CarterBlog

Strategic Planning - Now’s the Time

By John Jokerst, senior vice president, Carter

In today’s challenging economic climate, colleges and universities are faced with a unique situation.  While state-appropriated funds to support new facilities on public campuses are becoming scarce and endowments at private institutions have taken a hit, more students are attending institutions of higher education than ever before. This growth trend is anticipated to continue. 

In response, institutions are working hard to determine how to recruit and retain the best students in a highly competitive environment. In the short term, many institutions need to provide competitive facilities, such as improved student housing. Thankfully, opportunities in the capital markets that were not available a few short years ago are beginning to emerge.

Staying competitive, however, is not just about the short term. It also requires a long-term vision and a strategic implementation plan to make the vision a reality.  Even if some colleges and universities are struggling to bring facilities on line today, they must be thinking strategically about their futures and the needs of tomorrow’s students. That way, when funding opportunities become available, they are properly poised to execute and thrive instead of playing “catch up.”

Institutions typically are required to have master plans, which are important tools for mapping out the future growth of campuses. The master plan takes into account the campus infrastructure and reflects the objectives and goals of the institution’s development from a facility standpoint.  Unfortunately, some colleges and universities go through the process of bringing on talented architectural teams to create or update master plans, secure input from multiple constituency groups, make numerous presentations and get necessary approvals. However, they do not complete the drill from a strategic implementation standpoint.  What happens?  The master plan sits on the shelf for three, five or seven years until it is time for the next update, and the potential strength of the plan largely goes unrealized.

A strategic implementation plan, however, takes the master plan to the next level.  It shows the institution how to turn the master plan into a reality. At Carter, we start a strategic plan by looking at the master plan and then taking a step back.

First, we work with the institution to determine what pieces of the plan are most important to fulfill the overall vision for recruitment and retention. After this assessment, we work through the following:

• Prioritizing needs.
• Determining which individual building programs support the overall plan.
• Creating realistic project budgets that take market conditions and inflation into account.
• Evaluating financing / funding alternatives.
• Creating a phased timeline with critical milestone dates for moving the plan through the detailed programming, design, pricing, funding and construction processes with all the required approvals.

One example of a strategic implementation plan involves an institution in the University System of Georgia. Through a public-private venture, Carter led the university from initial planning through completion of nearly $200 million in capital improvements to meet the demands of surging enrollment numbers and unprecedented growth.

The project was completed over the course of six years with no state-appropriated funds. Carter provided:

• Strategic visioning sessions with administration and constituency groups.
• Preparation for update and approval presentations.
• Presenting on behalf of the institution as required.
• Financial analysis and model formulation for potential projects.
• Project conceptualization and planning.
• Selection of design and construction teams including architects, consultants, contractors and developers at risk.
• Budget and schedule development.
• Financing coordination.
• Design and construction management.
• Project accounting.

The project added or renovated 1.5 million square feet including six residence halls, student health center, student union and two parking structures. The project was critical in helping the university attract and retain students.

A strategic planning process not only is required for a project of this scope, but for smaller, more targeted initiatives as well.  For example, a project like a new student housing facility can raise questions that must be answered before the project can start. For example:

• Do you need new facilities or can existing facilities be updated and utilized?
• Will such an approach really support the programmatic needs of today’s students? 
• What are the cost implications?
• What are the funding implications?
• How would any potential new projects be phased to replace existing facilities without losing bed count?
• How can you get all this done and not miss a critical fall semester opening?

Whether it is a short-term project or a long-term one, strategic planning is the critical to ensuring successful implementation of an institution’s capital improvement initiative.  Even if the economic climate may still pose challenges, it is not the time to sit on the sidelines and wait. There has never been a more competitive time in recruiting and retaining students than now, and there is no better time to be strategically poised than today!

For more information about Carter’s Higher Education Program Development Services Team, please contact John Jokerst at [email protected].

 

Carter to Complete Phase Two of $100 million project for University of Louisiana at Lafayette

John Jokerst, senior vice president, Carter

With the second phase slated for completion later this month, the largest student housing project in the school’s history is well underway at the University of Louisiana, Lafayette. Carter’s Program Development Services Higher Education team serves as program manager for the approximately $100 million project that consists of nearly 2,000 beds and a new parking deck.

In August, Carter completed Phase One of the project. This was comprised of Baker Hall, a newly constructed 462-bed resident hall, and Oliver Parking Tower, an 850-car parking deck. Students moved into the facility at the beginning of the school year and are enjoying suite-style living, community kitchens, on-site washers and dryers and game rooms. Later this month, a second 468-bed residence hall, Huger Hall, will be finished. Students will move in January 2012.

Phase Three is already under construction and scheduled for delivery in August 2012. This part of the project is taking place in the historical Rose Garden section of campus and includes the construction of two new residence halls that will bring 882 beds online. An additional 122 beds are being renovated in Harris Hall and swing space is being updated in both Randolph Hall and Buchanan Hall.

Before the project started, UL Lafayette only had the ability to house 11 percent of its student body, as opposed to peer institutions, which typically house 20 percent or more of their student bodies. The new construction and renovations have transformed UL Lafayette’s campus living experience and housing capacity.  The project has created individual neighborhoods on campus for freshmen and sophomore students, with close proximity to classes, dining facilities, the new student union and other campus services and amenities. The new and updated facilities will address both current waiting lists as well as recruitment and retention objectives for the university. 

To learn more about how Carter's Campus Innovation team could help your college or university, please contact John Jokerst.

Check out pictures from Phase Two below. 

Carter Pursuing $500 Million in Development, Investments

Firm’s Focus Centers on Multifamily, Student Housing Projects and Office Investments

ATLANTA (Dec. 8, 2011) - With the sale of its brokerage and property management groups complete, Carter is focusing on new investment and development opportunities as well as growing its program management and strategic consulting groups.

Moving forward, Carter will leverage its 54-year-old brand to create value through its strong relationships. Specifically, Carter is focusing its efforts on the:

• Development of mixed-use and for-rent multifamily projects in urban infill locations.
• Equity development of student housing.
• Acquisition of opportunistic and value-add investments in office.
• Growing its well-established project management and strategic consulting businesses.

The firm’s more than 100 high-caliber associates will serve clients using a high-performance team-based approach that results in delivering maximum value for our clients and investors. This approach allows Carter to leverage the firm’s strong expertise and deep knowledge base in a wide variety of markets and product types.

“The sale of our brokerage services and property management businesses marks a milestone for Carter,” Chairman and CEO Bob Peterson said. “This transaction was a major step for us in executing our strategy to narrow Carter’s focus on building high-quality projects, investing in real estate and providing strategic solutions to our clients.”

Carter’s development business expects new opportunities to emerge as corporate and educational development begins to rebound. Carter is the No. 3 commercial developer in the United States, as ranked by National Real Estate Investor, and currently is overseeing The Banks, one of the largest mixed-use projects in the Midwest. Carter is master developer of The Banks, a $600 million development on the Ohio River in Downtown Cincinnati, Ohio. Late last month, Carter announced plans to double the size of the retail and multifamily components along with new marketing efforts for the proposed office component.

In the K-12 education realm, Carter is currently overseeing a $107 million public school building program in Enid, Okla.

The firm’s Interiors group continues to be a leading third-party provider to top law and financial firms and grown its business well beyond Atlanta. The Interiors group currently has more than 500,000 square feet under construction for clients such as AT&T, RockTenn and Starwood Vacation Ownership.

Carter’s Higher Education and Campus Innovation team is currently leading a $100 million program at the University of Louisiana Lafayette that comprises 2,000 beds and 900 structured parking spaces.

“Our 54-year history of development across the Southeast and beyond positions Carter to take full advantage of new development opportunities,” said Carter President Scott Taylor. “Our Development group is well positioned when it comes to developing and building out corporate, institutional and educational buildings and facilities.”

Carter’s Investments group is actively seeking new opportunities across the country. Vice Chairman Jim Shelton, who leads Carter’s Investments group, said he expects to see more high-quality assets to come to the market at distressed prices. Carter recently invested in City Federal condominiums in Birmingham, Ala., and Valencia condominiums in Ponte Vedra, Fla., and played a key role on Piedmont Office Realty Trust’s acquisition of The Medici office building in Atlanta.

The firm also serves as a service provider to Carter Validus Mission Critical REIT, which is focused on acquiring mission critical facilities such as data centers and healthcare facilities. John Carter, a Carter vice chairman, serves as CEO of Carter Validus Mission Critical REIT.

In other areas, Carter’s strategic consulting group has performed advisory assignments for seven major clients in 2011 alone. Carter will continue to deliver high-quality service and results from its asset management division, which oversees more than $2.5 billion of third-party and Carter-owned properties.

“Moving forward, you will see Carter aggressively leveraging our thought leadership and experience to pursue and participate in high-quality developments and investments on behalf of our firm and our clients,” Carter’s Peterson said. “We will do this while continuing to build on our core values of integrity, commitment and excellence.”

About Carter

Founded in 1958, Carter is one of the country's leading real estate development, investment, and advisory firms. The firm has headquarters in Atlanta and operations across the country. Carter focuses on development of mixed-use and multifamily projects in urban infill locations, equity development of student housing, acquisition of opportunistic office, project management and strategic consulting. Carter’s high-caliber associates create value for clients using a team-based approach that leverages strong expertise and a deep knowledge base in a wide variety of markets. Carter is the country’s third-largest commercial developer, according to National Real Estate Investor, with strong higher education, k-12, interiors, and corporate specialty practices. Carter also focuses on value-add real estate investment opportunities, currently overseeing a $550 million portfolio. Carter’s asset management division manages more than $2.5 billion of third-party and Carter-owned assets. Its strategic consulting practice provides clients with customized real estate solutions. As it has for 54 years, Carter will continue to build on the firm’s core values of integrity, commitment and excellence and strive for a culture based on trust and candor. For additional information on Carter, please visit http://www.carterusa.com.

 

Project Update: Carter Renovates Historic Building at Spelman College

By Tom Lawrence, vice president, Carter

ATLANTA (Nov. 2, 2011) - In February, Carter was selected as program manager for the renovations to Laura Spelman Hall located on the historic oval of Spelman College’s campus. Thanks to my colleagues also working on the project, Gary Pateau, Mitsu Parker and Chris Barnett, the renovations are progressing on schedule, and we wanted to give a mid-project update.

We received our building permit in early May, and construction commenced in June after students moved out. The renovation program called for student residential, academic, and support space to occupy the building’s three levels. The ground floor will have lounge and meeting rooms, a psychology lab, technology lab and a conference room with state-of-the-art audio/visual and teleconference systems. The upper two floors will contain 40 student beds in double-occupancy rooms, group bathrooms and study spaces.

Before the renovations, a facility assessment study identified numerous deficiencies with the historic structure including lack of central heating and air conditioning, waterproofing and life safety issues. Spelman College decided to vacate the building for one academic year and perform a thorough renovation.

Following selective demolition to the original building structure, several renovations will be made. They include a new slate roof, repointing of exterior masonry, restoration of historic limestone accents and insertion of an elevator and new egress stairs. Upon completion, the building will have new mechanical, electrical, plumbing, and voice/data systems. We connected the building to campus-chilled water and steam loops and each student room will have individual temperature control. To provide students with additional social and study space, an outdoor terrace was constructed in the rear yard of Laura Spelman Hall.

The project is seeking LEED silver certification and we are targeting final completion early next summer.

The historic building was designed by Hentz, Reid & Adler and completed in 1918.  The original home of the college’s Home Economics program, it was converted to the school of nursing in 1930. Most recently the building has been used for a child development center on the ground floor and student housing. 

 

Carter Launches I.C.E. Program for Atlanta Youth

By Dorris Hollingsworth, vice president of human resources, Carter

ATLANTA (Sept. 29, 2011) - Integrity. Commitment. Excellence. These are values Carter has instilled in its associates and promoted in the community since the firm was founded in 1958.

Carter’s Floyd Hodge, a former Atlanta Falcon, is working to expand these efforts by spearheading the launch of the I.C.E. program targeting Atlanta high school students. Carter is hosting the I.C.E. series of speeches at Atlanta-area high schools.

Floyd did not have an easy road to the NFL. However, his persistence and commitment helped him achieve a successful career as a Falcon. Floyd opens each I.C.E. event with his personal story followed by a featured guest speaker who has impacted the Atlanta community through integrity, commitment and excellence.  

Carter launched the program on Sept. 15 at Therrell High School in southwest Atlanta.  At the first event, former Atlanta Falcon, Jessie “The Hammer” Tuggle, spoke to more than 100 high school students about the importance of setting and reaching goals. Tuggle did not have an easy road, but he worked diligently to bring his professional football goals into fruition.  He shared the inspiring story of his transformation from an average college athlete into a NFL powerhouse. (From left: Jessie Tuggle, Dorris Hollingsworth, Floyd Hodge)

Tuggle closed his message with a call to action. Once you achieve success, no matter how big or small, you must remember to give back to your community. This message resonates with us at Carter because we believe community involvement is our obligation as a corporate citizen of the city of Atlanta.

Carter hosted the second speaker event at Mays High School last Thursday with featured speaker Michael Douglas, a former Harlem Globetrotter. In his speech that stressed the importance of education he reminded students, “Luck only happens when preparation and opportunity meet.” His interactive approach got students on their feet and motivated to reach their goals.

There will be a third event today at Carver High School featuring Kids and Pros Co-founder, Buddy Curry.  Carter associates are excited about the success and positive reception from the speaker series. The team is looking forward to continuing the momentum with bimonthly engagements.  

 

Lovett School Students Enjoy Updated Dining Hall

By Katie Morin, senior marketing coordinator, Carter

ATLANTA (Aug. 22, 2011) - School is back in session and students at The Lovett School are enjoying their recently renovated dining hall. Carter’s Tom Lawrence managed the 15,000-square-foot renovation project that included new carpet, tile, paint, ceilings, lighting and windows. The project started in June and was competed during the school’s summer vacation.

According to a recent article in the Buckhead Patch, the “circle serve” is gone after 33 years. It has been replaced with updated serving stations and the new serving areas now match the look of the main dining hall. According to Jen Sarginson, associate director of communications at the school, the new arrangement will result in more food offerings and better customer service.

The Lovett School is fully enrolled and at capacity for the 2011-2012 school year. Carter is pleased to welcome students back to school and their new dining hall! 

 

Georgia State Recognized For Best Dorms in the Country

By Malloy Peterson, vice president of marketing, Carter

ATLANTA (June 28, 2011) - Carter congratulates Georgia State University on being recognized by CampusSplash.com, a dorm review website, for having the best dorms in the country.

In addition to its overall best dorm ranking, Georgia State’s University Commons housing complex, where Carter served as the owner representative, ranked as the fourth best dorm in the country on the website’s “Dormy Awards.” Based on over 7,100 reviews, the University Commons received five stars in categories including location and convenience, quiet study environments and cleanliness.

Completed in September 2007, University Commons is a 2,000-bed student housing facility with a 1,000-car parking deck designed to meet the need of the university’s continued record-breaking enrollment. The university acquired a seven-acre site in Atlanta and through a competitive bid process, Carter was selected to serve as the owner’s representative to assist in the development of the $160 million facility.

During the project, Carter provided a full range of services, including programming, developer selection, financial analysis and design and construction management. Carter also managed the closeout and move-management process upon facility completion.

Congratulations to Georgia State University for having the top student housing facility in the country!

 

Carter Completes New Practice House for Georgia State’s Football Team

By Todd Bradford, assistant project manager, Carter

The Georgia State Panthers now have a new practice field house for the football team. Carter recently completed the first phase of Georgia State’s outdoor recreational center. Located at 188 Martin Luther King Jr. Drive, the facility offers convenient access to the Panther’s entire practice complex that includes a 100-yard synthetic turf field and 50-yard natural grass field.  The interior build out converted an old warehouse structure that dates back pre civil war to a 22,000-square-foot facility complete with training area, locker rooms, laundry facility, hydrotherapy pit and team gathering rooms.

The Panthers will begin using the facility when they start summer training in July. The 2011 season will be the second for Georgia State’s Division I FCS team.  For schedules and more information about the 2011 season, check out http://www.georgiastatesports.com

Wills Allen Receives SIOR Leadership Award

By: Wills Allen, broker at Carter

At the Georgia Chapter of the Society of Industrial and Office Realtors’ (SIOR) 2010 Fall Leadership Breakfast, I was selected as one of three real estate professionals to be awarded the SIOR Scholarship Award. The scholarships are given to professionals currently enrolled in masters programs and were established to encourage graduate students contemplating or pursuing a career in commercial real estate brokerage.  Additionally, the chapter has established awards for licensed commercial real estate professionals who are contemplating application or pursuit of the SIOR designation.

It was an honor being recognized in front of 500-plus of the industry’s most reputable professionals, each of whom average of 20 years of industry experience, at the Loews Hotel in Midtown.

The annual leadership breakfast provides an opportunity for SIOR members to meet with industry leaders from all areas of real estate, while listening to an interesting and insightful speaker who raises funds for charity. This year’s keynote speaker, Mayor Kasim Reed, chose to donate the proceeds from this year’s event to Bright Futures, Centers of Hope and The Study Hall.

The SIOR scholarship positively promotes and represents the real estate industry and SIOR while helping to foster relationships amongst colleagues. SIOR is a very well respected society and demands the highest standards of its members and applicants of scholarships.

I was originally interested in pursuing my M.B.A. because I wanted to further develop my financial analysis skills and to broaden my education on the complexities of today’s business world.  An M.B.A. will round-out my skill set to the benefit of my clients. It is important to know that I am doing all I can to enhance and progress my career.

Carter has been especially supportive and helpful while I have pursed higher education. Successful mentorships have enabled me to efficiently execute at a high-level. Moving forward, I hope to lead by example, inspiring confidence that as a full-time commercial real estate broker and student, one can successfully balance his or her career and recognize immediate benefits from the application of new knowledge. 

I plan to use the visibility from this generous award as a way to extend my leadership skills from the workplace into the community. I am able to continue to support the Georgia Chapter of SIOR through employment at Carter, a community-focused company, which gives me the flexibility to volunteer my time to real estate organizations as well as philanthropic charities.

Finally, I'd like to thank the SIOR organization for this honorable, SIOR Leadership Scholarship.  Thank you for your generosity in supporting me in my pursuit of my M.B.A. 

Wills Allen has worked as a Licensed Industrial Broker at Carter since 2006. Prior to Carter, he worked as a Licensed Sales Associate at Prudential Montana Real Estate in Bozeman, Montana. Wills has closed over 100 transactions valued at over $21.3M in a 48-month period and is currently pursuing his M.B.A through Georgia State and will graduate from the J. Mack Robinson College of Business in December 2011. Wills was awarded Rookie of the Year 2007 and Carter Top Ten Producer 2009. In addition to joining ACBR’s Million Dollar Club, he also has a CCIM.

Bob Peterson Guest Lectures for UGA Students

Carter CEO Bob Peterson recently participated as a guest lecturer for a University of Georgia MBA class which focuses on leadership in business. Two students did a presentation about Bob in which they spoke about his background and the career path which led him to Carter.

Below you will find three video clips of the lecture. In the first clip, Bob explains what brought him to Carter and his role today. The second clips shows Bob explaining the four principles one must have in order to be a great business leader. In the final clip, two students talk about what they learned from Bob, such as dealing with personal weaknesses and risk taking.

Bob Peterson joined Carter in May 2001 as a partner and executive vice president. In October 2002, he assumed the role of Chairman and CEO of Carter.  Prior to joining Carter, Bob served as CEO of Peterson Properties, a full-service commercial real estate company, which he founded in 1979 and sold to CarrAmerica in 1996. Peterson Properties developed more than 30 office and industrial projects totaling four million square feet, and handled more than $1 billion in investment transactions over a 17-year period. Prior to joining Carter, Mr. Peterson was managing director of CarrAmerica Realty Company (NYSE: CRE) and president of CarrAmerica Development Inc. He also served on CarrAmerica's investment and operating committees.