$3.95 Vol. 7, No. 9 COMMERCIAL REAL ESTATE, BUSINESS OPPORTUNITIES & FRANCHISES FLORIDA INVESTOR ONLINE: Video Webcasts, Breaking News, Commercial Data Center NORTH FLORIDA • CENTRAL FLORIDA • WEST FLORIDA • SOUTH FLORIDA September 2009 9 CASH IS KING Three-building Telecom Technology Center sells for $10.9M UBER RENOVATION Richmond McCoy, founding partner and CEO of UrbanAmerica details the massive overhaul of their first hotel, the DoubleTree Resort-Orlando 16 DEEP DISCOUNT $50-million price cut on a seven-acre property in the Park West 19 MONARCH AT MIRAMAR Publix anchored center sells for $8.28M 21 GOING ONCE, GOING TWICE... Downtown’s Sheraton hotel is headed for the auction block 09 0 74470 63698 4 YES! We are lending • High LTV Project Financing( up to 99% is achievable) • Requires 1%-10% Cash Equity Contribution. • Non-Recourse funding ..loan is project specific. • Funding from $2Million USD. No Maximum. • Financing approvals within 24-48 hours. Funding in as few as 60- 90 days. • Highly competitive interest rates, (currently in the 5-6%) range. No "hard money" rates iiihere. (Rates are extremely low for LEED Projects and "Green" initiatives. • No minimum credit requirements -The project qualifies for the loan - Not you. • Projects above $10M preferred, smaller projects accepted. • NCND Agreement Required. No "UP Front" cost or application fees. FLORIDA INVESTOR • SEPTEMBER 2009 11 Uber Renovation Richmond McCoy, founding partner and CEO of UrbanAmerica details the massive overhaul of their first hotel, the DoubleTree Resort-Orlando rooms will be completely refurbished with high quality fixtures and furnish- ings, and the grounds newly landscaped complete with Balinese inspired bridg- es, ponds and lush foliage. The newly- transformed property offers 1,094 guest rooms and suites situated in resort style buildings and a 17-story tower, a fitness center, day spa, restaurant, lounge, deli, poolside bar, kids game lounge, putting green and mini golf course and on-site car rental and attraction tickets. The resort’s three swimming pools all have been enhanced with relaxation areas and natural brick paver-lined sundecks and walkways. Business accommoda- tions include high-speed Internet access throughout the property, and 60,000 square feet of meeting and banquet space with two grand ballrooms. “It was the above-market returns of Renovated Room many of the round trip investments in Fund 1 that enabled us to engender the the hotel offers three distinct floor plans rooms, 1,000 guest rooms, retail outlets confidence of many of the institutional all featuring Balinese-inspired fixtures and restaurants. For UrbanAmerica, investors and allowed us to tackle larger and furnishing, native dark woods and this project will continue the tradition projects with even greater upside poten- bamboo furnishings. State-of-the-art of working with local economic devel- tial,” Mr. McCoy said. It was this more amenities include 32-inch flat-screen opment organizations to stimulate the aggressive investment strategy that was televisions, wireless Internet access economy while returning market rate employed to purchase the International and iPod-compatible radios. The guest returns to investors. Plaza Resort and Spa, once flagged by rooms are really the highlight of the re- “Bringing goods and services to Sheraton. “Three years ago, hospital- sort. McCoy wanted the same thing for emerging domestic markets while pro- DoubleTree Orlando ity was very strong and the hotel was his guests that he seeks in a hotel, and viding market based returns to inves- In 2006, UrbanAmerica LP, a pio- a great buy in a desirable location. We that is affordable luxury. “The care with tors is what UrbanAmerica was founded neering brand in the area of urban real knew with renovations the hotel had the which each room was renovated is hard on,” Mr. McCoy explained. This phi- estate funds, grasped an investment potential to be transformed into an up- to find in today’s world where crafts- losophy, once seen as risky by many in- opportunity with the purchase of a ho- scale, resort property for both families manship is seen as cost preventative. I vestors, has recently been embraced by tel formerly known as Sheraton World and convention guests.” The hotel is believe, however, quality is an invest- many institutional investors. UrbanA- Resort in Orlando that culminated with ideally located next to SeaWorld Orlan- ment in success and longevity in a com- merica currently manages over $1 bil- the dramatic $35 million makeover of do, directly across from Aquatica (Sea- petitive marketplace.” lion in real estate assets for some of the the resort. The minority-controlled reg- World’s Water Park), and a few miles The resort’s natural landscape offers nations largest public and private pen- istered investment advisor founded in from the Disney and Universal theme a variety of environments throughout sion funds, as well as top banks and in- 1998 has an urban investment niche tar- parks. The Resort is also only minutes the 28-acre property. Visitors can seek surance companies, including Citicorp, geting properties in healthcare, govern- away from the Orlando Convention quiet solace in one of the resorts palm- General Mills Pension Fund MBNA, ment and academic spheres, along with Center. shaded hammocks or in one of several Met Life, Nationwide Mutual Insurance mixed-use projects and retail markets. The final phase of the resort’s make- intimate gathering spaces. As previ- and Prudential Financial. But as September approaches, UrbanA- over will be its brand affiliation and re- ously mentioned, the grounds are also The State of Florida has figured into merica’s first hotel renovation is nearing naming to the Doubletree Resort Orlan- newly landscaped, complete with Bali- the UrbanAmerica’s eleven-year history completion and will soon become brand do - International Drive in September. nese-inspired bridges, Indonesian Stone prominently, beginning with the acqui- affiliated and known as the Doubletree The resort caters to both the vacation Ceramics, ponds and lush foliage. sition of the Tampa Festival Center in Resort Orlando – International Drive. traveler and the business traveler, and While renovating the resort, Urba- January of 2000 and, notably Northside “UrbanAmerica has been a long-term offers all guests a warm chocolate chip nAmerica wanted to ensure that “green” Shopping Center in September 2002, lo- investor in Florida since its inception. cookie upon arrival. standards and energy conservation were cated in Dade County. Northside is home We have purchased over $200 million “While renovating, we wanted to as- used. The Doubletree Resort Orlan- to two government agencies, as are the in Florida real estate, representing over sure the leisure traveler looking for a do - International Drive is certified as majority of the properties in UrbanAmer- two million square feet of property,” fun-filled family getaway and the busi- a Green Lodging Facility through the ica’s portfolio, past and present. Once the explained Richmond McCoy, found- ness traveler or convention seeker that Florida Department of Environmental largest landlord to the State of Florida, ing partner and CEO of UrbanAmerica. the property would be ideally suited for Protection, which rewards environmen- UrbanAmerica has long seen the advan- “We have found Florida very desirable both experiences.” The dramatic over- tally conscious lodging facilities. In tage of leasing to government agencies for investing because historically – that haul has transformed the hotel into what order to receive this standing, the re- because of the low credit risk and the po- is over the last ten years -- we have seen McCoy describes as “a warm and tran- sort implemented practices such as wa- tential for long term leases. Northside, a population growth, affordable housing, quil travel oasis redefining the meeting ter conservation, recycling and energy 465,000 square foot open-air, mixed-use and a good and abundant labor force and vacation experience.” reduction. These initiatives include community center, is still owned by Ur- that has been under-retailed.” One of the inspirations for the re- water conservation measures through banAmerica and is seeing revitalization By the time the renovation and Dou- sort’s renovations was the tropical is- low-flow plumbing fixtures, a linen in terms of a $4 million renovation – an- bletree conversion is complete, the guest land of Bali. As part of its makeover, reuse program, Energy Star appliances other example of UrbanAmerica’s dedi- and programmable thermostats. Waste cation to providing economic stimulus to reduction programs have also been im- its investment locales. plemented, recycling including ink and McCoy is looking toward the future toner cartridges, purchasing items in and believes with the passing of the re- bulk and purchasing recycled materials. cent stimulus legislation we will see an All air filters in the resort are high ef- increased importance of the urban core. ficiency. “We can see the federal government rec- With an established investment track ognizes the strategic importance of in- record and the experience from the vesting in the urban core. We think the Doubletree Resort Orlando - Interna- impact of the legislation that focuses on tional Drive hotel renovation, in June, the green movement, mass transit loca- UrbanAmerica delved further into hos- tions and strengthening our education- pitality investments by being named to al system is a compliment to our long fund the new convention center hotel standing investment strategy,” stated in Nashville as part of a public-private McCoy. In fact, now winding down the partnership with the Metropolitan De- deployment of the capital in UrbanA- velopment and Housing Agency. The merica’s second fund, McCoy doesn’t estimated $350 million hotel will be see the urban investing trend ending any adjacent to the planned new Music City time soon. McCoy will be looking to Center in the downtown area. Plans for Florida for his next deal to continue the the hotel feature approximately 100,000 work UrbanAmerica, began there nearly DoubleTree Lagoon Pool square feet of meeting space and ball- nine years ago.
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