betterplaces

creating to live,learn,work,travelandplay

fi
ll
EXPRESSIONOF INTEREST

REDEVELOPMENT OF o-
o)
zc
{r
125DUNNELL ROAD mr
MAPLEWOOD, NEW JERSEY O7O4O iq
July 15,2009

bq
\"
LCOR Incorporated
OnePennPlaza,Suite3310
NewYork, NewYork 10119
Telephone:212-760-0060
a\
o-
Contact:
Anthony L. Marchetta, Vice President/Principal
Kurt M, Eichler, Executive Vice President/Principal
n LCOR lncorporated
I-COR
I OnePennPlaza
Suite3310
NewYork,NY 10119
(212)760-0060
t July15,2008 FAX(212)760-0891

t Mr. Joseph
Manning
TownshipAdministrator

il #xffii:,"iy:''
Maplewood, New Jersey 07040

il Re: RequestforLettersoJ'htterest
Redevelopmentof 125 Dunnell Road, Maplewood, NJ

I DearMr. Manning:

I LCOR Incorporatedis pleasedto submit this responseto your RequestLetters oflnterest for the
il formerPoliceStationsite locatedat 125DunnellRoadMaplewood,New Jersey.LCOR believes
that the site offers many unique challengesand economicopportunities.Hence,this undertaking
t will require a true partnership,both public and private entities,to maximize its benefits.LCOR
t has a strong track record of managingboth large and smaller public/private redevelopment
projects of this type fiom conceptualplanning, to development,constructionand finally, to
I operationand management.
ri
Over the past severalyears,LCOR has successfullyplanned,financed,constructedand now
I managesseveralvery large, multi-facetedpublic-privateredevelopmentprojects including:
ri
. JFK Terminal 4, a $1.4Billion Air Tenninalfor theNY-NJ PortAuthority
serving six million passengersannually,completedin 2002.
I . Patent & Trademark HeadquartersCampus, an $885 Million, two million S.F.
of office spacefor the U.S. GeneralServicesAdrninistration in Washington,D.C.,
t completedin 2005

o North Bethcsda Ccntcr, an $850 Million mixed-useproject for WashingtonArea

t Mass Transit Authority. ( PhaseI Cunently Under Construction)

r
t Hoboken Terminal and Yard RedevelopmentProject, a 65 acremixed-use
project for New JerseyTransit (RedevelopmentPlanning Stage)

t
t
I
I
 il
t Mr. JosephManning
Townshipof Maplewood,
New Jersey
PageTwo
il
we havealsoundertaken
a'd completedsmalrerpublic/privateredeveloplnent
l includir-rg:
projects

Rutgersuniversitycenter on EastonAvenue,New Brunswick,

t '
562,400SFmixed-usefacility with 700studentapartments,
garageandretail shops,completedin 1992
a $52Milrio'
; p;ii;;arirng

I o GaslightCommons,SouthOrange,a
$35Million,200unit LuxuryApanmenr
communltyadlacentto theNew JerseyTransit'ssloan Street
Station,completed
in 2002andrecipientof NJ FutureSmartGrowthAward
;
o JamesF, OysterSchool/ Ilenry Adams
HouseWashingtonDC, a $40
Million, 47,000sf publicelementary "
I apartments
schoolwhich i,rt"grutEa-iti *;;
on an adjoiningsite,completed2003
The success ofall oftheseprojectsis baseduponpossessing
il recognrze marketopportunities,
havingthe financialresources
therearestateexperience
choosinghighlyskilledconsultants
to bringpiojeitsio
to
asprojectteamm"mb".sund
"o-pf"tio".
Perhaps, themostcriticalelementof thedevelopment processis the structuringof theeconomic
;
transaction,so that alr parties'interestsarealigned;consequently, mutualbenJfitsarerearrzed.
LCoR, with its recordofsuccess,is confidentthatit hasreal
il financialresources andexperience
undertakethis project.
estateknowledge,consultantteam,
in structuring*-pii""i"a agreements #ff;tr"r;'

I LCoR's public/privateexperience is perhapsthemostsignificantin the nation.The US General

servicesAdministration,the port Authorityof New yorliand
New Jersey,th" washngtonvass
TransitAuthorityandNewJersey.Transit amongotherpub'candprivateentities,
placedtheir confidencein LCoR by namingth"i, us havea'
; tr! rrau.terDeveroperof their significant
development projects.

t Y:"1*:::3:X:^.1,11"-yi1",lh.
financialresources
to successtully
rgwnlhin,gf
undertake
this
Maqlewood
the development
#i;k
experience
fbr#il:
and
D:,r"caandrownship.c"_#ri;"i;il;il;"*
"-":;t"g;;;j;;;;
t l:X3:.'1^;i,l1::t^y?_*
LC.R will preparea comprehensive
siteplan andd"t"ii"J;;;r;-;;"'r"*i;
rj;;,.iii"i""u,
br this exciting

I Truly,Youpsy u

I (t!-(l,rAA{L
dent- Principal

I
n
 LCORIncorporated Section 3
Project Narraiive

f,
n Section3.

T ProjectNarrative

LCORhas undertaken many residential housingprojectswith well over 20,000

unitssuccessfullyplanned,constructed and managed. Thissite is challenging
:
due to its smalldimensions. Althoughwe have not engagedan architect we
believethat the designwill ultimatelybe one that has structuredparkingat or
I slightlybelowgradewith four levelsof residential
willalsoprovidefor community spacesand uses.
unitsabove.The groundfloor

il The site is in a veryvisiblelocationandwill thereforerequireseriousevaluation

of its facade characterand designto assurethat it is in keepingwith the

n characterof the areaand providean attractive

usedwill needto complement
the requirements
vistato the community.Materials
thosecurrentlyexistingin the areaand conformto
of thecommunity designstandards.

il LCORwill engagea marketresearchfirmto determine the typeand layoutof the

productsuitablefor this location.lt is initiallybelievedthat the productwill be
orientedtowardyoung professionals and empty nesterhouseholds. The unit
I designswill have significantamenitiesbut due to site constraints and because
locationis adjacentto a beautifulmunicipalpark exterioropen space and
recreational
amenities are not reouired.
I Due the proximityof ihe train stationand villagebusinessdistrictthe needfor
automobiles is significantly
diminished.Usingsustainable and green design
criteriawith sharedparkingconceptsand encouragement of bicycles,parking
spaceswillbe reduced to the minimum. Oneparkingspaceperunitor lessis the
goar.
I Our goal is to understandthe localobjectives
and workwithtownshipofficialsto
assurea project thatis embracedby community andthe marketplace.

125 Dunnell Road, Maplewood, NJ July 15, 2009

Sectlon3

II
I

bE----:
Financial
Capacity

LCOR, an established,national organization,has cor.isiderable

experienceslructuring
and delivering financing packagesthat support income"producingreal estateproj-
ects ofvarious types and sizes. Since1997,LCOR has securedcapital and completed
financings for projectsvalued at more than $4 billion.

Our current pipeLineofprojects in developmentor pre-development,combined with

our completedprojecrspor'.lolio.is appro{ma-ely$8 billion.

Each LCOR developmentis "project-financed,"i.e., evaiuatedand underwdtien on

the stength ofthe individual development,using a mix of debt and equity that cor-
respondsto the risk prof e and financing opportunities availablefor each particular
location and use.

LCOR maintains strong relationshipswith institutional investorsand money-center

banks. LCOR also parhoerssrith insurancecompanies,and with pension and other
real estateinvestment funds.

As appropriate,the company is pleasedto provide a history ofthe capitalwe've raised,

as rvell as financial references.

E.]qo
crearing
betterpraces
to rrve,rearn, andpray
work,traver
LCORIncorporated Section 6
Project Timeline
i
il

Section6.
l
ProjectTimeline

The projecttimelineis most contingentupon the land use approvalprocess.

Upondesignation as the selectedredeveloperLCORwill seekto enterintoa
Memorandumof Agreementwith the Townshipwhich would outline the
requirements for the projectincludingtermsand conditions
and the processto
establisha purchase price.

LCOR will then engage a team of consultantsthat have the appropriate

backgroundto designand implementthe project.The planswill undergothe
normal municipalreviewand approvalprocessand upon receiptof all the
requiredapprovals.LCORwill arrangefor financingand moveforwardon the
construction. thatthe entireprocessfromfinallanduseapprovals
lt is anticipated
to occupancywill requireeighteento twenty-fourmonths.The existenceof
environmental contaminants, particularly
asbestos,may requireadditionaltime
for orooerremediation.

1i!5 Dunnell Road, Maplewood, NJ July15,20Og

Scctlon 6
LCORIncotporated Sectlon 7
Affordable HousinE

Section7.

AffordableHousing

LCORwill striveto designa projectthat would incorporatethe requirednumber

housingunitswithin the in building.
of affordable lt willrequireinputfromhousing
expertsto insurethe economicviabilityand the programmaticsuitabilityof the
units.The possibilityof locatingthe affordableunitsoff site will also be explored,
if the economics of doingso willofferbetterlivingoptionsfor the residents of the
affordableunits.

125 Dunnell Road, Maplewood' N, ,uly 15, 2OOo

Secdon 7
 LCORIncorporated
Section g
Property Tax Abatement

Sectiong,

PropertyTax Abatement

The scaleof the projectand requirements for affordabre

housingarong,withthe
costof environmentar creanup,suggestthata formof propeftytax abatementwirl
lg pu{"0. tt is expectedthe form of the abatemeniwiit oe in tne natureLi a
P,llor Payment.rt is prematureto estimatethe actuartype or scare
abatement. of the
The economicanarysisof the projectwhichwiil'bepr".unl.o io inJ
Iocalofficialswillcalculate
the amountof subsidynecessary.

125 Dt|rnell Road, Maplewood, NJ

July 15, 2009
Secuon 9
LCORIncorporated section 10
Asbestos Remedlation

Section10.

AsbestosRemediation

It is normalto havean environmental cleanupcomponent whena redevelopment

projectis undertaken.LCOR has had extensiveexperiencein site cleanup,
utilizingsome of the nation'sbest environmental consultants and contractors.
LCORwouldpreferthatthe developer's agreement definethe financialandother
responsibilitiesof the partiesfor the cleanupbut that LCORwouldthen select,
engageand managethe consultants for the cleanup process.This is generally
donejustpriorto the commencement process.
of theconstruction

1:15Dunnell Road, Maplewood, N, luly 15, 2009

Scction 10