Auburn University Colvin Case Study Fall 2020

TEAM 10

2020 CASE STUDY CHALLENGE

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2020 Colvin Case Study Challenge | SunTrust Plaza i Table of Contents

Executive Summary �� ii Developer’s Project Vision �� 1 Development Team �� 1 Site Description �� 2 Market Analysis �� 3 Planning and Entitlement �� 9 Design Features �� 10 Project Financing �� 13 Operational Issues �� 14 Exit Strategy �� 15 Development Innovation and Impact �� 17 Observations & Lessons Learned �� 20 Appendix �� 21

2020 Colvin Case Study Challenge | SunTrust Plaza i Executive Summary PROJECT OVERVIEW In December 2014, Scott Stahley, of Lincoln Property Company (LPC), meets for coffee to dis- Name cuss the second phase of another developer’s proj- SunTrust Plaza at Church Street Station ect and LPC’s potential involvement. The developer asks Scott what he thinks about the planned Phase Location 1 building. Fast forward to December 2019, Scott is 333 South Garland Avenue looking out over downtown Orlando from his office Orlando, FL 32801 window of a recently completed tower. An innovative Year Built mixed-use, transit-oriented building that is now the 2019 visual gateway anchoring the SW corner of Downtown Orlando. It sits on the original developer’s project Project Type site. Based on Scott’s vision and leadership, Lin- Mixed-Use: Office, Hotel, coln Property Company assembled a development Retail, Transit Oriented team, acquired the development parcel, designed Development Value a new mixed-use concept for the site, and deliv- $133 Million ered his reimagined version for the project site.

Site Area SunTrust Plaza is a 25-story mixed-use tower 0.92 acres located in Downtown Orlando. The building ver- tically stacks with 4,800 SF of ground-floor retail, Building Size 605 parking spaces, 204,500 SF of Class A office Stories: 25 space, and a 180-key Marriott AC Hotel. The ground Total: 601,225 SF Office: 204,500 SF floor blends the retail space with the only enclosed Hotel: 180 Keys SunRail Commuter Train Station in Orlando, creat- Retail: 4,800 SF ing an active and pedestrian-friendly experience for Parking: 605 Spaces both the public and the building’s users. A visually striking yet clean, modern architecture design helps Developer Lincoln Property Company to anchor the downtown district’s SE edge while Mason Capital Partners supporting the City of Orlando’s redevelopment goals and the local market’s real estate demands. Architect HuntonBrady Architects This case study is for the 2020 Colvin Case Study Contractor Challenge, sponsored by the University of Maryland Austin Commercial Colvin Institute of Real Estate Development. The MEP Engineer Colvin Case Study Challenge is a national intercol- TLC Engineering Solutions legiate real estate case study competition for full or part-time students enrolled in a college or a univer- Structural Engineer sity real estate program. The Challenge is designed Walter P. Moore & Associates to hone professional skills and reveal the knowl- CivilEngineer/Landscape edge base and understanding of markets, project GAI Consultants valuation, finance, urban design and sustainability, entitlement processes, and operational issues. ii SunTrust Plaza | 2020 Colvin Case Study Challenge Developer’s Project Vision concert-goers on nights and weekends. SunTrust Plaza has brought contem- Before Lincoln Property Company porary life into the Church Street Station (LPC) commenced the ambitious mixed- historic entertainment district, setting use project, the site was a surface park- the standard of quality for the Central ing lot for nearby downtown attractions, Florida office market. The $133 million, including the adjacent Church Street 25-story tower has become the gateway Station. Initially built in 1889, it served as to downtown, ushering in a new devel- the original Orlando stop for the Atlantic opment wave and reimagined meaning Coastline Railroad until the 1920s. After to Orlando’s “City Beautiful” moniker. sitting idle for almost fifty years, visionary With its sleek glass edge which appears developer Bob Snow turned the run-down to be attached to the heavily trafficked area into a lively entertainment district Interstate 4 Freeway and pedestrian-fo- that became an alternative to the more cused ground level set to welcome family-friendly Walt Disney World resort, SunRail passengers through the only which was under development fifteen enclosed commuter rail stop Downtown, miles southwest in Lake Buena Vista. the tower contains 204,500 square feet At its peak in the late 1980s and early of Class A office space. It has secured 1990s, the Dixieland Jazz-themed attrac- one of the strongest and largest finan- tion drew 1.7 million annual patrons. It cial tenants in the region. Its integration was said to have over 900 employees on of different uses includes a 180-key its staff, including a skywriter - a nod to Marriott AC Hotel, ground-level retail, Snow’s aviation background. Snow sold and 605 parking spaces that accom- the property in 1991, and as decades of modate self-parking office tenants, va- steady decline followed, a final attempt to let-parked hotel guests, and sports fans/ re-invent the venerable music and event

Development Team Lincoln Property Company • Envisioned project and undertook from Tremont Realty Capital • Quarterbacked and oversaw the entire project for the team • Hired the A/E/C team • Negotiated lease terms with brokers Mason Capital Partners • Assembled the investor partnership group • Negotiate and finalized the construction loan • Capital management and reporting HuntonBrady Architects • Architectue design team lead • Coordinated Architecture, Engineering, Structural, Civil and Landscape design teams

2020 Colvin Case Study Challenge | SunTrust Plaza 1 attractive for hospitality use. A 12-story, stand-alone Hyatt Place was planned and was well on its way through the municipal approvals process. A timely meet- ing with TRC and LPC’s Scott Stahley then altered the corner lot’s trajectory at Garland Street and South Avenue. A seasoned veteran with over twenty years of experience developing large projects for LPC’s Florida office, Stahley 1972 (circa) Church Street Station (FL Div of Tourism) brought a unique perspective to the lo- venue began in 2017. However, it soon cal market. Orlando is a strategic mar- failed, and by the next year, the proper- ket for the international firm, and LPC’s ty was subdivided and sold at auction. impressive global portfolio had intrigued city officials and Downtown stakeholders Despite the recent challenges at for quite some time. When TPC asked Church Street Station, Downtown Orlando Stahley what could be next for Church is experiencing an unprecedented period Street Station in future phases, Stah- of investment and real estate develop- ley made it known that he felt this initial ment activity. Significant projects include stand-alone hotel project would under- the construction of Dr. Phillips Performing value the reimagined district’s potential. Arts Center ($488 million), a complete His vision called for a more ambitious renovation of Camping World Stadium plan for Church Street Station, requiring ($208 million), construction of the new an iconic mix of uses for the prominent Orlando City Soccer’s Explora Stadium corner to spark additional development. ($155 million), and the proposed Sports Within months, the city agreed, and Stah- Entertainment Complex. This $500 million ley and LPC had decided to take over project includes an office tower, con- the project and its future phases from the ference center, luxury apartments, and Boston-based real estate investment trust. parking garages adjacent to the 18,000 seat Amway Center, host of 200 events per year, and home of the National Bas- Site Description ketball Association’s Orlando Magic. All of The development site is a 0.935 acre this comes while rebuilding the city’s main parcel at 333 South Garland Avenue. It north-south traffic artery, a $2.4 billion borders the SunRail commuter rail line to construction project dubbed I-4 Ultimate. the east (owned by Central Florida Com- At an auction, Boston-based Trem- muter Rail Commission, a division of the ont Realty Capital (TRC) gained control Florida Department of Transportation); of most of the land at Church Street East South Street to the south; South Gar- Station and began planning its multi- land Avenue (and Interstate 4 Freeway) to phased development. A historical lack the west; and West Church Street to the of lodging options specific to the Down- north. The project is the southernmost of town market made the high-profile site three parcels owned by the development team. This site anchors the southwest cor-

2 SunTrust Plaza | 2020 Colvin Case Study Challenge ner of City District, a nationally accredited Market Analysis Orlando Main Streets not-for-profit 501(C) Traditionally, most new office proj- (6) organization that promotes and advo- ects developed in the Metro Orlando cates for the stakeholders and businesses market occur away from the urban core. within the historic downtown corridor and Commercial development has followed Parramore community. A ten minute walk Walt Disney World, Universal Studios, radius connects the site to the majority Seaworld, and other major attractions of downtown Orlando municipal, dining, to the market’s southwest Tourism Cor- and entertainment venues, including: ridor. To the North, Maitland and Lake • City Hall Mary have also drawn significant in- • Amway Center, a 18,000 seat are- vestment, and the University of Central na, home of the Orland Magic of Florida, the largest university in the state, National Basketball League (NBA) helps to attract research and institu- • Dr. Phillips Center for the tional development toward the West. Performing Arts • Explora Stadium, home of the Orlando The Downtown Orlando office mar- City of Major League Soccer (MLS) ket typically sees a new high-rise con- and Orlando Pride of the National struction start about once per decade. Women’s Soccer League (NWSL) The most recent project before SunTrust • Orlando Central Business District Plaza, was the LPC-developed OneElev- en tower, completed in 2009. Instead of hotel use, the project was programmed

SunTrust Plaza Parcel Location (Lincoln Property Company) 2020 Colvin Case Study Challenge | SunTrust Plaza 3 to complement its 154,000 square feet of Corridor. The University submarket saw office space with 164 luxury apartment the region’s only new office develop- units overlooking Lake Eola Park. Its ment delivering 118,000 square feet. location is near the Capitol Plaza I & II office cluster, which were constructed in the 1970s and 1990s with 243,000 and 303,000 square feet of leasable space, respectively. Perhaps a reflection of changing the trends in office demand, the long-awaited plans for Capital Plaza III proposes a much smaller 186,000 square foot building, and demonstrates a sleeker Downtown Orlando Office Vacancy & Rent Trends (CBRE) design than its 15-story sister towers. Recent market reports (3rd Quarter, Large financial institutions similar to 2020) by industry leaders Cushman & the SunTrust (after a June 2020 rebrand, Wakefield and Jones Lang LaSalle (JLL), now known as Truist) typically comprise show dichotomy in Orlando’s office mar- the rent roll for Downtown Orlando’s ket. With a metro area supply of over traditional office buildings. The financial 530,000 square feet of Class A space institution’s former regional home, Sun- delivered in 2020, coupled with a 20% Trust Center, sits just across the SunRail drop of tenants seeking space, the market commuter line closer to Orlando’s City is now experiencing an increase in both Hall. It is much larger than the new Sun- vacancies and concessions consistent Trust Plaza at 30-stories and 645,000 with many national markets. However, the square feet of leasable space. Now over delivery of SunTrust Plaza has proven 30 years old, it lacks the required user that CBD office rents can break the $30 amenities that help its tenants attract per square foot threshold, and suburban top talent, and is similar to the supply Class A properties are not far behind of other older downtown towers. These at just over $28 per square foot. In the larger buildings with more intrusive floor wake of the global COVID-19 pandem- plates do not lend well to forward-think- ic, tourism came to a complete standstill ing tenants who appreciate flexible, in April 2020. The recent reports reflect contemporary, and open floor plans. the highest amount of leasing activity Piedmont Properties, SunTrust Center’s that has been occurring in the Tourism owner, announced a $10 million ren-

2015 Downtown Orlando Tower Occupancies (JLL)

4 SunTrust Plaza | 2020 Colvin Case Study Challenge 2020 Orlando Downtown Projects (City of Orlando) ovation, led by internationally renowned market will drive its ability to attract sta- office design firm Gensler, shortly after ble, credit-worthy tenants. Companies like Truist announced its decision to leave its Truist seek large swaths of contiguous building and anchor the new and adja- space and may use leasing opportuni- cent SunTrust Plaza mixed-use building. ties to enhance their corporate image. As Upgrades include new lighting and digital Stahley mentioned in a 2017 conversa- signage, the transformation of the upper tion, attracting institutional debt and equity parking level into a tenant greenspace, to the Orlando market is “tough.” Devel- and the addition of a food-hall for more oping an office tower without first landing exciting and engaging dining options. an anchor tenant is much more likely to Demand for the development of future be successful in an international gateway office towers in the Downtown Orlando market like Miami. Markets like Orlando

2020 Colvin Case Study Challenge | SunTrust Plaza 5 Fortune 1000 Companies Headquartered in Central Florida (Orlando Economic Partnership) and nearby Tampa/St. Petersburg likely retail, 1,500 mixed-income residential requires the confidence of a sizable cred- units, and a 225-key boutique hotel. it-worthy anchor tenant before construc- The ongoing Phase I attracted the tion can begin. The Central Florida market largest corporate relocation in decades, is home to six Fortune 1000 companies, with Electronic Arts (EA) anchoring mostly focused on vacation and food- the Villages’ initial privately developed service industries, which may be likely 176,000 square foot office building. Tra- candidates for traditional office anchors. ditional educational anchors are also Rise of the Creative Class making significant investments. Central As a regional leader in digital tech- Florida University has long-term plans nology, Orlando hopes to capture future to accommodate up to 15,000 students innovation tenants within its $1.5 billion in the Village, focusing on digital me- Creative Village, a Public-Private Part- dia, communications, public services, nership with the City of Orlando on the and health-rated programs, in addition former Amway Arena site. This 68-acre to Valencia College’s Walt Disney World campus envisions an entire creative Center for Culinary Arts and Hospitality. neighborhood - complete with a mix of Branding Partnerships students, employees, and residents along Spark Development with the combined SunRail and LYNC As a longtime Downtown Orlando an- Central Station, just one transit stop north chor for entertainment, the National Bas- of Church Street Station. Office plans for ketball Association’s Orlando Magic has a total of 1.2 million square feet of cre- unveiled plans to enhance its fan experi- ative office suites, 750,000 square feet ence and capture its brand value through of higher education space with 1,500 real estate development. The proposed student beds, 150,000 square feet of

6 SunTrust Plaza | 2020 Colvin Case Study Challenge September 2019 View of the Orlando Creative Village looking SE (Creative Village Development LLC) Sports Entertainment Center, located do hotel market is well-performing histor- directly adjacent to the team’s Amway ically. The development of Walt Disney Center home, models after recent real World in the 1970s initially complimented estate plays of other professional sports Downtown attractions like Church Street teams - The Battery, anchored by Truist Station. Still, as theme parks and enter- Park outside Atlanta; Ballpark Village, tainment options continued to develop anchored by Busch Stadium in St. Louis, southwest of Downtown, the vast majority and Texas Live!, anchored by Globe Life of Orlando’s 450 hotels and 125,000 keys Field and AT&T Stadium in Arlington. are mainly concentrated in the Tourism Plans call for 200,000 square feet Corridor. This distribution has left a limited of Class A office space, a 250-key up- variety of lodging options in the Downtown scale hotel, a 300-unit luxury apart- submarket. Stalwarts like Crown Plaza, ment community, a 4,000-seat confer- Embassy Suites, and Marriott preceded ence and event venue, 2,300 parking the more recent developments of cultivat- spaces, and a broadcast studio with- ed, boutique experiences being offered by in the $500 million development. Aloft, Grand Bohemian, and the soon-to- be-opened AC Hotel on the upper floorsof Orlando’s Downtown Hotel Market SunTrust Plaza. Future projects within the As one of the largest convention and Creative Village and Sports & Entertain- leisure markets in the country, the Orlan- ment District, and even the future phase

2020 Colvin Case Study Challenge | SunTrust Plaza 7 of Church Street Station will continue this A True Transit-Oriented Development trend, calling for similar programming of Rounding out the programming for more curated, lifestyle hotel options. SunTrust Plaza is the ground-level re- Unfortunately, as a tourist-driven mar- tail offerings that enhance the property’s ket, the effects of the COVID-19 global status as the only transit-oriented, Class pandemic has impacted Orlando severely. A office building in the Downtown Orlan- Occupancy rates for August 2020 have do submarket. The City of Orlando ap- fallen under 30%, well below the recover- proved an agreement between LPC and ing national average of 40%, and a far cry the Florida Department of Transportation from the 79% average annual occupancy to integrate SunRail’s southern line into in 2019. Policies to reduce or outright cut its west facade architecturally. The stra- business travel expenses altogether has tegic Church Street Station stop already ushered in the use of remote collabora- serves Downtown’s large event and civic tion technologies that are becoming more anchors (Amway Center, Dr. Phillips popular and efficient in corporate America. Center for Performing Arts, and City Hall). Due to projected pandemic related delays With nearly 1,000 potential new users of in full office re-openings, conferences, and the mixed-use building, SunTrust Plaza’s leisure travel, the Urban Land Institute’s ground level will serve as unique and 2021 Trends in Real Estate Report indi- needed amenity for users of the light rail. cate that the hotel sector’s strong 2019 SunRail’s ridership had been increasing fundamentals may not return until 2024. in each of its first five years, and in 2019,

Orlando Sports & Entertainment District Proposed Development Plans (HKS Architects)

8 SunTrust Plaza | 2020 Colvin Case Study Challenge it saw an average of 6,000 riders per day. SunRail has been proactive with its marketing efforts, seeking partnerships and opportunities, including increased service for Orlando Magic home games. A local Orlando favorite Foxtail Cof- fee Company occupies the 970 square feet fronting the SunRail platform to serve and welcome riders, downtown office workers, hotel guests, and the general public to SunTrust Plaza and downtown Orlando. Office anchor tenant Truist leases the additional 2,140 square feet of ground-level retail space fronting South Street, giving them a high-profile front door retail and encouraging public engagement with their banking custom- ers. Alongside the hotel drop-off and 5 & 10 Minute Walking Distances from Suntrust Plaza (ESRI) garage and entry is an additional 1,960 courage a varied skyline; and enhance square feet of yet-to-be leased specu- the identity of Downtown as an active, lation retail. The 18th floor Sky Lobby vital pedestrian-friendly environment. for the AC Hotel includes public restau- Based on the previously approved rant space with incredible, expansive zoning for the development parcel of views to the South. The transit plaza AC-3A/T/MA (Downtown Activity Center/ will be fully operational upon completion Traditional City/Major Attraction), the lot of Phase II of Church Street Station. is entitled to build to 451 feet high with a 4.0 FAR (Floor to Area Ratio) within the Planning and Entitlement lots’ required setbacks. SunTrust Plaza is 315 feet tall with 3.0 FAR, well below the The City of Orlando supports de- City’s limit, thereby not requiring any re- velopment growth that falls within the zoning changes or variances. The Future zoning code and Future Land Use Plan Land Use is Downtown Activity Center guidelines. This project is in the Down- also needing no modification. The City town Metropolitan Activity Core district, was pleased that the project embraced which intends to provide a mixture of the district development and design goals large concentrated areas of residen- and objectives and additionally incorpo- tial, commercial, office, industrial, rec- rated an enclosed SunRail commuter reational, and cultural facilities. Goals rail line station on its ground floor. The and objectives include: create an active developer negotiated an agreement with street life; strengthening the retail trade the City to pay them up to $1.5 million sector; requiring parking structures for construction costs to build a new rail to accommodate active uses on the platform, in partnership with the Florida ground floor; implement a high capacity Department of Transportation, along the intermodal transportation system; en- 2020 Colvin Case Study Challenge | SunTrust Plaza 9 western edge of its property to serve Design Features the southbound SunRail line. The build- The architectural language departs ing’s ground-level design incorporates from the existing towers downtown, the agreed train platform and interior rail most of them designed in the 1980s and station space with other retail areas. 1990s. The tower is programmatical- Located between an interstate free- ly layered into four horizontal zones: way and an active rail line, numerous 1) Retail/SunRail utilities existed through and under the site. Underground utilities caused multiple 2) Parking Garage design issues. The developer relocated 3) Office most utilities (water, cable, fiber optic, 4) Hotel sewer) along the parcel boundary except for a significant underground high voltage Architecturally however, the tower electrical transmission line. Underwater was conceived as a two vertical slabs. tanks, dispersed amongst the building’s The taller west vertical slab employs a structural pilings, accommodates all high performance curtain wall with some required site stormwater management. degree of reflectivity in order to deal with The building is connected to the City’s the high speed Interstate traffic and the chilled water system for air conditioning. west solar exposure, while the east vertical slab introduces precast concrete and a less reflective glass in order to address the views toward downtown. A glass “gasket” separates the two slabs. This strategy is intended not only to address the threshold between Interstate and city but also to create different experience from the internal user’s standpoint. Exposed raw materials, like steel, black

SunTrust Plaza Tower Horizontal Zones (HuntonBrady) SunTrust Plaza Tower Vertical Slabs (HuntonBrady)

10 SunTrust Plaza | 2020 Colvin Case Study Challenge painted glass and cast-in-place concrete, trons, one for the Hotel Guests and are used throughout the common ar- two for the Office Building tenants eas to complement the nearby railway. 5) Service area to the south, dis- The exterior has insulating, blue-tinted guised as a metal panel wall glass to alleviate solar light and heat. The building is Energy Star certified. 6) Access to the parking garage from the west Ground Level Plan 7) A Hotel Jump Desk for guests As shown below on the Ground being picked up or dropped Level Plan, the layout is designed off at the ground floor to integrate numerous functions: 8) Retail space 1) Vehicular and pedestrian drop-off and pick-up for both the hotel, retail The ground-level floor plan success- and office building on the west side fully integrates safe vehicular access with pedestrian-friendly use. Since the building 2) Southbound SunRail Platform and only has two public street frontages for ve- pedestrian entrance to the east hicular access, utilities, service, and emer- 3) Through Lobby with a “Com- gency access are on the southern eleva- mons” area and a “Grab and tion (South Street). Streetscape design Go” as building amenities conforms to downtown design standards. 4) Two banks of elevators serve pa-

SunTrust Plaza Ground Level Plan (HuntonBrady) 2020 Colvin Case Study Challenge | SunTrust Plaza 11 SunTrust Plaza Typical Parking Level Plan (HuntonBrady) SunTrust Plaza Typical Office Level Plan (HuntonBrady) Typical Parking Level Plan (Floors 2-10) There are sixty-eight parking spac- Sky Lobby (Floors 18-19) es per floor. Twenty-foot wide drive A two story “cutout” or Sky Lobby aisles and full-sized (10’x20’) park- becomes the Hotel Porch and is intend- ing spaces make for a more com- ed to be a public space with 180 degree fortable parking experience. views to the west (Amway Arena), south (I-4 to International Drive) and to the east Typical Office Level Plan (Floors 1 -17) (Downtown Orlando). Plan locations: Seven office levels of 26,000 1) Lobby Rentable Square Feet (RSF) per 2) Hotel Desk and/Check-in floor offer flexible space to single or 3) Sky Terrace multi-tenants. The floor plate is ap- proximately 120 feet by 216 feet. The Sky Lobby serves as the main Hotel Desk and Amenity lev-

SunTrust Plaza Sky Lobby Plan (HuntonBrady)

12 SunTrust Plaza | 2020 Colvin Case Study Challenge el floors within the two story cut- lending against a hotel and office build- out, including a hotel restaurant, ing on the same note. Thus, Owner 1 lounge and other hotel amenities. elects to take out a note with a debt fund, offering greater flexibility, more significant proceeds, but also a higher interest Step 1 Typical Hotel Level Plan (Levels 20 –25) rate. “Debt Fund A” now holds a priority Investor$ Sponsor Thirty rooms per level top off the tower. position on the land and construction. Investor + Sponsor = Owner #1 Step 2 Debt Fund “A” $$ Owner #1 Collateral Step 1 Investor$ Step 3 Sponsor Step 3 – OwnerCost of #1 Ghireseneral aBuilds gen- SunTrust Plaza Typical Hotel Level Plan (HuntonBrady) InvestCoronstruc + Sponsortion Con =tr aOtorwnerBuilding #1 eral contractor$ to build SunTrust Owner #1 Step 2 Interest Plaza while paying$ interestDebt Fund to “A ”Debt Debt Fund “PAaymen” ts Owner #1 Project Financing Fund “A” on the money$$ drawn. SteCollapt er4al Upon deciding to pursue a mixed-use building, LPC needed capital sources to Step 3 Cost ofStepG 1eneral Builds bring the project to fruition. They found Construction Building In$vestor$ ContratSponsoror the required equity investors in Mason Owner #1Owner #1 City/FDOT InvestorIn t+er estSponsor = OwnerOwns #1 Owns$ Owns Capital Partners and Pope & Land. The Payments Debt Fund “A” O ce Garage HotSteelpTr anspor2 tation investment team formed a strategic joint Step 4 Debt Fund “A” S$tep$ 5a Owner #1 venture to make Suntrust Plaza a real- Step 4 – Upon completion$ of con- Debt Fund “A” ity. Although the terms and conditions struction, the buildingColla ister aldividedOption #1 into $ Investor or Sponsor of the partnership are not publicly avail- separateOwner #2O wnerstructures$$ #1 Ste (condos),p 3 Option #2 with Own- Owner #1 City/FDOT able, below is an example of how the er 1 holdingHotel title Ctoost of the Goffice,eneral$ Builds Pgarage,roject Capital Need Ownership Construction ContrOptionator #3 BuildingOwns flow of funds was potentially generated. and hotel. OAtwns$ theO wnssame time, the(i.e . CityPhase 2) Owner #1 O ce Garage SHottepelT r5bansportation has title to the transportationInterest portion. Step 1 – The sponsor begins ini- $ Debt Fund “A” PaymenStstep 5a tial equity raise and brings in capital $ Step 4 Debt Fund “A” partners to form “Owner 1”. Own- Option #1 $ Owner #2Owner #1 Investor or Sponsor er 1 total equity funds available for Owner$$ #1 City/FDOTOption #2 Owner #2

SunTrust Plaza is $32 million. Hotel Owns $ ProjecOwnst Capital Need OwnershipOwns Option #3 (i.e. Phase 2) Owner #1 City/FDOT Step 1 O ce Garage TrSansportep ta5btion Hotel Owns Investor$ Sponsor Owns Owns Step 6 O ce Garage DHotebt elFundTranspor “A” tation Investor + Sponsor = Owner #1 Step 5a $ Step 2 DebtCon Ftinuesund “A t”o Step 5a – Owner #1$$ decidesOption #1 to sell Owner #1 City/FDOT $ Ownerpa #2y debt Step D2ebt – F Theund “A ”sponsor knowsOwner that #1 the Debt Fund “B” Owner #1 $$ $ $$ Owns $ serOwnsvice to their ownership of the Hotel to IOwnnvestor or- Sponsor building costs roughly $90 million to build, Owner #2OwnerO$wns$ #1 Option #2 “Debt Fund B” Collateral $$ er “2”, Oa cethirdGarage partyTranspor notta previouslytion in- so they look for a loan to make up the Hotel $ PHotrojecel t Capital Need Step 3 volved inO wnershipthe project. WithOption the #3 infusion(i.e. Phase 2) $58 million gap. After talking with many Investor or SponsorStepP 6roject Capital Need banks, they realizeCost of thatG enermanyal Builds tradition- of capital from OwnerDSebttep Fund #2, 5b “A(i.e” Owner. Phase 2) #1 $ Construction Contrator Building is now has the following options deal financingOwner #1 institutions have heartache Continues to $ Interest pending on investment$ $strategy. pay debt Payments Debt Fund “A” $ Debt Fund “B” $ $$ Owner #1 service to

Step 4 2020 ColvinO Casewner #1Study $ChallengeC$ity/FDOT | SunTOwnerrust“Debt #2Plaza Fund B ” 13

Owns Owns Owns

O ceInvGestarorage or SponsorTransportaPrtionoject Capital HotNeedel (i.e. Phase 2) Owner #1 City/FDOT Step 6 Debt Fund “A” Owns Owns Owns O ce Garage HotelTransportation $$ Continues to $ pay debt Step 5a Debt Fund “B” $ $$ Owner #1 service to $ Debt Fund “A” “Debt Fund B” Option #1 $$ $ Investor or Sponsor Owner #2Owner$$ #1 Option #2 Investor or Sponsor Project Capital Need Hotel $ Project Capital Need (i.e. Phase 2) Ownership Option #3 (i.e. Phase 2) Step 5b

Owner #1 City/FDOT Owner #2

Owns Owns Owns

O ce Garage Transportation Hotel Step 6 Debt Fund “A”

$$ Continues to $ pay debt Debt Fund “B” $ $$ Owner #1 service to $$ “Debt Fund B”

Investor or Sponsor Project Capital Need (i.e. Phase 2) Step 1 Investor$ Sponsor Investor + Sponsor = Owner #1 Step 2 Debt Fund “A” $$ Owner #1 Collateral

Step 3

Cost of General Builds $ Construction Contrator Building Owner #1 $ Interest Payments Debt Fund “A” Step 4

Owner #1 City/FDOT

Owns Owns Owns

O ce Garage HotelTransportation Step 5a $ Step 1 Debt Fund “A” Option #1 Investor Sponsor $ $ Owner #2Owner #1 Investor or Sponsor Investor + Sponsor = Owner #1 $$ Option #2 Hotel $ Project Capital Need Step 2 Ownership Option #3 (i.e. Phase 2) Debt Fund “A” $$ Owner #1 Step 5b Collateral Step 1 • Pay down theSte principalp 3 on loan amount and the old loan amount Debt InFundvestor$ “A’s” noteSponsor to a Cost of General Builds has the same benefits stated in Step 5a, Owner #1 City/FDOT Owner #2 moreIn $sustainablevestCoronstruc + Sponsortion Con =trlevel aOtorwnerBuilding #1 except it is now non-taxable because it Owner #1 Owns Owns Step 2 is loan proceedsOwns (to a certain extent). • Return$ fundsInterest to the capital Debt Fund “A” O ce Garage Transportation Hotel partnersDebt Fund “and/orPAaymen” ts$$ the sponsorOwner #1 SteCollapt er4al Step 6 depending upon the agree- Debt Fund “A” ment enteredSte intop 3 previously Continues to Cost of General Builds $$ • Provide additionalConstruction Contr acapitaltor Building $ pay debt Owner$ #1 City/FDOT Debt Fund “B” $ $$ Owner #1 service to Ownerneeded #1 either in the current “Debt Fund B” Owns $$ Owns$ OInwnsterest project orP aymenfuturets D ebtphases Fund “A” O ce Garage HotelTransportation Step 4 Investor or Sponsor Project Capital Need Step 5a (i.e. Phase 2) $ Debt Fund “A” Option #1 $ Step 7 – The final organizational struc- Investor or Sponsor Owner #2Owner$$ #1 Option #2 Owner #1 City/FDOT ture is now in place, and everyone is hap- Hotel $ Project Capital Need Ownership Option #3 Owns Owns Owns (i.e. Phase 2) py. Owner #1 owns the office space with O ce Garage SHottepelT r5bansportation a substantially lower basis than it started. Step 5b – The organization structure Step 5a Both sponsors and investors are happy as now reads that Owner #1 holds$ title for Debt Fund “A” they receive a return on their investment. the office and garage, OwnerOption #1 #2 holds $ Owner #2 is satisfied because it now Investor or Sponsor titleOwner to #2theOwner hotel, #1 and the OptionCity #2 holds the Owner$$ #1 City/FDOT Owner #2 owns the hotel portion, which they bought title for theHot transportationel Owns section.$ ProjecOwnst Capital Need OwnershipOwns Option #3 (i.e. Phase 2) after construction, reducing risk. The City O ce Garage TrSansportep ta5btion Hotel has improved transportation capacity, with Step 6 parking, at one of the town’s best sites. Debt Fund “A” Debt Fund “A” is satisfied because they received interest payments throughout $$ Continues to Owner #1 City/FDOT $ Ownerpa #2y debt construction and received all of their prin- Debt Fund “B” Owner #1 service to $ $$ Owns Owns Owns $$ “Debt Fund B” cipal upon the note’s payoff. Debt Fund O ce Garage Transportation Hotel “B” is content because they have a per-

Investor or SponsorStepP 6roject Capital Need forming loan on a leased office building. Step 6 – OwnerDebt #1 Fund has “A(i.e” . Pnowhase 2) put sub- stantial office leases in place, including $$ Continues to Operational Issues >180k SF of space to national$ tenantspay debt Debt Fund “B” $ $$ Owner #1 service to When evaluating the possibility for like SunTrust Bank, RSM, and LPC.“Debt Fund B” Due to the completion$$ of construction SunTrust Plaza in downtown Orlando, the developers realized from previous (reducing Inrisk)vestor or and Sponsor contractualProject Capital Needrental obligations (increasing value),(i.e. Phase 2)Owner #1 experience that office leases in this mar- is now able to refinance out of their old ket are typically gross with a base year construction loan for a new permanent stop on operating expenses. From a loan. Due to the increase in value and design and construction standpoint, this decrease in risk, a bank is now more was extremely important as the devel- likely to increase loanable amount. The opers had to make proactive decisions delta or difference between the new to bring down the building’s operating expenses, which was ultimately their cost

14 SunTrust Plaza | 2020 Colvin Case Study Challenge to bear. The design also needed to be Additionally, the SunTrust Plaza lob- wary of the building’s load factor, know- by is treated as a joint “grand station”, ing that the common area’s operational meaning that all building users can benefit costs are not passed onto one specific from the SunRail station and commuter tenant. Additionally, to get these leases retail amenities. The 18th floor is a dou- executed, the landlord had to give sev- ble-height, creating a space for the main eral tenants free rent periods, including hotel deck and incorporating an outdoor providing the anchor tenant two years terrace with food and a bar for all users to of 50% rent abatement. Due to the lack enjoy. Finally, valet parking is available for of revenue coming through the door, both uses upon entrance into the build- the landlord was creative with their fi- ing, helping disperse the ongoing cost nancing amortization and made a con- amongst more significant square footage. scious effort to keep other costs down. Building an asset that incorporates Exit Strategy multiple use types creates specific chal- Rather than pursue a 100% exit from lenges not found in single asset class the asset, otherwise known as a sale, the development. SunTrust Plaza was able to developer of SunTrust Plaza elected to effectively commingle a hotel and office pursue re-capitalization through debt. As into one building by splitting many areas briefly discussed in the flow of funds, the for the different types of users. There are developer can refinance out of his capital three elevator cores, meaning that the position in the asset. When they initially office users have three of their own ele- were building the asset and needed a vator cabs, the hotel users have two of construction note, the property’s value their own cabs, and there is one cab for equaled the construction cost. For exam- back of house operations. The utilities ple, assume the asset cost $10 to build. are also split based on service, meaning The original debt fund would loan $8 for that the office and retail have their own the project, meaning that the develop- utility lines, and the hotel is entirely sep- er (and capital partners) would need to arate. Even the chilled water system, tied contribute $2 of equity. After the project is into the city, has two loops – one for the built, and the developer negotiated some hotel and one for the office. Although all great leases (in our case >80% of the these complications need a firm resolu- space), there is now an unlevered cash tion to create a thriving mixed-use de- flow stream of 75 cents per year. Utiliz- velopment, there are also advantages to ing the income valuation approach, the building an office and hotel in the same developer can then take that NOI of 75 structure. Parking is a great example, cents, divided by a cap rate (determined as the office uses about three stalls per by the market buyer/movers, appraisers, 1,000 square feet during regular business lenders, etc.) to get a new value for the hours, while the hotel is relatively vacant building. Using the assumption of a 5.50% during those time slots. After everyone cap rate, the building’s value with leases leaves the office, the hotel guests tend is now $13.64. The developer then talks to arrive, at which point the typical park- to a new lender who will loan 75% of ing ratio is around 1.15 stalls per key. that value, or $10.23. Of that $10.23, the

2020 Colvin Case Study Challenge | SunTrust Plaza 15 SunTrust Plaza at Church Street Station

DEVELOPMENT BUDGET ASSUMPTIONS Total Project Cost $/GSF % Cost PROPERTY INFORMATION TENANT INFORMATION OPERATING EXPENSES Building Construction Cost Gross SF 248,752 SunTrust 87,428 Assosciation Dues $1.08 Core & Shell $ 46,991,674 188.91 52.4% Load Factor 19.00% TI Allowance $75.00 Maintenance 1.68 Tenant Improvements 14, 545,790 58.48 16.2% Rentable SF 209,035 Other 87,913 Utilities 2.00 Site Work 1,593,233 6.40 1.8% Land SF 40,335 TI Allowance $65.00 Prop Mgmt 1.11 Construction Contingency 2,053,010 8.25 2.3% Const. Start 6/1/2017 Spec 33,694 Security 0.00 Total Contractor Hard Costs $ 65,183,707 262.04 72.7% Const. Length 18 Months TI Allowance $67.50 G & A 0.50 Sales Date 11/30/2023 Taxes 3.16 Owner Supplied Costs - 0.00 0.0% COST BASED LEASE Insurance 0.69 Acquistition Cost 11, 000,000 44.22 12.3% HARD COSTS Cost $/RSF $429.17 Total OpEx $10.22 Total Hard Costs & Acquisition Costs $ 76,183,707 306.26 84.9% Core & Shell $188.91 Loan Constant $0.07 Vacant OpEx $5.44 Tenant Improvements $69.59 Spread 2.35% Non-Operating $0.00 Soft Costs Contingency 3.25% Rent Constant 9.61% Cap Ex $0.50 Architects & Engineers 3,911,022 15.72 4.4% Base Rent $/SF $41.26 Ground Rent $0.00 Civil & Land Planning 293,327 1.18 0.3% SITE COSTS Rent Escalation 3.00% Exp. Escalation 3.00% Testing & Other Consultants 542,906 2.18 0.6% Site Costs $39.50 Legal & Professional Fees 904,844 3.64 1.0% Owner Costs 0.00% BANK FINANCING SALE ANALYSIS Leasing Fees - 0.00 0.0% Site Cost Per SF $272.72 Bank Loan 57,713,103 Sales Year Year 5 Construction Interest 4,456,747 17.92 5.0% Interest Rate 6.00% Cap Rate 5.00% Financing & Loan Costs 727,070 2.92 0.8% SOFT COSTS Loan Term 4 Years FY NOI 6,726,875 Miscellaneous Deal & Travel Costs - 0.00 0.0% Design 6.00% I/O Period 4 Years Sales Price 134,537,508 Total Soft Costs $ 10,835,916 43.56 12.1% Engineering 0.45% Amortization 30 Years Broker Fee 3.00% Testing 0.83% Financing Costs 1.26% Closing Costs 150,000 Development Contingency - 0.00 0.0% Legal 1.39% Prepayment 1-1-1 Net Proceeds 73,368,288 Development Fee 2,691,393 10.82 3.0% Lease Fee: 1 Yrs $0.00 Misc. Costs 0.00% TIF FINANCING RETURN METRICS Total Project Costs $ 89,711,016 360.64 100.0% TIF Loan 0 Ave. Levered 6.43% FEES & CONTINGENCY Interest Rate 5.00% Ave. Unlevered 6.42% Equity 31, 997,913 128.63 35.7% Contingency 0.00% Loan Term 10 Years Levered IRR 17.39% Bank Financing 57, 713,103 232.01 64.3% Dev. Fee 3.54% I/O Period 0 Years Unlevered IRR 11.38% TIF Financing - 0.00 0.0% Amortization 15 Years Multiple 2.61x Total Sources $ 89,711,016 360.64 100.0% Financing Costs 1.00% Prepayment 3-2-1

FINANCIAL PROFORMA Year 1 Year 2 Year 3 Year 4Year 5 Year 6 Year 7 Year 8 Year 9Year 10 Occupancy 83.9% 88.9% 93.0% 93.0% 93.0% 93.0% 93.0% 93.0% 93.0% 93.0% Expense Pass Through 0.0% 5.6% 11.0% 14.3% 17.7% 21.3% 24.9% 28.7% 32.5% 36.5% Gross Rental Income $ 7, 235,268 $ 7, 122,439 $ 8, 138,508 $ 8, 452,580 $ 8, 780,333 $ 9, 122,436 $ 9, 479,594 $ 9, 852,551 $ 10,242,090 $ 10,649,038 Operating Expenses 1,975,365 2,086,057 2,192,277 2,258,045 2,325,786 2,395,560 2,467,427 2,541,450 2,617,693 2,696,224 Net Operating Income $ 5,259,903 $ 5, 036,382 $ 5,946,231 $ 6,194,535 $ 6,454,546 $ 6, 726,875 $ 7, 012,167 $ 7, 311,101 $ 7,624,397 $ 7,952,814 Bank Debt Service 3,462,786 3,462,786 3,462,786 3,462,786 4,192,794 4,192,794 4,192,794 4,192,794 4,192,794 4,192,794 Interest 3,462,786 3,462,786 3,462,786 3,462,786 3,462,786 3,418,986 3,372,557 3,323,343 3,271,176 3,215,879 Principal - - - - 730,008 773,808 820,237 869,451 921,618 976,915 Capital Expenses 104,518 107, 653 110,883 114,209 117,635 121, 164 124, 799 128, 543 132,400 136,372 Net Cash Flow $ 1,692,600 $ 1, 465,943 $ 2,372,562 $ 2,617,540 $ 2,144,117 $ 2, 412,917 $ 2, 694,573 $ 2, 989,763 $ 3,299,203 $ 3,623,649

Levered Return 5.29% 4.58% 7.41% 8.18% 6.70% 7.54% 8.42% 9.34% 10.31% 11.32% Unlevered Return 5.86% 5.60% 6.60% 6.87% 7.15% 7.44% 7.75% 8.07% 8.40% 8.75%

Potential Office Pro Forma - Note: Actual Developer Pro Forma is private, so this is only an example of the office section developer pays off whatever principal is service coverage ratio moving forward. left on the original loan first (in our case, Nevertheless, just because you take out $8) and can use the rest to reduce their additional principal doesn’t mean your capital balance (in our case, they could debt service is higher. With our example distribute $2.23). As shown in this brief (assuming a 25 year amortization), the $8 example, the developer can get all of their note with a 7% interest rate would have a money back plus some cash and still own monthly debt service of 5.65 cents, while the property/cash flows moving forward. the $10.23 loan note with a 4% interest The other important aspect the developer rate would have a monthly debt service keeps in mind is the interest rate environ- of 5.40 cents. Math is your friend! Even ment. As the lending community generally though the developer elected to capital- views the original construction loan as ize through a refinance, that does not “riskier” than a stabilized asset, the de- prohibit the asset’s outright sale down veloper is likely to pay a higher interest the road. If the developer can continue rate initially than they would than they to increase NOI, a third party may de- would through refinancing. It is crucial to cide to purchase the asset at a higher evaluate the impact of debt service on the value than is currently on the property. asset in order to sustain a healthy debt

16 SunTrust Plaza | 2020 Colvin Case Study Challenge tower adjacent to the initial phase. Once finished, the yet-to-be-named T2 will sit adjacent to SunTrust Plaza, includes eight floors of office space (210,500 square feet), a 288-key hotel, ground-level retail, and 577 parking spaces. Bumby Arcade envisions a ground-level food hall and restaurant space at the northeast corner of Church Street and the

Church Street Station Massing Diagram (Lincoln Property) SunRail line, with creative office space Development Innovation and above. This 25,000 square foot renovation will incorporate one of the original, Impact historic Church Street Station buildings Re-imagining Church Street Station into the two gleaming mixed-use towers. SunTrust Plaza’s initial success has This phase will honor the site’s past, led LPC to quickly move forward with an- bringing a sense of authenticity and scale nouncing the next phases of development to the reimagined Church Street Station. for Church Street Station. A few months The plan had called for construction before the initial SunTrust Plaza tower crews to begin work on the Bumby Arcade was complete, the firm revealed plans for renovation in 2020, with T2 completion a 32-story, 500,000 square feet mixed-use set for a 2021 delivery. Like many large

Proposed T2 Tower at Church Street Rendering (Baker Barrios)

2020 Colvin Case Study Challenge | SunTrust Plaza 17 commercial real estate projects across the have helped diversify Orlando’s econo- country, updates to begin the next phases my, tourism, leisure, and hospitality still at Church Street Station are not public as dominate. The Emerging Trends report investors reassess their projects in the categorizes Orlando as a niche mar- wave of the COVID-19 global pandemic. ket for tourism. As referenced above, it was one of the most vulnerable markets impacted by the COVID-19 pandemic, behind only Las Vegas in hotel vacancy. Attendance at the area’s world-renowned theme park destinations is starting to rebound with more costly safety proto- cols in place. Still, enhanced treatment options, most likely a vaccine, will be required if the market hopes for rapid economic growth through an observed pent-up demand in tourism. The appetite for large corporations to plan group meetings and conventions, which require cross-country travel and take months and even years to plan, is still yet to be seen. Exciting downtown development projects like Church Street Station, Creative Village, and Sports & Enter- tainment District will serve as economic drivers to help further diversity Orlan- Bumby Arcade Interior Mock-up (Lincoln Property) do’s economy. These projects are at- Downtown Orlando’s Future tractive to the increasingly younger The broader Orlando market has been and more talented Orlando workforce one of the fastest-growing population and can enhance civic life, creat- and employment markets in the country. ing more urban core opportunities. Industry publications are covering a wide All told, Downtown Orlando is home variety of market analyses, including the to 80,000 employees, 40,000 residents, 2021 Emerging Trends in Real Estate 1,200 annual events, and is currently Report, a joint undertaking by PwC and experiencing $4.4 billion of investment. the Urban Land Institute, rank Orlando in Thoughtful developments from for- the Top 25 of U.S. Markets to Watch for ward-thinking real estate developers like Overall Real Estate Prospects. It is one LPC with equity support from groups of the only markets in the report to be like Mason Capital Partners and Pope & rated in the Top 20 in the industrial and Land have infused needed energy into office sectors and tied for the top market the area. They are transforming the vision for retail investment recommendations. for Downtown Orlando into a vibrant and While recent gains in the transpor- walkable live, work, play, and dining hub. tation, warehousing, and utility sector

18 SunTrust Plaza | 2020 Colvin Case Study Challenge Impact of Transportation Investment for community meetings and outdoor The incorporation of SunRail’s only events. Both the Church Street Station enclosed commuter station in the Or- redevelopment and future SED partner- lando market into SunTrust Plaza will ship with the Orlando Magic will take undoubtedly enhance the commuter rail advantage of this project. It will reopen image and give residents and tourists and reconnect office and hotel anchors a much-needed transportation choice to the east of I-4 with event venues to that was non-existent five years ago. the west of the interstate freeway. The $1.3 billion Central Florida commuter rail system currently serves twelve stations along thirty-two miles between Volusia and Orange Counties. A proposed expansion will nearly double the service line, connecting the Deland Am- trak Station to Poinciana Industrial Park to the South. A future potential partnership with Miami-based Brightline may further bring high-speed connectivity The Under-i Project (City of Orlando) to South Florida and nearby Tampa. Impact on the Community Parramore, the once-vibrant histor- ically black neighborhood just west of Church Street Station, has seen firsthand the unintended negative impacts of large public projects. The original construction of Interstate 4 in the 1960s both physically and visually cut off the area from the central business district. A decade later, the SunRail Commuter Rail Crossing at Church Street (SunRail) East-West Expressway further fragment- ed the neighborhood. The original Amway Florida’s largest road reconstruction Arena was constructed in the 1980s, de- project, the I-4 Ultimate, is slated to be molishing another 100 residences. At its completed in 2021. The $3.2 billion proj- peak, 18,000 residents called Parramore ects began in 2015 and is a complete home, but the area has spent the last rebuild of twenty-one miles of the inter- several decades dealing with economic state highway from Orange to Seminole decline resulting in increased crime. County. Downtown Orlando is planning The recent wave of new projects has a 9.5-acre urban park to activate the given residents an opportunity for en- area below the massive interstate high- gagement and economic growth. Local way. The project, known as the “Under real estate developers, including LPC I,” will connect downtown with ameni- and other stakeholders, are proposing ties, including a soccer field, basketball a 130-acre Neighborhood Improvement courts, splash pad, skate park, and space District in Parramore to create communi-

2020 Colvin Case Study Challenge | SunTrust Plaza 19 not have been possible without the creative vision and a healthy appetite for risks. Lincoln Property Company’s role in creating SunTrust Plaza, led by Scott Stahley, with the required financial where- withal of timely partners Mason Capital Partners and Pope & Land, chose to pivot the project from single to mixed-use. This development involved a much more chal- lenging economic structure and non-traditional lending. Its result has elevated the potential for Church Street Station, Down- Parramore Heritage Community Mural (Phelan M. Ebenhack) town Orlando submarket, and the entire ty-based revenue opportunities to support Central Florida region. As the fallout from its residents and business owners. Im- the COVID-19 global pandemic has prov- proving public health, increasing mobility en, faith in asset classes can shift quickly. options, and revitalizing historic buildings Real estate developments that incorpo- are all initiatives of the proposal and allow rate various users’ needs and integrate all stakeholders to be interested in the well into their surroundings and future $4.4 billion of downtown development. land use are more resilient to changes in market conditions, delivering value Observations & Lessons to investors and existing to end-users. Learned Despite promising job growth statistics and potential for a quick post-pandemic economic rebound of the Central Florida $75 billion tourism industry, future development for new trophy towers in the Downtown Orlando market has been slow to start. Many office employees are still working from home, forcing both tenants and owners of high-rise projects to re-as- sess their plans. With lucrative corporate pre-leases required to secure construction funding, many of Downtown Orlan- do’s exciting mixed-use projects in the pipeline, including LPC’s sister T2 tower and the renovation of Bumby Arcade, are facing delays in construction starts. From the lively entertainment district to a proposed hotel, Church Street Station’s journey to its current form as a vibrant gateway to a burgeoning downtown would Section of SunTrust Plaza looking north (HuntonBrady) 20 SunTrust Plaza | 2020 Colvin Case Study Challenge Appendix

Cushman & Wakefield Orlando Marketbeat Reports: https://www.cushmanwakefield. com/en/united-states/insights/us-marketbeats/orlando-marketbeats

Downtown Orlando Business Developments: http://www.downtownorlando.com/Busi- ness/Developments

City of Orlando Community Redevelopment Agengy (CRA): http://www.downtownorlando.com/About/Community-Redevelopment-Agency

Orlando Econmic Partnership: http://business.orlando.org/l/data-downloads/

Creative Village Development, LLC: http://creativevillageorlando.com/

The Under-i Project: http://www.orlando.gov/Initiatives/Under-i-Project

Ultimate I-4 Project: http://www.i4ultimate.com

SunRail: http://corporate.sunrail.com

Parramore Comprehensive Neighborhood Plan: http://www.orlando.gov/Our-Govern- ment/Records-and-Documents/Plans-Studies/Parramore-Comprehensive-Plan

Lincoln Property Company Southeast: http://www.lpcsoutheast.com/

Mason Capital Partners: http://masoncp.com/

HuntonBrady Architects: http://huntonbrady.com/

2020 Colvin Case Study Challenge | SunTrust Plaza 21 ORLANDO BUSINESS JOURNAL SUNTRUST PLAZA DEVELOPMENT COVERAGE ARTICLES (Titles are Hyperlink) 2020 These 3 contractors want to build Exclusive: Step inside this newly opened downtown’s next tower $133M downtown tower 2019 Exec: Here’s when 32-story downtown Here’s what’s next for a proposed 32-story tower may break ground downtown project Exclusive: Downtown Orlando’s Here’s when this downtown Orlando food Citrus Club reportedly may move hall may open Exclusive: Here’s the 2nd tenant Sky’s the limit: Downtown Orlando headed to SunTrust’s new $133M reaches for the heavens with $2B+ in new downtown tower projects 2018 Construction update: An inside look at Confirmed: SunTrust to move its Orlando SunTrust’s next Orlando home (PHOTOS) HQ to Church Street Plaza 2017 How a cup of coffee and a bad poker face South Florida hotelier joins Tremont Plaza led to the $100M Church Street Plaza team, enters Orlando market project Church Street Station South to be sold to Incentives approved for Tremont Plaza Lincoln Property Co. SunRail station; route to connect to airport City OKs plan to relocate downtown Downtown Orlando tower developer SunRail stop finalizes deal to move SunRail station 2016 Tremont Plaza expected to ‘knock it out of the park, bring new jobs downtown 2015 Exclusive: New mixed-use tower coming Church Street Station owner revamps near downtown’s Church Street plan for downtown Orlando hotel 2014 FDOT mulls adding SunRail platform at How Church Street Exchange may bring new downtown Orlando hotel retail, 350 jobs

22 SunTrust Plaza | 2020 Colvin Case Study Challenge “The skyline is how you know where you are. It’s an identity.” -Thomas Chatman, Executive Director, Orlando Downtown Development Board

2020 Colvin Case Study Challenge | SunTrust Plaza 23