CarterBlog

Andy Feinour Speaks at Student Housing Summit

Carter Senior Vice President Andy Feinour participated on a panel last week at the Bisnow Atlanta Student Housing Summit.  Feinour spoke on prospects within the student housing market and the potential for growth in smaller colleges and universities.

“I think there’s generally a disconnect in the industry in terms of where the capital wants to invest and where the real opportunities are,” said Feinour, noting the challenges in getting capital to invest in lesser-known schools.

For additional highlights from Feinour, see video footage from the summit below.

 

 

Andy Feinour is a founding principal of Carter’s advisory services group where he serves as senior vice president. In this role, he provides strategic real estate advisory services to Carter clients across a variety of disciplines.  Prior to joining Carter, Feinour served as a vice president with Holder Properties where he was an officer in the company. While at Holder Properties, Feinour was responsible for the financing, development, marketing and management of approximately 2 million square feet of space valued at over $450 million. His developments included single-tenant office facilities located across the country, speculative office buildings, multifamily projects, student housing and mixed-use projects.

Dorris Hollingsworth Goes On-Air with Career Advice

Carter Vice President Dorris Hollingsworth was the expert guest on the very first edition of Today’s Workplace, a weekly radio show on the VoiceAmerica Business Channel about workplace issues. Hosted by Emory Mulling, the founder of Atlanta-based executive coaching and career transition firm, Mulling Corporation, Today’s Workplace offers solutions to workplace issues.

Thanks to her 20 years of experience and expertise in the organizational development, HR operations, talent development, mediation and employment law, Hollingsworth was a perfect candidate for Mulling to invite to the show.   

During the show, Mulling and Hollingsworth discussed topics like how to handle gaps in employment, what to do when you feel unchallenged at work, resume building and networking, and interview etiquette.  Hollingsworth addressed questions from listeners such as “Which industries have the most jobs?” and “What should I do if I’m an older person looking for work?”

Her appearance shed an optimistic light on a time of economic struggle.  “I think the challenge for people in this economy is to really kind of figure out how their particular skill set fits in,” she said, “and also be willing to pick up and learn some new competencies, to develop new areas of expertise.”

Tune in to hear more from Hollingsworth: http://www.voiceamerica.com/episode/61183/dont-get-stuck-get-advanced.

Hollingsworth was also featured again on the show on April 30, discussing when it’s right to make a career change:http://www.voiceamerica.com/episode/61299/quit-your-job.

 

The Banks’ Phase 1 Economic Impact -- $91 million annually

Cincinnati’s premier mixed-use development on-line and adding to economy 

Cincinnati (May 23, 2012) — The Banks’ master development team of Carter and The Dawson Company and equity partner USAA released today results of an economic impact study for The Banks development. 

According to the study conducted by the University of Cincinnati Economic Center, Phase 1A --  which includes 300 apartments and approximately 97,000 square feet of retail – has generated a $556 million construction impact on the local economy and an on-going annual economic impact of $91 million in Cincinnati and Hamilton County.  Such impact represents a nearly immediate pay back on the city and county’s investment.

Once complete, all of Phase 1 -- which will most likely include the addition of a hotel and office -- is expected to have a total economic impact of $276 million annually.  When combined with investments made by the city, county and the master development team, this will result in a total economic impact of over $2.7 billion from 2011 to 2020. 

Ongoing employment, comprised of retail, apartment, police, office and hotel-related jobs, is projected to be more than 1,400 direct jobs.  Another 1,000 indirect jobs are expected to be created by additional demand for other projects and services in retail, restaurant supplies, and business services.  Construction of the first phase has or will generate 3,600 construction jobs and $600 million in economic activity.

In addition, the study reports that a majority of the new residents at the apartment, Current at The Banks, moved from outside the city of Cincinnati, including 20 percent who came from outside the 15-county metropolitan area.  The residents have a median annual income of $91,000.  These residents are expected to spend nearly $22 million annually, including $1.2 million on dining out, which will further contribute to the growing demand for food and retail businesses in the area. 

Development along the Cincinnati riverfront has been an ongoing initiative for the better part of two decades.  Public investment started in 1998 with the development of two stadiums, multi-modal transit projects such as Fort Washington Way and the Riverfront Transit Center. 

“These investments are helping to create a vibrant riverfront – where people can live, work and play,” said Scott Stringer, executive vice president with Carter.  “The investments made by the public parties are starting to pay off and we’re happy to help the city and county complete the vision of the riverfront.”

The impact figures only reflect that economic impact of the first phase of The Banks.  Future development on the remaining four-city-block area between the Freedom Center and Paul Brown Stadium is expected to be an additional $335 million a year. 

A copy of the study can be found at www.thebankscincy.com.

About The Banks

The Banks will be Cincinnati’s largest single, mixed-use development composed of a dynamic blend of residential, office, hotel and retail components. Phase 1A of the riverfront development is complete and includes a revised street grid, a parking facility, 300 apartments and 96,000 square feet of retail. In addition to creating a destination where people can live, work and play, The Banks will be the capstone for regional economic growth and urban revitalization. Carter and Dawson are the master developers and equity partners. USAA Real Estate Company is the primary equity partner for this joint City / County development project.  Jeffrey R. Anderson is handling retail leasing for The Banks.

 

Hartsfield Centre Awarded LEED for Existing Building Certification

By Jonathon Barge, vice president of program development services, Carter

ATLANTA (May 16, 2012) – At Carter, we are committed to sustainability and take pride in improving efficiency in many of our buildings.

As part of the Carter Program Development Services group, we provide LEED consulting services to improve a building’s operations and maintenance practices. Working alongside property managers, we act as LEED Administrator and develop, execute and document the overall sustainable strategy in order to achieve certification.

As an example, Alecta Real Estate recently hired Carter to take one of its non-LEED certified buildings - Hartsfield Centre - and achieve LEED certification. Built in 1990, Hartsfield Centre is an eight-story, 147,000- square-foot office tower adjacent to Hartsfield-Jackson Atlanta International Airport owned by Alecta and managed by Cassidy Turley.  The building earned ENERGY STAR certification in 2010 and maintained it with an improved score in 2011. To further its green footprint and commitment to sustainability, Alecta enlisted Carter to serve as LEED Administrator and execute a sustainable strategy that would ultimately lead to certification. 

Working closely with Cassidy Turley General Manager Sarah Matthews and Ernest Carson, chief engineer, we completed several projects to improve the building’s utility efficiency, including replacing all toilets and urinals with low-flow fixtures to improve water efficiency by more than 30 percent.  We also determined the building was a candidate for retro-commissioning, which continues to be a growing trend for building owners. Retro-commissioning is the process of tuning up a building to get peak performance out of all the systems and ultimately reduce energy consumption and operating costs. Read more on retro-commissioning here. 

In addition to greater utility efficiency, the team implemented sustainable practices in the daily operation of the building, including the use of recycled paper products as well as green cleaning supplies and pest control products.  Enhanced refrigerant management, reduced mercury in lighting, waste recycling, and renewable energy were other sustainable building features that contributed to the certification.

Our work on the project was critical to achieving LEED for Existing Buildings: Operations & Maintenance certification by the U.S. Green Building Council.

Carter’s “go beyond green” mission, or Environmental Optimization practice, is one we exercise regularly and also strive towards on all our new and existing building projects. Hartsfield Centre is a prime example of how organizations can work together to make sustainability an ongoing priority.  When an owner and a management team are committed to sustainable improvements the way Alecta and Cassidy Turley demonstrated, it generates positive environmental and operational cost impact.  The sustainable practices and building improvements not only reduced the operational costs of Hartsfield Centre, but also provided building tenants with a healthier indoor environment.

Our experience in developing more than 40 LEED projects across multiple LEED programs enables clients like Alecta to better achieve sustainable success.

Sustainable Investment Group also assisted with the ENERGY STAR certification and retro-commissioning efforts. 

Yard House Rounds Out The Banks

CINCINNATI (May 11, 2012) - Carter announced today it will be the first to bring the popular Yard House restaurant to Ohio.  The American-fusion, L.A.-based chain has signed on as a tenant at The Banks, Carter’s mixed-use development along the Ohio River in Cincinnati.

This exciting new addition makes phase one of The Banks project nearly 90 percent leased.

Yard House, known for its endless selection of draft beers, will feature 100 to 250 taps of imported, craft and specialty ales and lagers, as well as a diverse menu of grilled burgers, street tacos, steaks, seafood, sandwiches and ribs.  The 11,000 square-foot building will truly create a dining experience for guests – with abstract artwork, classic rock music and plenty of flat screens for the sports enthusiasts.   Its corner space with decks and patios overlooking the Ohio River and Roebling Bridge offer awesome waterfront views.

As master developer of The Banks, Carter has sought out high-quality tenants that have both boosted the local economy and provided hundreds of full-time positions to the area.  Yard House joins the long list of great restaurants at The Banks, including Moerlein Lager House, Johnny Rocket’s, Toby Keith’s I Love This Bar & Grill and Mahogany’s Café and Grill.  Tin Roof, The Wine Guy Wine Shop, Crave Restaurant, and a two-story Ruth’s Chris Steak House have signed leases and are slated to open later this year.  

For more information about opportunities at The Banks, contact Laura Swadel of Carter at [email protected].

 

"We Can’t Think Big Enough,” Carter President Scott Taylor Tells Bisnow Summit

ATLANTA (May 3, 2012) – Carter’s new focus on development, investment and advisory services has led to new opportunities across the country – and perhaps beyond, company President Scott Taylor told the audience at Bisnow’s Third Annual State of the Atlanta market summit held last week.

“Most of our activity right now is outside of Atlanta,” Taylor said. “The job growth we all enjoyed here, we’re now seeing it in other parts of the country, including the Midwest.”

Carter is particularly busy with development in the Midwest, where it is the master developer of The Banks, a major mixed-use project on the banks of the Ohio River in downtown Cincinnati. In Columbus, Ohio, Carter was selected as developer of Columbus Commons, a new mixed-use project in downtown.

“We’re eyeing markets like Columbus for many reasons, but especially because of the momentum we’re seeing there right now,” Taylor said.
 
Taylor also stressed the nationwide investment activity Carter is involved in through its role in Carter Validus Mission Critical REIT. Carter Validus has acquired several data centers and medical-related properties in markets from Austin, Texas, to downtown Atlanta.

On the Bisnow panel, Taylor was in good company. Other panelists were Cousins Properties’ CEO Larry Gellerstedt, North American Properties’ Managing Partner Mark Toro and Don Henry of Wells Real Estate. They discussed the national real estate market before the audience of nearly 600 people in commercial real estate and other industries.

Overall, the main theme of the hour-long discussion was synopsized at the end by Taylor, who said, “We can’t think big enough. We’ve got to remain positive and think big.”
 
Taylor’s “Think Big” sentiment came shortly after he traveled to China with an Atlanta trade mission delegation and saw firsthand the vast opportunity the country represents for U.S firms. His recent trip to China with Atlanta Mayor Kasim Reed, Invest Atlanta President and CEO Brian McGowan and other city and business leaders provided Carter with a unique opportunity to introduce our brand to a plethora of interested Chinese business people.
 
Speaking further on The Banks in Cincinnati, Taylor said these types of projects are indicative of the success Carter is having outside its hometown. In the past year alone, Current at The Banks has leased nearly 100 percent of its luxury apartments, 300-plus jobs have been created due to the influx of retail and restaurants to the development and the stimulus to the local economy is palatable.

Carter Completes Interiors Project for King & Spalding’s D.C. Office

Carter and King & Spalding collaborated once again on a just-completed project at the law firm’s Washington, D.C., offices. King & Spalding engaged the Carter Interiors Project Management Team to expand its fourth-floor office space – where attorney offices are located – at 1730 Pennsylvania Avenue.

Atlanta-based King & Spalding occupies office space in the 1730 building as well as 1700 Pennsylvania Avenue. The buildings are connected but managed separately. Tishman Speyer owns 1730 Pennsylvania Avenue, and Akridge owns the 1700 building, also known as The Mills Building. 

Carter’s Interiors team managed the implementation of a new design concept for the expansion of King & Spalding’s floor space with an open, universal footprint with sufficient flexible space to accommodate future changes in the workplace. The design additionally features glass-front exterior offices to allow light to transmit into the corridor and interior spaces.

Carter has worked with some of the country’s top law firms and has a longstanding relationship with King & Spalding, dating back to 2006 when Carter managed the relocation of King & Spalding’s headquarters from downtown Atlanta to 1180 Peachtree Street in Midtown Atlanta.

“We also completed an expansion project for King & Spalding’s Washington office in 2008 and are delighted to continue our working relationship with such an acclaimed firm,” said Jennie Rusciano, project manager with the Carter Interiors Project Team.

 

The Carter Interiors Project Team

 The Carter Interiors Project Team actively manages every aspect of clients’ interior projects, including build-outs and renovations. Delivering one million square feet each year, the team has a broad range of experience in a large variety of product types and client situations. With several LEED- and Green Globe-certified interiors projects, the team members are experts in creating sustainable interior environments. By maintaining a laser focus on their clients’ goals and objectives, they allow clients to spend their time on their core business.

 

Two Years in, Enid Public Schools Project On Time & Under Budget

ATLANTA (April 16, 2012) - "Tremendous progress" has been made in Enid (Okla.) Public Schools' major construction and renovation program, according to a recently released report.

Carter's Program Development Services K-12 team - led by Senior Vice President Danny Jardine - manages the program, which is funded by a $107 million bond referendum Enid voters approved in early 2010. Two years later, the system-wide project is "on time and under budget."

“We have made tremendous progress in the last 24 months, with even more exciting days ahead,” Enid Public Schools Superintendent Shawn Hime says in a letter to supporters. “This fall, Enid’s two new elementary schools will open their doors, and by August of 2013, renovations at all EPS sites will be complete.”

Superintendent Hime also noted that, “because of careful planning and competitive bids,” the district “will be able to do even more than originally planned with bond issue dollars.”

The K-12 team at Carter is proud to be a part of this monumental project and Enid Public Schools’ team.

Click here to view the 2010 Bond Program Report. To reach Danny Jardine and find out more about the K-12 team, click here.

 

Carter Office Investments Leader Elaborates On 2012 Opportunities

ATLANTA (April 12, 2012) - Recently, Carter Vice President Scott Cloud spoke about attractive investment opportunities in the Atlanta market as well as in other Southeastern markets. Check out the first part of the two-part series here. 

In the second part of the interview, Cloud expands on the office development market. "Amazingly, the office development market is slowly coming back," he said. To hear other thoughts from Cloud, check out this video.

 

 

The Banks Becomes Place to Be on Opening Day

CINCINNATI (April 9, 2012) - The scene at The Banks on Opening Day was incredible. A sea of Cincinnati Reds fans and red jerseys covered the streets of The Banks as fans and residents reveled in the return of Major League Baseball and all of the new restaurants residences at The Banks.

The scene prompted Carter to take a look back at the year that’s passed since The Holy Grail opened on Opening Day 2011.

Our review shows that a lot can happen in one year. This time last year in Cincinnati, as Reds fans were preparing for the start of the 2011 baseball season, The Holy Grail was the only bar and restaurant open at The Banks, the $800 million mixed-use project between the ballpark and Paul Brown Stadium that Carter is developing with The Dawson Co. and equity partner USAA Real Estate. This April things look quite different.

Since last Opening Day, The Banks has evolved into quite the entertainment district, making the start to the Reds season perhaps the biggest ever. During the past 12 months, Carter has worked diligently to complete phase one of the mixed-use development and fill it with quality tenants. In addition to The Holy Grail, dining and bar options now include Moerlein Lager House, Johnny Rocket’s and Toby Keith’s I Love This Bar & Grill. Orange Leaf frozen yogurt also is open.

Tin Roof, The Wine Guy Wine Shop, Crave Restaurant, and Ruth’s Chris Steak House are slated to open late this summer or early fall. Mahogany's Cafe and Grill also will open a location at The Banks.

To date, the retail operations at The Banks have brought more than 300 new jobs to the region.

Residents have also moved in to the downtown riverfront development, marking a major milestone. Current at The Banks, the 300-unit luxury apartment complex situated atop street-level retail, is now open. In less than one year, Current, which includes a mix of studio, one- and two-bedroom apartments for rent, is nearly 100 percent leased. Read our blog post on Current at The Banks here.

“I am extraordinarily proud of our team and the immediate successes we have had at The Banks,” says Carter Chairman and CEO Bob Peterson. “In this economic climate, it’s inspiring to be able to create jobs and stimulate the local economy the way we’ve been able to do with this development.”

In total, 80,000 square feet of retail/restaurant space, 300 apartment units, and 3,300 parking spaces were delivered in the first phase.   

So what will the next 12 months look like as the second phase of the project gets underway? Together with The Dawson Co., we are working on securing a healthy mix of retail tenants, and looking ahead to the build out of additional parking spaces, residential components, an office building and even a hotel.

As The Banks continues to progress, it will have 1.9 million square feet of new development including 1,000 residential units, a hotel, a new office tower and at least 400,000 square feet of retail space by the year 2019.

Overall development at The Banks is expected to lead to more than $600 million in investment to the local economy, create more than 1,000 permanent jobs and continue to attract new national retailers and residents to Cincinnati.

“With the opening of The Banks, the celebration of Opening Day in Cincinnati has changed forever,” said John Eckert, a CBRE Group vice president who markets the office portion of The Banks.