CarterBlog

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.

 

Carter Says City Federal is 93 Percent Sold

By John Akin, senior vice president, Carter

BIRMINGHAM, Ala.(Dec. 7, 2011) - The City Federal Building in Birmingham, Ala. is 93 percent sold with only six condominiums still available. Carter acquired the note for the 27-story, mixed-use building back in October 2010. At the time Carter took control of the building, 32 of the 84 condos were unsold. Carter also acquired 15,000 square feet of retail in the building that is currently being marketed by Harbert Realty.

In addition to condo sales, there have been some other exciting happenings at City Federal. Last month, six scrapbooks complete with photos, newspaper clippings, documents and memorabilia were found in a closet of the building.  The books covering decades of City Federal Savings & Loan history were moved around the building during renovations until Ingram & Associates’ Tom Loyd examined the scrapbooks. Along with several real estate agents from Ingram, I had the honor of presenting the scrapbooks to Jim Baggett, head of archives at the Birmingham Public Library. For the complete story, click here.

Added to the National Register of Historic Places in 1984, City Federal remains the tallest neo-classical skyscraper in the Southeastern United States. City Federal remained an office building until 1995, when it closed its doors. The building stayed vacant until March 2005 when the new owner began a $20 million renovation to convert the building into condominiums.

The renovated condominiums feature nine-foot ceilings, large windows, gourmet kitchens with granite counter tops and stainless steel appliances, ceramic tile in the bathrooms, hardwood floors in the living areas and kitchens, elevator lobbies with original tile floors and a restored original Grand Street-level residential lobby.

Carter's Investments group is actively seeking new opportunities, especially in multifamily and value-add office across the country. For more information, check out Carter’s Investment page.

 

Carter Continues to Grow the Banks- Plans are to double the size of its residential and retail components

By Laura Swadel, director, Carter

ATLANTA (Nov. 29, 2011) - The Banks mixed-use development in downtown Cincinnati plans to double the size of its residential and retail components.

According to an article in The Cincinnati Enquirer on Sunday, these plans put The Banks a year ahead of schedule with more than $75 million in new private investment.

Carter serves as the master developer for The Banks. By 2019, The Banks will be 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.

The development’s fast-tracked schedule is largely due to a $23 million federal stimulus grant that helped fund a 729-space public parking garage. The deck serves as the foundation for the first phase of the project, which delivered 77,000 square feet of retail space and a 300-unit apartment community, Current at The Banks.  According to the article in The Enquirer, Current is 98-percent leased.

Former Carter Vice Chairman Trent Germano, who oversees The Banks project as a consultant, is pleased with the development’s success, especially considering the current economic climate.

Just last week, the development team was able to secure an important extension from the city and county, giving it another year to attract key retail tenants. Germano hopes to sign four more tenants by early next year.

“Sure, we would have liked to have been five months ahead of where we are in retail leasing by now,” Germano told the Enquirer. “But if we think about the overall economy – and where we’ve come from – we’re still on the front of the curve of seeing improvement. As retailer’s look to expand, we’re high on the list.”

Toby Keith’s I Love This Bar & Grill, Crave and Tin Roof all plan to open next month. These restaurants will join Holy Grail Bar & Grill and Johnny Rockets that opened this year.

Located between the Great American Ball Park and Paul Brown Stadium, The Banks spans 18 acres and features residential, office, retail and restaurant options for all to enjoy. Carter was selected by the City of Cincinnati and Hamilton County to serve as Master Developer for The Banks. Carter also served as Program Manager for the construction of the City and County-funded parking garage and infrastructure components of the project.

To read the complete article that appeared in the Cincinnati Enquirer, click here.

 

Who said golf is for men?

By Sarah Peddar, business development manager, Carter

ATLANTA (Nov. 11, 2011) - Last week, the Carter Interior Project Management team held the final in a series of golf clinics, and eight successful Atlanta businesswomen took a swing. The golf-skills series, “Tee up with the Pros,” was a four-week clinic for female brokers, followed by a final scramble match led by head golf professionals at Ansley Golf Club in Atlanta.

Not only have these women realized the importance of knowing how to play in a sport typically dominated by men, they understand the importance golf has in the business world. From networking to developing personal relationships, the female golfers who participated in Carter’s clinics understand a lack of golfing expertise puts them at a disadvantage. Real estate is a relationship business, and it’s vital to form, fortify and nurture relationships. Playing 18 holes with clients and colleagues is the perfect forum.

When the clinic series began, a handful of attendees had never picked up a club or even stepped foot on a golf course. Coming out and playing each week was not only educational, but also a fun social event for these real estate gurus.

After the clinic each week, the golfers joined the Carter Interior Project Management team for cocktails and hors d’oeuvres in the clubhouse. Members of this tight-knit group of brokers and associates have become more than just networking buddies. We've been able to get to know each other on a personal level and become friends.

The Carter Interiors golf scramble turned out to be a pleasurable four hours of golf, cocktails and socializing. I can confidently say these women are well prepared for networking on the course and have definitely proved golf isn’t just the “businessman’s” sport.

 

Carter Enjoys Final Day at CoreNet Global's Fall Summit in Atlanta

ATLANTA (Nov. 8, 2011) – Carter enjoyed yet another successful day at CoreNet Global’s Fall Summit in Atlanta. Vice President of Marketing Malloy Peterson and Business Development Manager Sarah Peddar spoke to attendees about Carter’s strategic focus and business groups moving forward. In September, Cassidy Turley acquired the company’s brokerage and property management businesses.

“There is a bit of confusion within the industry as to what we are planning to be going forward, “ said Peddar. “This has been a great forum to really sell the fact we are the third-largest developer in the country, and we also have really strong project management groups, strategic consulting and investments and asset management.”

 

 

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. 

 

Retro Commissioning — Building tune ups

By Jonathon Barge, vice president of program development, Carter

ATLANTA (Nov. 1, 2011) - As utility costs continue to rise, building owners are using retro commissioning to gain energy efficiency and drive down operating costs.

Certification programs such as LEED for Existing Buildings and Energy Star encourage the practice of retro commissioning, and the more successful the implementation, the higher the scores.

Retro commissioning is the process of tuning up a building to get peak performance out of all building systems. It reviews mechanical, plumbing and electrical systems, as well as the building envelope and controls systems to identify problems and propose solutions. The investigation can include data logging, trending and functional testing of building systems as well as historic utility use analysis.

At Carter, we completed retro commissioning this year on two buildings pursuing LEED certification. In both projects we discovered multiple ways to improve building efficiency that ultimately led to greater occupant comfort, improved productivity and lower operating costs.

Some examples of the findings included:broken or un-calibrated sensors; unbalanced airflows; system set points that were out of range; equipment malfunctions; and lights left on 24/7. The associated cost savings ranged in value from a few hundred dollars up to several thousand dollars per year. The process also satisfied valuable LEED credits and helped building management plan for future capital improvement budgets.

We have seen significant improvement through retro commissioning and expect to see more and more owners using it in the future.

 

Kilpatrick Townsend & Stockton’s Renovated Atlanta Office

ATLANTA (Oct. 14, 2011) -The Carter Interiors Project Team recently completed a restack consolidation for Kilpatrick Townsend & Stockton, LLP at 1100 Peachtree. The restack involved the 227,000 square feet the law firm now occupies on 11 floors at 1100 Peachtree.

Cooper Carry designed the space. The design firm did an excellent job of maintaining the fine finishes that had been put in place 20 years ago while still updating the space with a flexible core configuration using DIRTT demountable system walls and more contemporary, simplified finishes. 

Check out new photography of the space below!

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.

 

 

 

 

 

 

 

 

 

 

 

Johnny Rockets to open at The Banks Next Month

CINCINNATI (Sept. 29, 2011) The Holy Grail Tavern and Grille will soon have company. Johnny Rockets is scheduled to open at The Banks on Oct. 27. Now visitors and residents at The Banks will have two restaurant options with more on the way.

And we know Cincinnatians are as excited as we are based on all the social media buzz surrounding yesterday's Johnny Rockets announcement.

Carter serves as master developer of The Banks, an 18-acre mixed-use project. Carter also served as program manager for the construction of the city and county-funded parking garage and infrastructure components of the project. 

See below for the complete story in Cincinnati.com about what's happening at The Banks!

A custom-designed Johnny Rockets with a menu unique to Cincinnati will officially open at The Banks on Oct. 27. Interior construction is under way at the nearly 3,000-square-foot restaurant at 191 E. Freedom Way, across from The Reds Hall of Fame and recently opened Holy Grail bar and grill. The restaurant will feature an outdoor patio and a walk-up order window. Menu items exclusive to the location will include Dusty’s Bacon Burger and the Lotta Domata Hamburger, created in honor of Reds’ manager Dusty Baker and Bengals’ defensive tackle, Domata Peko. Appetizers include Banks Shanks, Fried Pickles, Fresh Cooked Potato Chips and Spiral Pass Potatoes. The restaurant will be open seven days a week from 7 a.m. to 2 a.m. A grand opening is planned for 4:30 p.m. Oct. 27 with special giveaways, samples and specials. The restaurant will be operated by local Johnny Rockets franchise owner Rich and Sharon Thompson. The new location is the sixth in Ohio, and the third owned by the Thompsons, who also operate locations at Newport on the Levee and Sycamore Plaza, across the street from Kenwood Towne Center. Scheduled to join Johnny Rockets and Holy Grail later this year are Toby Keith’s I Love this Bar & Grill, Huey’s 24/7 Diner, The Wine Loft and La Crepe Nanou. Construction is under way on Toby Keith’s, which will be located on Second Street between Joe Nuxhall Way and Walnut Street. No opening dates have been announced for the other retailers. In February, Moerlein Lager House – an 1,100-seat restaurant and beer garden – is expected to open just south of The Banks on Joe Nuxhall Way at the Phyllis W. Smale Riverfront Park. The Banks is an 18-acre riverfront development. Its first phase is priced at $80 million and includes 300 apartments and 70,000 square feet of retail space.