presentation to meriden city council · the cloud company, the firm’s primary mission is...
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PRESENTATION TO MERIDEN CITY COUNCIL Monday, June 15, 2015
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• Over 35 years in business;
leader in multifamily and
homeownership development
• Recognized experts in
complex, multi-phase
suburban and urban
development
• Developed 14,000 units in
200+ communities
• Skilled in affordable,
mixed-income and market
development
Background
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Mission Statement
Pennrose, in cooperation with its partners and key
stakeholders, develops high-quality, expertly managed
residential properties which provide long-lasting
enhancements to their communities and host
municipalities.
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• We are committed to high-quality developments: – Solidly financed, attractively designed ,and constructed for
energy efficiency and durability
• We stay for the long-term: – Our business model is based on sustained ownership and our
properties are designed to stand the test of time
• We understand that quality management is the key to our ongoing success: – Attentive maintenance, appropriate services, and a focus on
our residents set Pennrose developments apart
Core Principles
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Pennrose Today
Privately held corporation, led by three principals:
Richard Barnhart, Chairman & CEO
Mark Dambly, President
Timothy Henkel, Sr. Vice President
Currently active in 11 states, with development offices in:
Philadelphia, PA,
Baltimore, MD
Chattanooga, TN
Affiliated property manager, Pennrose Management Company – “PMC”
Employs 450+ trained professionals
Manages the vast majority of the Pennrose portfolio and other sites
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Development Capacity
• Pennrose closes on financing for between 12 and 16 new
developments per year, and currently has more than 21 financed
projects in some phase of construction at a combined value of more
than $1.4 billion.
• Pennrose has been a designated redeveloper in over 80
municipalities, and regularly helps cities transform underutilized sites
into thriving mixed-use economic development engines.
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Principles in Practice
Pennrose demands the same high quality on all of its developments
Pennrose Design Standard developed over decades of first-hand experience and time-tested strategies
Periodically updated with input from:
• General contractors
• Architects
• Construction administrators / owner’s representatives
• Green design professionals
• Property management staff
Standard prioritizes sustainability and durability for long-term ownership
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The Cloud Company, LLC’s Mission • The firm’s primary mission is mixed-use development projects in urban communities, with the high-interest of playing a transformative role in the community.
• 100% minority-owned real estate development firm, based in Hartford, CT
• Extensive knowledge and experience in real estate development, tax exempt financing, state and local economic incentives, and community engagement.
• Currently active in Connecticut
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The Cloud Company
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• Sanford Cloud, Jr. is a lawyer, public servant, and corporate officer, that has played major roles in the development of the Upper Albany Shopping Center and the redevelopment of the historic University Club, in downtown Hartford, into commercial office space. – Oversaw over $100 million investments through Aetna’s national
Neighborhood Development Program.
• Christopher R. Cloud brings over a decade of diverse community engagement.
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Principals
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Sample Developments
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• 242 class A rental units
• 10,000 Sq. Ft. Retail Space
• Amenities:
– Community room
– Fitness center
– Indoor basketball court
– Outdoor Kitchen
– Rooftop terrace
– Pool
PLANT 64 W i n s t o n - S a l e m , N C
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ST. LUKE’S HOSPITAL 1 3 9 U n i t s
C l eve l a n d , O H
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ST. LUKE’S HOSPITAL 1 3 9 U n i t s
C l eve l a n d , O H
B E F O R E A F T E R
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JOHN C . ANDERSON APARTMENTS 5 6 U n i t s
P h i l a d e l p h i a , PA
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• 12-story off-campus student housing
• 671-beds
• 26,000 sq. ft. retail
• Fully equipped kitchens
• 845-car parking garage
• Tech Gym & Spa Fitness Center
ROCKOFF HALL N ew B r u n s w i ck , N J
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THE VUE N ew B r u n s w i ck , N J
• Completed 2012
• 14 Residential Stories
• Rental & For Sale
• 58,000 SF of Retail & Office
Space
• 657-car Parking
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• Opened Spring 2013
• 14 residential stories
• 104 Rental Units
• Street Front Retail
• Completion of Transit Village Campus
THE GEORGE N ew B r u n s w i ck , N J
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THE JEFFERSON New Britain, CT
• Pennrose/The Cloud Company
Collaboration
• Opened Spring 2014
• 70 Residential Units
• Senior (62+)
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PEARL STREET Hartford, CT
• Pennrose/The Cloud Company
Collaboration
• 201 Residential Units
• 18,000 Commercial
• Community Amenities
• Pre-development
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Looking west from corner of State and Mill Streets
HUB SITE
Looking west from corner of State and Mill Streets
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Site Plan
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• 90 units
• 72 one bedroom
• 18 two bedroom
• Ground floor retail/restaurant
• 8,400 sq. ft. retail
• 3,500 sq. ft. restaurant
• 87 parking spaces
Phase I
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• 80 units
• 64 one bedroom
• 16 two bedroom
• Ground floor retail/restaurant
• 3,500 sq. ft. retail
• 3,000 sq. ft. restaurant
• 75 parking spaces
• Pavilion Café
• 1,600 sq. ft. restaurant
• 7,500 sq. ft. patio
Phase II
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Sample Unit Plans
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Financials
Total Development Cost: $ 45 million
Sources:
1st Mortgage $ 25 million
CHAMP Funds $ 5 million
Deferred Dev. Fees $ 3 million
Equity $ 12 million
Total $ 45 million
Rents:
Size # Units Range
1 BR/MR 136 $1,200 - $1,400
2 BR/MR 34 $1,490 - $1,600
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Thank You
City of Meriden