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  5. ›RFQu 12-04-24 REDEVELOPMENT OF THE JOHN SEVIER CENTER & DOWNTOWN CE…

City of Johnson City·Tennessee

RFQu 12-04-24 REDEVELOPMENT OF THE JOHN SEVIER CENTER & DOWNTOWN CENTRE

Closes 12/31/2024$3M – $6MRequest for Qualification
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Description

The Johnson City Development Authority (JCDA), with assistance from Hunden Partners, is seeking a qualified developer to lead the full redevelopment of the historic John Sevier Center and the adjacent Downtown Centre parking/retail structure. The developer will be responsible for concept creation, design oversight, financing (including public‑sector tax credits and grants), construction management, and eventual ownership/operation of a boutique hotel and mixed‑use components. The RFQ is a qualification‑only stage; shortlisted firms will be invited to submit a full RFP in early 2025. • Scope covers historic hotel adaptive reuse (potential boutique hotel with optional condominiums) and activation of 38,000 sq ft of ground‑floor commercial space in the Downtown Centre. • Required capabilities include demonstrated experience with historic preservation, hotel development, complex financing (historic tax credits, NMTC, QOZ, TIF), and ability to assume long‑term ownership/operation. • Financial qualifications (audited statements, banking references, capital‑availability statement) are mandatory; no project budget is disclosed. • Key dates: RFQ issued Dec 4 2024, questions due Dec 18 2024, submissions due Dec 31 2024; RFP expected Q1 2025, award likely Q2 2025, possession of property Q4 2025. • All communications must go through [email protected]; direct contact with JCDA or City staff is prohibited.

Attached files

The solicitation documents live at the source — open the bid source above to download them.

Contact

[email protected]

Key dates

Opened
12/4/2024
Questions due
12/18/2024
Closes
12/31/2024

Last updated

Details

Type
Request for Qualification
Industry
Property Development
NAICS
531390
Solicitation №
RFQu 12-04-24

Budget estimate

$3,000,000 – $6,000,000

The solicitation does not disclose a fee structure. Based on comparable historic‑hotel redevelopment projects of similar scale (estimated total development cost $40‑$80 million), developers typically earn a development fee of 5‑10 % of total project cost. Assuming a mid‑range project cost of $60 million, the fee could range from $3 million to $6 million. Additional upside could come from operating profits after stabilization, but the guaranteed development fee is likely the primary budget.

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