the encore master development project is of tampa, …c.ymcdn.com/sites/ 4 a look down ray charles...
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The EncoreMaster Development Project
Tampa, FL
Roxanne AmorosoBanc of America Community Development Corporation
The EncoreThe Redevelopment of Central Park Village
This is a public/private partnership with the City of Tampa, The Tampa Housing Authority and Banc of America Community Development Corporation.
When completed, it will create $450 million dollars in new, taxable, real estate development.
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Uses – A city within a city
• Up to 1,200 units of mixed income housing• A public middle school• A grocery store• A hotel• 50,000 sq. ft. retail• 125,000 sq. ft. office• Market rate housing• An African America museum• Parks with passive and active uses, historical trails
Aerial – Proximity to downtown
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A Look Down Ray Charles Blvd. Project Benefits to Tampa
Creates substantial jobs
4,103 total construction jobs
8,784 total jobs in the local economy over the 2010‐2016 build‐out period
955 permanent jobs supporting 1,374 total jobs in the local economy post‐construction
Statistics by Fishkind & Associates
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Why is this project a study candidate?
This is a Brownfield, a CRA, an Enterprise zone and located in the downtown area of Tampa
100% of infrastructure and a portion of first bldg. financed through combination of federal and state and city grants ($42.5 million total)
First project in the country to win NSP funding for infrastructure
Development successfully deployed grant funding strategy to launch a complex green initiative = GOLD LEED neighborhood
Captures all building materials sales tax on affordable housing and uses it as a finance tool
Utilizing Brownfield assessment $$ for environmental testing
Materials Sales Tax CaptureBuilding materials sales tax capture
Average affordable housing project $26 millionAverage hard cost construction per project $19 million40% of hard cost (materials cost) $7.60 million
Multiplied by sales tax paid on 7% (av)Net funding source gained $532,000
Multiplied times 5 affordable housing developments $2,660,000
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Ella – 160 senior unitsCommence Construction August 2011
Financial Structure
11 funding sourcesTYPE AMOUNT SOURCE
Hillsborough County HFA Bonds $2,900,000 (county/state)City Home Funds $2,500,000 (city/federal)NSP1 Funds $1,000,000 (city/federal)THA RH Funds $4,946,299 (partner/federalLIHTC 4% $7,790,085 (BOA)Building Materials Sales Tax Capture $396,973 (project/State)Deferred Developer Fee $200,000 (project)Land Note $1,600,000 (project)Partner member loan $824,023 (THA)NSP2 Funding $2,500,000 Encore/federal)Total Project Costs $25,407,380
Predevelopment equity $1,000,000 (BoA)
$25,407,380 total cost 11% hard debt
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Challenges & Opportunities
Acquisition and land swap of public school through board of educationAcquisition of a churchCommercial vacant land acquisitionLand acquisition from a union employment bodyPublic input requirements of dedicated park redevelopmentLand acquisition from Tampa Electric Co., and subsequent substation negotiationNegotiations with FDOT, SWFWMD, TECO
Manhole Covers ….. Creative Branding
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Creative VillageThe Redevelopment of Parramore
This is a public/private partnership with the Ustler Development, Baker Barrios Architects, the City of Orlando and Banc of America Community Development Corporation.
When completed, it will create $1 billion dollarsin new development.
Creative Village ‐ a new Brown/Green Initiative 68 acres in downtown Orlando
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The vision ‐ 68 acre redevelopment in downtown Another city in a city
An educationally anchored mastered community
Sun rail train station at the entrance1,500 units residential1,000,000 office500,000 education (5 colleges)150,000 sq. ft. retail225 rooms hotelDigital media entwined through development6 recreational parks/areas
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Initial Funding Builds Phase I Project Status!Arena demolition project commenced this month –completion projected – March 2012
1st phase funding solidified
Brownfield assessment and remediation grants completed
Planning and other grants completed, targeted
Engineering design concepts and cost estimating complete
Zoning and PD entitlement process commenced
Website, marketing and branding process engaged