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Grand River Mixed-Use Development
Birmingham (Leeds), AL |
Suburban Residential/Retail/Motorpark Mixed-Use
Components: For-Sale Residential, Outlet Center
Project Value: $300m Private Investment; $35m TIF component
SAG assessed the tax increment financing potential of 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. The project developer was United States Steel Real Estate and Daniel Corporation.
The tax increment related to Phase I of the project funded $35 million in infrastructure improvements focused on roads and utilities. Property taxes generated in the City of Leeds and Jefferson County and sales taxes generated in the City of Leeds supported the tax increment financing.
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Konterra
Prince Georges County, MD |
Suburban Office/Retail/Residential Mixed-Use
Components: For-Sale Residential, For-Rent Residential, Retail, Office, Parking
Project Value: $1 billion; $150m TIF component
SAG assisted Forest City Washington with analyzing the tax increment potential of the Town Center component of the 2,200-acre mixed-use development situated in Prince George's and Montgomery Counties, Maryland straddling Interstate 95 just one exit north of the Capital Beltway. The Town Center is a 115 acre mixed-use 20-year project encompassing the development of 1,700 residential units, 1.4 million square feet of retail, 700,000 square feet of office space, and 10,000 parking spaces. In total, the project encompassed 4.2 million square feet.
SAG coordinated all financial analyses for this $1 billion project to understand the feasibility, timing, investment and infrastructure of each component of Town Center. In addition, SAG helped model the tax increment that could be generated by the project to help fund $150 million in infrastructure costs.
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Poplar Point
Washington, DC |
Urban Residential/Retail/Office/Hotel
Components: For-Sale Residential, For-Rent Residential, Retail, Office, Hotel, Parking
Project Value: $900 million; $250m TIF component
SAG assisted Forest City Washington with assessing the tax increment financing potential of a 150 acre site that was previously a federal reserve into a waterfront-oriented mixed use development. The 15 year master plan included 2,700 condominiums, 200 town homes, 900 apartments, 775,000 square feet of retail, 1.8 million square feet of office space, 600 hotel rooms and 6,000 parking spaces. In total, the project encompassed 8.8 million square feet.
SAG assisted with programming, phasing, and all financial modeling including development cost estimates, financing, operating cash flow projections, project capitalization, and tax increment financing potential. The tax increment was to support $250 million in infrastructure costs.
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Tropicana Field Area Redevelopment
St. Petersburg, FL |
Downtown Redevelopment
Components: For-Sale Residential, For-Rent Residential, Retail, Office, Hotel, Parking
Project Value: $900 million
SAG assisted Hines and the Tampa Bay Devil Rays with financial modeling and analysis related to the redevelopment of the existing Tropicana Field site encompassing approximately 87acres. The mixed-use project included a 250-room hotel, 200,000 square feet of office space, 230,000 square feet of retail space, 800 condominium units, and 300 residential apartments. Our scope included an analysis of how the taxes projected to be generated by the redevelopment of the old ballpark site could be monetized through tax increment financing to provide a source to fund new ballpark development costs.
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Dr. P. Phillips Performing Arts Center
Orlando, FL |
Performing Arts Center
Components: 2,800-seat Theater, 1,800-seat Theater, 300-seat Theater
Project Value: $400 million; $120 million tax increment financing
SAG was the financial advisor to the Orlando Performing Arts Center Corporation related to the development of the Dr. P. Phillips Performing Arts Center in Orlando, FL. The project included a 2,800-seat amplified theater, 1,800-seat acoustic theater, and 300-seat theater. The site is also planned to include a 200-room hotel, two 400,000 sf office buildings, and 500 residential condominium units.
SAG created a comprehensive finance plan that addressed both development and operating costs. From a development perspective, SAG worked with the City of Orlando and Orange County to create a plan of finance that includes philanthropy, State grants, tax increment financing, tourist development tax, and the sale of the old PAC. The operating finance plan addressed the sustainability of the PAC, providing ongoing operating support generated by the development of the commercial real estate, capturing the taxes generated by the site's commercial real estate, ongoing philanthropy, and securing annual funding commitments for capital replacements from the City. SAG also led the effort to secure an $80 million line of credit to provide for upfront project costs that will be repaid by pledged donation collections over the construction period.
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Universal Boulevard District
Orlando, FL |
Tourism District Mixed-Use
Components: Retail, Hotel, Mass Transit, Infrastructure
Project Value: $2 billion
SAG was the financial advisor to the Universal Boulevard Property Owners Association and Orange County regarding the public and private development of the area surrounding the 10 million square foot convention center, the second largest center in the U.S. Assets to be developed included 5,000 convention hotel rooms; 500,000 square feet of retail, restaurants and entertainment; 10,000 parking spaces; a 3-mile elevated transit system; and seven pedestrian bridges.
SAG focused on both public and private investments. From the public perspective, SAG worked with existing and potential new investors to create a Community Development District (CDD) that would be empowered to self assess to fund infrastructure and to implement an additional 1% sales tax to fund the transit system. From the private investment perspective, SAG worked with the client team to solicit private investment for the hotel and retail components. Investors were identified for Phase I of the retail (250,000 sf) and for the first 1,500 room hotel.
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