The City of Las Vegas recently released a request for proposals in hopes of finding a developer to build an affordable mixed-use multifamily development on a 1.23-acre site in the Las Vegas Arts District.
Overview
More specifically, the project is to be located near the 18b Arts District along Las Vegas Blvd. Over the course of the last ten years, the City has focused on redeveloping the Arts District.
Currently, according to the RFP, the City is attempting to expand the Arts District’s boundaries, formalize its identity, form a Business Improvement District, create new artist-driven spaces and establish affordable spaces for artists to both live and work.
The move to create an affordable living space for artists comes as many locals have raised concerns surrounding the affordability of the city, particularly in the Arts District. The City intends for the selected development to feature leasable commercial space for “relevant art-related uses.”
The 1.23-acre site is comprised of two separate parcels, each zoned General Commercial. The parcels are subject to the Appendix F Interim Downtown Las Vegas Development Standards, meaning it will be granted greater flexibility than if it were proposed in other areas of Las Vegas.
Project Requirements and Recommendations
As previously mentioned, the submittal must include a mixed-use development featuring affordable living units and art-related commercial uses. The commercial portion must be on the ground floor and can either be directly art-related, such as a gallery or supply retailer, or it can “complement the artistic vibe” and be something along the lines of a coffee shop.
The submittal must include a variety of unit types, such as studios, one and two-bedroom units. Living units will aim to attract residents earning a maximum of 80% of the Area Median Income.
The submittal will allow the complex to include market rate units as long as at least 75% of units are at the 80% threshold.
The building must be at least three stories with 100 units. The RFP encourages mid- and high-rise submittals. The document says that submittals must be, “Self-parked with the design of the building.” Commercial space must be a minimum of 2.5KSF.
As far as the design goes, the submittal says, “Units should be designated as functional live/work spaces for artists. Design elements such as natural lighting, durable surfaces, high ceilings, large windows and wide doorways are strongly encouraged. Open space should be incorporated where appropriate.”
The RFP notes applicants may seek financing sources from Low Income Housing Tax Credits or HOME Funds via the City’s Department of Neighborhood Services.
Due to the Residential zoning of land directly east of the site, the John S. Park Neighborhood Plan recommends a maximum height of five stories or 60 feet. The City, however, is open to negotiating and may allow a taller project if it sees the need.
Proposal Components
Each proposal must feature a description with plans for the layout, uses, tenants, landscaping and parking. It must also include a pro forma with financing and construction information, as well as the purchase price and terms. The financing plan must indicate target AMI levels, sources and compliance measures.
Proposals will be evaluated on alignment to required components, the quantity of affordable units, feasibility/financing, qualifications/past performance and timeline.
Developers must include a portfolio and background information about the company. Submittals must also feature biographies of team members. Finally, applicants must include a timeline.
Established Timeline
Once a developer is selected, it will enter into a Disposition and Development Agreement with the City of Las Vegas. Then, the developer must provide proof of financing and receive the permit. Once approved, the City will officially sell the land to the developer.
The City intends the project to break ground sometime between 14 and 16 months after choosing the developer.
Submittals are due March 25. Both a hard and a soft copy are due. The City may request development teams to present their proposals in April. To view the RFP, click here.
