Request for Proposals
Feasibility Study/Adaptive Re-use
Submittal Deadline: 02/01/2013
REQUEST FOR PROPOSALS FOR A REAL ESTATE & ECONOMIC FEASIBILITY STUDY FOR THE ADAPTIVE RE-USE OF THE FARRINGTON BUILDING, WATERBURY, CT.
Webster Bank, a Waterbury, Connecticut based regional commercial bank with $19 billion in assets, seeks professional qualifications and proposed work scopes from real estate, economic and marketing consultants for the preparation of a real estate / economic feasibility study and adaptive re-use concepts for the Farrington Building, located in downtown Waterbury, Connecticut.
The goal of the feasibility study is to identify the best use(s) of the Farrington Building based on existing and projected local and regional market and economic conditions. Potential uses that should be considered include, but are not limited to, artist live/work space, office/commercial space, market rate housing, affordable housing, supportive housing and college student housing or a combination thereof.
The study should also identify other properties located within the central business district that could potentially support and enhance the adaptive re-use of the Farrington Building including, but not limited to, the YMCA’s vacant single room occupancy floor, the former Mattatuck Museum building, the Green and other underutilized or vacant properties.
The Farrington Building:
The Farrington Building, located at 133 West Main Street on the Green in downtown Waterbury, is a three-story 20,657 square foot structure built in 1925. The building is owned by Webster Bank, which had its first offices in the Farrington Building in the 1930’s, and still maintains its corporate headquarters and other offices nearby in Waterbury’s central business district. The building is currently vacant with the exception of two retail tenants occupying small commercial spaces on the ground floor. Previous uses included offices and commercial establishments.
Currently, there is limited information on the building, although a land title/property survey and a 2006 environmental report that included an analysis of asbestos and lead-based paint throughout the building can be made available to the selected consultant.
Scope of Services:
I. Real Estate Market Analysis:
Develop a real estate market analysis which shall identify and quantify data used in determining viable adaptive re-use(s) for the Farrington Building and other nearby underused or vacant properties that could positively impact the building. For each use, the analysis should define the market area, forecast the supply and demand, project an absorption schedule and estimate the square foot value (for-sale and lease rates).
The market analysis results should be summarized, interpreting the findings of the research, identifying adaptive re-use opportunities and evaluating the Farrington Building’s strengths and weaknesses.
Coordinate with Webster Bank’s Property Managers, the City and local economic development entities to identify and support adaptive re-use and community development strategies for the Farrington Building and the surrounding blocks with the highest potential for success.
II. Conceptual Infrastructure (with cost estimates) and Building Plan:
The consultant will develop a conceptual infrastructure plan, (with cost estimates), for the building based on the market analysis. The plan should provide a vision for the Farrington Building and other nearby properties that identifies adaptive re-use opportunities to further strengthen the revitalization of the central business district and the Green.
III. Financial Feasibility Study:
Conduct cost/benefit analyses for at least three alternatives developed through the completion of Tasks 1 and 2. Include cost estimates for the proposed alternatives and a pro forma analysis for each, with a minimum ten-year projection. Assumptions made in each pro forma including absorption rates, lease rates, sales prices, construction and operating costs, income and sources of funds shall be documented, tying the assumptions with the findings from Tasks 1 and 2.
IV. Final Report:
Prepare final report and recommendations for consideration by the property owner and funders.
All proposals must contain, at minimum, the following information:
1. Project management plan, including a description of proposed methods for successfully fulfilling the Scope of Services;
2. General time schedule, including start and completion dates for each of the items listed in the above Scope of Services;
3. Designated project manager and project team members including brief Statements of Qualifications (SOQ) and descriptions of their experience with the firm;
4. A brief SOQ specifically addressing the consultant’s qualifications for this specific project including a description of relevant project experience;
5. A company brochure and other relevant marketing collateral;
6. A minimum of three references from projects of similar nature completed within the past seven years;
7. Projected total fee for services, including hourly rates, if applicable. The total proposed cost must include all anticipated costs including all reimbursables, (e.g. travel, lodging, per diem, etc.) and not exceed the total project budget.
Selection of Finalists:
At the property owner’s discretion, a selection of finalists to be interviewed may be made by a selection committee representing the property owner, funders and other potential stakeholders. The selection committee reserves the right to award all or part of the work to the selected team. The selection committee also reserves the right to waive any irregularities in submittals, and/or to reject any and all proposals.
The total budgeted amount for this project is $30,000 and includes a $20,000 grant from the Connecticut Community Foundation and a $10,000 grant from the Harold Webster Smith Foundation.
Hard copies of proposals should be received no later than 5p.m. Friday, February 1, 2013 and are to be mailed or hand delivered to:
Senior Vice President
Community Development Officer
Webster Bank, N.A.
Two Stamford Plaza
281 Tresser Blvd. 4th flr.
Stamford, CT 06901