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Auburn University Colvin Case Study Fall 2020

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Auburn University Colvin Case Study Fall 2020 TEAM 10 2020 CASE STUDY CHALLENGE sponsored by 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 munic- ipal 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 twen- ty 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
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