The 7th Annual NAIOP Case Study Competition is an intercollegiate competition between undergraduate student teams from the University of Central Florida. Each team was asked to evaluate a prime site in Central Florida and devise a development plan based on the current market environment. This competition is always an excellent opportunity for the students to gain real world experience as it relates to the development process, as well as fostering relationships with industry experts who have volunteered their time as mentors to the students.
Using the skills learned in their current course work, each of this year’s two teams put together a full development plan and presented it to a panel of industry experts. The panel evaluated the presentations and selected a winning team. The first place team received individual trophies and a cash prize.
Please congratulate this year’s winning team: 5 Star Development, UCF students: Kevin Delarosa, Matthew Solarana, Kichelle Burgher, Ryan Gardyasz. Their team mentors included Trey Vic and Amy McCook of Equinox Development, Matt Young civil engineer with IBI Group, Brian Carolan broker with Crossman & Company, Matt Freimuch lender with BB&T Bank, and architectural support from VOA: Joe Bertucci, Jay Jensen, Shannon Jones, Alonzo Rodriguez, Michael Shemelya, Greg Stock, Dan Thorn.
This year’s site is one of the two blocks downtown under proposed redevelopment by the Orlando Sentinel. The block is bounded by Concord Street on the north, Amelia Street on the South, Orange Avenue on the east, and Magnolia Avenue on the west. The downtown Lynx Transit Center with the new SunRail stop is two blocks away. The historic Firestone Building is across the street on Orange.
The Team assessed the current market potential for the site, and developed a project concept and investment package for “Amelia Commons”, a mixed use development consisting of office space, apartments, retail & dining, and a hotel. The site plan included a pedestrian greenway that connected Orange Avenue on the left with Magnolia Avenue on the right of the site plan above. The judges made their decision weighing return on investment, feasibility and constructability of the site plan, well researched financial numbers, existing and future competition in the surrounding area. The judges stated that the team they selected had an overall cleaner and clearer presentation as well.
Search for other NAIOP posts on our blog, including last years winners. The NAIOP is a Commercial Real Estate Development Association, and the Central Florida Chapter holds the distinction of receiving Chapter of the Year at their National Convention this Spring.
Here is a link to the NAIOP Central Florida Chapter homepage: http://naiopcfl.org/aws/NAIOPCF/pt/sp/home_page
And here is a link to an article in the Orlando Business Journal by Megan Ribbens on the real developers proposal for this site and the adjacent block, currently the Orlando Sentinel property: http://www.bizjournals.com/orlando/blog/2014/08/closer-look-at-plans-for-the-orlando-sentinels.html?iana=ind_rre