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King Edward Hotel Revitalization Company LLC

King Edward Hotel Redevelopment And Standard Life Building Renovation. King Edward Hotel Revitalization Company LLC. September 23, 2008. CONFIDENTIAL. Status Report. David Watkins. President, Watkins Development LLC Principal, Watkins & Young PLLC. PARTIES INVOLVED IN THE PROJECT.

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King Edward Hotel Revitalization Company LLC

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  1. King Edward Hotel Redevelopment And Standard Life Building Renovation King Edward Hotel Revitalization Company LLC September 23, 2008 CONFIDENTIAL Status Report

  2. David Watkins President, Watkins Development LLC Principal, Watkins & Young PLLC

  3. PARTIES INVOLVED IN THE PROJECT • Development Partners: • HRI Properties (New Orleans) • David Watkins (Jackson) • Deuce McAllister (Jackson) • Leroy Walker (Jackson) (Standard Life only)

  4. PROJECT COSTS • Total Development: $123 million • King Edward: $89 million • Standard Life: $34 million • King Edward Project contractor is Clayco, Inc., a nationally-known, design-build construction firm using local subcontractors for all work on project • Standard Life contractor is White Construction

  5. PROPOSED USES OF THE PROPERTY • Mixed-use Residential, Hotel and Retail with associated parking • Residential • Top 4 floors of the King Edward Hotel building • Approximately 56 Units – 1 BR and 2 BR • Floors 3-18 of Standard Life Building • Approximately 64 units – 1 BR and 2 BR • Potential of 12 additional units as alternate use of Annex buildings • Hotel – King Edward • Hilton Gardens Inn flag with 186 rooms on floors 3 through 8 • Conference facilities located on the second floor • Hilton – “Evolution” (luxury) FF&E package for urban hotels (plasma TVs, etc) • Signature Bar and Restaurant • 2 swimming pools (one in basement; one on rooftop)

  6. PROPOSED USES OF THE PROPERTY • Retail • Approximately 3,000 square feet in KE and 3,400 in Standard Life • Coffee shop and gift shop currently proposed in King Edward • Signature restaurant and bar in lobby of KE • Parking • renovation of existing garage; use of Standard Life parking lot with possible expansion for low level parking garage • Greenspace • Interior courtyard with connected terraced/landscaped valet entrance from Capitol Street, additional exits at Roach and Pearl Streets

  7. Economic Impact of Developments Creates large number of new jobs Generates substantial new school taxes, income taxes and sales taxes Provides badly needed downtown living for “new Jacksonians”

  8. Economic Impact of Developments • Key to removal of blight and stagnation in downtown Jackson area • Redevelopment of Standard Life is a vital component to assuring success of King Edward project • Overall development is important to create the critical mass needed to make the downtown development in the block viable and sustainable

  9. King Edward + Standard Life Direct 10-Year Fiscal and Economic Impact

  10. King EdwardHotel

  11. Why the King Edward? • Symbolic of revitalization of downtown Jackson • Strategic importance to master development plan for City • Historic significance gives market value for restoration which a new structure on site would not have

  12. King Edward Hotel Capitol Street View Summer, 2009

  13. PHYSICAL REDEVELOPMENT PLAN Site Plan

  14. PHYSICAL REDEVELOPMENT PLAN • First Floor • Lobby • Registration • Restaurant • Bar • Coffee shop • Gift shop

  15. PHYSICAL REDEVELOPMENT PLAN • Second Floor • Meeting rooms • Grand Ballroom • mezzanine/balcony . reopened

  16. PHYSICAL REDEVELOPMENT PLAN Typical Hotel Floor Plan Floors 3-8

  17. PHYSICAL REDEVELOPMENT PLAN Typical Apartment Floor Plan Floors 9-12

  18. PHYSICAL REDEVELOPMENT PLAN • RooftopPatio • Pool • Fitness Center • Entertainment . Area

  19. Mill Street Farmers Market, Art Galleries and Sidewalk Coffee Shop

  20. MILL STREET VIADUCT IMPROVEMENT & MARKET

  21. Farmers Market Cafe

  22. Standard Life

  23. Action by City Council • This was NOT a loan by the City to Developers • JRA approved a deferral of $900,000 of the of the $1,000,000 purchase price • Generally routine and minor deal point • However, JRA had given loan on property from Trustmark and the bank required City to back the loan • Thus, JRA, Trustmark and City all had to approve the simple deferral of the payment

  24. Standard Life Apartments – Master Site Plan

  25. Standard Life Apartments – Typical Floor Plan (Floors 3 – 12)

  26. Standard Life Apartments – 17th Floor Plan

  27. Project Vision and Development Concept Standard Life Annex Buildings (Roach Street) Retail/Restaurant or conversion to double apartments (12)

  28. Standard Life Apartments – Rendering of Apartment Interior 1

  29. Standard Life Apartments – Rendering of Apartment Interior 2

  30. Standard Life Redevelopment Status – 9/23/2008 • Work has begun on the Standard Life – the interior demolition will begin in October with reconstruction shortly thereafter. • The project will be completed in December, 2009. • Plans have been refined to create 76 apartments unit including 50 1-bedroom units, 26 2-bedroom units and 2,600 square feet of ground floor retail.

  31. Development Timetable • November, 2007 – Phase II redevelopment construction of King Edward commenced • March 11 – King Edward financial closing • Jan-May – • Standard Life design work; • Part 2 application, • selection of contractor; • financial closing

  32. Development Timetable • September, 2008 – Standard Life to be begin • September, 2009 – King Edward construction completion; project grand opening • December, 2009 – Standard Life completion

  33. Capital Street Retail Development

  34. Capital Street Retail Development • Development of properties near King Edward to enhance 24-7 living at King Edward and to augment the Farish Street entertainment development

  35. Capitol Street Buildings

  36. Capital Street Development Options • General commercial development • Retail space • Restaurants, coffee shops • Clubs, bars, pubs • Boutiques • Specialty shops • Business Incubator Project (Downtown Partners)

  37. Farish Street Entertainment District

  38. Farish Street Plan

  39. Farish Street

  40. Farish Street Plan

  41. Farish Street • Entertainment, historic, tourist, cultural venue • Vision and Scope of project expanded • Emphasis on Culture, Music, Food and TELLING THE STORY OF JACKSON MISSISSIPPI! • Note: Beale Street in Memphis took twenty years to develop

  42. PROJECT SUMMARY • Total Development Costs: $52.5 million • New Jobs Created: 680 • Ten Year Revenue Impact: $200 million+ • Projected Timetable: • Commence Construction: 90 days • Complete Construction of first block: 12-16 months • Complete Construction of second block: 2010

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