Crafted the predevelopment, development, land joint venture, and financing strategies for the first primary housing Greenfield TND in West Texas. The 320 acre project includes 32 acres of Town Center retail/commercial and over 1000 Residential/mixed use units within six stand-alone neighborhoods.
Recommended and helped select the planning firm (Architects Southwest); confirmed market positioning and product mix recommended by Zimmerman Volk Associates, the premier TND market research firm; and participated in the planning charette to insure the most cost effective development phasing.
Prepared a comprehensive business plan, including cash flow pro formas, in-depth analysis of potential soft costs, operating timelines, and exit plan alternatives for land disposal.
“ALDEA, DE SANTA FE”, SANTA FE, NM
,For over three years, worked as primary adviser to the Owner Representative, Arthur Fields, on a variety of TND implementation tasks. These ranged from helping obtain zoning and entitlements from three competing jurisdictions; outlining water acquisition and affordable housing strategies; creating development phasing plans; initiating competitive housing mix, pricing and prototype designs; implementing sales and marketing plans; creating builder recruitment strategies; critiquing potential HOA structures and key provisions; providing timelines and organizational structure for all key managers; and assisting in governance of multiple land owner partnership.
Spearheaded capital acquisition through preparation of business plan with multiple pro forma scenarios; rigorous assessment of engineering costs; and coordination with high profile design firms: Moule & Polyzoides, architects and Duany Plater-Zyberk.
Assisted in framing capital needs and negotiating development loans/bonding guarantees from Los Alamos National Bank. Explored various exotic equity sources such as Mountain Funding, finally structuring a mezzanine debt/equity package from FCA, a Houston REIT, and Holly Mortgage, its funding subsidiary.
“HIDDEN SPRINGS” – BOISE, IDAHO
Our mission: to take over operations, turn around profitability, and restructure debt financing in this rural, insolvent, but high profile, pre-existing Greenfield TND.
1. Created and began implementation of a turnaround operations strategy within the existing community • Created multiple new product types at lower price points on existing lots • Devised a lower development cost strategy for remaining lots in future phases. • Identified and recruited new volume builders to participate in the project • Discontinued captive building company and transitioned personnel into a new stand-alone building company. • Redesigned marketing plan including recruitment of a central broker, and repositioning of all advertising and market repositioning, using the Stoltz Group.
2. Devised plans to insure successful ongoing operations • Recruited a major local developer to become new project manager and primary builder. • Created a business plan that supported a new financing plan with existing lender, without erosion of collateral. • Developed a land use and transportation strategy to maximize density on remaining property while minimizing infrastructure costs. • Structured terms of a new joint venture between Arcadia Land Company and The Carlyle Group.
“LITTLE BLUE VALLEY” COMMUNITIES, INDEPENDENCE, MISSOURI
Over a 3 year period, addressed six major tasks involving this 1400 acre Greenfield, infill site in eastern Independence, Missouri.
1. Coordinated site planning efforts with Calthorpe Associates, land owner and city staff throughout the predevelopment phase. 2. Created a timing and content strategy for major offsite road improvements and managed traffic engineer, George Butler & Associates, to create appropriate studies and plans for area-wide road improvements. 3. To obtain zoning and plan entitlements, formed and managed highly regarded local team of professionals, including market demand study by ZVA, engineering feasibility by Burns & McDonnell; Patty Banks, landscape planners, and land use attorneys, King Hershey. 4. After successfully gaining entitlements, supported legal strategies to counter objectors, including providing expert witness testimony in defending zoning litigation. Outcome was a legal judgment in favor of landowner. 5. Prepared for marketing and development launch, by • Negotiating key terms of developer agreement, including formation of Utility Bond District. • Researching local market supply and demand, in Independence and broader KC market, using national research firms such as RobertCharles Lesser Co. and local market resource, Dial Realty. • Identifying key builders, such as Crosswinds Development, as recruitment candidates. 6. Prepared all financial projections for various ownership/capitalization/lender options for the initial 400 acres, spearheaded land acquisition efforts with the land owner and negotiated joint venture terms with two high profile development firms, Forest CityEnterprises and Arcadia Land Company.
First TND in rural eastern Idaho, serving the Jackson Hole second home market, as well as affordable primary housing. Consulted with land owner/planner to conceptualize, create predevelopment plans, business plans and financing alternatives for this project in a resort, but under populated, area near Grand Teton National Park. Three major tasks:
1. Focused on critical elements in the planning process, including • Adapting high design new urbanist product types and design specifications to the rural setting, while retaining affordability in certain product classifications. • Resolving planning difficulties resulting from the parcel’s irregular shape, challenging topography; and primary goal of comprehensive sustainability features, such as irrigation re-use and solar orientation. • Creating product and pricing to support dual housing market segments. • Defining marketing issues and selection of Sotheby’s as the ideal captive broker to launch the project.
2. Created a business plan including a cash flow pro forma, supported by a ZVA market study, an in-depth critique of on-site and offsite cost estimates provided by Rendezvous Engineering, a comprehensive summary of soft costs, and an operating timeline to provide priorities to the landowner/planner. The business plan highlighted all key planning, entitlement, development and financing hurdles and solutions.
3. Recommended capital structure formation and identified key requirements to obtain proper bank development loan financing, equity sources, completion guarantee bonding, and funding of initial construction within the project’s Village Center.