Where Connections Happen

Peter J. Braster
Senior Development Manager
TEXAS
North Texas / DFW
Transit System Map

Opened 12/2010
Who is the Right Developer?
Recruiting the Right Developer

Managing Expectations
Carrollton’s 1st PPP
Who is the Right Developer?
It could be a great team of firms.
Who is the Right Developer?
It could be a great team of people.
Who is the Right Developer?
It could be a big name.
Who is the Right Developer?
You will know when them when you see them.
Some things to consider:

• Make sure the bench is ...
How to Recruit the Right Developer?
Do your homework!
How to Recruit the Right Developer?
Do your homework!

To Do List:
• Decide on your scope.
• Decide on the type of recruit...
How to Recruit the Right Developer?
The Nitty-gritty
Go Old School:
• I got my mailing list.
• I got my flyer.
• Printed m...
How to Recruit the Right Developer?

Embrace NEW Technology – It’s FREE and EASY!
How to Recruit the Right Developer?
New Tech Tools to Save Time and Money:
• Get the project specific website name.
• Star...
How to Recruit the Right Developer?

Most Important Reason to Use New Tech:
Because you can measure results.
Most Important Part of the Process!
Managing Expectations.
Its hard but you have to do it!

Your own expectations.
Managing Expectations.

Your organization.
Managing Expectations.

Your Board / City Council.
Managing Expectations.

The Developer.
Managing Expectations.

The Community.
Managing Expectations.

The Market.
Managing Expectations.

The Transit Provider.
Managing Expectations.
• Define and set expectations early.
• Base expectations on or just above market.
• Make sure messa...
Public Private Partnerships
Downtown Carrollton Catalyst TOD Project:
The Union at Carrollton Square

2007 - It was the be...
Square
8/2/12
Phase 1 98% Leased in
8 months!
• 314 Apartments:
Phase 1 = 8 Live/Work + 170 apartments
Phase 2 = 134 apartments
• Twiste...
Carrollton’s
1st Public/ Private Partnership
City Participation: $13,233,726
•
•
•
•
•
•
•

Ground Lease
Parking Garage Le...
Public Private Partnerships
Carrollton’s Lessons Learned:
•
•
•
•
•
•
•

It is never easy.
Everything will change.
Over Co...
Recruiting the Right Developer: Carrollton's 2013 Rail~Volution Presentation
Recruiting the Right Developer: Carrollton's 2013 Rail~Volution Presentation
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Recruiting the Right Developer: Carrollton's 2013 Rail~Volution Presentation

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Rail~Volution Session on
Recruiting the Right Developer
Wednesday, October 23, 2013
Peter Braster's Portion of the Presentation

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Recruiting the Right Developer: Carrollton's 2013 Rail~Volution Presentation

  1. 1. Where Connections Happen Peter J. Braster Senior Development Manager
  2. 2. TEXAS
  3. 3. North Texas / DFW
  4. 4. Transit System Map Opened 12/2010
  5. 5. Who is the Right Developer? Recruiting the Right Developer Managing Expectations Carrollton’s 1st PPP
  6. 6. Who is the Right Developer? It could be a great team of firms.
  7. 7. Who is the Right Developer? It could be a great team of people.
  8. 8. Who is the Right Developer? It could be a big name.
  9. 9. Who is the Right Developer? You will know when them when you see them. Some things to consider: • Make sure the bench is deep. Your deal is with the firm not the person. • Are they a Merchant Developer? Build and sell. • Are they in it for the Long Haul? Build and hold.
  10. 10. How to Recruit the Right Developer? Do your homework!
  11. 11. How to Recruit the Right Developer? Do your homework! To Do List: • Decide on your scope. • Decide on the type of recruitment. • Is your property ready for development • Is it entitled? • Out of the flood plain? • Vacant? • Decide on the range of your participation. • Are all your partners on board. • How about the neighbors?
  12. 12. How to Recruit the Right Developer? The Nitty-gritty Go Old School: • I got my mailing list. • I got my flyer. • Printed my CDs. • My legal notice is up. • My website has a link.
  13. 13. How to Recruit the Right Developer? Embrace NEW Technology – It’s FREE and EASY!
  14. 14. How to Recruit the Right Developer? New Tech Tools to Save Time and Money: • Get the project specific website name. • Start a LinkedIn Group for professional discussions. • Put your videos on your YouTube Channel. • Start a Facebook page for community discussions. • Start a SlideShare page for PowerPoint presentations. • Use an email service like Constant Contact.
  15. 15. How to Recruit the Right Developer? Most Important Reason to Use New Tech: Because you can measure results.
  16. 16. Most Important Part of the Process!
  17. 17. Managing Expectations. Its hard but you have to do it! Your own expectations.
  18. 18. Managing Expectations. Your organization.
  19. 19. Managing Expectations. Your Board / City Council.
  20. 20. Managing Expectations. The Developer.
  21. 21. Managing Expectations. The Community.
  22. 22. Managing Expectations. The Market.
  23. 23. Managing Expectations. The Transit Provider.
  24. 24. Managing Expectations. • Define and set expectations early. • Base expectations on or just above market. • Make sure messages and images are consistent. • Talk about it constantly. • Then select a developer that actually shares your vision.
  25. 25. Public Private Partnerships Downtown Carrollton Catalyst TOD Project: The Union at Carrollton Square 2007 - It was the best of times. 2009 - It was the worst of times. 2011 - It was the “meh” of times.
  26. 26. Square
  27. 27. 8/2/12
  28. 28. Phase 1 98% Leased in 8 months! • 314 Apartments: Phase 1 = 8 Live/Work + 170 apartments Phase 2 = 134 apartments • Twisted Root Restaurant • Parking Garage: 460 spaces which includes 125 municipal spaces • Development Budget: Phase 1 $25,941,667 Phase 2 $10,754,723
  29. 29. Carrollton’s 1st Public/ Private Partnership City Participation: $13,233,726 • • • • • • • Ground Lease Parking Garage Lease Funded Parking Garage (Include 125 Public Spaces) Public Infrastructure: Utilities, Streets, Streetscape Construction Security Incentive 50 / 50 Profit Share Expect $3.2 million + Profit return by 2015
  30. 30. Public Private Partnerships Carrollton’s Lessons Learned: • • • • • • • It is never easy. Everything will change. Over Communicate. Manage Expectations. Staff changes can be advantageous. Balance is key to a great deal. The second one is easier – I hope.

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