cbre sailing through port property opportunities...
TRANSCRIPT
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 1
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 2
CBRE FIRM INFORMATION AND P3 PROCESS
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 3
CBRE’s Public Institutions and Education
Solutions (PIES) has served federal, state, local,
and higher education clients for more than 20
years. During this time, the group has identified
more than $1B in savings for more than 100
clients through its 150 national commercial real
estate professionals.
When available, CBRE partners with public
institutions to foster Public-Private Partnership
(P3) opportunities.
A sample of our P3 experience includes:
CBRE FIRM INFORMATION
City of Miami City of Pensacola City of Indianapolis City of Tulsa City of Ann Arbor City of Bloomington
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 4
IDENTIFYING THE NEED
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 5
TYPICAL MIXED USE DEVELOPMENT PROCESS
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 6
• Highest & Best Use
• Market study
• Environmental / constructability issues and effect
on values
• Manage stakeholder expectations
PERFORM FEASIBILITY STUDY
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 7
• Establish your team
‒ Specialty consultants: parking,
A&E, economic impact
• Legislative authority to proceed
• Lay political & public groundwork
• “Master developer” or specialty
elements
• Engaging the private sector
‒ Executive “champion”
‒ Legal
‒ Finance
‒ Broker
PREPARING TO TAKE PROPERTY TO MARKET
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 8
• Why?
‒ Expertise
‒ Reach
‒ Credibility
‒ Market awareness
• Who?
‒ Depends on audience
‒ Understanding of public process
‒ Specialization
• Industrial, retail, marina, multifamily, hospitality
• Compensation
‒ Listing agreement
‒ How much? What is fair?
‒ Cooperating brokers
USING A BROKER
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 9
• RFP Development
‒ Compare typical government RFP to broker
generated
‒ Build in Flexibility
‒ Incorporate Statutory Requirements
‒ Make informative and graphically interesting
• Broker Access to local, regional, national and
international prospects
• Multiple list services: Loopnet, Costar, Bid sites
‒ Bidsync.com
‒ FindRFP.com
‒ GovernmentBids.com
MARKET ENGAGEMENT
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 10
• Clear Process, Timeline, Evaluation Criteria
• Is proposal “realistic”
• Developer Capacity to perform
‒ Technical
‒ Financial
• Developer “Profit” – not a four letter word
• Bidder “Fit” and embracing the vision
• Public Input/Hearings
‒ Too much/too little
• Best & Final Proposals
EVALUATING PROPOSALS
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 11
• Form of Payment
‒ Fee Simple
‒ Ground Lease
‒ Down stream profit participation
• Public Sector Concessions
‒ Land
‒ TIF
‒ Zoning
‒ Permits/Approvals
• Achievement of Economic Development Goals
‒ Tax Revenues
‒ Job Creation
WHAT CONSTITUTES A “GOOD” PROPOSAL
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 12
1. Letter of Intent
‒ Do you need an attorney and when?
‒ What other expertise is necessary?
‒ What can your financial advisor do to support?
2. Contract to Lease or Purchase
3. Cross Easements
4. Development Agreement
‒ Phased Take Down
5. Operating Agreement/Common Area Maintenance
Legal Support / Financial Advisor
STRUCTURING OF AGREEMENTS
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 13
• Project / Construction manager
• Safeguards: Penalties / failure to perform
• Performance incentives: Sharing of contingency
MANAGING PROJECT: POST-AWARD
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CBRE SAILING THROUGH PORT PROPERTY OPPORTUNITIES AND CHALLENGES SLIDE 14
QUESTIONS
FOR MORE INFORMATION, PLEASE CONTACT:
MICHAEL MCSHEACBRE EXECUTIVE VICE [email protected]: 202.669.2580
LEE ANN KORSTCBRE FIRST VICE [email protected]: 850.251.9319