The Bellingham Bay Project a Proposal for Bellingham’S Waterfront District Redevelopment WA, USA

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The Bellingham Bay Project a Proposal for Bellingham’S Waterfront District Redevelopment WA, USA A PROPOSAL FOR BELLINGHAM’S WATERFRONT DISTRICT REDEVELOPMENT WA, USA The Bellingham Bay Project A Proposal for Bellingham’s Waterfront District Redevelopment WA, USA July 2013 Submission by Harcourt Developments LTD / Tin Rock Developments INC A PROPOSAL FOR BELLINGHAM’S WATERFRONT DISTRICT REDEVELOPMENT WA, USA A PROPOSAL FOR BELLINGHAM’S WATERFRONT DISTRICT REDEVELOPMENT WA, USA CONTENTS EXECUTIVE SUMMARY 1.0 CAPABILITY OF DEVELOPMENT TEAM 2.0 DEVELOPMENT CONCEPT (REFER ALSO TO ATTACHED DEVELOPMENT CONCEPT SUPPORT DRAWINGS) 3.0 PROPOSED FINANCIAL STRUCTURE 4.0 ACKNOWLEDGEMENT OF KEY BUSINESS TERMS 5.0 SUMMARY AND SIGNITURE 6.0 FURTHER INFORMATION AND CONTACT APPENDIX 1 REFERENCES A PROPOSAL FOR BELLINGHAM’S WATERFRONT DISTRICT REDEVELOPMENT WA, USA EXECUTIVE SUMMARY Harcourt Developments Limited, with their local partner Tin Rock Developments Incorporated, welcomes the opportunity to submit a proposal for Bellingham’s Waterfront District. This proposal responds to the Request For Proposals (RFP) issued by the Port of Bellingham for an Initial Develop- ment Opportunity (IDO) that includes building refurbishment of the Granary Building. Our team proposes a long-term strategy for redevelopment that includes a potential alternative IDO within our larger concept. The Harcourt and Tin Rock team accept the challenge to create “a great place of enduring value” with a concept that builds upon the “United Vision” developed by the Port, the City and the com- munity. Our concept is to envision an Initial Development Opportunity as the entryway to a holistic approach to the wider redevelopment in the entire Bellingham Bay Waterfront District. The Bellingham Bay Waterfront District Vision Plan: The cornerstone of the Bellingham Bay Water- front District Vision Plan (our broadly defined development concept) is the creation of outstanding new public spaces along the waterfront edges and throughout the Waterfront District. Central to this concept is a new public connectivity between downtown Bellingham and Fairhaven, includ- ing a continuous “Waterfront Park” and a central “Bay Park” winding throughout the center of the District. These new public realm spaces will improve public access to the water, define the new Waterfront District and create a framework around which development and economic restoration can occur. In addition to new outstanding public spaces, our Vision Plan proposes high quality archi- tectural design with sustainable and environmentally contextual buildings. We anchor the Vision Plan with the opportunity to create signature landmark buildings to create a visually unified Wa- terfront District. Development Team Capability: Harcourt are a major international developer with significant wa- terfront redevelopment experience in Ireland, the United Kingdom, Europe, and other parts of the world. A particularly relevant project is the recent major redevelopment of the former Harland and Wolff shipyard site in Belfast, Northern Ireland (“Titanic Quarter”). Harcourt have assembled a team of local developer Tin Rock and their own architects, Robinson McIllwaine LLP, Master Planners and architects for the Titanic Quarter Project, as the first members of their team. Further details are included in Section 1.0. 1 A PROPOSAL FOR BELLINGHAM’S WATERFRONT DISTRICT REDEVELOPMENT WA, USA EXECUTIVE SUMMARY Development Concept: Our development concept is the Bellingham Bay Waterfront District Vision Plan – a concept built on a holistic approach within which to consider and plan phased develop- ments beginning with an alternative Initial Development Opportunity within our new Vision Plan. We respectfully suggest the four key principles of the redevelopment vision (as articulated in the RFP) may be best served and protected in a development concept that envisions redevelopment comprehensively. As introduced above, our Vision Plan seeks to connect the public and pedestrian from downtown and Old Town Bellingham via Maritime Heritage Park through a new landscaped ‘green’ waterfront edge park along Whatcom Waterway in connection with a new public ‘Bay Park.’ This unlimited public access park weaving throughout the site joins to the new Cornwall Beach Park, ultimately connecting to Boulevard Park and Fairhaven. We propose to further enhance Waterfront District economic development and public access by an attractive mix of buildings contexutal to the landscape and appropriate for variable uses including housing, recreation, services, business, and institutional. We propose quality architectural design within a completely connected Waterfront District of parks and trails, including signature buildings to unite the District. Further details are in- cluded in Section 2.0. Proposed Transaction Structure: The value of our proposal is in its long-term vision of major new public spaces and high-quality building design, where the value of that development can be enjoyed by the local community of Bellingham and Whatcom County, as well as visitors and tourists. And equally shared with the Port of Bellingham in its measurable success upon phased completions. Fur- ther details are included in Section 3.0. In conclusion, our proposal is to build upon the significant work already carried out by the Port and the City of Bellingham, by looking to the future of the entire site through our Vision Plan, to realize public spaces and new buildings of outstanding and sustainable quality- and ultimately returning the Port to the community in a new downtown Waterfront District connected to the rest of the city. A PROPOSAL FOR BELLINGHAM’S WATERFRONT DISTRICT REDEVELOPMENT WA, USA 1.0 - CAPABILITY OF DEVELOPMENT TEAM 1.a Background Information Harcourt Developments Ltd is one of Ireland’s largest privately-owned property companies. Retained assets include offices, shopping centres, industrial parks and hotels in nine different countries world- wide including Ireland, the United Kingdom, the Bahamas, the United States, the Channel Islands and Latvia. The Group employs over 900 people. The directors of the company are Patrick J Doherty, Chairman; Nicholas A Doherty, Patrick J Power, Conal V Harvey, Gerard M Comaskey and John P Doherty. Mr Andrew Parker Bowles is a non execu- tive director. The team at Harcourt has a successful track record of evaluating and managing property investments to deliver strong and sustainable investment returns. While continuing to develop, the group owns and manages a prime investment portfolio generating revenue from a combination of retail, offices, industrial, leisure and residential accommodation. Key schemes include Park West Business Park in Dublin; Titanic Quarter, Belfast; waterfront develop- ments in Jersey, The Channel Islands; Sullivan Square in Las Vegas; Riga International Business Park in Latvia; Royal Haslar in Gosport, England; Stanley Dock in Liverpool and a number of regional shop- ping centres across Ireland. Harcourt also has interests in over 40 hotels worldwide. Websites of interest include: • www.harcourtdevelopments.com • www.parkwest.ie • www.titanic-quarter.com • www.carlisle-bay.com • www.liberty-wharf.com • www.royalhaslar.com A PROPOSAL FOR BELLINGHAM’S WATERFRONT DISTRICT REDEVELOPMENT WA, USA 1.0 - CAPABILITY OF DEVELOPMENT TEAM 1.b Key Personnel Patrick J Doherty, Chairman and founder of Harcourt, established a successful construction business in London in the early 1960’s and went on to grow a property portfolio, which was to become the origin of Harcourt. His unique skill is in evaluating opportunities and his judgement and expertise has been the driving force behind Harcourt Developments. Andrew Parker Bowles OBE, Non Executive Director. As board chairperson Andrew keeps abreast of all developments within the company. He is a retired English military officer with an illustrious career. He is also on the boards of Arena Leisure plc, Epsom Grand Stand Association, The British Horseracing Board and Profile Security Group, among others. Patrick J. Power is a qualified Chartered Surveyor with over 19 years experience in the property in- dustry. He joined Harcourt Developments in 1997 and is an Executive Director of the Main Board. He is also on the board of Ivywood Properties, the holding company of Titanic Quarter in Belfast. He has held a leading position in the promotion, sales and marketing of the prestigious Park West Business Park in Dublin, which comprises of some four hundred thousand sq. m of residential, office, retail and industrial buildings. He is also involved in enhancing the value of existing assets through rent reviews, re-developments and general property economies. Other areas or responsibility include evaluating new opportunities for the Group. Nick Doherty is Finance Director and has responsibility for all of the Group’s financing requirements, banking relationships and cashflow management. He joined the Harcourt Group after successfully completing the MBA programme at the Michael Smurfit School in Dublin, where he was awarded a full academic scholarship. Prior to this, he worked for several years in Corporate Finance for the Chase Manhattan Bank in London. In this role, he was actively involved in various areas of investment banking, including syndicated loans, credit/risk analysis, high-yield bond origination, mergers, and acquisitions. He gained exposure to a number of high-profile deals, including the £1.2 billion acquisi- tion of Zeneca Chemicals. Conal V. Harvey, Director of Operations, has overall responsibility for group operations. A graduate in engineering from University College
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