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Riverside 
Plaza 
Renewing 
an 
Iconic 
Urban 
American 
Community 
George 
Sherman 
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study 
Riverside Plaza 
Resident Resource Center 
Cedar Riverside 
Community School 
Plaza Halal Foods
Jan 
2011 
Oct 
2012 
Dec 
2010 
National 
Register 
2004 
1988 
1987 
2010 
1980 1990 2000 2010 2020 
11
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study 
Old 
Colors 
New 
Colors
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
$140M 
$120M 
$100M 
$80M 
$60M 
$40M 
$20M 
$0M 
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study 
Developer 
Fee 
Reserves 
Reloca.on 
Other 
General 
Development/ 
Financing 
Fees 
Construc.on 
Interest 
Architectural/Engineering/ 
Legal 
Fees 
Construc.on 
+ 
Construc.on 
Con.ngency 
$41 Mil Acquisi'on 
Cost 
Sources Uses
Deferred 
Developer 
Fee 
Cash 
Flow 
from 
Ops 
Rebates 
Seller 
Note 
GMHC 
Loan 
Met 
Council 
CPED 
FHF 
Loan 
MHFA 
-­‐ 
EHDC 
Loan 
MHFA 
-­‐ 
PARIF 
Loan 
4% 
LIHTC 
Equity 
Tax-­‐Exempt 
Bonds 
Sources 
Uses 
$140M 
$120M 
$100M 
$80M 
$60M 
$40M 
$20M 
$0M 
Developer 
Fee 
Reserves 
Reloca.on 
Other 
General 
Development/ 
Financing 
Fees 
Construc.on 
Interest 
Architectural/Engineering/ 
Legal 
Fees 
Construc.on 
+ 
Construc.on 
Con.ngency 
Acquisi'on 
Cost 
State 
HTC 
Loan 
Federal 
HTC 
Equity 
B Bonds
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
Deferred 
Developer 
Fee 
Cash 
Flow 
from 
Ops 
Rebates 
Seller 
Note 
GMHC 
Loan 
Met 
Council 
CPED 
FHF 
Loan 
MHFA 
-­‐ 
EHDC 
Loan 
MHFA 
-­‐ 
PARIF 
Loan 
4% 
LIHTC 
Equity 
Tax-­‐Exempt 
Bonds 
$140M 
$120M 
$100M 
$80M 
$60M 
$40M 
$20M 
$0M 
Developer 
Fee 
Reserves 
Reloca.on 
Other 
General 
Development/ 
Financing 
Fees 
Construc.on 
Interest 
Architectural/Engineering/ 
Legal 
Fees 
Construc.on 
+ 
Construc.on 
Con.ngency 
Acquisi'on 
Cost 
B Bonds 
State 
HTC 
Loan 
Federal 
HTC 
Equity 
$29 Mil
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study
Riverside 
Plaza 
Renewing 
an 
Iconic 
Urban 
American 
Community 
George 
Sherman 
ULI Minnesota-­‐‑ Rail~Volution 
Riverside Plaza Case Study

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RV 2014: Developers Roundtable presentation by George Sherman