The Muirfield Empty Nesters group met for cocktails and dinner at Fado’s Pub in Bridge Park last night. Matthew Starr, the Executive VP of that area’s developer, Crawford-Hoying, spoke to the group and gave an update on the current, almost stunning success of Bridge Park and future plans for it. I know everyone in Muirfield is interested in that area, so here is what he shared with us:
Apartments: 528, with an occupancy of 99%.
Condos: 106 total built, with 100% now sold, just as of Monday! There are some resales occurring at prices of $400 to $450 per square foot!
Offices: 90% occupancy in 326,000 square feet. No tenants were lost due to the pandemic, and about 50-60% of employees are now working in those offices, not remotely. More are returning every month.
Retail: 95% occupancy in 193,000 square feet of space, with only a very few spaces available, including a retail space in the SpringHIll Suites. Three small retailers were lost during the pandemic, and those spaces quickly filled. You may have read in the Dispatch this past week that Cameron Mitchell has announced his 4th restaurant [joining Cap City, The Pearl, The Avenue] coming to Bridge Park: Valentina’s, a Northern Italy themed restaurant, located in the prized location at the southeast corner of Riverside Drive and Bridge Park Ave. at the east end of The Link bridge. That should open next Spring. All restaurants in BP are meeting or exceeding their pre-pandemic revenues, with patronage increasing weekly.
Dublin North Market: Only one spot is open. All tenants are on pace to meet or exceed their first-year projections.
What is in the works? Three new buildings!
A joint venture with Friendship Village, which will result in a new building of 90 units plus an underground parking garage for independent living residents. This will be located across the street, to the south, from the main entrance to the SpringHill Suites Hotel. It will be developed by Crawford Hoying and managed by Friendship Village. No food service will be provided, as these units are for independent living. Unlike the current Friendship Village complex, there will be no entrance fee charged.
A new building for office [115,000 sf] and retail/restaurant space [15,000 sf,] plus garage space for 350 cars.
86 new condos. The new condos will be smaller, more affordable, some of them studios, selling for $165,000 to $510,000. Buildings 2 and 3 will go in just north of SpringHill Suites, and construction will start in 30 days!
The Arena project is currently on hold.
Two small residential areas remain to be developed, likely a mix of rentals and condos. Stay tuned.
When complete, the estimated total value of the project is $600 million of buildings in the “original footprint.” This is comprised of approximately 600,000 sf of office, 225,000 sf of restaurant/retail, 2 hotels, an Events Center, North Market, and approximately 725 rental and 250 condo units. The project could expand outside of those boundaries( to the north, south, or east, adding even more value to the CIty's tax base.
The Real Estate Tax Value is slightly less than the above number due to valuations by the County Auditor, so it’s estimated there will be a $500 million base, which would provide annual real estate taxes of approximately $15 million in today’s dollars. Most of those are redirected to public infrastructure, though the school district will start receiving 10% of their share of the tax values in the final 15 years of the TIF, then all of it at the end of the TIF.
It is difficult to estimate the income tax revenue for Dublin from the existing businesses and residents due to the pandemic, but a good guess, I am told, is $1.5 to $1.7 million annually.
Have all those full condos and apartments overloaded the Dublin Schools? No. There are 34 total children currently residing in Bridge Park, and many of those are non-school age children. Some are children whose parents have divorced and one of the parents has a home in Dublin. Only 12 kids are new to Dublin schools as of 7/1/2021.
Two extra items I’ve been asked about on different topics:
The brown branch tips on and under trees are harmless effects of the cicadas and their egg-laying habits. Nothing to be concerned about.
All those election commercials on TV recently? You can totally ignore them. They apply to folks in the 15th Congressional District. We are in the 12th. There is no election in August for Muirfield residents.
Finally, Dublin has asked that we solicit ideas from you all for long range planning. Here is their email I have been asked to forward to you:
Share Your BIG Ideas! We live in a thriving community with world-class amenities and unparalleled services that make Dublin an extraordinary place. As we look to what the future can hold for Dublin, your City Council wants to hear your bold, transformative ideas that shift how we think about technology, mobility, sustainability, city services, economics, development, quality of life, and anything in between. There is no limit! Be creative, be thrilling, be daring in how we can enhance how people live, work, and engage in our community! Share your ideas.
Dr. Bob Fathman, President, Muirfield HOA Board of Directors