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Property Appraiser and Tax Collector Office Space Search Update

Property Appraiser and Tax Collector Office Space Search Update. Real Estate Management March 25, 2014. Presentation Outline. Background Construction Methods Construction Options Lease Options Purchase Option Summary and Recommendation. Presentation Outline.

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Property Appraiser and Tax Collector Office Space Search Update

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  1. Property Appraiser and Tax CollectorOffice Space Search Update Real Estate Management March 25, 2014

  2. Presentation Outline • Background • Construction Methods • Construction Options • Lease Options • Purchase Option • Summary and Recommendation

  3. Presentation Outline • Background • Construction Methods • Construction Options • Lease Options • Purchase Option • Summary and Recommendation

  4. Background • BCC currently leases 49,307 SF of Class A office space at SunTrust Center • Property Appraiser 31,064 SF • Tax Collector 18,243 SF • Lease expires December 2014 • Current Cost $1.22 M/Year • Renewal Notification between March and June

  5. Background • November 19, 2013 BCC presentation • Four options presented • February 25, 2014 BCC presentation • Updated status of four options • Discussed lease of Maguire property • Discussed possible “build” option • Discussed SunTrust renewal option • Discussed continuing to look for purchase option • Board requested follow-up in March

  6. Presentation Outline • Background • Construction Methods • Construction Options • Lease Options • Purchase Option • Summary and Recommendation

  7. Construction Methods Tilt Wall Construction • Cost effective technique • Shorter time frame • Durable and easily maintained • Utilities Administration Building built using Tilt Wall method • Consists of 90,000 SF of Class B office • 356 surface parking spaces • On 9 acres • 3 year construction timeline

  8. Construction Methods Reinforced Concrete/Masonry Method • Offers more traditional construction • Offers long life with low maintenance • Offers flexibility in construction • GAI Building used this method • Consists of 105,000 SF of Class A office • 300 parking spaces in garage on first and second floors • Estimated 3 year construction timeline

  9. Presentation Outline • Background • Construction Methods • Construction Options • Lease Options • Purchase Option • Summary and Recommendation

  10. Construction OptionsCounty Admin Site Construction of a reinforced concrete building • located in southern portion of property • consists of 90,000 SF, 6-7 stories • parking garage on first and second floors Pros: • Own the land • City limits • On Bus Route Cons: • Disruption at Admin • Pedestrian flow • Site constraints Estimated Cost $ 21.6M

  11. Construction OptionsMichigan Street Site Construction of a Tilt Wall Building • located in southern portion of property • consists of 90,000 SF, 3-4 stories • requires parking garage, 300 spaces • Class B finishes Cons: • Must be annexed • Internal traffic flow • Site constraints Pros: • Own the land • Central location • On Bus Route Estimated Cost $ 19.3M

  12. Construction OptionsWest Colonial Site Construction of a Tilt Wall Building • consists of 90,000 SF, 3-4 stories • 300 surface parking spaces • Class B finishes Pros: • In City limits • Properly zoned • Location • Surface parking • Expansion potential • On Bus Route Cons: • Must purchase land Estimated Cost $ 18.7M

  13. Summary of Construction Options OptionCost Admin Site (reinforced conc) $21.6M Michigan Street (tilt wall) $19.3M West Colonial Drive (tilt wall) $18.7M

  14. Summary of Construction Options OptionCost Admin Site (reinforced conc) $21.6M Michigan Street (tilt wall) $19.3M West Colonial Drive (tilt wall) $18.7M

  15. Presentation Outline • Background • Construction Methods • Construction Options • Lease Options • Purchase Option • Summary and Recommendation

  16. Lease Options SunTrust Renewal • Five Year, with five year renewal option • 49,307 SF • Monthly credit for visitor parking validation • Tenant improvement allowance • Class A office space Estimated 10 year lease cost $13.5M

  17. Lease Options Maguire Blvd and Orlando Central Center • Five Year, with five year renewal options • 34,167 SF at Maguire for TC • 38,000 SF at Orlando Central for PA • Tenant improvement allowance • Surface parking • Close proximity to each other • Class B office space • On Bus Route Estimated 10 year lease cost $14.6M

  18. Summary of Lease Options OptionCost SunTrust Renewal (49,307 SF) $13.5M Maguire/Orlando Central (72,167 SF) $14.6M

  19. Presentation Outline • Background • Construction Methods • Construction Options • Lease Options • Purchase Option • Summary and Recommendation

  20. Purchase Option 3670 and 3660 Maguire Boulevard • Two nearly identical buildings • 3670 consists of 44,251 SF • 3660 consists of 42,279 SF • Approximately 350 surface parking spaces • Concrete and brick constructed buildings • Class B office space • On Bus Route • Ground lease with 57 years remaining

  21. Purchase Option 3670 Maguire Boulevard • January 1, 2015, PA would occupy available space of approximately 41,869 SF • Will provide 35% more space than current space • Will transition into space as leases expire and ultimately occupy 44,251 SF

  22. Purchase Option 3660 Maguire Boulevard • January 1, 2015, TC would occupy available space of approximately 17,575 SF • Will provide nearly the same space to current space • Will transition into space as leases expire and ultimately occupy 42,729 SF

  23. Purchase Option Cost to purchase 3670 and 3660 Maguire Boulevard $ 7.8M purchase price $ 1.0M improvements $ 1.5M FF&E $ 1.0M Move Cost $11.3M Total

  24. Presentation Outline • Background • Construction Methods • Construction Options • Lease Options • Purchase Option • Summary and Recommendation

  25. Summary of Options Build OptionsCost West Colonial Drive (tilt wall) $22.0M Includes cost of SunTrust renewal Lease Options (ten year) SunTrust (49,307 SF) $13.5M Maguire/OCC (72,167 SF) $14.6M Purchase Option 3660 and 3670 Maguire $11.3M

  26. Summary of Options Build OptionsCost West Colonial Drive (tilt wall) $22.0M Includes cost of SunTrust renewal Lease Options (ten year) SunTrust (49,307 SF) $13.5M Maguire/OCC (72,167 SF) $14.6M Purchase Option 3660 and 3670 Maguire $11.3M

  27. Recommendation Move forward with finalizing a Contract For Sale and Purchase for 3660 and 3670 Maguire Boulevard.

  28. Property Appraiser and Tax CollectorOffice Space Search Update Real Estate Management March 25, 2014

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