COMMUNITY REAL ESTATE DEVELOPMENTfiog.usf.edu/cred/data/tb-2015/tampa-bay-2015-annual...•...

Certificate inCOMMUNITY REAL ESTATE DEVELOPMENT

at the University of South Florida

TAMPA BAY 2015 CRED

Annual Report

CRED TAMPA BAY 2015 | 3

Florida Institute of Government

The Florida Institute of Government (FIOG) of the College of Arts and Sciences at USF was established by the Legislature in 1981 as part of a consortium of universities that share a statewide mission:

“to increase the effectiveness and quality of government in Florida through applied research, training, and technical assistance programs

and public service.”

The institute was renamed in honor of John Scott Dailey, its founding executive director. Since its inception, the FIOG at USF has provided training and technical assistance to code enforcement officers, city clerks, elected and appointed local and state governmental officials, volunteers and the general public.

about the

The John Scott DaileyFlorida Instituteof GovernmentCollege of Arts and SciencesUniversity of South Florida4202 East Fowler Ave, CHE205Tampa, Florida 33620Ph: (813) 974-8423Fax: (813) 974-2819fiog.usf.eduDirector, Angela Crist

Angela Crist Director

Becky ClaytonTraining and

Support Specialist

4 | CRED TAMPA BAY 2015

ABOUT THE PROGRAM

Course SummaryThe Certificate in Real Estate Development (CRED) program at USF offers practical training for local community professionals to grow catalytic leadership to revitalize underserved communities. The three module program focuses on professional development for the local community development industry and works to create partnerships to develop and sustain viable communities. The program provides the tools needed to carry out successful community based real estate development projects through over 60 hours of classroom training, guest speakers, classroom exercises, homework and group projects. Participants who complete the course receive certificates of completion from USF Continuing Education and the Florida Institute of Government, and become CRED alumni.

PurposeThe goal of the Community Real Estate Development program is to create effective leadership in community development for long term benefits to the community. The purpose of CRED is to provide professionals with opportunities to problem-solve local market issues while providing exposure to local, seasoned practitioners at an affordable cost with support from a steering committee of dedicated professionals which connect the program to the market.

Community BenefitThe CRED program targets nonprofit, government organizations and other community development professionals to expand the capacity of these organizations. By expanding the number of skilled professionals who are uniquely qualified to formulate and package dynamic real estate and economic development projects in low income neighborhoods and communities, we can stimulate economic development and create new partnerships for viable community development projects.

Desired participant outcomes• Develop a personal perspective concerning community real estate development• Learn basic skills in real estate analysis• Understand the language of real estate development, underwriting & investment• Identify a project and determine preliminary feasibility• Articulate a deal and package it for presentation to partners• Understand Tampa Bay Market DNA• Gain exposure to local market opportunities and possibilities• Understand the community real estate development process• Gain skills for managing development including partnerships, legal issues, project

management, financial statements, negotiating and presentation skills


The overall program outcome is to produce a well-trained

workforce that can use the skills acquired to have a

real-world impact in their local community.


FACILITATORS AND LEAD INSTRUCTORS

Anthony JonesBright Community Trust

Anthony Jones is the CEO of Bright Community Trust, which aims to create healthy and sustainable neighborhoods so that hardworking families can achieve security and stability. He leads a team of nine responsible for housing finance and neighborhood redevelopment; developing plans, projects and programs; monitoring compliance; and intergovernmental coordination.

Anthony worked for Pinellas County Government, as Director for the Community Development Department and the Housing Finance Authority of Pinellas County. He was responsible for the planning, operations, management and evaluation of housing finance and community development programs.

John TalmageCommunity Development Professional

John Talmage was the President and CEO of Social Compact, a Washington, D.C.-based nonprofit focused on breaking down barriers to private investment in inner-city neighborhoods.

John also was the Executive Assistant for the City of New Orleans’ Mayor’s Office of Economic Development, where he monitored the restructuring of the HUD 108 program, served as the ombudsman for new real estate developments, oversaw the redevelopment of the Orleans/Jefferson Renewal Community, restructured the City’s Economic Development Fund to support redeveloping the city’s small business delivery systems and helped restructure the City’s Disadvantage Business Enterprise program.


Sylvia Alvarez Executive Director, Housing and Education Alliance, CRED Steering Committee Member

Roxanne AmorosoReal Estate Development Executive, Multifamily Management Senior Executive, Incore Residential and CRED Steering Committee Member

Phil Bacon President/CEO, Urban Philanthropies

Philippe Beau, PhDPresident, B.E.A.U. Institute, Asset Management, Acquisitions and Development Director, Klein and Heuchan, American Land Planning & Management,CRED Alumnus

Derrick BlueExecutive Director, Coastal Bay Properties, Director of Energy Services, Tampa Hillsborough Action Plan,CRED Alumnus

Frank BowmanHousing Development Manager, Dept. of Community Development, Pinellas County, CRED Alumnus

Mary FellowsSr. VP, Financial Management and Compliance DirectorNeighborhood Lending Partners

Trent Green Associate Professor of Architecture and Urban Design, School of Architecture and Community Design College of the Arts, USF, CRED Steering Committee Member

James HaleDirector, Alternative Investments Group, Raymond James Financial, Inc.

Janet HamerVice President, Community Development Manager, North & Central Florida, TD Bank

David HollisGrants Administrator, Tampa Housing Authority,CRED Alumnus

David IloanyaDirector of Real Estate Development, Tampa Housing Authority, CRED Alumnus

Ed JohnsonUrban Development Manager, East Tampa Economic and Urban Development Department, City of Tampa,CRED Alumnus and Steering Committee Member

Reverend Dr. Samuel KirklandFounder/President, Shepard’s Care Ministries SCBC, CRED Alumnus

Thomas L’QuentusDirector, Stonehenge Capital Company

John SabatierInvestment Banker, Municipal Bonds, RBC Capital Markets

Tom ShellyFlorida Business Manager, Sand Companies, Inc., Commissioner, Town of Belleair, CRED Alumnus and Steering Committee Member

Lanie WassermanSr. VP Senior Lender, Neighborhood Lending Partners

GUEST SPEAKERS


TAMPA BAY 2015 GRADUATES

Isaac Barefield Plant City CDC Isaac is the Deputy Executive Director at the Plant City CDC, where he supervises the finance and administration of the organization. In addition, he does the accounting and judgment management for real estate development and investment. He holds a BS from the University of Tampa in International Business and Marketing.

Frank Cornier Corporation to Develop Communities of Tampa, Inc.Frank is Director of Real Estate Development for the Corporation to Develop Communities of Tampa, Inc. His projects include acquisition/rehab/resale of formerly vacant properties, new construction development and feasibility of new development opportunities. Frank has past experience in New York serving in leadership positions for the CDC, Neighborhood Housing Services of Rochester and the Ibero-American Development Corporation. He also holds a license as a real estate broker.

Qiana Daughtry City of TampaQiana is the Housing Planner Coordinator for the Community Development Division for the City of Tampa where she manages Urban Planning staff and is responsible for housing rehab and multifamily housing development. She oversees the city’s federal and state housing grants. Qiana is certified as an Occupancy Specialist and a Housing Quality Standard Inspector and was previously a Housing Manager with Boley Centers. Qiana holds a BS in Psychology from the University of South Florida in Tampa.

Carlease Clark Tampa Housing AuthorityCarlease wears multiple hats in his position with the Tampa Housing Authority, serving in the roles of Youth Case Manager, Site Manager, and Service Coordinator. In his position, he coordinates with the case management team and various agencies in the Tampa Bay Area to advocate for his cases. He holds a BA in History from the University of Wisconsin in Madison, Wisconsin and an MBA from Everest University in Brandon, FL.

Ryan Dhookaran Neighborhood Lending Partners Ryan serves as the Credit Analyst and Underwriter at Neighborhood Lending Partners. In this position, he uses his financial savvy to generate loan risk assessments and recommendations as well as credit analysis and portfolio management. He has previously worked as a Financial Advisor at Merrill Lynch and a Banker with Wells Fargo. Ryan holds a BA in Economics from the University of South Florida and an MBA from Nova Southeastern University in Brandon, FL.

Juanita Donaldson Entrepreneur Juanita is a serial entrepreneur dedicated to finding innovative ways to assist the homeless. She offers hair-styling services to homeless vets and displaced families as well as acquiring and renovating homes for these families. She is pursuing a Bachelor’s degree in Architectural Design and Construction Building with an emphasis on sustainable living. Juanita aspires to combine her background with her vocation as a certified draftsperson and electrician to plan and develop sustainable communities for vulnerable families.


Gershom Faulkner G. Faulkner & Associates L.L.C.Gershom is motivated by service to his country and community. As a decorated United States Marine, he served honorably during the Gulf War and was awarded several commendations. He has since worked in many capacities for political campaigns and is a member of the Southside St. Petersburg Community Redevelopment Area Ad Hoc Planning Committee. He is involved in organizations including The City of St. Petersburg’s Civil Service Board, St. Petersburg Midtown Rotary Club and Neighborly Care Network Inc.

Desmond Key Grant Park Civic AssociationDesmond is an advocate and a leader in his community, serving as the President of the Grant Park Civic Association. He is responsible for coordinating the social and economic viability of the Grant Park community and has received hands-on experience with housing development through the years. Desmond has also been a hairstylist for 18 years, where his mission is to aid clients in personal growth and development in addition to hair services.

Antoinette Kilgore City of Palmetto CRAAntoinette works for the City of Palmetto Community Redevelopment Agency in Palmetto, Florida. Previously, she worked for the Palmetto Police Department as the Assistant to the Chief of Police. Antoinette’s volunteering and community involvement with organizations and programs such as Habitat for Humanity, Feed the Community, and the Palmetto Multicultural Festival, is a testament to her desire to give back to her community. She attended the University of Phoenix as a Business Management student.

Rhonda Feliciano Tampa Housing AuthorityRhonda serves as the Section 8 Homeownerships Counselor with the Tampa Housing Authority. In her position, she provides guidance to assist families in achieving the goal of homeownership. She is certified as a Notary Public. She also has a passion for dance, serving as the Administrative Director for Leonard’s Academy of Dance in Tampa, FL. Rhonda is currently pursuing a BA in Business Administration with a concentration in Organization Management. She is expected to graduate in December of 2016.

MJ Kopakin Blue Sky CommunitiesMJ (Mary Jane) currently serves as the Project Administrator for Blue Sky Communities, an affordable housing developer, where she assists with the applications for funding processes and credit underwriting. Prior to joining the Blue Sky Communities Team, she was a Real Estate Analyst with Value Tech Reality Services, where she provided real estate services including marketing feasibility analyses and valuation analytics. MJ holds a BS in Finance and Marketing and an MBA from the University of Tampa.

Vanessa McCleary City of Tampa Vanessa is the Housing and Community Development Manager for the City of Tampa. She is a 25+ year Community Development Professional with experience in New York, Delaware, North Carolina and now Florida specializing in real estate finance, neighborhood revitalization and community development. She earned her BS in Human Service from Springfield College, Certificate in Non-Profit Management from the University of Delaware and a graduate of UNC Chapel Hill’s Community Development Academy.


TAMPA BAY 2015 GRADUATES

Marquaz McGhee Bright Community TrustMarquaz is a Housing Services Director for Bright Community Trust and nonprofit HUD counseling agency located in Clearwater, Florida. He has been in this position for 18 months. Prior to joining BCT, he held the position of Housing Programs Manager for the Corporation to Develop Communities of Tampa (CDC of Tampa) for 4 years. Marquaz has an extensive housing background that ranges from counseling homebuyers to acquisition and the rehabilitation of foreclosed homes in the Tampa Bay Area.

Timothy Parks City of BradentonTimothy is a Housing and Community Development Specialist for the City of Bradenton, FL. He is an experienced administrator of federal funds and has developed affordable housing projects, community facility improvement projects, and many other projects that provided services to low and moderate income persons. Tim has earned his Bachelor’s Degree in Finance from Western Michigan University and has over 16 years of experience administering HUD programs.

Tania Rhoden Drug Abuse Comprehensive Coordinating OfficeTania currently works as a residential counselor for Drug Abuse Comprehensive Coordinating Office. She graduated from the University of South Florida with a major in Sociology and a minor in Criminology, finishing her minor in Criminology at the University of Cambridge in Cambridge, England. Tania is continuing her studies as a Masters Candidate in the School of Urban and Regional Planning with a goal of working to develop sustainable and innovative communities in our urban areas.

Khalil Majied S.B.C. Startups, Resourcing, & Enterprises, LLC. Khalil currently works as a realtor and lead consultant for S.B.C. Startups, Resourcing, & Enterprises, LLC. He has worked in the field of real estate as a mortgage closer since 2009. His community involvement in various organizations is indicative of his leadership qualities and desire to give back to his communities. He holds an MA in Health Services Administration from the University of Central Florida and a BA in Business Management from the University of Central Florida.

Brittney Richards Tampa Housing Authority Brittney is a support specialist at the Tampa Housing Authority in the assisted housing department for over a year. Prior to working with the Tampa Housing Authority, she was a mortgage verification specialist. She plans on attending classes this fall to complete her BA degree. In her free time, Brittney enjoys sewing and volunteering in her community.

Toni Rubino Pinellas County Toni is a Program Manager overseeing the Home Repair and Housing Services Program for Pinellas County. She received her undergraduate degree in Criminal Justice from the University of Phoenix and will be pursuing a Master’s degree in Public Administration. Toni volunteers as a student mentor in a local middle schools and takes great pride in raising her four young children in Clearwater.


Tahisia Scantling Small Business ConsultantTahisia is a consultant and certified as a short-sale, foreclosure and REO Real Estate agent. She received her undergraduate degree in Management and Organizational Leadership from St. Petersburg College and is working towards a Master’s degree in Contracts and Administration from the University of West Florida. Tahisia is the President of the Board of Directors of the Dr. Martin Luther King Jr. Neighborhood Family Center, volunteers as a grant writer for the Coquina Key Neighborhoods Association.

Wenonah Ventor University of South Florida StudentWenonah is currently pursuing her master’s degree in Sociology and a graduate certificate in Community Development from the University of South Florida, where she works as a Graduate Assistant. Wenonah is interested in urban issues and will apply the knowledge learned from the CRED course to her graduate studies. Previously, she worked with S.C.O.P.E. (Sarasota County Openly Plans for Excellence) as a data analyst and researcher.

Frank Wells Venture House and World Power & WaterFrank serves as President and CEO of Venture House, in addition to his work as Chief Executive of World Power & Water. He is known for his leadership and service in the community: an Eagle Scout at a young age; graduate of Leadership St Pete and Leadership Tampa Bay and current class member of the statewide Wedgworth Leadership Institute. He serves in many leadership roles, including the Boards of the Sciences Center of Pinellas County and the Pinellas County Historical Society.

Stephany D. Tran Plant City CDC and Solitas HouseStephany is a Housing Counselor working with two nonprofit agencies: Plant City CDC and Solitas House. As Construction Manager for the CDC, she completed 10 homes for first-time home buyers. At Solitas House, she provided counseling and coaching to clients through the home-buying process and with post-purchasing assistance. Stephany has professional certifications in Credit Counseling, Financial Literacy, Post-Purchase and Down Payment Assistance.

Sharon West Precise Planning Services Sharon is the owner of Precise Planning Services (PPS), working with Not For Profit organizations and small businesses in strategic planning, project development and grant writing. Sharon has over 35 years of experience as a senior level government administrator in the areas of affordable housing and community development. Her experience includes being the Executive Director of the Buffalo Municipal Housing Authority for ten years. She graduated with a BA from State University of New York (SUNY) at Buffalo.


CULMINATIONGroup Projects and the Culmination Event

Each CRED class ends with a culmination event where each student demonstrates what they have learned using real-life case studies. This process is integral to the success of the program by providing a platform upon which participants’ achievements in the course can be measured. The Culmination Event also gives participants experience in pitching a possible development project based on their own creativity and analysis of feasibility and funding.

Members of the 2015 class developed project concept papers based on an identified problem or opportunity, and presented their concepts to the class at the beginning of the course. Class members voted to determine which of the concepts best represented their areas of interest, areas of learning, and market-relevance, then divided into teams around the selected projects.

The four projects chosen this year encompass a range of issues in the Tampa Bay region. Project teams developed their project including parameters set by the instructor. As the Culmination Event approached, participants finalized their presentations making sure all parameters were met.

Presentations were reviewed by a select group of community development practitioners, including members of the CRED Steering Committee, at the Culmination Event. Each group was asked follow-up questions and given beneficial feedback by the panel. Projects were reviewed based on their relevance to today’s market, quality of presentation, quality of substantive information and the ability to address and deal with questions.

This year’s judges were;• Sylvia Alvarez, Housing and Education Alliance• Philippe Beau, PhD, B.E.A.U. Institute• Kathryn Driver, Housing Finance Authority of Pinellas County• Trent Green, USF School of Architecture• Ed Johnson, City of Tampa• Rev. Dr. Samuel Kirkland, Shepard’s Care Ministries SCBC• Tom Shelly, Sand Companies, Inc.

The projects presented by this year’s class are detailed in the following pages.


THE ORLAMPA PARTNERSHIP PROJECTIsaac Barefield, Antoinette Kilgore, Khalil Majied, Stephany Tran, Timothy Parks

Development ConceptInspired by the vision that a blighted and crime-ridden neighborhood could become the epicenter of creativity and diversity, The Orlampa Partnership Project birthed New Brooklyn Phase 1. This consists of the development of four market-rate single family homes and six townhome units in the historic Parramore community located in downtown Orlando, Florida.

Development Scheme and Site PlanNew Brooklyn Phase 1 consists of the development of ten new homes in the Parramore Neighborhood. Six townhomes will be constructed on over 1/3 of an acre vacant lot (16,430 sq. ft). Four single-family homes will be built on four vacant scattered lots ranging in size of 4,000 to 6,500 sq. ft. These homes will be sold at market rate to homebuyers looking to transform the social fiber of the neighborhood.

Financial FeasibilityThe project will cost $1,294,040 with a Project Equity of $1,034,040 from grants, loan subsidy and other funds. Total financing GAP is $884,040. Total Grant Funding is $150,000. Equity Funding $260,000. Project Revenues Estimate at $2,012,206. LTV at 43.93 %. DS $1,274,432. DSCR 2.19

CollaborationsPotential Collaborators include: The University of Central Florida, Valencia Community College, Creative Village Development Inc., City of Orlando, Black Future Group Inc., PNC Bank, and Florida Housing Finance Corporation.

Threats and ChallengesThe continued revitalization of the Parramore Community hinges on the success of the proposed redevelopment of a 68 acre site into what is called Creative Village. One of the major catalysts of that project is the planned 20-acre joint campus to be occupied by UCF/Valencia Community College. Without such stakeholders, our project site isn’t as attractive to the market demographics we intend to reach.

MarketThe Parramore neighborhood median household income is $15,493, compared to the City of Orlando’s median household income of $42,418. As of 2012, 86% of families reportedly run out of money every month. The unemployment rate is 23.8% and 73% of Parramore residents rent rather than own their homes. 32% of children lost a love one in the past year, and 42% of children in Parramore have chronic health problems.

Community ImpactThe sales team will target homebuyers who are committed to social change and are willing to join other area residents, social service agencies and government in efforts to establish a foundation for revitalization. Our potential homebuyers realize the importance of improving economic and business development, supporting the needs of neighborhood children, increasing housing opportunities, and improving safety and quality of life for all Parramore residents.

ManagementThe owner-developer, Black Future Group, is a nonprofit organization created to empower under-resourced individuals starting in Parramore.


EAGLES LANDINGSharon West, Desmond Key, Juanita Donaldson, Tania Rhoden

Development ConceptEagles Landing is a ten-unit, one-bedroom one-bath dwelling for homeless veterans. Centrally located near the USF area, the development is accessible to the local VA Hospital, bus routes and major employment centers. Eagles Landing, in conjunction with DACCO, will provide on-site case management services to better serve the homeless veteran population and fulfill their needs.

Development Scheme and Site PlanThe location of this building is 4102 East Humphries Street, Tampa, Florida, which is located in a community called Temple Crest. Zoned RM-24, this is a residential neighborhood. It is a no-flood zone with access to multiple roads and two major highways.

Financial FeasibilityThe project development budget is $824,777. This amount includes buying the property, site improvements, operating reserves, developer fees, and contingency costs. There are several committed sources of funding via grants and equity. One of the main funding sources ($350,000) is SHIP funds from the City of Tampa. In addition, Eagles Landing will have operating subsidies either from VASH Vouchers or the VA Per Diem Program. Each unit will cost approximately $82,278 to rehabilitate.

CollaborationsPotential collaborations include Drug Abuse Coordinating Comprehensive Office (DACCO), Department of Veterans Affairs (VA), Tampa Electric Company (TECO), City of Tampa, Home Depot, Neighborhood Lending Partners, and Federal Home Loan Bank.

Threats and ChallengesPossible threats include not obtaining planned subsidies, increased construction costs, residents not complying with the rules and expectations of the facility. Also, opposition from residents in the neighborhood against having neighbors who were recently homeless could present a challenge.

MarketThere is a vast military presence in Tampa Bay as a result of MacDill Air Force Base, home to SOCOM and CENTCOM. Local veterans and their families make up 11% of the local homeless population. The VA expects that number to increase in correlation with the reduction of military personnel. Currently, the local VA has 150 homeless veterans waiting for housing.

Community ImpactEagles Landing is intended to be an asset in assisting with the area’s homeless veteran population. Due to the great demand for housing, this project will help to alleviate some of the pressure from the local government to create housing for homeless veterans. This project will also improve the community via rehabilitation of the property and will create bonds between new residents and current residents. Eagles Landing will provide a home to a veteran without one.

ManagementThe management of Eagles Landing will be provided by DACCO, a well-known nonprofit organization with years of experience. DACCO will provide on-site counseling for mental health and substance abuse, as well as any other case management needs.


DESTINY GARDENSFrank Cornier, MJ Kopakin, Rhonda Feliciano, Carlease Clark

Development ConceptDestiny Gardens is a newly constructed, three building, 12 unit townhome project at market rate, located in Tampa’s “Tampa Heights” neighborhood—Tampa’s first suburb.

Development Scheme and Site PlanThe 0.58 acre site is located at 301 East 7th Avenue in Tampa Heights. The site’s current use is a parking lot, but is zoned “RM-24”. With almost 1500 sq. ft. of living space, the building will be constructed as a three-level townhome: a two-car garage on the first level and two-bedroom & two-and-a-half bathrooms on the second and third levels.

Financial FeasibilityTotal project cost of $12,750,000 includes construction, insurance, permitting, legal, architecture and developer’s fees. Total project equity would total $10,842,646 from a CRA grant, Enterprise Zone, Brownfield grant, SHIP funds and a nine percent tax credit. Project financing would come from a one percent interest only SAIL loan, with total financing of $1,909,259. Ninety-two percent of revenue sources would be from residential rents with the remaining from the Skills Center, Incubator and Event Space rental. Operating expenses are projected at $837,873.

CollaborationsDestiny Gardens will receive CRA assistance from The City of Tampa for infrastructure, such as sidewalks, lighting, etc. Our collaborators include Tampa Heights Realty, Bayside Architect Company, Landpoint Engineering Firm and Key Construction.

Threats and ChallengesPossible threats to having Destiny Gardens could be the area’s crime rate, the community’s dislike of the townhomes in the area and/or funding concerns. To alleviate these threats and challenges, Destiny Gardens has partnered with knowledgeable realtors who will provide the enthusiasm for the pre-sales of each unit prior to or during the initial phase of the townhome production. Potential buyers will be educated on the actual crime rate in relation to Hillsborough County as a whole. Because a largest percentage of crime consists of car break-ins and auto theft/vandalism, the townhomes will be equipped with two-car garages and optional safety alarms in the homes.

MarketTampa Heights is a low-income area where the majority of the older homes are in poor condition. Many historic homes have been or are being restored by private investors. The City of Tampa has invested $7.9 million in restoring the five-acre Waterworks Park. The proposed site is within walking distance to the YMCA, bus stops and Waterworks Park. Currently, the only option for homeownership is for those who prefer single-family homes. These townhomes give young professionals or married couples the opportunity to own a modern townhome in the historical area.

Community ImpactDestiny Gardens will enhance the community by bringing in homeowners who would be proud of their community and bring new life to an already beautiful, historic location. This could reduce crime, and residents can utilize and take in the beauty of their surroundings.

ManagementBecause Destiny Gardens townhomes are for sale to the general public, there isn’t a need for a management company. However, the builder and development team will oversee the site and production of the townhomes to ensure quality.

Toni Rubino, Frank Wells, Vanessa McCleary, Gershom Faulkner, Tahisia Scantling


VENTURE HOUSEToni Rubino, Frank Wells, Vanessa McCleary, Gershom Faulkner, Tahisia Scantling

Development ConceptIn the heart of the South St. Petersburg CRA district, Venture House will transform an abandoned building to create affordable live work opportunities for entrepreneurs seeking to jump-start their businesses. The historic Maryweather building, located on The Deuces on 22nd Street South, along the African American Heritage Trail, will be returned to its former glory as an economic hub for the African American community, preserving history while creating a future for young entrepreneurs.

Development Scheme and Site PlanThe project will be located at 951 22nd Street South, across from St. Petersburg College’s Student Achievement Center. The project will be the rehabilitation of a 9000 sq. ft. building to a mixed-use, live-work space with two studio/lofts and five one-bedroom units on the second floor. The first floor will have ten small office suites along with a conference room and kitchenette.

Financial FeasibilityThe total development cost for this mixed use project are estimated at $2,136,873.00. This project will serve as catalyst for future development in South St. Petersburg and has City support in the amount of $525,000, as well as the anchor tenant St. Pete Greenhouse. This support along with the owners 20% equity allowed the project to secure several other grants reducing the debt to $584,498.00.

Threats and ChallengesVenture House does not anticipate any challenges from the community due to their on-going relationship with neighboring business and property owners as well as participation in Deuces Live. The project has been pre-marketed and expects to lease-up quickly. The anchor tenant, Greenhouse, will help to insure the success of the commercial tenants by providing technical assistance. Potential threats to the project include the City Council vote for the CRA designation which is necessary for aportion of the funding.

MarketThe Project is located in the soon to be designated South St. Petersburg CRA. The area is prime for redevelopment and the Maryweather building will be among the first to offer highly sought after affordable studio, one bedroom apartments and small office suites. The units will be priced well below market giving the project a competitive edge.

Community ImpactVenture House seeks to help the City meet the goals outlined in the its redevelopment plan by revitalizing the historic Maryweather building to create affordable housing and office suites for new entrepreneurs. Greenhouse will provide technical assistance to tenants and aspiring entrepreneurs in the area.

ManagementThe Maryweather Building will be owned and developed by Venture House and the current owners, the Brayboys, will retain an ownership share. Bright Community Trust will serve as the property managers and Greenhouse (a City of St. Pete and Chamber of Commerce joint program), the anchor tenant, will provide technical assistance to tenants and area businesses.


BUILDING A HEALTHIER SULPHUR SPRINGSMarquaz McGhee, Qiana Daughtry, Brittney Richards, Wenonah Venter, Ryan Dhookaran

Development ConceptThe Sulphur Springs revitalization will create affordable housing opportunities and help boost economic development in an impoverished community. The project will help raise property values, while promoting homeownership to low income families. This would create an overall sense of pride in the area which can lead to a decreased crime rate. The primary objective is to increase homeownership rates without affecting the lives of low-income tenants in this historic community.

Development Scheme and Site PlanThe project will be in the Sulphur Springs Neighborhood, using existing land already zoned for single-family homes.

Financial FeasibilityThe project development budget of $2,356,250.00 for new construction units includes acquisition, construction, personal fees, reserves, financing costs, and contingency and developer fees. Funding will be provided by NSP1, NLP, housing trust/ship, lending partners, and land value. The sales proceeds of the new construction homes are projected to be $3,750,000.00.

CollaborationsSulphur Springs revitalization partners include but are not limited to: Financial institutions, Neighborhood Lending Partners, Neighborhoods of Promise, CDC of Tampa, Habitat for Humanity, Florida Home Partnership, Local churches, First Time Home Buyer, Solitas House, BAHSS, Layla’s House, Tampa Police Department, and the City of Tampa.

Threats and ChallengesThreats that could hinder the project include reduced/lost grant funding, increase in labor, building material and/or equipment costs, reduced commitment from community partners and funders. In addition, neighborhood opposition, low sales, and construction taking longer than anticipated are all threats and challenges that we have taken into consideration and budgeted into the proforma as much as possible.

MarketFifty-five percent of the area population is below the poverty level and only 30% of the area residents have a high school diploma. The annual median income is $28,000 and 27% of the households are single parent homes. There are a high percentage of 3 and 4 bedroom rentals in the area and less than 8% of all 3 and 4 bedroom units are owner occupied. Most of the homes in this area were built between 1960 and 1989. The project will be restricted to individuals who earn no more than 120% of the median income based on family size.

Community ImpactThe Sulphur Springs community suffers from high unemployment/underemployment, high crime rates, and high percentage of high school drop outs. The area also has a high amount of renters with a very low percentage of owner occupied units. The Sulphur Springs Revitalization project will help to promote home ownership in the area offering residents down payment assistance, homeownership classes, and community based support.

ManagementThis project will be developed by CRED developers through a RFP won from The City of Tampa.


Congratulations, CRED Tampa Bay Class of 2015!

OUR SUPPORTERS

CRED TAMPA BAY STEERING COMMITTEE

THANKS TO OUR SPONSORS

Sylvia AlvarezHousing and Education Alliance, CRED Alumna

Roxanne AmorosoIncore Residential

Ernest Barefield Plant City CDC, CRED Alumnus

Kathryn DriverHousing Finance Authority of Pinellas County

Jack GarrettHomeless Coalition, CRED Alumnus

Trent GreenUSF School of Architecture and Community Design

Harry HedgesTampa Housing Partnerships

Ed JohnsonEast Tampa Community Redevelopment Area,CRED Alumnus

Leroy MooreTampa Housing Authority

Lisa ReevesRealtor, CRED Alumna

Debra ReyesNeighborhood Lending Partners

Tom ShellySand Development, LLC., CRED Alumnus

VISIT FIOG.USF.EDU/CRED

For more information, please contact:Becky Clayton, Training Support Specialist

[email protected] | (813) 974-9627

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