East Washington Square a Mixedusecommunity
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EAST WASHINGTON SQUARE A MIXED USE COMMUNITY DEVELOPMENT PROSPECTUS Purpose The intent of this academic exercise is to evaluate and present a feasible development project. The data, conclusions, and recom- mendations are stated assumptions to be interpreted as speculation. Images & Characters All characters, logos or images have been either altered or taken from original sources and are not intended for proprietary use. Characters, logos and images used are properly sourced with the purpose of providing the overall development design. These are not intended to depict actual development designs, but to be used solely in this academic exercise. Confidentiality Notice & Disclaimer This report is the property of Clemson University’s Master of Real Estate Development Program (known herein as CU-MRED) and may be used only by parties to whom CU-MRED has delivered the report to whom CU-MRED has approved such delivery. By ac- cepting a copy of this report, the party who has possession thereof agrees to return it to CU-MRED immediately upon CU-MRED’s request. No copies of this Report may be made without CU-MRED’s prior written consent and no excerpts or summaries hereof may be distributed, reproduced or included in any document without such consent. This Report has been prepared based on assumptions reflected therein believed to be reasonable under existing circumstances and conditions. Nevertheless there can be no assurance that the project will be constructed or operated in accordance with the Report. WASHINGTON DEVELOPMENT PARTNERS WASHINGTON DEVELOPMENT PARTNERS “I’m trying to change the world...” Kid Cudi - TON VIL MEET OUR TEAM SITE ANALYSIS MARKET ANALYSIS Washington02 Development Group 07Subject properties Trade15 area delineation Master plans Surrounding Area The03 Team: Semmes Gilmore and Demographics16 Joshua Legarretta Employment 10Zoning Psychographics Topography The04 Team: Shiree Reynolds and Daniel Spivey Demand18 generators EXECUTIVE SUMMARY 11Soils Demand19 analysis of Greenville 05East Washington Square 12Flood plain & Environmental Attractions20 & events Development06 facts Sports & recreation 13Traffic patterns Retailers21 & restaurants TABLE OF Business22 in Greenville CONTENTS EAST WASHING - - TON VIL TON VIL 20 DEVELOPMENT PLAN RESIDENTIAL MARKET ANALYSIS 45Zoning plan Parking plan 23Housing overview Supply Analysis 48Development phases RETAIL MARKET ANALYSIS 51Architectural typologies 28Retail overview FINANCIAL ANALYSIS OFFICE MARKET ANALYSIS 57Entity Proformas 28Office overview table of contents EAST WASHING EAST WASHING MEET OUR TEAM Washington Development Partners is comprised of four distinct students of Clemson Univer- sity’s Master of Real Estate Development program. By combining our diverse work expe- riences in a collaborative process, we believe our solutions-based design and innovative approach has produced an unparalleled development plan that provides both immediate investor value and long-term cultural significance to the City of Greenville, South Carolina. 02 meet our team SEMMES GILMORE JOSHUA LEGARRETTA Spartanburg, South Carolina El Paso, Texas Clemson University Texas Tech University Architecture Architecture Semmes Gilmore currently reports to the Chief Financial Officer of Johnson Joshua Legarretta most recently worked as a summer development intern at Development Associates in Spartanburg, South Carolina. Semmes assists with TVO North America, the administrative and operating support platform of daily operations as well as participating in developing growth strategies for TVO Group, a vertically integrated international real estate investment and luxury apartment communities and large single-tenant Class-A industrial space property services firm based in Chicago, Illinois. At TVO, Joshua assisted in primary U.S. markets. Additional responsibilities include analyzing the com- both the Managing Director and the Vice President of Construction and Fa- pany’s industrial portfolio and the company’s investment funds from a financial cility Management to assess industrial warehouse complexes and multifami- perspective, as well as working with government officials, construction man- ly properties in need of capital expenditures, and he conducted market fea- agers, real estate brokers, and market research experts. His undergraduate sibility studies for potential developments in East Texas. Additionally, Joshua studio design at Clemson University includes projects such as urban mixed-use researched commercial energy misers and capacitors to improve electrical developments, transit-oriented developments, performance/entertainment ven- energy efficiency at a Hilton Hotel in Texas and interviewed and selected ues, and institutional facilities. contractors for the hotel installation project. 03 meet our team SHIREE REYNOLDS DANIEL SPIVEY Atlanta, Georgia Pinopolis, South Carolina Furman University The Citadel Political Science Business Administration Shiree Reynolds’ diverse experience includes an internship with APD Urban Daniel Spivey most recently worked as a summer intern with Sabal Homes in Planning and Management in Atlanta, Georgia. Shiree created multifamily Charleston, South Carolina. He participated in periodic inspections by city financial models that included land, soft and hard costs, construction price inspectors and was tasked with managing the inventory of construction mate- research and budgeting, subcontractor management and negotiations, and rials. Daniel’s previous experience includes vessel planner for a global carrier entitlement compliance due diligence. Additionally, Shiree researched zon- steamship line Mediterranean Shipping Company. His department handled ing regulations, due diligence, and pre-development acquisition research operations for the United States with a budget in excess of $500 million/year. for the Fulton-Atlanta Land Bank Authority. In addition to a ten-year career Daniel personally planned and successfully managed operations averaging teaching English, Reading, and Social Studies, Shiree set 200- and 400-me- approximately $1.3 million per port call, including managing the safety of ter track and field records while simultaneously earning the Southern Con- the vessel, crew, and cargo, while operating in the most cost-efficient manner ference Outstanding Athlete Award during her undergraduate studies at possible. Furman University, Greenville, South Carolina. 04 meet our team - TON VIL Washington Development Partners is pleased to Mixed-use is what cities are present East Washington Square, a 19-acre mixed- use development, located at the eastern edge of all about. If you don’t have the Central Business District (CBD) in Greenville, South Carolina. Considering its location, East mixed-use, you dont have Washington Square will be a highly desirable, pedestrian-friendly residential, retail and office cities...” district that will attract visitors and residents from throughout the Greenville area. Joseph Rykwert The project's master plan takes shape around a dy- namic public “square” that forms the social core of Among the highlights are mid-priced retail, market the mixed-use development. Tree-lined streets and rate apartment living, innovative office space, and wide sidewalks accentuate the project's respect trendy restaurant options mixed in mid- and low- for pedestrians, deftly weaving East Washington rise buildings that integrate the uses with signature Square into the surrounding city. The develop- open spaces. The result will be a place where ment will provide a sophisticated mix of mid- and people will come together to enjoy dining, shop- low-rise buildings that integrate residential, retail, ping, entertainment, urban living, and much more. restaurant, office, and parking uses with signature open spaces. Based on the Urban Land Institute’s Ten Principles for Building Healthy Places, the project demon- strates a consistent commitment to raise awareness of the connection between health and the built en- vironment in the real estate community while creat- ing economic value for investors. EXECUTIVE SUMMARY EAST WASHING - TON VIL EAST WASHINGTON SQUARE PHASE I PHASE II TOTAL RETAIL 95,195 SF 17,316 SF 112,511 SF OFFICE 84,241 SF 0 SF 84,241 SF MULTI FAMILY 97 UNITS 33 UNITS 130 UNITS PARKING 412 SPACES 67 SPACES 479 SPACES EAST WASHINGTON SQUARE A MIXED USE COMMUNITY LOCATION East Washington Square is located slightly east of Greenville’s booming downtown district and nestled among four historic neighborhoods. THE FACTS GREENVILLE’S ECONOMY Ranked by Forbes Magazie as one of the best cities for jobs One of 10 U.S. areas recognized to account for more than 70% of U.S. population growth over next 30 years Ranked #2 in South Carolina for having the wealthiest residents (per capita income) Rich mix of engineering, manufacturing, and applied research firms that actively invest in the region 06 EXECUTIVE SUMMARY EAST WASHING SUBJECT PROPERTIES MASTER PLANS The City of Greenville’s 2007 Comprehensive Mas- ter Plan proposes a long-term strategy for creating The subject properties are five parcels of land ad- The subject properties are located within the Nich- new districts that could serve as a destination for jacent to the intersection of Laurens Road and East oltown Master Plan. This 2003 neighborhood Plan visitors, with unique features and characteristics Washington Street in the Nicholtown neighbor- calls for diverse housing options and infill develop- such as walkable areas with strong connections to hood of Greenville, South Carolina. ments on existing vacant