Feasibility Analysis of Straz Infill, City of Tampa

City of Tampa: Straz Infill Project

Feasibility Analysis

Real Estate Development Course University of South Florida Fall 2012 Debra Bernal Todd Engala Shane Ross

Table of Contents 1.

Introduction ................................................................................... 3

15. Appendices .................................................................................. 19

2.

Project Overview ........................................................................... 3

15.1 All Market Rent Properties ................................................ 19

3.

Background on the Cultural District .............................................. 4

15.2 STR Report for Tampa, FL .................................................. 20

3.1 Events that activate the Cultural District ............................... 5

15.3 Scenario 1: Data ............................................................... 32

Tampa Housing Market ................................................................. 6

15.4 Scenario 2: Data ............................................................... 42

4.1 Market Reports: ..................................................................... 7

15.5. Scenario 3: Data ............................................................... 52

4.

5.

Residential Developments............................................................. 7

6.

Tampa as an Urban Center ............................................................ 7

8.

Comparables .................................................................................. 9 8.1 Comparables Totals and Averages ....................................... 10

9.

Development Scenarios............................................................... 11 9.1 Scenario 1:Intown|Framework Group, LLC, Proposal ......... 11 9.2 Scenario 2: Office/Dance Studio/Retail Proposal ............... 12 9.3 Scenario 3:Boutique Hotel/Spa/Restaurant Proposal ......... 13

10. Data Analysis ............................................................................... 14 11. Investment Opinion ..................................................................... 15 12. Triple Bottom Line Analysis ......................................................... 16 13. Building with LEED ....................................................................... 17 14. Acknowledgements ..................................................................... 18

1. Introduction The following report is compiled in efforts to evaluate the feasibility of a development project within the heart of the Tampa’s downtown cultural district. The City of Tampa looks to foster the advancement of a new urban appeal and appearance to its current cityscape. Three development scenarios are offered within this report; the data focuses on providing information and research to help determine the highest and best use between these scenarios. The City of Tampa hopes to conclude its request for proposals with an action plan to redevelop this infill area. Through this endeavor, the City hopes to attract more activity and pedestrian traffic to its arts district’s museums, parks, and theaters. Along with improving community engagement, the City looks to utilize this project as a means to stimulate one of its Downtown Tampa Community Redevelopment Areas (CRA).

2. Project Overview The City of Tampa endeavors to bolster its reputation as an urbancentric municipality with increasing attention given to its cultural and arts community assets. These features will also continue to improve upon Tampa’s current residential, commercial, and retail markets while cultivating an environment that would re-infuse the Cultural District with more foot traffic and activity, and engage more of its patrons to visit downtown and its Riverwalk.

In August of 2012, the City of Tampa solicited Request for Proposals (RFPs) for a development project located in the Cultural District of its Community Redevelopment Area (CRA). The location of the proposed

development is South of the Straz Center, and West of the John Germany Public Library in Downtown Tampa, FL. The Intown|Framework Group, LLC submitted a response to the RFP call.

Intown|Framwork Group’s proposal highlights an Art Deco-styled, high-rise building with up to 35 floors. The building would contain 350 residential units, up to 600 parking spaces, 15,000 square feet of retail space, and an amenities deck to include a pool, club room and fitness center. The improvements to the site would also look to improve the street grid along Cass Street and West Tyler Street in hopes of creating a more traditional street alignment.

Intown|Framwork Group, LLC offered to work with USF’s Real Estate Development as a graduate-level project. An interdisciplinary panel of USF graduate students was selected to review the development options for this site. The USF graduate students compiled this report to compare and contrast three separate scenarios in developing the site. Through vetting various real estate development concepts and market reports, the highest and best use between these three scenarios is determined.

This report will re-evaluate the current market and cash flow models to determine the project’s feasibility as well as providing two additional two scenarios offered by the USF graduate students. The report will reflect unleveraged financial constraints and other pertinent data inputs. Additional scenarios will be outlined to include alternative configurations that may lead to a better financial picture for the investors or developers’ revenue stream.

3. Background on the Cultural District The targeted parcel is located within the Cultural District of the City’s Central Business District (CBD). The district was created to unify cultural arts within downtown Tampa.

The original core redevelopment of the CBD was established in 1983, and was amended in May of 1988 to include the non-core redevelopment area. (See image below).

The non-core redevelopment area is west of the core redevelopment area downtown and runs along Hillsborough River. The non-core redevelopment area of the CBD is divided further into seven districts as seen in the following diagram.

The Cultural District is considered part of the City of Tampa’s noncore Central Business District (CBD). This is a large area that spans from the northwest of the city to the far-east side near to historical Ybor City. (See image below).

Central Business District – Site Identified.

Central Business District – 7 separate districts

Several studies and proposals have identified the Cultural District as the Arts District, the Performing Arts Area, and other similar titles.

Some have described areas centered on the Tampa Museum of Art and/or the David A. Straz Jr. Center for Performing Arts, extending considerably east of Ashley Drive as far as the Tampa Theater on the east side of Franklin Street. Our analysis identified four key cultural facilities that comprise the current Cultural District—the David A. Straz Jr. Center for Tampa Bay Performing Arts, John F. Germany Main Library, glazer children’s museum, existing and new Museum of Art, and the Henry B. Plant Museum in the West Bank area.

While this cluster of existing facilities is smaller than the “Cultural District” that many people define, from a usage standpoint the Ashley Drive barrier presently divides these uses from the rest of downtown Tampa. The forthcoming Ashley Drive redesign process will, hopefully, calm traffic and reduce this barrier effect. The Plant Museum and Plant Park also function somewhat independently of the other three due to the barrier effect of the river. Nevertheless, from the standpoint of a nucleus of cultural arts facilities, the Arts District will have a future tendency to breach the Ashley Drive barrier and link, from a pedestrian and usage standpoint, to a revitalized North Franklin Street corridor.

The Cultural District seeks expansion to the east to link with the core area and to take better advantage of its waterfront frontage on both the eastern and western shores of the river.

3.1 Events that activate the Cultural District Programs and Services in the Arts District 

Curtis Hixon Waterfront Park continues to evolve as the central gathering place for outdoor entertainment and recreational activities.



The Glazer Children’s Museum exceeded its first year attendance goal within nine months of opening.



Tampa hosted the World Dragon Boat Racing Championship which attracted thousands of visitors to Downtown.



The Downtown CRA continued its support of Downtown activities, including ArtLOUD, the Twilight Criterium,



Downtown Market, and the Friday Extra Concert Series.



City staff began implementing the HUD Challenge Grant scope of work for the Nebraska-Hillsborough Avenue Primary



Corridor Master Plan to promote transit-oriented development in downtown and the surrounding communities.



HART presented the MetroRapid North-South final design concept to the public. The new service route will run along N. Nebraska Ave/Downtown to Fletcher Ave.

(City of Tampa, Community Redevelopment Area, www.tampagov.net. Retrieved Nov. 2012)

4. Tampa Housing Market Some examples include: The City of Tampa is the center hub of Hillsborough County, and is one of the largest metropolitan areas in the southeast region. The Tampa Bay metropolitan statistical area (MSA) is made up of four counties: Hillsborough, Pinellas, Pasco and Hernando. Tampa is one of the largest MSA in the U.S. ranking 19th overall. The City has a diverse of businesses sector including large financial service firms, IT, bioscience, various high-tech, health, hospitality/ travel, and international trade. Tampa touts itself as the gateway to Florida’s High Tech Corridor including biotech, nanotechnology, aerospace and homeland security fields. As the economy slowly recovers, the Tampa Bay area also regains its financial stability as it looks to improve continued growth in job creation and overall community vitality.

The region features multilingual and highly-trained workforce along with support from outstanding local higher educational institutions.

The Tampa Bay area also has a low cost of living, affordable housing, and leads the country in job availability over the last few months.

The region is primed to attract people and businesses who want to relocate to Tampa Bay. But the City of Tampa continues to experience a slow-paced return of businesses, retail, and residents into its city limits. However, great strides toward reaching that end goal have been witnessed throughout the district. Officials want to attract more people and businesses to move into the City of Tampa. The City sees it imperative to grow a greater density of a full-time population in order to achieve its over-arching goal of an urban center. Part of their plan includes the revitalization the arts and cultural activities within the City. And a major focus of those efforts continues to be the Cultural District and its museums, theaters, and park areas.

From the riverside to Franklin Street, a resurgence of new energy resonates in the neighborhood area. Much of the enthusiasm comes from the injection of construction and remodeling activities that signals a wave of new development in the Cultural District area.

  

  

Completion of the Hotel Floridian’s renovation and re-opening during this year’s Republican Convention.

Upgrades to the landscape, lighting, irrigation, and vistas throughout the city at variant degrees, including community help from Keep Tampa Bay Beautiful.

The City gave $1.2 million into the Zack Street Promenade of the Arts to create a pedestrian-friendly connection between Curtis Hixon Waterfront Park and the old federal courthouse on Florida Avenue.

Office and retail space re-emerging into the market for leasing.

The opening of a new bar for professionals called the Martini Republic on Franklin Street and East Tyler Street.

The potential opening of ‘Tampa Live’, a 20,000 square-foot music venue and/ night club space on North Franklin Street.

The City looks to create a new identity as an urban center. And recent market studies support the concept of attracting and retaining more city residents or “metro-renters”. ESRI market tapestry Tampa reports that its Cultural District indicates a core population of urban young singles on the move, and affluent senior lifestyle population surrounding the area.

Business Location study for the Cultural District area:  Daytime city population of 24,703.  Daytime Population / Resident Ratio estimated at 31 : 1  Projected population increase 3.53% increase for 2011-2016 (Source: ESRI and 2010 US Census Report)

4.1 Market Reports: Young urban group is a professional group Disposal income with an affinity to spending money on cultural events like: theater, opera, arts and sporting events.

Spending Potential Index of 171 and 197 respectively (National SPI average of 100).

2010 average net worth: Young professional age group (25-34) 50+ age groups (50-64) Current Average Household Income (National average of $70,173) Future Average Household Income (2018)

$93,000 $700-750,000. $65,909 $73,110

5. Residential Developments Various developers and investors share in the City’s new urbanism perspective as a number of residential and commercial projects are near completion and newly completed this year. Several of them have submitted development plans that are slated for completion in 20132016.

In 2011, Sage Partners LLC completed a120-unit Metro 501 near the Marion Street Transit Center. Sage also rehabilitated 200 units of existing senior housing, and restored the 1914 St. Paul AME Church as a 15,000-square-foot community center and offices. The total investment was over $45 million.

Additionally, Skypoint and the Element are two downtown residential towers. Both resident towers boast high occupancy rates at 94% or better, and have added to the downtown urban population. However, top development professionals continue to indicate that the urban core still needs a grocery store or small-box grocery markets.

Not to mention, the Encore will open two housing units within its ‘City within a City’ project. Several phases are planned out over the span of a few years. The Encore recently opened a park, a public art and history museum. Its site plans show also a future central area which features a pedestrian-friendly town square, cafes, and outdoor market plaza.

6. Tampa as an Urban Center The City of Tampa indicated several mandates with envisioning a final outcome for this property as outlined its request for proposal and associated documents. Tampa wants to improve its perception as a sought-after destination among realtors, businesses, and professionals alike. The City looks to develop the entire Cultural District area, and officials want the Cultural District to attract more local area visitors as well as out-of-town guests. Additionally, city officials want to increase engagement among young professionals [or metro dwellers] and the future retirement community base [age 50+].

Strategies to employ involve elevating the City’s appeal by offering an attractive overall lifestyle image: healthy, vibrant communities for all ages. And Tampa does well with promoting its parks and recreational outlets, its proximity to water features like the river and area beaches, its family-oriented activities, and its business leadership in financial, medical and various high-tech industries. The City of Tampa also expends part of its effort in gaining national attention through hosting large events. In recent years, the City received a great deal of media attention for hosting national events like the 2009 Super Bowl, and the 2012 Republican National Convention. But Tampa still falls short of the perception as a top destination city among its peers.

In spite of this shortfall, the City of Tampa continues to reinvest its efforts in improving its overall perception. In doing so, city marketers address the necessity to advance its identity as an up-and-coming urban city. Market reports already show that this district segment is In regards to drawing more metro-dwellers to Tampa, several factors must be re-evaluated when planning and strategizing. More attention should be dedicated to understanding our stakeholders and their opinions on how to attract more people into the city. If the City looks to attract more metro-dwellers than partnerships between the City's leading economic development partnerships and its stakeholders should be nurtured. Assessment of potentiality and/or obstacles should be elevated for the purpose of evaluation and understanding issues that impede progress.

7. Metro-Dwellers: The Young Professional and The Empty-Nester There are several types of urban neighborhoods where young people cluster. A leading trend among young adults continues to be the big move to the city after graduation. Young professionals are looking for areas with density, cultural interest, recreational activities, and opportunities for professional advancement. With no children to be concerned for, young professionals look to be part of the connectedness of an urban center. Most urbanites do not own cars.

So when they go to work, they want to be able walk to their destination, or take nearby public transit. And every day trips to the grocery store, the bank, or the doctor’s office ideally should be within walking distance. And as usual, young professionals still want to have nearby places to go mingle with other singles, i.e. coffee shops,

bakeries, sidewalk terraces, music lofts, bookstores, etc. All of these features help to enliven a sense of place. This sentiment is the spark needed to rouse a city’s perception as an urban center. Investment in creating a sense of place within a community or cultural district is essential when a city looks to attract a core traffic pattern all yearround, and retain its persona as a top-rated destination.

Tampa already has some positive movement in that direction.

City-cultural observer and expert, Kevin Stolarick, compiled ‘Best Places for Retirees to Live’ list. His data was based on the 2005 American Communities Survey and the 2000 US Census indicated the top best places for retirees to live. The Tampa Bay area was ranked as the best buy among 65 and older, especially for those of alternative lifestyles.

He indicated that for retirees or empty-nesters, one key factor in choosing a location that has good weather, recreational activities, and most importantly, a place with a sense of community. Retirees look for a community where they can make connections and new friendships quickly. Also, larger segments of this retired population find themselves single again, widowed, or divorced with no young kids. Whether in the suburbs or a walkable urban community, this retiree generation wants to stay connected to an active lifestyle and family. They want outlets to cultivate their post-professional interests, try a second career, adopt a new recreational habit, or be close to their adult children and grandkids.

8. Comparables

8.1 Comparables Totals and Averages Combination of all comparables and averages # of Units

Unit Mix

137

Studio

578

Avg. Rent

Avg. SF

Avg. % of Complex

Avg. $ per SF

% of Units

$995

580

7.40%

$1.72

7.40%

1Bed/1Bath

$1,271

797

31.21%

$1.59

31.21%

93

1Bed/2Bath

$1,751

1,112

5.02%

$1.57

5.02%

129

1.5Bed/1.5Bath

$2,050

1,228

6.97%

$1.67

6.97%

130

2Bed/1Bath

$1,263

1,030

7.02%

$1.23

7.02%

536

2Bed/2Bath

$1,645

1,075

28.94%

$1.53

28.94%

94

2Bed/2.5Bath

$2,840

1,837

5.08%

$1.55

5.08%

130

3Bed/2Bath

$2,002

1,476

7.02%

$1.36

7.02%

25

3Bed/3Bath

$2,500

1,700

1.35%

$1.47

1.35%

$1,813

1,204

$1.52

100.00%

1852

Chosen Units Based on Demand Highest Cost per SF

9. Development Scenarios 9.1 Scenario 1:Intown|Framework Group, LLC, Proposal In this first scenario, the configuration of the building’s floor was outlined by the Beck and Intown groups.

Ideally, the building would be a 35-story building with 350 residential apartments, 8 floors including 600 parking spaces for residents and 200 for Straz and Library parking. The ground floor will be reserved for retail/restaurant space.

The apartments would vary from studio flats, 1-bedroom, and 2bedrooms. Penthouses would also be located on the top four floors.

Amenities floor would be available just above the parking decks. On this floor, the residents would have access to a full-size pool, sunning deck, and indoors gym facility.

The retail space would possibly include small eateries/ coffee shops, a small box grocery, a clothing retailer, and/or a bookstore.

Scenario 1 - Rentals & Retail Total Investment Cash-on-Cash Year Cash Flow

$86,000,00 5.01% 1

2

3

4

5

6

7

8

9

10

11

(21,500,000)

(64,500,000)

4,312,764

4,455,804

4,611,515

4,770,967

4,934,531

5,087,664

5,244,981

5,406,749

5,572,850

Exit Cap

Sale Price

IRR

4.00%

(21,500,000)

(64,500,000)

4,312,764

4,455,804

4,611,515

4,770,967

4,934,531

5,087,664

5,244,981

144,894,091

139,321,241

10.41%

5.00%

(21,500,000)

(64,500,000)

4,312,764

4,455,804

4,611,515

4,770,967

4,934,531

5,087,664

5,244,981

117,029,842

111,456,993

8.02%

6.00%

(21,500,000)

(64,500,000)

4,312,764

4,455,804

4,611,515

4,770,967

4,934,531

5,087,664

5,244,981

98,453,677

92,880,827

6.16%

7.00%

(21,500,000)

(64,500,000)

4,312,764

4,455,804

4,611,515

4,770,967

4,934,531

5,087,664

5,244,981

85,184,987

79,612,138

4.66%

8.00%

(21,500,000)

(64,500,000)

4,312,764

4,455,804

4,611,515

4,770,967

4,934,531

5,087,664

5,244,981

75,233,470

69,660,621

3.40%

9.2 Scenario 2: Office/Dance Studio/Retail Proposal The second scenario follows similar configuration to the first scenario.

Twenty-two floors are dedicated to residential units with the top four floors configured for penthouse units.

The bottom floor as in all the scenarios is dedicated for retail/restaurant space that caters to the residents and surrounding activities. The second floor parking is for retail and office uses while the next two parking floors will be sold for additional parking for the Straz and Library.

Unlike the 1st scenario this scenario provides for commercial office space. Above the amenities floor there will be a floor dedicated to the performing arts from office space for the Straz to a formal arts studios for practice and special engagements. Two additional floors will be available for commercial leasing.

Scenario 2 - Office/Dance Studio/Bar Total Investment Cash-on-Cash Year Cash Flow

$82,000,000 5.44% 1

2

3

4

5

6

7

8

9

10

11

(20,500,000)

(61,500,000)

4,461,442

4,622,203

4,787,004

4,956,140

5,129,520

5,292,895

5,460,799

5,633,416

5,810,831

Exit Cap

Sale Price

IRR

4.00%

(20,500,000)

(61,500,000)

4,461,442

4,622,203

4,787,004

4,956,140

5,129,520

5,292,895

5,460,799

151,081,605

145,270,775

11.78%

5.00%

(20,500,000)

(61,500,000)

4,461,442

4,622,203

4,787,004

4,956,140

5,129,520

5,292,895

5,460,799

122,027,451

116,216,620

9.38%

6.00%

(20,500,000)

(61,500,000)

4,461,442

4,622,203

4,787,004

4,956,140

5,129,520

5,292,895

5,460,799

102,658,014

96,847,183

7.51%

7.00%

(20,500,000)

(61,500,000)

4,461,442

4,622,203

4,787,004

4,956,140

5,129,520

5,292,895

5,460,799

88,822,702

83,011,871

5.99%

8.00%

(20,500,000)

(61,500,000)

4,461,442

4,622,203

4,787,004

4,956,140

5,129,520

5,292,895

5,460,799

78,446,218

72,635,387

4.73%

9.3 Scenario 3:Boutique Hotel/Spa/Restaurant Proposal In the third scenario, the residential floors have been decreased to accommodate a high-end boutique hotel that would provide premium service to Tampa tourists.

The hotel would be located above the amenities floor. The hotel would have approximately 30 rooms per floor with a total of 150 rooms. The residential floors would decrease by five floors: nineteen floors of residential units and two floors for the penthouse units.

To round out the premium hotel experience, a4-star or higher rated restaurant with lounge would be added to the ground floor and a European spa with work out facilities would be added to the amenities floor. Residents and hotel guests would have access to both the restaurant and spa.

As stated before in scenario 1, the proposed plans include a parking garage on floors 2-9 with two floors reserved for the Straz and Library.

Scenario 3 - Boutique Hotel/Spa/Restaurant Total Investment Cash-on-Cash Year Cash Flow

1 (25,000,000)

$100,000,000 7.21% 2 (75,000,000)

3 7,214,588

4 7,640,679

5 8,079,030

6 8,529,834

7 8,993,470

8 9,455,685

9 9,931,575

10 10,421,319

Exit Cap

11 10,925,471 Sale Price

IRR

4.00%

(25,000,000)

(75,000,000)

7,214,588

7,640,679

8,079,030

8,529,834

8,993,470

9,455,685

9,931,575

284,062,238

273,136,767

18.41%

5.00%

(25,000,000)

(75,000,000)

7,214,588

7,640,679

8,079,030

8,529,834

8,993,470

9,455,685

9,931,575

229,434,885

218,509,414

15.91%

6.00%

(25,000,000)

(75,000,000)

7,214,588

7,640,679

8,079,030

8,529,834

8,993,470

9,455,685

9,931,575

193,016,649

182,091,178

13.97%

7.00%

(25,000,000)

(75,000,000)

7,214,588

7,640,679

8,079,030

8,529,834

8,993,470

9,455,685

9,931,575

167,003,624

156,078,153

12.41%

8.00%

(25,000,000)

(75,000,000)

7,214,588

7,640,679

8,079,030

8,529,834

8,993,470

9,455,685

9,931,575

147,493,854

136,568,384

11.11%

10. Data Analysis In order to develop the 3 scenarios, it was important to look at the surrounding area's comparables using Costar data and analyze the data for sizes and rents. After reviewing six multifamily dwells in and around the downtown Tampa area, it was apparent the proposed development would include studios, 1 bedroom/1 bath, 2 bedroom/2 bath, and few penthouse units with an average unit size of 950 square feet. The 1 bedroom/1 bath and 2 bedroom/2 bath would be evenly distributed through the tower taking up 72% of the residential floors while the studios would account for 25% and the penthouses 3%. Once the makeup and the rents of the units were decided we reviewed the National Apartment Association 2012 Survey of Operating Expenses(Appendices 15.1) to help determine what percentages should be applied to the developments operating expenses. Once the idea of a boutique hotel was proposed to the project it was important to speak to a couple hotel developers and review a STR Report(Appendices 15.2) of the downtown Tampa hotel market and it showed that there is a demand for an additional boutique style hotel that we believe could charge an ADR of $200 slightly higher than the area average of $143. After reviewing the three scenarios’ data located in appendices 15.3, 15.4, and 15.5, scenario 3 with 275 residential units and a 150 room boutique hotel creates the greatest financial benefit. Scenario 3 offers 7.21% cashon-cash(going-in cap-rate) in the first year of operation versus 5.01% and 5.44% is scenarios 1 and 2. The additional $14 million to build out the boutique hotel is worth the initial investment. If the property was sold in year 10 at a 6% exit cap rate scenario 3 is projected to yield a 13.97% internal rate of return (IRR).

In order to assist with construction cost we proposed selling two floors of the parking garage to the Straz center for $2 million. A

similar negotiation and sale has taken place between the Element and TECO. We believe that this transaction would be beneficial to the building by bringing Straz patrons through the building and its amenities.

11. Investment Opinion So many aspects of this development concept set it apart from any other project in town. The challenges of creating a solution naturally causes any developer or investor to give pause. The prospect seems daunting, but most industry professionals agree that the potential captures one’s attention and if one can make the product viable that it would be one of the best offerings for the Cultural District and the City of Tampa. This project focuses on meeting the parameters that works best for the City’s vision of a premiere urban destination; yet also allow for a successful development venture.

Some of the additional challenges to keep in mind include: the actual site location, the parcel’s small size, and the probable traffic and environmental impact, especially in respects to the site’s proximity to a heavily used (historical) bridge and the adjacent river. Plus, we must factor in a costly street realignment, and its impact on one of Tampa’s prized cultural destinations, The Straz Theater.

The proposed boutique hotel, scenario 3, creates the greatest return and in our opinion the best atmosphere for the Cultural District of Tampa. Hotel amenities such as the restaurant and lounge would draw from the Straz, museums, Curtis Hixon Park and from Riverwalk.

The hotel design and layout would allow for interaction between current residents and visitors of Tampa. This kind of interaction is in line with the residents this project is trying to capture, the young professionals or metro renters and senior urbanites or empty nesters.

12.

Triple Bottom Line Analysis

The following analysis summary provides a score for each of the three Triple Bottom Line goals for ongoing social, environment, and economic impacting factors, as well as performance areas and measures. When reviewing these results, remember that this tool is used for identifying potential strengths and weaknesses of a project and exploring areas for improvement.

Straz Infill Project: TBL Profile

Project Score

Economic Vitality

66

Natural Resource Stewardship

72

Community Well-Being

81

Economic Vitality: Investments promote regional economic strength and resilience, are fiscally sound, and provide access to good quality jobs.

Natural Resource Stewardship: Investments make efficient use of natural capital and ecosystem health is maintained or restored.

Community Well-Being: Investments preserve or enhance unique culture, promote health and opportunity, and cultivate distinctive and well-functioning communities in which to work and live.

(Portland State University, College of Urban and Public Affairs. Retrieved November 1st, 2012).

13.

Building with LEED

What is LEED? LEED (Leadership in Energy and Environmental Design) is a voluntary, consensus-based, market-driven program that provides third-party verification of green buildings.

Benefits of LEED:      

Lower operating costs and increase asset value Reduce waste sent to landfills Conserve energy and water Be healthier and safer for occupants Reduce harmful greenhouse gas emissions Qualify for tax rebates, zoning allowances, and other incentives

How it works: LEED is a point based system where building projects earn LEED points for satisfying specific green building criteria. The seven categories that a building may score points in are Sustainable Sites, Water Efficiency, Energy and Atmosphere, Materials and Resources, Indoor Environmental Quality, Innovation in Design and Regional Priority. Total points earn the building 1 of 4 titles: • • • •

Certified Silver Gold Platinum

40–49 points 50–59 points 60–79 points 80 points and above

14. Acknowledgements We would like to give a special thanks to our many contributors.

Special Thanks to:  Dr. Greg Smersh, University of South Florida 

Mark House, Beck Group



Chris Denome, Beck Group



Skipper Peek, Panattoni Development Company



Chris Murphy, Co-Star Company, Inc.



David Sobelman, Calkain Companies, Inc.



Bob Balcerak, Publix



Scott Brown, Burr & Forman



Scott Steady, Burr & Forman



Dilip Kanji, Impact Properties, Inc.



Shirin Kanji, Impact Properties, Inc.



City of Tampa, Community Redevelopment Area, Data Office

15. Appendices 15.1 All Market Rent Properties

National Apartment Association 2012 Survey of Operating Income & Expenses in Rental Apartment Communities Š 2012 by National Apartment Association.

15.2

STR Report for Tampa, FL

15.3 Scenario 1: Data

15.4 Scenario 2: Data

15.5.

Scenario 3: Data