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HomeMy WebLinkAboutRESPONSE - RFP - P1023 FULL SERVICE DOWNTOWN HOTELPage is too large to OCR. Chicago in the late 1980's and early 1990's. He has overseen the development, redevelopment, and operations of major urban mixed -use properties such as Tabor Center (office/hotel/retail) in Denver, Cityplace (office/retail/hotel) and Gold Coast Galleria (residential/retail/office) in Chicago. Mr. Koehn is currently Chairman of Downtown Denver, Inc., the business advocacy arm of the Downtown Denver Partnership, and is a former (2004) President of the Colorado Chapter of the National Association of Industrial and Office Properties (NAIOP), and was named its Member of the Year in 2001. He is also former Chairman of the Board (2005) of Special Olympics -Colorado. Mr. Koehn holds a Bachelors of Environmental Design degree from CU-Boulder, and a Masters of Business Administration from the University of Chicago. Kim would lead the team on the project. Thomas E. Banta — Executive rice President - Corporex Companies, Inc. and Managing Director of Corporex Colorado, LLC Mr. Banta is a member of Corporex's Executive Management Board and is also responsible for all internal operations of the company including Development, Construction, Leasing and Property Management, and Accounting and Administration. Mr. Banta joined Corporex in 1985 and has held many positions within the company such as: Financial Analyst, Development Coordinator, Development Manager, and Senior Vice President of Development. Prior to joining Corporex, Mr. Banta worked for Three - Way Construction in Indianapolis, Indiana. Mr. Banta graduated from Indiana University with a dual degree in Finance and Real Estate Administration. Mr. Banta is a member of the Board of Directors of Eagle Hospitality Properties Trust, a publicly traded REIT focused on the ownership of full service hotels (EHP-NYSE). He is active in the Cincinnati Chapter of the Association for Commercial Real Estate (NAIOP) and the charitable organization, Habitat for Humanity. In 2000, Mr. Banta was honored as one of the Cincinnati Business Courier's "Forty Under Forty" Top Executives. Tom has been a key executive on the vast majority of the company's development projects. On this project he would provide coordination, construction and development oversight, and financial support. Michael C. O'Donnell — Vice President Corporex Development & Construction Management, LLC Mike O'Donnell has been with Corporex for 24 years, the first 20 years as Project Manager with the general contracting division of the company managing a mix of third party projects and company development projects. The past four years he has been managing third party general contractors to do the company's development work. His responsibility and experience include total project delivery from conceptual estimating, selecting the design team, bidding, value engineering, contract administration, change order management and project close out. A list of projects that he has personally managed includes hotels totaling 1,245 keys, over 2,000,000 square feet of industrial A OTTOTIV_V�x shot raie[nWm buildings, over 2,000,000 square feet of office buildings, and parking garages totaling 4,200 cars. Mike will be in charge of the construction and design effort. He will oversee the estimating, the design, the value engineering process and management of the contractor toward the on -time on -budget completion of the project. Glen Sibley — Vice President - Corporex Colorado, LLC Mr. Sibley's real estate career spans more than twenty years and includes experience in commercial real estate development, acquisition, leasing and finance and environmental issues effecting commercial real estate transactions. Sibley has been responsible for more than $750 million in office and retail lease transactions and was the developer of, and arranged financing for, the Embassy Suites Hotel at Denver International Airport, the development of the 766,000 square foot World Trade Center/Denver, and leasing and management of Republic Plaza in Denver. He has served as a director of Colorado Public Radio, Chair of the Economic Development Task Force of the Downtown Denver Partnership, and formerly as a director of Downtown Denver, Inc., The Greater Denver Corporation, the Denver (Olympic) Games Committee, Denver's World Trade Center, and as President of the Historic Paramount Foundation. He is an active full member of the Urban Land Institute (Chair of Urban Mixed Use Development Council) and NAIOP. Mr. Sibley holds an MBA degree from the University of Denver and undergraduate degrees in Business Administration and Economics from the University of Puget Sound. a er_pr�, array �acaaira. Team Organization As an organization, we have a long history of a "high touch" hands-on to the development and construction process with executive level talent being very involved in the details of the project. For the Full Service Downtown Hotel & Mixed Use Development opportunity we would have the project coordinated by our local leader and next most senior executive with the involvement of our Cincinnati executives in development and construction. They would be locally involved in the early stages of the project and involved in weekly team conference calls with the day-to-day local team. This locally driven, centrally coordinated process was used in the successful on -time on budget completion of the $25 million Embassy Suites Hotel at DIA and is being used in the coordination of the very complicated construction of the $30 million Museum Residences. Our team organization will be as follows: Tom Banta Executive VP CorporexDeJt & Const. Mgm Mike ODonnell Executive VP CorporexDeJt & Const. Mgm CM Staff President )rex Colorado Glen Sibley Vice President Corporex Colorado 4aumot actWe O ■ O Page is too large to OCR. In 1986, Covington, Kentucky — located just across the Ohio River from Cincinnati — was declared by HUD to be the most distressed city in the United States. After five failed attempts by other developers, Corporex was selected as the Master Developer for the site in December, 1986. With an $8.4 million Urban Development Action Grant (UDAG) and an additional $3 million from the Commonwealth of Kentucky, land was assembled and cleared, and basic infrastructure was brought to the site preparing six blocks along the river for development. Corporex's transaction structure with Covington was to deliver turnkey, on a design -build basis a 1,000 car parking garage, 4 levels total with 2 levels below grade at a guaranteed maximum price. The below grade parking provided particular challenges as there were extensive flood control issues given the frequent rise of the Ohio River. In exchange for the construction of the garage, Corporex would receive the development rights above the garage on the 6 blocks. 1987 was not the best time to commence a visionary, pioneering project. Even with City support, and commitment of 50% of the required debt from a local bank, 44 United States banks turned down participation in the construction loan for the project. By August 1988, Corporex had completed the master plan design, achieved 45% pre -leasing on the 300,000 SF RiverCenter I office tower, signed a franchise agreement with Embassy Suites, and obtained the balance of the construction loan from the Canadian Imperial Bank of Commerce and the Bank of Nova Scotia. By July 1990, the 1,002 parking garage, the office tower and the 228 room Embassy Suites hotel were open for business. This first phase of RiverCenter was profitable within its first year. The recession of the early 1990's delayed the next phase of the project. In 1998, RiverCenter Tower II was completed. This 254,000 square foot Class -A office building echoed the design of the first tower and was built on top of the podium provided by the garage. The 260 room Landmark Marriott was added in 1999, along with the Northern Kentucky Convention Center, which was constructed by Corporex. In 1999, construction was commenced on Madison Place, a 286,000 square foot Class -A office building with 12 luxury condominiums each boasting in excess of 4,000 square feet. With Phase II complete, what was once a blighted area, though rich with City and river views and close to downtown amenities, now is prosperous. This 6 acre site now houses $250 million of private development owned by Corporex with 855,000 square feet of Class "A" office, 1,500 parking spaces in two garages and 560 hotel rooms in two hotels with ground floor restaurants and retail. The site has a vacant surface parking lot on which an additional two towers are planned as Phase IIl. On a lot across the road from RiverCenter, Corporex will now further transform the Riverfront with its $40 million, 80- unit Ascent at Roebling's Bridge, designed by Daniel Libeskind. 4 0 anal rvecouw Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Governmental RiverCenter Redevelopment Irwin "Butch" Callery, Mayor City of Covington, Kentucky 638 Madison Avenue Covington, Kentucky 41011 859-292-2127 Architectural Davis Partnership Designs Brit K. Probst, AIA 2301 Blake Street, Suite 100 Denver, CO 80205 (303) 861-8555 Studio Daniel Libeskind Daniel Libeskind AIA 2 Rector Street, 19th Floor New York, NY 10006 (212)497-9100 Pahl Pahl Pahl Joseph M. Pahl, AIA 303 East 17th Avenue Suite 555 Denver, CO 80203 303-861-7147 Contractors References (Museum Residences) (Embassy Suites at DIA) Milender White Construction Company -(Embassy Suites at DIA/Museum Residences) Bryon White President 13050 W. Ord Drive Golden, Colorado 80403 303-216-0420 orpo Conclusion Corporex is confident that this team can deliver the leadership, experience, the financial strength, the ability to address the complexity of governance, the ability to work through a necessarily public process and the ability to address the requirements of the Full Service Downtown Hotel & Mixed Use Development project. Qualified to lead a complex development • Corporex has the depth and breadth of personnel with a long history of development expertise to manage this project. • Corporex has direct experience in large scale, mixed -use, multi -phased projects with large quantities of structured parking. • Commonwealth Hotels' ability to provide exceptional attention to detail has proven to be a major advantage in today's highly competitive hospitality industry. • Corporex's experience has been recognized by public entities who have engaged them in the development of courthouses, office buildings and parking structures. • All members of the team have proven in multiple projects their ability to plan and deliver complicated, dense, mixed -use projects. Experience of firm and personnel on comparable projects • Corporex's capability was recently re -affirmed when it was selected to take over the stalled Banks project in Cincinnati, building 1,100 parking spaces and then controlling over $650 million of vertical mixed -use development that will be constructed by Corporex and developers it selects. • Corporex's local partner directed the entitlement of one of the more complex urban projects in Denver which incorporated mixed use development, complicated infrastructure, multiple City agencies and significant public input. Financial resources and other unique attributes • Corporex has over $1 billion in assets and has constructed over 19 million square feet of product in its 40 year history. • Corporex has experience in a multitude of public finance and private finance vehicles for large scale development. Experience with governance entities • Corporex worked through City, State, economic development and other quasi - public entities to complete RiverCenter. • Corporex was selected to coordinate the City, County, Port Authority, and a downtown redevelopment entity along side the owners of two sports teams and stadiums at the Banks project. aaa raecbur• OTO,�� TABLE OF CONTENTS Letter of Introduction 2. Organization & Management 3. Key Personnel 4. Team Organization Chart 5. Relevant Projects, Awards & Honors 6. References 7. List of Clients 8. Conclusion: Why The City and DDA Should Select our Team a aha.�� Ul'�J0 Experience with community input process • Corporex's local partner led the most extensive, inclusive community outreach process ever completed on a private development in Denver which led to the successful passage of the sought rezoning of the property. • Corporex's success in the public process led to the successful development of RiverCenter and selection to replicate that success on the other side of the Ohio River in the Banks development. The Corporex Team is excited by this opportunity and confident in its ability to deliver an outcome that the team members, the stakeholders and the community can be proud of. Corporex is hopeful that its expert team will be given this opportunity to transform this site to a vibrant centerpiece of The City of Fort Collins urban fabric. h�� Page is too large to OCR. City of Fort Collins Downtown Fort Collins Vision and Capabilities Hotel and Mixed Use Project City of Fort Collins Agenda 1. Introduction of Corporex team 2. Situation discussion 3. Project experience 4. Vision for the project 5. Original Response to RFQ City of Fort Collins �L • Key Executives — Kim Koehn — President/COO — Glen Sibley — Vice President — Dan Ezra — Manager of Construction — Thomas Banta — Executive Vice President — Michael O'Donnell — VP, Construction — William Butler — Corporex Founder and CEO OTTM 4iA City of Port Collins Kim J. Koehn — President— Corporex Colorado, LLC Corporex team, he has been in Denver for almost a decade. Prior to joining Corporex, Mr. Koehn was the head of Denver regional operations for Equity Office Properties (EOP), the nation's largest publicly traded owner of office buildings. In this capacity, he directed the day-to-day operations of a portfolio of properties from Seattle to San Jose, and Minneapolis to Phoenix, comprising up to 15 million square feet and employing over 200 EOP employees. His tenure with EOP spanned 13 years, including four years in the Chicago corporate office. Mr. Koehn also has extensive acquisition, development and redevelopment experience, having started his career with national developer Opus Corporation, and continuing with Fifield Companies and Household Commercial in Chicago in the late 1980's and early 1990's. He has overseen the development, redevelopment, and operations of major urban mixed -use properties such as Tabor Center (office/hotel/retail) in Denver, Cityplace (office/retail/hotel) and Gold Coast Galleria (residential/retail/office) in Chicago. Mr. Koehn is currently Chairman of Downtown Denver, Inc., the business advocacy arm of the Downtown Denver Partnership, and is a former (2004) President of the Colorado Chapter of the National Association of Industrial and Office Properties (NAIOP), and was named its Member of the Year in 2001. He is also former Chairman of the Board (2005) of Special Olympics -Colorado. Mr. Koehn holds a Bachelors of Environmental Design degree from CU-Boulder, and a Masters of Business Administration from the University of Chicago. Glen Sibley— Vice President— Corporex Colorado, LLC Mr. Sibley's real estate career spans more than twenty years and includes experience in commercial real estate development, acquisition, leasing and finance and environmental issues effecting commercial real estate transactions. Sibley has been responsible for more than $750 million in office and retail lease transactions and was the developer of and arranged financing for the Embassy Suites Hotel at Denver International Airport, the development of the 766,000 square foot World Trade Center/Denver, and leasing and management of Republic Plaza in Denver. He has served as a director of Colorado Public Radio, Chair of the Economic Development Task Force of the Downtown Denver Partnership, and formerly as a director of Downtown Denver, Inc., The Greater Denver Corporation, the Denver (Olympic) Games Committee, Denver's World Trade Center, and as President of the Historic Paramount Foundation. He is an active full member of the Urban Land Institute (Chair of Urban Mixed Use Development Council) and NAIOP. Mr. Sibley holds an MBA degree from the University of Denver and undergraduate degrees in Business Administration and Economics from the University of Puget Sound. Daniel A. Ezra — Construction Manager— Corporex Colorado, LLC Dan Ezra serves as Construction and Development Project Manager for Corporex Colorado. He oversees all development and construction issues on our developments for our account and for our third party consulting business. Dan brings a host of construction and development experience having overseen over $500 million of construction in his 19 year career. He most recently completed the development of Portofino Tower, a $32 million 14 story luxury condominium development in downtown Denver, Colorado which was completed on -time and on -budget. He was a regional manager for Donohoe Construction Company in Washington, DC, a regional Director of Land and Buildings for 360networks and was a Design Phase Manager for M.A. Mortenson. Dan holds a Bachelor of Science from the University of Maryland. He is a certified Class A General Contractor. Aaron D. Johnson — Analyst — Corporex Colorado, LLC Aaron Johnson has been with Corporex Colorado, LLC for over two years. Aaron is currently assisting in Corporex Companies growth in the Colorado marketplace by sourcing potential new investments and is also responsible for financial analysis on new development and acquisition opportunities. Over the past two years Aaron has been an integral part of the team which has leased 162,000+ square feet of office space in Corporex Center at 188 Inverness; a previously vacant 250,000 square foot, Class A office building in the Inverness Business Park. He is an active member of NAIOP and the University of Colorado Real Estate Council. Aaron graduated from the University of Colorado at Boulder in 2003, earning a BS in Finance as well as a Certificate of Real Estate from the Leeds School of Business. He is a licensed Real Estate Broker in the State of Colorado. While attending CU, Aaron participated in the analysis of redevelopment potential for the University of Colorado Health Sciences Center as well as served as a financial consultant for the Graduate Architectural Program of CU Denver for the redevelopment of Children's Hospital in Denver. Michael C. O'Donnell — Vice President Corporex Development & Construction Management, LLC Mike O'Donnell has been with Corporex for 24 years. The first 20 years as Project Manager with the general contracting division of the company managing a mix of third party projects and company development projects. The past four years he has been managing third party general contractors to do the company's development work. His responsibility and experience include total project delivery from conceptual estimating, selecting the design team, bidding, value engineering, contract administration, change order management and project close out. A list of projects that he has personally managed includes hotels totaling 1,245 keys, over 2,000,000 square feet of industrial, over 2,000,000 square feet of office, and parking garages totaling 4,200 cars. Thomas E. Banta — Executive Vice President — Corporex Companies, Inc. and Managing Director of Corporex Colorado, LLC Mr. Banta is a member of Corporex's Executive Management Board and is also responsible for all internal operations of the company including Development, Construction, Leasing and Property Management, and Accounting and Administration. Mr. Banta joined Corporex in 1985 and has held many positions within the company such as: Financial Analyst, Development Coordinator, Development Manager, and Senior Vice President of Development. Prior to joining Corporex, Mr. Banta worked for Three -Way Construction in Indianapolis, Indiana. Mr. Banta graduated from Indiana University with a dual degree in Finance and Real Estate Administration. Mr. Banta is a member of the Board of Directors of Eagle Hospitality Properties Trust, a publicly traded REIT focused on the ownership of full service hotels (EHP-NYSE). He is active in the Cincinnati Chapter of the Association for Commercial Real Estate (NAIOP) and the charitable organization, Habitat for Humanity. In 2000, Mr. Banta was honored as one of the Cincinnati Business Courier's "Forty Under Forty" Top Executives. William P. Butler— Founder, President and Chairman — Corporex Companies, Inc. Mr. Butler serves as an Officer and Director for all Corporex affiliates. He has been actively involved in the acquisition, construction, and financing of major real estate properties for over 30 years. He is a member of the Board of Directors of the Tri-County Economic Development Corporation, Covington Business Council, Downtown Cincinnati, Inc., and the National Conference of Christians & Jews. Mr. Butler has served the following organizations as director or trustee: Greater Cincinnati Chamber of Commerce, The Kentucky Chamber of Commerce, Thomas More College, the Northern Kentucky Chamber of Commerce, and the Governor's Economic Development Task Force. Mr. Butler has also served as President of the Association for Commercial Real Estate (NAIOP) — Cincinnati Chapter. In 1996, Mr. Butler was named National Entrepreneur of the Year by the Entrepreneur of the Year Institute, an organization sponsored by Ernst & Young, USA Today, CNN, and NASDAQ. • Prepared and Experienced • Financially Strong • Comfortable in Public/Private Process • Committed to Colorado • Resident in Colorado '�1�"on"'o 96 ���"� City of Port Cotlins • Founded in 1965 by Bill Butler • Office, Hotel, Club and Industrial Properties • 12 Full Service Hotels • Private Company • $1 Billion+ in Assets OTTM rdA City of Fort Collins June 29, 2006 City of Fort Collins, Purchasing P.O. Box 580 Fort Collings, CO 80522 Attn: The Selection Committee RE: Response to Request for Qualification Dear Selection Committee: It is with great pleasure that Corporex offers its qualifications to provide design, construction and management services of a mixed -use hotel/convention project for The City of Fort Collins and the Downtown Development Authority. Corporex, throughout the enclosed proposal, will make clear our interest in this project because of the unique experience of Corporex with facilities of this type. Throughout our response to your request for proposal we will detail the following highlights: • Corporex brings 40 years of design -build construction expertise as a general contractor to development and construction projects. This experience allows us to manage the process, seek the most cost effective solutions and deliver a superior product at a lower price. • With 9 million square feet of build -to -suit construction and a portfolio of over $1 billion in assets, Corporex has the depth and financial strength to complete a project of this scale. • Corporex brings very specific full service hotel and mixed use development experience having built hotels, parking structures and office space throughout the country. Corporex consistently delivers on -time, on -budget and at a price lower than comparable facilities with finishes and features that were of higher quality, • Commonwealth Hotels, an affiliate of Corporex, is a full -service hotel management company with experience in all market segments. Our properties are market leaders in their respective markets, meet all debt service payments, and generate a favorable return on equity to ownership. • Corporex brings professionals with construction, development and project management experience both corporately and locally, and the ability to imagine and create grand, high quality projects. For the purposes of this project, I will act as the principal in charge and your single point of contact: Kim J. Koehn, President Corporex Colorado, LLC 1125 1r Street, Suite 2300 Denver, CO 80202 303-339-9808 telephone - 303-339-9801 facsimile We hope to do for The City of Fort Collins and the Downtown Development Authority what we have been able to do for our other clients and welcome the opportunity to tell you more about those experiences. Very truly yours, im toe oe.a ranaorwe OT�po City of Fort Collins Downtown Fort Collins Situation • Successful re -birth of downtown • Attractive, safe, walkable, active, inviting • Retail, office, restaurants, government • No destination lodging • Limited gathering facilities Oono a TTM City of Furt Collins Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Corporex Organization & Management Corporex Colorado, LLC believes it is uniquely qualified to act in the design, build, lease and management of a multi -tenant project to include a significant full -service urban hotel, parking garage, street -facing retail, and offices for the City of Fort Collins and the Downtown Development Authority ("The City"). Corporex has very strong financial capability, a long resume in complex projects, and specific experience in public and public -private work on complex urban structures as well as specific experience with hotels, office and parking structures. Corporex Overview (www.corporex.com) Corporex was founded in 1965 as the W.P. Butler Company by William P. Butler. During those initial years, the primary business was commercial construction, building in the Cincinnati, Ohio area and in surrounding metropolitan and regional markets. In 1970, the Company expanded its activities to include full-scale development when it acquired land for its first industrial park in the Greater Cincinnati metro area. This successful investment gave way to continued expansion into larger commercial construction projects and other real estate developments. In the 1980's the Company established operations in Tampa, Nashville, and Atlanta. In the 1990's, operations were added in Denver, Boston and Chicago. Corporex today is a full service development, construction management, investment management, and asset management real estate firm that is involved in office, industrial, hotel, and residential properties. In addition, it owns and manages seven Five Seasons Sports Country Clubs. In its 40-year history, Corporex has developed nearly 10 million square feet of office and industrial properties and 2,900 hotel rooms for its own account. By year-end 2004, the company's portfolio included over $1 billion of owned assets. Commonwealth Hotels, an affiliate of Corporex, is a full -service hotel management company with experience in all market segments. The company was founded in 1986 with the development of the Commonwealth Hilton, located in the Northern Kentucky suburbs of Cincinnati, near the Greater Cincinnati/Northern Kentucky International Airport. Commonwealth Hotels operates hotels under the industry's strongest brand names including: Hilton, Marriott, Marriott Courtyard, Marriott Residence Inn, Embassy Suites, Hampton Inn and Homewood Suites, which encompass the full service, select service, limited service and all -suites segments. Our properties are market leaders in their respective markets, meet all debt service payments, and generate a favorable return on equity to ownership. Commonwealth Hotels consistently performs as an industry leader in every market we enter. Aggressive sales and planning, along with stringent cost controls, enable us to 4 OTT.� Cw0f�� Public Private Partnerships • River Center, Covington, KY • One Renaissance, Hamilton, OH • Parking Facility, Covington, KY • Museum Residences, Denver, CO • • • • • • • • • • • • • World Trade Center, Denver, CO OTTM � 1��� "'�'� Cip' of Fort Colli Urban Mixed Use • Tabor Center Retail, Denver, CO • City Place, Chicago, IL • Gold Coast Galleria, Chicago, IL OTTOM rab City of Fort Collins Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. maximize revenues and profitability. Commonwealth Hotels' ability to provide exceptional attention to detail has proven to be a major advantage in today's highly competitive hospitality industry. We are owners as well as operators, and most importantly, entrepreneurs in our approach to the hotel business. In 2004, Corporex took its hotel portfolio public as the Eagle Hospitality Properties Trust. The Company was formed to pursue investment opportunities in the full -service and all -suites hotel industry. The Company owns a portfolio of nine hotels, flagged by nationally recognized brands, including Embassy Suites Hotels, Marriott, Hyatt and Hilton. Eagle Hospitality Properties Trust is traded on the New York Stock Exchange under the symbol EHP. Corporex's commitment to quality is not limited to its own portfolio. Corporex has also provided design build construction, construction management and consulting services for third party clients. Corporex has completed over 9 million square feet of build -to -suit facilities for third -party clients including office buildings, industrial projects, two justice centers, five hotels and even a blimp hangar. Corporex's construction operations provide extensive in-house disciplines including architectural and project management services. The Company has extensive experience providing design -build and construction management services to third party clients including major local, national and international corporations such as Cincinnati Bell, International Paper, Goodyear, C. Itoh Steel, Pepsi -Cola, and National Underwriters. Corporex has also provided complete design and construction processes for all Corporex- owned developments. Having this discipline in-house has given Corporex a major competitive advantage in the real estate development business. By intensively managing the construction process, beginning with the initial design phase, Corporex is able to deliver product at a cost (including all fees) 15% to 20% below its competition on comparable product. As a result, Corporex produces higher than average yields on investment, distinguishes its product in the market by providing "high touch" amenities to its buildings, and provides a good value to its tenants, residents and users. Corporex is well suited to the role of project manager. With its in-house architectural, engineering, construction, financial and development expertise as well as experience in office, hotel, residential and industrial development, Corporex has a talent for solving complicated problems, creating reliable construction cost estimates and closely managing costs through the construction process. In addition to development on its own account, Corporex has frequently been selected to develop on behalf of, and in cooperation with, public entities. A testament to this diversity of talents and its design, development, engineering and financial strength together with the ability to work with a variety of governmental entities, is the recent selection of Corporex as the Master Developer of The Banks in Cincinnati with its partner, Vandercar Holdings. Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. City of Fort Collins Protect Vision • Destination within downtown • Catalyst for additional activity • Potential for entertainment/cultural events • Connect site with downtown • Landmark project in downtown City of Fort Collins Project Components • Full service "High Touch" hotel • Unique hotel concept • Active ground level retail • Integrated project and public parking • Flexible conference/meeting facilities • Fine dining ono M CIh' of Fort Collins City of Fort Collins Project Benefits • Leverage the energy of downtown • Increase market strength/competitiveness • Increase visitor length of stay • Increase tax base • Add to destination appeal • Springboard for further enhancement • Additional anchor for downtown o City of Fort Collins Page is too large to OCR. Page is too large to OCR. Page is too large to OCR. The currently vacant 15 acre site sits along the bank of the Ohio River, just across the historic Roebling Bridge from Corporex's RiverCenter redevelopment and between the Cincinnati Bengals' Paul Brown Stadium and the Cincinnati Reds' Great American Ballpark. While Corporex was selected by Hamilton County as the Master Developer, the project will require the cooperation of the City of Cincinnati, the Port of Greater Cincinnati Development Authority and Cincinnati Center City Development Corp. (3CDC). The master plan calls for a mix of 900 to 1,300 residential units, ground floor retail, two small boutique hotels and low-rise offices. All of the development will sit on top of a 1,100 space parking garage podium that Corporex will develop and construct. The $55 million cost of the garage will be funded $10 million by Corporex, $24.9 million in federal money from the Congestion and Mitigation Air Quality program, and the balance from tax increment financing. In Colorado, Corporex has committed nearly $100 million in its first three projects since its entry into the market in 2001. It built the 174 room Embassy Suites at DIA in 2002. In 2004, Corporex acquired the 250,000 square foot Class -A Corporex Center at 188 Inverness Drive West office building, which includes an additional 6 acres of land on which another 180,000 square feet can be built. Also in 2004, the company acquired the land on which the 56 unit Museum Residences is being constructed. It also controls an additional site on which a 17 story residential tower may be constructed. This high end residential project is designed by Daniel Libeskind, the designer of the Denver Art Museum expansion and the master planner of the redevelopment of the World Trade Center site. Corporex Colorado is located 1125 17a` Street, Suite 2300, Denver, CO 80202. The local 5 person staff can be reached by phone at 303.339.9800. Corporex Colorado is owned & managed by, Thomas E. Banta and William P. Butler through Corporex Realty & Investment, LLC. Corporex Project Management Experience Corporex's deep team of experienced professionals in real estate, finance, design, construction and marketing cover all aspects of design, construction and relocation. All decision and actions are driven with a focus on creating long-term value and representing the best decisions of the owner, whether governmental, institutional or corporate. Having the extensive development, design, and construction disciplines in-house has provided the opportunity for Corporex to form alliances with entities that need real estate products for their own expansion purposes, but do not want to support an in-house development staff or for public entities who wish to leverage off of our private sector experience and our bottom line focus. Corporex's method of project delivery is based upon simple principles that are designed to maximize financial returns, architectural success, create long-term investment value, and aggressively manage costs and quality. The approach is comprehensive, beginning at the earliest conceptual stages of a project, and continuing through the completion and further to include the ongoing management of the asset. anor imt O1 0 Corporex employs its process relying on its 40 year history as a general contractor and developer. With its in-house construction, architectural and design staff, and teamed with local contractors, Corporex has had track record of delivering the highest quality at a tremendous value. In fact, in two government projects in Ohio and Kentucky, Corporex delivered a superior product at a 30% discount to comparable government buildings that had been constructed in the immediate area. Corporex can assist in every step of the planning, development and construction process including any combination of the following: • Determining and defining initial financial, space and size goals, including needs analysis and programming. • Site selection, civil engineering and feasibility analysis. We have extensive mass excavation expertise, master planning for business parks and campus developments, preparation of protective covenants, reciprocal easements, and architectural standards. • Hosting design competition among selected architects and/or design build contractors. This approach maximizes creativity and accelerates the project by providing the owner multiple competing designs and solutions to meet the owner's goals. Develop the team of providers for the best results. • Providing critical analysis of each design approach including an assessment of functionality, building efficiencies, constructability and cost estimating as well as appeal and value creation. • Negotiating architectural and construction contracts on behalf of the owner. • Handling all pre -construction and development issues such as zoning, entitlements, permitting, development and/or construction. • Serving as manager for the project providing ongoing estimating, scheduling and design -control functions. • Driving the project schedule on a fast -track basis. • Causing guaranteed maximum price for the project if so desired by the owner. • Developing marketing and sales programs, selecting brokerage agents and negotiating performance agreements. • Securing governmental incentives vis-a-vis relocation and expansion or business development. Seeking tax increment financing or district bond financing for infrastructure development. anar Eataao�• QMo Key Personnel While the team will function as an overall unit, the team member's roles and allocation of the responsibilities will be as follows: Kim Koehn — Principal in Charge • Act as overall Project Manager and Primary Point of Contact • Assist in final selection of design and process of selecting General Contractors • Develop and manage project schedules • Provide contract administration and management services • Assist in program verification and facilitation of changes • Develop, monitor and analyze reporting systems • Manage, review, approve and coordinate City approval of payments and change orders • Provide scheduled updates and immediate action items • Participate in dispute resolution • Development & implementation of tracking program & software • Review & approval of contract & bid documents • Develop, implement & administer comprehensive quality control program Tom Banta — Principal • Assist in Overall Project Management. Brings Specific Mixed -Use Hotel/Convention Project Expertise in both Development & Construction • Assist in final selection of Design Consultants and process of selecting General Contractors • Assist in negotiation of construction contracts • Participate in dispute resolution • Review & approval of contract & bid documents • Develop, implement & administer comprehensive quality control program • Coordinate project insurance Mike O'Donnell — Construction Management • Lead Construction Management Professional. Mixed -Use Hotel/Convention Project Experience. • Assist in final selection of Design Consultants and process of selecting General Contractors • Assist in negotiation of construction contracts • Coordinate cost estimating services • Develop and manage project schedules • Develop, monitor and analyze reporting systems • Manage, review, approve and coordinate City approval of payments and change orders • Design and construction oversight • Development & implementation of tracking program & software • Review & approval of contract & bid documents o arra raeaymna • Develop, implement & administer comprehensive quality control program • Review project safety documents • Develop, implement and administer punch list resolution Glen Sibley — Vice President • Local Project Management Assistance • Assist in final selection of design and process of selecting General Contractors • Provide contract administration and management services • Assist in program verification and facilitation of changes • Develop, monitor and analyze reporting systems • Coordinate City Agencies including plan review & permits • Coordination of detailed programming • Development & implementation of a comprehensive FF&E program • Development & implementation of tracking program & software • Review & approval of contract & bid documents • Develop, implement & administer comprehensive quality control program • Review project safety documents • Coordinate project insurance • Develop, implement and administer punch list resolution • Oversee final inspection • Monitor completion and preparation of all record and close out documents • Commissioning Construction Management Staff — Dictated by Specific Needs We have several construction and architectural management personnel on staff both in Cincinnati and in Denver and would assign staff once we have further developed an understanding of our needs and the areas in which we will need support on this project and allocate so that we have sufficient capacity on the project. We will designate from this pool our on -site day-to-day "eyes and ears" for the project. Biographical Information Kim J. Koehn — President - Corporex Colorado, LLC Mr. Koehn is a twenty one year veteran of the real estate industry. While new to the Corporex team, he has been in Denver for almost a decade. Prior to joining Corporex, Mr. Koehn was the head of Denver regional operations for Equity Office Properties (EOP), the nation's largest publicly traded owner of office buildings. In this capacity, he directed the day-to-day operations of a portfolio of properties from Seattle to San Jose, and Minneapolis to Phoenix, comprising up to 15 million square feet and employing over 200 EOP employees. His tenure with EOP spanned 13 years, including four years in the Chicago corporate office. Mr. Koehn also has extensive acquisition, development and redevelopment experience, having started his career with national developer Opus Corporation, and continuing with Fifield Companies and Household Commercial in