Major League Baseball Team Relocation and Stadium Development

Components: Major League Baseball Ballpark (42,000 seats)
Project Value: $690 million

SAG prepared a feasibility study for Nationals Park in Washington, DC. We led a multi-faceted team that successfully assisted the District of Columbia with relocating the MLB-owned Montréal Expos to Washington DC. Our team addressed every issue associated with the project ranging from ballpark site evaluation to ballpark cash flow projections, comparable ballpark finance structure data gathering, competitive market ballpark revenue due diligence, finance plan development, programming, conceptual design, development budget estimates, finance plan legislation, outside infrastructure costing, land acquisition costing, preparation of the relocation "pitch book" to the MLB owners selection group, and ultimately negotiating the lease and ballpark development agreement with MLB. The Nationals (formerly the Expos) began play in Washington in April of 2005 in RFK Stadium until the new ballpark was completed. Nationals Park opened in March 2008.

Convention Center

Convention Center

Components: Small Convention Center
Project Value: $140 million

SAG prepared a feasibility study for the development of a convention center and hotel in Colorado Springs, CO. The scope of SAG's work included a review of past studies, primary market research, surveys of meeting planners, analyzing comparable destinations, utilization projections, operating cash flow projections and finance plan development and analysis. While the study found that there was demand for a convention center and headquarter hotel, it was concluded that constraints to utilization relative to peer facilities included weaknesses in the downtown convention-related infrastructure, including the number of hotel rooms, restaurants and shopping venues near the new convention center site.

Convention Center and Hotel Complex

Components: Convention Center, 500-room Hotel, 2,400-seat Performing Arts Center, Arena
Project Value: $280 million

SAG was engaged by the Village of Schaumburg, a Chicago suburb, to prepare a market and financial feasibility study for a convention center, hotel, performing arts center and arena. The study was comprehensive, addressing building programming and phasing, site options, cost estimates, organizational and management structure, operating cash flows, economic impact and outlined an action plan for implementation. The market research indicated support for the development of a 500-room full service hotel, a convention center with 150,000 sf of function space, and a 2,400-seat performing arts center. Early into the process, it was determined that the arena component of the master plan was not feasible due to the competitive environment in the region. At the conclusion of this study, the Village retained SAG to lead the implementation process for the convention center and hotel components of the master plan. The convention center and hotel opened in 2006. Due to funding constraints, the performing arts center was not included in the initial phase of the development. However, the Village plans to revisit development of the performing arts center as additional funds become available.

Convention Hotel

Components: 1,203-room Convention Hotel
Project Value: $285 million

SAG prepared a market and financial feasibility study for a 1,200-room convention hotel attached to the Boston Convention & Exhibition Center in Boston, MA. A key success factor for any convention center, especially in a first-tier city such as Boston competing for premier national events, is hotel supply near the center. The site of the BCEC is in Boston's Seaport District, an area that is primarily industrial and residential. Although slated for future development, the area offered little in the way of convention infrastructure, such as hotels, retail, entertainment, etc. The study included conducting community forums; hotel site analysis; market supply and demand projections; projections of occupancy, average daily rates and operating cash flows; hotel impact on the center; economic and tax impact projections; and development implementation alternatives.

State Park Redevelopment to Conference Center

Components: Conference Center, Arena, Amphitheater, Performing Arts Center
Project Value: $120 million

SAG was engaged by the communities of Orange Beach and Gulf Shores, AL and the Alabama Gulf Coast Convention & Visitors Bureau to determine if a hotel and conference center, arena, outdoor amphitheater or performing arts center would have market support. The study showed the conference center would best achieve the goals of the communities and CVB of filling area hotel rooms. SAG continued to work with the cities to structure a working agreement with the State's Department of Conservation & Natural Resources ("DCNR") to develop the project on the DCNR's 6,000-acre Gulf State Park resort area, in conjunction with its existing 18-hole golf course. The project is currently in design-development phase and funding sources are being finalized.

Performing Arts Center

Components: 2,800-seat Performing Arts Center
Project Value: $83 million

SAG prepared a feasibility study for the development of a 2,800 seat amplified performing arts center in Rochester, NY. The PAC was part of a mixed-use development that also included a transit center and community college. SAG's role was to study the feasibility of the PAC from a market and financial perspective and prepare a comprehensive Business Plan and Economic Impact Analysis. The scope included gathering comparable performing arts center utilization and financial data, projecting utilization and attendance, developing a staffing plan, projecting operating revenues and expenses, assessing non-operating revenues, philanthropy, and planning for reserves for replacements. SAG also assessed the economic impact generated by the construction and operation of the project in terms of direct and induced spending, jobs, earnings, and tax generation.

Theme Park

Components: Theme Park
Project Value: $240 million

SAG team members prepared a feasibility study for the redevelopment of a component of the Myrtle Beach Air Force Base into a theme park. The Myrtle Beach Air Force Base, which was opened in 1942, was closed in 1993 as part of the Pentagon's "peace dividend" base-closing process. The study focused on how a destination theme park could be developed on the base. The concept was called Isle of America and was comprised of eight majors components. Scope of services included a market feasibility of the project, cash flow projections, financing plan modeling, and investor return analysis. Ultimately, the developer did not have the required capitalization to complete the transaction. Subsequently, another developer took over the project and developed and opened Hard Rock Park, a destination theme park on the base.

Suburban Residential/Retail/Motorpark Mixed-Use

Components: For-Sale Residential, Outlet Center
Project Value: $300m Private Investment; $35m TIF component

SAG prepared a feasibility study for United States Steel Real Estate and Daniel Corporation for Grand River, a 6,500 acre tract of land in Leeds, AL, a Birmingham suburb. Grand River is a mixed-use, master-planned community which upon completion is to include: 6,000 single family homes; 1,500 multi-family homes; 1.2 million SF of retail; 1.0 million SF office/commercial; Bass Pro Shops Outdoor World; two elementary schools; Barber Motorsports Park & Museum; and a nature park.

Residential Master Planned Community

Components: 1,900 Residential Units

SAG team members prepared a feasibility study and performed due diligence procedures related to a limited-partnership offering for the original land development of Heathrow in Lake Mary, FL. Heathrow is a 3,000 acre master planned, gated community of 1,900 single family homes, town homes and condominiums. The scope of the assignment included evaluating the sales pace and pricing of the community, modeling land sales to builders, and preparing disclosures to potential limited partnership investors. Heathrow was part of a multi-residential community investment package that included eight master planned communities in Florida and California.

Residential Master Planned Golf Community

Components: 350 Mixed Residential Units

SAG professionals conducted an evaluation of market support for a mix-use residential project on what is the last remaining parcel of land in this world-renowned golf resort located in Palm Harbor Florida. Our scope of work included a market and site evaluation for up to 350 units of residential, including condominiums, townhomes, coach homes and single family residences. We analyzed local housing supply and demand trends, demographic and economic determinants of demand, and competitive developments. Conclusions addressed demand, pricing, timing of development, and target markets.

Homebuilder Market Entry Opportunity

Components: Residential

SAG team members conducted a market entry opportunity analysis of the new home market in a five-county area of the Florida Panhandle and identified opportunities for market entry for this national home builder. Scope of work included analysis of the local economic base, housing market supply and demand trends, leading builders and market share by builder, lot and end product pricing segments and profile of buyer markets.

Multi-Family Repositioning

Components: Multi-Family, Condominium

SAG team members conducted field research, site analyses and asset performance review for potential rental apartment/condo conversion acquisition candidates in major metropolitan markets. Markets investigated included, Atlanta, Ft. Lauderdale, Miami, San Francisco, San Jose/Silicon Valley, and Washington, DC. Scope of work included review and analysis of relevant local economies, supply and demand trends and assessment of acquisition opportunities.

Condominium to Fractional Ownership

Components: 200-unit Luxury Fractional Resort

SAG professionals participated in the evaluation and review of the market feasibility and bid structuring for converting a condominium project into a luxury fractional property for Black Acre Capital and Union Square Partners. The proposed urban fractional would cater to the market segments seeking a luxury experience while visiting Manhattan, without the complexities and partial use of a whole ownership condominium.

Retirement/Active Adult

Components: Retirement/Active Adult

SAG team members conducted a market entry opportunity analysis of retirement/active adult home buying trends, including population movements, migration trend, and aging in place trends by region of the country and most active states within regions of the country. Findings were applied for strategic planning to identify potential opportunities for development of active adult communities across the country. Key issues addressed included product preferences and pricing thresholds.

International Resort Mixed-Use

Components: Hotel, Golf, Residential, Spa, Casino
Project Value: $100 million

SAG team members prepared a market analysis and business plan for Phase I of the Los Millares Golf and Country Club in Andalucía, Spain. Los Millares is a 1,800 acre master planned destination golf resort. Phase I included a 350-room Grand Hyatt hotel, two 18-hole championship golf courses, 900 residential units, a health spa, equestrian center, tennis center and casino. The scope of services included a detailed market analysis for each component (hotel, golf, residential, spa, and casino), and extensive modeling of potential cash flows, development costs, capital structures and investor returns.

International Resort Mixed-Use

Components: 65-acre Residential, Hotel, Fractional Ownership, Golf, Spa, Marina

SAG professionals prepared a resort and development planning analysis and advised on capital funding strategies for a large scale luxury residential, hotel and fractional ownership resort on Great Abaco, The Bahamas. The proposed 65-acre Leeward Harbour Spa & Marina Resort is located near the fishing village of Sandy Point on the southwestern peninsula of Great Abaco, one of the most attractive and accessible "Family Islands" of the Bahamas. Leeward Harbour will be developed as an "Eco-Friendly", "Environmentally Green Resort", featuring low impact designs of facilities and accommodations that will accentuate and preserve the "Old Bahamas" style and charm of the area. A one-mile span of ocean shoreline combining crescent shaped sandy beaches and coral rock formation surrounds the site creating a truly unique and picturesque ocean shoreline. The project will include estate lots & homes along the beach and on the championship golf course and whole-ownership condominiums.