Independence Park Mixed Use Development

Bordered by: Independence Pkwy. Memorial Hwy. George Rd.

In excess of 90,000 vehicles a day travel on two of the area’s most highly recognizable thoroughfares: Independence Parkway and Memorial Highway. A significant number of these travelers will have more than 30 minutes further to commute once they pass the site.

1 Locator Map

Independence Park, part of the Westshore Business District (WBD), is centrally located within the Tampa/St Petersburg/Clearwater metro areas. Independence Park affords convenient and easy proximity to the area’s vast interstate system, and as such, provides unrivaled accessibility to all local business centers, shopping, dining, recreation and the airport.

2 Business Districts

To Carillon Business Park

The Westshore Business District (WBD), of which Independence Park is situated, represents more than 11 million square feet of prime office space, two major shopping complexes, and more than 30 hotels. The WBD is contains access to all major roadways and could certainly be considered the central hub of activity within the Tampa Bay area.

This quarter, Class A Westshore office space demanded the highest asking lease rates and had some of the lowest vacancy rates of any submarket in Tampa Bay. Average asking lease rates reached $26.70 this quarter while vacancy rates remained low at 6.4% for class A space in Westshore. (information obtained from CBRE’s 4Q’06 Tampa Bay Office MarketView )

The Business District, approximately 7 miles south east, contains 6.5 million square feet of office making The WBD nearly two times larger than Downtown Tampa.

Immediately across the Howard Frankland Bridge lies the Carillon Business Park, a primarily financial district. National companies such as Raymond James and Franklin Templeton are based here.

3 Local Amenities

Independence Park’s central location is ideal to take advantage of the area’s vast array of entertainment, sporting and recreation, arts and cultural venues as well as fine dining and shopping. International Plaza and Westshore Plaza are recognized as the area’s two most prestigious malls; while Downtown Tampa provides the Channelside entertainment and dining district, Old , Performing Art Center, museums and galleries and more. Raymond James Stadium, Legend’s Field and the St. Petersburg Forum offer world-class sporting and entertainment arenas.

4 Residential Projects

Independence Park is the only significant residential community within the Westshore Business District. Moreover, as a premier mixed-use development, residents and the business users will benefit from the development’s extensive recreational amenities, retail and shopping services and overall conveniences.

Depicted is a selection of the most comparably priced residential projects and other noteworthy, yet higher priced projects in the area.

5 New Airport Interchange

• Construction is underway to improve the Airport interchange. The new configuration separates express and local traffic making access to Independence Park even more convenient. • Travel time to the Airport is approximately 5 minutes.

The Department of Transportation is spending more than $200 million to improve the Interstate interchanges in the Westshore Business District. The new interchanges will separate local and express traffic creating more fluid traffic flow in the immediate Independence Park area and to all the area’s major metro locations. The completion date, scheduled for early 2010, will coincide with the first move-ins of Independence Park.

Go to www.mytbi.com for more information and “before and after” renderings.

6 Abundant Green Space and Water

• The property is surrounded by the Golf Course to the south and west. Skyway Park is to the Southeast. Tampa Bay is beyond the golf course also to the south and west.

Independence Park is naturally enhanced by the abundance of green spaces and water; both within and surrounding the site. The Rocky Point Golf course, immediately across the street to the south west will offer spectacular views for residents and office users. Furthermore, beyond the golf course, third floor and higher residents will capture the views of the Bay and its incredible sunsets. Skyway Park to the southeast hosts Little League Baseball and Softball, and also contains tennis, soccer, and football facilities for public use. No other local mid-rise product can maximize the natural surrounding areas and views while remaining so close to a business center.

7 Property Description

• 43.89+/- Acres • Zoned for: – Tradeoff matrix allows for a mix of the following: • 1100 Residential Units • 100,000 sf Retail • 250 Hotel Rooms – 650,000 sf Office

Since we purchased the land, we have: •Amended the DRI to allow for mixed use •Changed the Land Use to Community Mixed Use – 35 •Rezoned the Property to allow for up to: •1100 Residential Units •100,000 square feet of retail •250 Hotel Rooms •650,000 feet of Office

Subtracting from a maximum level of 650,000 square feet of office, an equivalency matrix defines the maximum allowable mix of products within the site.

8 The following is an example of equivalency calculations for a sample product mix.

Starting Entitlements: 650,000 sf of office.

Category sf or units Factor Office Equivalency

Office (sf) 125,575 1 125,575 sf Retail (sf) 40,000 0.38 104,987 sf Residential (Units) 1,000 3.46 289,277 sf Hotel (Keys) 0 2.40 0 sf

Remaining Entitlements: 130,162 sf of office.

9 Existing Building • Class A Office Building

• Rentable Square Footage 115,000

• Parking (Garage to be built) 4.3/1000 sf

• Current Occupancy 0%

The existing three story building contains 125,575 gross square footage with roughly 115,000 sf rentable. We have remained flexible for the future usage of the existing building, but are in the beginning stages of converting the building from the single-tenant configuration that Chase occupied, to a multi-tenant “Office Condo” configuration. These offices could be available at the end of ’07/beginning of ’08.

10 Current Development Plan

• Current site plan provides for the following: – ~1,000 residential units – ~40,000 sf retail – ~125,575 sf office (existing building) – ~130,000 sf additional office – ~1000 space garage – ~12,000 sf amenity

11 Site Plan

The site lies within the triangle defined by Independence Parkway, Memorial Highway, and George Rd. The community’s main entry on George Road is across from Fountain Square Park. Retail will line this entryway street, referred to as “Market Street”. Residential and office units above the retail will create that true “mixed use” product that is fast becoming a popular choice around the country.

Each of the building clusters represents roughly 200 units, which we have designed to be built in two 90-100 unit phases. The white building in the center of the site is the existing 125,575 square feet office building. The 1000+/- space garage will need to be built – labeled accordingly.

This site plan clearly shows the abundance of water (nearly 11 acres) and green space (13 acres on site, and 120+ acres across the street) and as such the natural areas create premium views for a vast majority of units.

12 George Road Entrance Rendering

The George Road entrance, known as “Market Street”, will be pedestrian friendly. Retail lines this main entrance boulevard with residences and office above.

The architecture of the mid-rise buildings lends a new character to the design by incorporating balconies and terraces enhancing the pedestrian feeling of the boulevard. The upper floors being stepped back creates more light to the street that gives a sense of an wide open market to the main entrance.

13 View from Walking Trail

Continuing with the pedestrian friendly theme, walking trails throughout the site will enhance the live, work, play aspect of the site.

A variety of parks, village greens, shaded areas, a proposed water-walk further captures the natural beauty of the property.

14 Project Aerial Rendering

The approach taken in designing and creating a unique, individualistic, premier mixed-use community will become an icon of Tampa Bay; to which other projects will be measured.

The location, natural surroundings and landmark features of the project can never be duplicated in the Tampa Bay market.

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