Recruiting the Right Developer: Carrollton's 2013 Rail~Volution Presentation
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Transcript of Recruiting the Right Developer: Carrollton's 2013 Rail~Volution Presentation
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Where Connections Happen
Peter J. Braster
Senior Development Manager
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TEXAS
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North Texas / DFW
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Tra
nsit S
yste
m M
ap
Opened 12/2010
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Who is the Right Developer?
Recruiting the Right Developer
Managing Expectations
Carrollton’s 1st
PPP
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Who is the Right Developer?
It could be a great team of firms.
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Who is the Right Developer?
It could be a great team of people.
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Who is the Right Developer?
It could be a big name.
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Who is the Right Developer?
You will know when them when you see them.
Some things to consider:
• Make sure the bench is deep.
Your deal is with the firm not the person.
• Are they a Merchant Developer?
Build and sell.
• Are they in it for the Long Haul?
Build and hold.
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How to Recruit the Right Developer?
Do your homework!
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How to Recruit the Right Developer?
Do your homework!
To Do List:
• Decide on your scope.
• Decide on the type of recruitment.
• Is your property ready for development
• Is it entitled?
• Out of the flood plain?
• Vacant?
• Decide on the range of your participation.
• Are all your partners on board.
• How about the neighbors?
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How to Recruit the Right Developer?
The Nitty-gritty
Go Old School:
• I got my mailing list.
• I got my flyer.
• Printed my CDs.
• My legal notice is up.
• My website has a link.
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How to Recruit the Right Developer?
Embrace NEW Technology – It’s FREE and EASY!
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How to Recruit the Right Developer?
New Tech Tools to Save Time and Money:
• Get the project specific website name.
• Start a LinkedIn Group for professional discussions.
• Put your videos on your YouTube Channel.
• Start a Facebook page for community discussions.
• Start a SlideShare page for PowerPoint presentations.
• Use an email service like Constant Contact.
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How to Recruit the Right Developer?
Most Important Reason to Use New Tech:
Because you can measure results.
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Most Important Part of the Process!
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Managing Expectations.
Its hard but you have to do it!
Your own expectations.
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Managing Expectations.
Your organization.
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Managing Expectations.
Your Board / City Council.
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Managing Expectations.
The Developer.
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Managing Expectations.
The Community.
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Managing Expectations.
The Market.
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Managing Expectations.
The Transit Provider.
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Managing Expectations.
• Define and set expectations early.
• Base expectations on or just above market.
• Make sure messages and images are
consistent.
• Talk about it constantly.
• Then select a developer that actually shares
your vision.
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Public Private Partnerships
Downtown Carrollton Catalyst TOD Project:
The Union at Carrollton Square
2007 - It was the best of times.
2009 - It was the worst of times.
2011 - It was the “meh” of times.
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Square
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8/2/12
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Phase 1 98% Leased in
8 months!
• 314 Apartments:
Phase 1 = 8 Live/Work + 170 apartments
Phase 2 = 134 apartments
• Twisted Root Restaurant
• Parking Garage: 460 spaces
which includes 125 municipal spaces
• Development Budget: Phase 1 $25,941,667
Phase 2 $10,754,723
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City Participation: $13,233,726
• Ground Lease
• Parking Garage Lease
• Funded Parking Garage (Include 125 Public Spaces)
• Public Infrastructure: Utilities, Streets, Streetscape
• Construction Security Incentive
• 50 / 50 Profit Share
• Expect $3.2 million + Profit return by 2015
Carrollton’s
1st Public/ Private Partnership
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• It is never easy.
• Everything will change.
• Over Communicate.
• Manage Expectations.
• Staff changes can be advantageous.
• Balance is key to a great deal.
• The second one is easier – I hope.
Public Private Partnerships
Carrollton’s Lessons Learned: