OFFICE RETAIL PROPOSAL
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THE COWPER WOOD INTERESTS
September 23, 1982
Mr. Anthony Shoemaker
City Manager
CITY OF CLEARWATER
112 South Osceola Avenue
Clearwater, Florida 33516
Dear Mr. Shoemaker:
In response to your Request for Proposals for the development of an
office and retail building in the Downtown Enterprise Zone, enclosed
herewith you will find the following:
1) Our written Proposal (three pages)
2) Photographs of three of our existing Buildings, and one photograph
of our proposed Cowperwood Bayfront Building
3) Floor Plans and Site Plans fpr the Bayfront Building
4) Energy Conservation Bulletin detailing the Cowperwood Regency Building's
energy efficiency and savings
5) Brochure describing the Cowperwood Corporate Center under construction
in Houston, Texas
Additional materials already in the possession of the Clearwater Downtown
Development Board include the model and a tube of drawings of the Cowperwood
Bayfront Building.
Sincerely,
THE COWPERWOOD INTERESTS, INC.
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Jonathan Morse
President
JM/bh
Enclosures
3SO MadIscrt NenJe /New 'It:lr1c. New 'It:lr1c 110017/(212) 687-9310
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THE COWPER WOOD INTERESTS
PROPOSAL 1'01. OI'I'ICE RBTAIL \OBIXAIL III DOWIrrOWB CLEAB.WATBB.. 1'0IlIDA.
mE PROJECT
The project, The Cowperwood Bayfront Building, is an eight-story 82,000
sq.ft. office building with 7,160 sq.ft. of retail space on the ground
floor. The location of the project is in downtown Clearwater on block
28, as shown on the Site Plan. The Building requires 400 parking spaces
which will be provided by a municipal parking garage located on block 47
directly across the street from the project.
LAIm ACQUISI'.rIOB
The Cowperwood Interests do not now have a legally enforceable interest
in the site. The Cowperwood Interests has made an offer to lease the
si~e at what they consider to be the fair market rental. In addition
they would landscape and maintain as a public parka narrow strip o'f
City owned property, now being used for parking, located to the east of
the site.
I'IlIABCIBG
The Cowperwood Interests plans to finance this building by means of a
joint venture with an insurance company. The insurance company would
finance the project by issuing an Industrial Development Bond of
approximately 7 million dollars which they would guarantee. This
guarantee would cause the Bond to be rated AAA by Moody's. The AAA
rating of the Bond would derive from the credit of the insurance
company. Therefore it is the insurance company's financial statement,
and not that of The Cowperwood Interests, that will be submitted to the
CRA. The Industrial Development Bond would finance 100% of the project
and would be for a term of 10 - 15 years. There are a several insurance
companies doing this type of joint venture financing. They all require
an Inducement Letter from the local authorities as a precondition to
negotiations for the financing.
/31
350 MadIscn Nerul /~ Vall. New York 10017/(212) 687-9310
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THE COWPER WOOD INTERESTS
pARYTlIG
The Cowperwood Interests propose that parking be provided by the CRA in
a municipal parking garage to be constructed on Block 47 now owned by
the City. It would have a capacity for at least 400 cars of which 290
would be allocated for the office building on a basis of 3.5 cars per
1,000 sq.ft. of office space. Before the Cowperwood Interests would
commence construction of the office building, the City must guarantee
that it will build the garage before the office building is complete.
It must be appreciated that the Building is not a feasible project
without the garage and that neither the Developer nor the insurance
company would be willing to take the risk of the City not building its
garage in a timely way.
TAX IBCRDD'f nlWICIJIG
The parking garage would be financed by a combination of tax increment
financing and garage revenue. It is estimated that the Building wll
generate $100,000.00 in taxes and that the garage will add $75,000.00 in
parking revenues: an income stream more than adequate to finance a four
or five hundred car garage.
COBsnuCTIOB AIm LEASIJIG TIlIB'lABLE
90 to 120 days will be required after the time of the issuance of an
Inducement Letter until financing is obtained. Construction would begin
90 days after that. The Cowperwood Interests intend to finance the
Building on a totally speculative basis with no pre-leasng requirements.
We believe this to be possible at this time but it depends on conditions
in the bond market. It should be noted that The Cowperwood Interests
has built or is building four major office buildings with a combined
value of 60 million dollars, all of a larger size than the Cowperwood
Bayfront. None have had any pre-leasing and construction has always
commenced soon after the receipt of construction financing.
13(?
350 MadIson Awrut /New Vcrtc. New Vcrtc /10017/(212) 687-9310
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THE COWPER WOOD INTERESTS
DBSIGII
The Building is a sophisticated, 8-story building which uses setbacks
both at the top and bottom. At the ground level there is a large
landscapeC1 plaza with trees and public seating and reflective pools.
Land owned by the city is made into a park which provides access to the
garage from Cleveland Street. The entrance from Cleveland Street and the
one from the parking garage across Park Street are monumental in scale.
The exterior is formed from a sophisticated aluminum and glass skin with
contrasting dark aluminum color at the set backs. The corners are
rounded and at each corner the glass is full height prov1ding many
attractive executive offices. The rest of the facade is comprised of
smaller reflective glass windows, an extremely energy efficient design.
The other energy saving features to be utilized are solar domestic hot
water heating, full wall insulation, variable volume air conditioning
with economizer cycling and solid state elevator controls. These have
been used in The Cowperwood Regency Building in Houston which has been
cited by the Houston Lighting and Power Company as being one of the most
energy efficient buildings in Houston. The Building presents no
impediments to access by the handicapped, a feature which is shared by
all Cowperwood projects, and will have special prov1sions for toilet
facilities and elevator use.
DBVELOPIIElI'l DPBB.I:aCB
The Cowperwood Interests is a national real estate development f1rm w1th
offices in New York and Houston. Their Houston projects include the
120,000 sq.ft. Cowperwood Regency Building, with a 500 car garage; the
Cowperwood Savoy Building, a 180,000 sq.ft. office building with a 700
car garage; and the Cowperwood Corporate Center, a $200,000,000, 27 acre
project on Interstate Highway 10 in Houston. The latter project has
plans for eight office buildings and a hotel. Construction is nearly
complete on Phase I of the Corporate Center: a 160,000 sq.ft. office
building, 20,000 sq.ft. health club and 600 car garage. Negotiations
are currently under way with a major hotel company for the 350 room
hotel. In addition, the 110,000 sq.ft. Cowperwood Osborn Buildng has
been completed recently in Rye, New York. Photographs of these projects
are enclosed.
/35
350 MadIscn I'wnJe /New '!Ok. New York 110017/(212) 687-93Xl
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COWPERWOOD BAYFRONT BUILDING
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Building Rentable Area
Commercial Space
Off ice Space
Total Rentable Area
Public Space
1st Fir.
2nd FIr.
3rd Fir.
4th Fir .
5th Fir.
6th Fir.
7th Fir.
8th FIr.
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7,160 sq.ft.
10,365 sq.ft.
lJ,040sq.ft.
11,265 sq.ft.
11,265 sq. ft.
11,040 sq. ft.
10,365 sq. ft.
9,240 sq. ft.
81,740 sq. ft.
2,080 sq.ft.
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