With plans to convert a former Park Avenue bank building to residential and office use, Camino foresaw the same problem for himself. His proposed solution? A six-story deck on what is now a city lot, yielding nearly six times the number of parking spaces. The 150,000-square foot structure would cost about $52 per square foot for Lego-like prefabricated construction and could be funded partially through a parking authority that would have the power to issue bonds for the project.
Since deciding to focus on development in Plainfield, Camino has delved into reasons why it has stalled in recent years and is schooling himself and his team on how to navigate the land use boards that will govern his plans. He and partner Daniel Rivera have their sights on a bright future for the city and are taking the new Raritan Valley Line "one-seat" ride to Manhattan as a positive sign.
"The timing is right," Rivera said Tuesday as he and Camino discussed their plans with Plaintalker.
The conversation slipped from an interview to a general chat about Plainfield and Camino's many innovative ideas. For one, he would like to buy up the whole block where his building stands at 107 Park Avenue, in order to bring about a coherent approach to revitalizing the downtown. The East Front Street side, between Park and Watchung avenues, is the core of the downtown business district. He expects to attract investors and create a broad-based buy-in of his plans through a web site, www.queencityrevival.com
Camino will use all aspects of social media to advance his goals, including crowd-funding.
Camino said he will use gofundme to raise a match for his personal outlay to restore "The Queen's Courtyard" behind the former bank building. An amenity created by Queen City Savings, the landscaped passageway from Municipal Parking Lot 6 to East Front Street that was badly damaged in Hurricane Sandy.
Up until recently, Camino's Arkad Group Real Estate Corporation has focused on residential property, but its Facebook page now includes his commercial plans for Plainfield. He invites investors through http://www.arkadgroupinvestments.com/ and also has a personal Facebook page replete with motivational sayings and cheery messages from his supporters.
Camino and Rivera have met with city planning staff and are well aware of the municipal land use and transit-oriented development rules they will have to meet for their new ventures.
"Is it a challenge? Yes," Camino said, but added, "Doors are opening. People who care about the town see what we are trying to do."
Soon to become a Plainfield himself with purchase of a home on West Eighth Street, Camino said, "We're ambitious, we're young and we're here to stay."
--Bernice
I assume the financial quid pro quo for the investment would be the revenue from the parking garage. The article mentions Bonds. Does this mean that the Bonds sold by the Parking Authority will be, guaranteed by the full faith and credit of the City? If so then at a minimum all other investments should be subordinated to the City in the event of financial failure. I do not see how any one would invest in so speculative an adventure with a neophyte commercial developer without some substantive entity providing financial guarantees. How much hard cash will Messrs. Rivera and Camino have in the game? It seems appropriate that the Camino group be required to invest a reasonable percentage of the total anticipated cost....ceratainly not less than say, 15%. If the Camino organization investment is only sweat equity then even greater consideration should be given to the proposal. Consideration to the form of construction contract is appropriate. Rather than a lump sum contract it might be preferable to award a cost plus, with cost not to exceed form of contract, In the event of financial success how are the profits distributed amongst the investors and developer? What about property taxes? If Mr. Camino's company intends to build the proposed garage, currently budgeted at about Eight Million Dollars, can that organization, after establishing a price for the work, post a Performance and Payment Bond guaranteeing that the work will be performed for the established price? There are a great many questions to be answered lest this devolve into another Tepper's cellar. Bill Kruse
ReplyDeleteAnd so it begins..........
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