An Experiential Mixed-Use Development

Transcription

1 Presents An Experiential Mixed-Use Development December, 2016

2 Project Summary Background The subject is currently a Super-Regional Center Mall totaling 928,550 SF of net rentable area located on a 102-acre site situated at the intersection of Research Park Boulevard and University Drive west of Huntsville s downtown. The mall is currently anchored by Sears and JC Penney. The Madison Square Mall was once a regional shopping destination serving a large population base inside the city and the surrounding counties. Over time, the quality of commercial uses in this corridor has suffered from disinvestment as new locations throughout the metropolitan region have grown and captured a larger share of new investment. While the corridor continues to serve the expanding population and employment center, the inherited pattern of large, single use businesses surrounded by surface parking lots has limited creative and integrated redevelopment. Re-Development Summary A staid 1980s mall and its surroundings will be razed and in its place a $400 million, 120- acre urban destination will be created located at the entrance of the second largest R&D park in the U.S., in Alabama s fastest-growing metropolitan area. At MidCity, a finely balanced mix of uses will surround parks, plazas, and walkable streets. In all, visitors will find up to 340,000 square feet of street and convenience retail, dining, and entertainment; 156,000 square feet of office space; 900 residential units; and 120 hotel rooms, adjacent to the only activated adventure park in the Tennessee Valley. The careful arrangement of uses, both vertically and horizontally, allows boutiques and various forms of dining to coexist at MidCity with parking platforms, office space, entertainment and large-format retailers.

3 Property Highlights BEST IN THE REGION SITE: Situated at the center of the University Drive Retail Corridor. The project is a gateway to Cummings Research Park (the 2nd largest research park in the U.S. and 4th in the world),. The daytime population exceeds 80,000 within Cummings Research Park, Redstone Arsenal and surrounding area. BEST IN CLASS ANCHOR: A 65,000 square foot Top Golf will anchor a 38-acre, world-class public park accessible only through the property. Top Golf is a regional draw with over 500,000 average visitors annually. WORLD REKNOWN URBAN DESIGN TEAM: The master plan was designed by world renown planners/architects Urban Design Associates. CITY COMMITMENTS : The City of Huntsville estimates a total investment of $70+ million in onsite/off-site land, roads, infrastructure & parks, including an 8,500 seat regional amphitheater.

4 MidCity Vision How the millennial and 21 st century knowledge worker wants to live, work, stay and play MidCity Video link: password createthefuture21 MidCity is planned as an 18-hour, urban district that focus on enhanced quality-oflife and attractions for Huntsville residents while integrating regional destinations into a true live, work, play district. MidCity will create a new catalyst for reinvestment in west Huntsville s University Corridor and Cummings Research Park by adding a significant amenity to the existing employment centers and surrounding neighborhoods and redeveloping the site in a way that is financially resilient and responsive to the emerging market for the next generation in Huntsville. To achieve this, the plan identifies a series of distinct precincts and neighborhoods designed to create great streets and neighborhood park spaces with an emphasis on the pedestrian environment. Specific themes include: A. Create social places including a restaurant and cafe district focused on regional and local chefs and a community park focused on active recreation and regional entertainment venues. B. Health and wellness drives the structure of the physical plan and the selection of public and private businesses, public spaces and commercial operations. C. Architecture should reflect a unique sense of place that has grown over time. D. Reinforce connectivity to surrounding neighborhoods and now-segregated uses such as the Cummings Office and Research Park, The University of Alabama at Huntsville and Oakwood University. E. Mix uses to create activity clusters 18 hours a day for residents, businesses and visitors. F. Create a 5 bar wireless community throughout.

5 Dynamic Location Top Metros to Power the US Economy - Bloomberg Business, 2015 #2 City for Tech Jobs - Smart Asset and NerdWallet, 2015 #1 for STEM Graduates - NerdWallet, 2016 #3 Best Mid-Size Cities to Make a Living - MoneyGeek, 2016 $75,400 Median Income Over 12,000 college students proximate to MidCity 1.1 million population Trade Area 66% College degreed; 17% STEM workforce 24 million SF of office in nearby Research Park and Redstone Arsenal

6 Land Use & Master Plan

7 MidCity Places Jake s Mews Area 120 Farm-to-table dining, sidewalk café s, artisan Food Hall, and shops 200,000 square feet of innovative high-tech office ideal for R&D & creative companies Public plaza and meeting hub, tech accelerator MidCity Park Entry The Pointe Recreation and Fitness Retail Public Park, Kayak Center and Lake System Top Golf & Regional Amphitheater Heart of the mixed-use district Boutique Hotel & Outdoor performance venue Soft programing including farmer s market & festivals

8 Urban Architecture & Planning MidCity engaged Pittsburg, PA based Urban Design Associates (UDA), world renowned urban planners and architects to master plan and design and guide the development character. The MidCity built-environment incorporates simple forms, authentic materials, diverse building character and human scale public spaces A. These design guidelines are created for the MidCity Urban Renewal Plan, located within the City of Huntsville. The organization includes a form-based code to establish block and building relationships but includes additional information about the character of architecture and the landscape, resulting in a comprehensive Design Guidelines. B. This approach provides more guidance on building form and public space creation in concert with existing zoning requirements. While conventional zoning relies upon land use designations as the primary determinant of site development and building envelope standards, this approach emphasizes and prescribes the form of buildings and their location on a development site. C. The MidCity Regulating Plan establishes Development Areas with their own character and rules. Some Development Areas are autooriented retail destinations. The Mixed-Use Core is a pedestrian-dominant district with mixed-use buildings and urban design standards, including minimal build-to zones for building placement and detailed attention to the design of streets and public spaces. The Neighborhood Zone has rules that guide the creation of walkable residential neighborhoods, very different from the autooriented development areas in the plan.

9 Market Demand RCCLO Market Studies confirm significant demand for MidCity product/channel offerings Local Retail The right mix optimized for the market and demographics Key restaurants and an artisan food hall Destination Retail/Entertainment Entertainment, adventure and retail unique to the Region Health & Wellness opportunities Multi-Family Mixed, specific price points Phased over time and size

10 Project Timeline & Phasing Phase I Timeline Phased Map Key Project Phased Timeline Phase Design Phase I Phase II Phase III Phase IV

11 Property Activation

12 Development Team DEVELOPER - RCP Companies Huntsville, AL Remy F. Gross and Max Grelier, founders of RCP Companies, have over 50 years of combined real estate experience including $350 million in real estate activities across diverse property types including shopping centers, office buildings, mixed-use, and master planned golf communities in Alabama, Georgia, Tennessee and Florida. RCP Companies has built a reputation for development excellence that establishes the firm as rising star in the Southeast development community. RCP s development pipeline includes projects in Alabama and Georgia totaling over $600 million in value. The Company consist of a highly motivated team of individuals with diverse expertise and backgrounds in real estate development, marketing, construction, finance, management and vertically integrated elements including retail, hospitality, andtech. URBAN PLANNING & MASTER ARCHITECT - Urban Design Associates Pittsburgh, PA Founded in 1964, Urban Design Associates (UDA) is headquartered in Pittsburgh, PA, USA, a city that is a global model of urban innovation and regeneration. UDA concentrates on the revitalization of established cities and expansion of new cities worldwide. Projects range in size from the design of one building to plans for an entire city. UDA studio teams collaborate to provide design services to a diverse range of public and private clients. ARCHITECTURE - CMH Architects Birmingham, AL Since its founding in 1980, CMH has developed a national reputation in mixed use and retail design and has designed over 21 million square feet of commercial real estate across 28 states including over 5 million square feet of mixed use centers; over 6.5 million square feet of lifestyle centers; the design of more than 7.6 million square feet of Power Center projects; over 1,000 condominium units - from single level to high rise construction; over half a million square feet of office shell and executed hundreds of thousands of square feet of office build out; the design of parking decks with a total of over 5,500 parking spaces. CIVIL ENGINEERING AND PROJECT MANAGEMENT - Trice Engineering Huntsville, AL a Woman-Owned Small Business (WOSB), is a civil and environmental engineering consulting firm located in Huntsville, Alabama that provides professional services throughout the southeast. Trice has provided quality economic solutions to municipalities and private developers for over 13 years on projects that range from small commercial developments to large master-planned commercial centers and municipal roadways. TPC specializes in master planning, civil engineering design, and contract administration of commercial and industrial developments and municipal roadways. MARKETING & PUBLIC RELATIONS - Identity, Detroit, MI Founded in 1998, Identity is an award winning, fully integrated public relations firm driving strategic communications programs for clients across the U.S. Identity specializes in media relations, marketing, social media and creative offering a seamless approach that delivers awareness, clarity and credibility. Highly focused on value creation, they deliver meaningful and measurable results. Identity has emerged as a leader nationally for our relationships, innovation and results. LEASING AND ACTIVIATION - CBRE/UCR Dallas, TX (J. Michael Nagy and Amy MaClaren) UCR started in 1988 as a Dallas-based brokerage firm specializing in retail. Now, acquired by CBRE in January 2015, CBRE/UCR is a recognized leader in retail real estate, offering Retailer Representation, Property Representation, Asset + Property Management, and Investment Sales with a special line of business focused on Urban environments. Today CBRE/UCR manage and lease over 20 million square feet of retail properties coast-to-coast including power center, grocery store-anchored suburban properties, single-tenant buildings, urban and main street districts, specialty and lifestyle centers, enclosed malls and mixed-use projects. Michael Nagy brings with him 28 years of retail leasing experience having worked on everything from power centers to lifestyle and mixed-use, to enclosed super regional malls. He has been involved with ground-up project leasing as well as overseeing existing project leasing activities for a variety of institutional ownerships. Michael has handled leasing responsibilities for notable projects such as Citrus Park Town Center (Tampa, FL), The Plaza at Brandon Town Center (Tampa, FL), Penn Square Mall (Oklahoma City, OK), Woodland Hills Mall (Tulsa, OK), The Streets at Southpoint (Durham, NC), North Star Mall (San Antonio, TX), the expansion of the Houston Galleria, Market Street The Woodlands (Houston, TX), University Park Village (Ft. Worth, TX), and Watters Creek (Allen, TX). Amy MaClaren has more than 25 years of national retail leasing experience in a wide variety of urban and suburban geographic markets. She has experience with lifestyle and mixed-use projects as well as enclosed super regional malls. She has worked on ground-up project leasing and overseen existing project leasing activities for a variety of owners.