DOWNTOWN CLEARWATER MARKET STUDY/PROPOSAL #11-05 - FEBRUARY 28, 2005
.
I.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
,.
I.
.
.
.
.
.
.
I.
.
((t:~~ert
Advisory
260 I South Bayshore Drive, Suite 300 B
Miami, Florida 33 133
USA
ph 305 860 3715
fx 305 860 3777
www.lambertadvisory.com
Mr. George McKibben
City of Clearwater
100 S. Myrtle Avenue
Clearwater, Florida 33756
February 28, 2005
Subject: Downtown Clearwater Market Study
Dear Mr. McKibben:
Lambert Advisory, in conjunction with PRG Real Estate Research, is pleased to submit this
proposal to support the City of Clearwater/Community Redevelopment Agency (CRA) with a
Market Study for Downtown Clearwater.
We are well aware that the market study for Downtown Clearwater is only a portion of the more
comprehensive economic development effort that has long been underway. During the past
several years, the City (through its CRA) has been involved in creating a comprehensive, multi-
disciplinary redevelopment plan. These efforts have included transportation and infrastructure
improvement, mobility initiatives, Brownfield programs, business development (through
investment funding programs), cultural enhancement, workforce development, housing, and
quality of life issues. Much of this is clearly laid out in the Downtown Clearwater Re-
Development Plan prepared and recently updated by the planning department. Accordingly, there
are a myriad of specific capital improvement and development initiatives currently in progress (or
planned) for Downtown.
With an understanding of the initiatives already set forth in Downtown Clearwater, perhaps an
element that is unique to the redevelopment effort is the fact that the City controls a considerable
portion of land in the area. With control of several strategic sites, the City is in a strong position
to guide both a short-term and long-term redevelopment strategy.
Given the City's unique position (as lack of site control is oftentimes one of the greatest obstacles
to community redevelopment), we believe that the Market Study should be centered around
providing guidance to the City/CRA, and community, not only in helping define what
retail/entertainment, office and/or residential opportunities there are for Downtown, but how
these opportunities can be translated into reality and engender support from all stakeholders. This
is best accomplished when the market, real estate, and economic development issues serve as the
guiding issues. This is not to suggest that the physical design and land use regulatory elements of
the plan are secondary. In fact, the market study may help to further define some of the urban
planning and design initiatives that support a redevelopment plan.
During the past several years, Lambert Advisory has created a niche in downtown
redevelopment analyses. Presently, Lambert Advisory serves as an economic, market, and/or
financial advisor to CRAs and downtown initiatives, including:
The City of Miami (CRA and Downtown Development Authority);
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
I.
.
I.
I.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Page 2
The City of Fort Lauderdale (CRA and Downtown Development Authority);
City of Tampa (Housing Authority);
The City of Jacksonville (Economic Development Commission); and,
City of Plantation CRA.
While the contract is pending, Lambert Advisory (in conjunction with URS Corporation), was
recently selected as the economic/market consultant for a redevelopment study of the Drew Park
area, a designated CRA in Tampa's Westside. Given our current involvement in Downtown
Tampa, as well as our State and national experience in downtown development, revitalization,
and more general funding strategies for real estate and economic development, we feel we bring a
highly valuable set of ski\ls and experience to provide the City/CRA with a market study and
implementation strategy for Downtown Clearwater. To provide us with additional local market
support, we have teamed with PRG Real Estate Research, a Tampa Bay-based consultant who
has completed a number of economic and market research analyses within the City of Clearwater
and/or surrounding region.
From our perspective, the success of a redevelopment effort is largely associated with the support
garnered from the community. It is also important to clarify how redevelopment of the area wi\l
be of benefit to the broader community (e.g., areas outside of the downtown core). Therefore, in
order to help the City/CRA with this endeavor, the Market Study has two specific goals: 1.)
conduct substantial market research, including interviews with key stakeholders, to clearly
understand supply and demand conditions among various real estate uses; and 2,) use the market
research and analysis as the basis for identifying and supporting realistic short-term and long-
term redevelopment strategies for which the City/CRA will playa significant role.
We are excited about the opportunity to further discuss our experience and qualifications with the
City of Clearwater as it relates to our ability to provide a Market Study that supports the
successful redevelopment of Downtown Clearwater.
Sincerely,
E~
Principal
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.'
.
.
.
.
.
.
.
.
.
.
.
Table of Contents
City of Clearwater
RFP# 11-05: Downtown Clearwater Market Study
A. Letter of Transmittal
B. Proiect Understanding/Project Approach
B,l Our Understanding of the Market Study 1
B.2 Methodology (Scope of Services) 2
B.2a Start-up/Kick-off 2
B.2b Economic and Market Analysis 3
B,2c Marketing Initiatives 5
B,2d Redevelopment Opportunities/Preliminary 5
Programs
B.2e Downtown Market Study 7
B.3 Downtown Market Study Expertise and Qualification 7
B.4 Project Schedule/Timeline 7
B.5 Quality Assurance 8
C. Company Profile and Qualifications
C.1 Lambert Advisory - Company Profile 9
C.2. Lambert Advisory Qualifications 11
C.3 PRG Real Estate Research Qualifications 16
D. StaffinQ
Organization Chart 19
Staffing 20
Paul Lambert 20
Eric Liff 21
Adrienne Brown 22
Frank Pallini, PRG Real Estate Research 23
E. References 24
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
B. PROJECT UNDERSTANDING/PROJECT APPROACH
B.1 Our Understandina of the Market Study
For the past several years, Lambert Advisory has participated in various
planning, economic, and strategic initiatives related specifically to downtown
redevelopment efforts. We have acted as market and/or financial advisor to
Downtown Development Authorities (DDAs), Community Redevelopment
Agencies (CRAs), and other agencies in cities across Florida, including
Tampa, Fort Lauderdale, Miami, Jacksonville, and Plantation. To provide us
with additional local support and knowledge, we have teamed with PRG Real
Estate Research, a Tampa Bay area consulting firm who has conducted
numerous comprehensive economic, demographic, and real estate market
research studies within the City of Clearwater and the surrounding region.
We are well aware that the market study for Downtown Clearwater is only a
portion of the more comprehensive economic development effort that has
long been underway. During the past several years, the City (through its
CRA) has been involved in creating a comprehensive, multi-disciplinary
redevelopment plan. These efforts have included transportation and
infrastructure improvement, mobility initiatives, Brownfield programs,
business development (through investment funding programs), cultural
enhancement, workforce development, housing, and quality of life issues.
Much of this is clearly laid out in the Downtown Clearwater Redevelopment
Plan prepared by the planning department (and updated in January 2005), or
documented within the RFP itself. We understand there are specific plans
that are recently completed, in process. or planned that will impact
Downtown Clearwater, including:
Y Memorial Causeway Bridge, which will serve as a crucial link
between the beaches and downtown, and inevitably mitigate traffic;
Y Residential development plans proposed by several developers,
estimated to represents more than 700 units (planned or under
review); and
Y Osceola Avenue Bluff parcels, which represent a major strategic
land mass over which the City has considerable control.
Therefore, with a great deal of work already in process, the market study will
help provide additional economic and strategic development support for
realistic redevelopment programs in Downtown Clearwater.
The City's need for Downtown Market Study that is comprehensive and
effective requires a combination of experience in site redevelopment,
1
.
-
..
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
downtown and neighborhood revitalization, business expansion, economic
impact analysis, highest and best use of vacant land, and a keen sense of
how to integrate economic development with urban planning. Finally, an
understanding of both market rate and affordable housing will be important,
to ensure that the Downtown redevelopment initiative is a long-term
sustainable plan.
We believe that the expectations for this analysis may be summed up in a
number of key questions:
V What are the notable public and private sector initiatives (including
recently completed and current development plans, community initiatives)
in the area that will impact Downtown?
V How do we assimilate and prioritize all of the public and private sector
initiatives so that future efforts effectively capitalize on the groundwork
that is already being placed?
..; Where are the strategic nodes/sites that may be critical short-term (1 to
5 year) opportunities? Which sites are better positioned for the long-term
planning perspective? Importantly, who controls these sites and how
does control impact the planning process?
V What level of investment will be required by the public sector and how is
this public investment best leveraged through private market
participation?
V How does the existing regulatory environment fit into the prospective
vision and how extensive will the modifications be to accommodate
desired zoning and design guidelines?
V How will the redevelopment of Downtown Clearwater impact the City (and
surrounding region) both economically (tangible) and socially
(intangible)?
B.2 Methodoloav (ScoDe of Services)
The scope of work outlined below highlights the primary steps in completing
the Downtown Clearwater Market Study.
B.2a Start-up/Kick-Off
The project will commence under the direction of the City of Clearwater/CRA,
whereby Client and Consultant members will ultimately define the work plan.
We envision a comprehensive area and site tour as well as introductory
meetings with appropriate City officials and staff, and other community
2
.
-
-
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
stakeholders and leaders that may have a positive impact on the overall
plan.
In addition, we will take this time to gather and review existing economic and
demographic reports and statistics, planning studies, existing condition
assessments, building and business inventory reports, and/or market profiles
and surveys provided by the City.
B.2b Economic and Market Analysis
We will analyze pertinent economic, demographic, and market factors that
impact land use, business expansion, and space utilization within the
Downtown area which could contribute to the overall redevelopment planning
process. This analysis will focus on key economic and real estate issues such
as market demand and supply conditions and includes a trade area analysis
of retail/entertainment, office, and residential demand. The goal is to
provide a comprehensive understanding of market conditions in downtown
Clearwater, as well as surrounding neighborhoods.
Specifically, we will identify those local/regional trends that a redevelopment
plan may leverage to encourage investment locally. Accordingly, we will
organize and analyze the research in an effort to identify the highest and
best use for development of key sites within downtown that may be key
catalyst for short-term opportunities.
The information and data collection will be based upon both primary field
research and secondary sources such as published data from government,
non-profit, and private industry sources as well as additional data and
information provided by the City.
Demand Conditions
Our analysis of demand conditions will include detailed economic and
demographic trend and forecast analysis, as well as an overview of key
industries and cluster identification based upon a very detailed analysis of
Florida ES-202 statistical reports at the three and four digit classification
levels for' the past five years. The analysis will detail:
- Population and population characteristic trends and projections,
specifically focusing upon age cohorts;
- Employment trends and labor force characteristics;
Conduct direct interviews with some of the area's major employers
and business development groups to further understand the area's
propensity for employment growth;
- Analyze household trends and develop projections;
- Office employment trends in surrounding areas and employee daily
expenditure patterns;
3
...
WI'
-
-
.
...
,.,
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
- Visitor growth trends and profile and expenditure patterns;
- Define downtown's Trade Area, with estimates of drive times pre- and
post capital improvements;
- analyze expenditure patterns by retail good; and,
- Traffic patterns and trends along the major thoroughfares.
Supply Conditions
The supply conditions analysis includes an overview of existing conditions for
the primary real estate uses and business clusters that will potential growth,
including: retail/entertainment, housing (for sale and rental), and office.
Based upon primary field research conducted through surveys and
interviews, we will provide a competitive and comparative analysis of existing
and proposed projects by real estate use, to identify:
- Size of retail and/or entertainment center, office building, and
residential project;
- Major tenants in the case of commercial space;
- Age and condition of development;
- Sales/Rental and occupancy rates in comparable/competitive housing;
- Sales per square foot in retail space;
- Mix of tenants, customer profile and amenities;
- Distance of competitive projects from the core redevelopment area;
- Current zoning criteria, its relation to current land uses, and its
influence in the level of success of existing businesses; and,
- Other pertinent information including an overview of planned projects
considered to impact the redevelopment plan.
It is important to stress that our desktop research conducted for this analysis
will be supported by a strong field-based effort. Only after matching our
desktop analysis with fieldwork will we understand the direction of the
market for each particular use and specific geographic areas.
Lambert Advisory Retail Trade Model
Specific to retain/entertainment opportunities in downtown Clearwater, we
will develop a detailed retail trade model which estimates the total demand
for retail space by category for the area on a five to ten year projection
basis. The model will estimate net new demand from local residents,
workers, and visitors and will compare this to the existing competitive retail
stock in the area. Driving the model is a significant amount of fieldwork to
determine the current mix of retail in the area and how competitive retail will
impact any proposed development.
4
-.
...
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
-
-
-
a
-
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Market Conclusions
Based upon the findings from the supply and demand analysis and general
understanding of the community and its residents, we will be able to clearly
understand how to focus retail and office business expansion as well as
housing development. As part of our market conclusions we will begin to
assess what sites or nodes within the downtown area could contribute to the
overall value of a redevelopment plan. Importantly, we will create a general
phasing plan for the downtown area to broadly define where prospective
investment (both public and/or private) should be targeted to meet
underlying market trends.
B.2c Marketing Initiatives
As part of our economic and market analysis, we will identify opportunities
related to special events and promotions for Downtown Clearwater. This
marketing effort is considered to serve two rolls: 1.) identify events and
related activities that will directly support existing businesses and
stakeholders; and, 2.) consider promotional activities that will heighten the
awareness of Downtown Clearwater's future vision and planning effort. To
assess the most effective event and marketing programs for downtown
Clearwater, we will benchmark other downtown communities that we have
worked with, and/or other communities, to provide the City with a general
profile of potential of space needs, target audience, funding/cost parameters,
and other related characteristics that related to effective events and
promotions.
B.2d Redevelopment Opportunities/Preliminary Programs
Based upon the collection and analysis of information from the economic and
market evaluation, we will develop a detailed strategy of potential short-term
(1 to 5 years) redevelopment opportunities for Downtown Clearwater. The
strategy will recognize the goal of capitalizing on development opportunities
including' mixed-use development programs. Notably, an important
component to the success of a long-term vision for Downtown Clearwater is
housing development, both market rate and affordable.
In terms of identifying strategic sites that should be targeted for short-term
and long-term development redevelopment, including those locations that
the City/CRA has noted, as well as other potential properties, the market
study will help answer critical questions, including:
=> What is the highest and best use of the prospective site(s)? Outside of a
direct property valuation, is there a viable strategic program that both
5
-
.
--
-
.
-
.
..
-
...
-
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
maximizes the site's value, as well as creating value and incentive for
investment within the surrounding area? How could other surrounding
properties, if owned or controlled by the City (or other public agency),
add value to the overall development program?
=> What liabilities need to be addressed before certain redevelopment
programs can be employed and how does the City address those
liabilities? What liabilities exist which must be addressed before
redevelopment can actually occur? What is the strategy for addressing
these liabilities?
=> What type of entity should be the principal developer of the Property?
The goal is to optimize the redevelopment plan through a developer
primarily familiar with housing, commercial or mixed use development.
As the program(s) for redeveloping downtown sites emerges, the opportunity
to link the redevelopment options to physical planning options may be
addressed. To this extent, we will be able to provide comprehensive insight
into issues such as:
=> How do we continue to strengthen Downtown Clearwater's identity? Upon
evaluation of certain architectural and design attributes within each area,
we may provide recommendations as to how to make use of existing
features to market the program.
=> How do we effectively integrate various sites with their surrounding Land
Uses? The success of a community often times depends on an adequate
mix of land uses. We will help to identify (through Aerial photography and
maps) strengths and weaknesses in the existing mix of surrounding uses
and its corresponding impact on the redevelopment opportunity.
=> Is there an opportunity to improve pedestrian mobility and create sense
of place? An inventory and relationship analysis of existing access routes,
public transportation, landscape features, and activity centers may be
conducted in order to understand how to better implement the necessary
improvements.
We feel strongly that an important part of the market study will be to focus
intently on short-term opportunities (1 to 5 years). We will also prepare a
long-term development vision for certain sites/areas that will most likely be
integrated into the overall plan during the 5 to 10+ year timeframe. These
opportunities will be evaluated in a similar manner as the prospective short-
term programs; however, one focus will be on providing the City/CRA with a
program to help property owner(s) and/or the public understand how
important these particular sites will be to the long-term vision in hopes of
6
-
.-
-
.-,
--
-
--
~
--
-
-
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
preempting any development that is not in the best interest of the
community.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
B.2e Downtown Market Study
Based upon the economic and market findings, marketing and community
outreach, redevelopment opportunities (short-term and long-term), the final
step to the Market Study will be to prepare a final document that includes all
research, analysis, and conclusions. Accordingly, the document will be
completed in electronic format for presentation on the City of Clearwater
web-site.
B.3 Downtown Market Study EXDertise and Qualification
As noted above, and for which we provide a detailed overview of specific
work experience in Section C of this proposal, Lambert Advisory has
completed more than 30 economic/market redevelopment studies during the
past few years. Importantly, Lambert Advisory serves as an economic,
market and/or financial advisor on more than ten downtown redevelopment
initiatives in the State of Florida, with notable clients including:
~ City of Miami Downtown Development Authority (DDA);
~ City of Fort Lauderdale DDA;
~ The City of Tampa; and,
~ City of Jacksonville Economic Development Commission (JEDC).
Accordingly, we have completed related economic/market studies among a
diverse group of communities throughout the United States, including:
~ Manhattan Empowerment Zone;
~ City of New Orleans;
~ City of Norfolk;
~ Port Authority of Corpus Christi (TX);
~ City of Pawtucket (RI); and,
~ San Diego Port Authority.
B.4 Proiect Schedule/Timeline
We anticipate that the Downtown Clearwater Market Study will be completed
within 60 days after a notice to proceed has been issued. Consdering this,
we recommend an oral presentation of findings to the City/CRA within 4S
days of project commencement. We will utilize the final is-day period to
make any adjustments to the analysis based upon feedback within the oral
presentation, and furthermore complete the Market Study report, which
represents a document complete with all research, analysis and findings.
7
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
B.5 Qualitv Assurance
-
-
-
-
-
.-
..
.-
..
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Lambert Advisory is very proud of its quality assurance control, and we
encourage the City to seek feedback from references confirming this policy.
A unique element of this firm is the Principal's involvement and oversight in
all aspects of the working process - from field research to findings and
recommendations.
8
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
C. COMPANY PROFILE AND QUALIFICATIONS
C.1 Lambert Advisory - COmDany Profile
-
Since 1995, Lambert Advisory has built a diverse client base, providing real
estate related advisory services throughout the world.
Our clients - developers, portfolio owners/lenders, government agencies,
multinational corporations, and not-for-profit organizations - seek and return
to us for many reasons: the consistent quality and breadth of our knowledge,
high level of senior staff involvement in our projects, fresh perspective, and
ability to get all parties engaged and focused on the opportunities a specific
project presents.
Some firms specialize in feasibility research, development partner
identification, asset management consulting or portfolio due diligence.
Lambert Advisory operates with the conviction that these elements exist on a
continuum, and that a holistic approach often is in the best interest of the
customers we serve.
-
-
~
...
-
.-
...-
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
We look at a project with a wide lens, immersing ourselves in multiple
aspects of a client's business and assembling a talented team of
professionals with specific areas of expertise. Our team members are as
often urban planners or designers as they are experts in deal structuring,
capital formation and capital promotion.
The members of our senior management team have diverse backgrounds,
ranging from planning to development to finance to leasing and lending, but
all have a common factor: real estate.
By providing these integrated services with our internal and external
resources, we are able to minimize the time in which a project is introduced
to the market and preserve the original concepts that make it unique.
Furthermore, in a time when capital and knowledge flow easily across
borders, our global focus is a critical advantage to those who come to us for
guidance on existing and future projects.
Whether' bringing a development/finance partner or economic and market
insight to a venture, we look far and wide to leverage our relationships and
experience.
Relevant Service Lines
Market and Feasibilitv Analvsis
A rigorous, independent feasibility analysis - one which ensures that
development projects are optimally positioned - substantially reduces the
risk for owners and investors.
9
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
-.
We provide more than an indication of achievable rents and absorption. Each
of our studies includes in-depth perspectives on the marketplace and detailed
design guidelines for architects and planners.
-
-
In cases where plans already have been drawn up or projects built but
require repositioning, we offer a constructive critique about how to make the
project more marketable and manageable.
-
-
-
-
-
..-
-
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Successful projects, whether single use or major mixed use programs, are
responsive to fluid market conditions and financial requirements. Lambert
Advisory is adept at bringing these elements together in a coherent
guidebook for developers and owners. We position our clients to realize the
maximum economic potential of a project.
Economic Imoact Analvsis
Increasingly, public entities are trying to determine the economic impact on
their communities of the development and operation of large projects.
Communities want to ensure that projects which require public approval, and
in some cases, public participation, have a significant benefit to the economy.
Impacts from developments are grouped into three primary categories:
. Construction Impact
· Operating Impact
. Indirect Impacts
Lambert Advisory has significant experience providing economic impact
analysis services to public entities and corporations. Our particular expertise
revolves around determining the extent of indirect impacts and how they can
be leveraged to provide further momentum and growth.
10
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
C.2 Lambert Advisory Qualifications
..
Lambert Advisory has a wide range of experience in a number of the service
areas needed to serve The City of Clearwater Community Redevelopment
Agency in this engagement. Our recent experience includes downtown and
mixed-use projects, community development (including work for CRAs), and
economic impact analysis. Importantly, several engagements summarized
herein have been completed in conjunction with PRG Real Estate Research
(PRG) :
-
-
-
..
-
-
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Tampa Housing Authority
Central Park Village - Development Plan and HOPE VI Application
Lambert Advisory, in conjunction with PRG, recently completed a master
development plan, market and financial analysis and HOPE VI Application for
the Tampa Housing Authority's 28-acre (800+ unit) Central Park Village
property. The redevelopment of Central Park Village is deemed a critical
piece of the revitalization of a depressed, but geographically strategic area.
Lambert was instrumental in providing the vision for a strategic plan based
upon a comprehensive market analysis of rental and for-sale housing
demand, as well as retail/commercial opportunities. Accordingly, Lambert
oversaw the $20 million HOPE VI Application and detailed financial analysis
for the project. Additionally, Lambert represented the THA in its negotiation
with Civitas in an effort to broaden the revitalization plan through a joint-
development partnership.
Miami Downtown Development Authority
Economic and Market Advisory Services, Downtown Master Plan
Lambert currently serves as the Economic and Market Advisor to the Miami
DDA for the Downtown Master Plan. This includes identification of and plan
for strategic redevelopment opportunities, public outreach, and
stakeholder/partnership opportunities. Also in this capacity, Lambert has
assessed the market conditions for retail and office uses along Flagler Street
in downtown Miami. The study area includes the Miami Jewelry District, the
third largest jewelry district in the United States. Lambert has developed a
database and visual representation of the occupancy status, merchandise
category, square footage, and ownership of over 500 retail tenants. Lambert
has also estimated demand for retail, by merchandise category, derived from
the resident, office worker, and visitor markets served by the study area.
These products will be used to formulate, in conjunction with the DDA Board
and staff, a retail redevelopment and/or repositioning strategy.
City of Miami/Miami Downtown Development Authority (DDA)
Downtown Miami DRI Economic Analysis
Lambert Advisory has served as the economic advisor on the City of Miami's
DRI Application. The firm's analysis included a demand/development
projection of space needs in the Downtown, Brickell and Omni areas by use
including: office, retail, housing (for sale and renal) and hotel. The analysis
11
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
also included a projection of downtown workers and their expenditure
patterns.
-
-
-
-
-
-
-
-
Miami Downtown Development Authority
Demographic Advisory
Lambert Advisory serves as the Miami DDA's demographic advisor, and
oversees the collection of data related to visitors, workers, and residents.
The work Lambert has completed includes over 1,500 interviews with hotel
guests, downtown workers, and residents to determine the profile of each of
the groups, expenditure patterns, and experience living working or visiting
downtown Miami.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Fort Lauderdale
Downtown Fort Lauderdale Master Plan
As part of the City of Fort Lauderdale's downtown master plan, Lambert
Advisory completed an analysis of demand projections by use (through
2010). The basis for the analysis considered historical and forecast
economic, demographic and real estate market trends both locally and
regionally that impact demand for specific uses in Downtown Fort
Lauderdale, including: Office, Rental Housing, For-Sale Housing, Retail, and
Hotel.
City of Fort Lauderdale, Florida
City Hall Redevelopment Analysis
Lambert Advisory recently completed a market analysis related to a potential
joint-redevelopment of City Hall. The analysis focused upon the opportunity
to develop City Hall as a mixed-use project including office, residential and
retail. Additionally, Lambert will assist in the strategic investment strategy
(disposition of City-owned properties or public/private development) that
may be needed to capitalize the project.
City of Fort Lauderdale CRA - Palazzo Las Olas
Market and Financial Analysis; Negotiation Representation
The City of Fort Lauderdale hired Lambert Advisory to analyze and assist in
negotiating the terms of a land lease between the City and the developer of
two condominium buildings, a 1,400 space parking garage, and a 75,000
square foot retail center on one of the most prominent vacant sites in the
City.
The project was complicated by the fact that there is broad public
controversy surrounding waterfront open space owned by the City, as well as
the two hundred year no-cost land lease (and $3 million grant) the City was
going to provide the developer of the project in return for the development of
a 1,000 parking space garage. The project sits in the City's CRA district and
will provide more than $1.0 million in tax increment each year, which the
City intends to use to support the development of an international class
12
-
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
.-
aquatic center that has as many supporters as the Palazzo project has
detractors.
.-
-
-
-
w
...
...
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Jacksonville Economic Development Corporation
Urban Core Housing Plan
Lambert Advisory is currently developing a housing strategy for Jacksonville's
"urban core," which includes downtown Jacksonville and the city's
enterprise/empowerment zone area. This project will include a detailed
economic and demographic profile and residential real estate market
analysis; it will culminate with a strategic plan, including recommendations
for mixed-use and mixed-financing development on selected sites in the
urban core.
.
-
Upper Manhattan Empowerment Zone
Feasibility Analysis and Business Development
Lambert Advisory, in conjunction with Jones-Media Associates, serves as the
economic and real estate advisor to the Upper Manhattan Empowerment
Zone. The primary tasks included the feasibility analysis of key investment
projects leveraging zone dollars, assistance in negotiations with developers
and business owners, establishing parameters for use of zone monies,
construction oversight consulting, and assistance in the prioritization of
investments. Lambert Advisory also assisted the Zone in establishing a
capital lending and revolving loan fund program for small area businesses
including restaurants. The program capitalizes improvements and
encourages reinvestment and growth among existing local businesses. The
firm is working with private lenders to capitalize the fund with guarantees
from the Empowerment Zone. Over $1.0 million in loan funds have been
placed to date.
City of New Orleans
Tax Increment Financing Advisory
Since 2002, Lambert Advisory has served as the City of New Orleans City
Council's tax increment financing policy advisor. Lambert, in conjunction
with PRG, initially evaluated the first tax increment proposal in the City and
then developed case studies of the use of tax increment financing in other
major cities throughout the United States in order to developed a criteria and
policy for the approval of tax increment districts in the future in New Orleans.
Lambert continues to advise and review for the Council specific proposals for
the establishment of tax increment investments and districts throughout the
City.
City of North Miami, Florida
Economic Redevelopment Strategy: Multi-Corridor Analysis
Lambert Advisory is currently working with the City of North Miami on the
economic development plan for downtown, as well as the major
transportation corridors including West Dixie Highway, State Road 7, and
Biscayne Boulevard. The scope of work encompasses market and cluster
13
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
identification analysis, community outreach/participation, strategic site
redevelopment, financial analysis, and implementation. This includes an
analysis of retail, residential, industrial hotel, and office development to
identify market potential by real estate use (for each corridor), and create a
plan that adequately promotes on-going investment within each area.
City of Plantation
Gateway 7 Corridor Development Strategy Analysis (TIF District)
Lambert Advisory, with PRG as a subcontractor, was engaged in a market
and financial assessment for the State Road 7 corridor, a designated CRA, in
the City of Plantation. A key component to the analysis is aimed at guiding
the City to the strongest redevelopment program from a "dollars and cents"
perspective keeping in mind the broader goals of the City to effectuate the
corridor's redevelopment, including housing development. Our objective was
to test various cash flow scenarios including acquiring parcels and/or existing
buildings and leasing them back to a third party for development. Based
upon supply, demand, pricing, and capture analyses conducted in our in-
depth market profile, we assessed financial feasibility and public funding
requirements (if needed) on both an individual project basis and/or the
redevelopment program as a whole.
Pawtucket Redevelopment Agency
Downtown Pawtucket Redevelopment Plan
Lambert Advisory completed work with the City of Pawtucket to help develop
a downtown redevelopment strategy. The downtown area, which has been
economically depressed for the past several years, has been unable to
capitalize on the renaissance occurring in neighboring Providence. Lambert
Advisory identified economic opportunities specifically aimed at job creation
which will provide support for public involvement in the downtown
improvement initiative. Our effort includes direct interviews with major
employers to understand perceived deficiencies and encourage renewed
interest in devising a comprehensive plan. We identified an opportunity to
capitalize on the expansion plans of one of the area's major medical facilities
and growing demand for office space, creating the potential need for ancillary
residential, retail and hospitality development and employment.
C.ity of Miami Springs
Miami Springs Downtown Revitalization Plan
Lambert Advisory recently completed work with the City of Miami Springs to
create a revitalization plan and implementation strategy for the downtown
area. This includes the preparation of an in-depth economic analysis, real
estate market assessment and consumer survey that identifies viable
development opportunities needed to promote positive momentum for an
area that has declined economically during the past several years.
Accordingly, our findings outline the parameters for both short and long term
planning and design programs that will be utilized by the City's planning
consultants.
14
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28/ 2005
City of Miami Beach, Florida
Electricwave Shuttle - Intermodal FaCility: Joint Development
Analysis
Lambert Advisory was engaged in the economic and market analysis, site
selection, and joint development potential for the electricwave shuttle (bus)
intermodal facility in South Beach. Based upon extensive economic and
demographic research and analysis, we were responsible for evaluating
specific sites for the intermodal facility and, furthermore, identifying the joint
development potential for associated with each site. This included a retail,
residential, hotel, and office development analysis to identify market
potential by real estate use, and create a plan that adequately promotes on-
going investment within the area.
City of Hollywood, Florida
Transit Intermodal Center: Joint Development Analysis
Lambert Advisory is in the process of completing an analysis of the joint
development potential associated with a rail, bus, and automobile intermodal
facility at the intersection of Hollywood Blvd and Interstate 95. Based upon
our in-depth economic and demographic market analysis, we were able to
create a joint development program for the site that included retail,
residential, hotel, and office development. The project, which has identified
market potential, may serve as the catalyst for Hollywood to become one of
the premier business centers in Broward County over the next decade.
Queen Emma Foundation
Waikiki 2010 Properties Market and Financial Advisor
Lambert Advisory currently serves as the market and financial advisor to the
Queen Emma Foundation in Honolulu, Hawaii developing an investment
strategy for a number of hospitality, residential, and retail properties in the
heart of Waikiki Beach which have long term ground leases due to expire in
2010. Lambert's work includes provide market research support to the
redevelopment of the two acre plus International Marketplace which is owned
by the Foundation and will be redeveloped as the newest urban retail center
in Honolulu. The Queen Emma Foundation, a charitable trust set up for the
promotion of health care services to people of native Hawaiian decent, is
widely considered to be the second richest land owner in Hawaii.
15
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28, 2005
C.3 PRG Real Estate Research Qualifications
PRG has a strong track record in providing market demand analysis, needs
assessment, and strategic planning for residential and commercial
development, community redevelopment, and economic impact in markets in
Florida and around the country. Following are descriptions of relevant
engagements that have been successfully completed by PRG either as prime
consultant or in joint venture as part of larger engagement team:
Dunedin Condominium Market Evaluation
Downtown Dunedin-Main Street
PRG conducted an evaluation of market support for a mid-rise condominium
development on the west end of Main Street in Downtown Dunedin, Florida.
The project will serve as the first significant new residential development in
downtown Dunedin and help facilitate the natural progression and evolution
of downtown/Main Street Dunedin as a residential address to compliment this
quaint and increasingly popular downtown "Main Street" venue of small
shops and restaurants. The project will anchor the west end of "downtown"
and provide an attractive and appealing transition between the expensive
homes lining Victoria Drive and the shops and restaurants along Main Street.
Hyatt Condo Hotel
Beach-By-Design, Clearwater Beach, Florida
PRG prepared an objective and independent evaluation of market support for
the development of a new Hyatt condo-hotel on Clearwater Beach. The
proposed development would consist of 250 condominium-hotel units as well
as 18 residential condominiums on the top two floors of the hotel. The 18
condominium units would be sold as traditional - primary or secondary
home- residential condominiums. PRG evaluated market support for the
condo-hotel unit, including an assessment of location characteristics, target
market, product parameters covering unit mix by type, size and price, unit
design features and other general specifications, project amenities, sales and
marketing program, estimated rate of absorption with pricing sensitivities,
unit release schedule and related pricing strategies, and other
recommendations. The Hyatt project will be the centerpiece of Beach Walk -
a +2,700 feet pedestrian promenade that is part of the Beach by Design
Redevelopment program planned by the City of Clearwater.
Ventana Condominiums Market Evaluation
Downtown Tampa-Channelside District
PRG conducted a study to evaluate market support for a mid-rise luxury
condominium development in the Channelside District of downtown Tampa.
Channelside is an old warehouse district adjacent to downtown Tampa. The
area is in the midst of a renaissance of new residential and commercial
development. The Ventana condominiums perpetuate the renaissance with
development of a high quality, high-end residential project that will anchor
the eastern end of the district. PRG was responsible for conducting a
16
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28, 2005
demand analysis covering unit mix by size and floor plan, unit pricing and
pricing strategies, target market, sales and marketing strategies and
estimated absorption.
Plaza at Harbour Island High-Rise Condominium Market Evaluation
Downtown Tampa, Florida
PRG conducted a study to evaluate market support for a high-rise luxury
condominium development in Harbour Island in downtown Tampa. PRG
conducted a demand analysis covering unit mix by size and floor plan, unit
pricing and pricing strategies, target market, sales and marketing strategies
and estimated absorption
Downtown Boynton Beach Commercial Demand Study,
Boynton Beach Florida
PRG was part of an engagement team that conducted a demand analysis and
strategic planning for the commercial component of a mixed-use
development planned for downtown Boynton Beach. The scope of work
completed included a macro overview of existing and anticipated economic
and market trends influencing the commercial retail market in the area. We
reviewed and analyzed retail sales and expenditure potential in Palm Beach
County and the Boynton Beach primary demand trade area. PRG determined
market support/capture potential for various retail categories at the subject
development from the on-site resident population, the Boynton Beach
Primary Market Demand Area, and the visitor/tourist market. PRG prepared a
development strategy for the commercial component addressing: principle
sources of spending/demand by market segment, square feet of supportable
retail by tenant type and size, tenant mix recommendations by
merchandise/service category and size, rental rates and CAM, absorption
including timing and staging of development, necessary features, parking
requirements and amenities.
Parkshore Plaza High-Rise Condominium Market Evaluation
Downtown St. Petersburg, Florida
PRG conducted a study to evaluate market support for high-rise luxury
condominium development on downtown St. Petersburg waterfront. Work
completed included a demand analysis covering unit mix by size and floor
plan, unit pricing and pricing strategies, target market, sales and marketing
strategies, and estimated absorption.
Fiddler's Creek - Naples Florida
Market Feasibility for a Neighborhood Shopping Village
PRG conducted a market feasibility study to determine demand potential and
development opportunities for a "Traditional Neighborhood Design' (TND)
Town Center shopping village for a master planned community located in
southwest Collier County, Florida. The scope of work completed for this
engagement included analysis of pertinent demographic and economic trends
related to the nature and growth potential of demand for commercial retail
17
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28, 2005
and office development; employment trends; retail expenditure potential;
and demand for office by market segment. The final report addressed
development strategies including type and size of supportable retail and
office at the subject site; absorption trends; anticipated rents and lease
terms; timing, phasing, and development; and design considerations.
Downtown Hollywood Commercial Demand Study
Hollywood, Florida
PRG was part of an engagement team to conduct a demand analysis and
strategic planning for the commercial component of a mixed-use
development planned for downtown Hollywood. The scope of work completed
included a demographic and economic analysis, determining the demand
potential for commercial office and retail merchandise and service categories
from on-site residents as well as the surrounding primary and secondary
market areas. PRG also provided development strategy guidelines for size of
development, tenant mix, timing, and phasing of development.
Downtown Jensen Beach Commercial Demand Study
PRG was part of an engagement team to conduct a demand analysis and
strategic planning for commercial component of mixed-use development
planned for downtown Jensen Beach. Scope of work completed included
assessment of the demographic and economic determinants of demand,
evaluating the demand potential for commercial office and retail by tenant
type, merchandise and service categories, and providing development
strategy guidelines, including development timing and phasing of
development
City of Mexico Beach, Florida
Vision Plan
PRG was part of an engagement team to assist the City of Mexico Beach with
a "Vision Plan" outlining development and redevelopment strategies
addressing, overall land-use issues and impacts, growth management,
neighborhood housing and in-fill strategies, and balancing of seasonal
impacts. Assistance also included identifying funding sources of plan
implementation.
18
.
.
.
.
.
.
.
.
.
.
.
I.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Q)
ro
c .....
.- C/)
~UJ
c..(ij
.:s:. Q)
co::
~<9
U-o::
c..
.c:
(.)
.....
OJ
Q)
C/)
.c: Q)
~o::
OJ'C
~Qi
Q)U::
0:::;::.
Q)
.:s:.
.....
OJ
:2
0)
..-
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28, 2005
D. STAFFING
Paul Lambert
Managing Principal
Paul Lambert founded Lambert Advisory in 1995, and has since worked with
a wide range of clients including financial institutions, multinational
corporations, developers, government agencies, and investors.
Mr. Lambert was previously with Arthur Andersen LLP and Goodkin Research
Corporation, where he was in-charge of the firms' Florida and Latin
American/Caribbean real estate practice. His clients include Harvard
University, Samsung Corporation, Carnival Corporation, The Upper
Manhattan Empowerment Zone, among others.
Mr. Lambert is a regular contributor to the GOODKIN REAL ESTATE REPORT,
and has appeared on CNN, ABC, and The Nightly Business Review to speak
about the economy and real estate. He is often invited to speak about the
economy and industry to national groups including the National Builders
Association, Women's Bankers Association, Council of Large Public Housing
Authorities, and the National Association of Corporate Real Estate Executives.
In the early 1990's, Lambert was commissioned by the Commonwealth of
Massachusetts to prepare a White Paper to guide the Governor in decisions
concerning State housing programs, and currently serves as an advisor to a
number of cities with regard to their housing and economic development
efforts. He is a contributing author of "Public Housing Asset Management: A
Handbook for Local Governments" recently published by The Community
Development Training Institute, as well as HUD's "Guidebook on Private
Management of Public Housing". He also continues to serve as a principal
consultant to Harvard University's Public Housing Cost Study.
Mr. Lambert holds a BA from Miami University in Ohio. He was a Fellow at
the London School of Economics in London, England, and graduated from the
Massachusetts Institute of Technology, where he received a Master degree in
City Planning.
20
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28, 2005
Eric tiff
Principal
Eric Uff has over 14 years of experience providing advisory services to
government agencies, financial institutions, and corporations both
domestically and internationally. Prior to joining Lambert Advisory, Mr. Uff
was .responsible for acquisition and development activity at WorldStar
Resorts, an entity of Starwood Capital. His primary responsibilities included
corporate. and/or asset identification, deal structuring, due diligence and
strategic positioning.
Before joining WorldStar, Mr. Uff provided real estate advisory services for
two Big 5 accounting firms, servicing some of the largest real estate and
hospitality firms and investment banks in the United States and Caribbean.
As a Manager in the Real Estate Consulting Group of KPMG Peat Marwick and
a Senior Consultant with the Real Estate Consulting Group of Arthur
Andersen LLP, Mr. Uff was actively involved in acquisition, disposition, and
underwriting engagements for firms such as CS First Boston, Morgan Stanley,
Prudential, and Heller Financial. Additionally, Mr. Uff has managed a number
of major workout transactions and litigation related support engagements.
Mr. Uff earned his Bachelor of Science degree with a concentration in real
estate management and development at the University of Southern California
in 1990. He is a member of the Urban Land Institute (ULl) and has been an
active participant in the American Resort Development Association (ARDA).
21
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28, 2005
Adrienne Brown
Senior Analyst
Adrienne Brown has more than eight years in economic development, urban
planning, urban design, and feasibility analysis. Prior to joining Lambert
Advisory, Ms. Brown was an analyst with Economic Research Associates
(Washington, D.C.), where she assisted in managing public and private
sector clients in the areas of planning and economic development, real estate
and land use, and recreation and tourism. Ms. Brown has a particular
expertise in retail demand analysis and strategic planning working on
downtown retail development and retail master-planning projects throughout
the United States.
Ms. Brown commenced her career with Sibley International, working as a
Project Coordinator on economic development projects including micro-,
small-, and medium-size enterprise development in South Africa, Russia,
Ukraine, the Republic of Georgia, as well as the Caribbean. Specifically,
Adrienne worked on creating and implementing procurement plans, including
preparation of requests for proposals, RFP evaluations, and price and terms
negotiation.
Ms. Brown has a Bachelor's in Business Administration (International
Business and Spanish) from James Madison University. Additionally, she has
completed coursework toward a Masters in Community Planning (Urban and
Regional Planning) from the University of Maryland at College Park.
22
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28, 2005
Frank Pallini
PRG Real Estate Research
Frank Pallini is founder and President of PRG Real Estate Research, a real
estate management consulting firm based in the Tampa Bay area. Mr. Pallini
has over 16 years of professional experience as a management consultant to
the real estate industry. His areas of expertise include market and financial
analysis, development/project planning, strategic planning, asset evaluation,
economic research and impact analysis.
Mr. Pallini has served as management consultant and business advisor to
numerous real estate companies, developers, builders, financial institutions,
investors and asset managers as well as units of government and non-profit
organizations. Major clients include, Disney Development, USAA Real Estate,
GE Capital, US Home, Beneficial, and Citicorp Real Estate. He has also served
as project manager/lead consultant for a housing demand study for the
University of South Florida, St. Petersburg Campus; the St. Petersburg
Housing Study sponsored by the St. Petersburg Chamber of Commerce; the
City of Key West, to study the impact of the vacation rental market on the
local economy; Hillsborough County Master Facilities Plan; and, as technical
advisor to the City of Tampa's Cultural Arts District Committee.
Prior to starting his own firm, Mr. Pallini served ten years with KPMG Peat
Marwick's Real Estate Management Consulting Group. During his tenure with
KPMG, Frank advanced to level of Senior Manager where he was director of
the firm's southeast real estate management consulting practice. In this
capacity he was responsible for all phases of practice development, and
provided management consulting expertise to clients throughout the United
States, Europe, Latin America, and the Caribbean.
Mr. Pallini has written several articles covering regional real estate industry
trends for the Urban Land Institute, the Real Estate Review, published by
Warren, Gorham and Lamont and numerous local publications covering real
estate business and trends in Florida and the Tampa Bay area.
Frank obtained his Bachelor's degree from Eckerd College and completed
graduate' course work for the Master's Program in Community Development
at Southern Illinois University. He also has completed continuing education
and enrichment courses in real estate finance from the Massachusetts
Institute of Technology.
23
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Clearwater
Downtown Clearwater Market Study
February 28, 2005
E. REFERENCES
Reference:
Contact:
Address:
Phone:
City of Ft. Lauderdale
Mr. Mark Laferrier
300 N.W. 1st Avenue
Ft. Lauderdale, FL 33301
(954) 828-5261
Services provided: Economic and Market Analysis for the Downtown Fort
Lauderdale Master Plan and CRA (Palazzo)
Dates: 2003/4
Total Fees: $20,000
Services provided: Economic/Market
Master Plan
Dates:
Total Fees:
Reference:
Contact:
Address:
Phone:
Reference:
Contact:
Address:
Phone:
City of Miami DDA
Mr. Davon Barbour
200 South Biscayne Boulevard
Miami, FL 33131
(305) 579-6675
Research Analysis for the Downtown
Current
$106,000 (including subcontractors)
City of Plantation (CRA)
Ms. Marcia Berkley
401 N.W. 70th Terrace
Plantation, FL 33317
(954) 797-2200
Services provided: Plantation Gateway 7 Catalytic Investment Strategy
Dates: 1999-Present
Total Fees: $83,000
Reference:
Contact:
Address:
Phone:
Tampa Housing Authority
Mr. Leroy Moore
1514 Union Street
Tampa, FL 33067
(813) 253-0551
Services provided: Central Park HOPE VI Redevelopment Plan
Dates: 2004
Total Fees: $278,000 (including subcontractors)
24