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An Introduction

by Curtis Battles | Apr 20, 2012 | Asset Management, Development, Investing Options, Other Issues, Value Enhancement

Welcome to all Real Estate owners, investors, developers and users that are looking for answers in the dynamic marketplace of 2011 and beyond. My name is Curtis Battles and I serve as Chief Advisor for New Canaan Advisors LLC; a leading Real Estate Advisory firm in...

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  • Development
  • General
  • History
  • Investing Options
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  • New Canaan Advisors
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  • SS United States
  • Value Enhancement

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WORLD TRADE CENTER

Rebuilding from the nation’s greatest tragedy requires a special approach!

Following the 9/11 terrorist attacks a $12 billion redevelopment of the World Trade Center (“WTC”) site was undertaken by the Port Authority of NY/NJ.

Our team provided Strategic Advice in defining how the WTC site will operate with multiple Stakeholders from both site responsibility and cost sharing perspectives.

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WASHINGTON UNION STATION

Saving a Grand Public Space demands an exceptional imagination!

In 1988, after years of vacancy and deterioration, the building was completely refurbished at cost in excess of $175 MM. This included a new merchandising plan with over 120 stores, restaurants, cafes and a movie cinema providing more than 210,000 square feet of retail space.

Our team arranged equity financing, interim and permanent debt financing, coordinated construction management, space leasing and property management services.

CHICAGO UNION STATION

Breathing new life into a classic station requires a unique vision!

Provided development management, leasing, property management and financing for $250M redevelopment of station, designed by Daniel Burnham in early 1900’s, and addition of an 18-story tower.

Project components included a 320-room upscale hotel, 80,000 square feet of destination retail, 610,000 square feet of Class A office space, and 225 luxury condominium units.

DENVER UNION STATION

Reimagining a classic station requires a special visioning process!

Beginning in 2002, the Regional Transit Authority needed the services of an expert multi-disciplinary team to prepare a global approach for a new mixed-use intermodal transportation centered around landmarked Union Station. Our team evaluated thirty alternatives and two preferred alternatives have been included in the final approved Master Plan. This 18 month effort also included assessing alternative public private governance and financial structures.

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NJ INSTITUTE OF TECHNOLOGY

Creating a new urban University experience requires unique vision!

New Jersey Institute of Technology has commenced the planning stage for the University’s Campus Gateway Initiative. This is a multifaceted plan that will revitalize the campus and enhance community life both in and around the university grounds.

Our team conducted extensive stakeholder survey and interview process examining the desired mix of services and amenities in creating a 1.5 million SF “college town” center.

The end result was delivery of a Conceptual Master Plan highlighting prime locations for redevelopment along with a detailed financial assessment.

FULTON STREET TRANSIT CENTER

Creating the 21st Century Transportation Hub is a unique challenge!

Beginning in 2004, the MTA commenced this $1.4 Billion project to unite 11 separate subway a unified transit facility at Fulton Street. The new four story facility includes 25,000 SF of mixed-use and retail space with targeted opening of June 2014.

Our team is assisting this effort by working closely with the MTA to help create a Public/Private Partnership under a single Master Lease for entire site. This effort also includes implementing innovative techniques to maximize net revenue for the Agency.

GRAND CENTRAL TERMINAL

Saving a “World Famous” Train Station is no easy job!

Beginning in 1997, Grand Central Terminal in NYC experienced a $200 Million total restoration over a three-year period.

Our team assisted this effort by designing and implementing a new special events program for Vanderbilt Hall (former Main Waiting Room) to revitalize and reinvigorate this underutilized 10,000 SF space and generate over $1.5 MM in annual incremental revenue.

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HOUSTON METRO

Creating a new light rail system “hub” involves specialized skills!

In 2009, METRO Solutions was considering expansion of its existing light rail system and development of a new Northern Intermodal Terminal including “Great Space” north of Downtown Houston.

Our team focused on transit-oriented aspects of the project with emphasis on master planning, market assessments, financial analysis, “right of way” negotiations and innovative operating structures to enhance project value.

SS UNITED STATES

Modernizing America’s great ship of state will keep history alive!

The SS United States has over 650,000 SF of bare space available for redevelopment as a multi-purpose stationary waterfront attraction. The range of proposed uses includes SSUS Museum, Hotel, Restaurants, Retail, Educational Facilities, Event Space and other revenue generating uses.

Our team is tasked with is assisting in creating a Public Private Partnership Alliance that brings on board a Private Development partner.

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RUTGERS UNIVERSITY

Accommodating a growing University population requires a special viewpoint!

Rutgers – The State University of New Jersey needed to evaluate their real estate holdings for Highest and Best Use of their campus and housing.

Our team conducted extensive stakeholders interview examining market demand across several product types while validating development costs.

The end result was creating a set of conceptual plans for the target site along with pro-forma financials that ascribed a residual land value for each concept.

FISH CHURCH

Saving a local landmark is no simple task!

Since 1854, the First Presbyterian Church has served Stamford community. This 10 acre campus has housed this innovative and inclusive congregation since 1954.

Our team recently assisted in evaluating alternatives for developing a parcel of of under used property to help secure the church’s long-term financial security. The concept is to enhance the local community through a mixed-use facility that supports numerous diverse local populations.

JACKIE ROBINSON PARK

Honoring a local hero is a noble endeavor!

Since 1996, the Jackie Robinson Park of Fame has served as the gateway to Stamford’s Westside community. This 1.6 acre park honors this sports legend that broke the color barrier in baseball.

Our team recently facilitated reaching a common vision with community members for renovating and upgrading the area. The local Planning Board approved the elements chosen for the master plan that enhance both the park’s look and overall usability. Renovations will occur in Spring 2012.

Transportation Groups

Regional and Local Transit Agencies

  • Overall Profile
    • Organizations or municipalities that are developing new transit systems or expanding existing offerings to serve regional population growth and demographic changes.
  • Value Proposition
    • Provide comprehensive real estate advisory and strategy solutions for maximizing transit–oriented development opportunities along system “right-of-ways”. While at the same time delivering project efficiencies through shared investments with developers.
  • Targeted Services
    • Project Visioning
    • Highest and Best Use Studies
    • Value Enhancement Strategies
    • Public/Private Partnerships

Government Entities

Federal, State and Local Agencies

  • Overall Profile
    • Government entities that need ongoing strategic advice on ways to maximize returns on their real estate holdings through joint ventures or other operating structures.
  • Value Proposition
    • Provide comprehensive advisory and strategy services specific municipality that focus on “win-win” solutions for repositioning underutilized assets.
  • Targeted Services
    • Feasibility Studies
    • Operating Structures
    • Project Oversight
    • Public/Private Partnerships

Non-Profit Organizations

Local and Regional Agencies

  • Overall Profile
    • Non-Profit Organizations that need assistance in unlocking the underlying value of real estate holdings to help achieve their long-term service mission.
  • Value Proposition
    • Identify potential development, adaptive reuse, joint venture or disposition opportunities that meet a group’s overall strategic direction.
  •  Targeted Services
    • Project Visioning
    • Public/Private Partnerships
    • Developer Selection
    • Project Oversight

Real Estate Developers

Local, Regional and National Firms

  • Overall Profile
    • Entrepreneurs and established firms with high potential development projects offering attractive financial returns that are seeking equity capital.
  • Value Proposition
    • Provide strategic advice on positioning projects to secure investors and government incentives for maximizing returns.
  • Targeted Services
    • Project Visioning
    • Highest and Best Use Studies
    • Value Enhancement Strategies
    • Public/Private Partnerships

Real Estate Investors

Pension Funds, Hedge Funds or Individuals

  • Overall Profile
    • Diverse groups that possess significant equity capital and are seeking development projects with attractive financial returns.
  • Value Proposition
    • Bring together various investor entities into single purpose syndicates to provide equity development funding for individual opportunities offering strong risk-adjusted returns.
  • Targeted Services
    • Feasibility Studies
    • Highest and Best Use Studies
    • Operating Structures
    • Project Oversight
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