The Encore Master Development Project Tampa, FL

Transcription

1 The Encore Master Development Project Tampa, FL The Encore The Redevelopment of Central Park Village This is a public/private partnership with the City of Tampa, The Tampa Housing Authority and Banc of America Community Development Corporation. When completed, it will create $450 million dollars in new, taxable, real estate development. Roxanne Amoroso Banc of America Community Development Corporation 1

2 Uses A city within a city Aerial Proximity to downtown Up to 1,200 units of mixed income housing A public middle school A grocery store A hotel 50,000 sq. ft. retail 125,000 sq. ft. office Market rate housing An African America museum Parks with passive and active uses, historical trails 2

3 Project going vertical & the same time Overall New Lot Layout 3

4 A Look Down Ray Charles Blvd. Project Benefits to Tampa Creates substantial jobs 4,103 total construction jobs 8,784 total jobs in the local economy over the build out period 955 permanent jobs supporting 1,374 total jobs in the local economy post construction Statistics by Fishkind & Associates 4

5 Why is this project a study candidate? This is a Brownfield, a CRA, an Enterprise zone and located in the downtown area of Tampa 100% of infrastructure and a portion of first bldg. financed through combination of federal and state and city grants ($42.5 million total) First project in the country to win NSP funding for infrastructure Development successfully deployed grant funding strategy to launch a complex green initiative = GOLD LEED neighborhood Captures all building materials sales tax on affordable housing and uses it as a finance tool Materials Sales Tax Capture Building materials sales tax capture Average affordable housing project $26 million Average hard cost construction per project $19 million 40% of hard cost (materials cost) $7.60 million Multiplied by sales tax paid on 7% (av) Net funding source gained $532,000 Multiplied times 5 affordable housing developments $2,660,000 Utilizing Brownfield assessment $$ for environmental testing 5

6 Ella 160 senior units Commence Construction August 2011 Financial Structure 11 funding sources TYPE AMOUNT SOURCE Hillsborough County HFA Bonds $2,900,000 (county/state) City Home Funds $2,500,000 (city/federal) NSP1 Funds $1,000,000 (city/federal) THA RH Funds $4,946,299 (partner/federal LIHTC 4% $7,790,085 (BOA) Building Materials Sales Tax Capture $396,973 (project/state) Deferred Developer Fee $200,000 (project) Land Note $1,600,000 (project) Partner member loan $824,023 (THA) NSP2 Funding $2,500,000 Encore/federal) Total Project Costs $25,407,380 Predevelopment equity $1,000,000 (BoA) $25,407,380 total cost 11% hard debt 6

7 Challenges & Opportunities Acquisition and land swap of public school through board of education Acquisition of a church Commercial vacant land acquisition Land acquisition from a union employment body Public input requirements of dedicated park redevelopment Land acquisition from Tampa Electric Co., and subsequent substation negotiation Negotiations with FDOT, SWFWMD, TECO Manhole Covers.. Creative Branding 7

8 Creative Village The Redevelopment of Parramore Creative Village a new Brown/Green Initiative 68 acres in downtown Orlando This is a public/private partnership with the Ustler Development, Baker Barrios Architects, the City of Orlando and Banc of America Community Development Corporation. When completed, it will create $1 billion dollars in new development. 8

9 The vision 68 acre redevelopment in downtown Another city in a city An educationally anchored mastered community Sun rail train station at the entrance 1,500 units residential 1,000,000 office 500,000 education (5 colleges) 150,000 sq. ft. retail 225 rooms hotel Digital media entwined through development 6 recreational parks/areas 9

10 The master plan Weaving connectivity Tie train to development I 4 overpass area 10

11 Central Creative Village Initial Funding Builds Phase I 11

12 Initial Funding Builds Phase I Project Status! Arena demolition project commenced this month completion projected March st phase funding solidified Brownfield assessment and remediation grants completed Planning and other grants completed, targeted Engineering design concepts and cost estimating complete Zoning and PD entitlement process commenced Website, marketing and branding process engaged 12