Park and Market

By: Blake Sonuga
January 3, 2019, 11:00pm PST.

Development Profile:
Project name: Park and Market
Project address:  601 11th Avenue (Tower)
660 Park Boulevard (Office low-rise)

Owner/Developer: Holland Partner Group
Downtown neighborhood: East Village
Market: Mixed-use development (Multifamily residential and commercial)

Building specifications and figures:
Current status: Under Construction.
34 story high-rise. (370 ft.)
426 residential units. (85 affordable rental units)
5600 sq ft. amenity space, green space, swimming pool.
8500 sq ft. movie courtyard, linear amphitheater, and outdoor venue space.
14,600 sq. ft. of street-level commercial space.
LEED certification: Pending.

Project financing structure
$277 MM
total cost to develop.
Capital source for construction:
Tax-exempt bonds: $216,500,000|78%
NASH/Holland equity: $60,950,000|22%
Capital source upon completion:
Tax-exempt bonds: $216,500,000|78%
Low income housing credits: $16,794,000|6.1%
Sales proceeds from office space $37,359,000|13.5%
NASH/Holland equity: $6,797,000|2.4%

Economic Impact:
Approximately 600 construction jobs and 185 permanent jobs created.
Downtown public facilities financing plan: $4,000,000 development impact fees. Funding share for new parks, fire station, and traffic circulation improvement in Downtown.
Annual gross property and sales tax generation of $550,000

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