How To Develop The Apa Civic Center Site

Transcription

1 The Atlanta Civic Center Site 19 Acres Landmark redevelopment opportunity in Atlanta s urban core SITE The Request for Proposal will be released to interested parties by October 15, Piedmont Avenue N.E. Offering Memorandum

2 Great Investment in Urban Renaissance Significant Employment Center Vibrant Residential Neighborhood Located immediately northeast of the Atlanta CBD and with direct access to the downtown connector (I-75/85), the Civic Center Site is now available for redevelopment and offers a landmark investment opportunity to establish a vibrant new activity center in Atlanta s surging urban core. Last year alone, the city s intown properties, including trophy office buildings, mixed-use developments and apartment towers, attracted almost $1.4 billion in new investment, according to data from Real Capital Analytics, a New York firm that tracks real estate deals. The site is ideally located between two of the city s most significant employment centers: Downtown and Midtown. Downtown has an office inventory of more than 18.2 million square feet, several Fortune 500 corporate headquarters and a variety of entertainment and tourism spots. Midtown s office inventory is over 13.8 million square feet containing technology, business services and law firms. Location Highlights 1 Location in the Center of the City Millennial between the ages of 10 and 32, will account for 75% of the workforce in 11 short years. This game changing demographic group seeks to live in diverse, vibrant, walkable neighborhoods with a variety of entertainment options. For this reason, Old Fourth Ward, immediately east of the Civic Center, has quickly become of Atlanta s hottest residential markets. The Civic Center Site is ideally suited for an active mix of large corporate users (corporate headquarters, film and media production, healthcare and technology), new urban residential development and exciting retail and entertainment destinations Close to Creative and High Tech Workplaces Restaurants, Bars and Nightlife all Around Parks and Green Spaces Nearby Access to Mass Transit (MARTA) 2 The Atlanta Civic Center Site

3 Atlanta Momentum Recognized as an international gateway and the economic engine of the Southeast, metro Atlanta is home to nearly 150,000 businesses. 26 FORTUNE 1000 companies call Atlanta home. ATLANTA EMPLOYMENT BY SECTOR The Atlanta area added d 58,300 net new jobs on a not seasonally adjusted d basis between June 2013 and June 2014(p), a 2.4% increase Source: Bureau of Labor Statistics (p) projected The Atlanta area added 58,300 net new jobs on a not seasonally adjusted basis between June 2013 and June 2014, a 2.4% increase. Prof. & Bus Svcs Trade, Trans, & Utils Leisure & Hosp Retail Trade Construction Manufacturing Financial Wholesale Trade Information Transportation Non-Durable Goods Education & Health Durable Goods Mining & Logging Other Svcs Government Y-o-Y Job Growth (x1,000) Film Industry generated $5.1 Billion over past 12 months Atlanta Market Monitor COMPARATIVE EMPLOYMENT GROWTH Percent Change in Nonfarm Payroll Employment Most Populous Metro Areas, June 2013 June PERCENT CHANGE IN NONFARM PAYROLL EMPLOYMENT MOST POPULOUS METRO AREAS, JUNE 13 JUNE 14 (p) 5 DFW Houston San Francisco Miami Atlanta Los Angeles United States Boston New York Philadelphia Washington D.C. DC Chicago Source: Bureau of Labor Statistics (p) projected Page 5 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% August Page , CBRE, Inc. The Atlanta Civic Center Site 3 Atlanta Market Monitor August 2014

4 Development Opportunities to Continue a Cultural Legacy in Atlanta Office Retail Residential Potential to provide a new or relocated headquarters campus or facility Opportunity for film and media production facility with an amenity rich location that offers a competitive advantage in the marketplace. In FY 2014 alone, Georgialicensed feature films and television productions generated an economic impact of $5.1 billion. Opportunity to offer a film and media production facility with an amenity rich location that offers a competitive advantage in the marketplace Potential demand for medical office space based on location and surrounding healthcare facilities Opportunity to address demand for much needed retail goods and services Capacity for national retailer formats Potential to capture disposable income of downtown/midtown office workers and residents in a true live, work and play environment Capability to include entertainment venues/ destinations to continue the legacy of site as a cultural destination Great site for additional urban multifamily projects Potential to capture demand from millennials, healthcare workers, and downtown/midtown professionals seeking authentic urban environment with access to transit, greenspace, and entertainment. High demand for housing in hot Old Fourth Ward neighborhood 4 The Atlanta Civic Center Site

5 Case Study Ponce City Market (1/2 mile from Civic Center - Old Fourth Ward) Ponce City Market is the largest adaptive reuse project in Atlanta s history. The 16-acre, nearly $300 million mixed-use development restored the 1.1 million square foot former Sears Roebuck distribution center. Nearing completion, the project serves as an urban centerpiece that combines 356,000 square feet of retail and restaurants with 484,000 square feet of office space and 259 residential flats. Ponce City Market draws natural comparisons to Chelsea Market, a former Nabisco factory in New York that has been redeveloped into a 1.1 million square foot magnet for high-tech and media companies including the Food Network, Time Warner and Google, along with a mix of local restaurants and shops. Atlanta Business Chronicle, April 2014 The Atlanta Civic Center Site 5

6 Strengths of Location MARTA MARTA is the eighth-largest rapid transit system in the United States by ridership, with a network of bus routes linked to a rail system consisting of 48 miles of track with 38 train stations. Average total daily ridership for the system is 415,600 passengers. The Civic Center is a major location for both the rail and bus systems, with the Civic Center rail station located just four blocks away and two bus routes available directly adjacent to the site. Surrounding Neighborhoods The site is located near several historic, lively and in-demand neighborhoods. Old Fourth Ward, filled with green space and popular restaurants, borders the site, and the heart of the district is located 1.7 miles away. Inman Park and Piedmont Park are both highly coveted in town neighborhoods located within 2.5 miles of the site. Virginia Highland is a progressive community 2.5 miles away with popular shopping, dining and nightlife. Ingress/Egress Hartsfield-Jackson International Airport is just 10 miles south with direct access via I-85 or MARTA s Red/Gold line. OLD FOURTH WARD SITE 75/85 DOWNTOWN Renaissance Park At 5.4 acres, Renaissance Park offers the Civic Center Site immediate access to greenspace and the potential for new active recreational opportunities to serve future redevelopment. 6 The Atlanta Civic Center Site

7 Strengths of Location Surrounding Talent Pool Metro Atlanta s higher education system is a vital component to the economic success of the region. With over 275,000 students enrolled in 66 institutions, Atlanta s colleges and universities fuel Atlanta s businesses with talent, discovery and innovation. Seven of these institutions are located within three miles of the Civic Center site, including Georgia State University (32,168), Georgia Institute of Technology (21,557), Morehouse College (2,377), Emory University (14,513), Clark Atlanta University (2,629), Spelman College (2,145) and Savannah College of Art and Design Atlanta (1,902). Georgia State University and Georgia Tech are located one mile from the site. The region excels at graduating engineers with the third highest number of bachelors degrees awarded in the nation. Atlanta s strength in engineering, coupled with being the 4th fastest growing metro for technology degrees awarded and the establishment of Atlanta as the nation s leading digital media super-hub, sets the metro Atlanta region as a national leader for innovation. World-class Healthcare System Atlanta has one of the nation s highest concentrations of healthcare experts with 110,000 healthcare practitioners and technicians and 48,000 healthcare support personnel working in metro Atlanta hospitals, clinics, labs, doctors offices and related medical facilities. The Civic Center site has three first-rate hospital systems within two miles of its borders. Grady Memorial Hospital, one and a half miles away, is the largest hospital in the state of Georgia with 915 beds, and the premier level 1 trauma center in the region. Emory University Hospital Midtown, with 431 beds, is one of the nation s leading community-based, acute care teaching facilities and Atlanta Medical Center is a second level 1 trauma center, with over 500 beds, and is just one mile away. In-Town Atlanta High Density Residential Market A critical mass of consumers in Atlanta is choosing high-density apartment, townhouse and condominium housing. Such housing typically appeals to the young, the unmarried or childless couple, and the emptynester, particularly those in the middle or upper income brackets. Atlanta is the #4 metro area in projected rent growth over the next five years, with the Downtown market expected to outperform the rest of the metro area. With the development and growth of surrounding areas like Old Fourth Ward, West End, Castleberry Hill, Decatur and Virginia Highland, the metro population has reversed the decades old trend of suburbanization and returned to live in revitalized urban communities. Fiber Connectivity Downtown Atlanta sits at the crossroads of the major North-South, East-West long haul fiber routes making it the interconnection point between New York and Miami and the communication hub of the Southeast. The Civic Center site is less than one mile from the carrier hotel of the southeast; therefore, many lit and dark fiber providers are able to serve this site through various and redundant paths. The Atlanta Civic Center Site 7

8 75 COCA-COLA GEORGIA TECH 75 MIDTOWN EMORY UNIVERSITY HOSPITAL MIDTOWN 75/85 PEACHTREE ST PIEDMONT AVE RENAISSANCE PARK SITE DOWNTOWN GEORGIA POWER OLD FOURTH WARD 75/85 GEORGIA STATE 8 The Atlanta Civic Center Site

9 Site Dynamics The Civic Center is comprised of two contiguous parcels, (City of Atlanta PID# LL0217 and LL0241) totaling approximately acres and is currently improved with a 4,600 seat theatre, a 60,000 square foot plaza, a 100,000 square foot exhibit hall and a 900 space (290,000 square feet) surface parking lot (collectively the Site ). The net developable acres total approximately 19.0 acres. The Site is zoned SPI-1, SA4, or Downtown Special Public Interest zoning (SPI-1) SoNo South of North Residential District. The SPI-1 Zoning District is designed to encourage and regulate the most intensive types of development expected for the Atlanta Central Business District. The district strives to create a 24 hour, urban environment where people live, work and play. The allowed uses include mixed uses with residential, commercial, entertainment, cultural and recreational uses. Non-residential Maximum FAR is 4. Residential Maximum FAR without Workforce Housing Bonus is 7. Maximum Achievable Combined FAR is 11. There is no maximum building height. 75/85 RALPH McGILL BLVD PIEDMONT AVE The Atlanta Civic Center Site 9

10 Vibrant, Authentic, Local Restaurants within 1.5 miles of Civic Center barcelona wine bar 10 The Atlanta Civic Center Site

11 Developers or potential end-users interested in the site should contact the following: CONTACTS DAVID TODD SCOTT MCGREGOR JOHN HAYNES Pamela Smith , ext. 101 JOHN SHLESINGER PAUL BERRY The Atlanta Civic Center Site 11

12 Affiliated Business Disclosure CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an Affiliate ) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the Property ) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. Confidentiality Agreement This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the Owner ), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner s obligations therein have been satisfied or waived. CBRE is representing the Seller, not the Purchaser, in this transaction and will be paid by the Seller, not the Purchaser. Any cooperating Broker shall have written exclusive authorization from Purchaser and co-op commission, if any, to be paid by Purchaser By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc. Disclaimer 2014 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

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