City of Kenmore Gets a Revitalizing Strategy for a Downtown Redevelopment

The Challenge

The recently incorporated City of Kenmore, like many towns developed in western Washington in the 1950s, was seeking ways to create a central focus for their downtown core. The city had worked for over a year to create a downtown plan, but there was extreme division between a citizen advisory task force and the recently elected city council over the Kenmore Village by the Lake redevelopment project.

The Solution

The city retained Norman Partners team members just prior to completing acquisition of property defining the new central core, a substantially vacant neighborhood shopping center. We identified the immediate need for a property manager, oversaw the selection process, and implemented a leasing strategy that helped the City Council understand the strategic timing of redevelopment and recognize an opportunity for an interim income stream. We also mediated the development of a "charter document" between the new City Council and the citizen advisory task force.

The Result

The City of Kenmore was more than pleased when the existing shopping center was leased in record time–four months–and now provides the city with $250,000 in annual income. Trust was built back up between the citizen advisory task force and the City Council, and with a smooth selection process in place, the city chose a property management firm and developer. We continue to work with the City of Kenmore to assist in the selection and negotiation of a new City Hall location, further enhancing their dreams for a destination downtown.

Norman Partners team members provided:

  • +Real Estate Asset Strategy
  • +Real Estate Evaluation
  • +Real Estate Consulting
  • +Feasibility Studies & Analysis
  • +Strategic Needs Analysis

The City of Bothell Realizes Major Savings in Land Acquisition

The Challenge

The City of Bothell had discussed the acquisition of the Northshore School District's 20-acre surplus site in the center of town for years, but negotiations had broken off over disagreement about the property's value. The Bothell City Manager had worked for a year to complete an acquisition, but the city considered the valuation of the property, established by an MAI appraiser, as too high.

The Solution

Norman Partners team members brought a unique understanding of value to the project, which allowed the city to strengthen its negotiating position. We advised the city that engaging in an additional review appraisal process to specifically address the original appraiser’s assumptions of development density and traffic mitigation would likely result in a more favorable value. In addition, we recommended and engaged a new appraiser for the city.

The Result

With the new appraiser's estimates, Norman Partners team members were successful in channeling discussions in a direction that saved the City of Bothell over $6 million.

Norman Partners team members provided:

  • +Acquisition Strategy & Implementation

Conflict Resolved for the City of Des Moines and the Port of Seattle

The Challenge

The City of Des Moines requested guidance in their talks with the Port of Seattle on the development of the 90-acre Des Moines Creek Business Park (DMCBP), one of the most significant projects the city had undertaken. There had also been tension between the two parties for the past decade over the proposed third runway.

The Solution

Norman Partners team members served as the city's real estate advisor for DMCBP, and also facilitated meetings and conversations between the city and the Port of Seattle to help both sides see the "bigger picture".

The Result

The City of Des Moines and the Port of Seattle were able to agree upon collaborative goals and a plan document for the Des Moines Creek Business Park. Both parties are again putting the foundational pieces in place for the development, working together to achieve the common goal of revitalizing the DMCBP in an economically and environmentally viable way. The city has retained our firm to continue the work on DMCBP, and expanded our role to other development-related projects throughout the city.

Norman Partners team members provided:

  • +Real Estate & Asset Strategy
  • +Real Estate Evaluation
  • +Real Estate Consulting
  • +Acquisition & Disposition Strategy
  • +Core Business Process Mapping
  • +Project Delivery Mapping
  • +Disposition

Phase 1 - The Dream of a Community Gathering Place at La Plaza

The Challenge

Two leaders of the local Hispanic community had a "dream" of creating a gathering place where people of all cultures could enjoy the best of the Latino culture.

The Solution

Norman Partners team members facilitated discussions with the community leadership, visually documenting a strategic plan to bring the dream to reality. The client was so pleased with the results they hired us as the program manager to make sure the project proceeded according to plan. To ensure successful funding and provide development expertise, we brought in Richard Leider of Trinity Real Estate to partner in the project.

The Result

We created a plan and a story that really resonated with potential investors and allowed us to successfully raise $50 million in equity. One $15 million project has already been acquired and is under redevelopment. Equity capital remains to acquire six to eight more projects throughout the Northwest.

Phase 2 - La Plaza Development – the Dream Becomes Reality

The Challenge

La Plaza, a market-based real estate development serving and celebrating the Latino community, needed an overall strategic plan, project management, along with management and leasing for all of their sites (both current and future).

The Solution

Norman Partners team members served as the project manager and leasing agent for La Plaza, assembling a team and project schedule for each of the La Plaza locations. In addition, we brought the entire La Plaza development and community team together to create a strategic plan, outlining the processes necessary to achieve maximum occupancy and meet the goals of La Plaza.

The Result

Norman Partners team members took a property with substantial vacancy and raised the occupancy to 95%. Even in a shifting economy, our creative solutions allow La Plaza to continually maximize occupancy, minimize cost, and move forward to keep their dream alive.

Norman Partners team members provided:

  • +Real Estate/Facilities Strategy
  • +Real Estate Evaluation
  • +Acquisition Strategy
  • +Core Business Process Mapping
  • +Project Delivery Mapping
  • +Capital Planning
  • +Forecasting & Financial Modeling
  • +Site Selection
  • +Feasibility Studies/Analysis
  • +Implementation Services
  • +Transaction Management
  • +Brokerage Services
  • +Project Management
  • +Development Management
  • +Construction Management
  • +Project Finance
  • +Asset Management
  • +Manage Operations & Maintenance
  • +Financial Management
  • +Vendor Contract Management