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Houston, TX - Riva Place Development



Major project on Post Oak and Westheimer in Houston. I created and managed the master plan with HOK, Jon Jerde and Rosewood Hotels.

Major project on Post Oak and Westheimer in Houston. I created and managed the master plan with HOK, Jon Jerde and Rosewood Hotels.



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Houston, TX - Riva Place Development Houston, TX - Riva Place Development Document Transcript

  • THE VISIONU rban Resorts Development, L.P., is committed to a new concept ◆ At a total of two million square feet, the concept is designed to exceed expectations with luxury accommodations,in placemaking that will forever change the way residents, visitors residences and offices at the heart of each planned project. Market-drivenand businesses in major metropolitan centers view life’s possibilities amenities including a private club, luxury spa, entertainment and meeting facilities, vacation ownership options assurrounding them. The vision is a bold and powerful one — to blend well as fine dining and retail offerings will be woven in, as appropriate, towhat is best about upscale multi-use developments in creating a new, complement the whole. ◆ While many of these are elements seenworld-class paradigm in development — the urban resort. in combination before, it is the synergy among the elements, the interaction of 1 a variety of spaces within a stimulating environment and, ultimately, a level of service stemming from key strategic partnering that will create long-term market impact and interest in a given development and its surrounding neighborhood. ◆ This appeal will be used to launch multiple projects in some of the most affluent, dynamic cities in the world. The first will be in Houston, with others under consideration including Miami, Atlanta, Boston, San Diego, London and Berlin. Each is destined to become the new urban icon in its chosen place.
  • D E V E L O P M E N T T I M E L I N EDEVELOPMENT SCHEDULE LOGICThe timeline below represents projected key dates for the development in the Houston market. Design and permitting willcontinue through early next year with construction expected to begin in spring 2003. The unique and simultaneous phasingof this project allows accelerated early revenue streams on completed components, while others are still under construction.For instance, lower office and retail units within the south tower will be open for occupancy prior to the 2004 holiday season,while hotel and condominium units in the north tower are expected to be complete first quarter 2005. The overall completiondate for the entire project is projected for March 2005.2002 2003 2004 2005AUG SEP OCT NOV DEC JAN FEB MAR APR M AY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR M AY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR M AY JUN JUL AUG SEPDESIGN & PERMITTINGDEMOLISH EXISTING STRUCTURE 3UNDERGROUND PARKING & FOUNDATIONSNORTH HOTEL/CONDOMINIUM TOWERSOUTH CONDOMINIUM TOWERABOVE GRADE PARKINGOFFICERETAILLOW-RISE OCCUPANCY SOUTH CONDO TOWERHOTEL GRAND OPENINGHIGH-RISE OCCUPANCY CONDOMINIUMS
  • F I N A N C I A L S U M M A R Y In order to express the true opportunity and value of investing in this new concept in upscale multi-use development, Urban Resorts has developed a full-scale financial model based on solid assessments as tothe future costs and revenues when the project is implemented, sold and/or operated. Below is a summary of the financial model prepared for this unique development including theprojections for the estimated development costs and 10-year revenue stream. Based on a conservative debtleverage of only 50-60 percent, the project’s return on investment is expected to be in excess of 25 percent. FINANCIAL SUMMARY 10-YEAR PROJECTED PROJECTED REVENUE STREAM DEVELOPMENT COSTS 4RESIDENTIAL CONDOMINIUMS $280 MILLION $189 MILLIONFIVE STAR ULTRA-LUXURY HOTEL 334 MILLION 73 MILLIONTHE CITY CLUB 66 MILLION 16 MILLIONLUXURY SPA & WELLNESS RESORT 49 MILLION 11 MILLIONRETAIL AND ENTERTAINMENT 55 MILLION 21 MILLIONEXECUTIVE BUSINESS & MEETING CENTER 35 MILLION 11 MILLIONBOUTIQUE OFFICES 17 MILLION 9 MILLIONPARKING AND SECURITY 144 MILLION 23 MILLIONTOTAL $980 MILLION $353 MILLION
  • THE TEAMT he development team of Urban Resorts Development, L.P., The Jerde Partnership Internationaland Rosewood Hotels & Resorts, along with their consultants, have the experience, the energy and thepower to create this newest archetype on the urban scene. Nowhere on the national or internationaldevelopment arena exists such a strong collaboration of highly talented firms capable of ensuring thecreation of new urban destinations of choice that simultaneously offer the potential of long-termprofitability to their investors. Through the creation of a separate entity, Luxury Partners, LLC, an outstanding investment 5opportunity exists for those with the vision and boldness to commit to the next generation of urbanmulti-use developments around the world.URBAN RESORTS DEVELOPMENT, L.P. Spearheading project concept, development and management, the Urban Resorts management team has more than 50 years of combined experience in corporate real estate and capital market activities including for Shell Oil Pension Trust and Prudential Securities. The experience of the firm’s principals, Fenner R. Weller, Jr. and Gene Duckworth, along with Robert Bryant (formerly of Economics Research Associates, Omni Hotels and Pannell Kerr Forster), and James Pancotti (former legal counsel and tax advisor to Shell Oil) ensure that each Urban Resort development is based on sound market-driven positioning and profitability.
  • T H E P R O J E C T T E A MTHE JERDE PARTNERSHIP INTERNATIONAL, INC. Having received accolades worldwide for its unique ability to create humanistic public places, The Jerde Partnership, founded by Jon Jerde in 1977, is recognized as the leader in the art of "Place Making." The Southern California-based urban planning and architectural firm currently is working in 30 different countries on projects that create deliberate and interesting spaces and architecture that deliver on public expectations. Notable projects include Horton Plaza in San Diego, Bellagio and Treasure Island in Las Vegas, Canal City in Fukuoa, Japan, and Hollywood Marketplace in Los Angeles.ROSEWOOD HOTELS & RESORTSThe highly acclaimed Rosewood Hotels & Resorts will serve as hotel managerfor this project. In 1979, Texas native Caroline Rose Hunt establishedRosewood Hotels & Resorts. Her vision was to create a collection of distinctiveproperties that reflected an operating philosophy called “a sense of place.” 6Each property embraces this concept through a celebration of its location,culture and history. This is the hallmark of the Rosewood legendary standard.In keeping with Rosewood’s tradition, this project will reflect the philosophythroughout the hotel, spa and City Club.COMMARTS, INC. Based in Boulder, Colorado, the firm has developed a reputation since its inception in 1973 as an expert in solving design problems for people-oriented spaces. The company strives to understand and convey the graphic, virtual and environmental subtleties of each development in a manner that is innovative, effective and appropriate. Clients include AMC Theatres, Gaylord Entertainment Company, Gerald Hines Interests, Simon Property Group, Mills Corporation, The Rouse Company, The Taubman Company and Walt Disney Imagineering.HELLMUTH, OBATA + KASSABAUM (HOK)HOK, the second largest architectural firm in the world, believes as part of itscore values that the quality of life can be improved through design and thatincorporating sustainability into the design process is paramount andessential. The firm has a deep specialization in mixed-use development,including retail as an integral element, with more than 200 such projects toits credit. Specifically, it is with retail that HOK has consistently providedexpertise and stayed abreast of the latest developments in design worldwide.
  • T H E P R O J E C T T E A MECONOMICS RESEARCH ASSOCIATES (ERA)Having completed more than 14,000 consulting engagements worldwide, theCalifornia corporation has substantial experience in large-scale landdevelopment, destination resorts and hotels, mixed-use projects, as well asretail and university-related development. In the urban arena, the firm hasconducted numerous economic-based studies, long-range master plans andresearch involving growth and development policies. The firm is also a leaderin the development of urban entertainment centers. Clients include WaltDisney, Universal Studios, General Motors and Ben & Jerry’s. E.E. REED/BEERS SKANSKA As the general contractor, the combined resources and experience of E.E. 7 Reed Construction, L.C., one of the largest general contractors in Texas, with Beers Skanska, one of the largest contractors in the United States, provides a strong blend of exceptional talent and reputation. Their mastery of the design/assist fast-track construction process and product experience sets them apart from competitors and their geographic diversification will serve as a tremendous asset to the team. As a member of the worldwide Skanska organization, Beers Skanska is able to offer clients unprecedented services and stability by partnering with any affiliate in the Skanska global network to assist clientswith international expansion and construction requirements. Notable projectsinclude The Mark condominiums in Houston, Centre at Post Oak in Houston,Bank of America Plaza in Atlanta, The Setai Resort and Residences in Miami,Centennial Olympic Park in Atlanta and Rowes Wharf I in Boston.
  • A B O U T H O U S T O N HOUSTON HIGHLIGHTSL uxury Partners, LLC, has selected Houston, the fourth largestcity in the United States and one of the fastest growing in the nation, ◆ Largest petrochemical center in the U.S. ◆ Second in U.S. projected city employment growth through 2025 ◆ Largest international tonnage port in the nationto introduce its first urban resort development concept to the world. ◆ Fourth largest city in the U.S., after New York, Los Angeles and Chicago Long known as the oil and gas capital of the world, ◆ Fourth largest in U.S. cities for foreign investmentHouston has grown to become economically diverse over the last ◆ Home to the world’s largest medical and health care complex, the Texasdecade. Industries such as biomedical services and research, aerospace Medical Center, treating 4.5 million patients annuallytechnology, international trade services, insurance and financial services ◆ Fourth largest nationally in top office markets 8as well as information technology have contributed almost 90 percent ◆ One of the few U.S. markets outside New York and Los Angeles with world- renowned arts organizations spanningof the city’s job growth since 1989 and now account for more than opera, ballet, theater, symphony and visual artshalf of the city’s total employment. This economic diversity, along ◆ A transportation network served by four interstates and, with three airports,with the continuing expansion and upgrades of transportation systems the fourth largest multi-airport system in the nationand infrastructure bodes well for Houston’s future. ◆ Two major convention centers, George R. Brown and Reliant Park, Houston is a city of promise. More importantly, it is a city that accommodate more than 37 million visitors to the city each yearwith a history of delivering on that promise through continuous effortsby public and private institutions to attract new businesses, celebratecultural and economic diversity and offer a quality of life that isunobtainable in most other metropolitan markets. It is an ideal settingfor a revolutionary new concept in urban development.
  • A B O U T U P T O W N H O U S T O NUPTOWN HOUSTON UPTOWN HIGHLIGHTSUptown Houston is an urban community of exceptional beauty, ◆ Houston’s leading retail market withsophistication and international prominence in the heart of Houston. more than five million square feet of retail spaceAnchored by the beautifully-appointed Post Oak Boulevard, it is the ◆ One of the top 15 business districtshome of a thriving business district, acclaimed retail activity including in the nation, with 23.6 million squareThe Galleria, many of Houston’s finest hotels and restaurants and the feet of office spacemost prominent residential neighborhoods. ◆ The premier hotel district in Houston, with 26 hotels and 6,200 rooms, Uptown Houston is located five miles from the central accounting for 25 percent of the city’sbusiness district and within a 15-minute drive to the city’s major lodging revenueemployment centers, the Texas Medical Center as well as tourist and ◆ A sought-after residential market,arts attractions and centers of higher education. Comparable in feel with approximately $457 million in 9 construction valuation for single-familyto New York’s Fifth Avenue or Chicago’s Magnificent Mile, it is an and approximately $261 million inurban area that creates its own energy and will provide the ideal valuation for multi-family permitssetting for this new concept in placemaking. ◆ Per capita income of $57,120, higher than most affluent neighborhoods nationwide ◆ Uptown Houston generated $248.1 million in local and state governmental taxes in 2000 ◆ Planned and funded infrastructure and mobility improvements, including a $235 million local street program that will dramatically increase mobility within the area
  • A B O U T T H E P R O J E C TR ivaPlace will raise the standards in urban living. The serenity and life that water providesbinds the public areas into a refreshing, exciting place to gather in Houston. RivaPlace is the city’s newaddress for style, business and leisure. From its luxury condominiums, vibrant shops, restaurants, andentertainment to its premier City Club, RivaPlace creates a new standard for living smart and living well.In the middle of things certainly, but quietly removed. At RivaPlace, an exquisitely appointed hotelcombined with boutique office space creates an entirely new way to envision life, work and play inbalance, in the center of Uptown Houston, one of the world’s great urban settings. 10 needs something...
  • A B O U T T H E P R O J E C TWORLD-CLASS ARCHITECTURE & DESIGNAs conceived by The Jerde Partnership, RivaPlace will makea bold statement of its own yet complement the world-class architecturethat defines Houston. It will transform Post Oak Boulevard from apredominantly vehicular street into an entertainment and culturalcatalyst, thereby becoming the centerpiece for the entire neighborhood. By blending classical design in a warm palate of colorswith the contemporary, clean look that Uptown Houston is known for,RivaPlace will be marked by an air of casual sophistication and anundeniable sense of place. Twin cast stone and glass towers, onethe hotel and the other condominiums, will pierce the sky and be 11fastened at the street level by an inclined, semi-circular one wayavenue, Crescent Drive, onto which upscale shops, restaurants andentertainment venues will face. The tilting plane of the thoroughfare offers a dynamic visualexperience, allowing for varied pedestrian and vehicular entrances,fountains and landscaping, and below-ground parking as well asa central courtyard. The change in elevation also affords the hotel’sporte cochere to become the centerpiece of the project. A coveredarcade will reinforce the arc of the entry drive and add elegance tothe entire complex. Buildings of various types and heights, trellises,signage and graphics will further stimulate the functionality, as wellas the form, of this memorable city within a city.
  • T H E P L A N S 1PLAN ONE◆ High-end shopping, restaurants, trellised gardens, outdoor cafes and fountains face Post Oak Boulevard◆ The project transforms environment from primarily vehicular to pedestrian-leisure◆ Easy access to shops and restaurants from parking 12◆ Parking creates an architectural topography for the climbing circulation
  • T H E P L A N S 2PLAN TWO◆ Drop-off areas for restaurant valet and cinema◆ Trellised courtyard garden for performances, open markets, outdoor restaurants, and other community events 13
  • T H E P L A N S 3PLAN THREE◆ The Rosewood hotel porte cochere marks the architectural climax for the project◆ Entertainment, shopping, residential lobby, and restaurants are accessible from both the semi-circular drive and the parking area◆ Second level offices overlook 14 Post Oak Boulevard and the trellised courtyard
  • T H E P L A N S 4PLAN FOUR◆ Day spa and City Club are accessible from the hotel and residential towers◆ Terraced gardens for relaxation and social events◆ Secure, private parking easily accessible to the residential towers, day spa and City Club 15
  • T H E P L A N S 5PLAN FIVE◆ Rosewood’s hotel and residential towers create an identity for the entire project◆ The towers command distant views of Houston as well as views of the project’s terracing gardens, trellises, outdoor cafes, courtyard events, pools and fountains 16 RIVAPLACE T O TA L A R E A TA B U L AT I O N (IN SQUARE FEET)Residential . . . . . . . . . . . 703,515Hotel . . . . . . . . . . . . . . . 255,498Hotel Back of House . . . . . . 30,680City Club . . . . . . . . . . . . . . 35,474Office . . . . . . . . . . . . . . . . 65,427Retail/Restaurant . . . . . . . 123,544Theater . . . . . . . . . . . . . . . 30,308Spa . . . . . . . . . . . . . . . . . 27,349Parking . . . . . . . . . . . . . . 708,884Service Dock . . . . . . . . . . . 15,427TOTAL: 1,996,086
  • P R O J E C T D E T A I L S 1 PRESTIGIOUS RESIDENTIAL CONDOMINIUMSUptown Houston boasts one of the most significant appreciations in home values in Houston, driven byincreasing demand for homes close to major employment centers and retail amenities. This trend, especiallyamong high-rise properties, is on the upswing, with several new residential projects currently underway inthe neighborhood. According to American Metro/Study Corporation, RivaPlace will benefit from these planned luxuryresidences. In fact, the development could sustain:◆ Sales pricing of $350 to $475 per square foot, with units ranging from 2,400 to 3,600 square feet;◆ Penthouse unit sales of $500 to $550 per square foot; and◆ Annual absorption rates of 50 to 60 units. 17
  • P R O J E C T D E T A I L S ESTIMATED UNIT PRICE Unit % Units Number Size (SF) of Total Price/SF 2 BR 60 2,400 27% $350 2 BR 60 3,000 27% $365 3 BR 65 3,600 30% $400 4 BR + 35 4,200 16% $475 Total/Average 220 3,200 100% $400 18 Housed within the two towers, the 220 units of RivaPlace,a mix of two-, three- and four-bedroom spacious homes configured tosuit residents’ preferences, will have views of Houston’s skyline and theresort property’s beautifully landscaped gardens. Serviced by RosewoodHotels & Resorts, residents will have round-the-clock access to five-starhotel facilities and services including housekeeping, laundry and roomservice, as well as experienced multi-lingual concierges, doormen,security and valet parking. Residing in elegance with the convenience of top-level services24 hours a day, upscale shopping and dining within the complex andmembership options in the region’s finest club and spa, will createa remarkable incentive for Houston’s most prominent individuals andcompanies to consider RivaPlace as the “place to be.”
  • P R O J E C T D E T A I L S 2 FIVE-STAR, ULTRA-LUXURY HOTEL PROJECTED HOTELIn a city that attracts more than 37 million visitors annually, exclusive OCCUPANCY & RATEhotels, surprisingly, are at a premium. Many of those rooms, are locatedin Uptown. However, lack of available land makes it highly unlikely that YEAR OCCUPANCY RATE2 19many new hotels will be built in the neighborhood. 2004 65% $350 It is expected that the hotel at RivaPlace will be successful 2005 68% $371in capturing existing demand from current competitors and creating 20061 71% $390new demand. Under the Rosewood’s strong management, a stabilized 1 Stabilized year of operationsoccupancy of 71 percent is projected for 2006. The hotel is projected to 2 In constant 2000 dollarsobtain an average daily rate of $371 in its second year of operation. In keeping with the Rosewood tradition, the hotel will becomeinternationally acclaimed for its superior service and distinctive design.Featuring exquisite furnishings and fixtures in 175 oversized rooms,including 53 suites, the upper levels will contain approximately 100condominium units, all of which, along with those in the adjacenttower, are for sale. Guest rooms will cater to high-end corporate guests andweekend leisure travelers with a full array of amenities and personalizedservices. To continue Rosewood’s legacy of fine dining, a 135-seatrestaurant will undoubtedly rank among Texas’ finest. In-room diningand catering will be available 24 hours a day.
  • P R O J E C T D E T A I L S 3 THE CITY CLUBClub membership is key to the overall marketing initiative and successof RivaPlace as a whole. As a vital component, it will allow membersof one city location to use the facilities and services in all other cities inwhich the club is represented. Modeled after Rosewood’s venerable Crescent Club in Dallas,The City Club will be reminiscent of the renowned, private clubs of 19thcentury Europe and will be viewed as the best club in the city and regionit serves. Members and guests will enjoy the finest privileges, diningand meeting facilities, amenities and unprecedented service within thesurroundings of exotic woods, handcarved marble and stone, as well as 20subtle lighting, fresh flowers and delicate linens. Complete state-of-the-art health and fitness equipment andtraining will be available. An indoor swimming pool, steam and saunafacilities for men and women, a running track and recreational facilities,such as indoor tennis, squash, racquetball and basketball courts, will beavailable on premises. With an expected membership of approximately 500-1000affluent individuals and families, use of all facilities will be restrictedto members and, under certain circumstances, to hotel guests and tenantsof the complex. An initiation fee will be charged and membership will beincumbent upon payment of annual dues.
  • P R O J E C T D E T A I L S 4 BOUTIQUE OFFICESKnown as an international center for commerce, Houston has the fourth largestbusiness district in the U.S. and was recently ranked nationally as the city withthe second highest number of Fortune 500 companies. Therefore, Houston setsthe stage for continued economic growth and as an ideal place to locate an office. Geared to cater to key decision makers, board members and Fortune100 companies, the boutique offices at the RivaPlace will provide the privacy,security, comfort, elegance and convenience that its tenants desire. In addition,the unique combination of residential condominiums, offices and retail optionswill make working and living at RivaPlace convenient and desirable to many.It will encompass a total of approximately 65,000 square feet of office space at 21an average of about $50 per square foot. The tower will host anywhere from15 to 35 units with office space ranging from 2,000 to 5,000 square feet. All facilities will feature access to technologically advanced services, aswell as being armed with the highest security and safety applications available.Tenants and employees will have access to the executive business and meetingcenter and the nearby parking facility as well as valet parking services. RivaPlace’shighly professional management staff will always emphasize a strong concern forand commitment to the happiness and security of its tenants. Located along one of Houston’s most celebrated streets, Post OakBoulevard, the offices at RivaPlace will be considered “the place to be” becauseof its close proximity to hundreds of shopping, dining and hotel destinations.In addition, its unique central location will provide convenient access for clientsand business travelers to major freeways, other business centers and both ofHouston’s major airports.
  • P R O J E C T D E T A I L S 22 5 EXECUTIVE BUSINESS & MEETING CENTERIn addition to a fully equipped business center within the hotel itself, fifteen ofits rooms will be executive suites and meeting rooms specially designed to meetthe needs of international business travelers and key decision makers. Eachroom will be oversized with proper lighting and acoustics and feature a smalloffice-like area with a fax machine, computer, Internet service and phonesystem. With a built-in meeting room and the latest in technological and audiovisual capabilities, it will serve as a self-contained learning and meetingenvironment for the executive and his/her counterparts that is private, highlysecure, quiet, comfortable and elegantly appointed. The hotel also will feature approximately 10,000 square feet ofadditional meeting space with a 2,700-square-foot executive meeting area forlarger, private gatherings of 30 to 50 people. While smaller in scale than whatis currently available in the market, the configuration of executive businesssuites and meeting rooms will be specified by market demand and staffed bythe highest-quality personnel available.
  • P R O J E C T D E T A I L S 6 UPSCALE RETAIL SPACEWith an international mix of sophistication, style and elegance, UptownHouston is a world-renowned center for retail. Its success as a shopper’sfashion paradise is attributed not only to the high quality and diversityof its retail mix but also to the spending power of its visitors. RivaPlacewill reinforce this legacy with the addition of upscale boutiques, spanningmore than 60,000 square feet. Based on the commitments of variousinternationally recognized retailers, RivaPlace’s marketplace will featureretailers such as Hermes, Chanel, Prada, Cartier and Gianni Versace. Each retail store within the complex will be built to purposefor each tenant, ranging from 4,500 to 9,000 square feet per store, 23and will lease at an average of $34 per square foot* which at stabilization ,is at or above the highest rates in the area.*Base rent upon which a negotiated percent of gross revenues would be applied.
  • P R O J E C T D E T A I L S 7 EXQUISITE RESTAURANT SPACEUptown Houston is the premier dining and entertainment area ofHouston. It offers a variety of casual, fine and family dining to meeta wide variety of tastes and interests. To top off this tradition,RivaPlace will feature six of the most exquisite and delectable diningthe region has ever experienced. Possible well-known restaurateursmight include Emeril’s and Wolfgang Puck’s Spago. Hotel guests, residents and executives will be able to savorthe convenience of starting off their day or evening with the finestcuisine at a trendy and upscale restaurant, a charming bistro, anoutdoor cafe or simply at the corner coffee shop, which are all just 24a step away. Restaurant space within the marketplace will be built topurpose for each tenant, ranging from 6,500 to 12,000 square feetper unit, and will lease at an average of $32 per square foot.* 8 UNIQUE ENTERTAINMENT VENUEHouston is one of the few markets outside New York and Los Angeleswith world-renowned art organizations. However, the majority of theseactivities and venues are located in other parts of the city. With morethan 40,000 square feet of planned entertainment space, RivaPlacewill help bring the arts to Uptown. The complex might encompassa regional or national art gallery or luxury screening rooms, or serveas a small theatrical arts venue.*Base rent upon which a negotiated percent of gross revenues would be applied.
  • P R O J E C T D E T A I L S 9 LUXURY SPA & WELLNESS RESORTWith a focus on treatments designed to maximize strength, appearance,mental acuity and spiritual balance, the spa & wellness resort atRivaPlace will truly personify the urban retreat concept of the project.Discreetly situated within the complex, the 30,000-square-foot facilitywill spare no detail in providing a proven regimen to body health. Thisluxury resort will be a serene escape from the everyday worries of thecity, offering a wide variety of service and activities to pamper and relaxits guests as never before. In addition, expert trainers will overseepersonal workouts and instruct dance, aerobics and yoga. Available to members of the community for an initiation 25and annual membership fees, participation will be extended to hotelguests at appropriate daily, monthly or annual rates. Spa services,offered in conjunction with the hotel, will be priced and packagedbased on specific purposes, such as weight loss, dietary considerationsand fitness features. Another favorite amenity will be the Spa Café,featuring a full array of healthy alternatives.
  • P R O J E C T D E T A I L S 10 CULINARY ARTS CENTERIn a city well known for its great love of food and its broad array of exquisite andoriginal dining options, a strong focal point of RivaPlace will be food – whether itis an upscale restaurant within the open marketplace or Rosewood’s 135-seat finedining establishment. To create a truly unique sense of place and reinforce the importance ofthe finest cuisine, Urban Resorts, in partnership with Rosewood Hotels andResorts and a world-renowned culinary learning institution, will set the standardfor higher-end food in Houston with the development of the Culinary Arts Center. Food enthusiasts and students looking to advance their skills will travel 26from all over the world just for the weekend or for a longer, more intense sessionto learn the art of fine dining as well as how to prepare the finest cuisine, taughtby signature, nationally renowned chef instructors. The center also will be knownfor cultivating new talent within the culinary arts by hiring top students graduatingfrom other established institutions and providing them with opportunities withinRivaPlace to share and flourish their talents. The 5,000-square-foot center will be designed to meet the needs of itsstudents and chefs with five to 10 private dining studios. Each studio will includea kitchen with leading-edge technology and an adjacent dining area/classroom.The center’s programs will be based on a hands-on approach to experiencing andlearning the culinary arts. The high standards set forth by the Culinary Arts Center will carrythrough to all of the other aspects of RivaPlace, making it a haven for the verybest in food and dining in the region.
  • P R O J E C T E D C A S H F L O W & R E T U R N S RIVAPLACE PROJECT FINANCIAL SUMMARY (In Thousands of US Dollars)INFLATION INDEX 3.0% 1 1.03 1.06 1.09 1.13 1.16 1.19 1.23 1.27 1.30 1.34 1.43 1.43TIMELINE -2 -1 1 2 3 4 5 6 7 8 9 10 11REVENUEHotel $0 $0 $22,320 $24,752 $27,167 $28,609 $30,153 $31,057 $31,989 $32,949 $33,937 $34,955 $36,004Condominium $0 $0 $97,425 $87,450 $55,125 $39,525 $0 $0 $0 $0 $0 $0 $0City Club $0 $0 $5,027 $5,511 $5,553 $5,998 $5,760 $5,933 $6,111 $6,294 $6,483 $6,677 $6,878Spa and Wellness $0 $0 $3,617 $4,135 $4,681 $4,097 $4,220 $4,346 $4,477 $4,611 $4,749 $4,892 $5,039Retail and Entertainment $0 $0 $4,961 $4,961 $4,961 $4,961 $4,961 $4,961 $4,961 $4,961 $4,961 $4,961 $4,961Executive Business and Meeting Center $0 $0 $2,002 $2,234 $2,478 $2,661 $2,848 $2,933 $3,112 $3,400 $3,827 $4,437 $5,298Boutique Offices $1,584 $1,584 $1,584 $1,584 $1,584 $1,584 $1,584 $1,584 $1,584 $1,584 $1,584Parking and Security $0 $0 $6,707 $8,795 $11,323 $13,218 $13,614 $14,023 $14,444 $14,877 $15,323 $15,783 $16,256TOTAL REVENUE $0 $0 $143,643 $139,421 $112,872 $100,652 $63,139 $64,837 $66,676 $68,675 $70,864 $73,288 $76,019COST OF GOODS SOLDHotel $0 $10,604 $11,759 $12,906 $13,206 $13,919 $14,336 $14,766 $15,209 $15,666 $16,136 $16,620Total Cost of Goods Sold $0 $10,604 $11,759 $12,906 $13,206 $13,919 $14,336 $14,766 $15,209 $15,666 $16,136 $16,620OPERATING & FIXED COSTSHotel $0 $17,300 $19,184 $21,056 $20,931 $22,060 $22,722 $23,403 $24,106 $24,829 $25,574 $26,341Condominium $0 $15,026 $8,749 $5,516 $3,956 $4 $4 $4 $4 $5 $5 $0City Club $0 $3,794 $3,972 $4,067 $4,242 $4,290 $4,419 $4,551 $4,688 $4,828 $4,973 $5,122Spa and Wellness $0 $1,979 $2,313 $2,665 $2,745 $2,827 $2,912 $2,999 $3,089 $3,182 $3,278 $3,376Retail and Entertainment $0 $1,439 $1,439 $1,439 $1,439 $1,439 $1,439 $1,439 $1,439 $1,439 $1,439 $1,439Executive Business and Meeting Center $0 $1,413 $1,576 $1,749 $1,760 $1,883 $1,940 $2,058 $2,249 $2,531 $2,934 $3,503 27Boutique Offices $0 $214 $214 $214 $214 $214 $214 $214 $214 $214 $214 $214Parking and Security $0 $5,701 $7,475 $9,625 $11,235 $11,572 $11,919 $12,277 $12,645 $13,025 $13,415 $13,818TOTAL OPERATING FIXED COSTS $0 $46,865 $44,921 $46,331 $46,522 $44,290 $45,569 $46,946 $48,434 $50,052 $51,831 $53,813NET OPERATING INCOMEHotel $0 $0 $5,021 $5,568 $6,111 $7,679 $8,093 $8,336 $8,586 $8,843 $9,109 $9,382Condominium $0 $0 $82,399 $78,701 $49,609 $35,569 ($4) ($4) ($4) ($4) ($5) ($5)City Club $0 $0 $1,233 $1,540 $1,486 $1,756 $1,470 $1,514 $1,559 $1,606 $1,654 $1,704Spa and Wellness $0 $0 $1,638 $1,822 $2,016 $1,352 $1,393 $1,434 $1,477 $1,522 $1,567 $1,614Retail and Entertainment $0 $0 $3,953 $3,953 $3,953 $3,953 $3,953 $3,953 $3,953 $3,953 $3,953 $3,953Executive Business and Meeting Center $0 $0 $589 $657 $729 $901 $964 $993 $1,054 $1,152 $1,296 $1,503Boutique Offices $0 $0 $1,278 $1,278 $1,278 $1,278 $1,278 $1,278 $1,278 $1,278 $1,278 $1,278Parking and Security $0 $0 $1,006 $1,319 $1,698 $1,983 $2,042 $2,103 $2,167 $2,232 $2,298 $2,367TOTAL NET OPERATING INCOME $0 $0 $97,117 $94,839 $66,881 $54,470 $19,189 $19,608 $20,070 $20,581 $21,151 $21,797CASH FLOWS — AFTER CAPITAL EXPENDITURE, DEBT SERVICE & REVERSION)Hotel $0 ($29,072) ($334) $152 $635 $2,166 $2,542 $2,762 $2,989 $3,223 $3,463 $67,962Condominium $0 ($28,034) $48,809 $52,949 $21,616 $18,360 ($17,212) ($4) ($4) ($4) ($5) ($5)City Club $0 ($6,457) $42 $337 $282 $540 $261 $300 $341 $383 $427 $10,839Spa and Wellness $0 ($4,387) $824 $995 $1,175 $526 $563 $602 $642 $683 $725 $12,506Retail and Entertainment $0 ($8,537) $2,446 $2,446 $2,446 $2,446 $2,446 $2,446 $2,446 $2,446 $2,446 $32,449Executive Business and Meeting Center $0 ($4,468) ($198) ($136) ($70) $97 $156 $183 $239 $329 $463 $13,613Boutique Offices $0 ($3,637) $646 $646 $646 $646 $646 $646 $646 $646 $646 $2,457Parking and Security $0 ($9,290) ($669) ($401) ($75) $169 $14,270 $273 $327 $383 $440 $499Total Cash Flow $0 ($93,880) $51,565 $56,988 $26,655 $24,951 $3,672 $7,208 $7,625 $8,088 $8,605 $140,320TOTAL CUMULATIVE CASH FLOW $0 ($93,880) ($42,315) $14,673 $41,328 $66,279 $69,951 $77,158 $84,783 $92,871 $101,477 $241,797RETURN ON PROJECT ELEMENTS DEVELOPMENT COSTS IRRHotel $72,680 13%Condominium $188,530 160%City Club $16,141 9%Spa and Wellness $10,967 24%Retail and Entertainment $21,341 34%Executive Business and Meeting Center $11,170 ($767)Boutique Offices $9,092 15%Parking and Security $23,225 9%COMPLETE PROJECT $353,146 38%
  • T H E O P P O R T U N I T Y“ One secret of success in life is for a man to be ready for his opportunity when it comes. — BENJAMIN DISRAELI ” 28 Luxury Partners, LLP offers the opportunity to invest in a breakthrough urban development concept that anticipates a more than 25 percent rate of return from its initial $353 million project. The vision and boldness of the initiative are inherent. The project team, with impeccable credentials, is in place.The market analysis and financial projections tell the real story. Thank you for your consideration.