Evaluation of Developer RFQ Proposals

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					Town of Chapel Hill, North Carolina

Mixed-Use Developments for Lot 5 and Wallace Deck
(Phase One of a Two Phase Development Plan)

Evaluation of Developer RFQ Proposals
Developer 1: Developer 2: Developer 3: Developer 4: Developer 5:: Developer 6: East West Management Company and Stonebridge Federal Development OPUS South Corporation Ram Development Company Grubb Properties and LeylandAlliance Pizzuti Companies

February 18, 2005

Stainback Public/Private Real Estate (SPPRE) Houston, Texas

Table of Contents
Page Number Weighting of the Evaluation Criteria Developer 1 Developer 2 Developer 3 Developer 4 Developer 5 Developer 6 East West Management Company and Stonebridge Federal Development OPUS South Corporation Ram Development Company Grubb Properties and LeylandAlliance Pizzuti Companies 1-6 7-12 13-18 19-24 25-29 30-35

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Weighting the Evaluation Criteria
Developer 1 East West Management Company and Stonebridge Developer 2 Federal Development Developer 3 OPUS South Corporation Developer 4 Ram Development Company Developer 5 Developer 6

Evaluation Criteria Categories

Weight

Grubb Properties and Pizzuti LeylandAlliance Companies

1 1.b.
1.c.

Developer Information
Developer Personnel Developer/Company Overview Financial Capacity Current Workload Assessment of Key Members: Ability to Attract Tenants Position on Recent Projects

1.d. 1.e. 1.f. 1.g. 1.h. 2 2.a. 2.b. 2.b. 2.e. 3
3.a. 3.b. 3.c. 3.d.

15 2 2 3 2 2 2 2 20 3 6 8 3 30 12 8 6 4 5 5 5 5 5 10 Total Ranking 100

9

4

11

15

15

11

Development Team/Architect Exp.
Development Team Urban Designer/Master Planner Architect Experience LEED Certification

11

14

13

13

20

20

Developer Experience
Developer Experience Public/Private Development Public/Private Finance Plans Three References Provided

19

9

21

19

23

19

4 5 6 7 8 9

Perceived Market Demand Public/Private Finance Concept Proposed Working Rel. w/ Town Public/Private Dev. References Awards Subjective Criteria/Qualities/Concerns

5 4 5 4 0 8 65 5

1 2 4 2 0 5 41 6

3 5 4 4 4 7 72 4

5 5 4 3 4 7 75 3

5 1 5 4 3 8 84 1

5 4 5 4 4 7 79 2

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East West Management Company and Stonebridge Associates

SPPRE Evaluation of Developer RFQ Proposals (Phase One Developments)
Town of Chapel Hill February 18, 2005 NAV: Not Available NA: Not Applicable

Developer 1: East West Management Company and Stonebridge

Evaluation Criteria
2.a. Development Team

Assessment Company Name Stonebridge NA East West Management Company Street-Works JDavis Professionals GGA Architects Resolute Builder Professionals East West Management Company NAV Fluhrer Reed Professionals NAV NAV NAV NAV See References (p 1.7) NAV Kimley-Horn Corporate Headquarters Bethesda, MD NAV Chapel Hill, NC White Plains, NY Raleigh, NC NAV Chapel Hill, NC Chapel Hill, NC NAV Raleigh, NC NAV NAV NAV NAV NAV Traffic/Parking Analysts Project Office Location NAV NAV Chapel Hill, NC NAV NAV NAV Chapel Hill, NC Chapel Hill, NC NAV NAV NAV NAV NAV NAV NAV

Managing Developer: Parent Company: Co-Developer: Urban Designer: Architect (1): Architect (2): Construction Company: Facility Operator(s): MEP Engineer: Structural Engineer: Civil Engineer: Landscape Architect: Law Firm: Equity Investor(s) Construction Lender: Leasing and Management: Others:

Development Firm Profile East West Stonebridge

Real Estate Developer of mixed use residential and commercial projects. Real Estate Development and Investment firm

Section 1
1.a. Address of Managing Developer: Office: Telephone Number: E-Mail: 1.b. Developer Personnel Principal: Managing Developer Two Bethesda Metro Center, Suite 220 Bethesda, Maryland 20814 301-913-9610 firstenberg@stonebridgeassociates.com Douglas Firstenberg Kevin Cosimano Co-Developer 190 Finley Golf Course Road Chapel Hill, NC 27517 919-929-0660 rperry@ewp-nc.com Roger Perry

Project Manager:

Mr. Perry will be responsible for "directing the predevelompent effort" and Mr. Cosimano will "coordinate the work of the entire EW/S Team from predevelopment through completion of the project".

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East West Management Company and Stonebridge Associates

1.c.

Developer/Company Overview Year established: Relationship to Parent Company: Resources of Project Office: Financial Capacity Source of Debt/At-Risk Cash Investment: Project No.1 (East West): Project No.2 (East West): Project No.1 (Stonebridge): Project No.2 (Stonebridge): Project No.3 (Stonebridge):

NAV (East West or Stonebridge) NA NAV (East West or Stonebridge)

1.d.

Do not specify current equity available or borrowing capacity., appear to have resources available. Project: Meadowmont, Debt: Central Carolina Bank, Structure: Joint Venture with Land Owner, EWP is implied to be responsible for Predevelopment Costs/Equity: NAV Project: Cedars of Chapel Hill, Debt: BNP Paribas & Barrow Street Capital, Equity: NAV Project: Chase Point, Debt:Bank of America, Equity: NAV Project: Two Metro Center, Debt: TIAA, Equity: $5.5 million Project: Chevy Chase Center, Debt:TIAA and Bank of America, Equity: NAV

1.e.

Current Workload Scope of Current Project(s): East West Stonebridge Status of Current Project(s): East West Stonebridge Workload of Principal: Roger Perry Doug Firstenberg Kevin Cosimano Workload of Project Manager:

Oxford Park and Powell Place (GSF, Use Type NAV), Other projects not listed. Chevy Chase Center- 200,000 SF of retail, Chase Point: 107 luxury condominium units, 300sf daycare center.

Finishing entitlement and predevelopment of Oxford Park and Powell Place (No project descriptions included) Complete Financing at Chase Point (anticipated finish in January), retail Leasing for Chevy Chase Center (anticipated completion this Spring)

Workload of current projects appear to be workload of Principal. Will be available for negotiations with Town later this year. Heavily loaded of predevelopment and entitlement responsibilities on other large projects. It is implied the principals will be the Project Managers, specifically Perry and Cosimano.

1.f.

Assessment of Key Members: Principal: East West Partners Stonebridge

Stonebridge Project Manager:

Roger Perry-Major projects in Chapel Hill and greater NC. Staffing resources for East West not conveyed in Qualifications. Doug Firstenberg-Managing Project Financing and retail Leasing for other high profile projects in the DC area. Role in Chapel Hill project appears to be in Financing and Deal Structuring. Kevin Cosimano-Roles appear to be predevelopment and entitlement expertise. Currently involved in the predevelopment efforts of 3 large projects, 1 in DC, 1 in Philadelphia, and 1 in South Carolina. It is explained the projects in DC and Philadelphia should be concluded by this summer. A schedule for the project in South Carolina is not discussed. Implied to be joint effort between Mr. Perry and Mr. Cosimano.

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East West Management Company and Stonebridge Associates
1.g. Ability to Attract Tenants National retail Tenants: East West Successfully established relationship with Harris Teeter and UNC Wellness Center at the Meadowmont project. Other specific retailers were not listed. Discuss the planning concepts and intended uses of retail space at the Chevy Chase Center, however they do not list specific achievements or leases signed as a result of Stonebridge's leasing efforts. Clyde's restaurant is mentioned, however it is not mentioned how this tenant was secured. Some description is offered of types of retail uses at developments, no specific tenants listed. Some description is offered of types of retail uses at developments, no local tenants listed.

Stonebridge Local retail Tenants: East West Stonebridge 1.h. Position on Recent Projects Ownership: Development: Equity Investor: Property Manager: Retain Ownership or Sell? Concern:

General Partner of Ownership Entity, will act as the managing member of the proposed Joint Venture. Full responsibility for predevelopment and entitlement, not construction. NAV NAV Depends on situation, typically sell residential, retain retail and office. Who will be the Development Manager?

Section 2
2.a 2.b. 2.a is the first section evaluated (at the beginning of this evaluation). SPPRE believed the format was best to include this at the top of each evaluation. Urban Designer/Master Planner Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5: Concern: Architect Experience Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5: Concern: Street Works Bethesda Row, Bethesda MD, Principals were designers and place makers Santana Row, San Jose CA, Master Planner, limited involvement in Design Blue Back Square, West Hartford, CT, Master Planning services NAV NAV Streetworks only provides 3 project examples. JDavis Architects Meadowmont Village Center, Chapel Hill, NC, 2000 510 Glenwood Ave., Chapel Hill, NC, 2001 NAV NAV NAV JDavis Architects only provides 2 project examples. No evidence of any projects from 2001-2005.

2.b.

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East West Management Company and Stonebridge Associates
2.e. LEED Certification LEED Certified Level: LEED Silver Certified: LEED Gold Certified: LEED Platinum Certified: Number of Accredited Architects in Firm: AIA "Top 10 Green Projects" list? Concern:

"East/West Team has extensive LEED accredited professionals that will be committed to working on the development." NAV NAV NAV NAV NAV Firm with LEED certification is not mentioned.

Section 3
3.a. Developer Experience Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: 3.b. Public/Private Development Public/Private Development No.1 Public/Private Development No.2 Public/Private Development No.3 3.c. Public/Private Finance Plans Virginia Tech-Northern Virginia Campus-Stonebridge used RFP/Negotiation with public and private sector for site selection and acquisition, Public Finance Incentives offered by local municipalities, ground lease used for certain part of site, shared parking between public partners. Components of the deal were structured between private landowners, but appears to be primarily between the two Universities and local municipalities (City of Falls Church and Fairfax County). This project is considered mainly a PublicPublic Partnership from the description provided. George Washington University-Stonebridge assisted GWU to acquire and develop institutional facilities on land owned by the DCPS. Stonebridge used rezoning and planned unit development designation, included an appraised land value for the transaction (with minimum land price), and substitute parking allocation between the public partners. This project is considered a Public-Public Partnership from the description provided. Lower Merion Township-Stonebridge is assisting the Twp with the formation of a Parking Authority, the asset transfer of a Hospital Garage the the Authority, and the financing of a second and third garage. It is assumed that the Hospital is a private entity. This project is considered a Public/Private Partnership. Yes, Public Partner References were provided for percieved Consulting Assignments. Meadowmont, Chapel Hill, NC-Strong project located in Chapel Hill Chase Point, Chevy Chase, MD,-Status of project financing and construction? (suburban site not urban) Chevy Chase Center, Chevy Chase, MD-Strong Project currently under construction, Joint Venture, Development Manager, Consultant, Fee-Developer? Not Developer/Owner?

SPPRE perceives this as Consulting. Virginia Tech/University of Virginia Northern Campus SPPRE perceives this as Consulting. George Washington University (GWU) and District of Columbia School System (DCPS) SPPRE perceives this as Consulting. Lower Merion Township, Bryn Mawr, PA

Public/Private Finance Plan No.1:

Public/Private Finance Plan No.2:

Public/Private Finance Plan No.3: 3.d. Three References Provided

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East West Management Company and Stonebridge Associates Section 4
4 Perceived Market Demand Retail Space Market-rate Rental Housing Market-rate Condominiums Art and Entertainment Office Space Position on Owner-occupied Housing In depth assessment of local market provided. Do not suggest GSF, however allude to retail uses such as GAFO Suggest strong demand over the foreseeable future. Condominiums will be a very viable product type for Lot 5 and Wallace UNC Arts Common project is the major entertainment generator. Theatre is not likely. University and Hospitals do not need space, therefore it is perceived weak. Indicate that it is premature to determine a final mix of uses, however do provide assessment of local market.

Section 5
5 Public/Private Finance Concept "Our approach is to try and address and balance as many objectives as possible in a cohesive plan that can be financed." "At this early stage and without significant interaction with the Town and its advisor, EWP/Stonebridge does not have sufficient information to determine how best to balance the goals and objectives of the Town with our needs as a private developer." EWP and Stonebridge agree that "there is an opportunity to privately finance the development of Lot 5 and Wallace Deck while providing the Town with programmatic and financial benefits."

Section 6
6 Proposed Working Rel. w/ Town EWP and Stonebridge want the process to be open and comprehensive Plan to hold charette meetings to establish a project vision Willing to involve the public in many different capacities, public forums, presentations, etc.

Section 7
7 Public/Private Dev. References Public/Private Development No.1 Public/Private Development No.2 Public/Private Development No.3 Public/Private Development No.4 Public/Private Development No.5 Concern: The following Public/Private Developer References are from perceived Consulting Projects. EWP and Stonebridge list Public Entity References acquired through traditional Development Projects in Section 7 of Qualifications. Executive Vice President, University of Virginia//Office of the President - Virginia Tech President, District of Columbia Public School Board of Trustees//VP George Washington University. Lawyer, Lower Merion Twp Commission//Chairman, Main Line Health Real Estate NAV NAV References appear to be for consulting services.

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East West Management Company and Stonebridge Associates Section 8
8 Awards/Ltrs of Reccomendation Developer Architect No Awards were provided. NAV NAV

Section 9
9 1 2 3 4

Subjective Criteria
General Tone of the Proposal Caliber of Presentation Level of Detail Provided Perceived Enthusiasm moderate, upbeat, play heavily off of Meadowmont and two Stonebridge projects. moderate weak-moderate strong, knowledge of local market and politics, know the existing demand and value of sites.

Area(s) of Concern
1 2 3 4 5 6 7 Does not describe the length or working relationship of the two Co-Developers. Do not allude to prior projects where either firm assisted the other in pursuit of development opportunities. Staffing Concerns are not addressed by either firm, apparent heavy workloads are present. Stonebridge strength is Deal Structuring and Financing, East West strength is development (excluding construction?) Overall uninspiring examples of Urban Design and Architecture. With three principals listed there is not a single point of responsibility indicated. No direct sources of equity provided, other than through debt providers. No downtown infill development experience presented. Chase Point appears suburban and Chevy Chase Center appears to be suburban retail/residential uses.

Qualities
1 2 East West has the advantage of local expertise and experience with the Meadowmont development. Also appear to have adequate Stonebridge appears to have significant experience in structuring Public/Private Finance and Development agreements. It appears that this experience was gained in a consulting capacity.

Summary of Qualifications
The East West/Stonebridge joint venture is a team that have significant insight into the development process in Chapel Hill. The Team benefits by having local development expertise while combining the public/private partership expertise and financial capacity of Stonebridge. The teams weakness is that there limited project experiences types that match the downtown urban infill development required in Chapel Hill, the strength of the Architect chosen and staffing concerns.

Total Score: 65

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Federal Development

SPPRE Evaluation of Developer RFQ Proposals (Phase One Developments)
Town of Chapel Hill February 18, 2005 NAV: Not Available NA: Not Applicable

Developer 2: Federal Development

Evaluation Criteria
2.a. Development Team

Assessment
Managing Developer: Parent Company: Co-Developer: Project Manager Urban Designer: Architect: Construction Company: Facility Operator(s): MEP Engineer: Structural Engineer: Civil Engineer: Landscape Architect: Law Firm: Equity Investor(s) Construction Lender: Leasing and Management: Others: Telecommunications Company Name Federal Development First Public Trust NA Hamilton Merritt RTKL Associates New Chapel Hill Associates Whiting-Turner Construction Federal Parking Associates NAV NAV John R. McAdams NAV Kilpatrick Stockton First Public Trust Delta Group? AdvantisGVA Rockefeller Telecom Corporate Headquarters Washington, DC NAV NA Raleigh/Durham Baltimore, MD Chapel Hill, NC NAV NAV NAV NAV Research Triangle Park NAV NAV NAV NAV NAV NAV Project Office Location NAV NAV NA Raleigh/Durham NAV Chapel Hill, NC NAV NAV NAV NAV Research Triangle Park NAV NAV NAV NAV NAV NAV

Development Firm Profile Federal Development Hamilton Merrit

International real estate development firm specializing in the master development of publicly owned real estate assets. Commerical Real Estate Company, specializes in the development and acquisition of Class A single and multi-story retail, residential and office as well as mixed use and institutional grade properties.

Section 1
1.a. Address of Managing Developer: Office: Telephone Number: E-Mail: 1300 Pennsylvania Avenue NW, Suite 700 Washington, DC 20004 202-589-0072 NAV

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Federal Development
1.b. Developer Personnel Principal:

Project Manager: 1.c. Developer/Company Overview Year established: Relationship to Parent Company: Resources of Project Office: Financial Capacity Source of Debt/At-Risk Cash Investment: Project No.1 : Project No.2 : Project No.3 : Project No.4 : Project No.5 :

John D. Infantino Gregg Sandreuter, Hamilton Merritt Inc. Philip Szostak, New Chapel Hill Associates Gregg Sandreuter, Hamilton Merritt Inc.

NAV, SPPRE estimates a start date of 2002 Subsidiary in Section 1, as an affiliate in Section 8. NAV

1.d.

Concern: 1.e. Current Workload Scope of Current Project(s): Status of Current Project(s): Workload of Principal: John Infantino Workload of Project Manager:

Qualifications bundle examples of project financing among FD, Hamilton Merritt, and New Chapel Hill Associates. FD: Durham Vetran Affairs (VA) Garage, $20 million, First Public Trust, Debt & Equity not specified FD: Del Ray Oaks, $450 million, Citigroup, First Public Trust, Rockefeller Group Development Corp. Debt & Equity not specified. Stanley Hall, $12 million, First Public Trust, Debt & Equity not specified FD: Fort Howard, $100 million, First Public Trust, Debt & Equity not specified FD: Nicelli Airport, Venice, Italy, £80 million- Barclay's Bank, Debt & Equity not specified The Design Manager, New Chapel Hill Associates, is listed as a principal of the Development Team. Qualifications presented do not clearly illustrate their experience in this capacity. All Federal projects are in the predevelopment stage, none appear constructed.

FD lists 13 "current public clients". Federal also states that as work is assumed and allocated there will be a full staff, from the entire development team, all the time. FD does not list current scope of projects. FD does not list the status of any current projects.

FD does not list the current workload of John Infantino. (See above 13 projects) The current workload of the project manager is not indicated.

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Federal Development
1.f. Assessment of Key Members: Principal: Access to FPT which has extensive development experience in single family, suburban locations which are not related to Chapel Hill Projects. Extensive list of current Public Clients. No status given on FD current projects and scope. Question capacity to handle additional workload.

John Infantino Project Manager: Gregg Sandreuter, Hamilton Merrit Inc. 1.g. Ability to Attract Tenants National retail Tenants: Local retail Tenants: 1.h. Position on Recent Projects Ownership: Development: Equity Investor: Property Manager: Retain Ownership or Sell?

Manages an acquisition fund. Strong in office and retail components. Limited downtown development experience offered. "The Dawson on Morgan" project is the only similar project to Chapel Hill.

FD has included AdvantisGVA as a commercial retail and residential leasing specialist. No tenant list or list of prior retail and residential projects were included in her description. No national retail tenants were listed. See Above.

NAV NAV NAV NAV NAV

Section 2
2.a 2.b. 2.a is the first section evaluated (at the beginning of this evaluation). SPPRE believed the format was best to include this at the top of each evaluation. Urban Designer/Master Planner Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5: Note: RTKL Associates Downtown Silver Spring, Maryland-14 screen theatre, 152 units of attached housing, At buildout will manage over 4,000 parking spaces. Pentagon Row, Washington DC, 325,000 sf of street level retail, 65,000sf health club, 420 apartments, 1,500 space underground garage. State Thomas District, TX, GSF/mix of uses not indicated. Peabody Place, Memphis TN, 275,000 sf of retail, 5,000 seat theatre, 16 story office tower, 2,500 parking spaces. Addison Circle, TX, 3,500 residential units, 4 million sf for office, Hotel, and retail space. It is percieved by SPPRE that RTKL is positioned to work with the John McAdams firm on land planning and New Chapel Hill Associates on Architecture of the Project.

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Federal Development

2.b.

Architect Experience Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5: LEED Certification LEED Certified Level: LEED Silver Certified: LEED Gold Certified: LEED Platinum Certified: Number of Accredited Arcitects in Firm: AIA "Top 10 Green Projects" list?

New Chapel Hill Associates ("Design Manager") Rosemary Square, Chapel Hill, NC, 250 room Hotel, 60,000sf of retail/office, 450 space underground Garage. (status?). NAV NAV NAV NAV

2.e.

NAV NAV NAV NAV RTKL-30% of Local office(?) are Certified, Staff Count in office? New Chapel Hill Assoc.-1 Associate is Certified. Whiting Turner-1 Associate is Certified. NAV

Section 3
3.a. Developer Experience Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: 3.b. Public/Private Development Public/Private Development No.1 Public/Private Development No.2 Public/Private Development No.3 Cannot determine if projects for FD are public/private developments from descriptions provided. It is not clear what the structure of the Partnership was (if any). Cannot determine if projects for FD are public/private developments from descriptions provided. It is not clear what the structure of the Partnership was (if any). Cannot determine if projects for FD are public/private developments from descriptions provided. It is not clear what the structure of the Partnership was (if any). FD: Rogers Avenue, residential, Apartments, Townhomes (Status?) Hamilton: The Dawson at Morgan, Raleigh, NC, 110,000 condominium project with ground floor retail. Construction has not started however pre-sales are available, Construction will start once 50% of the units are sold. FD and Hamilton provide examples of mixed-use, but not the uses proposed in this project.

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Federal Development
3.c. Public/Private Finance Plans Public/Private Finance Plan No.1: Public/Private Finance Plan No.2: Public/Private Finance Plan No.3: 3.d. Three References Provided No description provided of any public/private finance plans for projects are provided. FD does allude to "enhanced use" development technique with some public partners. NAV NAV NAV

Section 4
4 Perceived Market Demand Retail Space Market-rate Rental Housing Market-rate Condominiums Art and Entertainment Office Space Position on Owner-occupied Housing FD wants to conduct further analysis and information gathering sessions to validate ERA intial findings. No specific information provided. No specific information provided. No specific information provided. No specific information provided. No specific information provided. No specific information provided.

Section 5
5 Public/Private Finance Concept "The FEDERAL Team will work collaboratively with the Town of Chapel Hill to identify the financing solutions that will benefit all stakeholders in the Chapel Hill Development project." A very broad description offered, almost non-responsive.

Section 6
6 Proposed Working Rel. w/ Town "FEDERAL will establish both guidelines and schedules for the City's involvement." Interactive and constructive partcipation that will allow the Town to create the framework that will plan, design, manage and participate in profit from the project.

Section 7
7 Public/Private Dev. References Public/Private Development No.1 Public/Private Development No.2 Public/Private Development No.3 Public/Private Development No.4 Public/Private Development No.5 FD: Duke Human Vaccine Center-No Title-Not mentioned elsewhere in submittal FD: Economic & Planning Systems-No Title-Not mentioned elsewhere in submittal FD: Army Corps of Engineers-No Title-Not mentioned elsewhere in submittal Hamilton: Senior VP Wachovia-No related project mentioned NAV

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Federal Development

Section 8
8 Awards Developer Architect NAV NAV

Section 9
9 1 2 3 4

Subjective Criteria
General Tone of the Proposal Caliber of Presentation Level of Detail Provided Perceived Enthuiasm Moderate-weak Disjointed, difficult to understand team and responsibilities of team members. Weak Moderate

Area(s) of Concern
1 2 3 4 5 Access to Equity and Debt Relationships are not adequately explained. What is the relationship between Rockefeller Group and Federal? Rockefeller seems misplaced in this package. No reference provided for Rockefeller Group contact. Lack of reference to Town Planning Reports and SPPRE work to date. Very general approach to Public/Private Finance Plan. Limited downtown infill development experience. No professional references for any projects listed in project examples.

Exceptional Qualities
1 Has potentially strong Team members (RTKL and Rockefeller) , but Rockefeller is not well described.

Summary of Qualifications
Federal Development has assemebled a team with varying expertise and development experience. Public/Private development projects are provided with no description of the financing arrangement, the public partner's role, or the project status. Project examples provided were wide ranging, spanning from a converted 12,000sf educational facility to master-planned communities, to parking structures, little of which is applicable to Chapel Hill.

Total Score: 41

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Opus South Corporation

SPPRE Evaluation of Developer RFQ Proposals (Phase One Developments)
Town of Chapel Hill February 18, 2005 NAV: Not Available NA: Not Applicable

Developer 3: OPUS South Corporation

Evaluation Criteria
2.a. Development Team

Assessment Company Name OPUS South Corporation OPUS Group NA OPUS South Corporation OPUS South Corporation LS3P Architects OPUS South Corporation NAV OPUS South Corporation OPUS South Corporation OPUS South Corporation OPUS South Corporation NAV OPUS Group Bank of America/Wachovia OPUS South Corporation Corporate Headquarters Alpharetta, GA Minneapolis, MN NA Alpharetta, GA Alpharetta, GA Charlotte, NC Alpharetta, GA NAV Alpharetta, GA Alpharetta, GA Alpharetta, GA Alpharetta, GA NAV NAV NAV Alpharetta, GA Project Office Location NAV NA NA NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV

Managing Developer: Parent Company: Co-Developer: Project Manager Urban Designer: Architect: Construction Company: Facility Operator(s): MEP Engineer: Structural Engineer: Civil Engineer: Landscape Architect: Law Firm: Equity Investor(s) Construction Lender: Leasing and Management: Others:

Development Firm Profile OPUS Vertically integrated company with in-house development, architecture, construction, engineering, finance and facilities management expertise. Focused on Design-Build market, primarily for public facilities, office and industrial projects.

Section 1
1.a. Address of Managing Developer: Office: Telephone Number: E-Mail: 925 Northpoint Parkway, Suite 150 Alpharetta, GA 30005 770-521-0045 chuckmoody@opussouth.com michael.dougherty@opussouth.com

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Opus South Corporation
1.b. Developer Personnel Principal: Project Manager: 1.c. Developer/Company Overview Year established: Relationship to Parent Company: Resources of Project Office: Financial Capacity Source of Debt/At-Risk Cash Investment: Project No.1 : Project No.2 : Project No.3 : Project No.4 : Project No.5 : Capital Sources are provided (Wachovia and B of A). Specific details of recent project financings not provided. There is some uncertainty whether OPUS invests its own equity in projects. NAV NAV NAV NAV NAV Opus South Office: 23 Project Managers, 6 Architects, 11 Development Associates, 25 Administrative Assistants. Not many specifics to OPUS South, many references to the aggregated budgets and completed projects under OPUS Group. NAV NAV NAV NAV All team members are well qualified. Emphasis in industrial, office and retail development experience. Duane Wood, VP Development Keith Hornsby, Senior Project Manager

Duane Wood, VP Development, (not indicated whether part of OPUS Group or OPUS South) Keith Hornsby, Senior Project Manager (not indicated whether part of OPUS Group or OPUS South)

1953 Regional Office, OPUS South is one of 26 regional offices in the U.S. Regional Office has 23 Project Managers, total of approximately 100 employees.

1.d.

1.e.

Current Workload Scope of Current Project(s): Status of Current Project(s): Workload of Principal: Workload of Project Manager:

1.f.

Assessment of Key Members: Principal: Project Manager:

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Opus South Corporation
1.g. Ability to Attract Tenants National retail Tenants: Local retail Tenants: 1.h. Position on Recent Projects Ownership: Development: Equity Investor: Property Manager: Retain Ownership or Sell? Allude to discussions already taken place with a regional grocery store and national book seller about the possibility of being involved in the project. Most national tenants provided would not fit the scope of the Chapel Hill project. Have identified a local retail leasing firm to work with, but do not list the firm name.

NAV NAV OPUS Equity Capital, typically 20% equity in projects. NAV NAV

Section 2
2.a 2.b. 2.a is the first section evaluated (at the beginning of this evaluation). SPPRE believed the format was best to include this at the top of each evaluation. Urban Designer/Master Planner Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5: 2.b. Architect Experience Mixed-Use Project No.1: OPUS South Lakewood City Commons, Lakewood CO. Indicate that Opus developed non-retail components, City Hall, Arts Center, Library, does not specify who built residential. Bremerton Conference Center, Bremerton, WA. 7,000sf retail, 35,000sf office, 6,000sf Restaurant, Hotel, Marina. Public Partner was City of Bremerton. Developer/Contractor. Parkshore Plaza on Beach Dr., St. Petersburg, FL., 24,000sf retail, 118 unit condominium high rise. Contractor Only NAV NAV LS3P Philips Place, Charlotte, NC: 100,000sf of retail Space, 30,000sf Theatre, Hotel, residential Townhouses and Flats, two above grade parking garages.. Saks Majestic Square Complex, Charleston, SC-Successfully integrated the structure into the surrounding community. Saks store and light office and retail wrapping the parking garage. No residential presented. Garage received SCAIA Merit Award 2002. 100 North Spring St., Greenville, SC, office and retail project downtown. Conceived as public/private development with a revenue bond. The deal structure was clearly described. Fifth and Poplar residential Complex, Charlotte, NC-Best mixed use project type included. Two level underground garage, 350,000sf of residential, 22,000 sf retail, 18,000 sf grocery store. Piedmont Town Center, Charlotte, NC-415,000 sf of office, 90,000 sf of street level retail, 340 units of residential.

Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5:

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Opus South Corporation

2.e.

LEED Certification LEED Certified Level: LEED Silver Certified: LEED Gold Certified: LEED Platinum Certified: Number of Accredited Architects in Firm: AIA "Top 10 Green Projects" list?

NAV NAV NAV NAV One Architect for LS3P listed as LEED Certified. Implied to be part of project. Provided 10 examples where Architect was Principal or Project Manager. However, only one project description lists incorporating LEED criteria.

Section 3
3.a. Developer Experience Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5: Mixed-Use Project No.6: Mixed-Use Project No.7: Mixed-Use Project No.8: 3.b. Public/Private Development Public/Private Development No.1 Public/Private Development No.2 Public/Private Development No.3 Public/Private Development No.4 Public/Private Development No.5 3.c. Public/Private Finance Plans Research and Development building, $55 million, King County and OPUS-used bond financing under Revenue Ruling 63-20 Corporation (lease to own financing) OPUS developed, supported financing, design and constructed as well as provided payment and performance bonds for the entire cost of the project. Department of Labor building, $45 million, State of Washington and OPUS. OPUS designed, financed, developed and constructed the 410,000 sf office complex . Design won an 'design-build award'. Building is owned by State of Washington. Berks County Industrial Park, (No development budget), -OPUS acts as master developer and general partner responsible for mix of uses, financing, construction marketing, sales and/or leasing, and exit strategy. Public partner will contribute land, arrange for various loans and will be a limited partner. Bremerton Conference Center, Bremerton WA, Public Partner was Bremerton City. OPUS Only developed non-retail components Arbor lakes, Maple Grove, MN, Public Partner not listed. Developer Lakewood Commons, Mixed-use, Retail, Civic Center, Arts Center, Library, Residential. Developer Arizona Dept. of Administration and Env. Quality.- lease to own project with State of Arizona. Design/Build Contractor Arizona Dept. of Env. Quality. -lease to own project with State of Arizona. Design/Build Contractor 1215 Dexter Ave. Apts., Seattle WA, retail and multifamily with underground parking. Design/Build contractor. Altaire, Ft. Lauderdale, FL, 22,000sf retail, 125 condominium Units. Contractor Emerald Cay, Jupiter, FL, 112 residential Units, 7,000 sf Restaurant, 4,000 sf Restaurant. Contractor The Meridian at North Ocean: Lifestyle Development with Retail and Condominiums. Contractor Parkshore Plaza on Beach Drive: Mixed-use residential and Retail. Contractor Grant Park: Multifamily Condominium. -Not Mixed Use- Joint Development Sancerre Luxury Condominiums: Multi-Family -Not Mixed Use- Residential Development Contractor Laguna at Rivera Dunes: Multifamily Residential: -Not Mixed Use-Contractor

Public/Private Finance Plan No.1: Public/Private Finance Plan No.2:

Public/Private Finance Plan No.3:

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Opus South Corporation

3.d.

Three References Provided

Yes, Project References-Lakewood City Commons(Developer of only non-retail projects), Bremerton, State of Arizona

Section 4
4 Perceived Market Demand Retail Space Market-rate Rental Housing Market-rate Condominiums Art and Entertainment Office Space Position on Owner-occupied Housing Accepts the current ERA study at face value. OPUS will perform its own market analysis and due diligence if they are selected. ERA ERA ERA ERA ERA OPUS states "...our goal will be to maximize the number of owned housing units and green space. "

Section 5
5 Public/Private Finance Concept OPUS discusses as some length the purpose and meaning behind PPPs. They conclude by stating that "We do not typically go in with a fixed plan, but bring in some ideas and are ready to listen, so people feel they've had a chance to get involved in the project."

Section 6
6 Proposed Working Rel. w/ Town Use a process of 'Scope Management' and 'Design Quality Assurance' through the lead Project Manager. This is the central point of responsibility and will work with the Town to ensure that the Town's needs are met.

Section 7
7 Public/Private Dev. References Public/Private Development No.1 Public/Private Development No.2 Public/Private Development No.3 Public/Private Development No.4 Public/Private Development No.5 State of Washington, Facilities Service Program Manager King County, Director of Planning City of Bremerton, Mayor Mohave County, County Finance Director Contracting Officer, Department of the Interior

Section 8
8 Awards Developer Architect 3 Letters of recommendation and commendation on projects completed. Development, Architectural, and Construction services were noted in the letters. NAV NAV

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Opus South Corporation Section 9
9 1 2 3 4

Subjective Criteria
General Tone of the Proposal Caliber of Presentation Level of Detail Provided Perceived Enthusiasm Strong, OPUS is very experienced, full-service, one-stop shop for design, development, and construction. Strong Moderate to strong Moderate

Area(s) of Concern
1 2 3 Public/Private Developments: Developer of non-commercial components of Lakewood City Commons. Lakewood City Commons and Arbor Lakes Public Private Finance Plans were not described. Projects tend to be weighted toward Institutional facilities for State's and the Federal Government. Keith Hornsby has no experience with mixed-use or public/private partnership developments. Some Condominium experience.

Exceptional Qualities
1 2 Strong firm with access wide range of services (Design-Build). Financial Capacity, strong reputation, experienced project managers.

Summary of Qualifications
OPUS is an excellent firm with strong qualifications. OPUS has public/private development expertise but primarily for public facilities, infrastructure and office/industrial uses and a majority of the public.private partnership examples are with state and federal agencies on large institutional projects. They can provide the Town with access to a wide range of Real Estate related services that can provide flexibility and ensure a quality project. OPUS only weakness apparent is that

Total Score: 72

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Ram Development Company

SPPRE Evaluation of Developer RFQ Proposals (Phase One Developments)
Town of Chapel Hill February 18, 2005 NAV: Not Available NA: Not Applicable

Developer 4: Ram Development Company

Evaluation Criteria
2.a. Development Team

Assessment Company Name Ram Development Company NA NA Ram Development Company Duany Platner-Zyberk Duany Platner-Zyberk Roger Fry and Associates Marc Weiner Turner Construction Ram Realty Pistorino & Alan Pistorino & Alan Pistorino & Alan Duany Platner-Zyberk NAV Ram Development Company Multiple Sources Listed Ram Realty Corporate Headquarters Palm Beach Gardens, FL NA NA Palm Beach Gardens, FL Miami, FL Miami, FL Coconut Grove, FL Boca Raton, FL Raleigh, NC Miami, FL Miami, FL Miami, FL Miami, FL Miami, FL NAV Palm Beach Gardens, FL NA Palm Beach Gardens, FL Project Office Location Palm Beach Gardens, FL NA NA Palm Beach Gardens, FL Miami, FL Miami, FL Coconut Grove, FL Boca Raton, FL Raleigh, NC Miami, FL Miami, FL Miami, FL Miami, FL Miami, FL NAV Palm Beach Gardens, FL NA Palm Beach Gardens, FL

Managing Developer: Parent Company: Co-Developer: Project Manager Urban Designer: Architect: Architect (residential): Architect (retail): Construction Company: Facility Operator(s): MEP Engineer: Structural Engineer: Civil Engineer: Landscape Architect: Law Firm: Equity Investor(s) Construction Lender: Leasing and Management: Others:

Development Firm Profile

Retail and multifamily developer. Acquires, develops and renovates properties in partnership with principals.

Section 1
1.a. Address of Managing Developer: Office: Telephone Number: E-Mail: 3399 PGA Boulevard, Suite 450 Palm Beach Gardens, FL 33331 561-630-6717 NAV

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Ram Development Company
1.b. Developer Personnel Principal:

Ivy Greaner, Managing Partner, Commercial, RAM Mike Hammon, Managing Partner Residential, RAM Susan Tjarksen-Roussos, VP of Development

Project Manager: 1.c. Developer/Company Overview Year established: Relationship to Parent Company: Resources of Project Office: 1.d. Financial Capacity

1978 NA Sufficient resources available, Employee count: 120

Source of Debt/At-Risk Cash Investment: Project No.1 : Project No.2 : Project No.3 : Project No.4 : Project No.5 : 1.e. Current Workload Scope of Current Project(s): Status of Current Project(s): Workload of Principal: Workload of Project Manager: 1.f. Assessment of Key Members: Principal: Project Manager:

Ram's maximum loan capacity is $100 million each for 3 separate lenders. Access to $20 million in equity. Principles have equity risk in every development they work on. If Ram receives a promoted interest in a project, then Ram will have equity involved in the deal. Ram participates from 10% to 100% of the required equity investment for projects. NAV NAV NAV NAV NAV

11 projects of various types and sizes 11 projects in various stages, two projects in Michigan, 8 in Florida, and Walgreen projects in Florida and North Carolina. Not Clear, appears to be involved in all/most of the 11 projects. Assigned Project Manager is currently working on one project that is in the approvals process.

Experienced in all phases of real estate development. Experienced in all phases of real estate development.

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Ram Development Company

1.g. Ability to Attract Tenants National retail Tenants: Provided list of national tenants that they have worked with before. Some may be applicable to CH development sites. Ram is a firm believer in local and small shop tenants. Ram has provided a detailed description of their ability to attract nationa and local retail tenants. SPPRE was impressed with their stragety and their in house-leasing capabilities.

Local retail Tenants: 1.h. Position on Recent Projects Ownership: Development: Equity Investor: Property Manager: Retain Ownership or Sell?

RAM states they "typically owns 30% to 50% of investments". Not clear what investments refer to. Can act as developer or codeveloper Can support the equity for the project. Can be the property manager for the project. Typically retain ownership of projects.

Section 2
2.a 2.a is the first section evaluated (at the beginning of this evaluation). SPPRE believed the format was best to include this at the top of each evaluation. 2.b. Urban Designer/Master Planner Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5: 2.b. Architect Experience Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5: Concern: Duany Plater Zyberk Southside, Greensboro, NC-10 acres, Townhome, Live/Work Units, Townhouses, Community Master Plan. Celadon, Beaufort, SC- 60 acre, No Building Program Listed. Strong on planning and design components of the community. Anchor Mill, Mecklenberg, NC- 32 acre, TOD Project, no building program offered. Seaside, Walton County, FL- 80 acre, Master Community Land Plan. Center City Hickory, Hickory NC, Performed general Land Use Plan and recommendations. Roger Fry & Associates Promenade at Bayview, Pompano Beach, FL-225 urban infill apartments in 5 buildings The description states the project was mixed use, but does not describe the other types of uses. (No images provided) Cityplace, West Palm Beach, FL, 586 apartment units over retail and Urban Townhouses. Only 1 sketch provided, vague in appearance. (Not Mixed-Use) Yacht Club, Aventura, FL-430 Unit Mid-rise project. Does not specify if they were apartments or condominiums. (Not MixedUse, no images) St. James Club, Boca Raton, FL, -224 Apartment Community. Won merit award for best new apartment project. (Not MixedUse, no images) Moorings, Latanta, FL, -357 apartments over retail in two buildings. (Current Project) No photos of completed projects.

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Ram Development Company

2.e. LEED Certification LEED Certified Level: LEED Silver Certified: LEED Gold Certified: LEED Platinum Certified: Number of Accredited Architects in Firm: AIA "Top 10 Green Projects" list?

NAV NAV NAV NAV DPZ-50% of firm's Architects are certified. NAV

Section 3
3.a. Developer Experience Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: The Ellington, Detroit, MI- retail and residential with Garage-No building program provided. The Residences at Bayview, Pompano Beach, FL-225 luxury Apartments, 6,500 sf of retail. Pineapple Cove and Commons, Stuart, FL-200,000 sf of commercial, 260 luxury apartments. Orlando Square, 190,000sf Retail Center, worked with the City to reposition and asset. Only the two projects below indicate any substantial public involvement to warrant categorizing them as Public/Private Development. Detroit Symphony Orchestra. office/retail, parking deck, high school and renovations (RAM Chairman only, not RDC) Ellington Mixed-Use Development Other two projects have no public partners.

3.b. Public/Private Development Public/Private Development No.1 Public/Private Development No.2 Public/Private Development No.3 3.c. Public/Private Finance Plans Public/Private Finance Plan No.1: Public/Private Finance Plan No.2: Public/Private Finance Plan No.3: 3.d. Three References Provided

Office and retail components were funded through $28 million State of Michigan Bond, $7 million Detroit Symphony Orchestra. Music Center was funded privately. School was financed publicly. Partnered with Wayne State University and Detroit Public Schools to 'purchase' their portion of a newly constructed garage. No significant public partner. Yes for both Orchestra, and Ellington. High level officials related to the project.

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Ram Development Company Section 4
4 Perceived Market Demand Retail Space Market-rate Rental Housing Market-rate Condominiums Art and Entertainment Office Space Position on Owner-occupied Housing "It is our intent to follow the suggestions for new users as defined by ERA" Do not address rental housing. Suggest that the current environment is strong for "for-sale" housing, request that this statement needs further review and analysis if Ram is selected. Propose civic functions that promote weekend and nightlife actives. Do not address movie theatre conclusions by ERA. Do not address office space. Suggest that the current environment is strong for "for-sale" housing, Ram requests that this statement needs further have review and analysis if Ram is selected.

Section 5
5 Public/Private Finance Concept Ram is open to exploring the land lease under for-sale units concept, refer to many of the tax and non-tax income streams as feasible as presented by SPPRE. Willing to bring other financing concepts to the table.

Section 6
6 Proposed Working Rel. w/ Town Acknowledge the time intensive process of working with multiple public constituents, open to discussing a plan that is financially feasible. "We could meet as often as necessary with Town Council and hold community groups"

Section 7
7 Public/Private Dev. References Public/Private Development No.1 Public/Private Development No.2 Public/Private Development No.3 Public/Private Development No.4 Public/Private Development No.5 Martin Downs, Martin, FL, County Attorney, Martin County Florida, Borland Center, mixed use development, no project sheet listed. -Community Church, Part owner Borland Center,-CRH Advisors, former planning commissioner Borland Center,-Principal of Architectural Firm Borland Center,-Growth Management Director, City of Palm Beach Gardens

Section 8
8 Awards Developer Architect Received local acclaim for development efforts for the Detroit Symphony Orchestra project. Andres Duaney, of DPZ, has received planning awards for numerous projects.

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Ram Development Company Section 9
9 1 2 3 4

Subjective Criteria
General Tone of the Proposal Caliber of Presentation Level of Detail Provided Perceived Enthusiasm RAM is a strong firm, well qualified. moderate moderate to strong moderate

Area(s) of Concern
Only two sketches were provided by Roger Fry Associates. Ram teamed up with one of the best land planners in the country and provided a lackluster presentation of Architect. No projects sheets provided on the 'retail Architect' Marc Weiner. No information provided on Turner Construction in Qualifications. SPPRE is aware this national firm is well qualified. Current workload of Architect has fair amount of mixed-use project types, however, completed work relating to mixed-use is lacking. Limited Public/Private Development Experience. Appear to categorize traditional development projects in Public/Private Development. (zoning and public hearings do not constitute Public/Private Development) DPZ experience is on large scale planning for Towns and Cities, will their services be applicable on these two small sites? SPPRE is concerned with their qualifications as a Master Architect.

1 2 3 4 5

Exceptional Qualities
1 2 3 4 5 RAM has the financial capacity and is a responsive firm that invests in the projects they develop. Have parterned with one of the best land planners in the country. RAM has in-house leasing capabilities. SPPRE is impressed with Orlando Square development and the problem-solving skills with the City. RAM accepts ground lease concept.

Summary of Qualifications
RAM is a well qualified firm with many mixed-use projects under its control, they have formed a strong Team, and have the financial capacity to deliver this project. Architect experience and capacity is not adequately portrayed in the Qualifications.

Total Score: 75

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Grubb Properties and LeylandAlliance

SPPRE Evaluation of Developer RFQ Proposals (Phase One Developments)
Town of Chapel Hill February 18, 2005 NAV: Not Available NA: Not Applicable

Developer 5: Grubb Properties and LeylandAlliance

Evaluation Criteria
Development Team

Assessment Company Name Grubb Properties NA LeylandAlliance Grubb and LeylandAlliance Urban Design Associates FMK Architects Resolute Building Company NAV Saber Engineering Bulla Smith Design Engineering ColeJenest & Stone NA LeylandAlliance-has attorneys Grubb implies equity Bank of America Gibbs Planning Group Corporate Headquarters Charlotte, NC NA Tuxedo, NY Charlotte, NC Pittsburgh, PA Charlotte, NC Charlotte, NC NAV Raleigh, NC Charlotte, NC Raleigh, NC NA Tuxedo, NY Charlotte, NC Charlotte, NC Birmingham, MI Project Office Location Charlotte, NC NA Tuxedo, NY Charlotte, NC Pittsburgh, PA Charlotte, NC Charlotte, NC NAV Raleigh, NC Charlotte, NC Raleigh, NC NA Tuxedo, NY Charlotte, NC Charlotte, NC Birmingham, MI

Managing Developer: Parent Company: Co-Developer: Project Manager Urban Designer: Architect: Construction Company: Facility Operator(s): MEP Engineer: Structural Engineer: Civil Engineer: Landscape Architect: Law Firm: Equity Investor(s) Construction Lender: Leasing and Management: Others:

Development Firm Profile Grubb Properties LeylandAlliance "Full service real estate development company providing design, development, construction, acquisitions, sales, leasing and management." "A developer of new, mixed-use and residential communities based on the principles of Traditional Neighborhood Designs. " Also have extensive 'town and gown' experience.

Section 1
1.a. Address of Managing Developer: Office: Telephone Number: E-Mail: Grubb Properties 1523 Elizabeth Ave., Suite 220 Charlotte, NC 28204 704-405-5161 jharris@grubbproperties.com LeylandAlliance 16 Sterling Lake Rd. Tuxedo, NY 19087

mtoleando@leylandalliance.com

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Grubb Properties and LeylandAlliance
1.b. Developer Personnel Principal: Project Manager:

Jeffrey Harris, Grubb Properties Jeffrey Harris, Grubb Properties Macon Toledano, LeylandAlliance

1.c.

Developer/Company Overview Year established: Relationship to Parent Company: Resources of Project Office: Financial Capacity Source of Debt/At-Risk Cash Investment: Project No.1 : Project No.2 : Project No.3 : Project No.4 : Project No.5 : Note:

1963 NA Extensive in Charlotte, NC, Employee count: 100

1.d.

Sterling Elizabeth, Charlotte, NC, mixed use-office and retail, Grubb provided 100% of the equity, debt totaled $7.5 million Sterling Magnolia, Charlotte, NC, Grubb and individual partners provided $3 million in equity, received $24 million from HUD. Morrison Place, Charlotte, NC, Grubb invested $11 million of equity in a $32 million dollar project. East Beach Development, Norfolk, VA Currently in Phase 3, 50% of the equity is invested by LeylandAlliance, no details on total development budget. Warwick Grove, Warwick, NY, initially invested 100% of equity and then partnered with Tarragon. Compartively, one of the best of the six developers with regard to Financial Capacity.

1.e.

Current Workload Scope of Current Project(s): Status of Current Project(s): Workload of Principal: Jeffery Harris Workload of Project Manager:

Large, extensive projects of varying size and scope. Most of the projects are similar to Chapel Hill. Many projects are in construction or close to construction, which is another indication of their ability to implement. Company specific workloads are provided, details related to project managers are not provided. Senior Vice President, has executive oversight over multiple developments. Day-to-day project manager is not clearly indicated? Is this really going to be Mr. Harris and Mr. Toleando?

1.f.

Assessment of Key Members: Principal/Project Manager: Jeffrey Harris Project Manager: Macon Toledano

Has completed a variety of project types similar to those proposed in Chapel Hill.

Has led various complex projects of size and scope both domestically and internationally.

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Grubb Properties and LeylandAlliance

1.g.

Ability to Attract Tenants National retail Tenants: Local retail Tenants:

Partner with Gibbs Planning Group for retail Leasing Services. Have specialty retailers that would fit the desired downtown Chapel Hill mix of retail. See Above. Largest sellet of Condos in North Carolina (2,200 units)

1.h.

Position on Recent Projects Ownership: Development: Equity Investor: Property Manager: Retain Ownership or Sell?

Both Grubb and Leyland maintain significant ownership positions in their projects. Grubb or Leyland (can provide 100% of the at risk equity, very important) Grubb Retain Ownership, depending on use type.

Section 2
2.a 2.b. 2.a is the first section evaluated (at the beginning of this evaluation). SPPRE believed the format was best to include this at the top of each evaluation. Urban Designer/Master Planner Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5: Architect Experience Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5: Note: 2.e. LEED Certification LEED Certified Level: LEED Silver Certified: LEED Gold Certified: LEED Platinum Certified: Number of Accredited Architects in Firm: AIA "Top 10 Green Projects" list? Urban Design Associates Goler-Depot Street Renaissance, Winston-Salem, NC, Market Research and Land Use Planning Services Campus Housing Plan, Santa Barbara, CA-Consulted to solve workforce housing and student housing problems. First Ward Master Plan- Charlotte, NC, mix of uses, creted neighborhoods and precincts. Gilroy Cannery, Gilroy, CA, mixed-use, no building projgram provided. NAV FMK Architects Latta Pavilion, Charlotte, NC-1590 apartments, 98 condos, office/retail, Parking Deck (Developer and Architect worked together) 715 North Church, Charlotte, NC, 89 Condos, retail, Below Grade Deck 626 North Graham, Charlotte, NC, 43 condos, retail 3030 South Boulevard, Charlotte, NC, 95 Condos, retail, office First Ward Place, Charlotte, NC, 160 affordable and Market Rate Apartments Grubb and FMK have completed two mixed-use projects together. Steve Winter Associates NAV NAV NAV NAV Substantial, 65 employees, architects, engineers, and building scientists. Substantial, Steve Winter Associates have worked on many projects andare involved in many organizations regarding building efficiency.

2.b.

Section 3
3.a. Developer Experience Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Latta Pavilion, Charlotte, NC, 33,00sf of commercial, 162 apartments, 101 condos (Developer and Architect worked together) The Ratcliff, Charlotte, NC, 57 Condo units, 60,000sf of Commercial Space Morrison Place-Charlotte, NC, mixed-use, varying types, and large development site. The two proposed project managers worked on this project in the past.

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Grubb Properties and LeylandAlliance

3.b.

Public/Private Development Public/Private Development No.1 Public/Private Development No.2 Public/Private Development No.3 Public/Private Finance Plans Public/Private Finance Plan No.1:

Elizabeth Ave., Charlotte, NC, mixed use, office, retail, residential, Partner with Presbyterian Hospital. East Beach, Leyland Alliance, partner with City of Norfolk, VA. 100+ acre site on the Chesapeake Bay. Hammonds Ferry, SC, partner with City of Augusta and Charleston. Mixed Use, 200+ acres on Savannah river.

3.c.

Public/Private Finance Plan No.2:

Elizabeth Ave. Parking, Grubb Partnered with the City of Charlotte to purchase 1,000 parking spaces upon completion of a 3,000 parking space build out. The total investment by the City was $14 million. The total parking cost was $51 million. East Beach Development, LeylandAlliance worked with the Norfolk Redevelopment Housing Authority (NHRA)to develop the land while the NHRA retained ownership of the land. The acquisition price of each parcel would be paid as units are sold. However to make the project happen, the NHRA did have to put the land up for collateral later. By maintaining control of the land they were able to ensure their vision. Hammonds Ferry, SC, It appears the City has 'contributed' $3 million to the predevelopment efforts (ne return to the CIty yet) and Leyland has contributed approximately $3 million. The description implies that Leyland assisted the City of obtain Public Funding. Yes, Leyland provides public partner references, Grubb provides mainly private entitty references.

Public/Private Finance Plan No.3: 3.d. Three References Provided

Section 4
4 Perceived Market Demand Retail Space Market-rate Rental Housing Market-rate Condominiums Art and Entertainment Office Space Position on Owner-occupied Housing Provided significant insight into their perception of the market, do not mention ERA report. Suggest Class A space is not in demand and national retail tenants have been located to Southpoint. Suggest that restaurants on Franklin street would be a positive retail amenity. Categorize this as 'student housing', and state "demand for student-oriented housing does exist and can be a component'. Suggest demand for condominium units is limited and will be attractive to interim purchasers and investors. Suggest the units would still have to be geared toward student occupiers. Suggest for-sale art gallery, or music venue potentially. Suggest office-condominium units would be attractive. Class A space is only required by the University and is not in demand currently. Suggest that they will be geared towards the current market conditions.

Section 5
State that they will perform their own market analysis to estimate their market-rate return on the project as well as expect subsidies for components the town desires to include that are not evident in the market demand analysis. SPPRE was dissapointed Grubb never mentioned any financial returns on the Town investment in land and infrastructure improvements. Suggest a mutually agreed upon design concept prior to offering a Public/Private finance concept.

5

Public/Private Finance Concept

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Grubb Properties and LeylandAlliance Section 6
6 Proposed Working Rel. w/ Town Stated goal is 'to help the Town achieve its aesthetic and programmatic objectives subject to the demands of the market and the willingness of the Town to absorb the cost and risk of pursuing elements of the redevelopment that are not supported by the market'

Section 7
7 Public/Private Dev. References Public/Private Development No.1 Public/Private Development No.2 Public/Private Development No.3 Public/Private Development No.4 Public/Private Development No.5 Grubb has limited public partner references. LeylandAlliance has many. East Beach, City Councilman, Norfolk, VA Hammonds Ferry, Director of Economic and Community Development, City of Augusta, GA East Beach, Director of Design and Construction, Norfolk Redevelopment Housing Authority, VA Storrs Center, Executive Director, Mansfield Downtown Partnership, Mansfield, CT Hammonds Ferry, Mayor, City of North Augusta, SC

Section 8
8 Awards Developer Architect NAV UDA has many awards. FMK Architects did not list any awards.

Section 9
9 1 2 3 4

Subjective Criteria
General Tone of the Proposal Caliber of Presentation Level of Detail Provided Perceived Enthusiasm Realistic Approach Moderate Strong (provided balance sheets, in depth market-assessment) High enthusiasm, Principles are both Alumni of UNC

Area(s) of Concern
1 No mention on financial return to Town investment. Vague approach to public/private finance plan.

Exceptional Qualities
1 2 FMK Architects have regional experience with similar building types as related to Chapel Hill. Affordable Housing, Mixed-Income experience is a plus. Good working history between FMK Architects and Grubb Properties.

Summary of Qualifications
Grubb Properties and Leyland Alliance are strong firms that have assembeld a strong team that and are well qualified to complete the projects. The projects completed, financial capacity to perform, ownership interest, and history in North Carolina are are factors that make this an outstanding proposal. There is no financial return to the Town mentioned in the conceptual Public/Private finance plan which should be noted.

Total Score: 84

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Pizzuti Companies

SPPRE Evaluation of Developer RFQ Proposals (Phase One Developments)
Town of Chapel Hill February 18, 2005 NAV: Not Available NA: Not Applicable

Developer 6: Pizzuti Companies

Evaluation Criteria
2.a. Development Team

Assessment Company Name Pizzuti Companies NA NA Pizzuti Companies NAV HKS Architects Brasfield & Gorrie NAV TLC Engineering TLC Engineering NAV NAV NAV NAV Nationwide and USAA Real Estate Pizzuti Companies Corporate Headquarters Columbus, OH NA NA Columbus, OH NAV Dallas, TX Birmingham, AL NAV Orlando, FL Orlando, FL NAV NAV NAV NAV NAV Columbus, OH Project Office Location Columbus, OH NA NA Columbus, OH NAV Dallas, TX Raleigh, NC NAV NAV NAV NAV NAV NAV NAV NAV Columbus, OH

Managing Developer: Parent Company: Co-Developer: Project Manager Urban Designer: Architect: Construction Company: Facility Operator(s): MEP Engineer: Structural Engineer: Civil Engineer: Landscape Architect: Law Firm: Equity Investor(s) Construction Lender: Leasing and Management: Others:

Development Firm Profile

Full service real estate company and backed by a very strong capital base.

Section 1
1.a. Address of Managing Developer: Office: Telephone Number: Two Miranova Place, Suite 800 Columbus, Ohio 43215 614-280-4000

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Pizzuti Companies
E-Mail: 1.b. Developer Personnel Principal: Project Manager: 1.c. Developer/Company Overview Year established: Relationship to Parent Company: Resources of Project Office: Financial Capacity Source of Debt/At-Risk Cash Investment: Project No.1 : Project No.2 : Project No.3 : Project No.4 : Project No.5 : Current Workload Scope of Current Project(s): Status of Current Project(s): Workload of Principal: Workload of Project Manager: 1.f. Assessment of Key Members: Principal: Only one project listed in Toledo under the Principals experience. The project is currently in predevelopment and construction timeframe is not specified. Structured incentives for retail tenants, however limited depth is given to the actual nature, experience, and role in completed projects. Two Projects, Marina District project in Toledo currently in environmental remediation, 10-year build out. Developing Marketing and Business plan for Preble County, Ohio. See Above Both projects listed above Both projects listed above jpizzuti@pizzuti.com Joel Pizzuti, Exec. VP, Pizzuti Jim Russell, CEcD, Pizzuti

1976 NA Employee count not provided, lists staff as substantial.

1.d.

Pinnacle 9 (no location, images, or building program provided), Speculative development, 20%/80% split, $18 million Creekside 13 (no location, images, or building program provided), Speculative development, 20%/80% split, $14 million Pinnacle 10 (no location, images, or building program provided), Build to Suit development, 20%/80% split, $12.5 million NAV NAV

1.e.

Project Manager:

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1.g.

Ability to Attract Tenants National retail Tenants:

Discuss alliances with national brokerage firms for leasing and sales of projects. List national retail tenants as well as relationships with local Columbus retail tenants to illustrate incorporating local flavor. List Sears, GNC, Hard Rock Café, Publix, Kroger, Rally's and Walgreens. List relationship with Cameron Mitchell who is a restaurateur in Ohio. No plan given on how to engage local retail leasing opportunities from Columbus. Have in-house leasing capabilities.

Local retail Tenants: 1.h. Position on Recent Projects Ownership: Development: Equity Investor: Property Manager: Retain Ownership or Sell?

Typically retain projects for investment purposes. Assume a variety of development roles, from fee-developer to master developer Invest Pizzuti equity in predevelopment when required (Toledo). Typically provide 100% of the 20% equit/80% of debt. NAV Depends on recommendation from Pizzuti's Asset Management Division.

Section 2
2.a 2.b. 2.a is the first section evaluated (at the beginning of this evaluation). SPPRE believed the format was best to include this at the top of each evaluation. Urban Designer/Master Planner Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5: Architect Experience Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Mixed-Use Project No.4: Mixed-Use Project No.5: SPPRE assumes HKS will perform the urban design work with the Town. Project examples provided in the Qualifications are provided below. NAV NAV NAV NAV HKS Architects Mixed Use Downtown Projects for Lots 2, 5 and Wallace Deck, Chapel Hill, NC Whole foods Market at Sixth and Lamar, Austin, TX The CNL and Florida Center for Arts and Education, Orlando, FL-Office buildings, University Classrooms, Retial Space, Residnetial Areas, Public plaza, Cinema and theatres. The Square at Falling Run, Morgantown, WV, The Augusta-15 story residential building, Retail Space, Resturants, Fuve Screen Cineplex, two level parking garage. Arlington Gateway, Arlington, VA-400 Guest rooms, 200-residential unis, retail space, resturant space, courtyard.

2.b.

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2.e.

LEED Certification LEED Certified Level: LEED Silver Certified: LEED Gold Certified: LEED Platinum Certified: Number of Accredited Architects in Firm: AIA "Top 10 Green Projects" list?

TLC Engineering will provide LEED services. NAV NAV NAV NAV NAV NAV

Section 3
3.a. Developer Experience Mixed-Use Project No.1: Mixed-Use Project No.2: Mixed-Use Project No.3: Note: Public/Private Development Public/Private Development No.1 Public/Private Development No.2 Public/Private Development No.3 Public/Private Finance Plans Public/Private Finance Plan No.1: Public/Private Finance Plan No.2: Public/Private Finance Plan No.3: Miranova, Structured payments back to Pizzuti for $5 million public infrastructure improvements through TIF. Assisted in Brownfield legislation for OH. Creekside Industrial Center, (as consultant? Property manager?) Structure various public financing arrangements, loans and grants to get infrastructure completed. Rickenbacker II & IV, does not specify what the uses at the site were. The public partner has a participating interest in the proceeds from the sale of the completed projects. Yes, public partner officials provided for three different projects, an Economic Development Administrator, a Village Administrator, and a Rickenbacker Development Director. Miranova, Columbus, OH- 140 condominiums, retail, Garage (no images) The Carlile, Columbus, OH- retail uses, signature restaurant (no images, no residential?) Creekside Industrial Center, Obetz, OH-Industrial Park, no other uses provided. (no images, Consultant project?) Pizzuti has developed 35 million sf of commercial developments. No project images provided on completed developments.

3.b.

Miranova, 140 condominiums, retail, Garage, Creekside Industrial Center, Industrial Park in OH. Rickenbacker III and IV, Columbus, OH- no uses specified.

3.c.

3.d.

Three References Provided

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Pizzuti Companies Section 4
4 Perceived Market Demand Retail Space Market-rate Rental Housing Market-rate Condominiums Art and Entertainment Office Space Position on Owner-occupied Housing "Our conclusions generally support the conclusions of the Town's consultant" Reiterate some of the ERA conclusions Suggest demand will remain strong and 60% of the existing market is renter-occupied. Suggest price point of $150-$225/sf Suggest exploring additional opportunities at the development for Arts & Entertainment. Do not see a demand for additional office space. NAV

Section 5
5 Public/Private Finance Concept "Our objective is to create improvements to the Town's tax base that provide adequate incremental revenue to the Town which supports the development of the improvements and ensures that improvements do not create additional obligations for the Town. "

Section 6
6 Proposed Working Rel. w/ Town Pizzuti outlines a framework of communication and interaction with the Town that is acceptable

Section 7
7 Public/Private Dev. References Public/Private Development No.1 Public/Private Development No.2 Public/Private Development No.3 Public/Private Development No.4 Public/Private Development No.5 Commissioner of Real Estate, City of Toledo, OH Village Administrator, Village of Obetz, OH Economic Development Administrator, City of Columbus, OH Director, Development Department, City of Westerville, OH (project not specified) Director, Development Department, City of Gahanna, OH (project not specified)

Section 8
8 Awards Developer Architect Has received positive press regarding its developments. Since 1975 HKS has received 224 awards for 122 projects.

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Section 9
9 1 2 3 4

Subjective Criteria
General Tone of the Proposal Caliber of Presentation Level of Detail Provided Perceived Enthusiasm Positive moderate-strong Adequate, no project sketches or photos provided on development experience. moderate-strong

Area(s) of Concern
1 2 3 4 5 Lean heavily on a series of three projects. A company that is 30+ years old should have a greater showcase of experience. Limited project images from the Pizzuti (if any) Principal and Project Manager do not have extensive personal histories offered of applicable roles in development projects. (not provided) Geographic and distance concerns, this project may take more time and meetings than is anticipated by the developer. Display strength in the Columbus market, have concerns about specialty in the North Carolina market.

Exceptional Qualities
1 2 Have assembled a strong team between HKS and Brasfield & Gorrie. Financial capacity to perform projects.

Summary of Qualifications
Pizzuti has assembled aquality Team by including Brasfield & Gorrie and HKS Architects. There is some question pertaining to development experiences of the Principle and Project Manager. No images provided by Pizzuti on development project sheets is a concern from a design standpoint. Developments and operations feel centralized to the Ohio region, some concerns regarding the capacity to manage the project from Ohio.

Total Score: 79

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