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Florida Regional Center – Harbourside Place Details

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Florida Regional Center – Harbourside Place Details Harbourside Place – The EB-5 Investment in Florida. The Florida Regional Center (―FRC‖) is pleased to announce its first project located in the Town of Jupiter, Florida. Partnered with the Town and the State this project will be the Town’s downtown – the $144 million Town Center and four-star Westin Resort and Spa. This project combines funding by the government of Jupiter, the Town’s Community Redevelopment Agency (―CRA‖) and $80 million (160 investors) of EB-5 funding. The Florida Inland Navigation District (―FIND‖) and the Northern Riverwalk Community Development District (―NRCDD‖) are also contributing money to the project through grants and municipal bonds. The funding breakdown for the project is on the following page. A. INTRODUCTION Harbourside Funding, LP is a Florida Limited Partnership formed in April 2010 for the sole purpose of lending development funds to Harbourside Place, LLC, a soon to be built town center project in Jupiter, Florida. The project is located in the proposed Florida Regional Center District and will meet the standards of USCIS to be financed under USCIS EB-5 Pilot Program. Harbourside Funding, LP will be capably managed by Harbourside Funding GP, LLC, the General Partner. The managing member of Harbourside GP, LLC is Jupiter Capital Partners, LLC. It will be the General Partner’s responsibility to receive investor funds and re-direct those funds into the Harbourside Place Project via a loan. Other responsibilities of the General Partner will include managing the process of disbursement of funds and to assure investors and USCIS officials that the funds are going directly to the project and that the project is being built according to the approved development budget. Finally, the General Partner will also monitor the payment of interest and the overall administration of the loan. Harbourside Place, LLC is a newly formed limited liability company organized in the State of Florida, formed in March 2010. It lies within the proposed Florida Regional Center District located in Palm Beach County, Florida. The purpose of the enterprise is to construct a Town Center project located in the Town of Jupiter Florida. The project will be constructed on 9.97 acres of waterfront property within the Town of Jupiter’s 2.5 mile Riverwalk project. It will be comprised of a four-star hotel, offices, restaurants, retail shops, a marina, spa, and an amphitheater, as well as a large parking garage. Overall gross development is approximately 800,000 square feet. This quasi-public/private partnership between the Town of Jupiter and Harbourside Place, LLC is being created to fill a large void existing in the immediate and long range growth of Jupiter. It will serve to promote economic growth, improve regional productivity, create jobs, and overall, it will increase capital investment into the Town. Furthermore, Harbourside Place will be located in an area designated by the State of Florida as a ―TEA‖ or targeted employment area. The funding breakdown of the project is as follows: EB-5 Investor Loan Proceeds $80,000,000 Equity $38,315,000 Bank Debt $25,685,000 Total $144,000,000 Also, the project has received, from the Town of Jupiter, Tax Incremental Financing (TIF) valued at $5,250,000 to be paid out in annual installments of $350,000 for the duration of 15 years. The need for a project like Harbourside Place in the community of Jupiter is clearly established, as evidenced by the governmental financial support from the State of Florida and the Town of Jupiter. B. HISTORY OF PROPERTY - (TOWN CENTER) The current owner of the property is Jupiter Waterways, LLC. It was acquired by three partners; Jack Schleifer, Richard Yellen and Nicholas Mastroianni, II. The property was acquired by Jupiter Waterways, LLC in 2006. The total cost of the land was $19,500,000. The original developer of the property was Allied Capital and Development of South Florida, LLC who was hired by Jupiter Waterways to develop the site. The company was founded by Nicholas A. Mastroianni II in 2004 with the vision of providing residential and commercial projects that meet the needs of the community as well as serve to promote the growth of the local economy. Jupiter Waterways, LLC currently owns the 9.97 acre tract of waterfront property that is located in the Town of Jupiter, Florida at the northeast quadrant of Indiantown Road and US Highway One. The property is fully entitled to This document constitutes confidential and trade secret information compiled by Florida Regional Center, LLC (―FRC‖). The enclosed information concerning FRC is protected from disclosure by law. By reviewing this document, recipients are acknowledging confidentiality and are accepting the obligation not to disclose, directly or indirectly, or permit their agents or affiliates to disclose any of such information, and shall not use the information for any purpose whether beneficial or adverse to the interests of FRC, without FRC’s prior written consent. This business description is not to be copied or duplicated without the prior written consent of FRC. 2 construct approximately 300,000 leasable square feet of a mixed-use Town Center to be known as ―Harbourside Place‖. To date, Jupiter Waterways has spent over $29,000,000 in the acquisition and entitlement of the land. Jupiter Waterways, LLC has entered into a contract to sell the site to Harbourside Place, LLC, an entity owned by the same principals of the seller. The selling price is $31,500,000. The purchase calls for an approximate cash payment of $22,500,000 at time of release of the initial EB-5 funds in March 2011. Title to the property will then be secured free and clear to Harbourside Place, LLC. The balance owed of approximately $9,000,000 will be evidenced by a promissory note and payable in two equal annual installments on the first and second anniversary of the closing. Interest will accrue at 4% per annum. C. THE TOWN CENTER The Town Center will consist of a four-star hotel, offices, restaurants, retail, marina, amphitheatre and spa. Situated on the Intracoastal Waterway, the Town Center will be the centerpiece of the ongoing Jupiter Riverwalk project, a 2.5 mile waterfront promenade connecting a series of ―entertainment/retail‖ and residential complexes along a lengthy pedestrian waterfront walk-way. It is a quasi-public/private venture that has been fully endorsed and financially supported by the Town of Jupiter. The site of the Town Center is the largest remaining assemblage of property along the waterfront in the heart of Jupiter. The property, which is located at the corner of US Highway One and Indiantown Road, is one of the most traveled intersections in Jupiter, enabling great signage, visibility and ease of access. The property is located just south of the Jupiter Inlet which is the main throughway for accessing the ocean from the Intracoastal. The location is excellent given its proximity to all other points of interest in Jupiter, including movie theaters, the lighthouse at the Jupiter Inlet, world-renown beaches, Carlin Park Civic Center, grocery stores, indoor and outdoor shopping malls, and beautiful office parks. These factors all point towards Harbourside Place being developed into one of the most successful and noteworthy projects currently planned in South Florida. Upon completion, it is expected to bring a total of approximately 2,000 new direct, indirect and induced jobs to the area. As mentioned, the Town of Jupiter and other State Governmental agencies have all politically and financially endorsed the construction. For instance, the Town Center has received a $2,000,000 grant from the Florida Inland Navigation District (FIND), a state issued grant to assist in building the seawall, docks and Riverwalk along the entire Intracoastal side. The town council and mayor have been strong supporters and believe it to be a good example of a quasi-public/private partnership with the developer and the Town. “For the success of Riverwalk and the commercial district, we need the entertainment intensity of this project,” said Jupiter Mayor Karen Golonka. “This project gives us hope; it means somebody is willing to put money into the area.” “Harbourside will become a major destination along the town’s Riverwalk; we view this as integral to the success of the Riverwalk.” The Town has approved the project for Tax Increment Financing (TIF) through the Community Redevelopment Agency (CRA) in the amount of $350,000 a year for the duration of 15 years. “I really see the public benefit of this project,” said Jupiter Vice Mayor Todd Wodraska. “It is a deliverance of a huge connection to the Riverwalk and it would be lining the coffers of the CRA.” With the Town’s assistance, the Town Center received approval to form the Northern Riverwalk Community Development District (CDD). This makes the Town Center its own ―taxing district‖ and hence it has the ability to levy taxes and issue approximately $22,000,000 in bonds to finance a portion of the costs for the project’s infrastructure. According to the officials, the Town Center will finally provide the Town of Jupiter with a sense of identity. It will provide a center to the Town or, in essence, it will become the Town’s ―downtown‖. Being the center point of the Town’s 2.5 mile Riverwalk project, the Town Center will provide the community and its citizens a place to work, and more importantly, a place where they can take their families in the evenings, weekends, and holidays to This document constitutes confidential and trade secret information compiled by Florida Regional Center, LLC (―FRC‖). The enclosed information concerning FRC is protected from disclosure by law.
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