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HomeMy WebLinkAbout1983-03-17 offering circular for Kramer SchoolOFFERING CIRCULAR KRAMER SCHOOL PROPERTY Little Rock, Arkansas Any information provided herein is obtained from sources we con- sider reliable. However, we are not responsible for misstatement of facts, errors, ommissions, prior sale, withdrawal from market, modification of mortgage commitment, terms and conditions or change in price without notice. MEMORANDUM DATE: March 17, 1983 TO: Developers, investors and other parties interested in the Kramer School property FROM: Little Rock School Board Little Rock, Arkansas SUBJECT: Request for proposals to purchase and re -develop the Kramer School property located at 8th and Sherman Streets, Little Rock, Arkansas The Little Rock School District invites interested persons to submit proposals for the purchase and re -development of the Kramer School property. Enclosed in this material is a summary of significant facts describing Kramer School, including location maps, a brief history of the property, neighborhood, site and improvement descriptions and floor plans. Access to the building will be made available to all parties by contacting Doug Kendall, Director, School Plant Services, Little Rock School District during weekdays between the hours of 8:30 a.m. and 4:30 p.m. (Phone number - 565-5504.) The building will be shown by appointment only. Interested persons should send a letter of intention to submit a proposal by April 17, 1983 to Mr. Vance Jones, Manager, Support Services, Little Rock School District Administration Building, Little Rock, Arkansas. Along with this letter of intention to submit a proposal, you are asked to submit all questions con- cerning the property in writing. The Little Rock School District will respond to each inquiry beginning April 17, 1983. An attempt will be made to answer all questions as thoroughly as possible. Purchase proposals will then be accepted beginning May 17, 1983. The proposals will be reviewed and evaluated as received, and the Board will attempt to make a selection as soon as an acceptable agreement can be concluded. The Kramer School is in the Quapaw Quarter District and the MacArthur Park Historic District and has important architec- tural significance. The disposition and the ultimate use of this property is a sensitive matter to the surrounding neighborhood and the community as well as the Little Rock School District. A sincere effort will be made by the Little Rock School District to ensure that the property is re -developed in a manner that will maintain the character and integrity of the building and the surrounding neighborhood. There is also concern regarding the timeliness of the development so that the condition of the building can be maintained and further deterioration will be kept to a minimum. Because of these factors, proposals will be eva- luated using the following criteria: 1. compatability of the proposed use and its impact on the surrounding neighborhood; 2. preservation of the building's exterior, and to some degree, preservation of the building's interior; 3. evidence of the developer's financial strength and ability to complete the project; 4. timeliness of the development schedule; 5-.- time-1iness o-f-olosi-ng-date; - Each proposal. should include: 1. A complete outline of the proposed development. 2. Proposed closing date and development schedule. 3. Preliminary drawings showing plans for the exterior and the interior and site development plans. 4. Explanation of financial arrangements should proposal be anything less than with cash at closing. The offering price is $195,000.00. The preference of the Little Rock School District is to sell this property for cash at closing. However, if all other criteria is met, the school district will consider providing interim financing up to 750 of the purchase price for up to 18 months. The Little Rock School District reserves the right to request additional information from the offerors of those proposals that are under serious consideration. The person submitting the pro- posal that is selected should be prepared to sign a purchase contract in the form attached within seven (7) days of notifica- tion. We thank you for your interest in look forward to hearing from all in this development opportunity. mlr the Kramer School property and persons that might be interested OFFER AND ACCEPTANCE , 19' 1. The undersigned, herein called the Buyer, offers to buy, subject to the terms set forth herein, the following property: (If additional space is needed, use back side.) Lots 3 4 5 6 and 10 Block 3 Johnson's Addition to the City of Little Rock, Pulaski County, Arkansas --- 2. The Buyer will pay $ 19 9. nun _ 00 for the property, $ _ .. _ in cash and the balance of $ as follows: '1. Special conditions: 4. Conveyance shall be made to Buyer, or as directed by Buyer, by general warranty deed except it shall be subject to recorded restrictions and easements, if any. 6. The owner of the above property, hereinafter called Seller, shall furnish at Seller's cost a complete abstract reflecting merchantable title satisfactory to Buyer's attorney, however Seller shall have an option to furnish Buyer, in place of abstract, a policy of title insurance, and submission of an abstract shall not constitute a waiver of this option. Seller shall have a reason- able time after acceptance within which to furnish abstract or title insurance. If objections are Made to title, Seller shall have a reasonable time to meet the objections or to furnish title insurance. 6. Buyer herewith tenders $ as earnest money, to become part of purchase price upon acceptance. This sum shall be held by Agent and if offer is not accepted or if title requirements are not fuffilled, it shall be promptly returned to Buyer. If, after acceptance, Buyer fails to fulfill his obligations, the earnest money may bee ome.liquidated damages, which fact shall not preclude Seller or Agent from asserting other legal rights which they may have because of such breach. 7. Taxes and special assessments, due on or before the closing date shall be paid by the Seller. Current general taxes and special assessments shall be pro -rated as of closing date based upon the last tax statement. Insurance, interest and rental payments shall be prorated as of closing date. 8. Seller shall vacate the property and deliver possession to Buyer on or before nn A (1 1 days after the closing date. ' 9. Buyer certifies that he has inspected the property and he is not relying upon any warranties, representations or state- ments of the Agent or Seller as to age or physical condition of improvements. The risk of loss or damage to the property by fire or other casualty occurring up to the time of transfer of title on the closing date is assumed by Seller. 10. This Offer is binding upon Buyer if accepted within days from Date. 11. Buyer represents that the sole broker with whom it has dealt in this transaction is Buyer agrees to pay any fees or other compensation due the named broker and s a o d harmless and indemnify Seller for an claims or actions arising therefrom. --------- The above Offer is accepted Form 61—Ark. lteal Estate Association. Little Mock Buyer Buyer 19 Seller Seller SUMMARY OF SIGNIFICANT FACTS AND RECOMMENDATIONS Property Kramer School Location 8th and Sherman Streets McArthur Park National Register Historic District Legal Description Lots 3, 4, 5, 6 and 10, Block 3, Johnson's Addition to the City of Little Rock, Pulaski County, Arkansas. Site - Dimensions 230.2' x 292.5' x 184.2' x 288.5' Area 59,778 square feet Zoning High Density Residential; permitted uses include community facilities, single-family dwellings, multi- family dwellings, townhouses and other uses allowed with con- ditional use permit. Improvements 2 -story plus basement, 87 year old school building Building Area 1st floor 13,124 s.f. 2nd floor 9,312 s.f. 1st and 2nd floors 22,436 s.f. Basement 10,679 s.f. Total 33,115 s.f. Price $195,000.00 Financing No assumable financing is available. Little Rock School District will consider providing interim financing up to 75% of the purchase price for a period of time not to exceed 18 months. HISTORY OF THE PROPERTY The original Kramer School building was constructed during the year 1895. The structure was designed by Thomas Harding, Architect and is a two-story structure totalling eight classrooms plus basement area. In 1906, the first addition to Kramer School, consisting of two floors plus basement with a total of six new classrooms, was constructed. Architects for this addi- tion were Gibbs and Sanders. The second addition was designed by architect, Max Mayer, with construction in 1931. This addition was the one-story auditorium and basement cafeteria. Renovation and remodeling projects also occurred in 1969 and 1972. NEIGHBORHOOD DESCRIPTION Kramer School is located on the east edge of downtown Little Rock in the area commonly referred to as the Quapaw Quarter District. The exact location is the full block of ground bounded on the north by 7th Street, on the east by Ferry Street, on the south by 8th Street, and on the west by Sherman Street. This location is five blocks east and two blocks south of the intersection of Capitol Avenue and Main Street, the historical heart of downtown Little Rock. Interstate Highway 30 is one block to the east, McArthur Park is one block to the south, and I-630 is five blocks to the south. The four streets that form the boundaries of the subject property are all two-lane, two-way, asphaltic surfaced city streets, none of which are classified as a collector street at this location. Sixth Street to the north and 9th Street to the south are primary collector streets that provide the subject with excellent access to the Central Business District and to the interstate highway system. The most significant feature of the location of the subject prop- erty is the fact that it is within the Quapaw Quarter area of the city. The Quapaw Quarter area is one of the city's first residential areas and still retains many of the original struc- tures which have in recent years been recognized for their historical and architectural significance. Included in this area are many structures dating back to the 1800's and ranging from small single-family residences to large residential mansions and including significant institutional structures such as schools and churches. Deterioration of many of the structures in this neighborhood occurred over time, but an awareness of the histori- cal and architectural significance that was being lost was recognized. Many of the older structures have been renovated and a growing population of professional people has begun to reside in this area. This neighborhood is within the MacArthur Park National Register Historic District and has recently been designated by the city as an ordinance historic district. The population in general has become sensitive to the need to main- tain this area. NEIGHBORHOOD DESCRIPTION contd. Significant structures and/or property uses in the immediate vicinity of the subject property include: Quapaw Tower Condominiums and the Sheraton Hotel located east across Ferry Street from the subject, St. Edwards School located on the south side of 8th Street, Fowler Square located between 6th and 7th Streets one block to the west, and the Pike -Fletcher -Terry man- sion located between 7th and 8th Street one block to the west. In addition to the older structures previously discussed, several new structures ranging from small office buildings to multi- family residences have been constructed in recent years. The neighborhood of the subject property has experienced a revi- talization in recent years that includes heightened demand and increasing values. This trend can be anticipated to continue giving the subject a good -to -excellent location for conversion of the improvements to alternate use. SITE DESCRIPTION The subject site is a regular shaped block with the exception of its north line which runs at an angle along 7th Street. In addi- tion to having an irregular shape along its north side, the block is also smaller than normal full city blocks. The site has front- age on the following streets: Sherman - 230.2 front feet, 7Lh - 292.5 front feet, Ferry - 184.2 front feet, and 8th - 288.5 front feet. These dimensions are taken from a survey dated July 28, 1970 as prepared by Mehlburger Engineers, Inc.; accuracy of the survey is assumed by the offeror. The site, as identified herein, totals 59,778 square feet of land area. The site is basically level, although a slight northwest to southeast slope may exist. Drainage from the site to the streets and from the streets away from the site appears to be good. All municipal utilities are available to the site. The subject site is located within the boundaries of the Central Little Rock Urban Renewal Project ARK R-12 and is subject to the special zoning provisions of this project area. The site is zoned "High Density Residential District" (HDR). Property usage in this district is based upon use groups with the following basic groups directly permitted: Community Facilities -Group B, Single Family Dwellings, Multi -Family Dwellings, and Townhouses. In addition, the following use groups are allowed subject to a SITE DESCRIPTION contd. conditional use permit: Community Facility -Group A, Community Facilities -Group C, Apartment Hotel, Professional Offices, Hotel, Motel and Amusement, Convenience Goods and Services, and Specified Eating Facilities. Refer to Chapter 43, Section 7A of the Code of Ordinances of the City of Little Rock for a more detailed discussion of permitted uses in the HDR District. In addition, specific on-site parking requirements are presented in this chapter of the city's Code of Ordinances. Multi -family residential development requires one space per efficiency apart- ment or one bedroom apartment, 1.5 spaces for each two bedroom apartment, and two parking spaces for each three bedroom apart- ment. Office development will generally require one parking space for each 300 square feet of floor area. Finally, new devel- opment or redevelopment of the site must be in conformance with the ordinance's specifications for floor area, open space, and liveability space. IMPROVEMENT DESCRIPTION As discussed in the previous section entitled "History of the Property", the Kramer School building was constructed in three stages. The original building was constructed in 1895 with an architectural style known as Romanesque Revival. Basic construc- tion is load-bearing masonry walls and wood framing throughout. The original structure is two stories plus partial basement. The first and second floors each contained four classrooms designed around a central core that included a skylight on the second floor. Architectural features consistent with this period of development include a 13 -foot, 6 -inch wide central corridor and 14 -foot ceiling heights in the classrooms. The floors are of wood, some with tile covering; the walls are painted plaster, and the ceilings are painted pressed tin. The area totals 5,917 square feet per floor. The basement is approximately a half basement utilized for mechanical area and storage and totals 3,472 square feet. Original construction included an elaborate tower over the front entry, dormers on the front, wrought iron railing and a slate roof, and a copula on the north side of the structure; all of these features were removed in the late 1940's or early 1950's due to deterioration. The first addition to the building now exists as the mid-portion of the structure and is located on the east side of the original structure. The addition is two stories plus full basement, each of which was originally designed for two classrooms separated by the central corridor. Construction is very similar to the construction of the original building but with less architectural detail. This addition measures 41' 6" x 72' 2" for a total of 2,995 square feet per floor. IMPROVEMENT DESCRIPTION contd. The second and final addition is located east of the first addi- tion and is a one-story plus full basement structure. The addi- tion houses the auditorium and stage on the ground floor and the cafeteria 111 the basement level. Daj_L construction for this addition consisted of concrete slab floors, load bearing masonry exterior walls, and a wood and steel framed roof. The ceiling height in the basement is less than 10 feet and the ceiling height in the auditorium is approximately 14 feet. The basement has four central columns running east to west with approximately 18 foot bays. This last addition is of plain construction and, in our judgment, has no architectural significance. Building dimensions are 42' x 751, for 3,150 square feet per floor. Tile principal rest rooms are located in the basement area; they would be inadequate for continued school use or any other present day use of the property. A summation of area calculations is as follows: First floor - 13,124 square feet, second floor - 9,312 square feet for a total of 22,436 square feet on the first and second floors plus 10,679 square feet in the basement and cafeteria for a total area of 33,115 square feet of building area. These total area calcula- tions included 'hallways and stairways which were not included in the previous discussions. Site improvements consist of (1) six foot chain link fencing around the entire perimeter of the block for a total of approxi- mately 1,000 lineal feet, (2) an estimated 12,000 square feet of asphalt surfaced parking area along the south side of the struc- ture, (3) 5,000 square feet of asphalt surfaced parking at the northeast corner of the site, and (4) several mature trees located generally along the north side of the school building. NEIGHBORHOOD MAP IVAN ;,�■��■ o ■ Q ■■■■M D■■r■■� rug■■ ■■� a ■■■■�■■■■ m.■■;^� ���■■�; ■■�'�■�■m rim S ��❑ t t~ O wmwn FMIC FUMIGMWATE SIGNIFIGANT CONSTRUCTION 1970-80 KEY SIGNIFICANT INVESTMENT IN DOWNTOWN LITTLE HOC 1970 - 1980 �rr�r■r Key Project Name Rlverfront Park Convention Center/ Excelsior Hotel Sherman Oaks "Tenenbaum Complex "Rose Law Firm First Federal Savings 6 Loan Commonwealth Savings d Loan Savers Savings 6 Loan "Scott Square Metrocentre Mall *Albert Pike 10 "Waldron Building 11 Fowler Square 12 "FABCO Building 13 First National Bank 14 Cumberland Towers 15 One Spring Building 16 Robinson Auditorium Camelot 17 Southwestern Bell Building " Renovation/Conversion Type of Project Open Space/Recreation Exhibit Hall/Luxury Hotel/Meeting Spaca Residential Condominluns Commercial/€ntertalnment Office Renovation Headquarters/ Office Headquarters/ Office Headquarters/ Office Residential Condominiums Pedestrian Mall Residential Housing for Elderly Office Building Residential Apartments Conversion to Office Headquarters/Offlce Residential Housing for Elderly Office Convention Center/ Hotel Office Headquarters Reprinted from: Downtown Little Rock Development plan, Volume I, Dated September, 1981 (40VV OC) AA/.%j OV 1C NWWVal7HS ARKANSAS GAZETTE; Wednesday, April 20,:1983 Five Firms. Interested In School The Little Rock School District has received five letters: from de-: velopers who said they are inter- ested in purchasing Kramer School at Seventh and Sherman Streets. The deadline for submitting.Iet- ters of intention was Saturday, but Vance Jones, manager of support services for the District, said he was calledby a- representative of a sixth -firm Monday who asked if it could submit a.letter Tuesday. The District wants $195,000 for the vacant school. Purchase pro- posals will be accepted beginning May 17 and the building will be sold as soon after that date as possible; f The five firms.. that submitted letters stating their intention, to submit a purchase proposal are: Rector»Phillips-Morse, a Little Rock real estate firm; Architectu- ral Antiques, Ltd:, a Little Rock, firm that specializes in- antique hardware, architectural trim and related items; Manes,- Castin and Massie, Inc., a North Little Rock development and -management company;, Wengroup Equities; a New York firm with -a Little Rock.. office that, specializes in real es-' tate:management, and, the-EUdng. ton and. Keltner Group of Mem- phis; a real estate -management and development company.