April 25
Melbourne Airport Authority Hotel
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HOSPITALITY OVERVIEW
5005 LBJ Freeway, Suite 1200 | Dallas, TX 75244 | www.encore.bz | 1-844-7-Encore
An experienced team.
HOSPITALITY OVERVIEW
TRACK RECORD OF SUCCESS § Since inception, Encore has been successfully investing in full- and select-service hotels nationwide across multiple market cycles for 17 years. § To date, Encore has developed or acquired 52 hotels totaling 6,900 rooms. § Encore currently owns and operates 11 hotels representing 1,526 keys totaling $213M in assets under management. § At the portfolio’s peak, Encore’s hotels generated annual revenues of more than $100M and annual net operating income of approx. $34M. § Encore’s in-house hotel management team is consistently ranked in the top 50 hotel management companies nationally. (1)
41 REALIZED INVESTMENTS (2) 50% IRR (2) 3.5x EQUITY MULTIPLE (2)
As of May 31, 2018, unless noted otherwise. Most recent hotel acquisition occurred September 2018 and reflected in the current portfolio number. Past performance is not indicative of future results. (1) Hotel Business Magazine, editions: April 2002, September 2006, April 2007, September 2007, September 2008, September 2012. (2) Performance based on realized Hospitality investments as of May 31, 2018.
An experienced team.
2
HOSPITALITY OVERVIEW
VALUE-ADD STRATEGY HOW DOES ENCORE HOSPITALITY CREATE VALUE?
Stable Assets PIP Renovation
Cost Management
Balance Sheet Restructuring
Underperforming Assets Purchased below replacement cost Distressed valuations, below market RevPAR, rehabilitation/recapitalization requirement
Attractive Purchase Price
VALUE CREATION
Guest Satisfaction Management
ADR and RevPAR improvement, higher occupancies and operating efficiencies, and value appreciation
Corrective Management
ADR and RevPAR Improvement
3
An experienced team / Encore Enterprises
HOSPITALITY OVERVIEW
MARKET OPPORTUNITIES PRODUCT
LOCATION
OPPORTUNITY
§ Primarily Hilton and Marriott branded hotels with 125 to 300 rooms § Mostly limited service, but some fullservice § Limited lodging hotels between 7 and 10 years old in need of renovation § Constructed of steel or concrete to facilitate an institutional exit § Minimum market RevPAR of $65 or greater § Preferred RevPAR index below 100% § GOP below 45%
§ Continuous evaluation: macroeconomic conditions; demographics; relative prices; personal income; household wealth § Focus on supply constrained markets § Primary or secondary markets with positive growth and demographics § Proximity to employment centers, airports, retail, entertainment, and other demand drivers
§ Assets at a discount to replacement costs § Hotels with significant PIPs where value can be created through in-house construction and construction management § Hotels with opportunity to reflag as a Hilton or Marriott § Undercapitalized and under-managed properties
Queen & Crescent New Orleans, LA
DoubleTree Atlanta, GA
Properties pictured are for illustrative purposes only.
An experienced team.
DoubleTree Harrisonburg, VA
5
HOSPITALITY OVERVIEW
MITIGATION AND MANAGEMENT OF RISKS ASSETS Hotels will be acquired below replacement cost, unencumbered by existing management or debt.
EXPERT TEAM The team will carefully calculate the total amount of capital expenditure necessary to upgrade and reposition investments.
SELECTIVE BRANDS
UPGRADES
Targeted brands will be Hilton or Marriott, providing access to franchise benefits such as revenue management systems and premier loyalty programs.
Operating standards, policies, and procedures will be refined while also integrating technological and operating systems.
EXPERIENCE
ANALYSIS
Encore Hospitality’s extensive operational experience with managing and building hotels will be fully utilized to ensure maximum finesse is employed.
Both internal and external data sources will be diligently analyzed to identify attractive, competitive environments, demand drivers, and pricing trends.
8
An experienced team.
HOSPITALITY OVERVIEW
ROBUST TEAM Dr. Bharat H. Sangani Founder & Chairman
Patrick J. Barber President & CEO
SHARED SERVICES
Glenn Pedersen Hospitality President
Yatin Gandhi CFO
Will Flaa Senior VP, Investment Officer
Nili Jaisinghani Executive Director, Encore Equities
Charles A. Omage Executive VP & General Counsel
Dwayne Rash President, Construction
Shalin Shah Director of IT
Damon Kearney Director of Engineering
Amy Dunaway Director of Marketing
Shelley Walker HR & Payroll Director
Rachel Pedersen Director, Quality Assurance
Donna Laymance Executive Assistant
Terri Smith Office Manager
Paul Link Controller
Jeff Hudson VP Sales & Operations
HOTEL GENERAL MANAGERS Jeff Walker Doubletree Harrisonburg (55 professionals)
Joseph Quilio Queen & Crescent (61 professionals)
Serena Andrews Fairfield Inn & Suites - Spanish Fort (24 professionals)
Eduardo Delatorre Indianapolis Embassy Suites (70 professionals)
Cynthia Conner Courtyard D’Iberville (22 professionals)
Monica Licea Residence Inn McAllen, TX (21 employees)
Paul Perez Hampton Inn Tampa, FL (43 professionals)
Melissa Corbin Courtyard - Spanish Fort (22 professionals)
Thaddeus Hobson Doubletree Atlanta (70 professionals)
Robert Hoffman Braintree Hampton Inn (35 professionals) 11
An experienced team.
An experienced team.
Richards Law Firm, PLLC Ernest Richards, Attorney at Law 214.212.2618 ernestrichardslawfirm@gmail.com Structured Equity Investments Brad Albrecht 513.361.7835 Brad.albrecht@eaglerealtygroup.com Town of Bedford Rebecca Hebert, AICP / Planning Director / Zoning Administrator 603.792.1317 rhebert@bedfordnh.org
References.
Encore Enterprises •
40+ years hotel industry
Core Construction •
80+ years in construction
Huitt-Zollars •
40+ years hospitality design
TLC Engineering •
60+ years engineering solutions
Allen Engineering •
An experienced team.
50+ years site development
An experienced team.
JW MARRIOTT AT BONNET CREEK Orlando, Florida
Contemporary design Walt Disney World destination resort 450 hotel units 50 residential units Banquet facilities, restaurants and lounges, public amenities, pool decks, spa and fitness center 1,000-car garage Limited rooftop amenities and outdoor function space
An experienced team.
An experienced team.
P3…art of the Public Deal | Transferring Risk
Process
Approach | P3 Design / Build Process
Four Points by Sheraton PROPERTY SUMMARY REPORT TIMING Analysis Period: PROPERTY SIZE Total Rooms:
7 years
Analysis Start: February 1, 2019 140
PROPERTY PERFORMANCE Occupancy ADR RevPAR PROPERTY TRANSACTION COSTS Total Transaction Costs Total Transaction Costs PROPERTY RESALE ASSUMPTIONS Resale Method: Cap Year: Cap Rate: Commission/Closing Cost: Net Sales Proceeds FINANCING STRUCTURE Loan Amount TTM Debt Yield TTM DSCR LTC Loan Term Amortization Period CAPITAL CONTRIBUTIONS Capital Structure Encore LP Encore GP Total Equity
Underwritten 68.0% 130.00 88.40 29,538,374
210,988
per key
29,538,374
210,988
per key
Cap-On-Cost 5.5%
Capitalize Net Operating Income Year 7 7.25% ($584,521) $28,641,537 204,582 per key $19,300,000 8.44% 1.09 65% 3 years 25 years TOTAL $9,214,536 $1,023,837 $10,238,374
PROJECT AND INVESTOR RETURNS 7 Year Overall Unleveraged IRR 7 Year Overall Leveraged IRR Leveraged Equity Multiple Equity Drawn Total Distributions
Comp Set
Deal Level 5.4% 6.2% 1.5 x $10,238,374 $15,075,201
Approach | Financial
Interest Rate Interest Only Period % 90% 10% 100%
6.00% 3 years
PRO-FORMA Financial Summary Actual
Under Construction Year 1
Under Construction Year 2 %
Number of Rooms Days Rooms Sold Rooms Avail % Room Occupancy Average Room Rate REV PAR
Year 3
POR
$
REVENUE Rooms Food & Beverage Phone Parking & Other Income TOTAL REVENUE DEPARTMENTAL EXPENSES Rooms Food & Beverage Phone Parking & Other Expenses TOTAL DEPARTMENTAL EXP DEPARTMENTAL INCOME Rooms Food & Beverage Phone Parking & Other TOTAL DEPARTMENTAL INCOME
%
POR
140 365 34,748 51,100 68.0% 130.00 88.40
YOY
Year 4 140 365 0.0% 35,770 0.0% 51,100 0.0% 70.0% 3.70% $ 136.50 0.0% $ 95.55
4,517,240 573,342
87.0% 11.0%
130 16.50
0.0% 0.0%
100,000 5,190,582
1.9% 100.0%
2.88 149.38
3.0% 0.0%
4,882,605 643,860 103,000 5,629,465
1,093,172 401,339
24.2% 70.0%
31.46 11.55
50,000 1,544,511
50.0% 29.8%
1.44 44.45
0.0% 0.0% 3.0% 0.0% 0.0%
3,424,068 172,003 50,000 3,646,071
75.8% 30.0%
75.8% 30.0%
50.0% 70.2%
98.54 4.95 1.44 104.93
564,231 166,509 203,276 356,106 251,181 1,541,302
10.9% 3.2% 4.5% 3.0% 3.0% 29.7%
2,104,768 225,692
%
POR
YOY
2.9% 0.0% 2.9% 5.00% $ 8.1% $
Year 5
%
POR
140 365 36,792 51,100 72.0% 141.96 102.21
YOY
2.9% 0.0% 2.9% 4.00% $ 7.0% $
Year 6
%
POR
140 365 37,814 51,100 74.0% 147.64 109.25
YOY
2.8% 0.0% 2.8% 4.00% $ 6.9% $
Year 7
%
POR
140 365 37,814 51,100 74.0% 153.54 113.62
YOY
0.0% 0.0% 0.0% 4.00% 4.0%
86.7% 11.4%
136.50 18.00
8.1% 12.3%
5,222,992 663,176
87.2% 11.1%
141.96 18.03
7.0% 3.0%
5,582,798 683,071
87.6% 10.7%
147.64 18.06
6.9% 3.0%
5,806,110 703,563
87.7% 10.6%
153.54 18.61
4.0% 3.0%
1.8% 100.0%
2.88 157.38
3.0% 8.5%
106,090 5,992,258
1.8% 100.0%
2.88 162.87
3.0% 6.4%
109,273 6,375,142
1.7% 100.0%
2.89 168.59
3.0% 6.4%
112,551 6,622,224
1.7% 100.0%
2.98 175.13
3.0% 3.9%
976,521 450,702 51,500 1,478,723
20.0% 70.0%
27.30 12.60
28.39 12.62
1.44 43.62
1,161,222 492,494 56,275 1,709,992
30.71 13.02
50.0% 25.9%
6.9% 3.0% 0.0% 3.0% 5.6%
20.0% 70.0%
1.44 42.45
1,116,560 478,150 54,636 1,649,346
29.53 12.64
50.0% 26.1%
7.0% 3.0% 0.0% 0.0% 5.6%
20.0% 70.0%
1.44 41.34
1,044,598 464,223 53,045 1,561,867
20.0% 70.0%
50.0% 26.3%
-10.7% 12.3% 0.0% 3.0% -4.3%
50.0% 25.8%
1.49 45.22
4.0% 3.0% 0.0% 3.0% 3.7%
80.0% 30.0%
50.0% 74.2%
122.84 5.58 1.49 129.91
4.0% 30.0%
3.0% 6.7%
4,644,888 211,069 56,275 4,912,233
80.0% 30.0%
50.0% 74.1%
118.11 5.42 1.44 124.97
6.9% 30.0%
3.0% 6.7%
4,466,239 204,921 54,636 4,725,796
80.0% 30.0%
50.0% 73.9%
113.57 5.41 1.44 120.42
7.0% 30.0%
3.0% 13.8%
4,178,394 198,953 53,045 4,430,392
80.0% 30.0%
50.0% 73.7%
109.20 5.40 1.44 116.04
14.1% 30.0%
50.0% 70.2%
3,906,084 193,158 51,500 4,150,742
16.24 4.79 5.85 10.25 7.23 44.36
140.6% 0.0% 406.6% 23.1% 0.0% 0.0%
562,947 171,504 219,717 366,789 258,716 1,579,674
10.0% 3.0% 4.5% 3.0% 3.0% 28.1%
15.74 4.79 6.14 10.25 7.23 44.16
-0.2% 3.0% 8.1% 3.0% 3.0% 2.5%
599,226 176,649 287,265 377,793 266,478 1,707,411
10.0% 3.0% 5.5% 3.0% 3.0% 28.5%
16.29 4.80 7.81 10.27 7.24 46.41
6.4% 3.0% 30.7% 3.0% 3.0% 8.1%
637,514 181,949 307,054 389,127 274,472 1,790,116
10.0% 3.0% 5.5% 3.0% 3.0% 28.1%
16.86 4.81 8.12 10.29 7.26 47.34
6.4% 3.0% 6.9% 3.0% 3.0% 4.8%
662,222 187,407 464,489 400,800 282,706 1,997,625
10.0% 3.0% 8.0% 3.0% 3.0% 30.2%
17.51 4.96 12.28 10.60 7.48 52.83
3.9% 3.0% 51.3% 3.0% 3.0% 11.6%
40.5%
60.57
1223.7%
2,571,068
45.7%
71.88
22.2%
2,722,981
45.4%
74.01
5.9%
2,935,681
46.0%
77.63
7.8%
2,914,607
44.0%
77.08
-0.7%
4.0%
6.50
451.4%
225,179
4.0%
6.30
-0.2%
239,690
4.0%
6.51
6.4%
255,006
4.0%
6.74
6.4%
264,889
4.0%
7.01
3.9%
1,879,076
36.2%
54.08
0.0%
2,345,890
41.7%
65.58
24.8%
2,483,291
41.4%
67.50
5.9%
2,680,675
42.0%
70.89
7.9%
2,649,718
40.0%
70.07
-1.2%
126,458 123,928
3.64 3.57 7.21
3.0% 3.0%
126,458 127,646
261,877
3.34 3.58 6.93
126,458 139,482
96.8%
2.0% 0.0% 2.1% 0.0% 4.1%
3.0% 3.0%
257,933
3.44 3.57 7.01
126,458 135,419
98.2%
2.1% 0.0% 2.2% 0.0% 4.3%
3.0% 3.0%
254,104
3.54 3.57 7.10
126,458 131,475
99.7%
2.2% 0.0% 2.3% 0.0% 4.5%
3.0% 3.0%
250,386
2.4% 0.0% 2.4% 0.0% 4.8%
95.4%
265,940
1.9% 0.0% 2.1% 0.0% 4.0%
3.34 3.69 7.03
94.1%
1,628,690
31.4%
46.87
0.0%
2,091,786
37.2%
58.48
28.4%
2,225,357
37.1%
60.48
6.4%
2,418,797
37.9%
63.97
8.7%
2,383,778
36.0%
63.04
-1.4%
0.0%
-
0.0%
168,884
3.0%
4.72
0.0%
239,690
4.0%
6.51
41.9%
255,006
4.0%
6.74
6.4%
264,889
4.0%
7.01
3.9%
31.4%
46.87
0.0%
1,922,902
34.2%
53.76
18.1%
1,985,667
33.1%
53.97
3.3%
2,163,792
33.9%
57.22
9.0%
2,118,889
32.0%
56.03
-2.1%
3.0% 3.9%
UNDISTRIBUTED OPERATING EXPENSE Administrative & General Sales & Marketing Franchise Fees Operation & Maint Utilities TOTAL UNDISTRIBUTED EXP
10.00%
GROSS OPERATING PROFIT Management Fees INCOME BEFORE FIXED CHARGES FIXED CHARGES Lease Payment Property & Other Taxes Insurance Hotel Occupancy Tax Rebate TOTAL FIXED CHARGES NET OPERATING INCOME FF&E Reserve ADJUSTED NET OPERATING INCOME
Approach | Operations
1,628,690
3.0% 3.0%
Future Hangar
±1.7 ac
Future Hangar
Airplane Parking ±1.2 ac
±1.7 ac
Park ±1.25 ac HOTEL ±3.75 ac
© 2019 | HUitt - Zollars
Te r m i n a l
Retention Ponds
Future Retail / F&B ±0.75 ac
±2.0 ac
We s t
NASA
Air
Harr y
Sutton
Road
Future Office ±1.8 ac
Parkway
T e d H u f f R o a d W.
Boulevard
S I T E A N A LY S I S N
Concept | Design
Future Hangar
Covered Pedestrian Walkway to Main Terminal
Service
FBO
Future Hangar
Secured Aircraft Parking / Exhibition
Park
Lobby Porte Cochere
Parking
Service
Retention Pond
Future
We s t
NASA
Parkway
Future Office
Road Sutton Harr y Š 2019 | HUitt - Zollars
T e d H u f f R o a d W.
Amenities
Te r m i n a l
Retention Pond
Hotel
Air
Service
Boulevard
SITE PLAN DIAGRAM N
Concept | Design
Future Hangar
Covered Pedestrian Walkway to Main Terminal
Service
Secured Aircraft Parking / Exhibition
Harr y
Sutton
Road
Retention Pond
154 KeysPorte Cochere T e d H u f f R o a d W.
Amenities
Faux Bridge
HOTEL PARKING
Future Office 22K 3.5/ 1000 sf
250 SPACES
Service Retention Pond
Parking
Future Retail / F&B 7K We s t
NASA
Parkway
Service
Hotel
Park
Lobby
Te r m i n a l
Mtg Space
3.5K
Air
Future Hangar
© 2019 | HUitt - Zollars
FBO
Boulevard
I L L U S T R AT I V E S I T E P L A N N
Concept | Design
Fenestration
Amenities
© 2019 | HUitt - Zollars
Rooftop Viewing
Light / Shadow
Landscape Park Setting
Concept | Design
CONCEPT BOARD
© 2019 | HUitt - Zollars
*
Concept | Design
MASSING
© 2019 | HUitt - Zollars
*
Concept | Design
MASSING
© 2019 | HUitt - Zollars
*
Concept | Design
MASSING
Approach | Project Schedule
Hotel Location Address
Four Points by Sheraton Melbourne, FL
Opened Acres Rooms Meeting Room Space Parking Spaces Franchise Expiration Franchise Application Fee Royalty Marketing Fee Loyalty Program
3.3 acres 140 rooms 8,000 sf
$
75,000 5.50% 4.00% 4.00%
Asking Price Land Land Price Total Development Costs TOTAL COST
Analysis Start Date Hold Period Construction Period Ramp up Period Total Months Capitalized Leverage Interest Rate Amortization IO Period Exit Cap Commissions Total Equity
Building sf footage - 90,000
spaces
$
$ $ $
7 years 24 months 6 months
30 months 65.0% 6.00% 25 years 3 years
Approach | Operations
/room
$ /room 29,538,374 29,538,374 $ 210,988 /room
2/1/2019
$
-
7.25% 2.00% 10,238,374
KEY METRICS Cap on Cost Unleveraged IRR Leveraged IRR EM
5.5% 5% 6% 1.5
Total Marketing Costs
IT, Telephone, Security Equipment Commercial Equipment/Appliances PMS/POS Systems OS&E
SC- Financing Closing & Title Costs Legal - Buyer Legal - Lender Loan Fees Const Loan Interest Total Financing
385,000
$
2,750
$
4.28
$ $ $ $ $
200,000 244,000 268,000 273,000 985,000
$ $ $ $
1,429 1,743 1,914 1,950
$
2.22
$
2.71
$
2.98
$
3.03
PROPOSED COST - PRELIMINARY COST ESTIMATE Four Points by Sheraton LAND AREA GROSS SQUARE FEET GROSS HOTEL/CIRCULATION AREA MEETING SPACE ROOMS PROPOSED
3.3000 90,000 90,000 8,000 140
0.65% 30 months
$ $
65,000 240,000
$ $ $
152,624 1,384,541 1,842,164
$ $ $ $ $ $
$ $ $ $
-1.19%
$
45,984 45,984
$
(280,000) $
464 1,714 1,090 9,890 13,158
328
$
0.72
$
2.67
$
$
-
1.00%
$ $
1,174,029 234,806
$ $
8,386 1,677
$ $ $
187,807 1,316,642 29,538,374
$ $ $
1,341 9,405 210,988
$
140,704 12,857
-
$
218.87
$
20.00
$
961,014
$
6,864
$
10.68
$
23,480,583
$
167,718
$
260.90
SC - Professional Fees 500,000
$
3,571
$
5.56
$
400,000
$
2,857
$
4.44
67,500
$
482
$
0.75
15.38
Appraisals/Feasibility
$
15,000
$
107
$
0.17
As-Built Survey
$
7,500
$
54
$
0.08
20.47
Enviromental
$
4,000
$
29
$
0.04
Soil Test
$
4,000
$
29
$
Survey (ALTA) Total Professional Fees
$ $
4,000 1,002,000
$ $
29 7,157
$
0.04
$
11.13
SC - Pre-Opening Pre-Opening Labor Operating Expenses During Const Pre-Opening Marketing Total Pre-Opening
$ $ $ $
200,000 181,000 100,000 481,000
$ $ $ $
1,429 1,293 714 3,436
$
2.22
$
2.01
$
1.11
$
5.34
SC- Marketing & Leasing Costs Design/Interior Graphics/Displays Signage Project Management Total Marketing Costs
$ $ $ $
92,000 65,000 228,000 385,000
$ $ $ $
657 464 1,629 2,750
$
1.02
$
0.72
$
2.53
$
4.28
$ $ $ $ $
200,000 244,000 268,000 273,000 985,000
$ $ $ $
1,429 1,743 1,914 1,950
$
2.22
$
2.71
$
2.98
$
3.03
$ $
65,000 240,000
464 1,714 1,090 9,890 13,158
0.72
152,624 1,384,541 1,842,164
$ $ $ $ $ $
$
$ $ $
$ $
-
$
$
328
$
$ $
$
-
$
0.51
(3.11)
$
13.04
$
2.61
$
2.09
$ $
14.63 328.20
Architectural /Engineering
IT, Telephone, Security Equipment Commercial Equipment/Appliances PMS/POS Systems OS&E
SC- Financing Closing & Title Costs Legal - Buyer Legal - Lender Loan Fees Const Loan Interest Total Financing
0.65% 30 months
SC-Taxes & Insurance - During Construction Property Taxes During Construction Insurance During Construction Lease Payment During Construction SC - Total Taxes & Insurance SC - Fees Marriott Key Money City Incentive Development Fee Construction Mgmt Fee Franchise Fee & Owner Technical Fee Soft Cost Contingency Total Fees TOTAL COSTS
Approach | Project Management
1,800,000
$
0.00 $
$
0.00% 5.00%
$ 4.09%
Total Hard Costs
19,698,569 1,021,000
-
$
0.00% 5.00%
$ $
Cost per gsf
Cost per room $ -
Franchise Fee
1.70
(2,000) $
-
Permits and Impact Fees
$
$
643 sf/room
$
Furniture, Fixtures & Equipment Contingency
acres
Projected Cost
DEVELOPMENT COSTS Land Price Infastructure Cost Hard Costs Construction Contractor Fee & Overhead Profit
SC-Taxes & Insurance - During Construction Property Taxes During Construction Insurance During Construction Lease Payment During Construction SC - Total Taxes & Insurance SC - Fees Marriott Key Money City Incentive Development Fee Construction Mgmt Fee Franchise Fee & Owner Technical Fee Soft Cost Contingency Total Fees TOTAL COSTS
$
$ $
-1.19%
$
45,984 45,984
(280,000) $
$ $
0.04
2.67 -
$
1.70
$
15.38
$
20.47
$
(2,000) $
0.51
(3.11)
0.00% 5.00% 1.00%
$ $
1,174,029 234,806
$ $
8,386 1,677
$ $ $
187,807 1,316,642 29,538,374
$ $ $
1,341 9,405 210,988
$ $
13.04 2.61
0.00% 5.00%
$
2.09
$ $
14.63 328.20
Hotel Brand - Sheraton Four Points Conference space – 8,000 Rooms - 154 Amenities • Sky lounge – Airfield Views • Pool – Outdoor • FBO Connection - Separate structure • Hangars – From Discussion with Apex FBO • Office buildings – Possible Encore or other partners • Park – By Others Concept | Discussion
Future Hangar
±1.7 ac
Future Hangar
Airplane Parking ±1.2 ac
±1.7 ac
Park ±1.25 ac HOTEL ±3.75 ac
Te r m i n a l
Future Retail / F&B ±0.75 ac
±2.0 ac
We s t
Q&A
NASA
Air
Harr y © 2019 | HUitt - Zollars
Retention Ponds
Boulevard
S I T E A N A LY S I S N
Sutton
Road
Future Office ±1.8 ac
Parkway
T e d H u f f R o a d W.
The Right Team • • • •
Developer Owner Operator Local Design and Construction teams Multiple properties in Florida Leaders in Public/Private Partnerships Development
Choose us.