Florida Polytechnic University RFSOQ 2013-001 for Development of Residential Housing Response Proposer Name: Vestcor Communities, Inc. Table of Contents Florida Polytechnic University RFSOQ Response Tab 1 - Transmittal Letter Exhibit A - Proposer Summary Sheet Tab 2 - Financial Information Tab 3 - Corporate Qualifications Tab 4 - Experience and Past Performance Exhibit B - Proposer Experience References Tab 5 - Personnel Qualifications Tab 6 - Project Approach Tab 7 - Business Terms TAB 1 – TRANSMITTAL LETTER The Vestcor Companies 3030 Hartley Road Suite 310 Jacksonville, Florida, 32257 T 904-260-3030 F 904-260-9031 Mr. John T. Gray Director of Special Projects Florida Polytechnic University 439 S. Florida Avenue, Suite 300 Lakeland, Florida 33801 Dear Mr. Gray, On behalf of our entire team, Vestcor Communities is pleased to submit our response to the Request for Statement of Qualifications for Development of Residential Housing (RFSOQ 2013- 001). We are proud to provide a proposed solution to the housing needs at the University in these early stages of its development when support is so critical. We are excited about the impressive team we have assembled and the opportunity to develop and operate the inaugural residential housing facility on the campus of Florida Polytechnic University. Our team of Vestcor Communities, Inc., Skanska USA, Ambling Management Company and PQH Group provides the University with a collective group of experience in student housing development that will result in the on-time delivery of a first-class student housing facility that we will all be proud of. Should we be selected, we will embrace this opportunity to be a partner in what will be a successful institution of higher learning. Sincerely, William L. Morgan President Vestcor Communities, Inc. www.vestcor.com Page 1 of 74 EXHIBIT A – PROPOSER SUMMARY SHEET Exhibit A – Proposer Summary Sheet Proposer Name: Vestcor Communities, Inc. Proposer Address: 3030 Hartley Road, Suite 310 Jacksonville, FL 32257 Proposer FEIN: 56-2312405 Proposer DUNS Number: 80-685-2526 Proposer Contact (for purposes of this RFSOQ): Will Morgan, President Vestcor Communities, Inc. 3030 Hartley Road, Suite 310 Jacksonville, FL 32257 Phone: 904-288-7810 Mobile: 904-333-1652 Fax: 904-260-9031 [email protected] Proposer Team Members (if applicable) (financing, design, construction, operation): 1. Vestcor Communities, Inc. Developer Will Morgan, President 3030 Hartley Road, Suite 310 Jacksonville, FL 32257 Phone: 904-288-7810 Mobile: 904-333-1652 Fax: 904-260-9031 [email protected] 2. PQH Group Architect – Design and Build Services Ricardo E. Quinones, AIA, LEED, AP BD+C 4141 Southpoint Drive East Jacksonville, FL 32216 Phone: 904-224-0001 Mobile: 904-635-1240 Fax: 904-224-0023 [email protected] Page 2 of 74 3. Skanska USA General Contractor Matthew Gilbert, Senior Vice President 511 Grove Park Dr. Orlando, FL 32801 Phone: 407-428-0114 Mobile: 407-873-1121 [email protected] 4. Ambling Management Company/Ambling Student Housing Property Manager Kimberly A. Barkwell, President 110 Ministry Drive, Suite D Irmo, SC 29063 Phone: 866-777-7228 Fax: 229-219-6701 [email protected] Page 3 of 74 TAB 2 – FINANCIAL INFORMATION Financial Information Over the past 30 years, The Vestcor Companies (Vestcor), or affiliates of Vestcor, have procured and participated in excess of $200,000,000 of equity used to acquire, renovate, develop and operate multifamily communities. Throughout this period, Vestcor has built strong relationships with financial institutions and individuals who have invested in these communities. These relationships have enabled Vestcor to raise private funds necessary to develop the residence hall at Florida Polytechnic University. Attached are the audited financial statements of Vestcor Communities, Inc. (VCI), the Proposer for this RFSOQ. VCI is the student housing development entity for Vestcor. VCI earns development fees during the development process and earns asset management fees during operation of the community. Vestcor also has several other entities, like VCI, that are involved in development, brokerage, and management in other real estate areas. All apartment communities developed by VCI and other Vestcor affiliates are owned in individual limited partnerships. There are currently twenty-five such partnerships, and an affiliate of Vestcor controls and has a significant financial interest in these partnerships. While VCI and other Vestcor affiliated entities similar to VCI are expected to generate a positive cash flow, all of the value and cash flow of the apartment communities for Vestcor is in the limited partnerships. It is not the regular practice of Vestcor to combine the balance sheets, operations, and cash flows of all the Vestcor related entities with footnotes and due to the time constraints of the RFSOQ, we were not able to provide this combination. However, a summary of the estimated fair market value of the assets and equity, revenue, net operating income, and cash flow of the twenty-five affiliated partnerships that own the apartment communities is as follows: Fair Market Value of Assets: $325,000,000 Equity: $52,000,000 Revenue: $44,000,000 Net Operating Income: $20,000,000 Cash Flow: $6,000,000 Page 4 of 74 Page 5 of 74 Page 6 of 74 Page 7 of 74 Page 8 of 74 Page 9 of 74 Page 10 of 74 Page 11 of 74 Page 12 of 74 Page 13 of 74 Page 14 of 74 The Vestcor Companies 3030 Hartley Road Suite 310 Jacksonville, Florida, 32257 T 904-260-3030 F 904-260-9031 October 4, 2013 Mr. John T. Gray Director of Special Projects Florida Polytechnic University 439 S. Florida Avenue, Suite 300 Lakeland, Florida 33801 Financial Certification Dear Mr. Grey, I, William L. Morgan, as President of Vestcor Communities, Inc., certify that this Statement of Financial Capability, including all attachments, is true and correct to the best of my (our) knowledge and belief. The Florida Polytechnic University is authorized to verify any information contained herein. Sincerely, William L. Morgan President and Secretary Vestcor Communities, Inc. www.vestcor.com Page 15 of 74 TAB 3 – CORPORATE QUALIFICATIONS Corporate Qualifications Founded in 1983, The Vestcor Companies (Vestcor) is one of Florida’s largest owner/developers of multifamily communities. Drawing on over 30 years of real-estate development experience, Vestcor continues to be a leader in the areas of multifamily investment, development, and management services. Throughout its history, Vestcor has developed and constructed more than 11,000 multifamily rental units and 100,000 square feet of commercial space. The company’s real-estate developments have spanned the market demographic, including affordable tax-credit and conventional apartments, historic renovations, luxury high rise and affordable condominiums, and purpose-built student housing communities. Most recently, Vestcor Communities, an affiliate of The Vestcor Companies, has leveraged Vestor’s multifamily experience in the design, development, and asset management of purpose- built student housing communities. The design of these communities allows us to deliver a very cost effective floorplan that is spacious yet efficient while still offering the most well-amenitized product in the market. Each product developed has received a tremendous reception in each respective market and continues to be operated as a best-in-class property. For this proposal, we have teamed with several key business partners, each of which brings a long history of proven success in the multifamily student housing industry, including a prior track record of working together to deliver successful projects on time and within budget. Our development team members include PQH Group (Architect) and Skanska USA (General Contractor). Working collectively to provide a cohesive blend of creativity, problem solving and practicality, our development team will deliver this project on time. We have partnered with Ambling Management Company to provide property management services. Page 16 of 74 PQH Group Corporate Headquarters Jacksonville, Florida At PQH, we strive to create exceptional environments, exceed our client’s goals and enhance the user’s quality of life. Everyday experiences in our evolving society serve as our source of inspiration for design. Our staff draws from this collective experience, keeping our ideas fresh and innovative. After over twenty seven years of practice, we understand the extraordinary level of responsibility each one of our projects holds; that long after completed, it continues to serve our client’s ever changing needs. Fast Facts... •Established in 1982 PQH Expertise... •LEED Accredited Our multi-disciplined team of qualified design professionals has been honored to work with clients, both •Registered in 10 States public and private, from across the country. As a whole, •MBE State Certified our knowledge spans the areas of Commercial, •FDOT DBE Certified Student Housing, Senior Living, Multi-Family Housing, •Registered Contractors Mixed-Use, Medical, Educational and Religious facilities. As trained problem-solvers, we provide design and construction solutions to meet our clients’ needs, be it a complex program, limited budget or even building for future growth. To consolidate the decision process, we offer the following in-house services: Programming, Master Planning, Architectural Design, Interior Design, Space Planning, Building Rehabilitation including Construction Services. Firm Principals as pictured left to right: Ricardo E. Quiñones, AIA,LEED RAP ;