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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 attainable homes in the next 10 years," Gibson said.
Why it matters: Commissioners and staff said the Block 4 parcel, which includes a municipal parking garage, represents a major redevelopment opportunity that could provide workforce housing and ground-floor commercial uses. Adaptive Commons proposed pairing lower-cost debt with tax-credit and commercial incentives to reduce public subsidy needs. Staff noted the proposed agreement includes a fee "not to exceed $125,200," and said the firm would help assemble local partners and produce a capital-stack recommendation.
During the question-and-answer period, commissioners pressed for more concrete evidence that Adaptive Commons— prior work closely matches Bloomington—s site. One commissioner said the firm—s submitted portfolio showed projects from 2016–2020 and asked which team members led those efforts. Another commissioner asked whether Adaptive Commons had seen the most recent structural report for the 4th Street garage and highlighted a previously cited repair estimate of about $5,000,000 for the structure.
Adaptive Commons responded that the firm could coordinate financing strategies, and that the firm envisions the city retaining land ownership with a ground lease paired with residential debt and commercial tax-credit financing. On questions about New Markets Tax Credits, the presenter said those credits are typically used to support commercial components (ground-floor childcare, for example) and can be paired with debt to make a mixed-use building viable.
Outcome: After staff offered to assemble additional documentation about the firm—s recent, directly comparable projects and to confirm which team members were responsible for which deliverables, a commissioner moved to table Resolution 25-141 to the commission—s next available meeting so members could review more information. The motion to table was seconded and passed unanimously.
What comes next: Staff said it will gather requested materials — clarified portfolio examples, team roles on past projects, and any relevant structural reports — and circulate them to commissioners ahead of the commission—s next meeting in January.
