What Is the Recipe for Community Development? Let’s Stir the Pot

ULI Spring Meeting 2012

Charlotte, NC

Perry J. Reader President

Celebration Mixed Use -Traditional Neighborhood Community Celebration, Florida An innovative, real town created by the Walt Disney Company that successfully combined architecture, education, health and technology in ways that attracted outstanding results in the market. Today, Celebration is home to over 11,000 residents, a vibrant town center and still visited by millions of people from around the world. Its planning and execution set the New Urbanist movement in full motion as it was the first major project of its kind undertaken to include residential, retail, institutional and office uses all within its 2,500 acre master plan.

Portfolio Projects

Viera A Master Planned New Town

Viera, Florida A 38,000 acre ranch which started development in the early 90’s that has grown into a full-scale new town complete with everything from Major League Baseball to the Brevard Zoo. Today, it is home to over 25,000 residents.

Baldwin Park Mixed Use -Traditional Neighborhood Community

Orlando, Florida Baldwin Park is an award-winning neighborhood created to be a livable, walk-able project just east of downtown Orlando, Florida. Built on the site of a former Naval Training Center, the 1,100-acre neighborhood today is home to 8,000 residents and more than 125 businesses. The City of Orlando awarded the project’s development to Atlantic Gulf/Orlando Partners after an extensive competition based on their design which included a wide range of housing, schools, parks, lakes, shops and other community features.

Bethpage Master Planned Community Raleigh, North Carolina Located between the Research Triangle Park (RTP) and the Raleigh-Durham International Airport (RDU), the property is mostly wooded and features a network of streams. The proposed development includes 1,300 residential units, a 20 acre retail site and an affiliated office park. The product mix and master plan incorporates conventional and traditional neighborhood design principles. The multiple residential products appeal to different segments of the market incorporating rental and for sale products in order to increase absorption .2011.

Select Current Projects

Wildwood Springs Master Planned Community

Wildwood, Florida Wildwood Springs is a 1,046 acre ranch located approximately 50 miles northwest of Orlando in Wildwood, Florida. The master plan includes over 3,000 residential units and a neighborhood retail center. Located near the highly successful Villages community, the project has direct access to the Florida Turnpike and I-75. Reader & Partners has obtained development entitlements through a Development of Regional Impact (DRI) process. The plan incorporates a varied lot mix designed in pods to appeal to age-targeted as well as family buyers. The major open space system preserves and links the existing natural features.

Operating Partner/Development Manager • Wildwood Springs Wildwood, FL • Longleaf Tampa, FL • Bethpage Raleigh, NC • Holding Village Wake Forest, NC • Oak Creek Tampa, FL • Indian Springs Orlando, FL • Churchill Raleigh, NC

MPC Activities

Advisor/Project Consultant Acquisition/Asset Services • Veridea Raleigh/ Apex, NC • Multiple projects Orlando – Tampa, FL • Hernando West Memphis, TN • Canoa Ranch Green Valley, AZ • Walnut Trails Overland Park, KS

• The baby boomers will “experience” seniors housing differently from prior generations. • Life Expectancy • Relationships to other family members • Continue business or employment

• More senior housing products integrated into communities.

• Seniors will expand community's social infrastructure.

• More emphasis on use of affinity groups where residents can interact with like minded.

• Healthcare will increase use of technology to effectively deliver services and care.

Project Types • Single Family Age Restricted /Targeted • Seniors Apartment Community • Senior Resort or Lodge • Independent Living • Assisted Living • Nursing Care

Trend: Senior Housing Options

Re-development of broken deals resulting in re-use and downsizing • Land development • Phases • Modification of Lot Sizes

• Amenities • Re-use of completed but not successful • Incremental building of new • Greater partnering to share risk

• Investment Parameters • Time horizon and return expectations • Concern for price appreciation

Longer Term issues • Ownership versus rental • Public financing for major infrastructure • Virtual versus physical community features • Return to more multi-generational living

Trend: Re-Use/Scale Down