downtown orlando€¦ · 03-11-2016 · november 3, 2016. creative village redevelopment area . 2...
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DOWNTOWN ORLANDO What’s Up Downtown
November 3, 2016
Creative Village Redevelopment Area
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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
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Creative Village Public / Private Partnership
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• 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
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 Program Office / Creative 900K – 1,200K sq ft
Education 325K sq ft
Residential 1,200 – 1,500 units
Commercial 125K – 150K sq ft
Hotel 150 – 225 rooms 5
Status Key Accomplishments
• 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.
2010
2011 2012
2013 2014
2015
2016
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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.
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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
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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 third-
party purchase at market prices
• 1 mid-rise multifamily residential site
• 2 office or mixed-use sites – one mid-rise and one high-rise
Central Park Phase I
Future Phases • North of Amelia Street • Surrounding Bob Carr
Theater
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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
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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
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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
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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
[email protected] or Bret Felberg [email protected] www.creativevillagelandbroker.com
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Creative Village Project Partners
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Renderings Livingston Street Entry to Creative Village
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Contact Information
www.ustler.net www.creativevillagedevelopment.com
www.ucf.edu/downtown www.creativevillagelandbroker.com
www.cityoforlando.net/creativevillage
Craig Ustler, MAI, CCIM Brooke A. Myers Ustler Development, Inc. Emerge Real Estate Ventures, LLC [email protected] [email protected]
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