Town of Morrisville Morrisville Town Center - RFP Submittal Development Partner February 26, 2021 - Amazon AWS
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RFP Submittal
Development Partner
Town of Morrisville
Morrisville Town Center
February 26, 2021
Presented to:
Town of Morrisville and DFI
Inspired ideas. Integrated real estate solutions. www.castoinfo.com
Mayor and Town Council,
CASTO is pleased to provide this letter of introduction to the Mayor, Town of Morrisville and DFI staff to
be considered for the Development Partner opportunity for the proposed Morrisville Town Center.
CASTO has been part of the Morrisville community for over 15 years and we have greatly enjoyed our
long term relationship with the Town of Morrisville. As the owner, developer and operator of Park West
Village, we have a strong vested interest in the future growth of the Morrisville community. We have
integrated ourselves into the community and we were one of the founding members of the Morrisville
Community Fund. We understand that community is more than just a group of people. It is
understanding each other and how we interact, support each other and stay connected. We believe the
culturally diverse population of Morrisville provides a strong backdrop to further create and develop
unique places which will differentiate Morrisville from other communities.
Although CASTO is one of the largest, privately owned and fully integrated real estate companies in the
country, we operate as a family business and take strong personal interest in all of our assets and the
communities where they are located. CASTO’s growing portfolio currently includes over 26 million
square feet of commercial property and over 5,000 residential units located throughout the midwestern
and southeastern United States. Park West Village is a prime example of CASTO’s experience,
capabilities, and commitment to our community. We will bring our knowledge of the Morrisville
community, our vested interest in the local market, and our experience in developing mixed-use projects
to this town center development.
Through our experience working with municipalities in public/private partnerships, we feel CASTO is a
great fit to create the initial phase of Morrisville Town Center in a way that will meet the vision of the
community. In addition to other many other active projects, we are commencing construction on The
Grove at Towne Center in Snellville, Georgia. This project is a public/private partnership with the City of
Snellville and is very similar in nature to what is proposed at Morrisville Town Center. The Grove will
include a library and community space, a city-owned marketplace, multi-family residential, retail space, a
town green, and a parking deck. In a true partnership, CASTO and our partners have worked with the
City of Snellville for the past three years to refine the vision for their town center in order to create a
unique gathering place which will become the heart of their community.
Our history and experience includes many examples of unique and creative mixed-use developments
that will guide us in our partnership with the Town of Morrisville in the development of Morrisville Town
Center. CASTO has strong and long-standing relationships with financial institutions, development
professionals, and contractors that will be integral to the successful completion of this phase of
Morrisville Town Center. We have followed the progress of the project since we became a member of the
Morrisville community and understand the importance of this development to the Town of Morrisville.
On behalf of CASTO Southeast Realty Services, LLC, we are pleased to submit the attached RFP for the
above referenced project. We have reviewed the RFP and accept the terms and conditions of the RFP.
Thank you for your consideration.
Sincerely,
Shannon Dixon
EVP, Development – CASTO Southeast Realty Services
CC: Martha Paige, Town of Morrisville
Brandon Zuidema, Town of Morrisville
Eric Thomas, DFI
CASTO Overview
CASTO is a vertically integrated, privately held real
estate services firm with a portfolio that includes retail
and multifamily from Ohio to Florida. Headquartered
in Columbus, Ohio, CASTO serves a variety of clients
from its five offices in Ohio, Florida and North
Carolina. Founded in 1926 by Don M. Casto, CASTO
continues to expand and innovate its portfolio while
achieving exceptional results.
COLUMBUS We have built and/or acquired more than 33 million
square feet of retail and residential real estate since
CINCINNATI
1926 and have established and continue to maintain
excellent relationships with financial institutions and
institutional lenders to facilitate the financing of our
RALEIGH real estate developments, construction projects and
acquisitions as well as the refinancing of existing
CHARLOTTE
properties.
CASTO continues to strive to enrich commercial
and residential real estate through innovation and
inspiration while using expert knowledge and applying
a full range of real estate services to every project.
Current Portfolio Overview
• More than 26 million square feet of owned
and operated retail and commercial space
SARASOTA • More than 5,000 apartment units in 19
multifamily communities
• Asset value of more than $2.5 billion
under the CASTO umbrella
Inspired ideas. Integrated real estate solutions.
Don M. Casto, Sr. developed Grandview Avenue Shopping
Center, recognized as one of the first regional shopping
destinations in the country, in 1928.
Inspired ideas. Integrated real estate solutions. www.castoinfo.com
CASTO Overview
Overview
CASTO is a privately held, vertically integrated real estate
1926
company with more than nine decades of real estate Year Founded
development experience across many asset classes.
Full-service development team with a national presence in:
• Site acquisitions
$2.8B
Total Value of Portfolio
• Development
• Leasing
• Construction management 26M+
• Financing Square Feet of Real
Estate in 7 MW &
• Property management SE States
CASTO, in collaboration with partners, will manage every facet
21M+
of the development process from preliminary concepts to
occupancy, due diligence, entitlements, design coordination,
construction and delivery.
Square Feet of Retail in
90+ Properties
Experience & Strengths
CASTO has significant experience developing, leasing and
managing mixed-use, retail and residential assets. 5,000+
Multifamily Units in 16
CASTO is extremely well capitalized with long-standing
Multifamily Communities
relationships among best-in-practice institutional financial
partners. CASTO and its affiliates have financed projects totaling
more than $2.2 billion since 2010, including 11 projects over $30
million, seven of which were over $45 million each. A sampling of 1,665
CASTO’s institutional financial partners include: Principal, TIAA Units Currently in
CREF, New York Life, Prudential, AIG, KeyBank, J.P.Morgan, Wells Development or
Fargo & Huntington. Under Construction
Inspired ideas. Integrated real estate solutions. www.castoinfo.com
CASTO Overview
Financial Capacity Summary
• CASTO’s current asset value of projects owned and under management is nearly $2.8 billion
• More than 5,000 multifamily units with 1,665 in development or under construction
• Portfolio of over 100 commercial projects
• In 2007, CASTO formed a joint venture with JP Morgan Strategic Property Fund. The real estate
investment fund is a multi billion-dollar fund that is part of JP Morgan’s Asset Management
group, which has $1.7 trillion under management. The joint venture comprised seven assets in
retail, office and multi-family located in Florida and Ohio. The joint venture was approximately
$500 million in gross asset value and all of the assets were successfully liquidated in 2017.
• CASTO maintains a bond facility with The Guarantee Company of North America USA with an
aggregate limit of $100 million.
• In addition to the representative projects presented, CASTO has obtained over $2.2 billion of
real estate financing since January 2010. Given the volume of financial transactions completed
annually, CASTO created a mortgage brokerage company in 2000, Pace Financial Group, which
has been named Central Ohio’s leading mortgage lender numerous times since 2012.
• The final piece (and one of the most critical) to a developer’s financial capacity, is its lending
relationships. CASTO’s history of success has allowed us to forge longstanding and critical
relationships with banks, equity partners and permanent lenders.
• CASTO and its affiliated entities develop, own and manage a significant number of shopping
center, mixed-use, and multifamily assets. As such, CASTO is sometimes involved in incidental
legal proceedings (e.g., personal injury suits, tenant disagreements, real estate tax appeals,
eminent domain proceedings, etc.). With that said, CASTO is not party to any material litigation,
nor are we aware of any pending or threatened litigation.
A sampling of CASTO’s institutional financial partners include:
Inspired ideas. Integrated real estate solutions. www.castoinfo.com
Development Team Overview
Lead Staff
The key development personnel within CASTO to be assigned to this project are Brett Hutchens,
Shannon Dixon, Tom Lowell, and David Brunner. These individuals will be responsible for the
design, development, and construction of the project. Additionally, Rich Roy and Bruce Engelhardt
will be responsible for commercial leasing and property management, respectively.
CASTO understands the Morrisville Town Center project is part of a larger vision of the Town of
Morrisville. The project execution and property management of a mixed-use project requires a
unique skill set and most importantly prior experience, and CASTO has both. Additionally, the
unique nature of uses, operation, and programming for the Town Center project are key
components to be developed and assessed by the design and operations team and the Town of
Morrisville. The CASTO team has the experience and creativity to develop the right project for
Morrisville.
Inspired ideas. Integrated real estate solutions. www.castoinfo.com
CASTO Team
BRETT HUTCHENS | CASTO
Brett Hutchens is the partner in charge of CASTO’s retail development in the
southeastern United States. Hutchens received a business degree from Ohio University
and law degree from Capital University.
Hutchens practiced commercial law in Cincinnati, Ohio for several years prior to
entering commercial development in the mid-1980s. He has been directly responsible
for the development of 12,000,000 square feet of commercial properties in seven
different states. Accomplishments include power center projects as well as several
mixed-use projects. Brett has been a three-time presenter on mixed-use projects at
regional and national programs for Urban Land Institute. He has also incorporated
cutting edge environmental concepts into his real estate developments, one of which
was the first LEED certified Whole Foods Market grocery store in the U.S.
In addition to his business experience, Hutchens has been a 36-year board member
and former chairman of Children’s Miracle Network raising more than $7 billion for
Children’s Hospitals throughout the United States and Canada. He also serves on the
board of All Star Children’s Foundation.
SHANNON DIXON | CASTO
Shannon joined CASTO’s Carolina operations in 2009 and handles oversight for mixed-
use, retail and multifamily development and operations for CASTO in North and South
Carolina, Georgia and Virginia.
With over 25 years of experience in the commercial real estate industry, Shannon’s
prior roles include management of retail leasing, asset management and development.
She has overseen the development of well over 2 million square feet of retail,
multifamily and mixed-use development and has originated over a million square feet
of commercial development.
She is licensed in both North and South Carolina, holds the Certified Commercial
Investment Member (CCIM) designation, and is a member of the International Council
of Shopping Centers (ICSC) and the Urban Land Institute (ULI). Shannon holds a B.S.
degree in Political Science from Radford University.
TOM LOWELL | CASTO
Tom has over 30 years in the design and construction of shopping centers, multi-
family, office, and mixed-use developments in the Southeast. Since joining CASTO in
2007 he has overseen the entitlements and development of the Park West Village
mixed-use center in Morrisville, North Carolina, Hartwell Village in Clemson, South
Carolina, and many retail and residential developments.
He is a Licensed Civil Engineer in the state of Florida. During the course of his career,
Tom has been involved with the design, development, and construction of over
5,000,000 SF of commercial, residential, and mixed-use developments, including the
redevelopment of two malls to outdoor and mixed-use centers while maintaining
anchor tenant operations.
Inspired ideas. Integrated real estate solutions. www.castoinfo.com
CASTO Team
DAVID BRUNNER | CASTO
David Brunner is Vice President of Residential with CASTO, a full-Service Real Estate
Company, where he oversees design, development, marketing and operations of all
residential/mixed use development in the southeast. He has over 20 years of
experience in real estate development, retail and residential management and is
responsible for the financial analysis and underwriting for new developments. David
grew up in Orlando and is a graduate from the University of Florida. He relocated to
Raleigh, NC in 2007, joining CASTO to grow their portfolio in the Carolinas through
development and acquisitions. During this time with CASTO he has been involved with
the development of over 2.5 million square feet of retail and multifamily in southeast.
Prior to joining CASTO, David worked for Trammel Crow / Faison for 7 years as their
development analyst and project manager for the Florida and NC offices, where he
was involved with over 1 million square feet of mixed-use development, land
acquisition and residential development.
RICH ROY | CASTO
As VP of Retail Services, Rich Roy brings over 15 years of experience in the commercial
real estate industry and has been an instrumental part to the growth of Casto's
Southeastern U.S. portfolio. Rich is currently responsible for the leasing and renewal
activity of 18 centers totaling over 3 million square feet. Over the past 5 years, Rich
has completed over 150 transactions valued at over $100 million. He is licensed in
North Carolina, Ohio, and Georgia and is a member of the International Council of
Shopping Centers (ICSC).
BRUCE ENGELHARDT | CASTO
Bruce joined CASTO seven years ago and has managed a portfolio of over 2.5 million
square feet of shopping centers in the Columbus, Ohio, market. After working for
CASTO’s Columbus office for several years, Bruce transferred to CASTO’s North
Carolina office to serve as Director of Property Management and is Property Manager
for Park West Village in Morrisville, North Carolina.
Bruce has more than 35 years of experience working in the commercial retail industry.
He has extensive experience with opening and managing lifestyle shopping centers
throughout the country including the Streets of Cranberry, Cranberry, PA; Streets of
Chester, Chester, NJ; Streets of West Chester, West Chester, OH; Streets of Henderson
Lakes, Henderson TN; Streets of Tansabourne, Portland, OR; and the Streets of
Brentwood, Brentwood, CA.
Inspired ideas. Integrated real estate solutions. www.castoinfo.com
Partner Firms
Partner Firms and Roles
We engage partner firms to provide expertise and functions that CASTO does not provide. We
propose to include Dynamik Design as the architect for this project due to their experience on
similar projects and our continued working relationship. The key members of their team are David
Yung, Yi Lo, Katy McNulty, and Ross Kirby.
For residential management and leasing CASTO will engage Greystar. We currently enjoy a very
collaborative relationship with Greystar, who has managed and leased our multifamily projects in
North Carolina. The local Greystar team that would provide service to this project in the capacity of
property manager and leasing agents for the residential component are Susan Newman, Chris Smith,
Rob Coleman, and Kelli Jones.
Our financial partners, lending institutions, engineers and General Contractor will be determined as
the project moves toward construction. We have longstanding relationships with many financial
institutions, engineers, and contractors that will be candidates for this project.
Inspired ideas. Integrated real estate solutions. www.castoinfo.com
Partner Firm: Dynamik Design
Inspired ideas. Integrated real estate solutions. www.castoinfo.comPartner Firm: Dynamik Design
DAVID YUNG | DYNAMIK DESIGN
David Yung founded Dynamik Design after 23 years of experience as a Principal,
Project Manager and Design Architect. Clients appreciate his ability to drive projects to
the finish line with a tenacious focus on design excellence, schedule and budget.
David’s expansive portfolio includes multifamily, mixed use, retail, education,
hospitality and office projects. He received a Bachelor of Architecture Degree from
North Carolina State University and a Bachelor of Science Degree from Arizona State
University. Widely traveled and multilingual, David has studied architecture all over the
world.
YI LO | DYNAMIK DESIGN
Yi Lo co-founded Dynamik Design after over 15 years of experience managing a wide
variety of retail, multifamily, office and mixed-use projects at a large Atlanta firm. A
masterful technician and patient manager, Yi skillfully navigates project teams through
the planning, design and construction of complex developments ranging from tight
urban sites with vertically integrated retail and multifamily, to master planned mixed
use town centers. He received his Bachelor of Science degree and Master of
Architecture from the Georgia Institute of Technology and has been a licensed
architect since 2005. He has worked on a variety of project types including multifamily,
laboratory, hospitality, retail and office with over 200 million dollars and 8 million SF of
new and renovated project experience.
KATY MCNULTY | DYNAMIK DESIGN
Katy McNulty co-founded Dynamik Design after 15 years in the architectural industry in
multiple marketing, administration and business development roles. A vibrant
personality with a versatile background and broad understanding of multifamily and
retail markets, she is focused on organizational leadership and client relationships.
Katy continuously eyes development and market trends while being a champion for
smart urban design. She is heavily involved in the collaborative visioning process,
researching and consulting through the early design phases for each project to
maximize design and market positioning opportunities for our clients.
ROSS KIRBY | DYNAMIK DESIGN
Ross Kirby is a technically gifted architect who is always looking for a better way to
design and develop drawings. Early in his career, Ross embraced the use of 3D BIM
drawing systems such as Revit and has been a devoted user ever since. His
professional experience encompasses a broad base of complex building types and
uses, displaying his ability to dynamically apply design and building principles to meet
the needs of any project. In addition to his Masters in Architecture, Ross has a Masters
in Construction Management, rounding out his understanding of the entire design and
construction process. As a Principal, Ross is a hands-on leader throughout the life of
our projects and spearheads the evolution of Dynamik Design’s BIM technology
implementation.
Inspired ideas. Integrated real estate solutions. www.castoinfo.comPartner Firm: Greystar
Inspired ideas. Integrated real estate solutions. www.castoinfo.comPartner Firm: Greystar
SUSAN NEWMAN | GREYSTAR
Susan Newman is managing director and oversees a Greystar portfolio of assets located
throughout North Carolina. A multifamily professional since 1981, she has extensive expertise in
property operations, new construction, lease ups, and business development. Susan has been
involved in rehabilitation projects, asset repositioning, student housing, distressed property
management, and property acquisitions and dispositions. Most recently, she served as the
senior vice president of the Southeast Division for Riverstone Residential Group and joined
Greystar with the merger in 2014. Susan holds real estate broker-in-charge designations in
North Carolina, South Carolina, and Tennessee. She is an active member of the Triangle
Apartment Association and has served on various multifamily committees. Susan earned a
bachelor's degree in business management from Gardner-Webb University.
CHRIS SMITH | GREYSTAR
Chris is currently responsible for overseeing the Regional Property Managers and Directors in
the Raleigh regional office. Chris joined Greystar in June of 2006 as a Regional Property
Manager. His expertise includes having worked on a variety of asset types including A+ Lease-
ups, Conventional High Rise, Mid-Rise and Garden Style Communities and
Repositions/Renovations. Chris joined the property management industry in 1996 after a 5 year
successful stint in the hotel industry working for Radisson International. He spent five years on
site with Oakwood Worldwide overseeing multiple properties including garden style, mid-rise
and high rise. He joined Summit Properties in 2002 to oversee the multi site lease-ups of two
high profile historical apartment communities including 55,000 square feet mixed used
development in downtown Washington, DC. Chris became a Regional Property Manager for
Summit Properties in Raleigh August 2004 until his transfer to Greystar in 2005. Chris
graduated with a BA in Advertising degree from San Jose State University 1991.
ROB COLEMAN | GREYSTAR
Rob is currently responsible for the successful operations of assets and oversite of Regional
Property Managers in the Triangle MSA. Rob joined Greystar in 2018 and he has broad
multifamily experience including management, development, construction and brokerage. Most
recently Rob was the Sr. Vice President with Walker & Dunlop based in the Carolinas. Prior to
joining Walker & Dunlop, Rob served as Vice President of Operations at Bell Partners Inc. He
was responsible for the management and operational success of nearly 15 thousand units
across southeastern markets. During his tenure he oversaw a variety of assets including lease-
up, high-rise, mid-rise, mixed use, garden and value add. Mr. Coleman previously worked in the
Development and Management Divisions at Trammell Crow Residential from 2000 to 2009
where he developed multifamily assets in North Carolina and South Carolina. Rob is a graduate
of North Carolina State University and is a licensed real estate broker in North Carolina and
Georgia.
KELLI JONES | GREYSTAR
Kelli Jones is a Senior Regional Property Manager and has been with Greystar since 2011. During
her tenure her portfolio has included both Development New Construction, Active Adult,
Renovations and Hi-rise Product. Kelli excels in building a strong team that is able to
successfully carry out individual client objectives. Prior to joining Greystar, Kelli worked with
Colonial Properties Trust where she oversaw a portfolio of assets focused on improving their
physical and economic occupancy, oversaw Key Events Schedules for their Regional Marketing
and Rehab projects, and assisted with Acquisitions and Due Diligence processes. In 2008 she
earned the Community Manager of the Year award and the Circle of Excellence award for her
regions same-store growth. In 2012 she won the Circle of Excellence award again and in 2017
won Regional Manager of the Year award with Greystar. Kelli achieved her Bachelor of Business
Administration with an emphasis in Marketing from the University of North Georgia.
Inspired ideas. Integrated real estate solutions. www.castoinfo.comDevelopment Overview
Development Overview
Our vision for the Morrisville Town Center is based on our presence in the Morrisville community for
the past 15 years, our understanding of goals of the Town of Morrisville, experience with mixed-use
development, and the market conditions for commercial and residential development. As we have
learned from prior experience, the initial phase of a town center project is the most critical as it sets
the stage for the entire development. It is important to bring a combination of elements into the
first phase to allow future phases to grow from the existing. As many of the local governmental
facilities are already located near the project, we feel the most critical components of this first
phase are the multifamily, the parking garage, the commercial buildings and town green space.
The multifamily brings a stabilization of customer base within the Town Center who will live, eat
and shop within the project. With a focus on bringing unique local shops, boutiques and eateries,
the commercial will begin to pull in neighborhoods surrounding the project and eventually
throughout the community.
Although the current plan does not reflect a town green space within the first phase, we believe it
is critical to establishing and grounding the Town Center as the gathering place of the community.
This central gathering area creates the sense of place which will make the Town Center the heart of
the community, where community events can be held, people can interact and communicate and
meet together. The Town Green will serve as the activity core of the development and will help
draw people in to live, learn, eat and play within the Town Center community. We believe that it is
critical not to be shortsighted when it comes to the development of the first phase. The success of
the individual components of project needs to be carefully considered and the initial development
program needs to address the unique requirements of each component for each to be successful.
This also includes incorporating the existing library which is an important community component of
the Town Center project
Therefore, it is our recommendation that the initial phase of the Town Center project includes the
existing library, a five-level parking garage of 400 spaces, the Town Green, approximately 30,000
square feet of commercial space, and 260 residential units. As you will note, our proposal includes
the 4 acres across Carolina Street from the library to serve as the Town Green. This location
between the library and the current municipal services building will allow the Green to build off the
Healthy Food Hub and the commercial buildings which will all have strong visible exposure from
Town Center Drive. As shown on our proposed site plan, we also focused on creating a strong
connectivity between the first phase of the Town Center to the library, Healthy Food Hub and the
Town Hall Annex, which can provide additional parking during events and town gatherings, and
further enhance the accessibility for the overall Town Center.
Our initial program for the residential component includes 26 studios, 130 one-bedroom units, and
104 two-bedroom units. The unit sizes will range from 600 to 1,150 square feet. The proposed
residential amenities include a pool and grill stations, fitness center, meeting rooms, cycle bar (bike
storage and tune-up area), pet spa, community space overlooking Town Green, plaza between the
residential and library, and smart units. The plaza and Town Green become a significant amenity
area for the residents, especially when activated by community events. The ability to create the
interaction between the residential uses and the Town Green creates a unique opportunity for
residents to enjoy all that Morrisville Town Center has to offer.
Inspired ideas. Integrated real estate solutions. www.castoinfo.comDevelopment Overview
As stated above, the addition of the Town Green to the initial phase is also a key element for the
success of the commercial portion of the project. Our plan is to have all the commercial space
facing the Town Green which will provide much needed visibility to Town Center Drive and the
opportunity for the businesses to participate in programmed activities. Our belief is that the Town
Green, with programmed activities and events, is necessary to provide the opportunity for the
commercial businesses to succeed. The commercial space includes 5,000 square feet adjacent to
the library and 25,000 square feet fronting on the Green. Ideally these spaces will be a diverse
lineup of local shops, restaurants, and service offices which benefit from the pedestrian activity that
the Green will help draw to the Town Center.
The plan provides parking within the parking garage, street parking, and surface parking lots which
will be able to serve all uses as well as all gatherings within the Town Center. The parking garage is
planned to be a five-story garage which will serve the residential component and be available
parking for the library and commercial space. The parking garage will provide approximately 120
spaces which will meet the needs of the 5,000 square feet of commercial space and the overall
needs of the library when combined with the existing surface spaces that will remain by the library
and additional spaces for future development. Depending on the final determination of the street
network that will be provided during this phase, up to an additional 120 spaces may be added to
the street network. We will also create approximately 150 surface parking spaces behind the
buildings fronting the Green to serve the needs of the 25,000 square feet of commercial space and
the 64 residential units. Lastly, we anticipate the addition of approximately 100 surface spaces
adjacent to the Town Green, that may also serve the Western Wake Farmers Market and the
Healthy Food Hub. Some of the overall parking may also meet the demands for future buildings
that can be added at a later date without the addition of infrastructure.
The success of the initial phase and completion of the overall Town Center project is dependent on
Morrisville obtaining the remaining properties within the town center boundary that will facilitate
the infrastructure and future phases of the project. We believe the proposed development timeline
will allow the Town of Morrisville the necessary time to obtain control over those parcels. The
acquisition of the remaining parcels will need to occur prior to the completion of the planning,
design, and permitting of the initial phase so that construction can commence. It is our
understanding that Morrisville is currently under contract to purchase 4 additional parcels, which
leaves 16 parcels still needed for the overall Town Center project.
We believe this development plan provides the best opportunity for the success of the initial phase
of Morrisville Town Center and will set the stage for success for additional phases. We believe in
the Town of Morrisville’s vision for this property, and we look forward to helping them achieve
these goals.
Inspired ideas. Integrated real estate solutions. www.castoinfo.comL I V E LY R E S TA U R A N T S
ACTIVE GREENSPACE
CONNECTED WALKABLE COMMUNITY
OUTDOOR PUBLIC SPACES
MORRISVILLE TOWN CENTER
MORRISVILLE, NORTH CAROLINA
CONCEPTUAL IMAGERY • 02-25-2021
CAS2021-02SENSE OF STORY & HISTORY
TOWN LIKE FEEL
WA R M M AT E R I A L S
T E X T U R E D FA C A D E S
WALKABLE STREETSCAPES
MORRISVILLE TOWN CENTER
MORRISVILLE, NORTH CAROLINA
CONCEPTUAL IMAGERY • 02-25-2021
CAS2021-02T
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4 ND
ST G
UN
N
O KIN
ITS
80 PAR
SURFACE PARKING: 300 SPACES
ON STREET PARKING: 80 SPACES
E N T
TOWN GREEN
T UR ME 50 SURFACE
FU PO
FUTURE
UNIT MIX
O PARKING
V EL
DE DEVELOPMENT
END OF EXISTING Unit Count Mix Unit Type Average NRSF Average /DU
STAGE
PARKING
26 10% Studio 600 15,600
130 50% 1 bed 760 98,800
104 40% 2 bed 1150 119,600
100 SURFACE
PARKING
260 Total 234,000 900
TOWN HALL
EXISTING
TO
W
N
HA
LL
EXISTING FOOD HUB
DR
IV
E
MORRISVILLE TOWN CENTER PHASE I
MORRISVILLE, NC
DENSITY STUDY • 02-25-2021
CAS2021-02 © COPYRIGHT 2021 DYNAMIK DESIGNMORRISVILLE TOWN CENTER PHASE I
MORRISVILLE, NC
RENDERING • 02-24-2021
CAS2021-02 © COPYRIGHT 2021 DYNAMIK DESIGNMORRISVILLE TOWN CENTER PHASE I
MORRISVILLE, NC
RENDERING • 02-24-2021
CAS2021-02 © COPYRIGHT 2021 DYNAMIK DESIGNMORRISVILLE TOWN CENTER PHASE I
MORRISVILLE, NC
RENDERING • 02-24-2021
CAS2021-02 © COPYRIGHT 2021 DYNAMIK DESIGNParcel Map
±
Remainder Properties Disclaimer
iMaps makes every effort to produce and publish
0 105 210 420 ft
the most current and accurate information possible.
However, the maps are produced for information purposes,
1 inch = 200 feet and are NOT surveys. No warranties, expressed or implied
,are provided for the data therein, its use,or its interpretation.Financing Outline Financing Outline The financial modeling of the project is based on current market conditions and comparable projects, considering projections for the buildout timeframe. We have attached both commercial and residential market surveys that were used to evaluate the project. The market studies reflect current conditions and may differ from those assessed by DFI in the anticipated rental rates in their evaluation. The commercial component is the most challenging portion of the project due to: • Current market conditions, • Location of the project relative to main thoroughfares, • Market rents and vacancy, and • Increased construction costs for mixed-use environment. Traditional financing for the retail will be challenging as the market comparisons, rate, and costs will not meet lender thresholds for a conventional construction loan. To address these challenges, we propose the Town of Morrisville be the owner of the commercial space. We anticipate the overall project costs, in today’s values, to break down as follows: • Residential: $50,550,00 • Commercial: $8,050,000 • Parking Garage: $5,600.000 • Town Green and Additional Infrastructure: $4,750,000 The residential rental rates are anticipated to range from $1,125 to $2,000 for the various unit types, and the commercial rental rates to be approximately $20 per square foot based on comparable commercial space. We propose that CASTO build the commercial and sell the component to the Town of Morrisville via commercial condominium upon completion of the work. The commercial space will also provide reimbursement for common area maintenance, taxes, and insurance. We envision the partnership with the Town of Morrisville to include financial participation in the parking garage, off-site infrastructure, Town Green, and ownership of the commercial space. The total cost of these investments is anticipated to be approximately $18,400,000. The returns to the Town of Morrisville will be in form project cash flow and the increased tax receipts that will occur throughout the Town Center project. In addition, there will be one-time capital sources in for the form of Land Sale, site work contributions and Fees (more specifically the Park Fee). The success of this project requires the long-term financial horizon and the investment in the community are weighed versus a short-term financial gain. Our financial model anticipates that the Town will achieve additional property tax revenues of approximately $2,300,000 over ten years.
Financial Overview
MTC - Financial Overview
Residential - 260 units
Project Cost
Land Cost $ 3,250,000
Hard Cost $ 39,500,000 *This includes $750,000 cost share with the town for site costs
Soft Cost $ 7,800,000 *This includes DFI Fee of $505,000 and Park Fee of $583,440
Total Development Cost $ 50,550,000
$ 35,385,000 70% Loan
$ 15,165,000 30% Equity
Project Revenue
NOI $ 3,350,000
Return on Cost 6.63%
Retail / Commercial - 30,000 SF
Project Cost
Hard Cost $ 6,040,000
Soft Cost $ 2,010,000 Includes DFI Fee of $80k
Total Project Cost $ 8,050,000
Project Revenue
Base Rent $ 600,000 $20/psf
Less Vacancy $ (60,000) 10%
Operating Expense Recovery $ 126,000 90%
Operating Expenses $ (141,000)
NOI $ 525,000
Town Sources & Uses
Sources:
One Time Capital Source
Land Sale $ 3,250,000
Site Work Contribution - Residential $ 750,000
Site Work Contribution - Retail $ 500,000
Park Fee $ 583,440
Total One Time Capital Source $ 5,083,440
Increased Annual Town Revenue
Commercial NOI $ 525,000
Town allocation of RE Taxes - Residential $ 200,000 10 YR Annual Average
Town allocation of RE Taxes - Retail $ 30,000 10 YR Annual Average
Total Town Revenue $ 755,000
Bond Rate 3.5%
Increased Bond Capacity $ 21,571,429
Total Sources $ 26,654,869
Uses:
Parking Deck $ 5,600,000 400 Spaces @ $14,000 / space
Phase 1 Infrastructure $ 4,000,000 Perimeter Road infrastructure for Phase
Town Green $ 750,000
Commercial Space - 30,000 SF $ 8,050,000
Total Uses $ 18,400,000Proposed Timeline
Proposed Timeline
• Land Control by the Town of Morrisville: 3-6 Months
To execute the vision of the proposed development plan and ensure the long-term success
of the Morrisville Town Center, control of all the parcels within the town center area needs
to be obtained by the Town of Morrisville. Morrisville currently has four parcels for the
Town Center under control, but an additional 16 parcels still need to be acquired. Following
the selection of the Development Partner, the Town of Morrisville will need to obtain
contracts to purchase the remaining 16 lots within the development as shown on the maps
included herein. We believe this needs to occur within 3 to 6 months of selection of the
Development Partner.
• Preliminary Design and Development Agreement: 6-8 Months
The initial phases of the design and the completion of the Development Agreement would
occur approximately 6 to 8 months from the time of selection of the Development Partner,
with the condition that it cannot be completed until the Town completes land control. The
preliminary design will involve working sessions with the Town of Morrisville to ensure that
the scope of the project is consistent with the vision for the Town Center as it is refined, and
the design is further developed. The preliminary design will also need to occur concurrently
with the preparation of the Development Agreement to ensure the scope of the work and
responsibilities of the parties is clearly identified.
• Final Design and Permitting: 9 Months
Final design and permitting would be completed approximately 9 months from the
approval of a Development Agreement. Land acquisition of all remaining parcels will need
to be completed prior to the end of this phase of the project. Subdivision of the parking
garage land from the 4-acre parcel will have to be addressed at this time as well as
completion of other subdivisions to allow the land transactions to occur and move to the
construction phase.
• Construction: 18-22 Months
We expect the overall project construction to be completed within approximately 18 to 22
months following the approval of all permits and the Town of Morrisville completing the
purchase of the remaining parcels of land. The construction duration is dependent on the
how the elements of the project are contracted. There are various methods that can be
implemented to complete the construction of Morrisville Town Center, which will need to
be determined as part of the Development Agreement. An example of this could be the
Town constructing the parking garage, Town Green, and roadway infrastructure and
CASTO constructing the residential and commercial components. Another option would be
engaging CASTO to contract and manage all construction activities and then sell the
completed parking garage, commercial space, roadway and Town Green to the Town upon
completion of construction. As an example, The Grove project includes our performance on
certain elements that the city will reimburse and land transactions that will sell back
improved land to the city for the construction of the parking deck.
Inspired ideas. Integrated real estate solutions. www.castoinfo.comRetail Market Survey
11
3
64
2
1
8
17 15 SITE
14 10 13
16
9
7
5
12
Properties for Lease
110 Lattner Ct, Morrisville, NC
1 27560
Rental Rate Yr $20.00 /SF/YR Property Notes
Spaces 1 Newer space directly off Davis Drive. This rate is
Status Active modified gross as opposed to NNN.
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st Fl-Ste 104 1,487 SF $20.00 /SF/YR 1,487 SF Relet Now Landlord operates Modified Gross
the pediatric
practice in the
building. 2nd
Tenant is a dental
office. Great space
for a
Property Description complementing
medical practice or
Office/Medical visibility from Davis Drive. Owner willing to a professional
offer tenant improvement allowance for the approved ten… service.
Inspired ideas. Integrated real estate solutions. www.castoinfo.comRetail Market Survey (cont.)
10290 Chapel Hill Rd, Morrisville, NC
2 27560
Rental Rate Yr $21.75 /SF/YR Property Notes
Spaces 1
Greenwood Village, building #2 - off Chapel Hill
Status Active
Road. Un-anchored multi-tenant building. Tenants
include Morrisville Family Dentistry, Epic
Chiropractic, Thai 54. 16.6% vacancy
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st Fl-Ste 300 1,787 SF $21.75 /SF/YR 1,787 SF New Now New Listing! The Triple Net (NNN)
space was very
well designed with
wide open space
along with office,
restrooms, and
break room
allowing you to be
re-design easily to
be suited for
many business
type such as
"Retail ...
3 10970 Chapel Hill Rd, Morrisville, NC 27560
Rental Rate Yr $25.00 /SF/YR Property Notes
Spaces 1
Status Active
The Shops at Perimeter Park - Building A. Located
just off Chapel Hill Road and I-540. 3,010 sf
available - 15% vacancy
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st Fl-Ste 108 3,010 SF $25.00 3,010 SF Relet Now Retail for Lease Triple Net (NNN)
/SF/YR
Suite 108 @
3,010 SF (2nd
Generation
Restaurant|
Shared Patio
Available)
Lease Rate:
25.00/SF, NNN |
TICAM: $7.00/SF
Located within
Perimeter Park,
the Triangle’s
premier office
park; ...
Property Description
Retail for Lease
Suite 108 @ 3,010 SF (2nd Generation | Shared Patio
Available) Lease Rate: 25.00/SF, NNN | TICAM: $7.00/SF
Located within Perimeter Park, the Triangle’s premier office park; with over 35 class A and flex office buildings. On-site and attentive
Property Management. Neighboring tenants include: Daily Taco, It’s a Wrap, Teriyakin, Yin Dee Thai/Laotian Restaurant, Good Guy Vapes,
Morrisville Dry Cleaners, MeowInn, Top Polish Nails, William Gross Dental Office, Hyatt House and Duke Medicine. Positioned on Hwy.
54/Chapel Hill Road, just off I-540 and I-40 only 3 minutes from Raleigh-Durham International Airport.
Inspired ideas. Integrated real estate solutions. www.castoinfo.comRetail Market Survey (cont.)
3735 Davis Dr, Morrisville, NC
4 27560
Rental Rate Yr Upon Request Property Notes
Spaces 1
Small strip of shops at corner of Davis Drive and
Status Active
McCrimmon Drive. 11.8% vacancy
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st 2,000 Upon Request 2,000 Relet Now Ready to move-in!!! Negotiable
Floor SF SF Space ideal for Good
for insurance office,
postal service,
chiropractor, physical
therapy, nail salon,
hair salon, travel
agency, cell phone
store,
Property Description
1500 - 2000 SF available in a very busy retail center. Located at traffic light intersection. Heavy foot traffic from surrounding stores. Perfect
for Hair Salon, Nail Salon, Insurance Office, Postal Center, Chiropractor, Physical Therapy, Optician, Travel Agency, Cell Phone Store or other
retail or service businesses.
Signage available.
5 9529-9595 Chapel Hill Rd, Morrisville, NC
27560
Rental Rate Yr Upon Request Property Notes
Spaces 1
Status Active Park Place - Food Lion, O2 Fitness, AMC
theatre. 1.3% vacancy; $26 psf NNN asking rate
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st Fl-Ste 1,500 SF Upon Request 1,500 SF Relet Now Negotiable
20
Inspired ideas. Integrated real estate solutions. www.castoinfo.comRetail Market Survey (cont.)
6 4081-4149 Davis Dr, Morrisville, NC 27560
Rental Rate Yr Upon Request Property Notes
Spaces 4
Status Active
Harris Teeter anchored site on Davis Drive and
McCrimmon Pkwy. Two spaces are restaurant
spaces. $28-$31 psf NNN asking rates; 18.2%
vacancy
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st Fl-Ste 5,552 SF Upon Request 5,552 SF Relet Now Negotiable
4031
1st Fl-Ste 4,277 SF Upon Request 4,277 SF Relet Now Negotiable
4075
1st Fl-Ste 1,216 SF Upon Request 1,216 SF Relet Now Negotiable
4109
1st Fl-Ste 4137 1,800 SF Upon Request 1,800 SF Relet Now Negotiable
Property Description
McCrimmon Corners is a Harris Teeter anchored center located at the intersection of Davis Drive and McCrimmon Parkway.
National tenants include BB&T, Fifth Third Bank, Wells Fargo and Circle-K occupying the adjacent outparcels.
The center is surrounded by dense and affluent residential developments and has convenient access to I-540, parks and schools.
McCrimmon Corners is approximately two miles south of RTP. Additionally, Davis Drive is a major conduit for commuters from Morrisville
to Research Triangle Park (RTP).
Inspired ideas. Integrated real estate solutions. www.castoinfo.comRetail Market Survey (cont.)
7 9705 Chapel Hill Rd, Cary, NC 27513
Rental Rate Yr Upon Request Property Notes
Spaces 15 Park West Village. Retail and restaurant spaces.
Status Active Asking rates $28-$35 NNN. Overall vacancy
throughout phases is 12.9%
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
Ground-Ste MU1-100 5,540 SF Upon Request 5,540 SF New Negotiable Negotiable
Ground-Ste MU1-170 1,564 SF Upon Request 1,564 SF Relet Now Negotiable
Ground-Ste MU1-195 2,032 SF Upon Request 2,032 SF Relet Now Negotiable
Ground-Ste MU2-110 2,457 SF Upon Request 2,457 SF Relet Now Negotiable
Ground-Ste MU2-125 2,271 SF Upon Request 2,271 SF New Negotiable Negotiable
1st Fl-Ste 3120 1,528 SF Upon Request 1,528 SF Relet Now Negotiable
1st Fl-Ste 5110 1,470 SF Upon Request 1,470 SF Relet Negotiable Negotiable
1st Fl-Ste R11-110 3,052 SF Upon Request 3,052 SF Relet Now Negotiable
1st Fl-Ste R15-190 9,151 SF Upon Request 9,151 SF Relet Now Negotiable
1st Fl-Ste R16B 3,701 SF Upon Request 3,701 SF Relet Now Negotiable
1st Fl-Ste R22-110 2,642 SF Upon Request 2,642 SF Relet Now Negotiable
1st Fl-Ste R23-105 2,119 SF Upon Request 2,119 SF Relet Now Negotiable
1st Fl-Ste R26-125 2,103 SF Upon Request 2,103 SF Relet Now Negotiable
1st Fl-Ste R27 6,513 SF Upon Request 6,513 SF Relet Now Second Negotiable
generation
restaurant
space
1st Fl-Ste R29-100 3,187 SF Upon Request 3,187 SF New Now Negotiable
Property Description
Anchored by Target, Stone Theatres, Buy Buy Baby, TJ Maxx, Petsmart, Ross Dress for Less, Michaels, and Homegoods. Tenants in new
phase of center include Chico's, Soma Intimates, ULTA Beauty, and White House Black Market.
Park West Village is ideally situated in the heart of Morrisville, NC and is a new 100-acre mixed-use development that includes a town
center district, a community center with sought-after major retail anchors, upscale casual restaurants and a movie theater, all of which is
mixed with luxury apartment homes. It is located at the southwest corner of Cary Parkway and NC-54/Chapel Hill Road and is accessible to
all major transportation arteries within the Raleigh/Durham area, including Interstates 40, 540 and 85 and US Highways 64, 1 and 70. The
extension of I-540 and I-40 south to US-1 will provide increased accessibility as well as greater customer capture from neighboring towns
and suburbs.
Inspired ideas. Integrated real estate solutions. www.castoinfo.comRetail Market Survey (cont.)
1311 Green Level Church Rd, Cary, NC
8 27519
Rental Rate Yr Upon Request Property Notes
Spaces 3
Status Active
Amberly Place - Publix anchored center built in
2018. 5.5% vacancy. Asking rates $33 NNN
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st Fl-Ste 2001 1,100 SF Upon Request 1,100 SF Relet Now Negotiable
1st Fl-Ste 3002 2,150 SF Upon Request 2,150 SF Relet Now Negotiable
1st Fl-Ste 5004 1,030 SF Upon Request 1,030 SF Relet Now Negotiable
Property Description
Publix-anchored shopping center with three outparcels and 28,000 SF of shop space. The site is
located in Cary, NC, which is part of the Raleigh MSA just south of Research Triangle Park.
Amberly Place is located on the NW corner of Green Level Church Rd and Carpenter Fire Station
Rd directly across the street from a brand-new ALDI. This area is a rapidly growing submarket.
Amberly Place is a nontraditional,
pedestrian-oriented shopping center that has wide sidewalks, gathering spaces,
and outdoor dining spaces.
9 1901 NW Cary Pky, Morrisville, NC 27560
Rental Rate Yr $25.00 /SF/YR Property Notes
Spaces 1
Unanchored strip facing Cary Parkway. 5.8%
Status Active
vacancy
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st Fl-Ste 105 1,000 SF $25.00 /SF/YR 1,000 SF Relet Now Former Edward Triple Net
Jones space. (NNN)
Property Description
Retail space available in this strip center. Great location. Vibrant Shopping Center well located in active Morrisville. Easily accessible off
NW Cary Parkway and Chapel Hill Road.
Inspired ideas. Integrated real estate solutions. www.castoinfo.comRetail Market Survey (cont.)
10 101 Morrisville Square Way, Morrisville, NC
27560
Rental Rate Yr $22.00 /SF/YR Property Notes
Spaces 1
Multi tenant building facing Morrisville Parkway at
Status Active
Morrisville Square. 67.7% vacancy
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st Fl-Ste 103 & 2,056 SF $22.00 2,056 SF Relet Now Suites 103 Triple Net (NNN)
104 /SF/YR
and 104
combine to
give 2,056 sf
of retail/office
space
available for
lease. This
suite is
located in a
shopping
center with a
diverse mix of
tenants. This
locations has
strong
demographics
...
4104 Surles Ct, Durham, NC
11 27703
Rental Rate Yr $26.00 /SF/YR
Spaces 3 Property Notes
Status Active Shiloh Crossing. Walmart Anchored center near
I-540. 30.7% vacancy.
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st Fl-Ste 1 2,451 SF $26.00 /SF/YR 2,451 SF Relet Now Triple Net (NNN)
1st Fl-Ste 5 1,461 SF Upon Request 1,461 SF Relet Now Negotiable
1st Fl-Ste 7/8 3,034 SF Upon Request 3,034 SF Relet Now Negotiable
Inspired ideas. Integrated real estate solutions. www.castoinfo.comRetail Market Survey (cont.)
1040 Darrington Dr, Cary, NC
12 27513
Rental Rate Yr $23.00 /SF/YR Property Notes
Spaces 1
Unanchored center with mostly local tenants
Status Active
off Cary Parkway. 7.8% vacancy (this
building only - not sure of vacancy
within center as a whole)
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st Fl-Ste 104 844 SF $23.00 844 SF Relet Now Second Triple Net (NNN)
/SF/YR generation
retail space for
lease in the
Preston Walk
area of Cary.
Property Description
Located in Preston Walk, at the intersection of NW Cary Parkway and James Jackson Avenue. Neighboring retail includes Lorena &
Luca Spa, Lugano Ristorante, Inside Out Sports and Der Biergarten. Within 1 mile of Park West Village Shopping.
9954-9960 Chapel Hill Rd, Morrisville, NC
13 27560
Rental Rate Yr Upon Request Property Notes
Spaces 1
Weston Corners. Multi tenant building in front of
Status Active
residential at Chapel Hill Rd and Weston Pkwy.
19.56% vacancy in this building. Other 2 buildings
appear to be fully leased
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st 1,330 SF Upon Request 1,330 Relet 30 For lease second Full Service
Floor SF Days generation cafe.
14 600 Gathering Park Cir, Cary, NC 27519
Rental Rate Yr $18.00 - $22.00 /SF/YR
Property Notes
Spaces 5
Status Active 2-story office/retail building located within
Carpenter Village. Rates listed are modified gross.
51.6% vacancy.
Spaces
# Total Space Avail. Rental Rate Min Divisible Max Contig. Lease Type Date Avail. Description Service Type
1st Fl-Ste 100 1,865 SF $22.00 /SF/YR 1,865 SF New Now Modified Gross
1st Fl-Ste 103 1,837 SF $22.00 /SF/YR 1,837 SF Relet Now Modified Gross
2nd Fl-Ste 203 1,185 SF $18.00 /SF/YR 1,185 SF Relet Now Drywall shell Modified Gross
space, can be
upfitted to
tenants needs
2nd Fl-Ste 204 1,106 SF $18.00 /SF/YR 1,106 SF Relet Now Modified Gross
2nd Fl-Ste 205 932 SF $18.00 /SF/YR 932 SF Relet Now Modified Gross
Inspired ideas. Integrated real estate solutions. www.castoinfo.comRetail Market Survey (cont.)
15 3108 Grace Park Dr, Morrisville, NC 27560
Property Notes:
Grace Park - 1st level retail in the $24 NNN
range; recent restaurant deals were in the
©2021 Kristen Dykes, CASTO Southeast Realty $20 NNN range.
Services Vacancy is in the 3-4% range per broker
only a few small retail spaces remain available; 3 restaurant leases completed in last 90 days
Mixed Use Master Planned Development consists of 8 Out Parcels, 128 Luxury Rental
Apartment Units, 52 Luxury Town-Homes, First Level Retail. Tenants include Anytime Fitness,
Mi Cancun, Thai Noodle & Sushi, WakeMed, Starbucks
16 3560 Davis Dr, Morrisville, NC 27560
Property Notes:
Morrisville Market - $20 - $25 base rent
with approximately $3 in operating
expenses. 4.2% vacancy on small shops
Space 8 = 1500 Sq. Ft. Available
Neighborhood center anchored by Walmart Neighborhood Market. Tenants include
Grand India Market and Bamboo Garden.
17 3609 Davis Dr, Morrisville, NC 27560
Property Notes:
Bethany Village - $26 NNN asking rent range
No true vacancy; in process of replacing 1 nail salon with another
Neighborhood center anchored by Food Lion. Tenants include MyEyeDr, Apna
Bazar, Rosati's Pizza, H&R Block.
Inspired ideas. Integrated real estate solutions. www.castoinfo.comResidential Market Survey
Inspired ideas. Integrated real estate solutions. www.castoinfo.comMidtown Tampa Tampa, Florida
• 22-acre mixed-use project with
1.8 million SF of retail,
entertainment and Class A office
• $500M total development
budget
• Development partners are
Bromley, Highwood Properties,
Concord Hospitality, and Jeffrey
R. Anderson Real Estate
• Current retail tenants include
REI, Joffrey’s Coffee and Tea
Company, Whole Foods Market,
True Food Kitchen, and Shake
Shack
Inspired ideas. Integrated real estate solutions. www.castoinfo.comWhole Foods Market Centre Sarasota, Florida
• 10-story mixed-use
development with 60,000 SF
of retail
• Anchored by Whole
Foods Market and a
unique mix of
boutiques, home decor
tenants and restaurants
• Luxury residential
condominiums and
penthouses located on the
upper floors
Inspired ideas. Integrated real estate solutions. www.castoinfo.comYou can also read
