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StoneCreek Partners / Posts tagged "Redevelopment and Repurposing"
Planned Community Consultants

Golf Courses Remain a Focus for Redevelopment

29.11.2020 News about economic development, News about global real estate consulting, News about outdoor recreation venues, News about redevelopment and regeneration, News About the Golf Industry, StoneCreek Partners News and Research

Golf courses remain a focus for redevelopment and repurposing as property owners explore greater highest-and-best use for their golf assets.

 

The interest in such redevelopment is straight-forward.  Golf courses were overbuilt in the U.S. and in some global regions, and the 2008 recession decimated many golf owner’s financial resources.   At the same time golf participation has steadily declined year over year, at least through 2019 (there is an exception in 2020 due to Covid-19).  With this confluence of economic difficulties and ever-changing consumer preferences for their leisure-time activities, in many instances golf course assets offered a tantalizing opportunity for adaptive re-use and repurposing.  For many cities and communities with increasing interest in local economic development and specific agendas such as affordable (if not more inclusionary) housing, these golf assets are particularly ripe for highest-and-best-use consideration.

 

The mega project proposed by Hines for Riverwalk Golf Course in San Diego, will likely spur even greater interest in golf course redevelopment.   Golf courses are often situated within attractive residential communities, with reasonable roadway access and ingress/egress for feasible re-purposing as residential projects.   Hines found such an opportunity with the Riverwalk site in a decidedly “best case” way – the Riverwalk golf course just happens to be so well-located within its region that it can support substantial mixed-use redevelopment.  Hines has proposed such a mega redevelopment project there, which could see in excess of $1 billion in new development.

 

For more information about golf course redevelopment, we have started tracking such projects as part of our ongoing client project research.   We expect golf courses to remain a focus for redevelopment, for some time to come.   StoneCreek Partners also tracks other major real estate asset classes, with some of our research and tracking published here online.   The link is available  here:

 

Golf Course Redevelopment – the Latest

 

Asset Management of Marina Beach Hotel

Hotel Project Feasibility Consultants

22.11.2020 News about hotels and destination resorts, News about redevelopment and regeneration, StoneCreek Partners News and Research

Our work as hotel project feasibility consultants starts with market analysis and the feasibility of new development, the acquisition and disposition of properties, and a role as owner representative and asset manager on behalf of owner.

 

Of course, as the hotel industry manages through the difficult circumstances wrought by the Covid-19 pandemic, the focus of much of our consulting work has necessarily changed. Operating occupancies in the U.S. remain at or about 40% (less in many international regions) and travelers have changing preferences for their accommodations.

 

As a real estate investment asset class, branded hotels and resorts are now in a period of focused reexamination.

 

Many hotel branded products that have depended upon corporate meetings and travel, are currently obsolescent from an economic standpoint, while other lodging products are proving almost pandemic-proof.  As one of the significant real estate investment asset classes, branded hotels and resorts are now in a period of focused reexamination.

 

Some examples of our recent work as hotel project feasibility consultants, include:

 

 

 

  • Feasibility, business planning, and conceptual design for new glamping and eco-resort products, recreational vehicle (RV) parks and campgrounds, as well as major recreation adventure resorts;

 

 

  • More traditional consulting support, such as project feasibility studies for new development, and due diligence for client acquisitions – whether single properties or portfolios.

 

 

Our firm’s essential value to clients is our hands-on experience in designing, developing, and operating projects and businesses. StoneCreek Partners is led by co-founder Don Bredberg and his substantial experience as an executive with The Irvine Company, NBCUniversal, and the Riyadh-based family office of Newfield Enterprises International.

 

Glamping accommodations conceptual design - Adventure Entertainment Cos.

Glamping and eco-resort accommodations are likely to do well in coming years, as travelers adapt to a world of social distancing and health concerns.

 

The firm was first established in 1984 in Los Angeles, and is now headquartered in Nevada. Our work as hotel project feasibility consultants got started shortly after the firm’s founding.  In those early days, as part of managing a portfolio of luxury hotels for a Saudi family office, our firm’s co-founder Don Bredberg was one of the initial founder members of the Hotel Asset Manager’s Association.

 

Additional information about our hotel and resort consulting practice, is available at the link below:

 

StoneCreek Partners – Hotel, Resort, and Accommodations Consulting Practice

Asset Management Consultants - shopping mall

Tri-City Shopping Center – Owner’s Rep

01.09.2019 Facility Asset Managers and Consultants, Malls and Shopping Center Consultants, Property inspection services

A+O Properties, Inc. (Los Angeles)  |  Owner representative, tenant leasing rep, and property manager for community shopping center in Redlands, California.  Work included owner representation to other investor groups and anchor tenants involved with center ownership.  Self-administered property inspection services and tenant lease audit matters.

 

StoneCreek’s work included the preparation of redevelopment plans for this major Inland Empire region property, a plan that envisioned a mixed-use district dubbed, “Redlands Marketplace.”  Shown below, the facility’s owner’s at the time reviewing redevelopment plans.  A unique feature of the great value for the property is the more than 1-mile of north-facing interstate highway frontage bordering the northern boundary of the Tri-City shopping center property.  Interstate 10 is one of the primary routes to and from Southern California mountain and desert recreation areas, ski areas, Palm Springs, and the like.

 

 

 

Office and Industrial Consultants - Local government real estate consultants

Urban Core Revitalization – Spring Street Los Angeles

20.08.2018 Economic Development Consultants, Highest-and-Best-Use, Public Sector Work

City of Los Angeles CRA  |  As real estate project consultants to the Los Angeles Community Redevelopment Agency, StoneCreek Partners provided financial analysis and evaluation of illustrative deal structuring for various public-private intervention strategies to achieve the economic turnaround and urban revitalization of the Spring Street corridor in downtown Los Angeles.  The redevelopment analysis included consideration of funded public subsidies, and transferred development rights.

 

Spring Street in downtown Los Angeles was once called “Wall Street of the West,” home to numerous major financial institutions, the old Pacific Stock Exchange, and many of the city’s finest office buildings dating back to the early days of downtown Los Angeles. A 1994 strategic plan for downtown called for a mix of public and private investment in retail, housing and commercial development.

 

Over the years, various efforts have sought to revitalize the Spring Street Corridor, including the successful opening of the Ronald Reagan State Building – at the corner of Spring Street and Third Street.

 

Real Estate Consultants - Land Development Consultants

Newport-Banning Ranch MPC

19.08.2018 Highest-and-Best-Use, Land Development Consultants

Sojitz Corporation of America  |  As land development consultants, provided a review of asset opportunity alternatives as part of owner’s business planning process.

 

The 505-acre Newport Banning Ranch was owned by an affiliate of Nissho Iwai American Corp. (NIAC), in venture with partners (Taylor Woodrow Company and a major oil company). NIC was interested in what feasible disposition and/or development options might be best for this property. Important issues included its location within a California Coastal Commission LCP planning jurisdiction, ongoing oil and gas extraction operations conducted throughout the County (454 acres) portion of the property, abandoned oil well clean-up, and sensitive habitats, steep coastal bluffs, gullies and ravines.

 

Work completed for NIAC while StoneCreek Partners was retained as U.S. representative for new acquisitions and venture investments, including acting as a due diligence consultant, in real estate.

 

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