The Presidio Trust/Fort Scott Analysis
While I was with CBRE Consulting we were retained by the Presidio Trust to assist in the evaluation of four potential reuse alternatives for the Fort Scott site at the Presidio of San Francisco, an historic Army base built in 1912 to provide artillery protection of the San Francisco Bay. The 132-acre Fort Scott site currently contains historic barracks, offices, warehouses, and housing, as well as lodging, recreational facilities, and utility buildings, with a total of 325,000 square feet of improvements. The heart of Fort Scott lies in the headquarters building and ten barracks surrounding the central parade ground. Located at the foot of the Golden Gate Bridge, Fort Scott represents one of the most important remaining reuse opportunities at the Presidio. The four reuse alternatives that CBRE Consulting is analyzing include a conference center with lodging, a university or single-tenant educational user, multi-tenant education users, and rental residential product. CBRE Consulting surveyed selected conference center and retreat facilities in the greater San Francisco and Monterey Bay areas and also surveyed select San Francisco-based companies to assess their use of local and national conference center and retreat facilities. CBRE Consulting developed a dynamic pro forma development model to determine residual land value and overall financial feasibility of all four redevelopment alternatives.
San Francisco Redevelopment Agency/Naval Station Treasure Island
While with Sedway Group I assisted the City of San Francisco in determining the reuse potential for Treasure Island. This spectacular and strategic property suffers from two major constraints – limited vehicular access and poor geotechnical conditions. Sedway Group has conducted a market screening and assessment of uses that have potential for feasibility under these conditions, including residential and visitor-oriented attractions. This latter category includes theme park, high technology attractions, themed entertainment retail, hotel/conference center and golf course. Later I assisted the city in test-marketing various concepts to potential developers and operators of a major landmark development on the island.
San Francisco Redevelopment Agency/Naval Station Treasure Island
As part of the economic development conveyance agreement process with the federal government, as part of Sedway Group, I assisted the City of San Francisco in determining the reuse potential for Treasure Island. For this analysis, Sedway Group performed a refined market analysis (based on our initial analysis) to determine the market potential for a number of uses, including film studios, hotels and conference centers, golf courses, maritime uses, and other sports and entertainment-oriented uses. Sedway Group also prepared a technical memorandum suggesting the appropriate developer selection process.
Treasure Island Community Development/Residential Market Assessment and Commercial Space Input
Treasure Island and the adjacent Yerba Buena Island comprise a former U.S. Navy base that was decommissioned in 1997. Located in the middle of San Francisco Bay, Treasure Island offers excellent views of San Francisco and other cities and landmarks around the bay; however, the island is isolated with limited support services and is only accessible via the Bay Bridge. Treasure Island Community Development is the proposed master developer for the reuse of the islands. Current plans call for 2,800 residential units, up to 100,000 to 200,000 square feet of retail, 35,000 square feet of office, 600 hotel rooms, and other uses such as conference center, community space, abundant open space, and recreational amenities. While with CBRE Consulting I prepared an assessment of the residential market, including for-sale and rental product, as it pertained to the five proposed neighborhoods at Treasure Island. We recommended unit types, mix, and sizes, and estimated sales prices, rents, and absorption. With regard to the commercial product, we provided input on previously developed assumptions regarding supportable square footage, rents, expenses, construction costs, and other items.
While with Sedway Group conducted a residential market analysis for the Presidio Trust’s management agent that analyzed rental rates in seven historic and non-historic neighborhoods in the Presidio including Baker Beach, South Baker Beach, Sanches, Quarry, Portola, Liggett and Kobbe Terrace. The study considered a broad range of comparable rental properties and amenities for multifamily housing, fourplex and duplex properties, and single-family residences in San Francisco. The analysis considered the amenities and lease terms for residential property, including access to transportation, parking, leasing preferences for Presidio-based employees, and residential guidelines. The study provided residential lease rate recommendations for historic and non-historic properties based upon comparable rental rates and amenities, vacancy rates, absorption, and supply pipeline data.
EDAW/Fort Ord Operations Plan
While with Sedway Group was responsible for conducting market and financial studies to determine the economic and market feasibility of a range of land uses. These studies included an economic analysis of the Monterey Bay region and an historic market overview of housing, retail, office, research and development, hotel, golf course and other potential uses. Based upon the market feasibility analysis, a preliminary business plan and strategy were drafted in a later phase of the work.
Fort Ord Reuse Authority/Fort Ord Market Analysis
While with Sedway Group conducted an analysis of the market potential for office, R&D, light industrial, retail, hotel/conference center, golf course, recreation, and residential uses to assist in the reuse planning efforts for this major former Army base near Monterey, California. The plan developed as a result of this planning effort received an American Planning Association award.
In preparing this overall economic strategy document, I conducted an assessment of the long-term market potential and development feasibility of business park/light industrial, residential, hotel, and retail uses over the more than 20,000 acres comprising the former base. The work was utilized to develop a marketing strategy and infrastructure financing plan for the base.
The Presidio Trust/Public Health Service Hospital Developer Solicitation
While with CBRE Consulting I helped the Presidio Trust in the reviews of Request for Qualifications (RFQ) and Request for Proposals (RFP) responses regarding the leasing and rehabilitation of the Public Health Service Hospital complex at the Presidio of San Francisco. The Public Health Service Hospital is a 36-acre site that contains more than 400,000 square feet of historic and non-historic commercial and residential structures. CBRE Consulting first evaluated RFQ responses and developed a short list of developers to whom RFPs were distributed. We then evaluated RFP responses including assessing developer qualifications, lending commitments, key business terms, market strength, and financial feasibility of the proposed development concepts.
The Presidio Trust/Master Developer Evaluations I
Sedway Group helped the Presidio Trust evaluate multiple responses to a Request for Qualifications (RFQ) and a Request for Proposals (RFP) issued in 1998 and 1999 to ground lease and develop the Letterman Hospital Complex, a 23-acre site within the Presidio, a 1,480-acre national park in San Francisco. Sedway Group reviewed and evaluated the qualifications and proposals of the master-lease teams based on the criteria outlined by the Presidio Trust. Sedway Group’s evaluation process included a review of each submission, reference checks, and a review of financial information. As a result, the Presidio Trust commenced negotiations with Lucasfilm to build the approximately 900,000 square feet project that now occupies the site.
Golden Gate National Parks Association/Fort Baker Hotel Analysis and RFP
While with Sedway Group I assisted the Golden Gate National Parks Association in first analyzing the market and financial feasibility of redeveloping the historic Fort Baker Army Base in southern Marin County, then assisting with marketing the site to developers through an RFP process. Analyzed two redevelopment alternatives: a 300-room full-service hotel/conference center geared toward a high-end corporate and tourist market niche, and a more modest 250-room hotel/conference center with fewer amenities and lower room rates. Sedway Group contacted numerous hotel/conference center developers and operators to ascertain the market potential of the development concepts given the site’s unique secluded setting, historic structures, and world-class vistas of the Golden Gate Bridge, San Francisco Bay, and San Francisco. Based on our market findings, Sedway Group analyzed the project’s financial feasibility in light of significant renovation costs and the substantial amount of infrastructure required to provide adequate utilities and access to the site. Sedway Group calculated the amount of subsidy required to make the project financially feasible and recommended strategies to finance this gap. Based upon the market and financial feasibility findings, Sedway Group assisted the Golden Gate National Parks Association in developing an RFP that reflected the unique constraints and opportunities of the site. We recommended key business terms and deal points that addressed both private sector developer expectations and public goals. The resulting project (Cavallo Point) opened in 2007.