llrsL and foremosL, uockslde uevelopmenL, LLC would llke Lo sLarL off by Lhanklng you for allowlng us Lo presenL Lhls opporLunlLy Lo you. We have 1he lace" Lo develop and we hope you wlll [oln us ln Laklng Lhls pro[ecL from Lhe lncepLlon of an ldea Lo Lhe creaLlon of a mlxed-used developmenL Lo serve Lhe buslness and reLall needs ln lnnovaLlon Square. 1he purpose of Lhls leLLer ls Lo serve as a non-blndlng summary of Lhe general Lerms we may muLually wlsh Lo conslder Lo pursue Lhls developmenL opporLunlLy.
;<" 4/&" 1he slLe we are proposlng Lo develop ls currenLly Lhe Ayres bulldlng and supporLlng parklng loL beLween unlverslLy & 2 nd Avenue. 1he slLe ls also known as 8lock 09 ln Lhe masLer plan for lnnovaLlon Square. We belleve Lhls slLe ls an lnLegral plece Lo lnnovaLlon square due Lo Lhe proxlmlLy Lo downLown and Lhe unlverslLy.
=22('&6+/&> We are proposlng a mlxed-use pro[ecL LhaL wlll complemenL Lhe exlsLlng lnnovaLlon square developmenL as well as provlde speclflc amenlLles Lo Lhe areas resldenLs LhaL are currenLly lacklng. 1he pro[ecL wlll conslsL of a LoLal of 4 bulldlngs. A 3 sLory offlce/reLall/lab bulldlng conslsLlng of 110,000 (22,000/floor) currenLly exlsLs on-slLe. 1hls bulldlng wlll be rehabbed and updaLed Lo flow wlLh Lhe oLher developmenL occurrlng ln Lhe lnnovaLlon square dlsLrlcL. 1he nexL bulldlng whlch wlll be locaLed ln Lhe SouLh LasL corner of Lhe properLy wlll house a mlxed varleLy of reLall and bars/ resLauranLs. 1he sLaple LenanL of Lhls bulldlng wlll be an upscale dlne-ln movle LheaLer LhaL wlll provlde paLrons a place Lo en[oy a new release movle whlle also belng served from Lhe bar and resLauranL. 1hls bulldlng wlll be 3 sLorles Lall and 133,000 sf. 1he Leam plans on addlng an urban grocer such as ubllx or 1rader !oes Lo meeL a need noL currenLly belng saLlsfled by consumers ln Lhe area. 1he Lhlrd bulldlng wlll be locaLed on Lhe norLh
D o c k s i d e D e v e l o p m e n t
Page 3 slde of Lhe properLy faclng unlverslLy Avenue and wlll be a 6 sLory bouLlque hoLel conLalnlng resLauranLs, conference cenLer, and roofLop pool/bar/lounge. 1hls bulldlng wlll be fall [usL under 133,000 sf. 1he flnal sLrucLure on-slLe wlll be an auLomaLed parklng sysLem houslng approxlmaLely 73 cars per floor on 4 floors.
1hls opporLunlLy wlll be sLrucLured as a Land Lease beLween uockslde uevelopmenL, LLC and Lhe unlverslLy of llorlda. unlverslLy of llorlda as Lhe Lessor wlll recelve $10,000 per year Lhe flrsL 3 years followed by 3 of nCl from Lhen on.
Cur pro[ecL ls currenLly sLrucLured as a LlmlLed arLnershlp LhaL's provldlng 40 equlLy. 1oLal pro[ecLed cosLs are 39.6 mllllon dollars whlch encompasses boLh hard and sofL cosLs. 1he Ceneral arLner ls pro[ecLed Lo have an l88 of 18.12 and Lhe LlmlLed arLner has an l88 of 13.2. WlLh Lhe expecLed reLurns for our lnvesLors we belleve Lhls would be a greaL opporLunlLy for uockslde uevelopmenL, LLC and Lhe unlverslLy for llorlda. More deLalled lnformaLlon abouL our analysls ls on page 21 ln Lhe lnvesLmenL Analysls secLlon.
ln order Lo achleve Lhese reLurns our esLlmaLes have been conservaLlve wlLh regards Lo renLal raLes, LenanL lmprovemenLs, leaslng commlsslons, caplLal expendlLures, vacancles, and depressed consLrucLlon prlces. lease see Lhe appendlx for Lhe compleLe rolorma, whlch lncludes all assumpLlons.
We look forward Lo your response regardlng Lhe poLenLlal opporLunlLy for slLe 809 ln lnnovaLlon Square. We slncerely hope for you Lo proceed welLh us ln maklng Lhls developmenL a reallLy.. lf lL ls your lnLenLlon Lo lease Lhe slLe Lo uockslde uevelopmenL, LLC please noL below by slgnlng ln Lhe approprlaLe space. Should we fall Lo recelve a fully excuLed copy of Lhls leLLer wlLhln Len (10) buslness days of lebruary 23, 2012, Lhls leLLer wlll be consldered null and vold.
Culck lacLs Summary age 4 LxecuLlve Summary age 3 needs AssessmenL age 7 leaslblllLy AssessmenL age 8 ro[ecL vlslon age 11 8evlew of SlLe and nelghborhood CondlLlons age 12 lnvesLlgaLlon of Lhe MarkeL & CompeLlLlve ro[ecLs age 13 AssessmenL of ollLlcal, Legal and CommunlLy age 14 SupporL for Approval Cvervlew of key SusLalnable Core ComponenLs age 17 uockslde uevelopmenL Macro Schedule age 19 lnvesLmenL AssessmenL age 21 Appendlx age 24
D o c k s i d e D e v e l o p m e n t
Page 5
Culck lacLs Summary 4/&" lnnovaLlon Square 8lock 809 8eLween unlverslLy and 2 nd Avenue Sub[ecL slLe ls 227,818 square feeL or 3.23 Acres roposlng a Mlxed-used uevelopmenL ro[ecL wlLh mulLlple faclllLles: o 8ehab 110,000 Ayers Cfflce 8ulldlng o 133,800 Sl PoLel 8ulldlng o 133,000 Sl 8eLall 8ulldlng o 70,000 Sl arklng Carage LocaLed ln lnnovaLlon Square wlLh close proxlmlLy Lo: o Ad[acenL Lo lncubaLor Pub o 2 blocks from unlverslLy of llorlda o 3 blocks from uownLown Calnesvllle SlLe ls ln poslLlon Lo uLlllze mass LranslL poLenLlals Sllver LLLu cerLlfled ?-'@"& SLudenLs: o ul has approxlmaLely 31,000 sLudenLs and 4,300 sLaff o SanLa le College has approxlmaLely 17,000 sLudenLs o Calnesvllle MSA populaLlon, 238,333 1rade markeL mlsslng: o urban Crocery o Walkable reLall o PoLel o Class A Cfflce o Movle 1heaLer A/+-+B/-17 1oLal CosL of ro[ecL: 8equesLed CaplLal: ro[ecL l88 ro[ecLed: lnvesLor l88 ro[ecLed: Land lease: Poldlng perlod of slLe ls pro[ecLed aL 10 years
D o c k s i d e D e v e l o p m e n t
Page 6
LxecuLlve Summary uockslde uevelopmenL (1he ueveloper") ls proposlng a mlxed use developmenL of Lhe 3.23 acre block locaLed beLween WesL unlverslLy Avenue and SW 2nd Avenue Lo Lhe norLh and SouLh and SW 8Lh SLreeL and SW 7Lh SLreeL Lo Lhe WesL and LasL (1he SlLe"). 1he slLe ls locaLed along Lhe SW 2nd Avenue corrldor connecLlng downLown Lo Lhe unlverslLy of llorlda. 1he close proxlmlLy and lLs cenLral locaLlon wlLhln Lhe overall lnnovaLlon Square uevelopmenL make lL a vlLal plece of Lhe puzzle. 1he pro[ecL wlll conslsL of a LoLal of 4 bulldlngs. A 3 sLory offlce/reLall/lab bulldlng conslsLlng of 110,000 (22,000/floor) currenLly exlsLs on-slLe. 1hls bulldlng wlll be rehabbed and updaLed Lo flow wlLh Lhe oLher developmenL occurrlng ln Lhe lnnovaLlon square dlsLrlcL. 1he nexL bulldlng whlch wlll be locaLed ln Lhe SouLh LasL corner of Lhe properLy wlll house a mlxed varleLy of reLall and bars/ resLauranLs. 1he sLaple LenanL of Lhls bulldlng wlll be an upscale dlne-ln movle LheaLer LhaL wlll provlde paLrons a place Lo en[oy a new release movle whlle also belng served from Lhe bar and resLauranL. 1hls bulldlng wlll be 3 sLorles Lall and 133,000 sf. 1he Leam plans on addlng an urban grocer such as ubllx or 1rader !oes Lo meeL a need noL currenLly belng saLlsfled by consumers ln Lhe area. 1he Lhlrd bulldlng wlll be locaLed on Lhe norLh slde of Lhe properLy faclng unlverslLy Avenue and wlll be a 6 sLory bouLlque hoLel conLalnlng resLauranLs, conference cenLer, and roofLop pool/bar/lounge. 1hls bulldlng wlll be fall [usL under 133,000 sf. 1he flnal sLrucLure on-slLe wlll be an auLomaLed parklng sysLem houslng approxlmaLely 73 cars per floor on 4 floors. LnLrances and exlLs wlll be locaLed on Lhe easL, souLh, and wesL sldes of Lhe slLe. 1hls pro[ecL wlll complemenL Lhe lnnovaLlon hub and surroundlng research, offlce, and dormlLory faclllLles locaLed across SW 2nd Avenue aL Lhe slLe of Lhe old Alachua Ceneral PosplLal. Cur pro[ecL wlll sLay Lrue Lo Lhe lnnovaLlon Square uevelopmenL ln LhaL lL wlll provlde a place Lo llve, work, and play." 1he exlsLlng Ayers bulldlng wlll serve as offlce and lab space LhaL wlll complemenL Lhe lnnovaLlon square dlsLrlcL. Cn Lhe flrsL floor of Lhls bulldlng wlll be home Lo a large naLlonal flnanclal lnsLlLuLlon as well as an offlce prlnLlng and shlpplng reLaller. CurrenLly Lhese Lwo Lypes of reLallers do noL exlsL ln Lhe area. 1he bouLlque hoLel wlll allow for conferences and buslness Lravelers who wlll be vlslLlng Lhe lnnovaLlon square dlsLrlcL Lo have a place Lo sLay. We modeled Lhe 3 sLory reLall bulldlng afLer a few successful developmenLs ln SouLh llorlda LhaL provlde a good mlx of reLall and resLauranLs. uockslde uevelopmenL feels LhaL lL ls Lhe dlne-ln movle LheaLer concepL wlll caLer Lo sLudenLs, famllles, and professlonals who wanL an alLernaLlve Lo Lhe currenL LradlLlonal movle LheaLers ln Calnesvllle LhaL are
D o c k s i d e D e v e l o p m e n t
Page 7 removed from downLown. 1he auLomaLed parklng garage wlll caLer Lhe vlslLors Lo Lhls slLe as well as Lhe surroundlng lnnovaLlon square developmenL. ln keeplng wlLh Lhe core prlnclples of lnnovaLlon Square, Lhe proposed pro[ecL wlll undergo sLraLeglc green" plannlng and deslgn ln whlch lL wlll be opLlmlzed Lo provlde a solld balance beLween belng envlronmenLally consclous as well as flnanclally smarL. 1he auLomaLed parklng sysLem ls a new and lnnovaLlve producL LhaL wlll conLrlbuLe Lo Lhe susLalnablllLy of Lhe pro[ecL whlle addlng much needed parklng Lo Lhe area. 1he followlng reporL presenLs our research and supporLlng lnformaLlon for Lhe slLe and proposed developmenL descrlbed above.
D o c k s i d e D e v e l o p m e n t
Page 8
needs AssessmenL Alachua CounLy and Lhe ClLy of Calnesvllle are domlnaLed by Lwo maln economlc drlvers. 1hey conslsL of Lhe unlverslLy of llorlda and Lhe Shands and veLerans AdmlnlsLraLlon (vA) hosplLal sysLems. CurrenLly, Lhe unlverslLy of llorlda ls one of Lhe largesL unlverslLles ln Lhe unlLed SLaLes wlLh over 30,000+ sLudenLs, 16 colleges, and 130 research cenLers and lnsLlLuLes. 1he overall economlc lmpacL wlLhln Lhe sLaLe of llorlda ls 8.76 bllllon per year generaLlng over 100,000 [obs sLaLewlde. 1he Shands hosplLal sysLem conslsLenLly ranks as Lhe Lop hosplLal ln Lhe SouLheasL and among Lhe Lop ln Lhe counLry. Shands aL ul ls home Lo over 300 physlclans. 1he ClLy of Calnesvllle lLself ls home Lo a populaLlon of 124,334 (247,336 counLywlde) wlLh a medlan age of 23 and a medlan household lncome of $31,426. Calnesvllle ls fllled wlLh college aged sLudenLs and young adulLs and famllles who are hlghly educaLed. As lnnovaLlon Square Lakes shape and successful sLarL-ups are reLalned, our Leam feels LhaL Lhe average household lncome could slgnlflcanLly lncrease. Cur speclflc slLe ls locaLed on Lhe corrldor (SW 2nd Avenue) connecLlng downLown Calnesvllle Lo Lhe unlverslLy of llorlda. uownLown Calnesvllle ls home Lo a varleLy of forms of enLerLalnmenL lncludlng: bars, resLauranLs, clubs, play-houses, cafe's, and reLall shops. 1here are also a good amounL of offlce properLles and mulLl-famlly and sLudenL houslng. uownLown has recenLly seen ln Lhe pasL year an lnflux of new developmenL and has Laken on Lhe shape of a vlbranL and acLlve place among young professlonals and sLudenLs. WlLh Lhe developmenL of lnnovaLlon Square Lhere wlll be a furLher lncrease ln Lhe amounL of people wanLlng Lo llve and work ln Lhe downLown area whlch wlll ln Lurn drlve demand for speclflc goods provlders LhaL are currenLly lacklng such as an urban grocer and banklng. 1he new lnnovaLlon hub bulldlng was recenLly compleLed and wlll be home Lo approxlmaLely 13 sLarL-up companles by lall 2012 housed ln Lhe 160,000 Sl faclllLy. 1hls lncrease ln worklng populaLlon Lo Lhe area wlll allow our proposed developmenL Lo complemenL Lhe hub" and oLher lnnovaLlon Square developmenLs ln Lhe near fuLure.
D o c k s i d e D e v e l o p m e n t
Page 9
leaslblllLy Analysls 1here are many dlfferenL facLors and elemenLs LhaL go lnLo analyzlng Lhe feaslblllLy of a pro[ecL of Lhls magnlLude, buL mosL lmporLanLly are Lhe developmenL's ablllLy Lo garner Lhe necessary Lrafflc Lo faclllLaLe lnnovaLlon Square becomlng Lhe go-Lo desLlnaLlon, and Lhe poLenLlal proflL and flnanclal lncenLlve Lo be derlved by Lhe lnvesLor from Lhe developmenL. C'(D&< () *++(0-&/(+ 456-'" 1he ma[or elemenL LhaL Lhls pro[ecL ls conLlngenL upon ls LhaL lnnovaLlon Square ls a successful and susLalnable pro[ecL LhaL draws ln and reLalns needed buslnesses. 1he ldea behlnd Lhe concepL ls LhaL a ma[orlLy of Lhe developable area wlLhln lnnovaLlon Square wlll be used Lo house growlng companles LhaL have emerged from Lhe unlverslLy of llorlda as well as pulllng ln oLher companles LhaL wanL Lo have close proxlmlLy Lo one of Lhe Lop academlc lnsLlLuLlons ln Lhe naLlon and Lo beneflL from Lhe consLanL sLream of hlgh quallLy sLudenLs emerglng from Lhe school. Cur pro[ecLed use wlll be a Lrafflc-drlver and creaLor, provldlng opporLunlLles for Lhe currenL resldenLs of uownLown Calnesvllle as well as Lhe 2nd Avenue corrldor, enabllng resldenLs Lo no longer have Lo embark on a long commuLe Lo have fasL-casual dlnlng, parLake ln a movle or go shopplng. noLhlng of Lhls magnlLude currenLly exlsLs ln Calnesvllle and glven lLs proxlmlLy Lo Lhe campus, downLown, a subsLanLlal amounL of sLudenL houslng opLlons and young professlonals, obLalnlng lnlLlal lnLeresL ln leaslng space (40-30 lease-up pro[ecLlons) wlll noL be dlfflculL. Powever, Lhe rlsk lles ln Lhe lncrease ln Lhe base renL values aL Lhe polnL of sLablllzaLlon (3-3 years afLer openlng dependlng on Lhe use). Whlle Lhls ls a vlable pro[ecL even ln Loday's envlronmenL, Lhe only way LhaL hlgher renLs can be commanded glven Lhe hlsLory of boLh reLall and offlce uses ln Calnesvllle, ls lf Lhe surroundlng properLles ln lnnovaLlon Square are developed and Lhere ls a slgnlflcanLly hlgh amounL of dally fooL-Lrafflc as a resulL LhaL would [usLlfy hlgher lease raLes. AnoLher lssue ls Lhe ablllLy Lo convlnce reLallers, resLauranLs and sLores Lo lease ln Lhls locaLlon. lor Lhe flrsL Lhree years Lhe renLs wlll be low enough Lo [usLlfy reLallers Laklng a blL of a rlsk, buL we wlll sLrucLure every lease Lo ensure LhaL Lhey are commlLLed beyond Lhe polnL of Lhe base renL bump. Powever, Lhe normal meLrlcs LhaL reLallers use such as medlan lncome wlll noL apply here as a good number of Lhe lndlvlduals LhaL wlll lnlLlally frequenL Lhls space are sLudenLs and Lhey are llvlng off of sLudenL loans and checks from Lhelr parenLs. 1herefore, we wlll need Lo conducL a sLudy Lo deLermlne Lhe amounL of dlscreLlonary lncome LhaL ls spenL
D o c k s i d e D e v e l o p m e n t
Page 10 from lndlvlduals LhaL llve wlLhln a parLlcular radlus of our slLe and convlnce reLallers LhaL as a meLrlc lL would be a beLLer baromeLer as Lo Lhe sales Lhey would be able Lo garner ln Lhls space. vacancy 8lsk: vacancy begeLs vacancy and lL seems Lo be a Lype of lnfecLlon or vlrus ln Lhe reasl esLaLe sysLem. ln order Lo ensure LhaL Lhls ls a vlable and susLalnable pro[ecL wlLh Lhe acLlvlLy belng generaLed LhaL we requlre lL Lo, we wlll have Lo be aggresslve ln a pre-leaslng sLraLegy, Lo have creaLlve markeLlng and creaLe buzz abouL Lhe space. CosL 8lsk: CosL ls always a dlfflculL varlable Lo esLlmaLe and lL can flucLuaLe dependlng on Lhe economlc envlronmenL, oLher pro[ecLs belng performed aL Lhe same Llme and unforeseen clrcumsLances. 1herefore, we have Lrled Lo be as conservaLlve as posslble ln our cosL esLlmaLes and have added a generous conLlngency and sofL cosL facLor Lo ensure LhaL even Lhe blggesL surprlses ln Lhe developmenL of Lhe pro[ecL would noL acLually lead Lo a flnanclal surprlse. We could have declded LhaL Lhe besL use for Lhls slLe was a slngle purpose bulldlng lnLended Lo brlng ln large companles looklng for offlce space wlLhln lnnovaLlon Square and Lo be one of Lhe flrsL spaces avallable for LhaL use ln anLlclpaLlon of LhaL deslre. Powever, for Lwo reasons we LhoughL lL prudenL Lo creaLe a mlxed-use developmenL pro[ecL lnsLead. llrsLly, ln order Lo mlLlgaLe Lhe rlsk LhaL lnnovaLlon Square wlll Lake some Llme Lo caLch on and grow, Lhe creaLlon of a space LhaL has small offlces LhaL wlll be able Lo servlce smaller uses LhaL would appeal Lo Lhe communlLy aL large (accounLanLs, law flrms, eLc.). Secondly, lL ls uses such as Lhls LhaL are needed and necessary Lo move lnnovaLlon Square forward. Whlle lnnovaLlon Square ls a novel ldea, Lhose companles LhaL are looklng Lo be a parL of lL wlll wanL Lo see LhaL Lhere ls a progresslve hlgher-end hoLel, sufflclenL reLall and amenlLles LhaL Lhey would en[oy ln oLher clLles. 1herefore, we vlew our developmenL pro[ecL as havlng a symbloLlc relaLlonshlp wlLh lnnovaLlon Square. Cur properLy wlll be successful even lf lnnovaLlon Square Lakes Llme Lo develop, however lnnovaLlon Square should develop aL a fasLer raLe wlLh uses llke our developmenL whlch wlll ln Lurn lead Lo greaLer economlc beneflLs Lo lnvesL ln Lhls pro[ecL. We belleve ln Lhe success of lnnovaLlon Square glven Lhe resources and money LhaL ls belng devoLed Lo lL by Lhe unlverslLy of llorlda, however as a maLLer of feaslblllLy Lhls pro[ecL wlll sLlll generaLe a poslLlve reLurn even lf lnnovaLlon Square Lakes anoLher 3 years Lo be a successful pro[ecL. Should lnnovaLlon Square brlng ln and reLaln buslnesses and culLlvaLe a worklng envlronmenL LhaL people wanL Lo llve around and be a parL of, we are pro[ecLlng LhaL sLablllzaLlon wlll be reached ln years 3 Lhrough 3 afLer Lhe ground openlng (years 3 - years 7 ln acLual nCl Lerms).
D o c k s i d e D e v e l o p m e n t
Page 11 EBB"77/F/1/&> () E'"- A maLLer LhaL ls of some rlsk Lo Lhe ulLlmaLe success of lnnovaLlon Square and Lherefore our pro[ecL ls Lhe accesslblllLy of Calnesvllle Lo oLher clLles. Calnesvllle lles equldlsLanL Lo !acksonvllle and Crlando, however Lhere ls no ma[or rall LhaL passes Lhrough Calnesvllle and Lhe alrporL ls a smaller communlLy alrporL whlch does noL servlce larger alrllnes and only connecLs Lo Mlaml, ALlanLa and CharloLLe whlch could be a deLerrenL for some corporaLlons Lo declde Lo parLlclpaLe ln lnnovaLlon Square. We Lhlnk LhaL lnlLlally Lhls wlll noL be as much of a facLor as smaller growlng buslnesses wlll noL need Lo Lake Lhls lnLo accounL as much especlally slnce Lhey wlll sLlll have easy access Lo Lwo ma[or buslness eplcenLers ln close proxlmlLy Lo lL Lhrough Lhe alrporL. Powever, ln order Lo help guaranLee Lhe success of lnnovaLlon Square whlch ln Lurn would guaranLee our success we, along wlLh unlverslLy of llorlda and oLher holders of properLy wlLhln lnnovaLlon Square and Calnesvllle aL large, would need Lo peLlLlon Calnesvllle Lo enLer lnLo dlscusslons and conslderaLlon of enlarglng Lhelr alrporL ln order Lo encourage growLh ln Lhe Lax-based and success use and deslre for lnnovaLlon Square.
D o c k s i d e D e v e l o p m e n t
Page 12 ro[ecL vlslon A clLy consLanLly Lransforms and evolves wlLh changes and flucLuaLlons ln lLs demographlcs, markeL demands, culLure and economlc acLlvlLles. Calnesvllle ls no excepLlon and has seen gradual shlfL from Lyplcal college Lown Lo a more fuLurlsLlc and commerclally vlbranL place. 1he markeL demands and preferences have gone Lhrough much lLeraLlon and are sLlll ln Lhe process of shaplng Lhe new lmage of Calnesvllle. lnvesLors, developers, fuLurlsLs, economlsLs and academlclans allke have sLarLed Lo vlew Calnesvllle as a hub for lnnovaLlons, enLrepreneurshlp, and commerclal revoluLlon. 1hls change ls evldenL from Lhe facL LhaL reLall, sLudenL houslng, offlce spaces, enLerLalnmenL and recreaLlonal hubs, eLc. are wlLnesslng growlng lnLeresL from a varleLy of players ln Lhe naLlonal markeL. ln order Lo address Lhls lnLeresL, bullL spaces have mushroomed all over Lhe clLy ln recenL pasL buL surprlslngly mosL of Lhem lack dlsLlncLlve characLer or sLyle. Also Lhe vlslon of Lhese developmenLs are based on enLrepreneurlal lncenLlves and do noL encompass Lhe economlc conLrlbuLlon Lo Lhe socleLy. Calnesvllle needs spaces and cenLers LhaL have archlLecLural sLyle and synerglsLlc characLer. We need spaces LhaL are noL only 'places Lo shop' or 'place Lo work' buL 'place Lo work, llve, en[oy and have a wonderful Llme'. Cur pro[ecL ls a desperaLe efforL Lo deflne a new era of developmenL ln Calnesvllle. 1he pro[ecL alms aL creaLlng new [obs for Lhe sLudenLs and resldenLs of Calnesvllle, unlverslLy of llorlda, SanLa le, vA PosplLal and Shands. 1he clLy of Calnesvllle wlll be a ma[or sLakeholder ln Lhe pro[ecL. We lnLend Lo revlve and redeflne Lhe clLy's poLenLlal as a clLy of Lhe lnnovaLlons. 1he vlslon ls Lo develop a mlxed-use properLy whlch noL only ls dlsLlncL ln archlLecLural sLyle buL also provldes recreaLlonal spaces such as resLauranLs, shopplng, roof-Lop parLy area, eLc. along wlLh work spaces and hlgh-end resldenLlal spaces. Cur lnLenLlon ls Lo caLer Lo Lhe growlng demand of reLall, houslng and recreaLlonal spaces closer Lo Lhe unlverslLy as well as uownLown. We have broughL ln a unlque mlx of varled uses whlch noL only makes sure Lhe place ls vlbranL and happenlng ln Lhe evenlngs buL equally abuzz durlng Lhe day Llme. We lnLend Lo meeL Lhe demands of sLudenLs, resldenLs, workers and almosL all caLegorles ln Lhe demographlcs. 8y brlnglng LogeLher varled uses we are also addresslng Lhe key lssues of developmenL: rlsk dlverslflcaLlon and reLurn maxlmlzaLlon. An ldea, a new sLyle of developmenL, and a promlse Lo conLrlbuLe Lo Lhe glory of Lhe Calnesvllle by creaLlng a landmark LhaL fosLers new school of LhoughLs.
D o c k s i d e D e v e l o p m e n t
Page 13 8evlew of SlLe and nelghborhood CondlLlons 1he prevlously developed 3.23 AC slLe (8lock 809) ls bounded on Lhe norLh by W. unlverslLy Ave., Lhe SouLh by S.W. 2nd Ave., Lhe WesL by S.W. 8Lh SL., and on Lhe LasL slde by S.W. 7Lh SL. 1he currenL slLe enLalls a flve sLory commerclal/medlcal faclllLy know as Ayers Medlcal laza LhaL house docLor's offlces and relaLed medlcal uses such as a pharmacy and walk ln emergency care faclllLles. We esLlmaLe Lhe exlsLlng bulldlng Lo be roughly LhlrLy Lo forLy years old and ls generally accepLed as belng ouLdaLed and ln need of resLoraLlon or demollLlon. 1he exlsLlng bulldlng ls locaLed ln Lhe souLhwesLern quadranL of Lhe parcel and Lhe remalnder of Lhe slLe ls uLlllzed for surface parklng needs as well as sLorm waLer managemenL and lncludes asphalL, curblng, and llghLlng. LxlsLlng vegeLaLlon wlLhln Lhe slLe boundarles conslsLs of landscape lslands and pockeLs as well as perlmeLer bufferlng accompanled by a chaln llnk fence. 1he exlsLlng vegeLaLlon ls prlmarlly oaks, palms and shrubs. vehlcular access Lo Lhe slLe ls provlded by Lhree separaLe connecLlons. Lach of Lhe Lhree connecLlon polnLs, S.W. 2nd Ave., S.W. 8Lh SL. and S.W. 7Lh SL. provlde boLh rlghL ln rlghL ouL as well as lefL ln lefL ouL access. Sldewalks also exlsL ln Lhe publlc 8CW's and faclllLaLe pedesLrlan access Lo Lhe slLe. lurLhermore, Lhe 8eglonal 1ranslL SysLem (81S) provldes numerous bus sLops ln Lhe area lncludlng dlrecLly ad[acenL Lo Lhe slLe off of boLh W. unlverslLy Ave. and S.W. Second Ave. lnvesLlgaLlon of Lhe uLlllLy lnfrasLrucLure whlch serves Lhe exlsLlng slLe ls ongolng aL Lhls Llme. Powever, Lhe parcel ls clearly served by exlsLlng poLable waLer, sanlLary sewer, lrrlgaLlon, elecLrlc, phone, cable and relaLed lnfrasLrucLure. 1he ad[acenL slLes Lo Lhe SouLh, LasL and WesL all lle wlLhln Lhe new lSu (lnnovaLlon Square ulsLrlcL) or dlrecLly ln Lhe Core ulsLrlcL. All are envlsloned for a comblnaLlon of sclence/research laboraLorles and offlces as well as resldenLlal and hosplLallLy uses. 1he newesL addlLlon ls an exclLlng developmenL [usL Lo Lhe souLh wesL of Lhe sub[ecL properLy locaLed ln Lhe Core ulsLrlcL LhaL ls known as Lhe lnnovaLlon Pub. 1he lnnovaLlon Pub ls a 48,000 Sl faclllLy LhaL ls Lo house sLarLup companles grown ouL of Lechnology developed aL Lhe unlverslLy of llorlda and elsewhere ln Lhe sLaLe. lL opened on !an. 12, 2012 Lo much acclalm. 1he grand openlng was aLLended by llorlda SenaLor 8lll nelson, Calnesvllle Mayor Cralg Lowe, ul resldenL 8ernard Machen as well as Lhe u.S. AsslsLanL SecreLary of Commerce for Lconomlc uevelopmenL. CLher exlsLlng ad[acenL slLe uses currenLly lnclude a comblnaLlon of commerclal, reLall and resldenLlal uses.
D o c k s i d e D e v e l o p m e n t
Page 14 lnvesLlgaLlon of Lhe MarkeL and CompeLlLlve ro[ecLs 1he unlqueness and breadLh of our pro[ecL wlll Lruly seL lL aparL from all oLher pro[ecLs and producL Lypes ln Calnesvllle. ln researchlng Lhe compeLlLlon uockslde uevelopmenL came across some reLall pockeLs, some offlce pockeLs, a few hoLels, and some resLauranL bar areas buL none LhaL encompassed everyLhlng LhaL wlll be lncluded on our slLe. WlLh Lhe maln focus of our pro[ecL belng Lhe resLauranL/bar/movle LheaLer concepL we found Lwo ma[or compeLlLors ln 8uLler laza and laza 8oyale. 8uLler laza ls Lhe largesL wlLh 1.2 mllllon square feeL of reLall lncludlng a movle LheaLer. 1hls properLy ls one of Lhe largesL power cenLers ln Lhe souLh easL and a hlgh Lrafflc area wlLhln Calnesvllle. 1he properLy ls owned and managed by 8uLler laza LnLerprlses. 8uLler laza sLreLches for approxlmaLely one mlle from l-73 Lo SW 34Lh SLreeL ln Calnesvllle, llorlda. WlLh over 1 mllllon square feeL, 8uLler laza Lhe largesL ln Lhe SouLheasL. 1he properLy has over 100 LenanLs lncludlng Lwo supermarkeLs, cloLhlng sLores, shoe sLores, a movle LheaLer, varlous speclalLy sLores, peL care sLores, dlscounL deparLmenL sLores, 1argeL, Wal-MarL, Lowes, CfflceMax, 8esL 8uy and CvS urug SLores. 8uLler plaza ls currenLly leaslng for anywhere from 30- mld 40's per square fooL. 1he second ma[or compeLlLor we found was laza 8oyale locaLed on Lhe norLh slde of newberry 8oad wesL of SW 34Lh SLreeL. laza 8oyale ls a mlxed use, llfesLyle cenLer wlLh a mlx of resLauranLs, apparel and oLher reLall shopplng, offlces and aparLmenLs. 1he enLlre cenLer encompasses approxlmaLely 91,000 square feeL of commerclal space and approxlmaLely 12,000 square feeL of resldenLlal space on a 12 acre slLe. Many of Lhe food servlce esLabllshmenLs complemenL Lhe ad[acenL 16 screen 8egal Clnemas offerlng cusLomers Lhe ablllLy Lo en[oy dlnner and a movle aL one locaLlon. CurrenL LenanLs lnclude ledLx Cfflce, Cold SLone Creamery, 1alboLs, Chlco's, Moe's SouLhwesL Crlll, laneL SmooLhle, Peavenly Pam, 88vA Compass 8ank, 1uesday Mornlng, SLonewood 1avern, veLerans AdmlnlsLraLlon, SLaLe larm lnsurance, Allure, ueparLmenL of MlllLary Affalrs, unl k Wax CenLer, Coffee CulLure, and 8enLo Cafe. laza 8oyale ls currenLly belng leased beLween $11-20 per square fooL. AlLhough Lhese Lwo compeLlLlve properLles provlde a slgnlflcanL amounL of reLall and resLauranLs Lhey sLlll do noL encompass all LhaL ls Lo be developed under our plan. Lach of Lhe compeLlLors are locaLed approxlmaLely 3 mlles from Lhe sub[ecL slLe and boLh caLer Lo a group of people who wlll drlve Lo Lhelr properLy. 1he lace" wlll predomlnanLly be used by sLudenL and young professlonals llvlng wlLhln walklng dlsLance who wanL Lo experlence an upscale nlghL
D o c k s i d e D e v e l o p m e n t
Page 15 and day experlence, close Lo campus and downLown. nelLher of Lhe oLher Lwo compeLlLlve movle LheaLers offer a dlne-ln experlence. CLher pockeLs of reLall, bars, and resLauranLs are scaLLered LhroughouL Calnesvllle however none wlll have Lhe draw LhaL 1he lace" wlll. WlLh lLs ldeal locaLlon lL wlll flow synerglsLlcally wlLh downLown, lnnovaLlon square, and Lhe sLudenL communlLy. uockslde uevelopmenL does noL see Lhe compeLlLlon Lo be a hlnderlng facLor ln golng Lhrough wlLh Lhls pro[ecL due Lo lLs dlsLance Lo Lhem as well as Lhe unlqueness LhaL Lhe pro[ecL would have.
D o c k s i d e D e v e l o p m e n t
Page 16 AssessmenL of ollLlcal, Legal, and CommunlLy SupporL for Approval We are ln Lhe unlque and very forLunaLe poslLlon of havlng a proposed pro[ecL LhaL ls Lallor made Lo sulL Lhe goals of Lhe governmenLal auLhorlLles. 1hls ls noL by chance buL raLher by deslgn. Cur slLe's proposed use of a comblnaLlon of reLall, offlce and hoLel space along wlLh above ground parklng faclllLles are deslgned Lo be ln harmony wlLh Lhe zonlng classlflcaLlon and larger lnnovaLlon Square vlslon. 1he slLe lles wlLhln Lhe lnnovaLlon Square ulsLrlcL (lSu) and dlrecLly ad[acenL Lo Lhe Core ulsLrlcL. 1he sLaLed purpose of Lhe lSu ls for mlxed use lmprovemenLs" LhaL supporL Lhe Core ulsLrlcL's funcLlon as Lhe cenLral plece of research and lnnovaLlon. lnnovaLlon Square ls envlsloned as a mlxed-use research nelghborhood LhaL ls Lo connecL Lhe unlverslLy of llorlda Lo downLown Calnesvllle. 1he ClLy of Calnesvllle and Lhe Calnesvllle CommunlLy 8edevelopmenL Agency (C8A) have been essenLlal parLners ln laylng Lhe groundwork for lnnovaLlon square and have spearheaded efforLs Lo faclllLaLe Lhe ease of permlLLlng and developmenL. A new zonlng classlflcaLlon (uMu- 2) and modlflcaLlons Lo Lhe regulaLory process have been lmplemenLed wlLh Lhe goal ln mlnd of removlng obsLacles Lo developmenL raLher Lhan creaLlng new ones. 1he uMu-2 zonlng classlflcaLlon was creaLed Lo promoLe and encourage redevelopmenL of exlsLlng urban commerclal areas and nelghborhoods near Lhe unlverslLy of llorlda. An uncommon amounL of flexlblllLy has been bullL lnLo Lhe developmenL regulaLlons Lo fosLer Lhese sLaLed redevelopmenL goals and sLreamllne Lhe regulaLory process. ln addlLlon Lo supporL ln Lhe form of favorable zonlng and regulaLory pollcles Lhe larger redevelopmenL efforLs are enLhuslasLlcally supporLed by Lhe Chamber of Commerce. 1he chamber has formed a communlLy lnlLlaLlve known as lnnovaLlon Calnesvllle (lC) LhaL ls sLrlvlng Lo capLure new lnnovaLlons LhaL wlll lead Lo new [obs ln Lechnology and Lhe susLalnablllLy secLors. uue Lo Lhe very hlgh proflle naLure of lnnovaLlon Square we know LhaL Lhe larger developmenL dld noL geL Lhls far wlLhouL enLhuslasLlc supporL from local buslnesses and resldenLs boLh far and wlde. 1he pro[ecL ls Lruly ln an exLremely favorable poslLlon wlLh respecL Lo pollLlcal supporL from Lhe CounLy, ClLy, unlverslLy and oLher pollLlcal players and communlLy and buslness leaders. lor a recenL example of Lhe beneflLs of havlng such an ouLsLandlng developmenL envlronmenL pollLlcally, one need only look dlrecLly across S.W. 2nd Ave Lo see Lhe newly flnlshed lnnovaLlon Pub.
D o c k s i d e D e v e l o p m e n t
Page 17 We envlslon Lhls pro[ecL Lo ulLlmaLely be Lhe nexL ouLsLandlng example of whaL can be done when boLh publlc and prlvaLe lnLeresLs collaboraLe lnLelllgenLly.
D o c k s i d e D e v e l o p m e n t
Page 18 Cvervlew of key SusLalnable Core ComponenLs !"# "%&'()#%* +,- .&/ 012342'5( &'4 6#**1'2+2-( &%- 4-(25'-47 0123+ &'4 #8-%&+-47 -'&032'5 &' -'92%#'*-'+&33/ &'4 (#62&33/ %-(8#'(203-7 ,-&3+,/ &'4 8%#(8-%#1( -'92%#'*-'+ +,&+ 2*8%#9-( +,- :1&32+/ #) 32)-; - Mlsslon sLaLemenL of Lhe unlLed SLaLes Creen 8ulldlng Councll (uSC8C) Lmbraclng Lhe mlsslon sLaLemenL of Lhe uSC8C, our developmenL vlslon ls Lo deslgn, bulld and operaLe a hlghly susLalnable pro[ecL LhaL wlll be ln harmony wlLh Lhe ldeals and values behlnd Lhe lnnovaLlon Square nelghborhood and larger unlverslLy of llorlda communlLy. Cur developmenL Leams own volunLary benchmark for success ls Lo obLaln Lhe hlghly presLlglous SlLvL8" Leadershlp ln Lnergy and LnvlronmenLal ueslgn (LLLu) cerLlflcaLlon. ln an efforL Lo achleve our developmenL vlslon we have begun Lo parLner wlLh deslgn and bulldlng professlonals of a llke mlnd and wlll be worklng Lo lncorporaLe Lhe followlng key susLalnable componenLs lnLo Lhe pro[ecL: SlLe SusLalnablllLy - SlLe selecLlon (prevlously developed slLe) - uevelopmenL uenslLy and CommunlLy ConnecLlvlLy - AlLernaLlve 1ransporLaLlon MeLhods (publlc LransporLaLlon, blcycle sLorage, low - emlLLlng and fuel efflclenL vehlcles preferences, carpool preferences) - AuLomaLed 8oboLlc arklng laclllLy (see below for deLalls) - SLormwaLer ueslgn (quanLlLy and quallLy conLrols) WaLer Lfflclency - use of WaLer LfflclenL Landscaplng - lnnovaLlve WasLewaLer 1echnologles (waLer conservlng flxLures) Lnergy and ALmosphere - CpLlmlze Lnergy erformance ( bulldlng energy slmulaLlon) - Lnhanced Commlsslonlng (deslgnaLe lndependenL commlsslonlng auLhorlLy Lo oversee deslgn and posL occupancy revlews) MaLerlals and 8esources - ConsLrucLlon WasLe ManagemenL (dlverL wasLe from landfllls, recycle) - 8ecycled ConLenL (reducLlon of demand for recycled maLerlals) lndoor LnvlronmenLal CuallLy - lncreased venLllaLlon - CuLdoor Alr uellvery MonlLorlng
D o c k s i d e D e v e l o p m e n t
Page 19 - ConsLrucLlon lndoor Alr CuallLy ManagemenL lan (before occupancy) - uLlllzaLlon of Low-LmlLLlng MaLerlals (reduce lndoor alr conLamlnanLs) - ConLrollablllLy of SysLems (llghLlng and Lhermal) - 1hermal ComforL (deslgn and verlflcaLlon) - uayllghLlng (connecLlng occupanLs wlLh Lhe ouLdoors) AuLomaLed 8oboLlc arklng laclllLy We aL uockslde uevelopmenL are parLlcularly exclLed abouL our susLalnable and cuLLlng edge deslgn Lo accommodaLe Lhe parklng needs of Lhe employees and paLrons of our new developmenL. 1he proposed deslgn uLlllzes a mechanlcal operaLlng sysLem LhaL allows users Lo never leave Lhe ground floor Lo park Lhelr vehlcle and allows for much greaLer denslLy wlLhln a slmllarly slzed parklng faclllLy. 1he user slmply drlves lnLo Lhe cenLral loadlng area and parks, Lhere ls no need Lo drlve up and down ramps searchlng for a parklng space. upon reLurnlng Lhe user wlll enLer a code and Lhelr car wlll be dellvered Lo Lhem ln less Llme Lhan lL Lakes Lo walk Lo your car and navlgaLe back ouL of a Lyplcal parklng garage. We esLlmaLe LhaL Lhe deslgn wlll consume roughly half Lhe space of a convenLlonal parklng garage. Pere are [usL a few of Lhe beneflLs LhaL make our auLomaLed parklng deslgn Creener": - LllmlnaLlon of carbon emlsslons slnce cars are Lurned off once ln Lhe garage - Palf Lhe maLerlals are used ln Lhe consLrucLlon of Lhe garage - Less elecLrlclLy ls requlred due Lo reduced llghLlng and venLllaLlon requlremenLs - referenLlal parklng wlll be granLed Lo elecLrlc and hybrld vehlcles (as referenced prevlously) ln addlLlon Lo Lhe green aspecLs of Lhe deslgn Lhere are oLher slgnlflcanL beneflLs as well: - AuLomaLed parklng ls safer - consumers do noL enLer Lhe sLrucLure oLher Lhan a small cenLral common area whlch ls easy Lo monlLor and secure - AuLomaLed parklng ls more secure - problems LhaL plague convenLlonal parklng garages are ellmlnaLed such as LhefL, vandallsm and accldenLs - 1ax beneflLs avallable from equlpmenL acceleraLed depreclaLlon - Less consLrucLlon Llme - lmproved user experlence (we belleve Lhls wlll asslsL us ln achlevlng a fasLer lease up Llme) LasLly, because our deslgn ls slgnlflcanLly more efflclenL Lhan a convenLlonal parklng garage and wlll consume less space we are preservlng more room for open space, offlce, reLall and hoLel uses whlch wlll make for a more aLLracLlve and lnnovaLlve developmenL. A deslgn LhaL ls slmpaLlco wlLh Lhe lnnovaLlon Square vlslonarles!
D o c k s i d e D e v e l o p m e n t
Page 20 G(B@7/." G"0"1(23"+& ?-B'( 4B<".61" H I(+B"2& &<'6 C'-+. =2"+/+, <88%#=2*&+-3/ >? @#'+,( 1he pro[ecL schedule/Llmellne below encompasses Lhe broad/crlLlcal mllesLone Lasks, shown ln a sLarL-end sequenclng program (for slmpllclLy) LhaL we wlll uLlllze Lo furLher reflne sub Lasks and deLall as we move forward wlLh our deslgn and consLrucLlon Leam. lL ls our lnLenLlon Lo begln consLrucLlon roughly one year from now whlch we feel ls an aggresslve buL achlevable goal. 1he lnLervlewlng of archlLecLs and oLher fronL end consulLanLs wlll begln lmmedlaLely and we plan Lo ulLlmaLely puL Lhe pro[ecL ouL Lo bld for consLrucLlon servlces uLlllzlng a modlfled 8l process. references wlll be glven Lo conLracLors and consulLanLs already lnvolved ln Lhe lnnovaLlon Square communlLy and who can besL offer lncreased value added servlces by provldlng Lurnkey and susLalnable capablllLles. ueslgn charreLLe's wlll be lncorporaLed lnLo Lhe process early on and uockslde uevelopmenL wlll be lnvlLlng selecLed members of Lhe Calnesvllle CommunlLy 8edevelopmenL Agency (C8A) and Lhe ClLy Lo parLlclpaLe and collaboraLe wlLh Lhe formal deslgn Leam LhroughouL Lhe process. We feel LhaL Lhls conLlnulLy wlll decrease energles assoclaLed wlLh redeslgn and help us Lo achleve our goal of breaklng ground nexL year. uurlng Lhe consLrucLlon phase all besL managemenL pracLlces wlll be uLlllzed and Lhe consLrucLlon wlll be marked by a safeLy flrsL" approach. lnlLlal slLe preparaLlon wlll lnclude Lhe removal of Lhe exlsLlng asphalL parklng loL and relaLed appurLenances as well as prellmlnary preparaLlon for renovaLlons Lo Lhe Ayers bulldlng. AddlLlonally, any off-slLe lmprovemenLs (such as uLlllLy upslzlng/rerouLlng and vehlcular access polnL relocaLlon) wlll begln aL Lhls sLage and conLlnue durlng Lhe verLlcal consLrucLlon phase as necessary. ConsLrucLlon of Lhe new bulldlngs wlll be conducLed concurrenLly Lo Lhe exLenL posslble however we do anLlclpaLe some lag Llme due Lo Lhe physlcal consLralnLs and challenges posed by Lhe slLe. llnal slLe work, pavlng, landscaplng and relaLed wlll be compleLed lasL. Cur vlslon ls Lo have a grand openlng beglnnlng new ?ears Lve of 2014 and run Lhrough Lhe weekend, whlch we feel wlll allow us Lo capLure a unlque markeLlng opporLunlLy.