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CDP projects usually involve downtown
projects with rehabilitation costs exceeding $4 million. A geographic
sampling of recent high-profile public/private partnership projects
is presented below. |
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Phoenix
Hotel, historic rehab, downtown corporate office and
retail, Waycross, GA. Complete $7.2 million historic
rehabilitation of deteriorated 60,000 SF historic early
1900's downtown hotel into corporate headquarters for
The Jones Company (Flash Foods convenience stores) and
six retail stores/offices/restaurants. Community Development
Partners (CDP) principal acted as Project Manager for
Waycross Downtown Development Authority. We structured
the financing with two State funding sources, County
SPLOST funds, Bank financing, anchor tenant pre-payment
of rent, tax credit equity and Development Authority
guarantees.
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Mitchell
House, downtown housing and
retail, Thomasville, Ga. A $6.4 million renovation of
an 1890's former hotel into 34 condo units and retail.
This project is an example of a Community Development
Partners (CDP) partnership with a local development authority.
The Thomasville Downtown Development Authority will transfer
ownership of the building to CDP and CDP will in turn
acquire a privately held portion of the block for development
and parking.
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WaterMark
Tower, historic rehab, downtown
professional office and retail, Anniston, AL. The $7.2
million renovation of a 1920's skyscraper is being developed
in partnership with a local government Agency that acquired
the building for office space. Ownership will be transferred
to CDP and in turn the Agency will enter into a 99-year
lease for a portion of the building. Financing will include
historic and New Market Tax Credits.
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Bunn Building, historic rehab, downtown,
including housing, hotel and retail, Waycross, GA. CDP
is partnering with the Downtown Development Authority
on a rehab of a 1913 office building. Re-use will be
for 24 residential apartment units, a floor of 16 hotel
rooms and ground floor retail/restaurants. The Authority
acquired the property and optioned it to CDP pending
a due diligence period prior to acquisition. Financing
includes historic tax credit equity and State funding
assistance.
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Hacienda
Hotel, rehab of an elegant
1927 Mediterranean revival style historic hotel in New
Port Richey, Florida located adjacent to the Cotee River
and a downtown park. The hotel is being developed in
partnership with Three Oaks Hospitality, Inc., hotel
management consultants and operators. The $4.8 million
hotel project of 80 rooms includes a new construction
addition, outdoor dining courtyards and a restored verandah
overlooking the Park and River The City of New Port Richey
and its Redevelopment Agency will joint venture the development
with CDP.
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