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Developer makes pitch for town center; [STATE Edition]
Copyright Times Publishing Co. Jul 10, 2005 In dropping out of the race to lead the city's ambitious town center project, a couple of large developers cited concerns about long-term leases and the ability to create a financial success. But where the big guns saw obstacles, the baby in the group of finalists - Unicorp National Developments - sees opportunity. The Orlando company, which has a booming business in Central Florida, made its pitch to city officials Thursday morning. Facing a roomful of about 75 residents - many wearing pins supporting an Aug. 2 referendum that would raise taxes to support the project - Unicorp representatives touted their ability to transform the southeast corner of Bullard Parkway and N 56th Street into an upscale destination of homes, stores and open space. The city priced the project at $300-million. Over the next decade, Unicorp said it could build 828 homes and 330,000 square feet of retail and office space for $325-million. "This plan is profitable," Unicorp vice president of development T. Austin Simmons said. "You can do this." The proposal goes before the city's developer selection committee on July 19. The group, composed of residents and unelected city officials, will decide whether to recommend Unicorp to the Temple Terrace City Council for approval. Council members, most of whom spoke glowingly of the presentation, are scheduled to vote on July 28. City officials are itching to proceed. Four years ago, the prior City Council started buying up properties at the site in hopes of hiring a master developer to build a town center that met the city's vision. The concept came together over the past year in meetings with residents, who drew up a wish list that formed the basis of a development blueprint by Torti Gallas and Partners, a nationally known planning firm from Maryland. Once a thriving commercial district, the site lost tenants and looks outdated. It's a sharp contrast with much of Temple Terrace, a city built around a golf course in the mid 1920s that retains many examples of original Mediterranean Revival architecture. The Great Depression scuttled completion of the overall plan for the city, which included a town center at the very site where Unicorp wants to spend close to $300-million. Officials, who have spent about $20-million in taxpayer money buying 35 properties, say the project would modernize Temple Terrace and create a new source of tax revenue. "If we don't increase our tax base, how are we going to maintain our services?" Mayor Joe Affronti said after the presentation. The project enjoys vocal support within the community. Only pro- project candidates won their races for City Council and mayor last November. Meanwhile, residents have been canvassing neighborhoods urging neighbors to support the referendum, which would increase taxes by 1 mill to finance new roads, parking and utility lines at the site. But whether the effort is enough remains to be seen. For example, the referendum would add $125 to the annual property tax bill on a $150,000 house with a homestead exemption. John Rice, for one, doubts the project is worth the price. "I think the project's grown too big, too quickly," he said. Rice, who lives several blocks northwest of the site, also questioned the need for a new performing arts center. Unicorp's plan includes a new city hall and arts center complex perched along a promenade that parallels N 56th Street and runs south to the Hillsborough River. Developer selection committee member Patrick Finelli is confident the referendum will pass. His guess is 55 to 60 percent will say yes. "I've seen more yard signs," he said after Thursday's meeting. "You know who really supports this? The young somethings in their 20s and 30s with single-family homes. They see the future." While raving about Unicorp's presentation, Finelli was disappointed the two other finalists for the project, Trammell Crow and Downtown Renaissance Alliance, left the picture. The city's selection process emphasized competition. But after assessing the project's chances of success, Trammell Crow and LNR recently wrote letters wishing city officials luck. Downtown Renaissance, a partnership that includes LNR Property Corp, a division of Lennar Corp., cited several uncertainties: long- term leases involving several businesses, rising development costs and the future of the Doral Oaks apartment complex. The city wants to incorporate the complex into the project. "Unfortunately, based upon the current approach we cannot identify a path to financial success," said Randy Weisburd, vice president LNR's Florida commercial property groups. Trammell Crow's Florida director, Robert Abberger, cited similar issues. He pointed out that Temple Terrace still doesn't control all the properties on the site, and referred to the city's marketing report, with its $300-million price tag, as outdated. Abberger, on vacation, could not be reached for comment. Weisburd, also on vacation, declined to repond to questions. In sharp contrast, Simmons, Unicorp's vice president of development, repeatedly stressed the company's faith in the project. Its plan calls for building seven phases, starting with the northernmost section along Bullard Parkway. The last piece, a 289- unit condominium tower along N 56th near the river, would open in early 2015. Unicorp's signature project is the Baldwin Park Village Center near Orlando, a project that has encountered delays that the company blames on its general contractor. It has completed a town center in Casselberry but recently lost a bid to build Oldsmar's new town center. Ralph Bosek, the city's community services director and project point man, downplayed the importance of resolving every issue before hiring a master developer. He said leases involving Kash n' Karry, Burger King and Rainbow Sales and Service can be resolved for the right price. Prudence means "not solving all these problems before you have a development partner," he said.
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