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Redevelopment commission tables Adaptive Commons agreement for Hopewell West Block 4 after questions on portfolio, garage costs
Summary
Adaptive Commons presented a predevelopment scope for Hopewell West Block 4, proposing master planning, financing strategies and a feasibility analysis capped at a fee not to exceed $125,200. Commissioners asked for more evidence of recent, directly comparable projects and structural analyses for wrapping the 4th Street garage; the commission voted to table the resolution for more information.
Adaptive Commons, a development firm that focuses on adaptive reuse and workforce-affordable housing, presented an engagement to lead predevelopment planning for Hopewell West Block 4 and asked the Bloomington Redevelopment Commission to approve an agreement to begin work on a master plan and a proposed capital stack.
Adaptive Commons portfolio manager Riley Gibson told the commission the scope includes research and due diligence, design and fit planning, 3-D massing and a financial feasibility analysis intended to produce a clear capital stack. Gibson said the firm—s objective is to help the city reach a development-ready plan by mid-2026. "We see this as an opportunity to implement 10,000 quality…
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