
photo by Boyd Loving
February 22,2018
the staff of the Ridgewood blog
Ridgewood NJ, There was a Special Public Meeting last night, Wednesday, February 21, from 7:00 p.m. to 11:00 p.m. The Village Council interviewed the four companies that bid on the construction of the Hudson Street Parking Garage. Each company gave a full presentation. The Village Council and the public had the opportunity to listen to proposals and to see a broad range of design options. Names were drawn from a hat to determine the order of presentations as follows:
Terminal Construction Corporation
Prismatic Development Corporation
Epic Management Inc
The Pike Company
Councilman Ramon M. Hache said that , “Overall, I was very pleased with the presentations. The presenters were very thorough and professional. The information provided by them is a crucial component of the extensive due diligence process necessary for a project like this. Generally, much of the focus has been on the dimensions, capacity and construction costs. But the analysis must also take into consideration the annual maintenance costs and the durability and quality of the materials used in its construction. We also have to consider the various approaches to construction methods as they relate to safety, as well as the logistics and timelines associated with the different phases of construction. Last night what had the opportunity to discuss those factors.”
Hache went on , “The due diligence process can be painstaking but it is the same cautious and prudent approach one would take before allocating capital to any significant investment project. Although this has been a long process, in hindsight, I am happy to not have rushed the project along given the valuable lessons learned. For one, declaring the existing Hudson Street lot to be an area in need of redevelopment has given us a tremendous amount of leverage. I think we are already seeing the benefits over the traditional design/bid/build process. Simply put, we are now in a position to negotiate better terms for the Village. We are now looking at potential construction costs that are 20%-30% lower than any previous estimates, and without having to pay for additional designs. The designs discussed last night were absolutely at no cost to the Village.
It was a long meeting but definitely worth it. I am thankful for the residents who attended and sat through the presentations to the end. We only lost a couple of people which was very impressive.”
Updated Bids:
One of the original bids was reduced by 11%. Epic Management reduced their bid after reviewing the numbers with the company that supplies their pre-cast concrete. Here are the updated bids received, listed from lowest to highest overall:
$9,464,666: Pike Company Inc
$10,100,000: Terminal Construction Corp (Version 3)
$10,900,000: Terminal Construction Corp (Version 2)
$10,983,193: Epic Management Inc (Low Version)
$11,190,627: Epic Management Inc (High Version)
$11,480,000: Terminal Construction Corp (Version 1)
$14,399,000: Prismatic Development Corp
Next Step is that the Village Council will be reviewing the results of the Walker Feasibility Study at the next Public Work Session on Wednesday, February 28. The study will provide a planning-level analysis of net operating income potential for the parking system when the new garage is complete, including rate adjustments that will help maintain a parking utility that is self-supporting. Armed with a thorough financial analysis, we can then move forward with discussing contract negotiations and final selection.














