POKO Development. Management. Revitalization.
PRE‐DEVELOPMENT:
CONNECTICUT
Wall Street Place Norwalk, Connecticut New construction 3 phases 380 units 60,000 sq ft retail/commercial
POKO Partners has been designated as the Preferred Developer for a 6.3‐Acre site in the Wall Street area of Norwalk, Connecticut. POKO received this award as part of a competitive RFP process and it presents POKO with an exciting opportunity to re‐develop a significant part of what the City of Norwalk envi‐ sions as its new "Downtown".
Historically the Wall Street area was the downtown for the City The City has un‐ dertaken a comprehensive Redevelop‐ ment Plan. The designation awarded to POKO will have a significant positive
impact on the redevelopment of this neighborhood. POKO’s plan will include a phased development of 380 apart‐ ments, 870 parking spaces, 60,000 sf of commercial and retail space
The residential part of Wall Street Place will be com‐ prised of market rate and affordable rental apart‐ ments as well as condomini‐ ums. The residential compo‐ nent, as currently conceived, is a mixture of one, two and three bedroom apartments with a concentration of lar‐ ger family sized apartments. Wall Street Place presents a unique opportunity to shape and rebuild a substantial portion of what was once the traditional downtown of the City of Norwalk, CT. The project will be built in phases using a complex financing structure including Tax Free Bonds, Federal Low Income Housing Tax Credits, Federal New Market Tax Credits, and Federal and State His‐
Redevelopment Plan". We believe this project and the plan that POKO pro‐ posed has a great deal of potential because of the di‐ versity of the development
able housing as well as mar‐ ket rate apartments in both the rental and condominium structure. We are anticipating a mixed use development,
toric Tax Credits. POKO Part‐ ners LLC will be redevelop‐ ing this site as part of the City sponsored "Wall Street
program. One important component of the overall development plan includes a significant amount of afford‐
incorporating and existing, revitalized theatre, new retail, residential and green space. POKO is also pro‐
posing use of an auto‐ mated parking system to maximize parking opportu‐ nities. Construction of the first phase is anticipated in 2011. Visit www.wallstplace.com for more information.
PRE_DEVELOPMENT
: CONNECTICUT
Threadmill Apartments Pawcatuck, Connecticut Renovation/Adaptive Re‐Use 129,000 sq ft 58 Units 9,000 sq ft retail
The THREADMILL Project represents a lynchpin in the rebirth of the Pawcat‐ uck area of Stonington, Connecticut. Once completed, this revitalization effort will result in taking an old aban‐ doned mill and turning it into 129,000 sf of mixed‐use development will in‐ clude 58 rental units and 9,000 sf of new retail space.
Following its successful pioneering efforts to get Stonington to designate the mill an “Industrial Heritage Reuse Zone,” POKO is currently seeking to get the mill listed on the state and federal historic registers. POKO is fol‐ lowing up with the development of Pawcatuck’s first master plan for the district, which centers on this mill and its outbuildings.
The concept is to open up redevelop‐ ment options town‐wide, while re‐ specting and preserving the historic fabric of the community’s industrial past. This adaptive re‐use of old manufacturing complexes has been a growing trend in New England, and revitalizing these old buildings pre‐ serves the history while also prevent‐ ing .the vacant structures from be‐ coming fire hazards.
The rehabilitation will pre‐ serve much of the architec‐ ture characteristic of indus‐ trial mills. THE plan includes a conver‐ sion of the historic mill into 58 rental units with multi‐ ple amenities. Approxi‐ mately 9,000 sf of new re‐ tail construction is also planned. The apartments will include both affordable and market rate units. The Threadmill Project is a creative example of taking a dormant, environmen‐ tally unsafe building and reusing it to create mixed‐ use development that will bring needed affordable and market rate resi‐ dences. Investment in them is a win for both the town and POKO’s investors.
Capehart Ventures Norwich, Connecticut 350,000 sq f t 200 units
POKO Partners LLC (POKO) is negotiating with the Town of Norwich to re‐ develop a 100+ year old, 350,000 sf industrial prop‐ erty that has been dormant for more then 20 years. This opportunity will in‐ volve the redevelopment of a site that is in the middle of the Shetucket River stra‐ tegically located less than 15 minutes drive to the Mo
hegan Sun Casino and 30 minutes from Foxwoods Casino. We envision 250 workforce apartments, all with spec‐ tacular waterfront views. Financing tools may include a Special Taxing District, tax incremental financing (TIF) and the issuance of Tax Free private activity bonds as well as Federal and State Historic Tax Credits. The
project when fully devel‐ oped will include 200‐250 apartments that will be a mixture of rental and homeownership. POKO intends to re‐develop the property into a water‐ front community that will contain 200‐250 apart‐ ments. The project is in‐ tended to be workforce housing that will cater to all levels of employees of the large local employers
PRE‐DEVELOPMENT
: NEW YORK
Broadway Park Apartments Brooklyn, New York Gut Rehabilitation We are acquiring a site that is cur‐ rently zoned exclusively for commer‐ cial, retail and light industrial use. The property is located in a mixed‐use area that includes predominately ground floor retail and residential up‐ stairs. We are planning to make an application to the Board of Standards and appeals for a variance to change the zoning to a mixed‐use residential zone.
Bronx Apartments Phase 2 Bronx, New York New construction 16 units
This property is located in an area of Brooklyn that is currently undergoing a renaissance with an influx of devel‐ opment of market rate properties. The result has been a lack of new af‐ fordable housing projects. Neverthe‐ less, there remains a critical need for affordable housing according to both the local political and community or‐ ganizations. POKO was awarded 5 sites scat‐ tered across the South Bronx on which we will build a total of 53 rental units. During Phase I, 37 units were built across 3 buildings. Phase 2 will add two more build‐ ings and 16 additional units to complete the project. Units will be affordable to families earning between 40‐60% of AMI. Financing will be provided through a mix of sources including HPD capital subsidy, LIHTC, HOME sub‐ sidy, and conventional bank loans.
Many current residents are being priced out of the market and POKO’s concepts for development at 839 Broadway will go towards offering a solution.
UNDER CONSTRUCTION: CONNECTICUT Clinton Commons Bridgeport, Connecticut New construction 33 Units
. Clinton Commons is a 4 ½ story, 45,391 sq. ft., 33‐ unit, mixed‐income, 100% affordable rental housing development, including 20% permanent suppor‐ tive, located in Bridge‐ port’s West Side Neighbor‐ hood Revitalization Zone. The majority of the units will be rented at 60% AMI.
We have partnered with the Central Connecticut Coast YMCA’s Alpha Com‐ munity Services who will be providing supportive ser‐ vices to 20% of the resi‐ dents. This will allow for deeper affordability. The site is owned outright with all zoning approvals in place.
Clinton Commons is fi‐ nanced with a combination of private investment, Tax Exempt Private Activity Bonds Issued through CHFA with as of right 4% Low In‐ come Housing Tax Credit Equity. Additional funds will be coming from DECD and the permanent financing will be through the GE Downtown Bridge‐ port Investment Program.
UNDER CONSTRUCTION:
NEW YORK
Pitkin Theater Center Brooklyn, New York Gut rehabilitation 155,000 sq ft 70,000 sq ft retail POKO Partners has com‐ menced construction and leasing on the re‐ development of 1501 Pitkin Avenue, Brooklyn, New York (hereinafter referred to as the “Pitkin Avenue Project” or “Pitkin Ave‐ nue”). 1501 Pitkin Avenue is a $43.3 MM adaptive green re‐development project of the former Pitkin Loew’s Theater, which will trans‐ form the Brownsville sec‐ tion of Brooklyn, NY. This project was financed using
a combination of private capital with the New Mar‐ kets Tax Credit (“NMTC”) program. The NMTC program is only available for projects and businesses servicing to low‐ income communities that otherwise cannot obtain conventional financing. Goldman Sachs led the fi‐
nancing with a $12.3 million NMTC equity investment and extended a $24.8 mil‐ lion senior loan with a $4.0 million participation by two leading Community Devel‐ opment Financial Institu‐ tions, Seedco Financial Ser‐ vices, Inc. and the Nonprofit Finance Fund. In addition, four Community Develop‐ ment Entities provided $43.3 million in NMTC al‐ location, includ‐ ing:Empowerment Rein‐ vestment Fund (a subsidi‐ ary of Seedco): $5.0 mil‐ lion; Nonprofit Finance Fund: $14.0 million; Carver Community Devel‐ opment Corporation: $13.3 million; and The Rose Urban Green Fund: $11.0 million. The Pitkin Avenue Project will entail the adaptive reuse of the former Pitkin
Loew’s Theater in Browns‐ ville, Brooklyn so that when completed in 2011, it will house a charter school and a retail development. Com‐ prising a total of approxi‐ mately 155,000 square feet, the renovated building will host approximately 70,000 square feet of prime retail space on the lower levels, the upper levels of the building will be home to a state‐of‐the‐art 90,000 square foot school oper‐ ated by Ascend Learning. This new educational facil‐ ity will serve up to 1,100 students in grades K through 8. POKO Partners is already actively engaged in lease discussions with sev‐ eral prominent regional and national chains that seem excited about the space be‐ ing created.
To complement the ASCEND Charter School, when construction is com‐ pleted, the Pitkin Avenue retail environment will re‐ ceive approximately 70,000 square feet of brand new retail space that POKO be‐ lieves will serve as a trans‐ formative force for the en‐ tire retail corridor. Based on preliminary discussions that POKO already has had, there is a strong level of confidence that when leas‐ ing is completed, there will be a healthy mix of soft good retail with other ser‐ vices that the neighbor‐ hood will find extremely beneficial. During the construction phase of this project, over 160 construction jobs will be created for members of the working trades. After construction is completed and the retail leasing final‐ ized, the project is ex‐ pected to generate full time employment for over 120 individuals on a perma‐ nent basis and over 40 peo‐ ple on a part time basis. POKO Partners excitement for the particular project is based on the fact that the blueprint for this develop‐ ment meets many of its core criteria for undertak‐ ing a development. Not only will it enhance the community and aid in its revitalization, but it will also provide a growth en‐ gine for jobs in the commu‐ nity. Furthermore, the re‐
vitalization of a historic structure such as the for‐ mer Loews Pitkin Theater serves to meet the concept of adaptive re‐use. It will also serve to rehabilitate a declining structure that was once a landmark, offer a
featured a multi‐tiered auditorium with Venetian statuary adorning the side walls and proscenium stage area. Unfortunately, the building has fallen into disrepair,
“One of the most important urban redevelopments in New York City” New York Times, September 2010
sustainable environment, and improve the neighbor‐ hood’s infrastructure through better lighting and security. The Pitkin Theater is a building of great historical significance to the Browns‐ ville Community. Originally constructed in 1929, the building was a central point in the cultural fabric of the community. Loew's Pitkin was a premier silent movie and Vaudeville stage show venue that evolved to a movie theater. Loew's Pitkin was one of architect Thomas Lamb's most beautiful "atmospheric" designs among many theaters built in the New York area. It
and it is no longer the stun‐ ning neighborhood amen‐ ity that it once was. As it currently stands, be‐ fore construction com‐ mences, the Pitkin Theater is literally a shell of its for‐ mer majestic self; unus‐ able, structurally compro‐ mised and in a general con‐ dition of outright decay and disregard. The project will be a central part of the community revitalization strategy by replacing and readapting this structural eyesore. The adaptive re‐use of this theater will serve to revital‐ ize an old building, pre‐ venting it from remaining a symbol of decline of not just the theater, but the
neighborhood. The neighborhood sur‐ rounding the theater is presently showing increas‐ ing signs of activity and POKO hopes this project will be at the epicenter of the further rebirth of a re‐ gional commercial hub for eastern Brooklyn. Sited at the junction of numerous pedestrian and automobile arteries as well as public transportation lines, the Pitkin Theater building is an architectural icon that is highly visible in the area. When completed, this mixed‐use facility will an‐ chor the rise of the neighborhood to even greater potential. Architect Kitchen & Associ‐ ates of Collingswood, NJ has designed a historically sensitive restoration and renovation of the Pitkin Theater that preserves landmark architectural de‐ tails and ornamentation while providing bright new spaces that support the new uses of the building, and meet stringent re‐ quirements for energy effi‐ ciency and “green” design. A completely new interior structure, built with state‐ of‐the‐art steel, concrete, and masonry systems, will be constructed within the existing shell of the Pitkin Theater to support the new building design that has been developed for 21st century mixed‐use building needs.
Completed: NEW YORK Bronx Apartments Phase 1 Bronx, New York New construction 37 Units 3 Buildings
POKO was awarded 5 sites Sterling Finan‐ scattered across the South cial, Inc., The Bronx on which we plan to Bank of New build a total of 53 rental York Mellon units. During Phase I, 37 and Commu‐ units will be built across 3 nity Preservation Corpora‐ buildings. Units will be af‐ tion. Construction begins fordable to families earn‐ summer 2010 and these ing between 40‐60% of units will be brought to AMI. Financing will be pro‐ the market early 2012. vided through a mix of sources including HPD The three buildings will capital subsidy, LIHTC, house 37 oversized spa‐ HOME subsidy, Reso A and cious units in 57k sf. conventional bank loans The features in‐ from the following clude, Energy Star appli‐ sources: the New York City ances and lighting, high‐ Department of Housing efficiency plumbing fix‐ Preservation Develop‐ tures and high‐quality du‐ ment, the Bronx Borough rable concrete plank and President’s Office, First masonry bearing wall con‐
struction. There is a Lobby and an elevator in each building. There is also a Laundry Room in the basement exclusive to the residents. The street facades are brick with stone lintels and sills at the upper floors, and decorative masonry along the sidewalk. There are curbside trees and land‐ scaping at the buildings.
There are also rear yard recreation spaces for the residents use only. The construction will include sustainable design ele‐ ments and will be equiva‐ lent to a LEED certified building.
Delany Lofts Harlem, New York New construction 36 Units 2 Buildings POKO Partners LLC was desig‐ nated by the NYC Department of Housing Preservation and Development to acquire and develop two vacant City‐owned lots on West 115th Street be‐ tween 7th and 8th Avenues. The two vacant lots are located on the north side of the street be‐ tween Adam Clayton Powell Blvd (7th Avenue) and Frederick Douglas Blvd (8th Avenue). These two lots are directly be‐ hind a property located at 246‐ 250 West 116th Street that POKO developed (Cassiopeia Apartments). The project has resulted in the Delany Lofts, which reflect the strength and character of the thriving Harlem community. The Delany Lofts provide own‐ ers with the option of flexible living in loft homes and rein‐ force POKO Partners’ corporate philosophy of developing high quality housing at competitive prices. Comprised of two, newly con‐ structed seven‐story buildings,
Delany Lofts boasts 24 spacious 1‐bedroom, 1 bath loft homes and 12 1‐bedroom, 2 bath loft home duplexes with terraces. The expansive and sun‐filled main living area allows for individual expression in design with home office po‐ tential or a multitude of post‐ construction options in which the buyer can tailor the space to reflect lifestyle needs. The development idea allows potentially for live/work envi‐ ronments, a more traditional use for loft space. This invest‐ ment “fulfills Fannie Mae and the Enterprise Foundation’s mission by helping to create a mixed‐income community in an emerging market, with en‐ hanced access to commercial services and job opportunities. The project also meets ‘smart growth’ objectives due to the re‐use of urban infill sites and proximity to mass transit and a major shopping corridor. The project is located within a gentrifying residential neighborhood, providing the requisite residential services for multifamily development. The neighborhood benefits from ample transportation options and proximity to Manhattan central business districts.” Occupancy began summer 2008. For more information on Delany Lofts visit www.delanylofts.com
Completed: NEW YORK Gardner Plaza Apartments Queens, New York New Construction 27 Units 4,000 sf retail plus parking garage POKO acquired this former lumber‐ 30% to 60% of median income., 20% yard site in Jamaica, Queens for the supportive housing. POKO obtained construction of affordable housing. approvals from the Board of Stan‐ All of the units were leased to a mix dards and Appeals for this project. of low‐income families, ranging from Financing included federal Low In‐ come Housing Tax Credits, and the Housing Trust Fund, and private debt financing. Occupancy began in fall 2007.
The borough of Queens is enjoying resurgence. Through cooperation between the City and private residential/commercial developers, this area represents a sound invest‐ ment. POKO is working in partnership with Outreach Project of Jamaica who will refer participants from Outreach Project’s Supportive Housing Women and Children Program into a select number of apartments.
Cassiopeia Apartments Harlem, New York New Construction 32 Units 2,000 sq ft retail
POKO Partners assembled properties at 246‐250 West 116th Street, which included a vacant and abandoned site owned by the City of New York. POKO worked with the community and the City to develop a plan that was endorsed by the commu‐ nity board, the Borough President, the Department of City Planning and the Department of Housing Preservation and Develop‐ ment. The project repre‐ sented an opportunity to work with the City in its ongoing efforts to rede‐ velop Harlem as well as to preserve properties for
conversion into quality affordable housing. Project financing included State Low Income Housing Tax Credits. First Sterling was the primary equity investor for the tax cred‐ its. NYC Housing Develop‐ ment Corporation issued taxable private activity bonds as part of the construction and permanent financing. Bank of America provided bank financing. The building provides a band of affordability re‐ sulting in a mix of house‐ hold incomes. in Harlem. POKO's project helped to
revitalize the area. That revitalization could be seen in the leasing of re‐ tail space at the property by Benjamin Optical. The owner’s father had been in business in the same space for 50 years and
now has been taken over by the son as a sign of be‐ lief that the e economic conditions of the commu‐ nity are rising.
Completed: NEW YORK
Melrose Commons
Bronx, New York New Construction 10 3‐Family Townhomes The Department of Housing Preser‐ vation and Development awarded 10 scattered sites in Melrose to POKO Partners LLC to build 3‐family homes as part of their New Foundations Homeownership Program. The houses have been sold to work‐ force buyers, largely from the local Community District. Construction is complete and all closings with buyers have been completed. This project is an important piece ments. The project was financed by conventional debt to the revitalization of the Melrose community in the and equity South Bronx and the design of the homes recalls appeal‐ ing New York City residential environ‐
Cauldwell/ Davidson Housing Bronx, New York Moderate Rehabilitation 133 Units POKO served as co‐developer and project manager for the rehabilita‐ tion of these occupied apartment buildings. The project included the In order to accomplish this, POKO substantial rehabilitation of all of the created and implemented a reloca‐ apartments including extensive tion plan for 100% of the tenants by beam replacement, all new sheet using a checkerboard plan within the rock in the apartments, completely building in combination with the use new kitchens and bathrooms, new of off site apartments. This enabled windows, roof and heating systems. construction to proceed without dis‐
placing residents. The project was financed using a combination of Fed‐ eral Low Income Housing Tax Credits, the HPD Participating Loan Program, Federal Pilot Program for Lead Paint abatement as well as conventional bank financing.
POKO served as co‐ developer and project manager for this vacant gut rehabilitation. This Bronx, New York project was originally six Gut rehabilitation vacant buildings, which were combined into two 84 units, 4 stores buildings including what 100,000 sf was historically a premier retail space on Lenox Ave‐ St. Ann’s housing cluster nue in Central Harlem. was a gut rehabilitation of The large commercial 6 buildings along with con‐ space in this project was struction of a private park ultimately leased to a local for residents. POKO was business leader in the awarded site control in community. The project 1998 by the NYC Depart‐ was financed with HDC ment of Housing Preserva‐ tax‐free bonds and 4% tion and Development un‐ Federal LIHTC der the Neighborhood En‐ trepreneurs Program. Per‐ manent project financing included Federal LIHTC, Federal HOME funds and the NYC Participating Loan Manhattan, Program. The project was New York built in two phases both completed in 2003/2004. Moderate rehabilitation
St. Ann’s Housing
352 Lenox Avenue
349‐359 Lenox 18 units Avenue At 352, POKO Partners served as development manager for this occupied rehabilitation. The prop‐ erty was dilapidated and endangered the tenants and the surrounding area. Working with structural These projects are exam‐ engineers, POKO created ples of the progressive the plan that allowed the thinking that POKO has dis‐ property’s owner to save played on nearly all of its the building. The property developments. On Lenox was renovated using a Avenue, POKO was at the combination of 9% Federal forefront of the develop‐ LIHT and a conventional ment community in the mortgage. renaissance of Harlem.
Manhattan, New York Gut rehabilitation 25 units, 3,000 sf retail
Commercial Properties
Total Entertainment, Carlstadt, NJ Gut Rehabilitation
Production Studios and Office 26,000 sf POKO Builders conversion of an industrial building located in the Hackensack Industrial Redevelopment Zone into commercial ser‐ vices, office, production and rehearsal studios, and flex space is the first building in the Rede‐ velopment Zone to conform to the local Rede‐ velopment Plan and is located less than one mile from Xanadu, the mega‐entertainment and commercial project in the Meadowlands.
One Morningside Drive North, Westport, Connecticut Moderate renovation and addition 30,000 sf
131 Danbury Road, Wilton, Connecticut
POKO Partners acquired this class A office building in June 1995 at substantially below replacement costs in a Substantial renovation and bankruptcy auction. The property was acquired with adaptive re‐use 50,000 sf rents averaging below $18/sf. POKO repositioned the property and it is currently 80% long‐term leased to As developer, POKO Partners converted a vacant indus‐ Wachovia Investments at an average of $30/sf. Debt trial building into a class B office building whose ten‐ financing was provided by Principal Life Insurance Com‐ ants include one of the largest advertising agencies in pany. POKO Management Corporation currently man‐ the world. POKO created the development plan, di‐ ages the property. rected and supervised the environmental cleanup and the rehabilitation and conversion into offices. The property was acquired for approximately $16/ sf and is currently long‐term leased for more than $20/sf. Allstate Life Insurance Company financed the project. This building was sold in February 2006.
Old Bahama Bay 150 acres, 100‐unit residential subdivision, hotel, marina In 1997, POKO Partners created the development of Old Bay Bahama, including a luxury single family residential subdivision, 5 star hotel, and marina for a resort community on Grand Bahama Island. Kenneth Olson became involved in the project during a crucial and problematic stage of the early development. POKO’s primary development objective was to re-establish West End as a desirable destination and create the first luxury residential resort on Grand Bahama. Within three years, POKO successfully turned the project around. The large boat marina is one of the premier marinas in all of the Bahamas. All of the first phase home site lots were sold. The project was financed 100% with cash by private investors. The small luxury hotel was awarded membership in the Bahamas Small Treasures Program. The project was Winner of the 2000 Jaguar Award for Best Caribbean Development and named in the 2002 Condé Nast Traveler as one of the 50 Best Hideaways. “Old Bahama Bay was sited for its design, ambience and gracious staff, 'Old Bahama Bay is so serene that hummingbird serenades and the waves lapping at the shore are the only sounds you'll hear. The 24-rooms-set in four pastel-hued, Bahamian-style buildings facing the Atlantic-are large, airy, and handsomely furnished, each with a veranda overlooking the beach.”
Fee Management
CONNECTICUT
The Arcade, Golden Hill and City Trust Apartments Bridgeport, CT
The Arcade, Golden Hill and City Trust are located in heart of down‐ town Bridgeport where residents have many possibilities including the convenience of a walking city. These properties have been revital‐ ized and converted to include over 150 apartment units with square footages ranging from 592 to 1,188. All three prime locations are central to downtown employment, independent restaurants and local boutiques as well as many parks such as Seaside Park and McLevy Green.
The Arcade located at 993 Main Street, Bridgeport, CT is a stunning historic restoration of one of the nation's first enclosed shopping malls. The property, originally built in 1840, holds historic significance as one of the only remaining ar‐ cades from its time period. Golden Hill located at 144 Golden Hill St, Bridgeport, CT is a unique, modern restoration of an early 20th century office building situ‐ ated in a prime, high‐traffic loca‐ tion.
The City Trust Complex located at 955 Main Street, Bridgeport, CT is an 11‐story, Art Deco‐style prop‐ erty originally built in 1929. The complex, which takes up an entire city block, is visible from I‐95 and just blocks from major downtown employment. Nineteen units within the building have been set aside for supportive services affordable housing. All three properties have been revi‐ talized and converted to include modern‐day apartment units, res‐ taurants, and retail and office spaces.
Liberty Apartments, Norwalk, CT 40 units POKO works with CHFA on the 106‐108 West Ce‐ dar development in Norwalk, where POKO serves as the Property Manager. This is a 9% federal tax credit project aimed at families earning 60% of the area median income. The development has 40 two and three bedroom apartments in two buildings, providing affordable housing for some of Norwalk’s working fami‐ lies.