Nyack, Nov 30 (updated) — The Superblock Feasibility findings will be presented to the public at a meeting tonight (11/30) in the Nyack Center at 7p.
The consultants will provide a pro forma financial review of each plan focusing on the three most viable scenarios. It’s expected that HR&A will recommend the village create a “request for interest” document to determine if there are developers who are open to investing in a project with a likely 12 percent return on investment.
- Develop Only Publicly Owned Land
- Renovate Riverspace into Multiplex Cinema
- Arts and Media Incubator
- 300 Seat Black Box Theater
- 1000 Seat Regional Roadhouse
The consultants will also discuss sources of “gap funding” from private or government sources to complete construction. HR&A estimates that between $7.5M and $45.5M will be required depending upon which option is pursued.
Chamber of Commerce President Carlo Pellegrini hopes Tuesday’s presentation will include a realistic business plan. “We need information on capital requirements, credit/equity estimates, budgets of the various scenarios that estimate the expected revenue, costs, profit margin and expected net profit as well as the sales required to break even.” Pellegrini says the community needs to know what the expected consumer buying power will bring to Nyack as well as the public’s appetite for each of the five scenarios.
HR&A will recommend that Nyack, with backing from state and federal sources, invest $9.7 million in infrastructure development to improve the streetscape, re-route roads and build a one level parking garage on the Superblock site. The selected developer would build the arts center, construct retail and commercial space and build condo apartments with a 20 percent affordable housing component.
- Nov 30 HR&A draft presentation
- Superblock Gets Good Review So Far, 9/19/2010