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St. Marys Intracoastal Gateway
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Gateway Property Purchased - July 7, 2010
City Council Established Gateway Committee - August 23, 2010 On Site Public Visioning Event - August 24, 2010 City Council Established initial Gateway Committee Membership - Sept. 27, 2010 Established with City Council approval the following Mission Statement/Development Objectives - February 7, 2011: “The Steering Committee’s mission is to identify, pursue and implement with City Council approval and open public participation, appropriate development and funding for the St. Marys Intracoastal Gateway. The Committee’s vision is to create a citizen and visitor destination while guaranteeing public access, environmental enhancement , and economic development which is fully compatible with the Historic District of St. Marys”
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Conducted early Public Outreach & Focus Events
Haskell Workshop - February 11, 2011 Coastal Regional Commission Public Workshop - March 9 and 10, 2011 Championed Council Approval of recommended name to “The St. Marys Intracoastal Gateway” - February 7 , 2011 Championed Council Approval of City/DDA/Gateway Committee Memorandum of Understanding - May 2, 2011 Championed and received award of Transportation Enhancement Grant for public walkway along the seawall – Phase I Walkway Constructed July 2017 Championed and received award of Coastal Incentive Grant for existing dock renovations - Completed renovations CIRCA Spring 2012 Championed effort to Temporary Utilize Property for Public Use in conjunction with the DDA - December 7, 2011 continuing
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Championed two Request for Qualifications and Proposals to include reviewing, interviewing and ultimately rejecting responses - May 6, 2011 through 2011 and June 6, 2012 through 2012 Championed demolishing old Gilman Boat House - January 2012 Championed Property Rezoning with separate public zone along seawall and public pier for perpetual public use - May 7, 2012 and August 5, 2013 Developed initial Marketing Brochure - July 2012 Championed and oversaw Feasibility Study - October 22, through April 4, 2013 Developed agreement with Foram Group as City Fiduciary Representative to facilitate property development - September 25, 2013 Championed Agreement between the City/Foram/HOK to Develop Property Concept - October 20, 2014
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Public Presentation of Hotel/Restaurant/Meeting Room Concept - February 5, 2015
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Conducted unsuccessful negotiations with Foram Group to develop property - February through October 2015 Championed development of new Marketing “Slick” - July 14, 2016 Championing Public Pier Enlargement - Pending DNR Permit and Grant Application Championing Piping Storm Water Outfall Ditch – Outfall Structure Constructed Contracted with Community Development Partners (CDP) to identify potential developers meeting Gateway objectives effective July 1, 2017.
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Transient Destination Military Cumberland Waterway August 2017
CDP Market Analysis
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Transient Destination Corporate Cumberland Government Waterway
2018 Highland Feasibility Study
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Transient Destination Corporate Cumberland Government Waterway
2018 Highland Feasibility Study 28%
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Group Destination Corporate Cumberland Government Waterway
2018 Highland Feasibility Study 28%
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Group Destination Corporate Cumberland Government Waterway 29%
2018 Highland Feasibility Study 28%
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Group Corporate Leisure Government 29% 2018 Highland Feasibility Study
28%
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Group Corporate Leisure Government 29% 2018 Highland Feasibility Study
28% 43%
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February 2013 Market Analysis
December 2014 HOK Concept August 2017 CDP Concept July 2018 Highland Report
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February 2013 Market Analysis
120 Room Hotel 3,500 square foot meeting area Full service restaurant Bar/lounge
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December 2014 HOK Concept 54 Room Hotel
1,250 – 1,500 square foot meeting area (est) Full service restaurant Bar/lounge
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August 2017 CDP Concept 80 Room Hotel (two more room on each level, 4 levels) 5,000 – 10,000 square feet of meeting space Full service restaurant Bar/lounge Expanded dock facilities
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July 2018 Highland Report 82 Room Hotel (four to five story)
2,500 to 3,000 square feet of meeting space Full service restaurant Lobby bar
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City Actions:
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City Actions: St. Marys Intercoastal Gateway Dock Project
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St. Marys Intercoastal Gateway Dock Project
City Actions: St. Marys Intercoastal Gateway Dock Project This provides the expanded dock facilities
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St. Marys Intercoastal Gateway Dock Project
City Actions: St. Marys Intercoastal Gateway Dock Project This provides the expanded dock facilities Acquisition of adjoining property
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St. Marys Intercoastal Gateway Dock Project
City Actions: St. Marys Intercoastal Gateway Dock Project This provides the expanded dock facilities Acquisition of adjoining property This allows greater area for the development of the hotel without having to go as high
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Highland Report: Net Operating Income (amount available to pay debt service): $ 282,000 First year
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Highland Report: Net Operating Income (amount available to pay debt service): $ 282,000 First year $1,000,000 By year 4
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What will it cost to develop?
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What will it cost to develop. 2013 HCI Study: Between $15
What will it cost to develop? 2013 HCI Study: Between $15.5 million & $21.6 million
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What will it cost to develop. 2013 HCI Study: Between $15
What will it cost to develop? 2013 HCI Study: Between $15.5 million & $21.6 million 2015 Bleakley TAD Study: Estimated $15 million
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What will it cost to develop. 2013 HCI Study: Between $15
What will it cost to develop? 2013 HCI Study: Between $15.5 million & $21.6 million 2015 Bleakley TAD Study: Estimated $15 million CDP current conceptual budget: $13.5 million to $14 million
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Project Costs
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Project Costs Hard Costs:
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Project Costs Hard Costs: Site Development
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Project Costs Hard Costs: Site Development
Construction Costs (Inc Contingencies)
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Project Costs Hard Costs: Site Development
Construction Costs (Inc Contingencies) Furniture, Fixtures & Equipment (FF&E)
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Project Costs Hard Costs: Site Development
Construction Costs (Inc Contingencies) Furniture, Fixtures & Equipment (FF&E) 80-85%
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Project Costs
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Project Costs Soft Costs:
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Project Costs Soft Costs: Design Fees
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Project Costs Soft Costs: Design Fees Construction Interest
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Project Costs Soft Costs: Design Fees Construction Interest
Working Capital
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Project Costs Soft Costs: Design Fees Construction Interest
Working Capital Development Fees
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Project Costs Soft Costs: Design Fees Construction Interest
Working Capital Development Fees 15-20%
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Project Funds
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Project Funds Debt
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Project Funds Debt (Including subordinated debt)
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Project Funds Debt (Including subordinated debt) 50-55%
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Project Funds Debt (Including subordinated debt) 50-55%
Developer Equity
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Project Funds Debt (Including subordinated debt) 50-55%
Developer Equity %
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Project Funds Debt (Including subordinated debt) 50-55%
Developer Equity % Community Incentives
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Project Funds Debt (Including subordinated debt) 50-55%
Developer Equity % Community Incentives %
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Project Funds Debt (Including subordinated debt) 50-55%
Developer Equity % Community Incentives % Contributed Land
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Project Funds Debt (Including subordinated debt) 50-55%
Developer Equity % Community Incentives % Contributed Land TAD Financing
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Project Funds Debt (Including subordinated debt) 50-55%
Developer Equity % Community Incentives % Contributed Land TAD Financing Georgia Tourism Development Program
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Project Funds Debt (Including subordinated debt) 50-55%
Developer Equity % Community Incentives % Contributed Land TAD Financing Georgia Tourism Development Program Military Zone Job Tax Credits
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