OFFICE/RETAIL COMPLEX PROPOSAL
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CLEARWATER COMMUNITY
'REDEVELOPMENT AGENCY
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Office /Retail Comple~
Proposal
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Submitted by
RADNOR / CLEARWATER CORPORATION o/llf~
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Ta ble of Contents
Letter of Transmittal
Radnor Corporation
Recent Developments
Development Concept
Development Financing
Site Analysis and Obj ectives
Development Time Table
Rendering of Proposed Building
Building Plan
Ground Floor Plan
Typical Floor Plan
Elevations
Building Sections and Details
Building Section
Proposal
Architects
References
Consolidated Financial Statements
Radnor Co~poration Brochure
Ten Penn Center Br~chure
Sun Company Annual Report
ADI Brochure
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Page 6 - 8
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Page 20 - 24
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Exhibit "A"
Exhibit "B"
Exhibit "c"
Exhibit "D"
Exhibit "E"
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~DNOR/CLEARWATER CORPORATION
Building No.2, suite 42~
100 Matsonford Road
Radnor, PA 19087
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Mr. Tom Shoemaker
City Manager
City of Clearwater
112 South Osceola Avenue
Clearwater, FL 33518
Dear Mr. Shoemaker:
We thank you for this opportunity to respond to your invitation
for submission of a proposal for the development of a multi-use
highrise project containing space for office and retail use.
Our proposal for the development is enclosed, along with
preliminary drawings of the development concepts, the delineation
of the area to be included in the designated site and corporate
brochures relating to our corporations and the architectural
designers and consultants who prepared the development plans and
concepts.
The proposed development concepts have been designed to enhance
the City's downtown setting, maximize open space, blend with the
existing development and create an architectural anchor that will
reflect the stature and image of Clearwater as a viable downtown
entity.
The development plans recognize the need to provide a cohesive
design that adds impetus to downtown revitalization efforts and
new dollars to the tax base for needed public improvements.
Our design concepts are based on our previous experience with Ten
Penn Center, a major office building in philadelphia, as well as
the experiences of the principals of Architects Diversified
Incorporated, with several mixed-use projects while with John
Portman and Associates. The concept is in line with your Plan
for Downtown Clearwater prepared by R. T. K. L. of Baltimore and
your City Staff in October, 1977. Highlights center around a
pedestrian-oriented plaza with easy access from Cleveland Street
and surrounding streets, avoidance of the "glass box" syndrome,
and a lower profile, Class DAn building which will be a
prestigious office address.
The enclosed proposal is intended to be the basis for commencing
negotiations with the Clearwater Community Redevelopment Agency
with the goal of concluding and executing a formal and binding
Development Agreement, and we shall not be bound in any manner
except pursuant to a fully executed formal Development Agreement.
We wish to express our appreciation for the professionalism,
dedication to public service, and cooperation extended to us by
you, Sam Casella, Mayor LeCher and members of the Downtown
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Development board during the course of our preliminary studies.
We look forward to meeting with you and the ,City Council to
discuss further the details of our proposal.
Respectfully yours,
RADNOR/CLEARWATER CORPORATION
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Radnor Corporat,ion
Radnor Corporation is the nationally diversified real estate investment and
development subsidiary of the $16 billion Sun Company. Noted for its combia-
tion of architectural excellence and scenic beauty, :~dDOr has won national,
state and local awards for enviro,nmental achievements for its office buildings,
hotels. residential communities and industrial parks from Florida to California.
Radnor currently has 58 active developments in 16 states and, through its
current proj ects in Florida, has been investing in the economic development of
Florida for several years. Projects include Oceana I and Oceana II on
Hutchinson Island, Sea Brook Place in Palm Beach, Jupiter Dunes in Jupiter,
Turtle Bay and Hidden Lagoon in Sarasota, and the Boulevard Building, West
Palm Beac h.
Most noteworthy of the many Radnor proj ects with respect to downtown development,
urban design quality, successful construction, lease-up and management is Ten
Penn Center in Philadelphia. This 27-story building represents an investment'
of $48 million. This project, along with yours, should represent Radnor's
current cODmlitment to downtown revitalization.
Additionally, Radnor has developed office building or office complexes in
Radnor, Pennsylvania, Corpus Christi, Texas and Portsmouth, Virginia.
AL Radnor, our philosophy is to never undertake a development whose successful
completion and management we cannot ensure. Our company has never failed to
satisfy its commitments and financial obligations associated with any of our
proj ects.
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'Recent Developments of Radnor Corporation
PROJECT AND LOCATION
TYPE
Ten Penn Center
Philadelphia, PA
High-Rise
Office
Radnor Corporate Center
Radnor, PA
Mid-Rise
Office
City Hall
Portsmouth, VA
Mid-Rise
Office
Sun Plaza
Corpus Christi, TX
Mid-Rise
Office
Islandia
lbtchinson Island, FL
High-Rise
Condo
Oceana South
Hutchinson Island, FL
High-Rise
Condo
Turtle Bay
Siesta Key, FL
Mid-Rise
Condo
Brown Street Centre
Birmingham, MI
Mid-Rise
Office
Plymouth Meeting Exec. Campus
Plymouth Meeting, PA
Mid-Rise
Office
Sheraton Inn Coliseum
Hampton, VA
Hotel
Villa Valencia
Laguna Hill s, CA
Retirement
Hotel! Apt.
Jupiter Dunes
Jupiter, FL.
Mid-Rise
Condo
Langford Farms
Nashville, TN
Housing
Ind i.an S pr ing s
Jacksonville, FL
Housing
Radnor 1-95 Industrial Park
FeltonvUle, FA
Industrial
Park
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COST
$48,000,000.
$25,000,000
$ 9,000,000
$ 5,000,000
$60,000,000
$22,000,000
$12,000,000
$ 6,000,000
$50,000,000
I
$ 6,000,000
$10,000,000
$65,000,000
$32,000,000
$28,000,000
$11,000,000
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Recent Developments of Radnor Corporation (continued)
PROJECT AND LOCATION
Sugar land Business Park
Herndon, VA
Parkway Trade Center
Herndon, VA
Sea brook Place
Jupiter, FL
Oceana South
Hutchinson Island, FL
Brentwood View
Nashville, TN
Hearthstone
Nashville, TN
Sandalwood
Bloomf ield, MI
Hidden Lagoon
Siesta Key, FL
Olney Oaks
Olney, MD
Hurst bourne
Louisville, KY
Valley Wood
Livonia, MI
Viewpointe
Grand Rapids, MI
Barclay Inn
Birmingham, MI
Sheraton Westgate
Toledo, OH
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TYPE
Industr ial
Park
Industrial
Park
Townhouse
Condo
High-Rise
Condo
Housing
Housing
Townhouse
Condo
Condo
Housing
Condo
Garden
Condo
High-Rise
Condo
Hotel
Hotel
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COST
$18,000,000
$ 7,000,000
$95,000,000
$11,000,000
$ 8,000,000
$ 7,000,000
$ 5,000,000
$ 8,000,000
$ 7,000,000
$15,000,000
$ 7,000,000
$ 8,000,000
$ 7,000,000
$ 7,500,000
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Development Concept
The new off ice and retail mixed-use building concept calls for the erection
of a modern, eight-story mid-rise building that will continue the skyline
of existing nearby office buildings and preserve the City's bayfront vistas.
The cohesive design will unify the new City garage with the proposed office
retail structure and create a landscaped plaza off Cleveland Street, dedicated
to pedestrian: traffic, open space and other esthetic amenities. The plaza
may contain fountains, seating areas, and other "street" furniture. The mid-
rise will contain an entry area, indoor/outdoor atrium of several stories
leading into the interior corridors and elevator core. A pedestrian link
will be established between the City-owned garage and commercial facility at
grade.
The massing and scale of the new office building will provide virtually no
additional obstruction to the bayfront vistas, or from the Harborview Club.
Viewed from Cleveland Street, the low profile of the new office building
will be esthetically pleasing alongside the Bank of Clear~ter, which will
be a full three stories higher than the new proj ect. The landscaping between
the tower and the Bank of Clearwater will minimize shadow concerns and
"canyon" effect of two nearby high-rise structures.
The office tower ~s sited for the best orientation for office dwellers
toward the water and SandKey along with the desire to minimize heat gain.
The side facing the west will be a fenestration of recessed windows that
shades the interior from most direct sunlight during the day. Energy
efficiencies will be designed into the plan along with an energy management
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Development Concept (continued)
system for optimal savings. The use of window wall with cementous or pre-cast
panels will reduce the problem of reflectivity and glare.
Concurrent construction of the commerc1a1 complex and public garage will be
optimal from the standpoint of staging and continued operations around the
site.
The plan is in consonnance with studies in your new parking facility.
Sufficient automotive capacity will be available to service project ysers,
in addition to nearby office workers. The parking ratio will cronform to the
local build ing code.
The plan eliminates the need to expend funds for development of related infra-
structure. It also preserves and, in fact, enhances accessibility to most of
the downtown area from other parts of the City.
An innovative interior design eliminates long corridors, reduces interior
column space, maximizes the ratio of usable to rentable spaces and insures
flexibility in office landscaping and planning for future needs. The building
will be completely sprinklered, and a modern fire alarm and smoke detection
system will be installed for maximum fire protection and personnel safety.
The proposed development concept also provides opportunities for sculpture
and bas reliefs to enhance the esthetics of both the pedestrian plaza and
entrance lobbies.
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Proposed Development (continued)
The ground level pedestrian connection between the new office retail complex
and the new parldng garage will minimize the conflict between vehicular
and pedestrian traffic. Also, the location of the garage on the same side of
Cleveland Street as is the Bank of Clearwater will min:imize, again, pedestrian
auto crossings.
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Development Finane ing
The Developer plans to finance the proj ect through the use of
industrial development bonds. Initial contacts with financial lenders
who have financed existing .projects involving subsidiaries of Radnor
Corporation indicates a strong desire to join with your City in making the
new off ice building a reality.
It should be noted that Radnor Corporat ion's 1981 asset value of
$185 million provides tremendous stability and financial credibility to the
Developer's role. Radnor Corporation's financial stature is further en-
hanced by its involvement in carefully considered quality proj ects and also
its ability to provide the necessary equity contributions to a proj ect .
In the past five years, subsidiaries of Radnor Corporation have secured over
$115million in permanent financing for projects similar to the new office retail
project. Financial insitutions that have provided these funds include:
Bank of America Properties, Inc.
Citizens Fidelity Bank and Trust Co.
Continental Bank
Equitable Insurance Company
Home Federal Savings and Loan of San Diego
Insurance Company of North America
Lincoln Lif e Insurance Company
Mutual of New York
New York Life Insurance Company
Travelers Insurance Company
Additionally, subsidiaries of Radnor Corporation have seCured more than $250
million in construction financing from a broad cross-section of the commercial
banking community.
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Site Analysis and Obj ectives
The site is located in the heart of the business district of downtown
Clearwater, surrounded by Cleveland Street, Watterson Avenue and .North
Garden Avenue. The site currently contains strip commercial facilities, a
blood bank and parking facUities for the Bank of Clearwater.
Your City has announced plans for construction of a parking garage containing
480 parking spaces for motor vehicles on the north portion of the site. The
proposed location of the commercial structure is to be on the southern portion
of the site, adjacent to, but not necessarily physically connected to, your
City's garage.
Your City's Downtown Development Authority seeks a developer for a private
enterprise which will meet the following objectives, as outlined in your
approved Master Plan for Dololltown Clearwater, dated 1977:
1. To make the downtown area a viable, physical and economic multi-use center.
2. To improve the physical image of the downtown area over current levels.
3. To provide additional tax revenues for needed public improvements.
We would like to submit for your consideration the additional objectives which
we believe our project proposal will accomplish:
1. Preserve the bayfront environment.
The Downtown Clearwater Retail Office Complex, as we propose, will
have no adverse effects on Clearwater's open bayfront area. In
fact, location of the most capital-intensive facility at this locale,
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Site Analysis and Objectives (continued)
as we have recommended, wi.ll spur further development away from the
bayfront area with the inevitable impacts of traffic and reduction
of waterfront views. Our team has been instrumental in working
with your Downtown Development Authority and furthering the impetus
for development away from the waterfront district.
2. Accommodate future growth, as indicated above.
Location of this office complex adjacent to the Bank of Clearwater
will anchor development which will most likely proceed upon
Cleveland Street towards the east, away from public amenities and
the waterfront area.
3. Minimize construction impact on existing local b.1siness.
The siting of our proposed b.1ilding and their staging areas will
result in the relocation of only a few local businesses, and will
accelerate the removal of at least one enterprise better suited for
a different locale. The Bank of Clearwater has been most gracious
in its cooperation relative to its parcel on the subject ~ite.
4. New business vitality.
The project will serve as a catalyst for redevelopment for property
along Cleveland Street. The successful completion and lease-up of
this facility should accelerate this revitalization.
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.DEVELO~E"T TIME TABLE
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months
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Select Developer
ITJillTI
Contract Negotiation
[![]
Preliminary Design
Pre-Lease
Construction
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PROPOSAL FOR OFFICE/RETAIL BUILDING
AND PARKING FACILITY IN DOWNTOWN
CLEARWATER, FLORIDA
The following is a proposal by Radnor/Clearwater Corporation
(the "Developer") to the Clearwater Community Redevelopment
Agency (the "CRA") for the construction of a proposed eight-story
office/retail building (the "Building") in downtown Clearwater,
Florida.
This Proposal is being made pursuant to the Request For
Proposals, Office-Retail Center in Downtown Clearwater (the
"Request for Proposals") concerning Block Nos. 28, 30 or 31 as
defined in the Composite Exhibit "A" attached to the Request for
Proposals. Pursuant to the terms of the Request for Proposals,
this Proposal is being made with the goal of entering into a
binding Development Agreement. Until such time as a binding
Development Agreement is entered into by all parties, Developer
will not have any obligations in connection with any matter
directly or indirectly connected herewith.
I. Usage.
The Building would contain retail space on the ground
floor and office space on the second through eighth floors.
Retail usage would be designed primarily to maintain the pedes-
trian continuity ot Cleveland Street, and may include retail
stores, restaurants and retail banking or financial activity
directly serving the public. Attached hereto as Exhibit "A" is a
table showing proposed usage and gross leaseable area of each
usage, floor by floor.
II. Location.
The Building would be located on Block 28 of Composite
Exhibit "An attached to the Request for Proposals, (the "Building
Parcel"), as shown on the proposed Building Plan which is a part
of the overall presentation of which this Proposal is a part (the
"Presentation") . Parking facilities will be located on the
remainder of Block 28 (the "Parking Parcel"), as described in
more detail in Paragraph VII. The Building Parce~ and Parking
Parcel are sometimes collectively referred to herein as the
"Project Area".
III. Size.
The Building would have a proposed size of
approximately 120,462 square f~et of gross leasable area. The
gross leasable area is further defined as containing
approximately 101,783 square feet of usable building area and
approximately 9,119 square feet of common area.
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IV. Zoning.
The Building would be" compatible with the Downtown
Development District (00) Zoning, Sections 131.147 - 131.156 of
the Clearwater City Code.
V. Land Acquisition.
Developer proposes that the CRA would enter into one or
more option agreements to purchase the Project Area. Developer
would then enter into an agreement to purchase the Building
Parcel from the CRA for a purchase price of $350,000, which
agreement would be contingent upon, as an illustration but
without limitation, Developer obtaining adequate financing and
meeting its pre-leasing requirements, the sufficiency of title,
the performance of the obligations of the sellers under the
option agreements described above and the performance by CRA of
its obligations,and the satisfaction of all zoning, subdivision
and other requirements. Upon satisfaction of the contingencies,
the CRA would then exercise its option to purchase the Project
Area and would cause the Building Parcel to be conveyed to
Developer at closing.
In connection herewith, Developer has been informed
that the Bank of Clearwater, owner of the entire Parking Parcel
and a portion o~ the Building Parcel, is willing to sell such
property to the CRA, provided that the Bank of Clearwater obtains
an agreement signed by the appropriate entities that it will have
a perpetual easement for sixty (60) parking spaces in the parking
structure described in more detail in Article VII below. This is
more fully discussed in said Article VII.
Developer shall have the right to participate in the
negotiation of the purchase agreements described in this Article
V in cooperation with the CRA, along with all option agreements,
perpetual easement agreements, assignments and all other
instruments necessary for the effectuation of the transactions
described in this Proposal.
VI. Financing.
Developer is submitting this Proposal on_the assumption
that it will be able to obtain, with the assistance of the CRA,
acquisition, construction and permanent financing with a lending
institution through industrial development bonds in the amount of
$9,000,000.00, having a loan ratio of approximately 91%, for a
term of 25 years and at an interest rate of 12.5%. Upon accept-
ance of this Proposal, financial statements for the last three
years would be submitted to the CRA's financial advisors, William
R. Hough & Co., St. Petersburg, Florida.
In lieu of or in addition to the above, Developer may
enter into a participation arrangement with another entity.
Therefore, Developer reserves the right to assign any portion
less than 50% of its interest as Developer to such other entity
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and to continue its role as Developer in a partnership or joint
venture status with such entity.
VII. Parking.
This Proposal is contingent upon the CRA constructing a
parking structure on the Parking Parcel containing from 320 to
480 parking spaces for motor vehicles, such parking structure to
be completed on or before the completion date of the Building.
Sixty (60) parking spaces will be reserved for use by
the Bank of Clearwater pursuant to a perpetual easement granted
to it by the CRA at the cost of One ($1.00) Dollar. In addition,
the CRA will enter into a perpetual easement agreement with the
Developer for the use by Developer of 150 covered parking spaces
in the parking structure, which agreement will provide for the
payment by Developer to the CRA of $30.00 per month for each
parking space (for a total revenue to the CRA of $54,000.00 per
year).
Developer wishes to point out that the $54,000.00 per
year fee to be paid by Developer for the perpetual easement is
twice the amount of the parking subsidy of $27,000.00 which was
considered by.the Clearwater Downtown Development Board (the
"DDB") as the likely amount of subsidy needed.
VIII.
Tax Incremental Financing.
Based upon information supplied to the Developer by the
DDB, Developer estimates that in the third (3rd) year after
completion of construction of the Building, approximately
$150,000.00 will be added to the tax rolls of the City of
Clearwater by the development of the Building.
Developer has been further advised by the DDB that (a)
the aggregate tax increment from the parking structure will be
$580,000.00i (b) $380,000.00 in funds is available for augmented
parkingi and (c) $19.446.00 per year is the projected surplus
funds available to subsidize parking in downtown Clearwater.
Developer' requests that these three sources of funds should be
applied to CRA's financial obligations in connection with the
acquisition of the Project Area and the construction of the
parking garage. -
IX. Construction and Leasing Timetable.
)
Developer anticipates that it would commence construct-
ion on or before March, 1984, and estimates that it would
complete construction within one year from commencement;
provided, that the commencement of construction would be
contingent upon, inter alia, Developer achieving its 75%
pre-leasing -requirement of the Building. Developer estimates
that it would take approximately one year to attain such
pre-leasing requirement.
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As a comparison, Developer constructed two office
towers in Portsmouth, Virginia, as part of the redevelopment of
the downtown area. The transaction was contingent upon leases
for approximately 126,000 square feet of a total of approximately
164,000 square feet (76%). The Development Agreements with the
City of Portsmouth and the Portsmouth Redevelopment and Housing
Authority allowed fourteen months from the date of execution for
the contingencies to pe satisfied and an additional four months
thereafter for construction to commence.
X. Design.
A site plan indicating the approximate location of the
facilities described herein are included as part of the
Presentation. The site plan and attached sheets depict bulk,
height, approximate set-backs and exterior materials to be used
in the proposed Building.
An innovative interior design is expected to be used
which will eliminate long corridors, reduce interior column
space, maximize the ratio of usable-to-rentable leased space and
insure flexibility in landscaping and planning for future needs.
The proposed Building would be completely sprinklered, and
modern fire alarm and smoke detection systems would be installed
in order to maximize fire protection and personnel safety.
The proposed development concept also provides oppor-
tunities for sculpture and other aesthetics for both the pedes-
trian plaza and entrance lobbies.
The ground level pedestrian connection between the
proposed building and the proposed parking garage, and the fact
that the proposed parking garage is on the same side of Cleveland
Street as the proposed building, should minimize any conflict
between vehicular and pedestrian traffic.
XI. Development Experience.
The Presentation describes in detail the exp~rience of
Radnor Corporation, parent of Developer, and some of the other
subsidiaries of Radnor Corporation. In addi~ion, a
representative list of recent projects of Radnor Corporation and
its subsidiaries has been provided in the Presentation.
XII. Financial Ability.
Attached to this package are the financial statement of
Radnor Corporation and the 1981 Annual Report of Sun Company.
Given these reports and the other information submitted with this
presentation, there should be no question concerning the finan-
cial ability of the Developer to carry out the proposed project.
/01
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EXHIBIT nAn
TABLE OF USAGE AND GROSS LEASABLE AREA
GROSS LEASABLE
., FLOOR USAGE AREA
(Square Feet)
FIRST (GROUND) Retail 14,112
SECOND Office 14,994
THIRD Office 15,330
FOURTH Office 15,795
FIFTH Office 15,795
SIXTH Office 15,330
SEVENTH Office 14,994
EIGHTH Office 14,112
TOTAL 120,462
100
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Architects
Architects Diversified, Inc. (ADI), the noted Tampa/Sarasota architectural
firm, bas been involved in design, feasibility studies and master planning
of $250 million real estate development since its inception in 1977.
The firm's practice spans government, corporate and commercial office
buildings; school board wrk; shopping centers; residential communities;
industrial and office parks; and downtown mixed-use developments.
ADI's analogous experience to the new Radnor office complex includes
the design of the Intown Development Proj ect in downtown St. Petersburg,
the proposed Palm Beach County Administrative Office Building, and
President's Plaza office complex.
Principa1-in-cbarge, Edward W. Henry, Jr., was Project Architect for the
Peachtree Center complex, the Renaissance Center Hotel and the new Marriott
Hotel/Retail complex in Times Square, New York City, while with John Portman
and Associates. M:r. Henry is currently authoring a book in conjunction with
his doctoral candidacy at the University of Pennsylvania concerning the
relationship of architecture to development in mixed-use complexes.
The firm bas received numerous awards, including citations from Builders
magazine for mu1ti-use planning in Sarasota's Wild Oak Bays and The Players
C1u b.
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References
Listed below are financial references for the Radnor Corpora~ion:
Frederick F. Buchholz, Vice President
Equitable Life Assurance Society
1700 Market Street - Rm. 2020
Philadelphia, PA 19103
215-587 -2902
Charles A. Slifer, Jr., Area Manager
Real Estate Investment Department
Travelers Insurance Company
Three Parkway
Philadelphia, PA 19102
215-972-5742
John McQuinn, Sr. Vice President
Irving Trust Company
One Wall Street
New York, NY 10015
212-487 -3817
T:imothy Durkin, Sr. Vice President
Continental Bank
Centre Square, 1500 Market Street
Philadelphia, PA. 19102
215-564-7353
James A. Hively, Assistant Treasurer
Morgan Guaranty Trust Company
23 Wall Street
New York, NY 10015
212-483-3930
Joel Wilson, Vice President
Lincoln National Life
Fort Wayne, IN
219-424-5421
R. Craig Butchenhart, Vice President
Dorman & Wilson (Mortgage Brokers)
One Franklin Plaza
Philadelphia, PA 19102
215-563-2205
Raymond J. Conners, President
Central Mortgage Company
1700 Market Street
Philadelphia, PA 19103
315-496-4000
Walter D'Alessio, President
Latimer & Buck
121 South Broad Street
Philadelphia, PA 19107
215-985-3900
9t
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