DOWNTOWN ORLANDO What s Up Downtown November 3, 2016
Creative Village Redevelopment Area 2
Creative Village City Solicitation for Proposals In March 2010, the City issued a Solicitation for Proposals and undertook a selection process with specific requirements, including: High-quality urban, mixed use development with an emphasis on expanding educational and creative industries in Orlando Mix of affordable / attainable / market rate residential uses Green energy efficiency standards Transit oriented design Address parking and existing recreational uses Financially feasible Complement the surrounding Parramore Neighborhood 3
Creative Village Public / Private Partnership City of Orlando Under the leadership of Orlando Mayor Buddy Dyer, the City conceived the original idea for the Creative Village in downtown Orlando and the City is the landowner. Creative Village Development, LLC (CVD) CVD is a partnership between Banc of America Community Development Corporation (BACDC) and a local entity led by Ustler Development. This entity formulated the specific business and development plan for Creative Village. - Banc of America Community Development Corporation s financial capacity and success in securing federal stimulus money - Ustler Development, Inc. s commitment and track record as a local leader in downtown Orlando development 4
Overall Master Plan Per Master Development Agreement At completion of vertical construction and build out, Creative Village represents over $1 billion dollars in new development. Original Development Program: Use Office / Creative Education Residential Commercial Hotel Program 900K 1,200K sq ft 325K sq ft 1,200 1,500 units 125K 150K sq ft 150 225 rooms 5
Status Key Accomplishments 2010 2011 2012 2013 2014 2015 2016 City selects Creative Village Development, LLC (CVD) through a competitive bid process. City, LYNX and CVD are awarded $10 million to expand the LYMMO bus rapid transit (BRT). Master Development Agreement and Purchase Option Agreement adopted. SunRail becomes a reality. City adopts the PD Ordinance. Amway Arena is demolished. Infrastructure design commences, more infrastructure funding secured. EA Sports Innovation Lab opens at the UCF Center for Emerging Media. Tech community continues to organize itself via meet-ups and collaboration. MLS Soccer franchise awarded. Orlando Tech Association becomes part of the Orlando Main Street program; Canvs and Tech Cluster opens at Church Street Exchange. UCF and Valencia commit to downtown campus at Creative Village. OCPS officially announces a PK-8 school in Parramore, adjacent to Creative Village. Scheduled for completion in 2017. UCF Downtown establishes program and phasing. UCF / Valencia Downtown Campus receives full approval and secures State funding. CVD solidifies phase one private vertical development plans. UCF selects design/build team for first phase, opening date set for August 2019. 6
Conceptual Master Plan Update With the announcement of a larger downtown UCF / Valencia presence, the master plan was updated to accommodate 600,000-800,000 square feet of education space: Education and academic campus primarily located south of new Livingston Street Other university-related uses will be integrated into the private development north of Livingston Street (e.g., student housing, retail, services, recreation) Maintains Bob Carr Theater building footprint Accommodates student housing Note: Revised concept plan includes other minor modifications. Although not pictured, Amelia Street will maintain its current alignment. 7
Conceptual Master Plan Existing Community Assets LYNX Central Station / SunRail UCF Center for Emerging Media / FIEA Bob Carr Theater Former Sheraton Hotel 290 rooms plus meeting space and amenities Centroplex Parking Garages Downtown Rec Center Orange County Public School Headquarters 8
Conceptual Master Plan Phasing and Third Party Parcels UCF / Valencia campus Primarily south of Livingston Phase I Creative Village Parcels BACDC and Atlantic Housing mixed-income residential CVD / Ustler Group student housing and market rate housing Phase I Third Party Parcels Available for qualified thirdparty purchase at market prices 1 mid-rise multifamily residential site 2 office or mixed-use sites one mid-rise and one highrise Central Park Phase I Future Phases North of Amelia Street Surrounding Bob Carr Theater 9
Conceptual Master Plan Development Pipeline Announced projects represent approximately $356 mil of vertical development activity UCF / Valencia New 165,000 sq ft academic building Renovation of 115,000 sq ft FIEA building 600-space parking garage $74 million project value Private Development 600-bed student housing project 250 unit market rate apartment project 116-unit mixed-income apartment community OCPS PS 8 School Hotel renovation, planned to be a full service Marriott Central Park Phase I Including the $75 million of in-kind contribution, land and infrastructure from the City and CVD, the initial phase represents a total investment of $431 million 10
Conceptual Master Plan Student Housing Project Phase I Joint venture between Ustler Development, Inc. and KUD International, LLC 600-bed, $90+ million student housing project 100,000 SF of academic and support space for UCF and Valencia 10,000 15,000 SF of ground floor commercial space 600-space integrated parking garage Phase I delivered concurrent with UCF / Valencia opening in August 2019 14 15 stories Future Phases include 600+ additional beds 11 11
Conceptual Master Plan Market Rate Apartments (Lot M) Developed by Ustler Development, Inc. and JV partner 250-unit, $62.5 million market rate apartment project Studio, one and two bedroom units Ground floor commercial and restaurant space Integrated parking garage Pool deck and residential amenities 10 12 stories Scheduled for delivery in mid- 2019 12 12
Conceptual Master Plan Mixed-Income Housing Project Developed by Banc of America Community Development Corporation and Atlantic Housing Partners 116-unit, $29 million mixed income housing project Current plans include 90% affordable / 10% market rate units Exploring adjacent parcel to expand to a 256 units total, 40% affordable / 60% market rate Mid rise building, 5 stories Scheduled to open in 2018 13
Conceptual Master Plan Land Brokerage for Select Parcels Creative Village Development, LLC has retained JLL to market Parcels U, H, X and X-1 Parcel U is likely a mid-rise apartment site Parcel H is a mid-rise office site Parcel X and X-1 is a high-rise office or mixed use site Inclusive and open process, pursuant to the Master Development Agreement Qualified and compatible third-parties Contact Aaron Gray aaron.gray@am.jll.com or Bret Felberg bret.felberg@am.jll.com www.creativevillagelandbroker.com 14
Creative Village Project Partners 15
Renderings Livingston Street Entry to Creative Village 16
Contact Information www.ustler.net www.creativevillagedevelopment.com www.ucf.edu/downtown www.creativevillagelandbroker.com www.cityoforlando.net/creativevillage Craig Ustler, MAI, CCIM Ustler Development, Inc. custler@ustler.net Brooke A. Myers Emerge Real Estate Ventures, LLC brooke@emerge-realestate.com 17