Deal Description

Deal Overview

Developer constructs a parking garage for VA with a minimum of 1,100 parking spaces on the John Cochran Parcel (1.2 acres)
In exchange, the developer can develop anything on the Yeatman Property (2.0 acres) that is not incompatible with VA's mission
Developer incurs all construction and financing costs for the parking garage as well as the development on the Yeatman Property
VA provides a leasehold interest in the Yeatman Property
The lease is for both parcels (John Cochran Site Plan and Yeatman Site Plan)
View Sample EUL Agreement

Start construction of the parking structure within TBD months of EUL execution
Complete construction of the parking structure within TBD years of EUL execution
Bridge to parking garage may attach to VA Hospital Building
Please refer to the Overall Site Plan for the Main Hospital Building

Leasehold interests may be pledged as security for financing the improvements
Additional encumbrances will not be permitted without VA's consent
VA will not allow provisions that will subordinate, limit, place or otherwise place any restrictions on the U.S. Government's fee interest in the property or the Department's interest in the EUL.