THE TERRACES AT CADENCE PARK
CADENCE PARK TEAM
Relevant Experience
Financial Capacity
Aligned City Vision
Iconic Architecture
ACORN CAPITAL DEVELOPMENT
Acorn Capital Development, LLC is a real estate development and investment firm based out of Jersey City, New Jersey. We house a portfolio of owned/co-owned and developed/co-developed properties from duplexes to mixed-use apartment buildings. Our expertise in the affordable housing arena includes more than twenty years’ experience at the helm of several large housing authorities including Pittsburgh, PA, and the Newark Housing Authority (the largest housing authority in New Jersey).
Projects were created through utilizing a wide array of development sources
including, but not limited to, 9% and 4% tax credits, tax exempt bond equity, HUD, CFFP, FHA and RHF funds. Acorn is currently involved in several joint ventures developing larger projects in and around New Jersey with a concentration in Essex, Hudson, and Passaic Counties.
Acorn’s vision is to create high-quality and diverse mixed-income developments that invite residents to live, work, and play in close-proximity environments. To achieve this effort, we focus on opportunity zones, urban enterprise zones and various financing strategies to create meaningful planned developments.
PROJECTS EXAMPLES
PROJECTS COMPLETED
- 100 unit independent & 60 ALF
housing project- Augusta, GA - 50 unit Veteran’s housing
project- Haledon, NJ - 50 unit Special Needs Housing –
Whiteville, NC
JERSEY CITY HISTORICAL
PRESERVATION SITES
- 99 Mercer Street (Brownstone)
- 288 Monmouth Street
(Brown stone) - 308 2nd Street (Brownstone)
- 281 Grove Street (Mixed-Use)
- 382 2nd Street (Mixed-Use)
- 50 Wayne Street (Fire House
Conversion) - 222 Van Horne (222 units)
PROJECTS CURRENTLY IN DEVELOPMENT
JV & FINANCED
- Orange Transit Village (144 units)
- Paramount Project Newark (247 units)
- Bethesda Maryland (168 units)
- Paterson, NJ (144 Mixed Use
- Workforce Housing)
- Plainfield, NJ (130 Mixed Use
- Workforce Housing)
- Newark, NJ (75 units
- Workforce Affordable)
METICULOUS
Our METICULOUS Purpose is “To be a diverse, world class, global design firm
focused on work that is: Meaningful, Purposeful and Impactful”.
METICULOUS was established in 2015 as a collaborative practice with diverse
talents, expertise and experience in architecture, interior design, urban design
and planing, and construction management. With a foundational commitment
to meaningful value and excellence in every endeavor, we have grown into a
global firm of 30+ team members positioned between offices in Indianapolis and Elkhart, IN and Abu Dhabi, UAE. Laser focus on exploration, innovation and expert craftsmanship enables our team to bring our signature “WOW” factor to a wide array of projects for notable clients, nationally and abroad.
As creative thought leaders we are passionately and strategically driven to tap into our human talents to discover and create future value. International exposure enables us to bring global perspective to local projects providing inspiring, community-specific development and revitalization. In-house standards and procedures established from work across interdisciplinary perspectives and multitime zones create unparalleled efficiencies from one firm.
MIXED USE
- Hanna International Lofts
(Indianapolis, IN) - State Avenue ((Indianapolis, IN) The Pyramids at 3500 Mixed
- Income, Mixed-Use Hanna International Lofts
- Mixed-use Facility Sun & Sky Towers,
- Multi-Family Residences
- Al Dhafra Tower, Multi-Family Residences Meydan Multi-family Residences
MIXED INCOME
- District One, Multi-Family Residences
- Millcraft Esplanade Redevelopment
- First Abu Dhabi Shams
- Mixed-use Development
- Nareel Island, Residential Development
- 16 Park Apartments, Multi-family Development
- The Abigail Senior Apartments Luger Tower, Multi-family
- Interior Renovations
- Holy Cross Village – Notre Dame
- Multi-family Apartments
RESIDENTIAL
- Fall Creek Place
- Cappella Park Metroplex
Development - Howard Square Senior Living
- Passageway Transitional Housing
- Amber Woods Apartments
- Jackson & Vine
- Graystone Apartments
- Covered Bridge Apartments
- Hearts Landing Apartments
- Ashford at Keystone
- Twin Hills
- Lugar Tower
GILBANE, INC. | GILBANE BUILDING COMPANY
Gilbane’s teams have executed projects for a multitude of clients from developerdriven commercial, residential and mixed-use towers to higher education housing. We have successfully delivered a range of housing and residential communities nationwide. Through the use of our collaborative processes, Lean delivery methods, logistics solutions, and innovative technologies, our experienced teams are on-hand to ensure an informed and positive project experience.
Home is where our heart is. Our history of residential projects goes back to the
company’s earliest years, when owners boasted of homes “Built by Gilbane.”
Today, our housing work remains an important part of our business. With Gilbane Development Company, you have an experienced, passionate, and involved developer. We specialize in developing single-family residential and multi-family residential, including affordable housing. Our award-winning communities include vibrant living spaces, thoughtfully designed amenities, graceful landscaping, and convenient locations.
MIXED USE | RESIDENTIAL
- Highland Avenue, Atlanta, GA (125 units)
Flats East Bank Development , Cleveland, OH - Rosemary Square Development ,Sarasota,
FL (40 units) - William Street, New York, NY 242 units)
- Dutch Street, New York, NY (483 units)
- Park Avenue Condominiums Atlanta, GA (122 units)
- Third Street, Cambridge, MA (91 units)
LOCAL AREA PROJECTS
- Adlai Stevenson High School (Lincolnshire, IL)
- American International Group (Chicago, IL)
- The University of Chicago Medicine Center
(Chicago, IL) - The University of Chicago New Residence Hall
(Chicago, IL) - Matteson Public Library Addition (Matteson, IL)
- O’Hare International Airport (Chicago, IL)
T. M. RYBAK & ASSOCIATES. P.C.
Construction management firm with over three decades of experience. T.M. Rybak has logged over 2000 projects + employed more than 100 team members. T.M. Rybak’s client list includes dozens of large institutions such as UBS/Paine Webber, Katz Media, AAA, Blue Cross Blue Shield.
Our team includes a group of diverse and talented individuals who work on a wide array of challenging projects. Currently, we are working on the re-positioning of buildings in Michigan, Illinois, Ohio, Florida, Minnesota and Indiana. In
these areas, our team is tasked with construction administration, construction management, contract negotiation, scope, schedule and budget management, design controls, along with system and resource allocation.
Since the start of our firm in 1986, we have focused on strong utilization and energy efficiency in our projects. We believe these to be basic, smart business practices that ultimately can lead to healthier, more vibrant communities. While long committed to the concept of achieving economy through conservation, our efforts and awareness continue to grow.
PROJECTS EXAMPLES
RESIDENTIAL PROJECTS
- Ansonia Connecticut Adaptive Re-use Townhomes
- Historic Cadillac Tower Re-imagined Mixed-use
- Akron Ohio Law Building Residences
- Colonnade Apartments Urban Living
LOCATION & DESIGN
CONSIDERATIONS
PROJECT UNDERSTANDING
Michigan is a bustling area with multiple highways, rail systems, and boat access through the city. The area offers sandy beaches and hiking trails along the shoreline of Lake Michigan, along with artisan and eclectic boutiques, breweries, wineries, art galleries, great food, and a vibrant nightlife. This unique junction creates an opportunity for a thriving activity hub. Whether people are staying for vacation or renting a home and commuting to Chicago for work, Michigan City is on the verge of becoming a true destination.
Our design vision for Cadence Park is to elevate the architectural skyline of Michigan City while providing class-A market-rate apartments to residents. Our intention is to create a welcoming, dynamic, and highly visible destination restaurant and multi-family complex that will provide residents top-rated amenities and a connection to the site’s surroundings.
METICULOUS Design + Architecture will redesign the site to maximize apartment units and views to the water while also creating a strong urban edge that reflects New Michigan is a bustling area principles. First floor retail space will bring commercial businesses closer to the residential neighborhoods and create more of a “mixed-use” development on the site. By creating a strong architectural “wow” statement that reflects Michigan City and its history, we envision Cadence Park as a catalyst for future developments.
COMMONLY USED TERMS
LOTS: A tract or parcel of land owned or meant to be owned.
PARCELS: A defined piece of real estate, usually resulting from the division of large areas of land.
MDA: METICULOUS Design + Architecture.
PROGRAMMING: A written list of spaces to be included in the building layout in accordance with the project’s requirements.
PROFORMA: A set of calculations that projects the financial cost
and return that a proposed real estate development is likely to create.
NEW URBANISM: An urban design movement which promotes environmentally friendly habits by creating walkable neighborhoods, accessible public spaces, and placing housing and shopping in close proximity.
SURROUNDING CONTEXT
Cadence Park is situated mainly around commercial buildings, with civic buildings and churches scattered around. Large residential neighborhoods are to the south and east, with beaches along Lake Michigan to the very north. This map illustrates how the programming of Cadence Park will fit in with the surrounding context.
01: Michigan City Public Library 100 E 4th St Michigan City, IN 46360
02: Lighthouse Place Premium Outlets 601 Wabash St Michigan City, IN 46360
03: Blue Chip Casino 777 Blue Chip Dr Michigan City, IN 46360
04: Old Lighthouse Museum 1 Washington St Michigan City, IN 46360
05: NIPSCO 101 Wabash St Michigan City, IN 46360
06: Washington Park Beach City Hall & 100 E. Michigan Michigan City, IN 46360
07: Washington Park Zoo 115 Lake Shore Dr Michigan City, IN 46360
SUSTAINABILITY
The balance between the environment and the economy is hard to achieve, but small design decisions can have a large positive impact when done correctly. Sustainable design is at every scale, from energy sources to landscape design, material choice to cross ventilation. Not only is sustainable design important for the environment but also for the users of the building, as natural materials, clean materials, and natural light can help improve mental and physical wellbeing.
- LANDSCAPING Rainwater collection, permeable paving, food gardens, and more are all ways in which the exterior spaces can contribute a positive impact.
- LOW-MAINTENANCE ELEMENTS Part of sustainability means using materials and creating designs that are durable. Making sure a building will stand for 50+ years means leads to a high return on investment.
- NATURAL LIGHT Well-placed openings with high efficiency windows help save on energy use and costs. Natural light is an ideal way to bring the outside into interior spaces while lessening harsh impacts of electrical lighting on users, and reducing waste, upkeep costs, and energy costs.
- RESPONSIBLY SOURCED MATERIALS Where a project receives its materials from and how those materials are made play a large part in the impact of a building on the environment. Recycled, renewable, and locally sourced materials are a few examples.
- SOLAR PANELS The building design uses the site context and massing to allow for optimal heat gain in the winter, shading devices for the summer, and other ways to have the building work with the climate.
VISIONING
CONTEXTUAL REFERENCES
Historic downtown Michigan City
Contemporary single-family homes
Lake Michigan and Trail Creek
BUILDING INFLUENCE – Michigan City Public Library
Completed in 1977, the modern library has translucent fiberglass exterior walls allowing sunlight to enter during the day and to create a soft glow at night. The sawtoothed roof is divided into seven sections with long clearstory windows.
BUILDING INFLUENCE – Blue Chip Casino Entrance
The high-end hotel and entertainment expansion for the casino riverboat was influenced by its waterfront location. A concourse connects the new and existing buildings, while lowering height at the entrance for visitors to feel more at ease.
Create “Wow” Factor that Highlights Michigan City as a Prime Destination
Create “Wow” Factor that Highlights Michigan City as a Prime Destination
Emphasize Strong Urban Edge and Further Activate the Streetscape
Design a Site and Building that Maximizes Use and Visibility
Provide High-Quality Market-Rate Units for Residents
Incorporate Sustainable Features Throughout Design
Showcase Apartment Unit Views While Relating Building Design to Local Context
EXISTING
ADDRESS
One Cadence Park Plaza, Michigan City, IN 46360
OWNER
McColly Bennett Real Estate
SIZE
14,600 SF
ZONING CODE
R3B Mid-Rise Multi-Family Residential
PROJECT UNDERSTANDING
NINE ON THE HUDSON, PORT IMPERIAL, NJ
13-story condominium with luxury units and five-star amenities.
WEST HALF, WASHINGTON, D.C.
Multi-family residential complex that houses 465 units.
THE DRAKE, CHICAGO, IL
Units have views to Lake Michigan.
MAIN ST, GREENVILLE, SC
Located in South Carolina, this main and street is a great example of New Urbanism.
MANHATTAN WEST, NY, NY
This rooftop plaza sits between two office towers and offers seating and green space
SITE DESIGN & CONCEPT
MASSING PERSPECTIVES
DESIGN CONCEPT
OVERALL SITE PLAN
The design of Cadence Park interrelates site, program, and architectural form to create a community which enhances both the existing urban context of Michigan City and the lives of future residents. The design team’s approach started with the Client’s vision, further validated through community engagement to cement the following core tenants of the design:
- Conscientious urban development, connecting residents to the life of the street
- Creation of a destination within the “golden triangle” of the existing city
- Novel contemporary design linked to a vision for tomorrow’s Michigan City
- Rich programmatic mix to create a complete and sustainable community
LEVEL 2 PLAN
The site, which is located between two major thoroughfares (East Michigan Blvd. and Pine St.), offers a great opportunity to strengthen the urban character of the city’s North End. The northeast and southeast corners of the development provide anchors for the two residential towers, with the primary retail addresses located in the podium below. Retail storefronts stretch along the length of East Michigan Blvd. and 5th street, adding to the pedestrian activity at the street level. The 5th street elevation takes advantage of the south facing façade, which is populated with a mix of F&B offerings, pocket parks, and offices. At the southeast corner, an eye catching 2 story restaurant/ retail outlet is a symbol of Cadence Park for those traveling northbound towards the lake. Parking and service access has been relegated to the internal right-of-way which runs north-south through the development
LEVEL 3 PLAN
The multi-family residential is the predominant use within the development. The roughly 300 units have been strategically split in two parts, each with its own parking allocation. Atop the podium deck is an amenity level with an outdoor pool and gymnasium which is linked between east and west, ensuring that a singular community is maintained. The lounge at the top floor of the building is given to the residents, offering panoramic views across Washington Park and Lake Michigan. Supplementing the needs of the residents is approximately 50,000 sqft of retail, ensuring that the essential needs of modern life are at their doorstep.
MASSING STUDY
EAST 4TH STREET SECTION
1. RESIDENTIAL
- 200-350 Apartment Units (Market Rate)
Bed: 650 sq ft Bed: 980 sq ft Bed: 1,250 sq ft
- Apartment Lobby Mail Room Small Office Open Stair
Bike Storage
- Amenity Spaces
Pool | Firepit | Entertainment Space TV Lounge | Small Kitchen Restrooms | Exercise Room | Bike Storage | Business Center | Dog Park
- Parking | Support Spaces Bike Storage | ICT | Electrical and Mechanical Rooms Garbage| Recycling
2. RESTAURANT | ENTERTAINMENT
3. RETAIL
4. OFFICE
RENDERINGS
RENDERINGS
RENDERINGS
RENDERINGS
RENDERINGS
DESIGN CONCEPT TABULATIONS
AMENITIES
KEY FEATURES | THE TERRACES AT CADENCE
Security Systems & Intercom Smart Home Terrace Hardwood Floors
Dishwasher Microwave Refrigerator Washer | Dryer Oven | Range Gas
Pet-Friendly Community Room Doorman Elevator Exercise Room Elevated Swimming Pool Security Shared Backyard Space and Rooftop
A/C Central Air Hot Air
Near Shopping Near Train Near Parks Near Schools
CAPITAL STACK & FINANCIAL COMMITMENTS
ANALYSIS FRAMEWORK
ANALYSIS FRAMEWORK
This analysis is based on general financial assumptions and our understanding of the desired model use. Therefore, it is not at the level of detail on the ‘soft cost’ assumptions as well as exploration of the financing structure alternatives. The below assumptions are based on our conversations and meetings with proposed Acorn Capital Development team
CAPITAL STRUCTURE
TOTAL | 100.00%
FUNDING SOURCES SUMMARY
TOTAL | $124,954,925
SOURCES & USE OF PROJECT FUNDS
DEVELOPMENT USES SUMMARY
TOTAL | $124,954,925