100 --> 01:19:01,440
is grow that traffic and that's our marketing program

1043
01:19:01,900 --> 01:19:03,920
and the tenant leases.

1044
01:19:04,320 --> 01:19:06,300
And so we would like to be over five million.

1045
01:19:12,620 --> 01:19:13,340
Anybody else?

1046
01:19:15,370 --> 01:19:17,310
And let me actually have one thing on the part in question

1047
01:19:17,310 --> 01:19:19,190
is that I was just saying, you know,

1048
01:19:19,250 --> 01:19:20,810
of it from the retail perspective, is that yes,

1049
01:19:20,930 --> 01:19:24,770
we're going to be very tight from the retail perspective

1050
01:19:24,770 --> 01:19:26,610
to make sure that renters are parking

1051
01:19:26,610 --> 01:19:27,550
in front of all the stores.

1052
01:19:28,270 --> 01:19:29,850
Because that's the most valuable space

1053
01:19:29,850 --> 01:19:30,510
for the store state.

1054
01:19:30,510 --> 01:19:32,610
We're getting in current rents right now.

1055
01:19:33,350 --> 01:19:40,550
The current rents on the property, average average is probably mid 20s plus

1056
01:19:40,550 --> 01:19:41,270
triple taxes.

1057
01:19:41,750 --> 01:19:43,170
Yeah, triple net.

1058
01:19:43,170 --> 01:19:43,470
OK.

1059
01:19:44,150 --> 01:19:45,330
Five, four, I want to know.

1060
01:19:45,410 --> 01:19:45,870
Thank you.

1061
01:19:50,320 --> 01:19:51,100
Anybody down here?

1062
01:19:51,880 --> 01:19:52,180
Yes.

1063
01:19:53,260 --> 01:19:54,080
Let's see.

1064
01:19:54,100 --> 01:19:56,600
Have you had any conversations with DCTA

1065
01:19:56,600 --> 01:19:59,220
since it appears that a majority of these residents will not

1066
01:19:59,220 --> 01:20:00,860
be driving in or out?

1067
01:20:01,940 --> 01:20:04,700
D.C.T.A. didn't get any transit authority.

1068
01:20:06,460 --> 01:20:06,820
I have transit.

1069
01:20:07,540 --> 01:20:08,060
I don't know.

1070
01:20:08,560 --> 01:20:09,880
Jonathan, have you had any?

1071
01:20:09,880 --> 01:20:10,320
No.

1072
01:20:13,400 --> 01:20:14,300
Let's see.

1073
01:20:14,560 --> 01:20:17,240
We are in the process of updating our comprehensive plan.

1074
01:20:17,240 --> 01:20:21,400
If you had any conversations with McAdams or any involvement in our comprehensive plan.

1075
01:20:22,980 --> 01:20:23,620
I have not.

1076
01:20:23,860 --> 01:20:25,860
We have not been approached yet.

1077
01:20:26,140 --> 01:20:27,320
Sounds like that's coming soon.

1078
01:20:28,040 --> 01:20:28,240
Okay.

1079
01:20:28,780 --> 01:20:33,560
Your one's quoted, our mantra has always been, get on the ground and let neighborhoods come up with the plan.

1080
01:20:33,720 --> 01:20:36,760
We're not marching into a community and telling residents what should go on each corner.

1081
01:20:36,940 --> 01:20:40,040
We're working with them on a daily basis to earn their trust.

1082
01:20:40,480 --> 01:20:42,560
Are you currently doing that with Highland Village residents and how?

1083
01:20:44,080 --> 01:20:51,360
Well, we had an HOA meeting that a new year aware of in October.

1084
01:20:51,580 --> 01:20:57,340
And that was to present it to the HOA, it turned out that a lot more people than HOA came out.

1085
01:20:57,340 --> 01:21:04,980
And so then we've met with HOA Board and this is another attempt to disclose what we're doing in public and to open that dialogue.

1086
01:21:12,020 --> 01:21:17,960
All right, so back in October market indicated that the demographics did not include children.

1087
01:21:19,320 --> 01:21:21,340
Maybe newborns but no children.

1088
01:21:21,540 --> 01:21:25,200
Are you still anticipating no school age children to be residents here?

1089
01:21:29,680 --> 01:21:33,940
I can't tell you what residents are going to come and we can't discriminate on that.

1090
01:21:33,940 --> 01:21:41,280
We just anticipate that the profile that we're seeing across our properties typically do not have children.

1091
01:21:41,700 --> 01:21:41,900
Okay.

1092
01:21:42,740 --> 01:21:46,060
But I can't say that a couple doesn't show up with a child.

1093
01:21:47,140 --> 01:21:48,360
We can't say no.

1094
01:21:49,760 --> 01:21:51,140
So, no matter that's our anticipation.

1095
01:21:51,820 --> 01:21:53,020
Because we're not building three bedrooms.

1096
01:21:53,560 --> 01:21:56,140
If we thought that was the market, we would build three bedrooms.

1097
01:21:57,560 --> 01:22:00,300
I understand just seeing if anything changed since last October.

1098
01:22:00,300 --> 01:22:10,160
You also mentioned last October that you guys were tearing down theatres all over the nation to put up apartments.

1099
01:22:10,640 --> 01:22:18,360
Do you have examples of communities where you have torn down apartments and torn down the movie theatres and replaced with apartments?

1100
01:22:19,780 --> 01:22:23,440
Yes, Jacksonville, Florida, Regal Theatre.

1101
01:22:23,800 --> 01:22:24,960
Can you give you the name of the property?

1102
01:22:26,200 --> 01:22:32,640
It's on Beach Boulevard, Regal Theatre, it's torn down right now, and we're building

1103
01:22:33,560 --> 01:22:34,580
340 apartments.

1104
01:22:35,120 --> 01:22:38,620
Is that inside a retail area like the shops at Highland Village?

1105
01:22:39,660 --> 01:22:42,460
No, there's some outparsals with residential behind.

1106
01:22:43,260 --> 01:22:48,100
Do you have a property that we have another, do you have a property that was currently developed

1107
01:22:48,100 --> 01:22:51,520
that you redeveloped with apartments that is similar to the shops at Highland Village

1108
01:22:51,520 --> 01:22:55,520
that we could base line against or reference to.

1109
01:22:56,420 --> 01:22:58,260
I'm sorry, I didn't understand the question.

1110
01:22:58,620 --> 01:22:59,900
Basically what I'm looking for is,

1111
01:22:59,900 --> 01:23:01,880
everything that we've seen here is new builds.

1112
01:23:02,140 --> 01:23:05,780
What I haven't seen is a redevelopment of a property

1113
01:23:05,780 --> 01:23:08,560
within close proximity to existing housing.

1114
01:23:09,820 --> 01:23:11,440
This isn't going to be a redevelopment.

1115
01:23:11,580 --> 01:23:13,620
They're redeveloping a portion of it.

1116
01:23:14,360 --> 01:23:15,560
Exactly, they are.

1117
01:23:16,060 --> 01:23:16,560
No, no.

1118
01:23:17,580 --> 01:23:19,080
It's not versus going on a way.

1119
01:23:19,080 --> 01:23:26,220
Okay, do you have a dance here, do you have an example of an existing shopping center where you removed

1120
01:23:26,220 --> 01:23:28,580
a portion of it to build up apartments?

1121
01:23:29,880 --> 01:23:34,820
Now, well, what we are doing, I think I've mentioned earlier, we are working with a national developer

1122
01:23:34,820 --> 01:23:42,780
right now that we're submitting an LOI to take down either a JC Penny or Sears that we're

1123
01:23:42,780 --> 01:23:44,140
doing, which is in a neighborhood.

1124
01:23:44,140 --> 01:23:51,760
In addition, we are, we knock down, who are going to knock down, I probably purchased the property

1125
01:23:51,760 --> 01:23:56,820
up in Kennesaw, Georgia, just north of Atlanta, another regal theater, because they are

1126
01:23:56,820 --> 01:23:57,960
all going out of business.

1127
01:23:58,720 --> 01:24:02,960
And we are going to knock that down and build 350 units, and we already want the property,

1128
01:24:03,160 --> 01:24:09,460
and we're anticipating breaking ground, probably in September, October, where's the property?

1129
01:24:09,460 --> 01:24:13,340
Canisol, Georgia, it's the Canisol Mall,

1130
01:24:14,320 --> 01:24:16,560
it's on town center Parkway.

1131
01:24:27,710 --> 01:24:28,110
Mr. Beaster.

1132
01:24:30,510 --> 01:24:33,830
This may be for the city, maybe for the developers,

1133
01:24:34,390 --> 01:24:37,010
but the current infrastructure in that area in that corner,

1134
01:24:37,470 --> 01:24:38,310
water, sewer,

1135
01:24:40,410 --> 01:24:44,290
has it, is it available to service this property

1136
01:24:44,290 --> 01:24:48,490
as you intend it to be developed with the current infrastructure

1137
01:24:48,490 --> 01:24:49,930
that's there in the ground?

1138
01:24:51,010 --> 01:24:55,590
Or would you be anticipating an upsize water or sewer to this property?

1139
01:24:55,990 --> 01:24:58,230
We haven't done that analysis as far as I know.

1140
01:24:58,530 --> 01:25:00,370
I mean, I think that's more of a city question.

1141
01:25:00,690 --> 01:25:04,430
We've never run into any issues on the existing property, but I haven't asked that question

1142
01:25:04,430 --> 01:25:05,270
at the city before.

1143
01:25:06,410 --> 01:25:07,370
I didn't do the math.

1144
01:25:07,590 --> 01:25:07,930
I apologize.

1145
01:25:08,210 --> 01:25:11,750
But what is the density that you would be looking for just for the apartments?

1146
01:25:13,070 --> 01:25:14,610
How many people per acre, basically?

1147
01:25:14,870 --> 01:25:15,530
Well, it's two.

1148
01:25:15,530 --> 01:25:16,630
I apologize.

1149
01:25:19,460 --> 01:25:22,940
It's 280 units, and it's probably four and a half acres.

1150
01:25:27,100 --> 01:25:29,020
50 something units, Breaker.

1151
01:25:30,900 --> 01:25:31,560
Thank you.

1152
01:25:36,680 --> 01:25:37,900
For now, I'll have some.

1153
01:25:38,900 --> 01:25:41,500
I do have a question for you.

1154
01:25:41,900 --> 01:25:45,540
When you started looking at reconstruction,

1155
01:25:46,420 --> 01:25:50,320
we're doing something with a center to enhance its viability.

1156
01:25:50,880 --> 01:25:53,340
What I'll turn to is did you look at beyond the apartments?

1157
01:25:55,480 --> 01:26:10,160
And we looked at quite a bit, so I mean, I'll tell you like from a hotel perspective, we looked at hotels and hotels were an opportunity, but I mean hotels is not going to make or break anything.

1158
01:26:10,920 --> 01:26:18,220
We looked at office, but office is, and one was suffering part of COVID now, and I mean nobody's going to touch office with the poll.

1159
01:26:19,140 --> 01:26:27,840
And so, really, the two hottest concepts are residential and industrial, and I was making

1160
01:26:27,840 --> 01:26:31,840
a leap of faith here, but I guess the show would not approve us putting up an industrial

1161
01:26:31,840 --> 01:26:34,100
building here and doing warehousing.

1162
01:26:35,340 --> 01:26:37,020
So, that left residential is all turned up.

1163
01:26:37,260 --> 01:26:41,840
So we did talk about different alternatives to residential, and that was brought up at the October

1164
01:26:41,840 --> 01:26:42,260
meeting.

1165
01:26:43,500 --> 01:26:47,560
And so, I mean, I really needed to further mark on that, because I was part of the conversation

1166
01:26:47,560 --> 01:26:54,820
was about the viability from like a town home concept would potentially work in under

1167
01:26:54,820 --> 01:27:00,380
right but it doesn't really move the needle because there are that many town homes that

1168
01:27:00,380 --> 01:27:04,240
can fit in there because it gets a lower density and then when you start looking at senior

1169
01:27:04,240 --> 01:27:10,820
housing and stuff like that then that's just not what Mark historically has done and

1170
01:27:10,820 --> 01:27:17,080
we wanted something of a higher quality that really brought a consumer that was going to

1171
01:27:17,780 --> 01:27:23,380
the best consumers or those that are really from, say, 15 to 40 and they are the ones that

1172
01:27:23,380 --> 01:27:27,320
spend the most money and so that's where the multifamily really aligns with that vision

1173
01:27:28,040 --> 01:27:34,100
and creates more viability for the shops. And so from a shops perspective, the multifamily

1174
01:27:34,100 --> 01:27:38,440
is the most ideal to bring that traffic to the shops and to the retailers and to drive

1175
01:27:38,440 --> 01:27:39,260
ourselves.

1176
01:27:43,670 --> 01:27:48,990
Said that the townhome aspect doesn't really move the needle. When you say it doesn't

1177
01:27:48,990 --> 01:27:55,650
move the needle in terms of profit for the organization or in terms of additional sales tax

1178
01:27:55,650 --> 01:27:58,470
revenues and foot traffic to the businesses.

1179
01:27:59,390 --> 01:28:05,110
Really, I'm talking about the foot traffic because when you have 280 apartments and one

1180
01:28:05,110 --> 01:28:11,090
and a half people per apartment, so I mean you're talking and what is that 420 people versus

1181
01:28:11,090 --> 01:28:16,990
town towns and I don't know if we even let anything out but you're talking 30 to 40 and that's

1182
01:28:16,990 --> 01:28:21,230
family oriented and so it's a consumer that's a little older may not spend as much

1183
01:28:21,230 --> 01:28:26,890
and so you're talking maybe a hundred people total so I mean that's sort of

1184
01:28:26,890 --> 01:28:30,230
the multi-family brings probably four times as many people but a lot more

1185
01:28:30,230 --> 01:28:38,170
spending power to yeah and this may be for you sir the complex the multiple

1186
01:28:38,170 --> 01:28:42,230
complexes you have on the ground at this this stage relatively new I believe

1187
01:28:42,230 --> 01:28:50,290
is what you said before, how often and what percentage of input do you give, what time

1188
01:28:50,290 --> 01:28:55,670
frame do you give for reinvestment in the buildings to keep them up to standard for the

1189
01:28:55,670 --> 01:29:01,450
community, keep them viable, keep them attractive, how often are you going to reinvest in

1190
01:29:01,450 --> 01:29:07,090
this complex to keep it attractive for people?

1191
01:29:07,090 --> 01:29:15,070
Yeah, I mean, it's absolutely an evolution, I mean, we work the sites, I work on a handful of

1192
01:29:15,070 --> 01:29:19,210
assets across the country at the same time, but this is probably my biggest commitment.

1193
01:29:19,650 --> 01:29:25,030
So this is essentially a full-time job for me to not just make sure we are attracting tenants

1194
01:29:25,030 --> 01:29:26,650
but maintaining the property.

1195
01:29:27,590 --> 01:29:31,750
I'm very happy and proud of the stop that's how we have today.

1196
01:29:31,750 --> 01:29:34,010
You know, of the four corners, you know,

1197
01:29:34,010 --> 01:29:35,610
we're the one with the brightest landscape,

1198
01:29:36,170 --> 01:29:37,830
you know, the freshest, you know,

1199
01:29:37,930 --> 01:29:40,570
feel in best, I mean, customer shopping experience.

1200
01:29:41,090 --> 01:29:44,070
That takes money and we are very proud to spend that

1201
01:29:44,070 --> 01:29:46,230
because we think that's the best shopping experience,

1202
01:29:46,470 --> 01:29:49,030
attracts the best customers, attracts the best tenants,

1203
01:29:49,690 --> 01:29:51,090
you know, attracts the most sales.

1204
01:29:51,930 --> 01:29:54,130
So it's something we are constantly looking at.

1205
01:29:54,810 --> 01:29:56,790
We go through a pretty rigorous, you know,

1206
01:29:56,830 --> 01:29:59,570
business-paying process, we identify, you know,

1207
01:29:59,570 --> 01:29:59,950
I mean...

1208
01:30:00,000 --> 01:30:08,580
We're spending capital for maintenance issues. You know, it's, you know, besides me, it's a huge team for

1209
01:30:08,580 --> 01:30:15,480
public and robbing here to identify that and over the course of less than a decade, it's been

1210
01:30:15,480 --> 01:30:22,940
tens of millions of dollars. So that's an ongoing commitment for us. And again, we operate quality

1211
01:30:22,940 --> 01:30:28,780
shopping centers. We operate quality real estate. You know, that's what our clients expect us to do.

1212
01:30:28,780 --> 01:30:31,040
And that's what they went on.

1213
01:30:31,340 --> 01:30:31,980
Thank you.

1214
01:30:32,140 --> 01:30:32,420
Mr. Hezler.

1215
01:30:33,040 --> 01:30:34,840
Yeah, I have one other comment.

1216
01:30:35,560 --> 01:30:39,060
And I'm sure Dan, representing our city's mayor, will say this.

1217
01:30:39,580 --> 01:30:42,120
But all of you that are out here, thank you for coming tonight.

1218
01:30:42,360 --> 01:30:47,040
I mean, you're concerned, you're care, you're belief in how

1219
01:30:47,040 --> 01:30:48,640
and villages is very big.

1220
01:30:49,060 --> 01:30:51,100
And I would say this to you, sir.

1221
01:30:52,000 --> 01:30:54,640
I think we're all going to want to.

1222
01:30:54,840 --> 01:30:56,740
And we all have a lot of vested interest here in how and how

1223
01:30:56,740 --> 01:31:02,240
But what are you going to do to win these people over because we are their voice

1224
01:31:02,240 --> 01:31:06,080
They support us, we support city and the city we love and we live in.

1225
01:31:06,300 --> 01:31:08,900
So really, these people out here are the ones that count.

1226
01:31:09,260 --> 01:31:11,460
These people are the ones that are here that have the concern.

1227
01:31:11,900 --> 01:31:21,160
So what are you guys going to do to make them feel comfortable with what you're going to propose in this change to this city?

1228
01:31:24,460 --> 01:31:26,420
I definitely appreciate everyone being here.

1229
01:31:26,420 --> 01:31:33,360
I'm sure everyone else on the lines and on the recording YouTube so thank you guys for making

1230
01:31:33,360 --> 01:31:39,410
the time. The key message here is you guys are in good hands. You know, we have a very

1231
01:31:40,640 --> 01:31:49,140
conservative, long time horizon owner that wants to make the right calls and is willing to put

1232
01:31:49,140 --> 01:31:56,340
in the work and dollars to make it happen. I think the key here is we're looking at a

1233
01:31:56,340 --> 01:32:00,940
a long time horizon, you know, we're talking about AMC, you know, but if everyone just

1234
01:32:00,940 --> 01:32:05,000
flushes back to one for a month ago, what we're all focused on completely different

1235
01:32:05,000 --> 01:32:11,760
landscape, you know, looking at the Joshua slides about where we were, you know, 2007,

1236
01:32:12,580 --> 01:32:15,720
2017, you know, there's a lot of progress that's happening.

1237
01:32:16,780 --> 01:32:24,620
These plans take a long time to develop, a lot of work for everyone here to make it happen.

1238
01:32:24,620 --> 01:32:31,180
So you guys are in good hands, we need time to go through this process, we're focused on delivering

1239
01:32:31,180 --> 01:32:39,000
the best results, and we have the capital in the partners, in the owner's investors to do that.

1240
01:32:39,680 --> 01:32:45,580
So you guys absolutely should trust us to get this done, but first and foremost, this is a retail

1241
01:32:45,580 --> 01:32:51,660
shopping center, and we are looking at this opportunity to help complement that. Future proof that,

1242
01:32:51,660 --> 01:32:57,580
And make us competitive versus where we see the rest of the market and national trends are happening.

1243
01:32:58,980 --> 01:33:02,740
That are going to make us be able to retain tenants attract new tenants.

1244
01:33:03,340 --> 01:33:06,100
And I will say, you know, we are having success.

1245
01:33:06,900 --> 01:33:09,500
But, you know, today's success might not be tomorrow's success.

1246
01:33:09,660 --> 01:33:13,720
So we need to be thinking more holistic about where this could go.

1247
01:33:14,000 --> 01:33:16,980
And, you know, I think this is really what we're trying to accomplish today.

1248
01:33:17,320 --> 01:33:18,780
So that's my message.

1249
01:33:21,940 --> 01:33:35,040
I've got additional question for you in the presentation, the leaving the AMC, you built, you

1250
01:33:35,040 --> 01:33:39,560
showed a drawing with the apartments on the east side of AMC.

1251
01:33:41,060 --> 01:33:46,020
Given the concerns of the citizens that they've already in October given and many of us have

1252
01:33:46,020 --> 01:34:03,260
beyond the traffic was the height of the building, as well as the view to the residents behind it and you showed a video of the drone, which appears to show no impact visually, right?

1253
01:34:03,920 --> 01:34:10,360
When you looked at the plan and you had the building on the east side of the AMC, there, that one.

1254
01:34:12,090 --> 01:34:17,830
And I'm assuming just by looking at it, it's a space configuration, more than anything else.

1255
01:34:18,690 --> 01:34:25,990
There's a pond on the west side behind the AMC and parking lot.

1256
01:34:27,450 --> 01:34:31,370
Why would you not try to configure it on that side to minimize the impact to your residents?

1257
01:34:33,730 --> 01:34:36,770
Yeah, I mean, we've explored a lot of options here.

1258
01:34:37,370 --> 01:34:42,090
Again, this is not something we've pulled together in a couple of weeks.

1259
01:34:42,190 --> 01:34:45,990
We've been studying this and even before Josh and the team have onboarded since our ownership,

1260
01:34:46,190 --> 01:34:51,850
we've worked at this and tried to pencil and think about what we could be doing with the pad

1261
01:34:51,850 --> 01:34:53,950
sites or other areas of the shopping center.

1262
01:34:55,430 --> 01:35:01,830
I think we have to look fundamentally at the economics and you have a very large open parcel

1263
01:35:01,830 --> 01:35:09,290
for parking from a logistics toll cost and to be able to actually deliver what we intend

1264
01:35:09,290 --> 01:35:13,170
to do with minimal impact and compliments.

1265
01:35:13,590 --> 01:35:17,730
These are very complex moving pieces of what we're trying to accomplish.

1266
01:35:18,470 --> 01:35:26,730
We think steering a single phase on the east side was the easiest path forward that accomplish

1267
01:35:26,730 --> 01:35:32,530
I think what we intended and in satisfied, you know, some of the questions and concerns

1268
01:35:32,530 --> 01:35:33,290
from the community.

1269
01:35:34,010 --> 01:35:34,290
So.

1270
01:35:34,550 --> 01:35:37,590
And a lot of the concerns from the community, obviously, were the traffic.

1271
01:35:38,790 --> 01:35:44,590
The, just, the lack of desire for apartments, and I know you've heard that before, given

1272
01:35:44,590 --> 01:35:50,150
the amount of land that's available, and I know that the AMC staying creates a different

1273
01:35:50,150 --> 01:35:51,390
challenge for you.

1274
01:35:51,710 --> 01:35:53,030
The initial plan is different.

1275
01:35:53,030 --> 01:35:59,370
You've cut the apartments back roughly in half, but in alternative to configuration, putting

1276
01:35:59,370 --> 01:36:06,210
apartments on the west side and adding additional retail shopping restaurants on the east side,

1277
01:36:06,790 --> 01:36:12,270
which gives the residents what they're looking for, more shopping opportunities, it minimizes

1278
01:36:12,270 --> 01:36:14,970
the apartments on the west side if you put it on that, obviously.

1279
01:36:15,850 --> 01:36:21,370
So, you're minimizing the impact overall, you're also minimizing the visual view from the

1280
01:36:21,370 --> 01:36:25,950
residents, if you're able to put it on the west side with a pond, you've got a road on the

1281
01:36:25,950 --> 01:36:30,070
west side, Chin Chapel, so you don't have an effect to your residents.

1282
01:36:31,050 --> 01:36:36,490
And those are the alternatives I was asking about before, not simply types of buildings,

1283
01:36:36,810 --> 01:36:40,250
types of structures, but there's so many ways you can figure this.

1284
01:36:40,250 --> 01:36:43,770
And I know it's a dollar, dollars, more than anything else.

1285
01:36:43,770 --> 01:36:53,810
But we built this corner when we put that in, our primary focus was for sales tax revenue.

1286
01:36:54,530 --> 01:36:59,130
We needed to increase the sales rate tax revenue in the city, and the only place we had

1287
01:36:59,130 --> 01:37:00,510
that was along 407.

1288
01:37:01,690 --> 01:37:09,570
You're asking us to reduce that possibility, and that have alarm tax, where the arguments

1289
01:37:09,570 --> 01:37:16,210
before we were heavily dependent upon property tax and we needed an alternative and that is

1290
01:37:16,210 --> 01:37:17,230
our sales tax revenue.

1291
01:37:17,890 --> 01:37:21,970
When I look at this, I think it's a beautiful development and I trust that you're going

1292
01:37:21,970 --> 01:37:28,630
to build it in a very high level standard, but you're still minimizing the sales tax revenue

1293
01:37:28,630 --> 01:37:35,330
to this community, which is asking our community to pay a little bit more in property tax

1294
01:37:35,330 --> 01:37:37,550
to maintain the services that we have.

1295
01:37:37,550 --> 01:37:44,430
So when this is configured, if there's any alternatives that can be looked at to maximize sales tax revenue,

1296
01:37:44,510 --> 01:37:47,630
I think it's more receptive overall in the community.

1297
01:37:48,410 --> 01:37:50,650
Yeah, and absolutely, I've echo that.

1298
01:37:51,350 --> 01:37:53,570
But we're fundamentally landlords, right?

1299
01:37:53,650 --> 01:37:55,130
We don't operate these businesses.

1300
01:37:56,330 --> 01:38:01,070
So when Josh and his teams are in the market, trying to find tenants and replacements,

1301
01:38:01,850 --> 01:38:04,490
we're kind of at the back and call for who's there.

1302
01:38:04,490 --> 01:38:11,090
we certainly will do what we can to be attractive and bring capital for them to make the investments

1303
01:38:11,090 --> 01:38:18,510
and take the space. But we have to consider as long-term holders what happens to AMC if they decide

1304
01:38:18,510 --> 01:38:25,730
to leave. In that case, there are producing any sales tax, right? So there are definitely risks

1305
01:38:25,730 --> 01:38:30,290
those deals. There's risks to do in development. And we're very focused on trying to get this

1306
01:38:30,290 --> 01:38:36,330
plan, right? I think fundamentally, again, this is a shopping center and we are very focused

1307
01:38:36,330 --> 01:38:41,930
on first serving our current tenants and attracting new tenants and increasing the sales

1308
01:38:41,930 --> 01:38:47,610
tax that this is not changed, you know, our mission. This is complimentary and we do think

1309
01:38:47,610 --> 01:38:53,610
because it is a vacant land right now, activating it and bringing these units online in the future

1310
01:38:53,610 --> 01:38:56,910
is the best path forward to collectively help everyone.

1311
01:38:58,330 --> 01:39:03,970
We have looked on the west side, but because of the density

1312
01:39:03,970 --> 01:39:05,970
in require a parking structure.

1313
01:39:07,210 --> 01:39:10,030
And essentially, asking tenants to be,

1314
01:39:11,210 --> 01:39:14,230
you have to walk all the way across the shopping center

1315
01:39:14,230 --> 01:39:19,330
to get a car if you're a resident from a flow perspective,

1316
01:39:19,990 --> 01:39:21,230
it wouldn't really be challenging

1317
01:39:21,230 --> 01:39:25,490
to build a structure, a parking structure, and the units.

1318
01:39:26,690 --> 01:39:30,930
It was a trade-off, and I think we struggle with that in our design process.

1319
01:39:31,890 --> 01:39:36,650
We just could not make the numbers pencil out to build on the west side,

1320
01:39:38,670 --> 01:39:42,330
and the number you could deliver on the east side,

1321
01:39:43,770 --> 01:39:45,690
and also prove that the path of least resistance.

1322
01:39:45,690 --> 01:39:57,450
So, and the building that is on that faces the southern piece of this land, first level,

1323
01:39:57,930 --> 01:39:59,830
every level before levels is all apartments.

1324
01:40:00,690 --> 01:40:08,370
The possibility of converting the first level along that entrance into the center to retail.

1325
01:40:08,890 --> 01:40:09,910
Has that been explored?

1326
01:40:10,170 --> 01:40:11,490
Yeah, we have to study that.

1327
01:40:12,230 --> 01:40:21,610
There's a possibility we could have first floor retail, you know, I think we have retail today and we probably have a little bit more than we want.

1328
01:40:22,150 --> 01:40:24,930
In terms of, you know, I think we're still some leasing we want to do.

1329
01:40:25,650 --> 01:40:31,070
But absolutely, you know, we're striving down in the lakeside and there's a lot of first floor retail and all that stuff is full.

1330
01:40:32,670 --> 01:40:38,610
So, you know, I think absolute brings those type of units, brings different kind of tenant and you know, something we would explore.

1331
01:40:38,610 --> 01:40:47,130
of the other complexes that you manage, what is your best way to ask you, what is your average vacancy rate?

1332
01:40:48,010 --> 01:40:53,230
I think in our full retail portfolio, we're about 94% least least.

1333
01:40:53,450 --> 01:40:54,250
Where are you here?

1334
01:40:54,650 --> 01:40:57,730
We are around 86-87.

1335
01:40:58,950 --> 01:41:00,730
This shopping center is a little unique.

1336
01:41:00,850 --> 01:41:08,410
We do have a second floor office, which, you know, office is probably the biggest prototype we're struggling with.

1337
01:41:10,210 --> 01:41:13,430
But this is still pretty well performing.

1338
01:41:14,190 --> 01:41:16,210
It's sort of two steps forward once that back,

1339
01:41:16,950 --> 01:41:19,450
for a long time in 2016 to 2018.

1340
01:41:20,950 --> 01:41:23,530
There are a lot of national bankruptcies that sort of

1341
01:41:23,530 --> 01:41:26,070
rippled through everything.

1342
01:41:27,630 --> 01:41:30,610
So the list example Joseph A. Bank was a national closure.

1343
01:41:30,810 --> 01:41:33,470
We didn't have any control. We tried to retain them.

1344
01:41:33,730 --> 01:41:35,990
That's kind of the challenge that Josh was talking about.

1345
01:41:35,990 --> 01:41:44,970
You know, so we definitely have some more to do on the leasing side, that includes the new concepts that are coming in later this year.

1346
01:41:45,790 --> 01:41:51,990
But on top of that, you know, there's a lot of temp tenants that were hoping to bring to permanent deals and sort of

1347
01:41:52,930 --> 01:41:57,590
incubate them to take permanent locations and grow their relationship.

1348
01:41:57,590 --> 01:42:04,590
So, we're absolutely, you know, on top of trying to stabilize the asset and make it the best it can be.

1349
01:42:05,550 --> 01:42:10,690
And honestly, it's short term pain for us, you know, because it's less dollars in our pocket,

1350
01:42:10,970 --> 01:42:14,630
but we're willing to meet that came in and try to, you know, shore it up.

1351
01:42:16,590 --> 01:42:17,290
Thank you.

1352
01:42:21,680 --> 01:42:22,660
What's the plan?

1353
01:42:22,880 --> 01:42:27,160
Let's say, let's say, things don't go out the way we want you want.

1354
01:42:28,240 --> 01:42:33,240
What is a backup plan or plan B? Is there even one in place or anything you can share?

1355
01:42:33,900 --> 01:42:43,860
You guys know what you're doing. So I know there's there's a potential backup. Does that change your outlook on the long term hold versus a short term hold?

1356
01:42:44,560 --> 01:42:49,720
Does he change? I mean, where would that go if things don't go out the way you want them to go?

1357
01:42:50,140 --> 01:42:52,780
Specifically for the development, you're just talking about retail.

1358
01:42:52,780 --> 01:43:06,220
No, no, no, no. Specifically for this development, what we're here for today. I mean, I know you can't predict everything and gosh, we couldn't predict what's going on right now, anyway, but if this doesn't go through to your liking, what's planned me.

1359
01:43:06,440 --> 01:43:15,580
Yeah, no. Again, the key of this raise the focus on the future of what we think adds value in attracts the most tenants.

1360
01:43:16,260 --> 01:43:24,660
We think those are key drivers to where we think competitive retail and really competitive real estate is going to be.

1361
01:43:24,980 --> 01:43:34,960
If you're not addressing the demand drivers for the product, you're going to fall behind up to less sense and you're going to see that in the performance.

1362
01:43:34,960 --> 01:43:44,380
right. So that said, we like the fun and I was a lot here. Our investor is really focused

1363
01:43:44,380 --> 01:43:50,640
on a long-term commitment. They've proven that. They've been here for almost 10 years. We've

1364
01:43:50,640 --> 01:43:56,640
see a path forward without this development just to be clear. And again, we have a great

1365
01:43:56,640 --> 01:44:04,940
working relationship with the city to make that happen. You know, we have a number of city

1366
01:44:04,940 --> 01:44:15,840
are employed many people on the site in, you know, I think we see really try to unlock the potential of the project.

1367
01:44:16,900 --> 01:44:20,440
I don't think this changes, you know, our decision to hold or sell.

1368
01:44:20,720 --> 01:44:24,800
You know, that's, we can't take a day-to-day, you know, mindset based on this.

1369
01:44:24,960 --> 01:44:31,360
We see this as a decision that needs to come ahead in the near term.

1370
01:44:32,260 --> 01:44:36,740
But, you know, we can be patient and work through that, you know, process, for sure.

1371
01:44:37,080 --> 01:44:50,140
You know, we just, we're essentially, you know, are allowing or requesting for some ability to, you know, be flexible in how this plan development was approached, you know, 15, 20 years ago.

1372
01:44:53,360 --> 01:44:59,480
And then I just had one last thought and that was, I understand the reason why

1373
01:44:59,480 --> 01:44:59,960
Thanks for watching, and I'll see you in the next video.

1374
01:45:00,000 --> 01:45:05,660
Moving into the west is tough, just because of the footprint you want to do a wrap around type situation.

1375
01:45:08,640 --> 01:45:14,040
Is there, and this is, I'm not here to redesign your project. I'm not an architect or an engineer.

1376
01:45:14,620 --> 01:45:24,960
But is there a thought to putting the parking garage at the back of the property so you don't have your residents overlooking other residents?

1377
01:45:24,960 --> 01:45:25,760
So it's just a garage.

1378
01:45:26,100 --> 01:45:29,280
And that might even be a garage without any openings on that end.

1379
01:45:29,740 --> 01:45:37,160
So that way there's a curtain wall with the foliage on it and whatever to help mask it.

1380
01:45:37,300 --> 01:45:42,300
But that would remove some of the issues that obviously are a problem here, and that is for

1381
01:45:42,300 --> 01:45:44,800
story homes looking into people's backyards.

1382
01:45:44,860 --> 01:45:46,920
And I know what the drone looks like and so forth.

1383
01:45:47,020 --> 01:45:47,760
I get it.

1384
01:45:47,980 --> 01:45:52,740
But just as a piece of mind type thing, is that even a way to shuffle that around?

1385
01:45:52,740 --> 01:46:00,540
It's study that and I think that where we see the design trends is, you know, it's more effective.

1386
01:46:01,040 --> 01:46:11,520
It's less obstructive, you know, terms of people's opinions on the project, if you're able to minimize the parking appearance.

1387
01:46:11,760 --> 01:46:16,340
So if you're able to hide that mask and I think Mark put the other a pretty thoughtful design package.

1388
01:46:16,700 --> 01:46:19,480
Again, this is months of studying alternatives.

1389
01:46:19,480 --> 01:46:29,420
And I understand why you want to do it that way and how it looks for your property, but the residents that live behind there are looking at a concrete wall from the movie theater and had been forever.

1390
01:46:30,340 --> 01:46:36,300
So it's not going to be that big of a deal to put a concrete wall right next to it the other way without people looking over into their yard.

1391
01:46:36,900 --> 01:46:37,220
Yeah, I know.

1392
01:46:37,420 --> 01:46:37,860
Yeah.

1393
01:46:40,740 --> 01:46:47,860
We also started to just point out the setback from the tree line that Mark pointed out.

1394
01:46:47,960 --> 01:46:51,340
You know, that was something we also started to make sure that we feel like we're giving

1395
01:46:51,340 --> 01:46:52,900
more than an ample enough space.

1396
01:46:53,220 --> 01:46:59,740
As far as we could take it, and you know, ultimately we did, you know, have to make a top decision

1397
01:46:59,740 --> 01:47:00,500
about sufferers.

1398
01:47:00,540 --> 01:47:02,620
You know, we talked about the sales tax issue.

1399
01:47:02,880 --> 01:47:06,920
You know, we don't like to lose the retail, and you know, I think we're trying to again

1400
01:47:06,920 --> 01:47:10,920
to deliver quality product, and sometimes it means, you know, taking some dollars out of

1401
01:47:10,920 --> 01:47:15,240
our pocket and making it happen, but that's what quality takes sometimes.

1402
01:47:18,100 --> 01:47:20,320
So, anybody else, Mr. Feather, you had some questions?

1403
01:47:20,500 --> 01:47:21,160
I think I should have.

1404
01:47:21,280 --> 01:47:23,740
I have a couple of questions for staff and fire.

1405
01:47:24,600 --> 01:47:28,720
So, I'll start with Mr. Chris, is there any reason to believe that the existing infrastructure

1406
01:47:28,720 --> 01:47:33,580
at this corner would need to be upgraded to service this, water and sewer, specifically,

1407
01:47:33,580 --> 01:47:38,500
Well, and I'll amidst storm because it's impervious now in being

1408
01:47:38,500 --> 01:47:42,140
impervious when it gets re-developed.

1409
01:47:42,180 --> 01:47:47,380
And if it does need to be upgraded, can you clarify who would bear that cost to upgrade those utilities?

1410
01:47:49,020 --> 01:47:57,080
Sure, we would work with the developer on application to review the existing infrastructure.

1411
01:47:57,080 --> 01:48:01,580
here. Right now it's built with additional capacity.

1412
01:48:05,920 --> 01:48:08,640
300 proposed units. You know, we'll look

1413
01:48:08,640 --> 01:48:13,780
at it. See what the flows would be and look for choke points in the existing system.

1414
01:48:14,940 --> 01:48:26,300
If we do find some, we would work with the developer to develop a plan to design and pay

1415
01:48:26,300 --> 01:48:27,040
for those upgrades.

1416
01:48:27,940 --> 01:48:29,340
By the developer, okay.

1417
01:48:29,960 --> 01:48:30,560
Thank you.

1418
01:48:31,040 --> 01:48:32,320
And then for the fire department,

1419
01:48:32,500 --> 01:48:33,600
Chief Collier, I'm sorry.

1420
01:48:34,280 --> 01:48:36,120
I'm just gonna call everybody, I'm just kidding.

1421
01:48:37,020 --> 01:48:38,340
It plays the B&Q.

1422
01:48:39,940 --> 01:48:42,320
Please get their apartment there, plan for those for that.

1423
01:48:44,980 --> 01:48:45,600
Thanks, Chief.

1424
01:48:46,160 --> 01:48:49,860
So I know fire was looking at this plan

1425
01:48:49,860 --> 01:48:50,920
with a four-store building.

1426
01:48:51,020 --> 01:48:54,460
I'm gonna say it's maybe 55, 65 tall on average

1427
01:48:55,040 --> 01:48:56,280
with our current fire department.

1428
01:48:56,280 --> 01:49:01,400
And I don't mean to integrate what anybody does, but with the equipment we have, is there

1429
01:49:01,400 --> 01:49:05,980
any reason to believe that we couldn't service this facility with our current equipment?

1430
01:49:06,580 --> 01:49:09,760
Currently, this facility, being in four stores, we will not be able to.

1431
01:49:10,040 --> 01:49:14,800
We will not be able to pull me additional more life-lane aerial traffic.

1432
01:49:15,160 --> 01:49:15,620
Lighter traffic.

1433
01:49:15,840 --> 01:49:16,140
Okay.

1434
01:49:16,400 --> 01:49:17,340
Can I follow a real quick?

1435
01:49:17,460 --> 01:49:17,620
Yeah.

1436
01:49:18,100 --> 01:49:24,240
That was a cheap given recent conversations with respect to mutual aid on EMS calls.

1437
01:49:25,060 --> 01:49:32,160
Do you have any experience or knowledge, like, for example, Lewisville with similar projects?

1438
01:49:33,740 --> 01:49:44,300
How frequent calls are for just an ambulance to multifamily versus regular single family?

1439
01:49:44,720 --> 01:49:50,940
And where I'm going is with this pressure that we're going to now experience because of the mutual aid situation.

1440
01:49:50,940 --> 01:49:56,900
And if you have an ambulance that's dispatched to the east side of the city, and then something

1441
01:49:56,900 --> 01:50:02,160
happens in a place like this on the far west side, what are we looking at in terms

1442
01:50:02,160 --> 01:50:06,060
of ability to respond, time to respond, risk to patient?

1443
01:50:12,080 --> 01:50:17,120
Looking, and I can only look at the district right now, the call load that the district provides

1444
01:50:17,120 --> 01:50:24,900
as far as the residential, it is that large event back, I mean we will make about 40 to 50

1445
01:50:24,900 --> 01:50:28,800
calls out there last year, so it's not that huge of impact.

1446
01:50:29,460 --> 01:50:35,980
As far as response time, I mean, it's, is any other calls to that area, if we're

1447
01:50:35,980 --> 01:50:39,480
on the other side of town or out, then you're going to have a delayed response, because

1448
01:50:39,480 --> 01:50:40,960
we only have one ambulance in town.

1449
01:50:41,140 --> 01:50:41,300
Right.

1450
01:50:41,560 --> 01:50:48,020
And we're looking at if we have to rely on fire mound in this case, it's going to be coming

1451
01:50:48,020 --> 01:50:48,940
from where.

1452
01:50:49,920 --> 01:51:00,560
But what they're telling them, currently right now, if it's in house, it's coming from, basically, the post office, where the post office is in farmhouse, off Morris.

1453
01:51:01,860 --> 01:51:11,140
And is that, I mean, what I'm hearing is that may not, that may change in the future that they may want to come for further out. Is that true?

1454
01:51:12,020 --> 01:51:15,640
They will have, I mean, as far as the farm out ahead and said, that they're going to

1455
01:51:15,640 --> 01:51:20,340
remove the animals anywhere, but there could potentially be one added out of farm

1456
01:51:20,340 --> 01:51:26,580
out on an extension for, which is on Bridalwood, at the country club, I don't know

1457
01:51:26,580 --> 01:51:31,780
exact address of it, but obviously it's a station of one in farm out on that's their

1458
01:51:31,780 --> 01:51:34,840
busy stem, so it's an utilization.

1459
01:51:36,040 --> 01:51:40,280
So our next medic comes out a little useful, which is their station of one, which

1460
01:51:40,280 --> 01:51:46,780
just by a little high school so that and that's both the two busy

1461
01:51:46,780 --> 01:51:50,500
examiners so potentially a significant impact on response times what we're going

1462
01:51:50,500 --> 01:51:55,120
sure okay the brighter with stations halfway between four seven and twenty four ninety

1463
01:51:55,120 --> 01:52:02,860
nine I'm sorry eleven seventy one yeah that's all I have for my part of

1464
01:52:02,860 --> 01:52:06,900
department any other questions anybody else otherwise I've got a handful

1465
01:52:10,300 --> 01:52:15,320
So I want to talk about the city a little bit and throw some facts out that I'm sure you

1466
01:52:15,320 --> 01:52:16,020
guys are aware of.

1467
01:52:16,120 --> 01:52:20,720
We're about five and a half square miles, about 16, almost 17,000 people were landlocked

1468
01:52:20,720 --> 01:52:22,980
by the lake and are neighbors to the south.

1469
01:52:23,620 --> 01:52:24,580
We don't have room to grow.

1470
01:52:24,920 --> 01:52:28,600
We're not urban, and some would say we're barely suburban.

1471
01:52:30,060 --> 01:52:35,460
So my question is, and it was kind of going to what Mr. Nelson was talking about.

1472
01:52:36,600 --> 01:52:44,160
When you look, most of your properties that you've shown in your presentation appear to be more urban-based or urban-centered,

1473
01:52:45,760 --> 01:52:51,100
so when you talk about the type of tenant that you're going to be trying to attract,

1474
01:52:52,120 --> 01:52:59,900
how accurate do you think your estimates are when you take into consideration

1475
01:52:59,900 --> 01:53:03,700
and we are literally not like anything else you've ever done.

1476
01:53:03,980 --> 01:53:08,760
Our community is not, I don't think there's a place where you've done something like this before.

1477
01:53:13,840 --> 01:53:14,980
To be honest, this is nicer.

1478
01:53:16,580 --> 01:53:18,080
This is a wonderful development.

1479
01:53:20,580 --> 01:53:22,080
There is such a demand.

1480
01:53:22,100 --> 01:53:26,840
I think you could put an apartment on the airport runway,

1481
01:53:27,780 --> 01:53:28,960
and it would fill up.

1482
01:53:29,160 --> 01:53:30,400
There is such a demand.

1483
01:53:30,640 --> 01:53:32,260
I mean, this is not.

1484
01:53:32,260 --> 01:53:38,940
not someplace that's hard to get to. I mean, you can get to employment centers pretty easy

1485
01:53:38,940 --> 01:53:46,040
from here. So this is in a stretch. Have we done anything exactly now? We haven't. Any property

1486
01:53:46,040 --> 01:53:53,060
that we go to, I mean, they're all different. But we are building retail. I mean, we're taking

1487
01:53:53,060 --> 01:54:01,100
down theaters. We're talking, that's a repeat myself. But there is a movement of mall developers

1488
01:54:01,100 --> 01:54:04,860
to redevelop existing malls with more multi-family.

1489
01:54:05,200 --> 01:54:05,860
I mean, that's a trend.

1490
01:54:06,400 --> 01:54:07,300
I mean, just a Google.

1491
01:54:07,560 --> 01:54:08,360
I mean, it's a trend.

1492
01:54:08,540 --> 01:54:09,380
It's what's going on.

1493
01:54:09,400 --> 01:54:10,340
I don't disagree with that.

1494
01:54:10,360 --> 01:54:11,380
You're bringing your shoppers.

1495
01:54:11,600 --> 01:54:13,500
But we haven't had anything.

1496
01:54:13,860 --> 01:54:15,640
Have we done something similar to this?

1497
01:54:16,380 --> 01:54:18,460
But have we developed in residential areas?

1498
01:54:19,660 --> 01:54:21,000
This far off the freeway?

1499
01:54:22,440 --> 01:54:24,680
I mean, we're not talking mild and mild,

1500
01:54:24,780 --> 01:54:27,180
but it's not right on the freeway, like, say,

1501
01:54:27,360 --> 01:54:28,280
Frisco is.

1502
01:54:28,720 --> 01:54:28,900
No.

1503
01:54:28,900 --> 01:54:32,940
And I know it's not, but yes, we have.

1504
01:54:33,540 --> 01:54:37,760
I mean, I live in an area called Pantavita Beach in Florida.

1505
01:54:38,680 --> 01:54:42,240
I live in Dallas, too, and it's 28,000 people,

1506
01:54:42,300 --> 01:54:44,800
and it's a very affluent beachside community.

1507
01:54:45,780 --> 01:54:48,360
And no one drives there, and I built some apartments there,

1508
01:54:48,360 --> 01:54:51,920
and they filled up, and it's very nice.

1509
01:54:53,080 --> 01:54:57,160
So people will, I think, what makes this site attractive

1510
01:54:57,160 --> 01:55:03,120
for an apartment developer, okay, we were asked to participate in this. I mean the owner

1511
01:55:03,120 --> 01:55:08,440
thought this would be what would be needed to take it into the next generation

1512
01:55:08,440 --> 01:55:16,220
and wherever the retail goes. So being invited to this group, Shawnee, the interview 10

1513
01:55:16,220 --> 01:55:21,180
groups, I mean national, you know, it's the who's who, and for whatever reason we were fortunate.

1514
01:55:22,100 --> 01:55:31,940
But I look at this and why once you want to come home here in travel, but when you come home

1515
01:55:31,940 --> 01:55:36,080
you have a beautiful place to live, I mean why wouldn't you do that?

1516
01:55:36,280 --> 01:55:42,060
Why wouldn't you drive an extra 510 miles because once you get there, example I live

1517
01:55:42,060 --> 01:55:46,920
at the beach, but I commuted 30 minutes because when I came home I was at the beach and

1518
01:55:46,920 --> 01:55:54,960
drive that. You got the same thing here, same situation here. Why do I want to live on 35 with

1519
01:55:54,960 --> 01:56:03,220
a highway there in the noise, where I can drive five minutes west and be in this community.

1520
01:56:04,380 --> 01:56:08,480
With a retail and I can go right downstairs, I can get a sandwich, I can get a drink, I can meet

1521
01:56:08,480 --> 01:56:16,020
some friends. It's a no-brainer. Whole foods right there. So it's not hard. I mean, we

1522
01:56:16,020 --> 01:56:21,940
want to be collectively betting 75 million that we hope they come.

1523
01:56:22,440 --> 01:56:30,460
Well, I guess we're always going. It was a different direction. Where my question is going is,

1524
01:56:30,460 --> 01:56:36,080
The Highly Village has always been a lakeside community, single family, lakeside community,

1525
01:56:38,760 --> 01:56:43,620
and whereas other places that you have developed, they've been communities that had room

1526
01:56:43,620 --> 01:56:51,140
to grow, room to accommodate multi-family and keep, I guess, a firewall, if you will, between

1527
01:56:51,140 --> 01:56:58,380
multi-family and single-family residential, and obviously given the outspoken nature of our residents

1528
01:56:58,380 --> 01:57:02,160
last October through the election season this spring,

1529
01:57:04,200 --> 01:57:06,320
it's still a really, really tough rock

1530
01:57:06,320 --> 01:57:11,320
to push up a really tall mountain, you know, I'm trying to, I'm trying to, how do you integrate

1531
01:57:11,320 --> 01:57:15,180
this project into what is an established culture in our city?

1532
01:57:16,280 --> 01:57:23,960
Well I think, it's a great question, I understand the issue, it's quite clear,

1533
01:57:26,080 --> 01:57:26,320
but the

1534
01:57:26,320 --> 01:57:31,580
It's four and a half million people that are coming here to the center.

1535
01:57:32,920 --> 01:57:35,060
You have 17,000 people here.

1536
01:57:35,820 --> 01:57:40,320
The majority of the people are coming from outside of Highland Village, and you know what?

1537
01:57:40,400 --> 01:57:41,140
They live in apartments.

1538
01:57:42,040 --> 01:57:46,140
So you have apartment people coming to Highland Village to shop.

1539
01:57:47,060 --> 01:57:50,000
And I'm sure there's a great cause that's what they do.

1540
01:57:50,020 --> 01:57:52,960
That's what apartment people do is they go out to eat.

1541
01:57:52,960 --> 01:57:59,820
So I bet you you're getting everyone from the neighboring communities, all the apartments coming

1542
01:57:59,820 --> 01:58:05,760
here, T. So the concern about apartments and maybe the profile of the tenants, you have

1543
01:58:05,760 --> 01:58:14,300
them here in the city's not burning down. So I think what we are proposing is to build something

1544
01:58:14,300 --> 01:58:20,680
better than what they have built. So I don't know that it still may not be receptive. I understand

1545
01:58:20,680 --> 01:58:29,160
that. But again, we were asked to participate in this with a goal. Okay, this is a beautiful

1546
01:58:29,160 --> 01:58:29,740
neighborhood.

1547
01:58:31,860 --> 01:58:36,320
So we have to build something nice. And we have to profile the people in the

1548
01:58:36,320 --> 01:58:42,080
rents and the amenities. We will have people similar to the residents here or the audience

1549
01:58:42,080 --> 01:58:47,020
here, we'll live in the apartments, maybe not specifically them, but people like them. They make

1550
01:58:47,020 --> 01:58:51,640
the same amount of money or more that want a quality of life.

1551
01:58:51,800 --> 01:58:53,660
I don't think we're going to overburden schools.

1552
01:58:53,880 --> 01:58:55,100
I mean, we're not building three bedrooms.

1553
01:58:56,700 --> 01:59:00,760
But we are building, we're building in opportunities,

1554
01:59:03,040 --> 01:59:06,600
we're building something right now, we're in McKinney.

1555
01:59:07,220 --> 01:59:10,660
We got a thousand units proposed and we have residential nearest.

1556
01:59:11,840 --> 01:59:14,240
So we're kind of getting ready to do that too.

1557
01:59:14,240 --> 01:59:17,740
So, but this is a special place.

1558
01:59:17,940 --> 01:59:23,100
We won't be here if it wasn't, and I understand the concerns, and it's up to the city

1559
01:59:23,100 --> 01:59:30,420
to decide that that fate, but I just want to say as Sean did, I mean, Sean representing

1560
01:59:30,420 --> 01:59:31,800
being the owner,

1561
01:59:34,160 --> 01:59:39,980
whether we do want another apartment here, that's where fine, but you have

1562
01:59:39,980 --> 01:59:47,020
wonderful partner here. I mean, hey, they're world-renowned. I mean, they are world-renowned.

1563
01:59:48,100 --> 01:59:53,820
And you have a tremendous partner here. Whether we do apartments here or not, I think I think

1564
01:59:53,820 --> 01:59:59,400
the city is fortunate because they do do a wonderful job in taking care of their assets.

1565
02:00:00,000 --> 02:00:15,180
If there's no purpose, they will continue to develop this and make it the best they can. I think the thought is, how do we take it to the next step and collectively, the industry is doing this. So I think they're just doing what the industry is doing.

1566
02:00:16,500 --> 02:00:23,320
So I'm going to ask some traffic related questions. The first set of questions are for you and then I think a couple for you.

1567
02:00:25,620 --> 02:00:32,880
How many spaces, parking spaces are currently located on the site that you're...

1568
02:00:32,880 --> 02:00:34,660
I think there's 440.

1569
02:00:35,540 --> 02:00:38,660
Okay, so 400 will take your numbers as gospel.

1570
02:00:39,840 --> 02:00:40,640
I'll do that one now.

1571
02:00:40,660 --> 02:00:42,220
It should be real close gospel.

1572
02:00:43,340 --> 02:00:48,120
And then if you build how many external spaces,

1573
02:00:48,320 --> 02:00:50,580
spaces outside the parking garage would be left.

1574
02:00:51,160 --> 02:00:54,540
So I think it's on the south side that I see some that would be that would remain.

1575
02:00:54,740 --> 02:00:56,560
Do you have any idea how many of those would be?

1576
02:00:57,160 --> 02:00:58,920
And I would be the north side.

1577
02:00:59,080 --> 02:01:00,860
North side I'm sorry.

1578
02:01:00,900 --> 02:01:03,540
I have all these numbers in my head.

1579
02:01:14,750 --> 02:01:15,330
I was right.

1580
02:01:15,990 --> 02:01:16,430
440.

1581
02:01:17,030 --> 02:01:18,790
All right.

1582
02:01:21,010 --> 02:01:24,150
Right now, what we're going to be doing is we're providing.

1583
02:01:24,150 --> 02:01:26,490
We're going to provide six hundred eighty-one spaces.

1584
02:01:27,550 --> 02:01:30,210
the majority, which would be resident only space.

1585
02:01:30,230 --> 02:01:36,410
The 420 of the residential, so we'll have 261 spaces available for the retail.

1586
02:01:36,730 --> 02:01:42,410
First is the 440, but you still have the retail spaces behind the center.

1587
02:01:43,030 --> 02:01:45,290
Does that have two hundred and sixty for retail?

1588
02:01:45,770 --> 02:01:46,430
I think that would.

1589
02:01:46,430 --> 02:01:47,350
Number 261.

1590
02:01:47,990 --> 02:01:51,390
Does that include those the line of spaces on the north side?

1591
02:01:51,630 --> 02:01:51,950
Yes.

1592
02:01:51,950 --> 02:01:57,090
Okay, so it's a net loss of approximately 200 parking spaces for retail.

1593
02:01:57,690 --> 02:01:58,190
Yes, 180.

1594
02:02:01,730 --> 02:02:02,650
And in terms of-

1595
02:02:02,650 --> 02:02:04,730
Well, one thing we're doing, excuse me, one second.

1596
02:02:05,310 --> 02:02:10,410
One thing we're doing, mayors were presuming snuffers move away,

1597
02:02:10,410 --> 02:02:11,850
and they would probably take somewhere.

1598
02:02:13,330 --> 02:02:15,770
If you did 10, they'll probably somewhere around 60 or so.

1599
02:02:15,770 --> 02:02:19,110
So we're 180 to let 60, so about 120 sure.

1600
02:02:19,890 --> 02:02:24,430
And you're talking, we're talking about 260 units in the complex.

1601
02:02:24,990 --> 02:02:25,410
I'm sorry.

1602
02:02:29,990 --> 02:02:34,010
I'm guessing at 1.5 people per unit.

1603
02:02:34,270 --> 02:02:37,190
You're looking at somewhere between 300, 350 cars.

1604
02:02:37,330 --> 02:02:39,330
It would be residential cars.

1605
02:02:40,370 --> 02:02:41,570
That would be at that be a safe guess.

1606
02:02:42,190 --> 02:02:42,910
In the garage.

1607
02:02:43,230 --> 02:02:44,950
Well, there would be 420.

1608
02:02:45,390 --> 02:02:45,770
420.

1609
02:02:48,090 --> 02:02:54,690
Have you done any, do you have any data that shows, and I know this is, this is hard in the time we're living in right now?

1610
02:02:55,410 --> 02:03:03,290
Any data that shows the trends on going forward of people teleworking versus return to work?

1611
02:03:04,710 --> 02:03:14,570
Well, they absolutely are, and the trend is, I know we have, maybe a parking expert here, the trend is to less parking for residential and then to the co-parking.

1612
02:03:14,570 --> 02:03:17,070
We haven't done a parking study on it.

1613
02:03:17,070 --> 02:03:19,610
I'm not talking about parking now, I'm talking about the people.

1614
02:03:19,810 --> 02:03:23,950
How many of these do you not have any projections on how many people will be able to stay

1615
02:03:23,950 --> 02:03:28,190
home and work versus people that will still have to at some point return to an office and

1616
02:03:28,190 --> 02:03:28,550
be traveling?

1617
02:03:29,010 --> 02:03:30,450
Well, I think they have different,

1618
02:03:33,170 --> 02:03:37,390
I would say the majority of the people are staying home

1619
02:03:37,390 --> 02:03:39,370
at least one day, the majority.

1620
02:03:40,610 --> 02:03:51,360
I would say, you know, we're probably 20% work from home and what we're doing is we're expanding

1621
02:03:51,360 --> 02:03:52,580
our co-work space.

1622
02:03:53,620 --> 02:04:00,220
So we started with the typical, we have a little office with a booth and three computers

1623
02:04:00,220 --> 02:04:01,260
and that was it.

1624
02:04:02,160 --> 02:04:06,940
I mean, now we're going to like 1500 square feet, I mean, that's size this auditory.

1625
02:04:06,940 --> 02:04:12,480
And we're putting conference rooms and podcasts and open areas.

1626
02:04:12,700 --> 02:04:18,600
So we are developing and expanding our co-work space so people can work here.

1627
02:04:19,660 --> 02:04:22,120
And the inventories you put, I mean we're putting Java bars.

1628
02:04:22,280 --> 02:04:26,820
I mean we're making it really convenient for everyone to stay home.

1629
02:04:27,220 --> 02:04:31,420
So the mayor I don't have, I don't have any facts.

1630
02:04:31,600 --> 02:04:34,820
I just know that we are building larger co-work space.

1631
02:04:34,820 --> 02:04:41,540
they're selling them up, we're making a bigger, I would say minimum 20 percent, but I would say

1632
02:04:41,540 --> 02:04:48,060
probably close to 80 to 90 percent or stay in home at least one day. And at the 288 units at

1633
02:04:48,060 --> 02:04:57,640
1.5 per unit that turns out to be how many total people living there? 420? I'm sorry, it's

1634
02:04:57,640 --> 02:04:58,340
Yeah, 420.

1635
02:04:58,900 --> 02:04:59,380
420.

1636
02:05:01,680 --> 02:05:03,160
80% of that.

1637
02:05:03,380 --> 02:05:07,820
I'm not sure what that number comes out to, so this is where I'm going to probably start

1638
02:05:07,820 --> 02:05:08,840
there.

1639
02:05:09,160 --> 02:05:09,880
Well, I would say there.

1640
02:05:10,240 --> 02:05:12,080
I mean, the numbers were throwing out her guesses.

1641
02:05:12,080 --> 02:05:12,580
I understand.

1642
02:05:12,700 --> 02:05:19,460
So they're not factual, but the trend is absolutely going where more people are working remotely.

1643
02:05:19,660 --> 02:05:20,040
Absolutely.

1644
02:05:20,920 --> 02:05:23,660
So where I'm going is the traffic study.

1645
02:05:23,660 --> 02:05:27,860
I know that was a big point of discussion back in October.

1646
02:05:28,680 --> 02:05:33,300
I think it's safe to say it would be a big point of discussion coming out of this meeting as well.

1647
02:05:34,420 --> 02:05:37,500
And I've got to admit, I'm a skeptic of what the projection show.

1648
02:05:37,860 --> 02:05:45,420
If we're talking about 80% of your residents are still going to be commuting at least,

1649
02:05:45,420 --> 02:05:49,000
you know, one, if not three or four days a week or even five,

1650
02:05:50,040 --> 02:06:05,340
I'm questioning how that only adds 1% to the traffic numbers, added intersection that is already our busiest and most dangerous intersection, and that's not going to change anytime soon.

1651
02:06:05,340 --> 02:06:18,400
Sure, so I'll start by saying the work from home, all that, it's so fluid right now that none of the traffic projections that we're doing account for any of that.

1652
02:06:18,580 --> 02:06:26,260
The IT that I mentioned, the Institute of Traffic Engineers that provides these data that we use, it's not updated.

1653
02:06:26,260 --> 02:06:33,360
right so we're we're still living in the average person is commuting to it from every day so

1654
02:06:33,360 --> 02:06:40,540
start with that also say that one thing that is unique about this development that has been

1655
02:06:40,540 --> 02:06:49,420
talked about a lot tonight is specifically in the PM or weekends what have you there's going to

1656
02:06:49,420 --> 02:06:57,260
trips that are taken by the development, right? Instead of me driving a half mile a mile

1657
02:06:57,260 --> 02:07:01,800
to down the road, I'll just go to the grocery store on-site. I'll just walk there.

1658
02:07:01,960 --> 02:07:08,560
So there's some trips that are taken in by the development. That is factored in. That is an

1659
02:07:08,560 --> 02:07:18,760
IT-E standard. That is described in the report. The reason that the PM peak is only a slide

1660
02:07:18,760 --> 02:07:26,520
increase is because, you know, hold the tomatoes at me for this one. But retail is a higher

1661
02:07:26,520 --> 02:07:33,320
traffic generator than multi-family. That's what the data shows. That's what we use across

1662
02:07:33,320 --> 02:07:38,720
the board across the country. Those retail trips are happening in the evening. Right? People

1663
02:07:38,720 --> 02:07:47,480
are going to snuffers in the evening. So we're competing with what we're recognizing as retail

1664
02:07:47,480 --> 02:07:51,220
traffic in the evening when we're comparing existing to

1665
02:07:51,220 --> 02:07:55,720
proposed. That's why you see the morning going up and

1666
02:07:55,720 --> 02:08:00,320
again to address the 80% of the 420.

1667
02:08:02,560 --> 02:08:03,940
Not everyone leaves the same

1668
02:08:03,940 --> 02:08:08,020
time. That's why we study these over hours. That's why we studied

1669
02:08:08,020 --> 02:08:11,620
this one over the whole day. That's why we do the projections as we

1670
02:08:11,620 --> 02:08:15,740
do them because there's mornings when I leave the house at 630 to get

1671
02:08:15,740 --> 02:08:18,620
to the office, there's mornings where my daughter

1672
02:08:18,620 --> 02:08:20,380
caused me to leave the house at 9 a.m.

1673
02:08:20,820 --> 02:08:24,480
So, I think we're all leaving, we're all doing things

1674
02:08:24,480 --> 02:08:26,580
at various hours throughout the day,

1675
02:08:26,760 --> 02:08:29,180
and we have to take that into account

1676
02:08:29,180 --> 02:08:30,760
when we're doing these projections as well.

1677
02:08:31,220 --> 02:08:32,900
Dan, I actually, with the stay at home model,

1678
02:08:32,940 --> 02:08:36,280
actually, the traffic at the peak times is probably less,

1679
02:08:36,380 --> 02:08:38,280
and it would be, if everybody went to work,

1680
02:08:39,040 --> 02:08:41,920
because at 9 o'clock or 830 people are sitting there

1681
02:08:41,920 --> 02:08:49,040
in their jammies and cooking coffee in their kitchen rather than in their car going to work.

1682
02:08:49,260 --> 02:08:49,800
I'll get to that.

1683
02:08:49,800 --> 02:08:52,760
And that'll fluctuate because we won't be this way forever.

1684
02:08:53,180 --> 02:08:53,840
I get that.

1685
02:08:54,320 --> 02:08:58,120
I'm looking at it from the perspective of it and this conversation that we're having

1686
02:08:58,120 --> 02:09:03,020
in other parts of city business that this is a traffic wise.

1687
02:09:03,020 --> 02:09:04,140
It's a terrible location.

1688
02:09:05,040 --> 02:09:08,300
And there's very little we can do about it to make it better, at least at this point.

1689
02:09:08,300 --> 02:09:16,800
I think that's all I had for now.

1690
02:09:17,660 --> 02:09:18,380
Anybody else have anything?

1691
02:09:18,740 --> 02:09:20,720
Plainz, you know, follow-up, sorry.

1692
02:09:20,860 --> 02:09:21,700
I don't like that.

1693
02:09:23,720 --> 02:09:24,080
I wish I know.

1694
02:09:24,640 --> 02:09:25,020
Oh, there you go.

1695
02:09:26,180 --> 02:09:26,540
Go ahead.

1696
02:09:26,900 --> 02:09:27,500
Go ahead.

1697
02:09:28,480 --> 02:09:30,740
So I kind of have a thought here.

1698
02:09:31,640 --> 02:09:35,380
Maybe maybe just to simplify it in my mind.

1699
02:09:35,720 --> 02:09:38,480
And maybe for some of the people sitting here and watching.

1700
02:09:38,480 --> 02:09:45,700
Well, last two years, what have you guys been in?

1701
02:09:45,920 --> 02:09:53,000
I've already lost for, you know, say it on the 2020, 2021.

1702
02:09:53,860 --> 02:09:56,540
What did that look like if you feel like sharing?

1703
02:09:57,520 --> 02:10:00,780
Yeah, we did make money.

1704
02:10:02,720 --> 02:10:11,540
our revenues were down something like 40%, it was really difficult for retailers and

1705
02:10:11,540 --> 02:10:16,800
you know that meant sometimes we weren't able to pay rent that month but we did work

1706
02:10:16,800 --> 02:10:24,660
with everyone and we got through it so yeah it could have been really bad but we got through

1707
02:10:24,660 --> 02:10:25,400
it.

1708
02:10:25,400 --> 02:10:34,660
is this building, you know, bringing people closer to retail is really that versus like building

1709
02:10:34,660 --> 02:10:42,820
more shop. Is this more of a, you guys having the ability to track, get in pieces from

1710
02:10:42,820 --> 02:10:48,580
certain type of tenants, where there's apartments already there versus, I mean, is the issue

1711
02:10:48,580 --> 02:10:55,280
here, you know, you build some apartments and get more foot traffic, like obviously instantly

1712
02:10:55,280 --> 02:11:01,340
right? They're there. Versus like the the the organic development that's going around in all the

1713
02:11:01,340 --> 02:11:09,340
different you know cities around highland village whether it's apartments or homes. What's the

1714
02:11:09,340 --> 02:11:14,460
thought is it is it when you put in apartment there's it's easier to maybe attract some of this you're

1715
02:11:14,460 --> 02:11:20,000
talking about future proofing some of the different retail that you're looking in bringing. Is that really

1716
02:11:20,000 --> 02:11:28,940
Just hey, you build this put $75 million in, and is the issue attracting retail, Thailand village?

1717
02:11:29,780 --> 02:11:35,340
Yeah, I feel like that's like a Dallas way, right, Jerry Jones, he put money in and people shut up to the games.

1718
02:11:36,700 --> 02:11:38,980
No, absolutely, there's a couple of layers to that, right?

1719
02:11:40,300 --> 02:11:45,340
So, at a fundamental level, what we're trying to accomplish with this is satisfying the current tenants.

1720
02:11:45,340 --> 02:11:52,580
feedback which is bringing blood to the seats and increasing daily foot traffic, increase

1721
02:11:52,580 --> 02:11:59,100
knock and so on. So we think this does accomplish that. Without a doubt, this area has

1722
02:11:59,100 --> 02:12:05,360
grown significantly. I totally get the growing pains to the community. We are thinking for

1723
02:12:05,360 --> 02:12:11,520
this site, though, is a lot of a term plan and maximizing the utility, I think, other shops.

1724
02:12:12,280 --> 02:12:17,120
Whole Foods, we own in the shopping center, and I think during COVID, there's sales when

1725
02:12:17,120 --> 02:12:24,200
up, something like 30%, that's, in my opinion, the reason behind that is the growth

1726
02:12:24,200 --> 02:12:29,980
we're seeing around the communities, people shopping, ordering delivery, you know, that's

1727
02:12:29,980 --> 02:12:36,400
definitely happening, but there's so much more for the center to go, based on our total retail

1728
02:12:36,400 --> 02:12:41,120
portfolio and looking at metrics for a healthy shopping center.

1729
02:12:41,720 --> 02:12:46,340
That's why we need to put a money where I'm not this and help them.

1730
02:12:47,380 --> 02:12:51,820
Without a doubt, you throw a big project like this and make a splash.

1731
02:12:53,280 --> 02:12:55,220
I think the gut reaction is we don't need that.

1732
02:12:55,700 --> 02:13:01,300
But it does attract tenants to know that you have a landlord and operator and owner

1733
02:13:02,120 --> 02:13:04,780
that are going to take care of the center.

1734
02:13:04,780 --> 02:13:07,580
You know, the retailers are making significant commitments,

1735
02:13:07,840 --> 02:13:09,860
these least to sometimes, or 10, 20 years.

1736
02:13:11,460 --> 02:13:14,580
You know, you have a handshake agreement with AMC,

1737
02:13:14,660 --> 02:13:15,860
is that just a year extension?

1738
02:13:17,540 --> 02:13:18,900
I will say that's not done yet.

1739
02:13:19,140 --> 02:13:22,040
Okay, and the world is increasing.

1740
02:13:22,040 --> 02:13:24,020
It's not a multi-year extension.

1741
02:13:24,080 --> 02:13:25,800
It would be a multi-year extension.

1742
02:13:27,100 --> 02:13:29,540
But again, it's not done and, you know,

1743
02:13:30,000 --> 02:13:31,840
we'll try to do our best to get that done.

1744
02:13:31,840 --> 02:13:41,600
And is this in response to, if the AMC were to go away tomorrow, what's that impact on the shops and you guys?

1745
02:13:42,040 --> 02:13:45,920
Yeah, so I mean, and I'm talking about just money, right?

1746
02:13:46,900 --> 02:13:48,260
Like, what would that impact look like?

1747
02:13:48,460 --> 02:13:56,220
Yeah, I'm not sure we can disclose economics of that particular deal, but it would be over a million dollars in impact.

1748
02:13:58,120 --> 02:14:10,420
AIMC is our anchor, you know, it was developed and intent to drive a sniffing amount of the foot traffic and, you know, sort of shore up the tendency around there.

1749
02:14:10,600 --> 02:14:24,600
There are a lot of restaurants in that area. We have Mount Fuji, you know, Seoul Creek, Rockfish, which I'll get to in a second, you know, there's probably five or six restaurants there.

1750
02:14:25,260 --> 02:14:40,780
You know, dying in a movie that's pretty classic, but you know, it's not all, it's not all great, I mean we just found out in past couple months, right Josh, that one of our strengths is going to be closing in the next couple months.

1751
02:14:42,020 --> 02:14:52,460
So, you know, for theories we back in, like Josh was saying, you know, really successful first half of the year, you know, we can be doing more and we're trying to do more, we're trying to play off and say,

1752
02:14:54,620 --> 02:14:59,480
So what is plan B if something happens to MC if they don't renew the lease?

1753
02:14:59,480 --> 02:14:59,960
I know that.

1754
02:15:00,000 --> 02:15:10,020
But originally, a year ago, the thought was that AMC would not survive, so therefore there was a phase 1 and a phase 2, if by chance AMC does not renew their lease or if something happens, what does plan be?

1755
02:15:10,540 --> 02:15:14,320
Yeah, I mean, best case scenario is AMC stays on the path, right?

1756
02:15:14,440 --> 02:15:18,900
Worst case scenario. The backup plan would be to try to find a backfill.

1757
02:15:19,460 --> 02:15:25,240
You know, I think the, like, Josh was saying, look at the box office, the year volumes down.

1758
02:15:25,240 --> 02:15:28,920
It's not very encouraging for new operators to take new space.

1759
02:15:29,320 --> 02:15:31,980
That's kind of the challenge of the industry right now.

1760
02:15:32,960 --> 02:15:34,500
And again, this is a big footprint.

1761
02:15:35,520 --> 02:15:38,680
You need to kind of find it back a operator for it to make sense.

1762
02:15:39,300 --> 02:15:46,480
Alternatively, you are reconditioning that space, putting several million dollars into that.

1763
02:15:46,980 --> 02:15:50,480
It would essentially require a full demo if not scripted the building.

1764
02:15:51,940 --> 02:15:57,640
It's very rare to find that size of tenant, you know, and you're talking about a community

1765
02:15:57,640 --> 02:15:58,940
of 17,000 people,

1766
02:16:01,100 --> 02:16:05,000
you know, that's like, you know, we see that cross street with the

1767
02:16:05,000 --> 02:16:10,300
wallmarks and, you know, those big blocks were just difficult to lease, so you're talking

1768
02:16:10,300 --> 02:16:16,220
about time, you're talking about millions of dollars extra money into that, and you're kind

1769
02:16:16,220 --> 02:16:22,120
not really addressing, so what we're focused on, which is trying to deliver impact the current

1770
02:16:22,120 --> 02:16:27,660
tenants. So, absolutely, if we get that back, we will do what we need to do. That's our client

1771
02:16:27,660 --> 02:16:34,380
expects us to do. And, you know, Josh and Team will do something at that done. But, you know,

1772
02:16:34,440 --> 02:16:39,980
we need to absolutely consider the possibilities that AMC does not happen, or three, four,

1773
02:16:40,160 --> 02:16:44,540
ten years down the road. They decide, you know, they don't want to be in the business anymore.

1774
02:16:45,260 --> 02:16:49,540
It's just pretty business, so yeah.

1775
02:16:52,880 --> 02:16:57,180
You mentioned a restaurant going out of business, are you able to say which one that is?

1776
02:16:57,480 --> 02:16:59,540
I don't think I will at this time.

1777
02:17:00,800 --> 02:17:02,340
One last question, one last question.

1778
02:17:03,140 --> 02:17:13,940
Based on the construction timelines, we're going to assume that there's going to be quite a bit of a overlap between text.construction on 407 to 2499 along with construction of the building itself.

1779
02:17:13,940 --> 02:17:23,420
I think piece on timing, it seems like that project scope will be a little bit ahead of where our development plans would be.

1780
02:17:24,280 --> 02:17:33,620
Absolutely, you know, the time lines are pretty close in sync, but I look at that as a partnership to work with them to try to make sure we're not making issue worse.

1781
02:17:33,620 --> 02:17:43,440
You know, the fact when that does get cleared up, you know, I think it gives us more flexibility to actually get off the ground there too.

1782
02:17:44,340 --> 02:17:46,620
So, yeah, we can be flexible with timeline.

1783
02:17:47,100 --> 02:17:47,420
For sure.

1784
02:17:47,840 --> 02:17:49,060
My final two comments.

1785
02:17:50,860 --> 02:17:59,300
One, you AMC, and I don't want to go down this rabbit hole, and I'm not opening this up for any rabbit hole that I'm about to sound like I'm going down.

1786
02:17:59,300 --> 02:18:01,180
AMC is a major big problem.

1787
02:18:01,460 --> 02:18:03,880
Boarder books is more of what you need to worry about.

1788
02:18:04,040 --> 02:18:06,420
Massive score footage, people by books online.

1789
02:18:06,940 --> 02:18:10,300
So that's not your only challenge that you're facing in the future, but we don't have

1790
02:18:10,300 --> 02:18:10,940
to go there.

1791
02:18:11,300 --> 02:18:15,520
But my comment, and I want to make it very clear when I make this comment that this comment

1792
02:18:15,520 --> 02:18:20,460
does not echo any support for or against what I'm about to say.

1793
02:18:20,460 --> 02:18:27,640
but Jared to your comment about the apartments driving retail.

1794
02:18:30,140 --> 02:18:36,060
Without disclosing, there's a pre-successful shop concept

1795
02:18:36,060 --> 02:18:39,160
that's a couple of towns over to the west

1796
02:18:39,540 --> 02:18:42,580
that I've been involved in from a banking perspective

1797
02:18:42,580 --> 02:18:44,460
that has to the west.

1798
02:18:44,720 --> 02:18:47,760
I'm sure your wife goes over there every now and then.

1799
02:18:47,760 --> 02:18:55,600
That does have a multi-family concept attached to it, and I can tell you for fact that it does drive retail.

1800
02:18:56,140 --> 02:19:03,440
It retail, the more established the names, they look at the demographics, they look at the surrounding areas.

1801
02:19:03,940 --> 02:19:10,180
And when they see multi-family, any type of multi-family sitting there, it's like it's gold money.

1802
02:19:10,940 --> 02:19:15,860
Now that doesn't mean that I support this, not one bit, but that is a proven fact.

1803
02:19:15,860 --> 02:19:18,800
So, anyway, that, I'm done.

1804
02:19:19,900 --> 02:19:21,760
Okay, last, last call, any other questions?

1805
02:19:22,900 --> 02:19:22,960
Everything.

1806
02:19:24,480 --> 02:19:25,100
Thank you.

1807
02:19:25,340 --> 02:19:29,620
Thank you for coming and answering questions in your presentation to our residents.

1808
02:19:29,840 --> 02:19:33,540
Thank you for coming and being good listeners.

1809
02:19:33,840 --> 02:19:35,160
This is in my opinion.

1810
02:19:35,340 --> 02:19:40,120
This is a much better representation of what our city is about than what we saw in October.

1811
02:19:40,820 --> 02:19:43,780
I really appreciate everybody listening closely and intently.

1812
02:19:44,260 --> 02:19:53,040
And I'm sure we're going to have a lot of discussions this month forward and I want to emphasize there is a process for this, assuming that they decide to move forward.

1813
02:19:53,200 --> 02:19:58,100
They will have to submit an application for a zoning change first, that has a process that goes through.

1814
02:19:58,360 --> 02:20:01,200
Then there is a process, if that were approved, it has to happen.

1815
02:20:01,320 --> 02:20:03,060
It's could take a long time.

1816
02:20:03,380 --> 02:20:04,660
I would ask everybody to be patient.

1817
02:20:05,220 --> 02:20:06,320
Let the process work.

1818
02:20:06,680 --> 02:20:08,820
Let City staff who do a fantastic job.

1819
02:20:09,700 --> 02:20:10,800
Let them do their job.

1820
02:20:10,800 --> 02:20:13,900
And, you know, whatever happens will happen.

1821
02:20:14,400 --> 02:20:16,240
I don't want to make any predictions or anything like that,

1822
02:20:16,820 --> 02:20:22,600
but I just ask a we all be patient

1823
02:20:22,600 --> 02:20:24,300
and whatever's right we'll prevail.

1824
02:20:25,000 --> 02:20:25,700
But thank you.

1825
02:20:25,920 --> 02:20:26,740
That concludes our meeting.

1826
02:20:26,940 --> 02:20:27,580
We are now adjourned.