STRATEGIC DIRECTION

FOR BASEBALL
DEVELOPMENT
DISTRICT

Tampa Bay Rays

May 23, 2018
OVERVIEW
TABLE OF CONTENTS
SECTION PAGE OBJECTIVES

Executive Summary 3 At this time, the Tampa Bay Rays are evaluating the opportunity to develop a new ballpark in the
Ybor City neighborhood of Tampa, along with a complementary mixed-use real estate district that
Regional Development Context 7 helps create a true sense of place as a destination in the Tampa market. To inform these decisions,
the Tampa Bay Rays engaged RCLCO to provide strategic real estate analysis to inform the master
Scale of Future Growth 15 planning, development programming, and fiscal impacts of the new baseball district on the land
surrounding the proposed ballpark.
Catalyzing Urban Neighborhoods 24
Ballpark District Development Program 34
The following document summarizes the findings from the preliminary market analysis and
Niche Product Type Development Opportunity: development programming exercise, which was designed to evaluate the market-driven
development opportunities broadly in the Ybor City neighborhood and specifically at the ballpark-
Hotel 41 adjacent site. This information can begin to inform the overall development strategy in concert with
the landowners and provide inputs for the conceptual maser planning effort and public finance
Conference Center 45 strategy.
Concert Venue 49
Creative Office 52

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EXECUTIVE SUMMARY
BALLPARK DISTRICT OFFERS A COMPELLING AND TRANSFORMATIVE OPPORTUNITY FOR YBOR
Market Overview the southern gateway to Ybor City along the underutilized Adamo Drive corridor in order to
maximize its economic and neighborhood impact. Active land use planning will ensure this
Tampa is a strong market that continues to experience significant growth. While the warm weather development serves to frame and protect the historic neighborhood, create welcoming open
and relative affordability of Tampa makes it an attractive retirement and vacation destination, the spaces, and grow active streetscapes.
area is also emerging as a hub for young professionals. Driven by the favorable business
environment and talented workforce in Tampa, employers are locating in and around the region, Neighborhood Development Opportunity
leading young and educated households to follow these growing employment opportunities.
With the ballpark, Ybor City can attract up to 7.4M SF of new development through 2030 if there are
Today, Hillsborough County is situated at the heart of this growth. With several urban submarkets sufficient land parcels available for new construction. Multifamily housing offers the strongest
that are collectively capturing a significant share of overall development in the region, Hillsborough market depth, with significant near-term office demand from small-scale “creative office” tenants
County offers an increasing number of places for people to live, work, and play. As the employment who have already begun clustering in Ybor City. Creative office varies in look and feel but generally
and population bases in Tampa continue to expand, over half of this growth will be captured in features flexible, open office configurations that attract firms in collaborative industries like design
urban and urbanizing neighborhoods, where developers are striving to build lively and differentiated and advertising. Hospitality can also be an early use, with the ballpark serving as a catalyst for an
places. While there are many new developments under construction and proposed in downtown upscale hotel and meeting facility. While 7th Avenue already offers appealing restaurants and bars,
Tampa and adjacent urban neighborhoods, future demand still exceeds the planned supply. new neighborhood retail and services should be added to serve residents and employees’ “daily
needs.” As these elements come together to form a dynamic, urban neighborhood, Ybor City will
Submarket Context begin to attract more conventional office users.
Ybor City is well positioned to attract new mixed-use development because it is different by design.
Unlike other urban neighborhoods in Tampa, Ybor offers a rich history, an architecturally distinct YBOR CITY DEVELOPMENT POTENTIAL 2018-2030
setting, a fun “plug and play” environment, an integrated and inclusive atmosphere, and a strong
YBOR CITY
appeal to the creative class. The neighborhood bones to support new development are already in
LAND USE UNITS SF
place, and there is unmet market potential for low-rise residential and commercial space that could
be realized today if sites were available for new development. Development will come to Ybor City – Rental Apartments 5,280 5,280,000
but the ballpark will catalyze new and unique development opportunities in the neighborhood and For-Sale Condos 520 520,000
make it more competitive both locally and regionally by adding to the rich sense of place. Creative Office 218,000
Corporate Office 522,000
Catalytic Opportunity Upper Midscale Hotel 410 185,000
Upscale+ Hotel 520 312,000
Ybor City shares many similar characteristics with other sports-anchored urban neighborhoods
Retail 310,000
across the country where the addition of a sports venue catalyzed decades of residential and
commercial development. Catalysts rarely create a market when the underlying market conditions Total 7,387,000
are not already favorable, but they serve as a critical tool to unlock the latent market potential within
a neighborhood and accelerate its ability to attract more development sooner than it would have
otherwise, and at higher densities and values than would have occurred under natural conditions. For most land uses, current rent/price levels in the neighborhood today support new construction in
They create an organizing principle for future development in a neighborhood and mitigate the risk a low-rise configuration. However, the addition of the ballpark will significantly improve the viability
to developers of being the “first mover” in an untested location. of mid-rise construction and other higher density product types, which will create additional land and
With a strong set of existing and potential anchors, as well as strong demand drivers, the future of property value. As the neighborhood matures, the diversity of densities, heights, and uses within the
Ybor City includes a next generation neighborhood ballpark, new residents and businesses, and Ballpark District and Ybor City will continue to set it apart from other major developments like Water
amenities and services that will benefit the broader community. Given the development constraints Street, which will predominantly feature new, high-rise construction types that require users to pay
in many parts of Ybor City and the historic character of the neighborhood, the majority of luxury rents/prices to locate there. Beyond height and scale, a ballpark district will be unique in the
neighborhood demand can and should be accommodated within a Ballpark District that transforms region due to Ybor City’s rich history and vibrant character, and the variety of community anchors
that will attract a diversity of people to live, work, and play.

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EXECUTIVE SUMMARY
BALLPARK DISTRICT OFFERS A COMPELLING AND TRANSFORMATIVE OPPORTUNITY FOR YBOR
Ballpark District Program

The Ballpark District can be thought of in three “zones”—West, Central (the

ballpark site), and East—each of which has unique characteristics and a different
physical relationship to the historical neighborhood that will drive different types
of development in each location.

• The West Zone sits at the nexus of Channelside and Ybor City and offers
excellent views of downtown Tampa. The streetcar, Nuccio Pkwy, and
improvements to Channelside Drive will provide direct access to downtown
destinations and major interstates. For many baseball fans, the West zone is
likely to be their entry point to the ballpark. For visitors to Ybor City, this area
provides a key gateway to the neighborhood from every mode of
transportation. Its location, access, and views make this site most appropriate
for commercial uses such as hospitality and corporate office, with
entertainment-oriented retail that will complement rather than compete with
the retail experience along 7th Avenue.

• The Central Zone (ballpark site) serves the critical role of connecting the two
major development areas within the district to its east and west, and includes
the site just to the north of the ballpark where a new Streetcar stop could be
located. This area is most appropriate for uses that will derive significant
value from direct connectivity with the ballpark, and could include office,
hospitality or retail/entertainment venues that operate regardless of whether
its gameday.

• The East Zone has the greatest potential as a lively mixed-use neighborhood
CONCEPTUAL SITE PROGRAM “TEST FIT”
that integrates with the surrounding historical context and complements
LAND USE WEST ZONE CENTRAL ZONE EAST ZONE TOTAL
existing 7th Avenue businesses. As there are few full blocks available for new
development in Ybor City outside of the Ballpark District, new development Residential 490 Units - 2,248 2,738 Units
can provide critical neighborhood amenities, such as a full-scale grocery Creative Office - 98,000 98,000 SF
store that would be challenging to fit on other sites. This area is most likely to Corporate Office 86,000 SF 83,000 SF 108,000 277,000 SF
have significant mixed-use development with ground floor retail or creative Hotel 340 Units 274 Units - 614 Units
office, and residential on upper floors, with building heights increasing from Meeting Space 40,000 SF 40,000 SF
4th Avenue to Adamo Drive. Retail 84,600 SF 65,000 SF 178,000 328,400 SF
Sports Medicine - 50,000 SF - 50,000 SF
423,000 SF 4,051,000 SF
TOTAL 956,000 SF 2,632,000 SF
+ Ballpark + Ballpark

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EXECUTIVE SUMMARY
BALLPARK DISTRICT OFFERS A COMPELLING AND TRANSFORMATIVE OPPORTUNITY FOR YBOR
Block Land Uses Height Total SF
Ballpark District Conceptual Massing
A Hotel & Meeting 15 stories 295,000 SF
The plan below shows one conceptual layout for how the ballpark district might optimize its future development while respecting the scale of the Residential 8-12 stories 490,000 SF
Retail Ground floor 85,000 SF
surrounding neighborhood. It includes significant mixed-use development on the ballpark site itself (M), new public spaces throughout the Office Ground floor 86,000 SF
district that will serve the neighborhood as a whole, and casitas on block C that become an integral component of every visitor’s Ybor City B
Surface parking n/a 425 spaces
experience. Sites N and O also offer significant redevelopment potential that will be enhanced by the ballpark district development. Critically,
the conceptual massing demonstrates that the ballpark district area may only be able to accommodate about 4.0M of the 7.4M SF of potential C Creative office Ground floor 38,000 SF
Retail (casitas) 1-2 stories 15,000 SF
development while still respecting the historic district scale along the north edge of the district and providing the other amenities outlined above.
D Creative office Ground floor 17,500 SF
Residential 4 stories (N); 8 stories (S) 145,000 SF
Retail Ground floor 10,500 SF

E Residential 4 stories (N); 8 stories (S) 137,000 SF

Retail Ground floor 19,500 SF

F Residential 4 stories (N); 8 stories (S) 145,000 SF

Retail Ground floor 7,500 SF

G Creative Office Ground floor 12,500 SF

Commercial Office 7 stories 108,000 SF
Residential 8 stories 92,000 SF
Retail Ground floor 16,000 SF

H Residential n/a 252,000 SF

Retail 21,000 SF

I Residential n/a 273,000 SF

Retail 12,000 SF

J Creative office n/a 18,000 SF

Residential 145,000 SF
Retail 19,000 SF

K Creative office Ground floor 12,000 SF

Residential 6-10 stories 217,000 SF
Retail Ground floor 25,000 SF

L Creative office Ground floor 13,000 SF

Residential 6-10 stories 220,000 SF
Retail Ground floor 46,000 SF

M Hotel 8 stories over parking 225,000 SF

Sports Medicine Integrated in ballpark 50,000 SF
Retail Ground floor 50,000 SF
Rays Offices Integrated in ballpark 45,000 SF

N Residential n/a 273,000 SF

Retail 12,500 SF

O Residential n/a 273,000 SF

Retail 12,500 SF

Source: Kimley Horn

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EXECUTIVE SUMMARY
BALLPARK DISTRICT OFFERS A COMPELLING AND TRANSFORMATIVE OPPORTUNITY FOR YBOR
Adjacent Development Opportunity

While the Ballpark District is capable of accommodating a significant share of the demand potential for Ybor City, adjacent development areas will also benefit from the spillover of this demand to nearby sites.
The adjacent development areas could easily capture a significant portion of the remaining demand in Ybor City that may not feasibly fit within the zones outlined above. These surrounding areas will be
instrumental in meeting the needs of people and businesses looking to relocate to Ybor City and will create a better connected urban core that drives additional value for every stakeholder.

Source: Kimley Horn

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REGIONAL DEVELOPMENT CONTEXT
STRONG DEMOGRAPHIC AND ECONOMIC TRENDS
300,000 NET MIGRATION & 106,000 NEW HOUSEHOLDS SINCE 2010
Drivers of Population Growth
Growing Employment and Wages
• Since the recession (2007 to 2016), wages have grown by 23 – 25%
• Between 2010 and 2016, 350 companies invested in the Tampa area, creating
over 29,000 new jobs and generating $1.8B in capital investment
Relatively Affordable Housing
• The median listing price for a single-family detached home in Tampa is
$285,000, much lower than other major Floridian and warm-weather cities
• Miami ($455,000) Ft. Lauderdale ($495,000)
• L.A. ($750,000) Houston ($325,000)
Good Weather and Natural Amenities
• “Sun Belt” states, including Florida, have recorded consistently positive net
migration since 2000, whereas many “Snow Belt” states have seen the opposite
Drivers of Business Growth
Favorable Business Environment and Affordability
• Low corporate income tax (5.5%), no state income tax
• Low labor costs (aided by housing affordability)
• Low office rents, 2/3 the rates in Miami
Talented Workforce
• There are 80 universities, and technical schools in the region
• Tampa is the top-ranked Florida city for tech talent
Persistence and Risks
Structural and Cyclical
Different type of growth is occurring, though job and wage
growth are still at risk of economic downturns.
Structural and Cyclical
Housing prices will likely remain lower than competing
cities for a long time, due to supply/demand fundamentals.
However, rapid growth in home prices threatens
unaffordability for vulnerable segments of the population.
Structural
Florida’s weather will remain favorable, though the region
is at risk of severe weather and climate change.
Persistence and Risks
Structural and Cyclical
Policy will likely remain relatively attractive compared to
other major metros (e.g. New York, L.A.). However,
business climate and policy are all subject to change.
Structural
The region will continue to both produce and attract a
talented workforce.
Tampa Hillsborough EDC; Zillow; Brookings Institute
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ESTABLISHED MARKET FOR RETIREES
WEATHER AND AFFORDABILITY ARE ATTRACTIVE TO OLDER HOUSEHOLDS

Population Distribution by Age and Generation, 2015;

Tampa MSA
50,000

45,000
Tampa attracts
comparatively more
40,000
retirees than other
35,000
major metros

30,000

25,000

20,000

15,000

10,000

5,000

0
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84

"Gen Z" Millennials "Gen X" Baby Boomers Eisenhowers Top 50 MSAs - Population Distribution

Source: RCLCO; Esri Business Analyst

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UP-AND-COMING MARKET FOR PROFESSIONALS
SIGNIFICANT GROWTH IN PROFESSIONAL & BUSINESS SERVICES

Historic Employment by Economic Sector, 1990-2017;

Tampa MSA
275,000
The share of Professional & Business
Services jobs has tripled since 1990
250,000

225,000

200,000

175,000

150,000

125,000

100,000

75,000

50,000

25,000

0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Business Services as
Professional &

% of Economy

6% 6% 6% 7% 8% 9% 10% 12% 13% 14% 15% 14% 14% 14% 15% 16% 16% 16% 15% 15% 16% 16% 17% 17% 17% 17% 18% 18%

Trade, Transp. & Utilities Prof. & Business Services Edu. & Health Services Government
Leisure & Hospitality Financial Activities Construction Manufacturing
Other Services Information Natural Resources

Source: RCLCO; Moody’s Economy.com

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THE REGION AS A WHOLE IS GROWING
DESIRABLE FEATURES ARE DRIVING ROBUST HOUSEHOLD GROWTH
Population Growth by Age Bracket, 2010-2017; Household Growth by Census Tract, 2010-2015;
Tampa MSA Tampa MSA
1,200,000
Driven by aging
population and
strong retiree
1,000,000 1.0M
market

800,000 Driven by
834K
economic
781K 769K
growth

661K 666K
600,000
578K
507K
400,000

200,000

-200,000
Less Than 20 20 to 34 35 to 54 55 And Over

2010 2017

Source: RCLCO; Esri Business Analyst

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REGIONAL URBAN & URBANIZING CENTERS
TAMPA-ST. PETERSBURG-CLEARWATER MSA

Clearwater: Major redevelopment Westshore: This area University of South Florida: Tampa: The largest of the three
of downtown has involved adjacent to the Tampa Airport This campus spans nearly 2,000 acres principal cities in the MSA, Tampa has
beautification, several high-rise has become a major regional and serves 41,000 students, with two numerous distinct urban
condos, and a large marina. Main new employment and retail hub. hospitals and numerous retail options. neighborhoods, both established and
attractions include the Cleveland Street emerging (see next page for details).
District (retail) and Royalty Theatre.
Clearwater Marina Downtown
Tampa

View from Crowne Plaza New student housing at “The Village”

Downtown
Clearwater
Ybor City

St. Petersburg: The dense

downtown includes high-rise office and
numerous arts institutions. To the east is
the nation’s third largest public
waterfront park with beaches and a pier;
to the west is Tropicana Field (the
current Rays stadium). Channelside

Downtown
“St. Pete”
Map of Daytime Population Density, 2017

Image Source: Samuels Real Estate, Florida Trend, USF Youtube, Tampa Bay Times, Keller Williams Tampa
Source: Esri
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LOCAL URBAN AND URBANIZING CENTERS
MANY URBAN CENTERS – ALL ARE STILL EMERGING IN DIFFERENT WAYS
1 Well- Established Recently
Established but growing Emerging
8
6 2 3 Major Uses
7
4

Single-Family Residential
5

Multifamily Residential

Parks/Open Space
Retail/Restaurants

Entertainment
Office
Map Neighborhood/District and Key Characteristics

1 Ybor City: Historic, former cigar-factory town now an entertainment and retail district

2 Downtown Tampa: CBD, financial district, and government offices in high-rise buildings

3 Channelside: Entertainment district with prominent venues such as convention center and aquarium

4 Harbour Island: Lifestyle-driven residential island with tourist retail and entertainment attractions

5 Hyde Park: Desirable historic residential neighborhood with high-end retail

6 South Howard (SoHo): Popular entertainment district with established nightlife and restaurant scene

7 Westshore District: Large employment district with growing 24/7 community, including mall retail

8 International Plaza/Bay St.: Superregional mall with on-site luxury hotel and new residential development nearby

Source: RCLCO; Google Maps

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ROBUST PIPELINE IN DOWNTOWN TAMPA
WITH STRONG OFFICE PRESENCE IN WESTSHORE/INT’L PLAZA
RESIDENTIAL (UNITS) OFFICE (SF) RETAIL (SF) HOTEL (ROOMS)
Neighborhood and Major Projects
U/C Planned U/C Planned U/C Planned U/C Planned

Ybor City
100 28,000 284,000 260
(Marti Project)

Downtown
940 220 421,000 47,000
(Novel Riverwalk; AER in the Arts District; The Pearl; Encore)

Water Street mixed-use project

3,500 230,000 1,770,000 1,000,000 520
(retail SF includes cultural, educational, entertainment uses)

Channelside
380 480 40,000 91,000 210
(815 Water Street Apartments; 1400 Channelside Drive)

Hyde Park
710 8,800 6,000 64,000
(Altis Grand Central and Manor Riverwalk Apartments)

Westshore
200 710,000 350,000 250
(Continued phases of office development; Tampa Bay One)

Int’l Plaza
250 8,000 453,000 20,000 175 150
(MetWest apartments and office; Tampa Airport Reconstruction)

Harbour Island
580
(Icon Harbour Island, 500 Harbour Island)

TOTAL (Across All Selected Urban Areas) 2,610 4,750 246,800 3,388,000 104,000 1,792,000 175 1,390

Source: RCLCO; CoStar; Axiometrics; Tampa Bay Business Journal

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SCALE OF FUTURE GROWTH
WIDESPREAD APARTMENT DEVELOPMENT
OVER HALF OF NEW APARTMENT UNITS ARE BEING BUILT IN URBAN AREAS
Heat Map of All 50+ Unit Apartment Buildings, With New (Post-2010) Buildings Shown as Coordinates, Tampa MSA

- Between 2010 and 2017, 53% of new 253,000 Rental Apartments

rental apartments in the Tampa MSA In Tampa MSA
were built in urban places.
26,000 Units Built After 2010
- This capture is much higher than the (10% of Inventory)
share seen in other major Florida
metros, such as:
 Jacksonville (31%)
 Orlando (30%)
 Miami (29%)
- In fact, this share is in line with what
was seen in more conventionally
“urban” markets, such as:
 Atlanta (56%)
 Boston (54%)
 Los Angeles (51%)

MAP KEY
High
Medium/High
Medium
Medium/Low
Low
New Apartment Building (50+ Units)

Source: RCLCO; Esri; CoStar

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CONTINUED MULTIFAMILY DEVELOPMENT
FUELED BY ROBUST HOUSEHOLD GROWTH
Projected Housing Demand Relative to Historic Permitting, 2000-2030;
Hillsborough County
18,000

16,000 Projected

14,000 Demand likely to

vary depending on
timing in cycle
12,000

10,000

8,000

6,000

4,000

2,000

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Single-Family Permits (Historic) Multifamily Permits (Historic) Single-Family Demand (Projected) Apartment Demand (Projected) Condo Demand (Projected)

Note: Residential demand through 2022 is based on population estimates from Cushman & Wakefield, and residential demand between 2023 and 2030 is based on
a slightly accelerated population growth rate of 15.0% between 2020 and 2030, based on research from the Tampa Hillsborough EDC Research Department

Source: RCLCO; SOCDS HUD Permit Database; Cushman & Wakefield; Tampa Hillsborough Economic Development Corporation
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LESS NEW OFFICE, MORE SPREAD-OUT
RENTS ARE OFTEN TOO LOW FOR NEW DEVELOPMENT, BUT INCREASING
Heat Map of All 25,000+ SF Office Buildings, With New (Post-2010) Buildings Shown as Coordinates, Tampa MSA

- Between 2010 and 2017, the 120.0 Million SF of Office

overall office inventory in the In Tampa MSA
Tampa MSA increased by only 3.8 Million SF Built After 2010
3%, well below the 20% job (3% of Inventory)
growth that occurred during
this time.
- This lack of new deliveries is
partially attributable to lower
office rents, which have
presented challenges for new
construction.

MAP KEY
High
Medium/High
Medium
Medium/Low
Low
New Office Building (25,000+ SF)

Source: RCLCO; Esri; CoStar

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UPTICK IN OFFICE DEVELOPMENT
FUELED BY ECONOMIC GROWTH, COUPLED WITH PENT-UP DEMAND
Projected Office Demand Relative to Historic Deliveries, 2005-2030;
Hillsborough County
2,500,000 95.0%

2,000,000 90.0%

Projected Demand likely to

vary depending on
1,500,000 timing in cycle 85.0%

1,000,000 80.0%

500,000 75.0%

0 70.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Deliveries (SF) Occupancy Rate (Historic) Occupancy Rate (Projected)

Note: Office demand is tied to the number of households, assuming a constant jobs-per-household ratio

Source: RCLCO; CoStar; Moody’s Economy.com

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HOTEL DEMAND HAS OUTPACED CONSTRUCTION
SIGNIFICANT ROOM FOR GROWTH GOING FORWARD

Projected Hotel Demand Relative to Historic Deliveries, 2009-2030; Heat Map of All Hotels, With New (Post-2010) Hotels as Coordinates;
Hillsborough County Hillsborough County
900 90%
During this time, the number
Occupancies increased
of visitors increased by 32%,
800 from 53% to 74% between 80%
well above the 5% hotel
2009 and 2016
700 70%
inventory growth that
occurred
600 60%
Rooms Delivered

Occupancy Rate
500 50%

400 40%

300 30%

200 20%

100 10%

0 0%
MAP KEY
High
Medium/High
Medium
Rooms Delivered Medium/Low
Occupancy Rate (Historic)
Low
Occupancy Rate (Projected)
New Hotel

Source: RCLCO; Esri; CoStar; Tourism Economics

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RETAIL GAP IN URBAN NEIGHBORHOODS
WELL-SERVED BY “DESTINATION” RETAIL, LACK OF NEIGHBORHOOD RETAIL
Map of Major Urban Retail Centers and Grocery Stores, 2018;
Tampa, Florida

Ybor Super Market

(2,000 SF)

Duckweed Urban
Grocery (3,000 SF)
Publix - Under Construction
(38,000 SF)

Duckweed Urban
Grocery (3,000 SF)
Channel-
side
International Publix
Plaza (26,000 SF)

Channel-
Hyde Park
side
Westshore Village
South Westfield
Plaza
Howard Brandon

MAJOR RETAIL CENTERS PREVAILING TYPE RETAIL AND OFFICE SPACE KEY TENANTS
International Plaza Shopping/Dining 1,190,000 Square Feet Dillards, Neiman Marcus, Nordstrom
Westshore Plaza Shopping 1,060,000 Square Feet Dicks, JCPenny, Macy's, Sears
Westfield Brandon Shopping 986,000 Square Feet Dicks, Dillards, DSW, JCPenny, Macy's, Sears
South Howard Retail/Nightlife 391,900 Square Feet Berns Steakhouse, MacDintons, World of Beer
Hyde Park Village Upscale Shopping 264,000 Square Feet CineBistro, Pottery Barn, Willaims-Sonoma
Channelside (Planned Renovation) Shopping/Dining 100,000 Square Feet *None Announced Yet

Source: RCLCO; CoStar

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COMPETITIVENESS OF THE MARKET
WHICH URBAN SUBMARKETS ARE STRONGEST FOR EACH PRODUCT?

YBOR CITY
DOWNTOWN CHANNEL- HARBOUR WESTSHORE INTERNATION- BASELINE
LAND USE YBOR CITY TAMPA SIDE ISLAND HYDE PARK SOHO DISTRICT AL PLAZA CAPTURE1

Rental 4 5 4 3 3 4 3 5
Apartments Strong Very Strong Strong Adequate Adequate Strong Adequate Very Strong
12%

For-Sale 3 4 5 5 5 3 1 1
Condos Adequate Strong Very Strong Very Strong Very Strong Adequate Very Weak Very Weak
8%

Corporate 3 5 3 2 1 1 4 5
Office Adequate Very Strong Adequate Weak Very Weak Very Weak Strong Very Strong
8%

Creative 5 2 2 2 3 4 1 1
Office Very Strong Weak Weak Weak Adequate Strong Very Weak Very Weak
25%

Hotel 4 5 4 3 2 2 4 5 13%
Strong Very Strong Strong Adequate Weak Weak Strong Very Strong

Retail 4 4 4 2 5 4 5 5 11%
Strong Strong Strong Weak Very Strong Strong Very Strong Very Strong

1 Based on a weighted average of competitiveness scores, taking into account a small capture for “other”

Source: RCLCO
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DEPTH OF DEMAND IN YBOR CITY
NEW ANCHORS AND NEIGHBORHOOD AMENITIES IN YBOR WILL DRIVE HIGHER DEMAND

Future demand projections in Ybor City are derived from the following Hillsborough County and urban submarket demand forecasts. The specific Ybor demand forecast shown on page 36 is based on the
specific set of anchors and catalysts shown as part of the likely future for Ybor City, and varies between the baseline and high capture scenarios over time given the estimated impact of the catalysts outlined on
page 35.

YBOR CITY DEMAND YBOR CITY DEMAND EST. SQUARE EST. SQUARE FOOTAGE
COUNTY DEMAND URBAN DEMAND (BASELINE (HIGH CAPTURE FOOTAGE (HIGH CAPTURE
LAND USE (THROUGH 2030) (THROUGH 2030) SCENARIO) SCENARIO) (BASELINE SCENARIO) SCENARIO)
Rental 28,000 Units 3,400 Units 5,600 Units
50,800 Units 3.4 Million SF 5.6 Million SF
Apartments (55% Capture) (12% Capture) (20% Capture)

For-Sale 4,500 Units 360 Units 540 Units

5,650 Units 400,000 SF 600,000 SF
Condos (80% Capture) (8% Capture) (12% Capture)

Corporate 6,520,000 SF 522,000 SF 978,000 SF

13.0 Million SF 570,000 SF 1.1 Million SF
Office (50% Capture) (8% Capture) (15% Capture)

Creative 650,000 SF 163,000 SF 218,000 SF

650,000 SF 181,000 SF 242,000 SF
Office1 (100% Capture) (25% Capture) (33% Capture)

Hotel 8,800 Rooms 5,250 Rooms 680 Rooms 1,050 Rooms 420,000 SF 650,000 SF
(60% Capture) (13% Capture) (20% Capture)

Retail 7.2 Million SF 2,435,000 SF 200,000 SF 325,000 SF 200,000 SF 330,000 SF

(~50 SF Per New Unit) (~50 SF Per New Unit) (~50 SF Per New Unit)

TOTAL TOTAL 5.2 MILLION SF 8.5 MILLION SF

1 Creative office offers flexible, open configurations, which are generally attractive to firms in collaborative

industries like design and advertising. These spaces can be in renovated or repurposed historic structures, as
well as modern buildings or co-working environments.
Note: Estimated square footage assumes 850 SF average unit size for rental apartments with an 85%
efficiency factor, 1,000 SF average unit size for for-sale condos with a 90% efficiency factor, 400 SF average
unit size for hotels with a 65% efficiency factor, and a 92% efficiency factor for corporate office

Source: RCLCO
U4-14229.00 | 5/24/2018 | 23
CATALYZING URBAN NEIGHBORHOODS
URBAN DISTRICTS NEED MULTIPLE ANCHORS
ADDITION OF SPORTS ANCHOR UNLOCKS AND ACCELERATES LATENT
DEVELOPMENT POTENTIAL
TYPE EXAMPLES YBOR TODAY
1. ACADEMIC UNIVERSITIES, RESEARCH CENTERS

2. BASEBALL/SPORTS STADIUMS, FIELDS

3. CULTURAL AND ARTS MUSEUMS, LIBRARIES, THEATRES, GALLERIES

4. DESTINATION RETAIL POPULAR, REGION-SERVING RETAIL CENTERS

5. ENTERTAINMENT DISTRICT NIGHTLIFE, EATERIES, MULTI-USE VENUES

6. EVENTS/FESTIVALS ESTABLISHED LARGE-SCALE PROGRAMMING

7. MEDICAL HOSPITALS, MEDICAL RESEARCH

8. MULTIMODAL TRANSPORTATION CENTER PUBLIC TRANSIT STATIONS

9. PARKS/OPEN SPACE PARKS, BOARDWALKS, GARDENS

10. TECH/OFFICE CENTER OFFICE COMPLEXES, BUSINESS INCUBATORS

Source: RCLCO
U4-14229.00 | 5/24/2018 | 25
NEIGHBORHOOD CASE STUDY COMPARISON
YBOR CITY QUITE SIMILAR TO OTHER SUCCESSFUL SPORTS DISTRICTS
HISTORIC YBOR CITY BALLPARK DISTRICT MISSION BAY THE CAPITOL RIVERFRONT
TAMPA, FLORIDA SAN DIEGO, CALIFORNIA SAN FRANCISCO, CALIFORNIA WASHINGTON, D.C.

IMAGE

A historic neighborhood in Tampa, Ybor City PETCO Park transformed one of San Diego’s Located on a former brownfield site to the south Formerly an industrial neighborhood consisting of
has a unique urban fabric with a rich culture. most blighted areas – East Village – into one of its of Downtown San Francisco, Mission Bay is a excess federal land and low-density commercial
While the planned ballpark is likely to catalyze fastest-growing and most popular neighborhoods. transit-oriented hub for health care and uses, the Capitol Riverfront has emerged as a
DESCRIPTION new development, there are opportunities for Known as the Ballpark District, the neighborhood technology growth, with new features like a UCSF premiere destination. Following a decade of
the neighborhood to emerge as a premiere has attracted a significant amount of new, mixed- campus, a 289-bed specialty hospital, an NBA public investment into projects like Nationals Park
urban submarket, as seen in other places that use development. In addition to baseball, PETCO arena for the Golden State Warriors, and and Yards Park, the neighborhood has also
have undergone similar transformations. Park also features a park and a trolley line. pedestrian/bike trails. attracted a large amount of private development.

Arts and Culture, 7th Avenue bars and

PETCO Park (San Diego Padres), Trolley UCSF Mission Bay, UCSF Medical Center, Nationals Park (Washington Nationals), The
MAJOR restaurants, Streetcar and Union Station,
Line, Park at the Park, plus various hotels, 10+ Tech Incubators, Chase Arena (Golden Yards Park, Navy-Yard-Ballpark Metro, plus
ANCHORS Hillsborough Community College, events
convention centers, and events State Warriors), plus transit and trails various outdoor events and festivals
and festivals

LAND AREA 290 Acres 315 Acres 303 Acres 240 Acres
RESIDENTIAL 970 Units 6,900 Units (+ 2,650 Under Construction) 5,300 Units 6,300 Units (+ 3,400 Under Construction)
OFFICE/R&D 600,000 SF 1,787,000 SF 3,200,000 SF (+ Institutional) 6,176,000 SF
RETAIL 650,000 SF 721,000 SF 283,000 SF 490,000 SF
HOTEL 260 Rooms 2,090 Rooms 130 Rooms 740 Rooms
PARKLAND 2.5 Acres 2.7 Acres 17.1 Acres 10.0 Acres

Image Source: Ybor City Online; Good Time Design; Urban Land Institute; Bisnow
Source: RCLCO; CoStar; Axiometrics; Capitol Riverfront BID
U4-14229.00 | 5/24/2018 | 26
CASE STUDY TAKEAWAY: DEVELOPMENT TIMELINE
EVOLUTION OF CASE STUDY NEIGHBORHOODS OVER TIME
Early Stage Later Stage
Most major development happens near anchors, Most new development is market-driven,
SUMMARY
Or is fueled by public sector involvement And begins to spread throughout the neighborhood

TYPES OF • Primarily institutional or other large-scale commercial (i.e. office headquarters) • Significant market-driven development, especially residential and retail
USES • Some market-driven development from developers who are ahead of the curve • Projects decrease in scale but increase in quantity
BETWEEN SITE SELECTION ~0-5 YEARS AFTER ~6-10 YEARS AFTER
AND CONSTRUCTION DURING CONSTRUCTION CONSTRUCTION CONSTRUCTION LONGER TERM
Handful of market-driven Significant new development, Pace of deliveries moderates New high-rise residential, as
residential buildings begin to driven by renewed interest in the post-recession, until a wave of rents increase to levels that are
BALLPARK emerge neighborhood higher-density deliveries in 2015 supportive of development
DISTRICT Limited Development Activity • 750 residential units • 3,500 residential units • 1,400 residential units, many of • 3,400 U/C residential units, 2,400
San Diego • 45,000 SF retail • 445,000 SF office which are high rise/midrise of which are in high-rise buildings
• 137,000 SF retail • 340,000 SF office • 60,000 SF office
• 1,600 hotel rooms • New library

Handful of market-driven
residential and office buildings
begin to emerge
MISSION BAY
Limited Development Activity • 920 residential units
San Francisco
• 328,000 SF office, much of which
is anchored by GAP office
Significant office, tech, & R&D
development, with supporting
residential and retail
• 1,240 residential units
• 1.4M SF office/R&D, much of
which is anchored by GAP office
• 255,000 SF retail; 11 acres park
Pace of commercial
development slows, but
residential growth picks up
• 2,640 residential units
• 485,000 SF office/R&D
• One hotel
• Another 6 acres of park
Continued development, with
major future plans for open
spaces and campus expansion
• 615 residential units
• 16 acres open space
• 450,000 SF research buildings;
600 units student housing

Significant anchor, public, and,
institutional, plus some market-
THE CAPITOL driven residential
RIVERFRONT Limited Development Activity • 650 residential units
Washington, D.C. • 1.5M SF office, anchored by DDOT
• One hotel
• Some office-serving retail
Wave of market-driven office
and residential development,
with some supporting retail
• 1,890 residential units
• 1.2M SF office, mostly private
• Office and neighborhood-serving
retail/restaurants
Significant sophisticated, high-
end residential development,
plus grocery/destination retail
• 2,620 residential units
• 308,000 SF of retail, restaurants, &
grocery (including winery, brewery)
• 3 new hotels (540 rooms)
Continued residential and retail
development, with plans for a
future soccer stadium
• 3,400 residential units
• 483,000 SF office
• 264,000 SF retail, one new hotel
• New soccer stadium (DC United)

Source: RCLCO
U4-14229.00 | 5/24/2018 | 27
BALLPARK DISTRICT
SAN DIEGO, CALIFORNIA (1998 –)

DESCRIPTION DISTRICT TYPE NOTEWORTHY ANCHORS

Originally approved in 1998, PETCO Park transformed one of Academic
San Diego’s most blighted areas – East Village – into one of its
fastest-growing and most popular neighborhoods. Now known as Baseball/Sports PETCO Park (San Diego Padres)
the Ballpark District, the neighborhood has attracted a significant Culture and Arts San Diego Chinese Historical Museum; Gaslamp Museum; San Diego Central Library
amount of new, mixed-use development. In addition to baseball,
PETCO Park also features a park and a revitalized trolley line. Destination Retail

Entertainment District OMNIA Nightclub San Diego; San Diego Convention Center; Hard Rock Hotel San Diego
LAND USES
Land Area 315 Acres Events/Festivals World Baseball Classic; San Diego Comic-Con; Pride Parade & Music Festival

Residential 6,900 Units (+ 2,650 Under Construction) Medical

Office/R&D 1,787,000 SF Multimodal Transportation Gaslamp Quarter Trolley Station
Retail 721,000 SF
Parks/Open Space Park at the Park
Hotel 2,090 Rooms
Parkland 2.7 Acres Tech/Office Center

Image Source: Mecca Housing; Good Time Design; Google Maps

Source: RCLCO; CoStar; Axiometrics; ULI
U4-14229.00 | 5/24/2018 | 28
SAN DIEGO BALLPARK DISTRICT
PHASING STRATEGY AND PACE OF DELIVERIES
Construction Begins (2000) Opening Game (2004) San Diego Central Library (2013) 800+ Housing Units (2015) Going Forward (2018+)

U/C:
Another wave of
market-driven
development,
including 2,650
Ballpark Approved During Construction 0-6 Years After Construction 7-12 Years After Construction units of housing
After contentious Handful of market-driven residential Significant residential, commercial, and hotel development, Pace of deliveries moderates coming out of the recession, and 550,000 SF
public debate buildings emerge driven by renewed interest in the neighborhood though a new wave of higher density deliveries starts in 2015 of office

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Timeline of Deliveries Since Announcement of Ballpark, 1998-2017; Ballpark District (San Diego, CA)
EXISTING 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TOTAL
Residential 1,240 10 0 20 0 250 480 170 850 290 1,220 210 520 210 0 0 0 0 830 200 390 6,890 Units
Office/R&D 957,000 0 0 13,000 0 0 32,000 0 0 50,000 395,000 0 0 0 0 0 0 0 340,000 0 0 1,787,000 SF
Retail 560,000 0 23,000 0 0 0 0 29,000 19,000 48,000 15,000 26,000 0 0 0 0 0 0 1,000 0 0 721,000 SF
Hotel 390 0 0 0 0 0 0 510 235 0 415 0 450 0 0 0 0 0 90 0 0 2,090 Rooms
Parkland 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.7 Acres

Image Source: CoStar; Wikimedia Commons, Library Journal, Dannecker & Associates
Source: RCLCO; Costar; Axiometrics
U4-14229.00 | 5/24/2018 | 29
MISSION BAY
SAN FRANCISCO, CALIFORNIA (2003 –)

DESCRIPTION DISTRICT TYPE NOTEWORTHY ANCHORS

Located on a former brownfield site to the south of Downtown Academic UCSF Mission Bay
San Francisco, Mission Bay is a transit-oriented hub for health
care and technology growth, with new features like a UCSF Baseball/Sports Chase Arena (opens 2018-2019 season for the Golden State Warriors)
campus, a 289-bed specialty hospital, an NBA arena for the Culture and Arts San Francisco Public Library; Public School (Planned)
Golden State Warriors, and pedestrian/bike trails.
Destination Retail

Entertainment District
LAND USES
Land Area 303 Acres Events/Festivals

Residential 5,300 Units Medical UCSF Medical Center

Office/R&D 3,200,000 SF (+ Institutional) Multimodal Transportation Northern terminus of Caltrain & Third Street Light Rail projects
Retail 283,000 SF
Parks/Open Space San Francisco Bay Trail; Blue Greenway Waterfront Trail
Hotel 130 Rooms
Parkland 17.1 Acres Tech/Office Center 10+ technology incubators

Image Source: Urban Land Institute; Google Maps

Source: RCLCO; CoStar; Axiometrics; ULI
U4-14229.00 | 5/24/2018 | 30
MISSION BAY DISTRICT
PHASING STRATEGY AND PACE OF DELIVERIES
Construction (2000) First UCSF Building (2003) Mission Bay Branch Library (2006) UCSF Medical Center (2015) Going Forward (2018)

U/C:
700 residential
units, 6 acres
Mission Bay
public space,
Redevelopment plus two new
Announced research
No significant During Construction: 0-6 Years Following UCSF 7-12 Years Following UCSF buildings
development before Some market-driven Significant office, tech, and R&D development, with Pace of commercial development slows, but residential (450K SF total)
or during construction residential and office supporting residential and retail deliveries pick up, and the housing inventory doubles

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Timeline of Deliveries Since Announcement of Redevelopment, 1998-2017; Mission Bay (San Francisco, CA)
EXISTING 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TOTAL
Residential 500 0 0 0 0 0 920 100 140 0 540 0 460 0 100 330 150 470 900 0 690 5,300 Units
Office/R&D 960,000 0 0 0 0 283,000 45,000 155,000 0 157,000 0 760,000158,000210,000 0 0 0 0 264,000220,000 0 3,212,000 SF
Retail 28,000 0 0 0 0 0 0 0 0 255,000 0 0 0 0 0 0 0 0 0 0 0 283,000 SF
Hotel 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 130 130 Rooms
Parkland 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.0 1.3 0.0 0.0 0.0 0.0 0.0 0.0 2.4 1.2 2.2 17.1 Acres

Source: RCLCO; CoStar; Axiometrics

U4-14229.00 | 5/24/2018 | 31
THE CAPITOL RIVERFRONT
WASHINGTON, DISTRICT OF COLUMBIA (2007 – )

DESCRIPTION DISTRICT TYPE NOTEWORTHY ANCHORS

Formerly an industrial neighborhood consisting of excess federal Academic
land and low-density commercial uses, the Capitol Riverfront has
emerged as a premiere business center, mixed-use district, and Baseball/Sports Nationals Park (Washington Nationals)
waterfront destination. Following a decade of public investment Culture and Arts
into projects like Nationals Park and Yards Park, the neighborhood
has also attracted a significant amount of private development. Destination Retail

Entertainment District Blue Jacket; District Winery

LAND USES
Land Area 240 Acres Events/Festivals Tuckeroo; Thursday Night Movies; Friday Night Concerts; Jazz Festival at Yards Park

Residential 6,300 Units (+ 3,400 Under Construction) Medical

Office/R&D 6,176,000 SF Multimodal Transportation Navy Yard-Ballpark Metro (Metro Green Line)
Retail 490,000 SF
Parks/Open Space The Yards Park
Hotel 740 Rooms
Parkland 10.0 Acres Tech/Office Center

Image Source: Bisnow; JDLand; Google Maps

Source: RCLCO; CoStar; Axiometrics; Capitol Riverfront BID
U4-14229.00 | 5/24/2018 | 32
THE CAPITOL RIVERFRONT
PHASING STRATEGY AND PACE OF DELIVERIES
Opening Game (2008) Yards Park (2011) Harris Teeter (2014)

Going Forward (2018+)…

Construction Begins (2006)

11+ Years
Following
Ballpark Site During Construction 0-5 Years After Construction 6-10 Years Following Ballpark: Ballpark:
Announced Significant commercial Wave of market-driven residential and office Residential offerings become more sophisticated, Significant number
No significant development fueled by development, plus some supporting retail and larger-scale retail (including grocery) emerges to of projects are
development until public sector, plus some serve new residents, employees, and visitors under construction
construction began market-driven residential (including 3,400
residential units)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Timeline of Deliveries Since Announcement of Ballpark, 2006-2017; The Capitol Riverfront (Washington, D.C.)
EXISTING 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TOTAL
Residential 1,140 0 0 510 140 960 440 320 170 0 0 510 0 1,480 630 6,300 Units
Office/R&D 3,410,000 0 0 0 1,530,000 0 484,000 0 374,000 350,000 28,000 0 0 0 0 6,176,000 SF
Retail 101,000 0 0 13,000 11,000 0 34,000 0 24,000 0 45,000 88,000 5,000 45,000 125,000 491,000 SF
Hotel 0 0 0 200 0 0 0 0 0 0 0 0 170 200 170 740 Rooms
Parkland 1.0 0 0 0.0 0.0 0.0 0.9 0.0 5.4 3.0 0.0 0.0 0.0 0.0 0.0 10 Acres

Image Source: StadiumPage, Baseball Parks of America, Clark Construction Group; JDLand; CRBID; Eater DC
Source: RCLCO; Capitol Riverfront BID; CoStar
U4-14229.00 | 5/24/2018 | 33
BALLPARK DISTRICT DEVELOPMENT PROGRAM
YBOR CITY TRAJECTORY OF GROWTH
BASEBALL DISTRICT FACILITATES GREATER REAL ESTATE DEMAND
YBOR CITY TODAY YBOR CITY FUTURE
ANCHORS
Academic Hillsborough Community College Hillsborough Community College
Baseball/Sports New Ballpark
Culture and Arts Historic Feel; Art Galleries; The Ritz Ybor Historic Feel; Art Galleries; The Ritz Ybor; Larger Concert Venue (3,000+ Seats)
Destination Retail Household-Driven Retail
Entertainment District Various Bars & Restaurants Various Bars & Restaurants
Events/Festivals Seasonal Festivals Regular Programmed Events
Medical Sports Medicine Center of Excellence
Transportation Streetcar & Union Station Streetcar & Union Station
Parks/Open Space Major Public Park/Space
Tech/Office Center
DEMAND
Apartment BASELINE - CONSTRAINED BY CURRENT ZONING HIGH
Condo BASELINE - CONSTRAINED BY CURRENT ZONING HIGH
Corporate Office BELOW BASELINE - UNLIKELY WITHOUT BALLPARK BASELINE
Creative Office RENOVATIONS OF EXISTING SPACE ONLY BASELINE PLUS
Hotel BASELINE - CONSTRAINED BY CURRENT ZONING BASELINE PLUS
Retail RENOVATIONS OF EXISTING SPACE ONLY HIGH

LEGEND
Current Use – Primary Current Use – Secondary Future Use – Primary Future Use - Secondary

Source: RCLCO
U4-14229.00 | 5/24/2018 | 35
SIMILAR OPPORTUNITY TO OTHER CASE STUDIES
NEW BALLPARK CATALYZES FUTURE DEVELOPMENT POTENTIAL IN YBOR CITY
• A new ballpark will accelerate the demand in Ybor City across all land uses and increasing rents/values such that higher density construction is feasible.
• The Ballpark District offers the most available land for new development within Ybor City and the availability of contiguous, full-block sites immediately proximate to the Ballpark will allow it to realize a similar
development trajectory to other case studies. While other small infill sites in Ybor will also benefit from increased demand, the Ballpark District has the greatest potential to capture new development and will
create the greatest economic impact compared to how the sites are being used today.

YBOR CITY FUTURE YBOR CITY FUTURE BALLPARK

VALUE TRAJECTORY DEMAND TRAJECTORY DISTRICT
TOP-OF- CONCURRENT FOLLOWING @
MARKET WITH/ FOLLOWING NEIGHBORHOOD YBOR CITY ESTIMATED
LAND USE REGION TODAY BALLPARK INFILL 2018-2020 2021-2025 2026-2030 TOTAL 2/3 CAPTURE

Rental $2.50 - $2.75

$2.00 PSF $2.10 - $2.20 PSF $2.20 - $2.40 PSF 820 Units 2,115 Units 2,345 Units 5,280 Units 3,500 Units
Apartments PSF

For-Sale $500 - $600

$375 PSF $400 - $425 PSF $425 - $450 PSF 90 Units 205 Units 225 Units 520 Units 350 Units
Condos PSF

Office $36 - $38 FS $36 FS $37 - $38 FS $38 - $40 FS 110,000 SF 200,000 SF 215,000 SF 525,000 SF 348,000 SF

Creative
$20 - $22 NNN $28 FS $29 FS $30 FS 45,000 SF 85,000 SF 90,000 SF 220,000 SF 145,000 SF
Office

$165 (Limited) $170 (Limited)

Hotel $240 - $300 $160 (Limited) 170 Rooms 375 Rooms 385 Rooms 930 Rooms 620 Rooms
$190 - $200 (Full) $195- $205 (Full)

Retail N/A $28 NNN $28 NNN $28 NNN 50,000 SF 120,000 SF 140,000 SF 310,000 SF 300,000 SF

TOTAL 7.4M SF 5.0M SF

Source: RCLCO
U4-14229.00 | 5/24/2018 | 36
 CATALYST FOR HIGHER DENSITY & VALUE
HIGHER REVENUES FOR THE CITY, GREATER LAND VALUE FROM EACH BLOCK

HOUSING OPPORTUNITIES
“Wrap”-Style Product “Podium”-Style Product Midrise Product High-Rise Product

Ybor City
(Value Today) $ $ Not Feasible Not Feasible

Ybor City
(Value With Ballpark) $$ $$ $$$ (Mid-Term) $$$ (Mid-Term)

Hypothetical
Buildout on 10 Acres 800 Units 900 Units 1,700 Units 3,100 Units

Most likely scenario Most likely scenario with ballpark – Twice as many units
without ballpark on the same land area, at higher values

Source: RCLCO
U4-14229.00 | 5/24/2018 | 37
YBOR CITY WITH BALLPARK
PHASING STRATEGY AND PACE OF DELIVERIES
Construction Begins (2021) Opening Game (2023) Significant New Mixed-Use Development Introduction of More Sophisticated Product Types Continued
Densification

Ballpark Site Announced 9+ Years

During Construction
(Before Construction)
Development around the
Small scale infill and renovation
ballpark, plus some
around 7th Avenue
market-driven throughout
the neighborhood
0-4 Years After Construction 5-8 Years Following Ballpark:
Following
Significant residential, commercial, Product offerings become more sophisticated,
Ballpark:
and hotel development, driven by and larger-scale retail (potentially grocery)
Future waves of
excitement around the Ballpark emerges to serve new residents, employees,
District and the rest of Ybor City and visitors dense, mixed-use
development

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032+

Timeline of Demand Since Announcement of Ballpark, 2018-2030; Ybor City (Tampa, FL)
BEFORE DURING
EXISTING CONSTRUCTION CONSTRUCTION 0-4 YEARS FOLLOWING BALLPARK 5-8 YEARS FOLLOWING BALLPARK TOTAL
Residential 970 905 875 1,945 2,075 6,770
Office/R&D 600,000 156,000 107,000 230,000 246,000 1,339,000
Retail 650,000 48,000 46,000 103,000 110,000 957,000
Hotel 260 170 150 300 310 1,190

Image Source: StadiumPage, Apartments.com, Patch, ArnoldImaging, CoStar

Source: RCLCO
U4-14229.00 | 5/24/2018 | 38
BALLPARK DISTRICT DEVELOPMENT POTENTIAL
4.0M SF THROUGH 2030

CONCEPTUAL SITE PROGRAM “TEST FIT”

LAND USE WEST ZONE CENTRAL ZONE EAST ZONE TOTAL
Residential 490 Units - 2,248 2,738 Units
Creative Office - 98,000 98,000 SF
Corporate Office 86,000 SF 83,000 SF 108,000 277,000 SF
Hotel 340 Units 274 Units - 614 Units
Meeting Space 40,000 SF 40,000 SF
Retail 84,600 SF 65,000 SF 178,000 328,400 SF
Sports Medicine - 50,000 SF - 50,000 SF
423,000 SF 4,051,000 SF
TOTAL 956,000 SF 2,632,000 SF
+ Ballpark + Ballpark

U4-14229.00 | 5/24/2018 | 39
 NICHE PRODUCT TYPE
DEVELOPMENT OPPORTUNITIES
ADDITIONAL NICHE PRODUCT TYPES
OPPORTUNITY “DEEP DIVES”
1. HOTEL

2. CONFERENCE CENTER

3. MUSIC VENUE

4. CREATIVE OFFICE

U4-14229.00 | 5/24/2018 | 41
MANY HIGH-END HOTELS IN URBAN TAMPA
SEVERAL NEW, WITH MORE THAT ARE UNDER CONSTRUCTION OR PLANNED
Map of Hotels in the Competitive Set and Pipeline; Tampa
MAP YEAR
KEY HOTEL OPENED ROOMS
EXISTING HOTELS
LUXURY CLASS
1 Grand Hyatt Tampa Bay 1986 442
UPPER UPSCALE CLASS
2 Marriott Tampa Waterside Hotel & Marina 2000 719
3 Hilton Tampa Downtown 1982 520
4 Embassy Suites Tampa Downtown Convention Center 2006 360
5 Tribute Portfolio The Westshore Grand 1987 325
6 The Westin Tampa Waterside 1985 309
7 Sheraton Hotel Tampa Riverwalk 1968 277
15 1 14
13 8 Autograph Collection Epicurean Hotel 2013 137
18 19 9 Le Meridien Tampa 2014 130
17 UPSCALE CLASS
21
10 Courtyard Tampa Downtown 1998 141
11 aloft Hotel Tampa Downtown 2014 130
5 12 Residence Inn Tampa Downtown 2000 109
13 Hilton Garden Inn Tampa Ybor Historic District 1999 95
8 HOTEL PIPELINE
UNDER CONSTRUCTION
14 AC by Marriott 2018 175
15 Current, An Autograph Collection by Marriott Hotel 2020 180
PROPOSED
12 16 Home2Suites & Hampton Inn Unknown 213
10 17 Kimpton Tampa Hotel Unknown 150
9 16
18 Nuccio Pky & E 7th Ave Unknown 70
19 Hotel Ybor Barrio Unknown 187
11 20 490 Channelside Dr Unknown 150
7 3
21 3725 W Grace St Unknown 250
20 EXISTING HOTEL INVENTORY
4 KEY TYPE OF HOTEL ROOMS INVENTORY
2 Luxury 442 12%
Upper Upscale 2,777 75%
6 Upscale 475 13%

Source: RCLCO; STR

U4-14229.00 | 5/24/2018 | 42
DEMAND EXCEEDS AVAILABLE ROOM NIGHTS
OCCUPANCIES ARE INCREASING, EVEN AS NEW HOTELS DELIVER
Supply and Demand for Hotel Rooms, 2012-2016; Competitive Set
1,400,000 17.5%

1,300,000 15.0%
Number of Room Nights

12.5%
1,200,000

Percent Change
10.0% Supply (Number of Hotel Rooms Available)
1,100,000
7.5% Demand (Number of Rooms Sold)
1,000,000 Change in Supply (%)
5.0%
900,000 Change in Demand (%)
2.5%
800,000 0.0%
700,000 -2.5%
2012 2013 2014 2015 2016 2017

Occupancy and ADR, 2012-2017; Competitive Set

$180 77% 77% 80%
76%
$170 73% 75%
$171
68% 69%
$160 $163 70%

Occupancy
ADR

$150 $156 65% ADR ($)

$146 Occupancy (%)

$140 $143 60%
$138
$130 55%

$120 50%
2012 2013 2014 2015 2016 2017

Source: RCLCO; STR

U4-14229.00 | 5/24/2018 | 43
COMPETITIVE SET CONTINUES TO PERFORM WELL
PLUS, BASEBALL WILL FUEL EXTRA DEMAND DURING HOTEL “OFF-SEASON”
Hotel Occupancy Rates by Month, 2016-2017 (Average); Competitive Set
95%
Baseball Season
89%
90%
87%
85%
85%

80%
80% 78% 78%
76%
75% Competitive Set: 77% Occupied, On Average 73% 73%

70%
70% 69%
Industry Standard: 65-70% Occupied, On Average 66%

65%

60%

55%

50%
October November December January February March April May June July August September
Average Occupancy Rate (Industry Standard) Average Occupancy Rate (Competitive Set)

Source: RCLCO; STR

U4-14229.00 | 5/24/2018 | 44
ADDITIONAL NICHE PRODUCT TYPES
OPPORTUNITY “DEEP DIVES”
1. HOTEL

2. CONFERENCE CENTER

3. MUSIC VENUE

4. CREATIVE OFFICE

U4-14229.00 | 5/24/2018 | 45
DISTRIBUTION OF MEETING SPACES IN TAMPA
MOST ARE NEAR THE AIRPORT, BUT LARGEST SPACES ARE ELSEWHERE
MAP YEAR HOTEL MEETING MEETING
HOTEL FLAG
KEY BUILT ROOMS ROOMS SPACE
DOWNTOWN/CBD
21
1 Hilton Tampa Downtown Upper Upscale 1982 520 29 30,000
2 Floridian Independent 1923 213 3 12,000
3 Sheraton Tampa Riverwalk Hotel Upper Upscale 1979 277 6 12,000
DOWNTOWN/CONVENTION CENTER
4 Tampa Convention Center N/A 1990 0 37 200,000+
5 Tampa Marriott Waterside Hotel and Marina Upper Upscale 2000 719 20 40,000
6 Embassy Suites by Hilton Upper Upscale 2006 360 12 11,000
7 The Westin Tampa Waterside Upper Upscale 1985 299 13 18,000
9 20 WESTSHORE
8 Grand Hyatt Tampa Bay Luxury 1986 442 19 25,000
19 8 11
16 9 Tampa Airport Marriott Upper Upscale 1982 298 16 25,000
10 Tampa Marriott Westshore Upper Upscale 1981 310 22 19,000
11 Renaissance Tampa International Plaza Hotel Upper Upscale 2004 293 8 17,000
12 DoubleTree by Hilton Hotel Tampa Airport Upscale 1973 489 21 16,000
13 Holiday Inn Tampa Westshore - Airport Area Upper Midscale 1986 261 10 15,000
14 The Westshore Grand Upper Upscale 1984 325 14 14,000
15 Crowne Plaza Tampa Westshore Upscale 1973 222 7 14,000
16 Hilton Tampa Airport Westshore Upper Upscale 1982 238 17 12,000
18 17 Four Points by Sheraton Suites Tampa Airport Upscale 1986 261 11 12,000
10 18 Ramada Tampa Airport Westshore Midscale 1981 237 12 10,000
17 2
13 12 19 The Westin Tampa Bay Upper Upscale 2009 244 9 10,000
OTHER
1 20 Sheraton Tampa Brandon Hotel Upper Upscale 1987 266 24 30,000
3
21 Embassy Suites by Hilton Tampa USF Upper Upscale 1998 247 22 18,000
15 4 6
5
14
7

Source: RCLCO; Cvent; CoStar; STR

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TYPES OF CONFERENCE CENTERS
OPPORTUNITY FOR LARGE CONFERENCE CENTER IN MARKET AND SITE
HOTEL EVENT HOTEL RESORT CONFERENCE UNIVERSITY EXECUTIVE CONVENTION CENTER
CENTER CONFERENCE CENTER CONFERENCE CENTER

Meeting < 1,000 SF

1,000 SF to 20,000 SF 20,000 SF to 40,000 SF 20,000 SF to 60,000 SF 30,000 SF to 75,000 SF 100,000 SF to 150,000 SF
Space Ballroom

Guest
75-150 100-200 300-450 200-400 300-400 No Guest Rooms
Rooms
Defining Under 25 SF 50-100 SF 50-100 SF 100-200 SF 100-250 SF
N/A
Threshold Per Guest Room Per Guest Room Per Guest Room Per Guest Room Per Guest Room

Target 80% Transient 50% Transient 70% In-House 40% Business Business
Transient
Market 20% Events 50% Business 30% Business 60% Transient (85% Day Meetings)
Full-service meeting Primarily used for major
Meeting room used for Offers lower rates, service
Meeting space used for Markets resort amenities to planners, markets quiet, events and conventions,
Details small corporate meetings qualities, academic
small events and groups attract business professional meetings in offers full-service meeting
and seminars amenities
secluded space management
Residence Inn Grand Hyatt Tampa Bay USF Marshall Student Center Tampa Marriott
Local Market Embassy Suites by Hilton
Courtyard by Marriott The Westin Tampa Embassy Suites by Hilton Waterside Hotel & Marina Tampa Convention Center
Examples Tampa Marriott Westshore
Hampton Inn Waterside Tampa USF Hilton Tampa Downtown

HIGH HIGH HIGH MEDIUM HIGH LOW

Market While these hotels offer meeting While these hotels offer meeting With warm weather and a While there are already many There are few conference center Tampa already has one major
Opportunity spaces, attracting visitors is their spaces, attracting visitors is their location near the ocean, Tampa conference centers at or near options in this space range, convention center, and
primary use, and the number of primary use, and the number of is well-situated to attract resort USF, University of Tampa has since most are smaller except additional demand is presently
visitors continues to increase visitors continues to increase users fewer options for the convention center unclear

MEDIUM
While there is probably an
Site
opportunity for a hotel with a
Opportunity small conference center
component, this use is not likely
to be as impactful at the site
MEDIUM
LOW
LOW HIGH LOW
While there is probably an University of Tampa is close to Ybor City is well-situated Even if there was demand for an
Ybor City is not located on the
opportunity for a hotel with a downtown, so conference users relative to downtown and additional convention center in
water, where many of the
small conference center already have several more other urban amenities, and the Tampa, Ybor City is very close
highest-end resort hotels in
component, this use is not likely convenient options than a stadium will help solidify its to the existing center, so a new
Tampa are likely to be situated
to be as impactful at the site potential hotel in Ybor City positioning one would likely go elsewhere

Source: RCLCO
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EXECUTIVE CONFERENCE CENTER EXAMPLES
VARY IN TERMS OF SIZE AND LEVEL OF SERVICE

Belmond Charleston Place Renaissance Atlanta Waverly JW Marriott Marquis Miami Hilton Orlando Bonnet Creek
HOTEL
Information

Charleston, South Carolina (Downtown) Atlanta, Georgia (Near the Battery Atlanta) Miami, Florida (Downtown) Orlando, Florida (Disney World)
HOTEL FLAG Luxury Upper Upscale Luxury Upper Upscale
YEAR BUILT 1986 1983 2010 2009 (Renovated 2014)

HOTEL ROOMS 434 Guest Rooms 522 Guest Rooms 313 Guest Rooms 1,009 Guest Rooms

MEETING 3 Ballrooms, 4 Boardrooms,

Space

7 Ballrooms, 21 Meeting Rooms 33 Event Rooms 13 Event Rooms, 1 Grand Ballroom

ROOMS 40 Meeting Rooms
MEETING 40,000 SF 65,000 SF 80,000 SF 132,000 SF
SPACE (100 SF Per Guest Room) (125 SF Per Guest Room) (250 SF Per Guest Room) (125 SF Per Guest Room)

High-speed internet; set design and Versatile meeting spaces and catered Multiple large event spaces, some with
Large ballrooms with amphitheater; décor; video mapping; concert-grade menu; business center; 3 concierge adjacent outdoor gardens; full service
SERVICES
accompanying outdoor garden spaces; audio system; R.E.N. Meeting Expert levels and concierge lounge; team- business center with signs, graphics and
Services/Amenities

OFFERED
bespoke catering; space use design app; catering team; on-site UPS store; building spaces including bowling alley, parcel management (on-site FedEx site);
executive shuttles basketball court, golf school Meetings 360 planner app

On-site fine dining and room service; On-site dining; spa; fitness; direct access On-site spa; fitness center; pool; fine Complimentary transportation to Disney
HOTEL fitness center with infinity pool; spa; on- to Cobb Galleria Centre; near SunTrust dining; NBA-approved basketball court; World; resort-style pool with slides and
AMENITIES site high-end shopping; private Club floor Park, Cumberland Mall, and other proximity to American Airlines Arena and lazy river; golf course; spa; fitness center;
levels with additional services attractions the Performing Arts Center jogging trails and bikes; 24-hr concierge

Image Sources: booking.com, expedia.com

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ADDITIONAL NICHE PRODUCT TYPES
OPPORTUNITY “DEEP DIVES”
1. HOTEL

2. CONFERENCE CENTER

3. MUSIC VENUE

4. CREATIVE OFFICE

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CURRENT LANDSCAPE FOR CONCERT VENUES
POSSIBLE GAP IN MARKET WITH LACK OF MID-SIZED VENUES
Map of Existing Concert Venues; Tampa, Florida

3
1

7 8
5 6 MAP
KEY VENUE NAME CAPACITY TYPES OF ACTS
1 MIDFLORIDA Credit Union Amphitheatre 200,000 Outdoor amphitheater attracting major pop/rock/country artists
2 Amalie Arena 22,000 Indoor arena for sporting & concert events
3 Seminole Hard Rock Hotel & Casino N/A Hotel, casino, & restaurant featuring live music entertainment
4 Straz Center for the Performing Arts 3,000 Performing arts venue for opera, classical, and other musical performances
5 The Ritz Ybor 1,100 Nightclub with weekend events, plus some big national performers
6 The Orpheum < 1,000 Nightclub featuring local & smaller national artists
7 Crowbar < 1,000 Nightclub with live music, DJ, and special events
4
8 Rock Brothers Brewing < 1,000 Brewery with live music
2
9 Dallas Bull < 1,000 Country music bar with live performers

Source: RCLCO; Google Maps

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CONCERT VENUE CASE STUDIES
VENUES WITH CAPACITY FOR 2,000-6,000 GUESTS

The Fillmore Express Live! Coca-Cola Roxy The Anthem

VENUE
Silver Spring, Maryland (Downtown) Columbus, Ohio (Arena District) Atlanta, Georgia (The Battery Atlanta) Washington, D.C. (The Wharf)
Venue Information

YEAR BUILT 2011 2001 2017 2017

SIZE 32,000 SF 25,000 SF (Indoor) 53,000 SF 57,000 SF
ACREAGE/FAR 0.3 Acres (2.5 FAR) 1.5 Acres (0.4 FAR) 0.8 Acres (1.5 FAR) 0.9 Acres (1.5 FAR)
2,200 Guests (Indoor Music Hall)
CAPACITY 2,000 Guests 3,600 Guests 2,500 - 6,000 Guests (Variable)
5,200 Guests (Outdoor Amphitheater)

ACTS / YEAR 160 Shows / Year 110 Shows / Year 40 Shows / Year 120 Shows / Year

Primarily a music venue for Rap, Hip- Seasonal outdoor shows and year-round Live music shows featuring big-name Live music concerts, as well as speakers;
TYPES OF Hop, and Soul genres with some Pop. indoor shows, with emphasis on rock, rock, indie, and some R&B artists; also music acts tend to feature big-name
Events

ACTS/EVENTS Rock, and Electronic artists, many of indie, and country; also hosts a few local used for many corporate meetings and artists across a host of genres, mostly
whom are emerging events, such as high school proms private events such as banquets pop, indie, and rock.

SAMPLE John Legend, Mary J. Blige, Bullet For Fleet Foxes, Vance Joy, Matt and Kim, The Decemberists, Arctic Monkeys, Bon Iver, The Killers, Bob Dylan,
ACTS/EVENTS My Valentine, Daniel Caesar Dropkick Murphys, Paramore James Bay, Dua Lipa, Billy Idol Pentatonix, Lorde, Joe Biden

A Live Nation venue, The Fillmore is a

Formerly the PromoWest Pavilion, Coca-Cola Roxy is a Live Nation venue in The Anthem is a music venue and
part of the up-and-coming arts district in
Express Live! is an indoor/outdoor music Atlanta and part of the new mixed-use auditorium that comprises part of the
Other

DESCRIPTION Downtown Silver Spring, along with the

venue that anchors the mixed-use Arena entertainment development next to District Wharf redevelopment of D.C.’s
American Film Institute and Discovery
District, a hub for musical entertainment. SunTrust Park (of the Atlanta Braves). Southwest Waterfront area.
Communications

Source: RCLCO; CoStar

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ADDITIONAL NICHE PRODUCT TYPES
OPPORTUNITY “DEEP DIVES”
1. HOTEL

2. CONFERENCE CENTER

3. MUSIC VENUE

4. CREATIVE OFFICE

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SIZING THE CREATIVE OFFICE MARKET
FLEXIBLE, OPEN OFFICE SPACES ATTRACTING SMALL FIRMS THAT VALUE COLLABORATION

Creative Office-Using Employment by Firm Size, 2005-2015; Hillsborough County, Florida

2015 944 280 228 76 14

2010 625 191 175 50 9 Between 2010 and 2015, the number of creative office-using
employees increased by nearly 500, from 1,050 to 1,540.
By 2030, this number is expected to more than double, to 3,200.
Assuming 250 SF per employee, this growth translates to county
2005 546 185 145 46 9 demand for nearly 425,000 SF of new creative office space

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800

Firms with 1-4 Employees Firms with 5-9 Employees Firms with 10-19 Employees Firms with 20-49 Employees Firms with 50-99 Employees

CREATIVE AND OFFICE- CREATIVE OFFICE-USING

YEAR OFFICE-USING EMPLOYEES % CREATIVE1 USING EMPLOYEES % CHOOSE CREATIVE OFFICE2 EMPLOYMENT
2005 109,000 15.1% 16,500 5.7% 930
2010 119,000 15.6% 18,500 5.7% 1,050
2015 146,000 18.9% 27,600 5.6% 1,543
2020 174,000 20.8% 36,300 5.6% 2,027
2025 203,000 22.7% 46,000 5.6% 2,573
2030 234,000 24.6% 57,500 5.6% 3,213

1 Based on the share of office-using employment that falls into potential “creative office” user categories, such as architectural/landscape architecture/engineering services, graphic/interior design
services, advertisement agencies, and film/music producers; share for the years 2020, 2025, and 2030 are based on the historic trend from 2005 to 2015.
2 Capture is based on a weighted distribution of employment by firm size, assuming 5.0% of people working for 1-4 employee firms, 7.5% of people working for 5-9 employee firms, 10.0% of people

working for 10-19 employee firms, 5.0% of people working for 20-49 employee firms, and 2.5% of people working for 50-99 employee firms

Source: RCLCO; BLS; Census; Moody’s Economy.com

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CREATIVE OFFICE CASE STUDIES
EXAMPLES OF NEIGHBORHOODS WITH LARGE CREATIVE OFFICE BASES
21x
NAME RiNo
(Denver, Colorado)
DESCRIPTION
The River North art district is a quintessentially
“hip” neighborhood that serves as the epicenter
district that has converted its industrial past into
of the local arts scene, with prolific murals, art
events, and related creative businesses.
TYPES OF
USERS
Artists (studios, galleries, boutiques),
coworking + collaborative spaces, and various
collections), the Fashion District (major clothing
other small businesses (cycling/health,
community services, specialty shops, salons)
NUMBER OF Existing: ~90 buildings, 2.0M SF
BUILDINGS/SF U/C or Renov: 11 buildings, 1.3M SF
Proposed: 10 buildings, 1.0M SF
Wynwood
(Miami, Florida)
Located to the north of Downtown Miami,
Wynwood is a business improvement and arts
vibrant arts, restaurants, entertainment, and
nightlife options.
The neighborhood can be subdivided into the
Art District (with over 70 galleries and
retailers), and the Tech District (containing
startup incubators and coding bootcamps)
Existing: ~40 buildings, 500K SF
U/C or Renov: 4 buildings, 180K SF
Proposed: 7 buildings, 700K SF
East Austin
(Austin, Texas)
A rapidly evolving neighborhood, East Austin is
a natural extension of downtown’s Sixth Street
entertainment district, as well as an emerging
arts district in its own right, with transit-oriented
development now in the works.
Entertainment, restaurants, apartments, and
creative office have seeped into this
traditionally residential neighborhood. One
major project is Springdale General, a complex
of 15 buildings meant to facilitate and preserve
affordable local creative development.
Existing: ~50 buildings, 750K SF
U/C or Renov: 7 buildings, 730K SF
Proposed: 1 building, 60K SF
Image Sources: Oz Architecture
Source: RCLCO; CoStar
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STAGES OF CREATIVE OFFICE DEVELOPMENT
LESSONS LEARNED FROM CASE STUDIES
Early Stage Later Stage
Creative uses grow organically, Creative spaces are developed intentionally,
CHARACTERISTICS
occupied by tenants driven by affordability motivated more by lifestyle
• Primarily “creative” types: entertainment, arts, media • Influx of professional services (law, real estate, financial services)
TYPES OF USERS
• Tech users, especially in markets with significant tech growth • Established co-working and incubator spaces
TYPES OF • Renovation of old industrial, retail, parking, and residential spaces • Newer construction that blends in by adopting design aesthetic
CONSTRUCTION • Typically smaller structures/projects • Often larger buildings with multiple tenants, possibly structured parking
EXAMPLES

• Historically an industrial neighborhood with Between 2005 and 2017: E.g. Zeppelin Station: mixed use with office
RINO many manufacturing plants and warehouses • Artists & galleries grew in # but fell in share and co-working spaces on top floors, and
(DENVER) • Original RiNo members were mostly “artists and • # of business tenants grew from 2 to 139 international food hall on ground floor; 100,000
makers” occupying studios and galleries • # of creative businesses grew from 6 to 55 SF new construction built 2018

• Professional services have grown to be the

• Historically an enclave for Cuban immigrants; E.g. Wynwood Garage: structured parking
largest single category of business type: 29
WYNWOOD was also the city’s former Garment District garage with 430 parking spots, 30K SF Class A
restaurants, 24 entertainment/event spaces, 25
(MIAMI) • Early tenants included fashion retailers and creative office space, and 23K SF of ground floor
fashion retailers, 30 professional services
renovated warehouses retail; developed by Goldman Properties
firms, 6 real estate firms
• Historically a residential neighborhood with E.g. Springdale General: creative office
• Surplus office demand from Downtown crosses
ethnic minorities and strong local character complex with 15 buildings and mixed uses, to be
over I-35 to the “edgier” East Austin
EAST AUSTIN • Early creative office included small renovated kept affordable (rents start at $17.50); tenants
• Established developers such as Endeavor
retailers (bike shops, coffee shops), residential include Center for Social Innovation, Applebox
and Related become involved
live/work units Imaging, Bluesky Design & Build

• Historically an ethnic enclave and factory town

• A few small co-working spaces now exist, such
• Current creative office are primarily small-format
YBOR as CoWork Ybor To Be Developed
(single-family homes), with ~15 larger-scale
• Rents around $17 – 21 PSF
renovations of old warehouses

Source: CoStar, respective business directories

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CHARACTERISTICS OF BUSINESSES
ESTABLISHED CREATIVE OFFICE MARKETS HAVE MORE – BUT SMALLER –
BUSINESSES
Total Business, 2017 Employees Per Business, 2017
1,000 18

900 16
902 16

800
14
774
700 737
12

600 11
10
500
8 9
400 430
7
6
300

4
200

100 2

0 0
Ybor RiNo Wynwood East Austin Ybor RiNo Wynwood East Austin

Source: RCLCO; Esri

U4-14229.00 | 5/24/2018 | 56
 AUSTIN LA ORLANDO DC
221 W 6th St 11601 Wilshire Blvd 964 Lake Baldwin Ln 7200 Wisconsin Ave
Suite 2030 Suite 1650 Suite 100 Suite 1110
Austin, TX 78701 Los Angeles, CA 90025 Orlando, FL 32814 Bethesda, MD 20814

Erin Talkington
Principal
P: (240) 396-2353
E: ETALKINGTON@RCLCO.COM
W: RCLCO.COM