Cover Option 3 NEW PORT NO BAR, CUSTOM CURVE AN URBAN WATERFRONT VILLAGE WESTSHORE CBD & TAMPA INT’L AIRPORT COLOR (FROM C&W OFFERING MEMORANDUM COLOR PALETTE)

GANDY BLVD.

WESTSHORE BL

VD 51+/- ACRE | 1,750 UNIT NEW PORT . OPPORTUNITY TAMPA BAY

W. TYSON AVENUE

WCI’S WESTSHORE YACHT CLUB CONTENTS TOC OPTION 4 3 Executive Summary 9 Property Information WITH PHOTO AND 16 Cash Flow Projection BOX 19 Property Photos 24 Market Information 30 Co-Broker & Confidentiality Information Executive Summary LAND DISPOSITION SERVICES EXECUTIVE SUMMARY

EXECUTIVE SUMMARY Newport Tampa Bay was assembled between 2005 and 2006. Between land vibrant pedestrian waterfront destination and a boating attraction. purchase, soft costs, and infastructure, over $157,000,000 was invested in the New is an urban waterfront, mixed-use project with residential, project. retail, office, hotel and marina land entitlements. The project is fully entitled to At 35 units per gross acre, this mixed use development site offers a blend of allow development on one of the last remaining waterfront sites in the desirable residential product from 4 story wrap to 20 story high rise and hotel, retail and submarket with no bridges to limit sailboat mast height. commercial. End users will be buyers of condominiums in the millennial age New Port Tampa Bay is located on 51.26 acres in the City of Tampa, directly adjacent group, empty nesters, second home buyers, and those who enjoy an urban to WCI’s Westshore Yacht Club. The property is situated on the south side of lifestyle. Upper end rentals are also in demand. Gandy Boulevard and the north side of Tyson Avenue, between Westshore The zoning allows a live, work, play environment. The development will become a Boulevard and the Channel. The site has one half mile of water frontagealong the deep water basin that connects to Tampa Bay via Rattlesnake Channel. South Tampa is a barrier to entry market with only one competing site. That site will be more single family and townhome oriented at around 12 units per acre. South Tampa is one of the most prestigious residential neighborhoods in the . The established neighborhood is characterized by luxury homes – both historically preserved and renovated bungalow homes, as well as modern, more recently built mansions, luxury condominiums, townhomes and rentals. It is home to young professionals, families and senior executives. Many residents work in Tampa Bay’s three major employment centers. The area has extensive neighborhood retail with gorgeous landscaping, gourmet restaurants and unique “old world” atmosphere. Cultural, sports and entertainment venues are in very close proximity. New Port Tampa Bay is close to the Westshore and Central Business Districts (CBD). Westshore, which represents the largest business district in the state, is the destination of over 99,000 employees, and the downtown Tampa CBD is a destination for over 60,000 employees. The Gateway Business District, across the Bay in County, has over 4.3 million square feet of office space. New Port Tampa Bay enjoys easy access to Tampa International Airport, Leroy At 35 units per gross acre, the mixed use Selmon Crosstown Expressway, and the . development site offers a mix of residential Upscale shopping is only minutes away at Westshore Plaza and International Plaza product from 4 story wrap to 20 story high rise. with Neiman Marcus, Nordstrom, Gucci, Coach, Apple and Tiffany & Co. as prominent tenants.

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 4 LAND DISPOSITION SERVICES EXECUTIVE SUMMARY

TAMPA BAY Unprecedented regional job and population growth continues to drive demand. Strengths are:

• Financial services capital of ; PASCO • Low tax burden and office rents;

• University of South Florida’s draw for highly skilled workers and research (over $300 million in 2012) and PINELLAS development firms • Expanding Port HILLSBOROUGH Florida averages growth of more than 800 new residents per day. Positive job growth for the last nine quarters, and this trend is expected to continue. Centrally located on Florida’s Gulf of Mexico and Tampa Bay, the Tampa Bay region has a bright future for waterfront residential development.

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 5 LAND DISPOSITION SERVICES EXECUTIVE SUMMARY

WESTSHORE CBD & TAMPA INT’L AIRPORT

TAMPA CBD

GATEWAY

NEW PORT TAMPA BAY

MACDILL AFB

ST. PETERSUBRGPETERSBURG CBD

LOCATION AERIAL NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 6 LAND DISPOSITION SERVICES EXECUTIVE SUMMARY

MASTER PLAN 1 Sales Gallery Gandy Boulevard 2 2 Main Entrance 3 Marina Tower I & II 4 BayCity Place 1 5 Harbor Bridge 6 The Village Center 7 Harbor View 25 8 Village Center Flats 9 Parking Garage 17 3 10 Island Residences 11 Lake 12 Island Residences Amenities 13 Commercial Site 14 4 Tyson Avenue Entrance 15 Island Tower 26 24 16 Waterside I & II 17 The Explanade 23 18 The Shops at New Port 5 19 Marina Restaurants 20 Marina Park 8 21 Club New Port 22 19 18 Peninsula Tower 23 22 21 20 6 Old Tampa Bay 24 19 Marina 25 9 Public Boat Ramp 8 26 The Friendship Trail 7

10 10

10 11 17 12

16 15 10

13 10

Tyson Avenue 14

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 7 LAND DISPOSITION SERVICES EXECUTIVE SUMMARY

!

PARCEL ALLOCATION PLAN Parcel!Allocation!Plan!

The current planned uses for the Development are based on mid-high rise condominiums that enjoy extensive views of the Tampa Bay. The balance of the site is planned for parks, greenways, waterfront promenade and Marina amenity facilities.

! ! NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 8

The!current!planned!land!uses!for!the!Development!were!based!on!luxury!highKrise! condominiums!that!enjoyed!extensive!views!of!the!Tampa!Bay.!!The!zoning!is!amongst!the! most!intensive!allowed!by!the!City!of!Tampa,!allowing!for!up!to!33!residential!units!per! gross!acre!the!current!building!sites!of!the!property.!!The!balance!of!the!site!was!planned! for!parks,!greenways,!waterfront!promenade!and!Marina!amenity!facilities,!the!location!of! which!has!been!set!by!the!CDD!but!is!available!to!change!based!upon!what!the!parties! determine!to!be!a!workable!site!plan,!including!rental!apartments.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!7! Property Information LAND DISPOSITION SERVICES PROPERTY INFORMATION

PROPERTY INFORMATION PROPERTY SUMMARY Size 51.26 Acres Land Use Designation UMU - 60 60 Units/Acre and a 3.25 FAR Zoning PD - A, C-1

Allowed Uses (Up To with • Residential: 1,750 Units (33 du/acre) Trade Off Matrix from the • Office: 83,750 SF Residential) • Commercial: 156,250 SF • Hotel: 200 Rooms • Marina: 185 Boat Slips Unified Zoning Notes Click this link: http://flyers.cushmanwakefield.com/flyers/Unified zoning notes 120707.pdf

BOAT SLIPS AND MARINA New Port Tampa has secured two Submerged Lands Leases with the Tampa Port Authority. The initial term of the lease is five years with four 5-year renewal options. Currently there are 185 entitled wet slips. The marina area has received a SWFWMD ERP Permit and ACOE Permit for the dredging of the boat basis and use of the area as a full service Marina. The only remaining waterfront permit is the dock configuration permit with the Port of Tampa. This permit regulates the dock layout and slip sizes and is considered an administrative approval. There are no bridges to limit sailboat mast height.

PROPERTY TAXES The Hillsborough County Property Appraiser, for 2012, assessed the property at a taxable value of $15,917,175 using a 21.58620 millage rate. Property taxes are due March 31st of the year following the tax year, with a 4% discount if paid by November 31st, 3% by December 31st, 2% by January 31st and 1% by February 28th.

Impact fee credits & MITIGATION The prior developer paid $1,000,000 in traffic mitigation, as recorded by the City of Tampa in zoning approval PDA 07-48. There is approximately $155,000 available in credits to offset traffic impact fees, as well as $90,000 to offset water meter connection fees.

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 10 52

19

75 41 Land O’ Lakes

New 54 Port Richey

54

Pasco County 581

Pinellas Hillsborough LUTZ County County

597 Tarpon Springs 275 Carrollwood

EAST LAKE RD

Y W

H

N BRUCE B. DOWNS BLVD

N 75 U

G LAND DISPOSITION301 593 SERVICES Honeymoon PROPERTY INFORMATION FLETCHER AVE Island RACE TRACK RD GUNN H E WY AV CURLEW CREEK RD FOWLER AVE LINEBAUGH AVE Temple FLORIDA Terrace Y 580 W TA SHELDON RD BUSCH BLVD H M HWY WATERS AVE Caladesi PA Y R R RY Island D B A

TER DR M

E 41 L 4 A D DALE MAB HILLSBOROUGH AVE EDGEWA 92 Clearwater Clearwater

Exec. Airport DR MARTIN LUTHER KING JR BLVD Beach VETERANS EXPWY Island COLUMBUS DR URTNEY CAM 22ND ST Clearwater RD McMULLEN–BOOTH CO PBELL 9 Tampa Brandon CAUSEWAY International Tampa

Airport8 VALRICO RD VALRICO GULF TO BAY 12 RD KINGSWAY 19 7 275 BOULEVARD KENNEDY BLVD 11 GE ADAMO DR Old ID 60 Tampa BR D D D BRIDGE

BAYSIDE N V LA BL Bay NK E RA OR Davis RD F SH

BELCHER RD 41 BAY DRIVE WA AY CAUSEWAY BLVD LUMSDEN DR HO B Islands St. Petersburg  CROSSTOWN EXPWY International L

Largo WEST SHORE B LV IT  H Airport IA E 4 3 R RIDG D ULMERTON RD 10 Y B 1 2 AND G 5 41 75 301 SEMINOLE BLVD NEW PORT Pinellas Park 6 699 MacDill PARK BLVD GANDY BLVD AFB DISTANCES 1 Sweetbay 0.7 miles 2 Walmart Supercenter 0.9 miles

G 275 4TH ST U 9TH ST LF St. Petersburg 3 Publix 1.6 miles B LV D 4 Target 1.6 miles TYRONE BLVD 5 Home Depot 1.7 miles 19 Apollo I-375 6 MacDillBeach A.F.B. 2.1 miles to Tanker Way Gate 3.1 miles to Dale Mabry Gate Treasure 7 Westshore Business District 3.8 miles Island CENTRAL AVE I-175 8 International Mall 5.0 miles Tampa 9 Tampa Int’l Airport 6.3 miles Bay 10 Gateway Employment Center 7.0 miles PINELLAS POINT DR 11 Tampa CBD 7.3 miles via Bayshore Blvd. 6.6 miles via Leroy Selmon Expressway674 St. Petersburg 12 Performing Arts Center 7.5 miles Beach

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 11 LAND DISPOSITION SERVICES PROPERTY INFORMATION

IN-PLACE INFRASTRUCTURE* INFRASRUCTURE CATEGORY $ AMOUNT The previous developer paid to extend the City water line main to the site. Additionally, a new pump 20” Offsite Watermain $1,633,157 station was installed and sewer trunk lines were brought to the site. Approximately $300,000 in sewer impact fees may be available for additional work. Moreover, the City Utility Department has Interim Utilities $280,000 agreed to waive the cost of meter installations for the first five years of the project. Raised manhole Phase I Sanitary Sewer (Partial) $760,000 and sewer stub outs have been constructed in Phase I of the project. Phase I Stormwater (Partial) $1,000,000 A building plan submittal for a 16-story, two-tower condominium was approved by the City of Tampa. Offsite 10” Forcemain $300,000 The previous developer expended considerable dollars to prepare for this work in the northern CSX Railway $72,000 portion of the site. Several hundred footings were poured, the land stabilized, Bridge Street was Stormwater Vaults (Estimated) $1,500,000 vacated and demolished and all of the site cleared and graded. High-Rise Footings $250,000 The entire site has been mass graded and a large stockpile of fill has been stored at the south end of Offsite Fill $1,100,000 the site. A re-routed storm water swale has been constructed to handle existing off site flow, and an Phase I Bulkhead (Marina) $5,488,830 estimated $1,500,000 was expended to install a 100,000 gallon underground storage vault on the northern portion of the site. Because the site is located in a coastal location, no attenuation is Total $12,383,987 necessary and direct discharge is allowed after treatment. The Urban Village engineer estimates that approximately $12,400,000 of site work is complete with all of Phase I in place. COSTS TO COMPLETE* CATEGORY $ AMOUNT Approximately 2,400 linear feet of seawall has been completed in the north basin where the marina Onsite Costs is permitted is 5’ to 8’ deep, and the approach is 10’ to 20’ deep. Earthwork $2,644,500 Paving $2,077,235 Storm Sewer $7,275,329 Water $627,095 Sewer $1,257,750 Total $13,881,909

Offsite Costs* Salty Sol Boat Ramp $300,000 McElroy Sidewalk $300,000 CSX Crossing $550,000 Traffic Signals $1,000,000 Intersection $125,000 Possible Transportation Mitigation $1,200,000 Total $3,475,000 LESS: Impact Fee Credits $1,245,000 T oTAL Offsite COsts (Net of Credits) $2,230,000 NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 12 * Estimates. For Discussion Purposes Only. LAND DISPOSITION SERVICES PROPERTY INFORMATION

UTILITIES • Potable Water - City of Tampa • Sanitary/Sewer - City of Tampa

hillsborough county tax folio numbers 131929-0030 131181-0010 131181-0050 131929-0010 131181-0220 131181-0060 131929-0100 131176-0010 131929-0000 131181-0000 131911-0000 131880-0000 131181-0020 131181-0030 131926-0000 131181-0200 131181-0040

IMPACT FEES Please click on this link: http://www.hillsboroughcounty.org/DocumentCenter/View/4401

Permit Status • All land site permits have expired. • Marina permits are current, or in the process of being extended. • Army Corps – Permit #SAJ-2005-844 (IP-CJW) • SWFWMD – Permit #ERP-43029777.004 • Tampa Port Authority – Standard work permit 06-078.

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 13 LAND DISPOSITION SERVICES PROPERTY INFORMATION

Approved Site Plan

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 14 LAND DISPOSITION SERVICES PROPERTY INFORMATION

PHASE 2A - not for construction

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 15 Cash Flow Projection LAND DISPOSITION SERVICES PROPERTY INFORMATION

PRELIMINARY PROJECT LEVEL CASH FLOWS preliminary project level cash flows URBAN WATERFRONT VILLAGE - TAMPA,FL

Property Income Summary Project Timing Unit Mix Per Building Units 1,750 Land Acquisition Date Oct-2013 Units Type SF Total Total SF 2,100,000 Project Start Date Dec-2013 35 1 BR 900 31,500 Avg Sq Ft P/U 1,200 Construction Start Date Dec-2015 105 2BR 1,200 126,000 Acres 50 35 3 BR 1,500 52,500 Units per Acre 35 175 1,200 210,000

Deliveries Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Dec-2027 Dec-2028 Unit Deliveries (1) Building 1 175 Building 2 175 Building 3 175 Building 4 175 Building 5 175 Building 6 175 Building 7 175 Building 8 175 Building 9 175 Building 10 175 Total 0 175 175 175 175 175 175 175 175 175 175 0 0 0 0 1,750

Retail Sales Prices (2016) Units Type SF Total Per Unit PSF Total 35 1 BR 900 31,500 $250,000 $278 $8,750,000 105 2BR 1,200 126,000 $300,000 $250 $31,500,000 35 3 BR 1,500 52,500 $350,000 $233 $12,250,000 175 1,200 210,000 $300,000 $250 $52,500,000

Sales Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Dec-2027 Dec-2028 Units Sold Building 1 175 Building 2 175 Building 3 175 Building 4 175 Building 5 175 Building 6 175 Building 7 175 Building 8 175 Building 9 175 Building 10 175 Total Sold (2) 0 0 175 175 175 175 175 175 175 175 175 175 1,750 Average Price Per Unit $300,000 $318,000 $337,080 $357,305 $378,743 $401,468 $425,556 $451,089 $478,154 $506,844 Average Price PSF $250 $265 $281 $298 $316 $335 $355 $376 $398 $422 Price Appreciation (3) 0.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% Revenue Gross Sales Proceeds $0 $0 $52,500,000 $55,650,000 $58,989,000 $62,528,340 $66,280,040 $70,256,843 $74,472,253 $78,940,589 $83,677,024 $88,697,645 $0 $0 $0 $691,991,734 Floor Premiums (4) $1,530,000 $1,621,800 $1,719,108 $1,822,254 $1,931,590 $2,047,485 $2,170,334 $2,300,554 $2,438,588 $2,584,903 $20,166,616 Transaction Costs (10%) (5) $0 $0 ($5,403,000) ($5,727,180) ($6,070,811) ($6,435,059) ($6,821,163) ($7,230,433) ($7,664,259) ($8,124,114) ($8,611,561) ($9,128,255) $0 $0 $0 ($71,215,835) Net Sales Revenue $0 $0 $48,627,000 $51,544,620 $54,637,297 $57,915,535 $61,390,467 $65,073,895 $68,978,329 $73,117,029 $77,504,050 $82,154,293 $0 $0 $0 $640,942,516

Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Dec-2027 Dec-2028 Total Property Taxes (6) ($270,835) ($278,960) ($1,995,864) ($2,026,145) ($2,056,446) ($2,086,743) ($2,117,006) ($2,147,207) ($2,177,314) ($2,207,296) ($2,237,117) ($2,266,740) $0 ($21,867,673) HOA (7) ($756,000) ($778,680) ($802,040) ($826,102) ($850,885) ($876,411) ($902,704) ($929,785) ($957,678) ($986,409) ($1,016,001) ($9,682,694) Net Cash Flow ($270,835) ($1,034,960) $45,852,456 $48,716,435 $51,754,749 $54,977,908 $58,397,050 $62,023,985 $65,871,230 $69,952,054 $74,280,525 $78,871,552 $0 $0 $0 $609,392,149

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 17 LAND DISPOSITION SERVICES PROPERTY INFORMATION

PRELIMINARY PROJECT LEVEL CASH FLOWS URBAN WATERFRONT VILLAGE - TAMPA,FL preliminary project level cash flows (CONT.)

FOOTNOTES 1 Projection assumes construction of first building begins December 2015. Each building is completed within a year. 2 Projection assumes sellout of first building completed December 2016. Each building is sold out within a year. 3 Projection assumes retail prices increase by 6.0% each year. 4 Projection assumes an additional $10,000 per floor in pricing for floors 2-8. 5 Projection assumes 10% in transaction costs for condo sales. 6 Projection assumes an assessment based on 80% of estimated construction costs x millage rate (21.5435) less 4.0% discount (see table below). PROPERTY TAX PROJECTION DETAIL

Building Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 1 ($27,084) ($27,896) ($1,737,268) $0 $0 $0 $0 $0 $0 $0 $0 $0 2 ($27,084) ($27,896) ($28,733) ($1,789,386) $0 $0 $0 $0 $0 $0 $0 $0 3 ($27,084) ($27,896) ($28,733) ($29,595) ($1,843,067) $0 $0 $0 $0 $0 $0 $0 4 ($27,084) ($27,896) ($28,733) ($29,595) ($30,483) ($1,898,359) $0 $0 $0 $0 $0 $0 5 ($27,084) ($27,896) ($28,733) ($29,595) ($30,483) ($31,397) ($1,955,310) $0 $0 $0 $0 $0 6 ($27,084) ($27,896) ($28,733) ($29,595) ($30,483) ($31,397) ($32,339) ($2,013,970) $0 $0 $0 $0 7 ($27,084) ($27,896) ($28,733) ($29,595) ($30,483) ($31,397) ($32,339) ($33,309) ($2,074,389) $0 $0 $0 8 ($27,084) ($27,896) ($28,733) ($29,595) ($30,483) ($31,397) ($32,339) ($33,309) ($34,309) ($2,136,620) $0 $0 9 ($27,084) ($27,896) ($28,733) ($29,595) ($30,483) ($31,397) ($32,339) ($33,309) ($34,309) ($35,338) ($2,200,719) $0 10 ($27,084) ($27,896) ($28,733) ($29,595) ($30,483) ($31,397) ($32,339) ($33,309) ($34,309) ($35,338) ($36,398) ($2,266,740) Total ($270,835) ($278,960) ($1,995,864) ($2,026,145) ($2,056,446) ($2,086,743) ($2,117,006) ($2,147,207) ($2,177,314) ($2,207,296) ($2,237,117) ($2,266,740)

($270,835) = Year one taxes based on Hillsborough County Tax Collector records. ($3,474,536) = 80% of estimated construction costs (10 Buildings) x millage rate (21.5435) less 4.0% early payment discount. - Projection assumes every building pays 50% of allocated taxes based on condo sellout over 12 month period. - Projection assumes taxes increase by 3.0% annually..

7 Projection assumes cost to carry HOA at $0.30psf increased by 3.0% annually.

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 18 Property Photos LAND DISPOSITION SERVICES PROPERTY PHOTOS

PROPERTY PHOTOS

SATELLITE VIEW

NEW PORT TAMPA BAY TO ST. PETERSBURG

WESTSHORE YACHT CLUB

1,604 MULTIFAMILY UNITS

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 20 LAND DISPOSITION SERVICES PROPERTY PHOTOS

MACDILL A.F.B.

WESTSHORE NEW PORT YACHT CLUB OLD TAMPA BAY TAMPA BAY

GANDY BRIDGE

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 21 LAND DISPOSITION SERVICES PROPERTY PHOTOS

LOOKING NORTHEAST LOOKING NORTH

TAMPA CBD WESTSHORE CBD & TAMPA INT’L AIRPORT

BAYSHORE BLVD.

PUBLIX TARGET SWEETBAY WALMART GANDY BLVD.

GANDY BLVD. WESTSHORE BLVD.

NEW PORT PUBLIC BOAT RAMP TAMPA BAY NEW PORT TAMPA BAY

W. TYSON AVENUE DECOMMISSIONED PROPANE FARM WCI’S WESTSHORE YACHT CLUB

LOOKING NORTHWEST LOOKING SOUTHEAST

MACDILL A.F.B.

GANDY BLVD. WESTSHORE YACHT CLUB NEW PORT DECOMMISSIONED PROPANE FARM TAMPA BAY NEW PORT TAMPA BAY

W. TYSON AVE.

WESTSHORE YACHT CLUB WESTSHORE BLVD.

PUBLIC BOAT RAMP

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 22 LAND DISPOSITION SERVICES PROPERTY PHOTOS

MARINA BASIN, LOOKING EAST MARINA BASIN, LOOKING WEST

MARINA BASIN, LOOKING SOUTH FROM PHASE I PHASE I LOOKING NORTH

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 23 Market Information LAND DISPOSITION SERVICES MAR KET INFORMATION

MARKET INFORMATION

FLORIDA OVERVIEW ECONOMY The Florida economy has undergone a metamorphosis over the past decade, shifting from the tourism industry to the high technology, life sciences, services and retail/wholesale trade sectors. Florida’s seasonally adjusted unemployment rate for may 2013 was 7.1%, which is 1.7% lower than one year ago in may 2012 and the lowest unemployment rate since September 2008. From May 2012 to May 2013, Florida has gained 122,500 jobs. The state’s technology and biotech sectors continue to impact job growth as Florida is now the fifth largest cyberstate in the united states and widely recognized as an emerging biotechnology market. Companies in the aviation, aerospace, microelectronics and medical technology industries continue to move to the state to take advantage of Florida’s favorable tax incentive programs, financial resources, international access and highly skilled workforce. Tampa Bay

2013 is expected to be an improvement over 2012 with a promising outlook in regard to the housing market, employment growth and consumer confidence.

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 25 LAND DISPOSITION SERVICES MAR KET INFORMATION

POPULATION TRENDS TAMPA BAY MSA OVERVIEW Florida is the fourth most populous state in the nation, with an estimated The Tampa Bay MSA (Metropolitan Statistical Area) on Florida’s West Coast is population of over 19.3 million residents in 2012. According to the 2010 US composed of Hillsborough, Pinellas, Pasco, and Hernando counties. With close to Census, from 2000-2010 Florida’s population grew by 18% with an increase of 2.8 3 million people, Tampa Bay is Florida’s largest MSA and is the second largest MSA million people. Estimates by the US Census reflect a continued population increase in the southeast. The Greater MSA has a population of 4,318,438. The MSA contains of 2.7% or 514,878 people from 2010 to 2012 and the state ranked third in the third and fourth largest cities in the state, Tampa and St. Petersburg, as well as population gains for 2012. Additionally, by 2016, forecasts indicate that Florida is the eleventh largest city, Clearwater. The City of Tampa is located in Hillsborough poised to pass the State of New York for the number three spot in terms of total County, which contains the majority of the area businesses and population. St. population. Petersburg and Clearwater are located in Pinellas County which has a sound employment base supported by technical firms, tourism and light manufacturing The following chart shows Florida’s historic and forecasted population growth industries. Tampa Bay continues to lead the state in job growth. trends. Population forecasts from Moody’s Economy.com indicate that Florida is expected to reach a population of nearly 26.6 million by 2029, an increase of 27.4% Centrally located on Florida’s Gulf of Mexico, the Tampa Bay area continues to rank from the estimated 2012 population. among the top five places in the country to locate a business, according to surveys of the nation’s leading CEOs. Among the many accolades awarded to the Tampa Bay region: • Major employers are MacDill Air TAMPA BAY MSA POPULATION FLORIDA POPULATION Force Base, Verizon Communications, 28,000,000 Univer-sity of South Florida, Tampa Hernando 26,000,000 InternationalAirport, Tampa General Hospital, Shri-ners Hospital for children, 158,409 Pasco 24,000,000 St. Joseph’s Hospital, JPMorgan Chase & Co., PublixSupermarkets, TECO Energy, 429,065 22,000,000 Inc., Bankof America Corp., Outback Hillsborough Steakhouse,Inc., Busch Gardens and 1,132,152 20,000,000 Nielsen Media Research. Recently 18,000,000 announced new employers are Amazon. com and Bristol Myers. 16,000,000 • According to a study by KPMG LLP, Pinellas 928,032 14,000,000 the audit, tax and advisory firm, very competitive labor costs, along with 12,000,000 moderately-low office/industrial leasing and sales tax costs help make Tampa 10,000,000 the least-costly place to do business among 22 U.S. cities/locations with

SOURCE: Moody's Analytics populations exceeding 2 million (2010). 2,647,658 Total MSA

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 26 LAND DISPOSITION SERVICES MAR KET INFORMATION

• “One of the Top Five places Americans Want to Live” (Forbes/PEW Research Airports Study). Three international airports, (Tampa International, St. Petersburg/Clearwater • Inc. Magazine ranked Tampa Bay 9th on its list of the “Hottest Large Cities” to International and Sarasota/Bradenton International), and four small commuter do business airports serve the Tampa MSA. Tampa International Airport is located in Hillsborough • A Forbes/Milken Institute survey, the Bay Area was selected the 27th out of the County and has experienced tremendous growth. The airport handled 16,820,859 top 200 “Best Places for Business and Career” in the United passengers in 2012, making it the 31st busiest airport by passenger movements in • Site Selection Magazine listed Tampa Bay as one of the “Top 60 Cybercities” North America. It 2011, it was called one of the 10 best airports by CNNGo. for being one of the best locations for high-tech companies in the U.S. The Airport also just completed a $620 million expansion that will accommodate • Florida’s Tax System is ranked 7th best in the nation as being “Business the 40 million passengers expected by the year 2020. Friendly.” (The Tax Foundation). The second largest airport in the Tampa Bay region is the St. Petersburg-Clearwater International Airport. This airport is centrally located in the heart of Pinellas TRANSPORTATION NETWORK County. This airport provides commercial air service to major domestic and The Tampa MSA is easily accessible by land, air and sea. The Tampa Bay MSA is international markets on a daily basis, offering U.S. Customs facilities. It is also the serviced by , Interstate 275, and . Interstate 4 originates in regional air cargo hub for United Parcel Service. Additionally, Airport Industrial Daytona Beach on the east coast and heads west through the Orlando Metropolitan Park offers a 200 acre tract designated as a Foreign Trade Zone. Area terminating in the Tampa Central Business District. Interstate 75 provides access to one of Florida’s largest north-south corridors terminating to the south in Port Service Miami and heading north to Atlanta. Interstate 275 splits from Interstate 75 in northern Hillsborough County and provides access to the Tampa Central Business District, the Westshore Business District, Tampa International Airport, and the St. Petersburg Central Business District looping south over Tampa Bay on the . Interstate 275 reconnects with Interstate 75 ten miles north of the city of Bradenton. Tampa Bay MSA’s transportation system anticipates continuous improvements to accommodate the area’s growth. Pasco County’s S.R. 54 (east/west) has been widened to four and six and is now connected to a new at I-75. U.S. Highway 41, a major north/south thoroughfare in Pasco County, is also undergoing widening of its highly traveled lanes. The Suncoast Parkway is complete into mid-Hernando County extending the Veteran’s Expressway/Suncoast Expressway further north in the MSA, creating an improved north/south route for Hillsborough, Pasco and Hernando County communities.

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 27 LAND DISPOSITION SERVICES MAR KET INFORMATION

The Port of Tampa is the seventh largest seaport in the United States, processing Retail and Hotels over 50 million tons of cargo per year, more than all other ports in Florida combined. There are seven major regional malls in the Tampa MSA: Coupling cargo and the cruise industry, the Port of Tampa generates over $15 billion in economic impact. The Port of Tampa is also one of the largest cruise line • International Plaza moorings in the nation. Ranked fourth in terms of total passengers, over 500,000 • Westshore Mall passengers sail out of Tampa every year. • Westfield Citrus Park Port Manatee, located in Bradenton, ships over nine million tons per year. Both • Westfield Brandon • The Shops at Wiregrass • University Mall • Westfield Countryside International Plaza is one of the most significant retail developments in Tampa Bay. The 1.2 million square foot regional mall, which opened in September 2001, was developed by the Taubman Company and brought upscale anchor tenants such as Nordstrom and Neiman Marcus to the Tampa Bay area for the first time. International Plaza is located near Tampa’s International Airport. In downtown Tampa, the 230,000 square foot retail and entertainment center at Channelside at Garrison Seaport features a 17-screened multiplex theater, an Imax Theater and various restaurants. The center opened in March of 2001. Also located in downtown Tampa, the 717 room, $110 million Tampa Marriott Waterside was Port Manatee and Port of St. Petersburg have warehouses and stevedore facilities. completed in 2000 and quickly became an important landmark in downtown Tampa. Although the Port of St. Petersburg is primarily a passenger cruise ship facility, it hosts the U.S. Coast Guard and has a 1,500 foot wharf, a 1,000 foot turning basin, Education 40,000 square feet of warehouse space and full dockside services. The Tampa MSA boasts a large number of excellent post-secondary institutions Train Service and one of the most important aspects of Tampa Bay’s employment growth has been the University of South Florida (USF). The University is one of the 20 largest Amtrak provides travel related rail service to the Tampa area while CSX serves as universities in the nation. USF was founded in 1956 and currently has an enrollment the major shipping rail company. of over 47,000 students and employs over 7,000 persons. USF is best known for its medical school, which has supported the growth and success of nearby regional medical facilities including the VA Hospital, Shriner’s Hospital, University Community Hospital, H. Lee Moffit Cancer Center and six other specialty clinics. The Tampa Bay area is also served by four private universities: Eckerd College, University of

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 28 LAND DISPOSITION SERVICES MAR KET INFORMATION

Tampa, St. Leo College and Stetson Law School; and two public universities: St. York Yankees in Tampa. Petersburg College and Hillsborough Community College which has four campuses throughout the area, providing two year, associate college and technical degrees. Additionally, outdoor sport enthusiasts benefit from the area’s numerous public and private golf courses, hiking trails, sailing and fishing. Tourist attractions in the Climate area include the Lowry Park Zoo, Busch Gardens and the . Another reason for the impressive growth rate in the Tampa Bay MSA is the There are also numerous museums and cultural venues such as the Tampa Bay desirable quality of life. Tampa enjoys a subtropical climate, with an average Performing Arts Center, the Morean Arts Center (home of the Chihuly collection), temperature of 73 degrees, 82 degrees in summer and 62 degrees in winter. The the , Henry B. Plant Museum, Florida International Museum, average humidity is 74%. Temperatures in the coastal regions of Florida are Museum of Science & Industry, Ruth Eckerd Hall, Mahaffey Theater, the Van Wezel moderated by the effects of land and sea breezes and are usually slightly warmer in Performing Arts Center and the world-famous Salvador Dali Museum. winter and cooler in summer than most inland locations. Cultural Sites and Recreation The Tampa MSA offers residents a variety of recreational outlets. The area’s climate and proximity to the warm waters of the Gulf of Mexico permit outdoor activity year round. The Tampa Bay area has a number of recreational opportunities, including Tampa Bay and the Hillsborough River State Parks and miles of beaches and waterways on the Gulf Coast including some of America’s best beaches. Clearwater Beach is consistently ranked “Best Beach” by Tampa Bay Magazine and Conde Nast Traveler has also recognized Clearwater Beach as the best city beach on the Gulf of Mexico. Professional sports teams who call Tampa Bay home include the NFL , NHL Tampa Bay Lightning, Tampa Bay Storm arena football, and Major League Baseball’s . Three major league baseball teams also have spring training games in this metropolitan area: the Philadelphia Phillies in Clearwater, the Toronto Blue Jays in Dunedin and the New

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 29 Co-Broker & Confidentiality Information LAND DISPOSITION SERVICES CO- broker & confidentiality information

CO-broker information • Buyer’s brokers need to be paid by buyer. • Cushman & Wakefield is not paying outside brokers.

CONFIDENTIALITY STATEMENT The material contained in the Offering Memorandum is confidential, furnished solely for the purpose of considering the acquisition of the Property described herein, and is not to be used for any other purpose or made available to any other person without the express written consent of Cushman & Wakefield, Inc.. The information contained herein has been obtained from sources that we deem to be reliable, and we have no reason to doubt its accuracy. However, no warranty or representation, expressed or implied, is made by the Seller or Broker or any related entity as to the accuracy or completeness of the information contained herein, including but not limited to financial information and projections, and any engineering and environmental information. Prospective purchasers should make their own investigations, projections, and conclusions. It is expected that prospective purchasers will conduct their own independent due diligence concerning the Property, including such engineering inspections as they deem necessary to determine the condition of the Property. The Property is being sold as is.

Please Visit our Website, http://bit.ly/NewPortTampaBay To Sign a Confidentiality Agreement and gain access to the exhibits. If you require further assistance, please contact us at (813) 204-5324.

NEW PORT TAMPA BAY CUSHMAN & WAKEFIELD 31 www.cushmanwakefield.com

BRUCE ERHARDT, ALC BYRON MOGER LUIS ELORZA Executive Director Executive Director Senior Director (813) 204 5312 (813) 204 5316 (813) 204 5319 [email protected] [email protected] [email protected]