987 developments and counting - Columbia County · Center Sales per Square Foot Average ($311/SF)...
Transcript of 987 developments and counting - Columbia County · Center Sales per Square Foot Average ($311/SF)...
DEVELOPMENTS AND COUNTING
987
987 developments and counting
10,612,796 SQUARE FOOTAGE
H O L L A N D M I C H I G A N Type: Multi-Tenant Shopping Center Location: 3530 West Shore Drive Size:12.01 Acres | 107,854 Square Feet Tenants: Dick’s Sporting Goods, Home Goods, Maurice's, Rue 21, Five Below
S A L I S B U R Y N O R T H C A R O L I N A I I Type: Multi-Tenant Shopping Center Location: Julian Road Size: 44.3 Acres | 191,000 Square Feet Tenants: Dick’s Sporting Goods, Conn’s, Hobby Lobby, PETCO
F A Y E T T E V I L L E N O R T H C A R O L I N A Type: Single Tenants and Out Parcels Location: Lake Valley Road Size: 32.84 Acres | 59,161 Square Feet Tenant: Carmike Cinemas, Out Parcels
C O L U M B U S M I S S I S S I P P I Type: Multi-Tenant Shopping Center Location: U.S. Highway 45 Size: 12.85 Acres | 184,073 Square Feet Tenants: Dick’s Sporting Goods and Michaels
M O B I L E A L A B A M A Type: Multi-Tenant Shopping Center Location: Satchel Paige Road Size:78.3 Acres | 680,000 Square Feet Tenants: Dick’s Sporting Goods, Field and Stream, Costco, Chuy’s, Ashley Furniture, Hobby Lobby, Home Goods, Ross Dress For Less, Shoe Carnival, PETCO, Five Guys
B A R N W E L L S O U T H C A R O L I N A Type: Multi- Tenant Shopping Center Location:1115 Dunbarten Road Size: 8.29 Acres | 47,268 Square Feet Tenants: Family Dollar, O’Reilly Auto Parts, Tractor Supply Company, Morris Comm
S A L I S B U R Y N O R T H C A R O L I N A I Type: Multi-Tenant Shopping Center Location: NEC Julian Road & I-85 Size: 45.35 Acres | 110,772 Square Feet Tenants: Belk, Michael’s, Ulta, Shoe Carnival
RECENT PROJECTS
MULTI-TENANT SHOPPING CENTERS
RELATIONSHIPS
Subject Site Aerial
Current Property Specifics
• Hwy 90 and Cole Terrace • Two Vacant Commercial Parcels (Approximately 16.8 acres)
• Blight in the heart of the commercial corridor • Existing physical and psychological hurdle for both developers and retailers alike
based on the geotechnical history of the property • Previous development was razed in 2008 after years of steady decline
• Over 7 years sitting entirely vacant, undeveloped • Current City and County Taxable Value is only $1,156,050 • Current Annual Ad Valorem Tax Contribution
• City - $4676 • County - $9266
Subject Site Aerial
Key Takeaways: Value Currently Delivered to Columbia County by the Property
• Jobs – None • Sales Tax Revenue - $0 • Rent Tax Revenue - $0 • Property Tax Revenue - $9266 • Blight in the heart of the Commercial Corridor • Property that has been attempted to be developed by current ownership
over several years without success and stands to remain undeveloped without a successful public-private partnership
Lake City Concept Plan
Proposed Project Summary
• Approximately $19.6MM Total Capital Investment • Approximately 132,200 SF of Shopping Center Retail
• Developed in a single phase – Summer 2017 Target Opening • National, Top Quality Retailers
• 2-3 Outparcel Developments • Proposed Full Service Restaurant • Proposed Multi-Tenant Building • Proposed Fast Food User
• Installation of Public Utility Infrastructure (Water and Sewer) On-site and along Cole Terrace Road
Key Takeaways: Projected Value Delivered to Columbia County by redevelopment of the Property
• $2.3MM in local material expenditures • Jobs - 75+ During Construction, 200+ Upon Opening • $17.6MM Economic Impact from Job Creation • County Sales Tax Revenue - $534,000 annually based on FL State Shopping
Center Sales per Square Foot Average ($311/SF) • Rent Tax Revenue – Additional 1% on rents collected on the project • Property Tax Revenue - $9266 (YR 1-10), $96,180 (Post YR 10) • Elimination of blight and the associated negative externalities • Further validates the market and provides a spark for future development
Public-Private Partnership Ask I listened to the positive and negative feedback from the Commission, took into consideration the constructive criticism related to our partnership ask. Key Takeaways from Previous Commission Meeting
• Upfront cash consideration is troubling • Use of County services or materials is troubling • An Ad-Valorem Rebate is less troubling as it places 100% of the risk squarely on the
Developer and the Project
Armed with this additional direction provided by the Commission, I went back and continued to massage the project for ways to reduce the burden. By taking on some additional development risk and adding additional small shop square footage I was able to repackage a new proposal for the Commission
Public-Private Partnership Ask The landscape of retail shopping center development has continued to evolve over the past several decades, and public-private partnerships have been increasing important to projects; particularly in secondary and tertiary markets like Lake City • There is a day-one shortfall of approximately $1.45MM in order to reach required
investment hurdle
The City Council has voted to approve a 10-year rebate as well as provide a contribution to cover the cost of public infrastructure installation and misc. associated fees. This greatly reduces the project shortfall and with the support of County Commission we can work together to close the remaining gap. SOLUTION • 10-Year Rebate of the County’s share of incremental ad valorem property tax created
by the redevelopment project (approx. $87k per year)
Gleason Place Redevelopment Before and After Benefit Summary
Current ProjectedProperty Value 1,156,050$ 12,000,000$ City Property Tax 4,676$ 48,528$ County Property Tax 9,266$ 96,180$ Sales Generated by Property(based on FL Avg - $311/SF) -$ 41,114,200$ State Sales Tax Revenue(7% Total) -$ 2,877,994$ Jobs
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75+ Jobs During Construction200+ Jobs Upon Opening(178 Direct, 11 Indirect and 30 Induced)
Job Creation Economic Impact(Per JobsEQ Q4 2015 Data) -$ 17,646,816$
In addition, the Public Infrastructure network will be greatly enhanced through the installation of new water and sewer facilities
Immediate Incremental Value to Other PartiesColumbia County School Board 76,981$ Lake Shore Hospital Authority 10,432$ Suwannee River Water Management 4,450$
Other Misc Benefits$2.5MM in projected local material expenditures during constructionElimination of blight in the heart of the commercial corridor and increased retail synergy in the corridorPotential catalyst for future development activityReduction in existing sales tax revenue creep to surrounding municipalitiesSignificant Ad Valorem Property Tax Collection after the initial rebate period