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CANAVERAL COVE PUBLIC WORKSHOP

Insert Large Picture Here. CANAVERAL COVE PUBLIC WORKSHOP. 5.2.13. AGENDA: Implementation Workshop. Commission Meeting to Approve Master Plan (4-17-13 ). Public Workshop 2 (3-14-13 ). REFINE TO SINGLE MASTER PLAN. IMPLEMENTATION WORKSHOP (5-2-13). DEVELOP CONCEPT SCENARIOS.

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CANAVERAL COVE PUBLIC WORKSHOP

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  1. Insert Large Picture Here CANAVERAL COVE PUBLIC WORKSHOP 5.2.13

  2. AGENDA: Implementation Workshop Commission Meeting to Approve Master Plan • (4-17-13) Public Workshop 2 (3-14-13) REFINE TO SINGLE MASTER PLAN IMPLEMENTATION WORKSHOP (5-2-13) DEVELOP CONCEPT SCENARIOS Public Workshop 1 (1-30-13) IMPLEMENTATION Includes Commission Meeting to review, discuss & approve forward plan

  3. AGENDA: Implementation Workshop • Cove Master Plan recap • Potential implementation approaches • Initial phase of Cove implementation • Next Steps

  4. What is the Cove Master Plan? • Framework for near-term & future decision-making • Must be responsive & flexible to adapt to evolving market conditions • Respects what is currently known and what is not known • Dynamic, living plan

  5. Overall Cove Master Plan

  6. Cove Master Plan - Working Development Program *Additional overflow/event parking available at Special events lawn & Maritime Center.

  7. Potential Implementation Approaches – Risk & Return Models

  8. Potential Implementation Approaches – Influencing Factors

  9. Potential Implementation Approaches – Objectives & Considerations Create destination experience Diversify land uses & revenue sources Achieve critical mass but keep manageable scale Self-perform vs. development partner Leverage private experience & equity to achieve public goals Attract capital investment & create residual assets for Port

  10. Potential Implementation Approaches –Developer input & feedback • Strong, diverse interest in Cove project • Project is not without challenges • Ground lease must be sufficiently long • Significant pre-leasing of space required • Conference center & hotel rooms important • Master developer preference: • Project coordination & quality control • Specialized experience to deliver project • Consistency & cohesiveness • Branding & packaging • Balanced risk & reward (economy of scale) • Access to tenants

  11. Initial Phase of Cove Implementation – Core & West Side CORE EAST SIDE WEST SIDE

  12. Initial Phase of Cove Implementation – Recommended Arrangement Solicit & select master development partner Finalize development plan & program Define comprehensive terms & conditions Execute development agreement & lease land with participation

  13. Initial Phase of Cove Implementation – Recommended Steps Draft & issue developer RFQ Comprehensively evaluate developer qualifications & rank Enter negotiations with top-ranked teams Discuss preliminary terms & conditions Offer top developer exclusive right to market property during due diligence period Draft & execute development agreement with land lease Track performance against established milestones

  14. Initial Phase of Cove Implementation – Working Timeframe

  15. AGENDA: Next Steps • Future Commission action requests: • To solicit developers for initial phase of Cove implementation • To enter negotiations with top-ranked developers • To award single developer exclusive right to market property & conduct due diligence • To execute formal development agreement with ground lease

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