April 2015 e-newsletter ARE YOU A FULL MEMBER? Next April ULI Philadelphia will be hosting the 2016 ULI Global Spring Meeting. This is the first ULI global meeting in Philadelphia in more than 20 years and while preparations are underway, now is the best time to consider upgrading to become a Full Member and participate in exclusive opportunities at both the Spring Meeting in Houston, May 13-14, and the Fall Meeting in San Francisco from October 68. The Houston Spring Meeting is open to Full Members only, so read about the terrific lineup of tours, speakers, and panels at www.spring.uli.org. With Pope Francis coming to town in September, the Democratic National Convention here in July 2016 and our global meeting, Philadelphia has been in the spotlight. If you missed the New York Times story we were named the top place to visit in the U.S. and third in the world by the New York Times -- watch the time-lapse video of the Schuylkill boardwalk featured in this story at http://www.nytimes.com/interactive/2015/01/11/travel/52-places-to-go-in2015.html?_r=0. Chris Hager, ULI Philadelphia Chair APRIL 15 PANEL ON TAX CREDITS TRANSFORMING CAMDEN High-profile corporations are relocating to Camden's Gateway District with the infusion of millions of dollars in tax credits from the New Jersey Economic Opportunity Act. Years of hard work by Camden hometown global giant Campbell Soup Company to reimagine its campus' "front porch" is now yielding dividends. In addition to Campbell's award-winning expansion of its corporate headquarters, Subaru of America is building a new 250,000square-foot headquarters, accessing $118 million in tax credits. Brandywine Realty Trust has been designated as master developer for a mixed-use office park, and more will soon be announced. Join us at Campbell's headquarters in Camden on the morning of April 15th for a discussion about Camden's "Gateway District" and the master plan for the future. Hear from panelists Richard Landers, Vice President of Tax & Real Estate, Campbell Soup Company; Steve Gale, Director of Corporate Real Estate & Services, Subaru of America; and George Sowa, Executive VP and Senior Managing Director for NJ/DE, Brandywine Realty Trust; moderated by Ron Kerins, Principal, GREYHAWK. Before the program, enjoy breakfast and networking, and then take an optional tour of Campbell's new headquarters, a 2014 ULI Philadelphia Award for Excellence winner and home to memorable brands. Special thanks to Event Title Sponsor O'Donnell & Naccarato and Supporting Sponsors Flaster/Greenberg, and Schindler Elevator Corp. plus Grapevine Development. Learn more here. MIDYEAR CAPITAL MARKETS UPDATE IN LANCASTER APRIL 21 Mitch Roschelle, National Business Leader for Real Estate Advisory Services at PricewaterhouseCoopers and popular CNN commentator, will present ULI's Emerging Trends in Real Estate 2015 on April 21 at the Lancaster County Convention Center. Get no-nonsense expert insight on which sectors and markets offer the best prospects, sources and flows of equity and debt capital, rankings and assessments of property types, impact of social and political trends on real estate, and how and why locational preferences are changing. Then rotate through a series of roundtables to hear about exciting new development projects and initiatives in the region, including the redevelopment of the International Automotive Components site in Carlisle from Tom Richey; Jessica Meyers, President of JEM Group, on new Harrisburg developments including Cork & Fork and the Susquehanna Art Museum; Lancaster City Alliance President and CEO Bob Shoemaker and Executive VP and COO Marshall Snively on Lancaster's new ten-year Economic Development Plan; and Mike O'Brien of Oak Tree Development on Lancaster's Lime Spring Farm. and more, Special thanks for event sponsors High Real Estate Group, RETTEW and Herbert, Rowland & Grubic. Learn more and register here. MEMBERS-ONLY FORUM APRIL 22 ON URBAN RETAIL Join ULI colleagues from Washington to Boston on April 22 for our annual Northeast Corridor Leadership Exchange day-long program, this year on "The Growing Power of Urban Retail," in Philadelphia. A morning panel will focus on the transformations coming to the area east of City Hall, with John Connors, Managing Partner, Brickstone Realty; Dan Herman, Senior VP, PREIT; Dan Killinger, Managing Director, National Real Estate Development; Anne Bovaird Nevins, Senior VP at PIDC; with CBRE Executive VP Steve Gartner as moderator. Lunch will feature a walking tour and keynote by Maureen McAvey, ULI Bucksbaum Family Chair for Retail, followed by a panel featuring new ideas and best practices in other parts of the Northeast including Bill Bonstra, FAIA, LEED AP, Bonstra|Haresign ARCHITECTS, Washington DC; Ed Hogan, National Director of Leasing, Brookfield Properties, New York; and Andrew Miller, VP, Forest City Ratner; and Bryce A. Turner, President and CEO, BCT Architects, Baltimore; with moderator Peter Leibowitz. AICP, Senior VP, AKRF, New York. We'll end the day with an open bar networking reception at the Hotel Monaco. Thank you to sponsors CBRE, PIDC and AKRF. Registration is now open to ULI members only (and we're capped at 100) at http://philadelphia.uli.org/event/northeast-corridorleadership-exchange-growing-power-urban-retail/. SPONSOR BILL ROUSE AWARDS FOR EXCELLENCE We have received a stellar group of nearly 30 applications for our second annual Willard G. "Bill" Rouse III Awards for Excellence. A jury of 18 national ULI leaders from outside our region are currently reviewing the applications with finalists to be announced later this month. Save the evening of June 17 when we will announce the winners live at The Ballroom at The Ben. Registration will open soon. To keep this fun evening as affordable as possible we are looking for just one or two other sponsors to join Legacy Sponsor Liberty Property Trust. Contact [email protected] to learn how you can get corporate visibility at this prestigious signature event and support excellence in our region. LEARN ABOUT LEHIGH VALLEY GROWTH AT MAY 4 FORUM The Lehigh Valley is growing at an incredible pace with a 75 percent increase in improved lots in Lehigh County and a 300-plus percent growth rate in Northampton County. The Lehigh Valley Planning Commission, which has facilitated and tracked development activity for more than 50 years, will release its newest data and regional development trends at a ULI Philadelphia forum on May 4 at The Barristers Club in Allentown. Join our Lehigh Valley Regional Satellite Council and hear from LVPC Executive Director Becky Bradley, AICP, and Director of Community Planning Eric McAfee, AICP, to learn about the most recent data on development trends affecting the region, followed by lively conversation with Scott Fainor, President and CEO, National Penn Bank; Joseph A. Fitzpatrick, Jr., Founder and Shareholder, Fitzpatrick Lentz & Bubba; David Jaindl, Owner and President, Jaindl's Real Estate & Land Holdings/Jaindl Farms; and J.B. Reilly, CoFounder and CEO, City Center Lehigh Valley. After the panel, enjoy a networking reception. Special thanks to sponsors Langan Engineering, Norris McLaughlin & Marcus, Spillman Farmer Architects, the Bar Association of Lehigh County, and Lehigh Valley Carpenters. Learn more here. WELCOME TO OUR NEWEST MEMBERS Welcome to new members who joined last month: Bruce Auerbach, Senior Director, Development, PREIT Services LLC; Andrew Barbato, Analys t, Integra Realty Resources; Jacklyn Fogarty, Property Manager, AMC Delancey Group, Inc.; Michael Garden, Space & Company; Paul Knepley, Designer, JKR Partners; John Koch, Esq., Attorney, Flaster & Greenberg; Chris Lee, Pettinaro Construction; Jackie Needleman, Vice President, Needleman Management; Jarrod Schiding, Business Development, Kinsley Construction, Inc.; Elizabeth A. Terenik, Director, Planning and Development, City of Atlantic City Aidan Thornton, Research Assistant, The Wharton School; Ximena Valle, Architect/Project Manager, KSS Architects; Stephen Weick, Advisor, Sperry Van Ness Corporate Real Estate Services. Interested in learning more about membership? Contact Membership Chair Megan Leinart at [email protected]. MORE MEMBER-ADDED VALUE WITH FREE LOCAL COUNCILS Engage with your colleagues by joining one of more than a dozen Councils where you can share your wisdom on issues of common concern, and hear terrific guest speakers. Download the form at www.philadelphia.uli.org - click on the "Get Involved" tab. Here are upcoming Council meetings: April 2: Policy & Land Use Council April 9: Planning, Design & Construction Council April 9: Young Leaders Council April 14: Delaware Regional Satellite Council April 17: Central Pennsylvania Regional Satellite Council April 28: Lehigh Valley Regional Satellite Council May 19: Women's Leadership Council May 20: South Jersey Regional Satellite Council May 21: Capital Markets & Development Councils (joint meeting) RELATED EVENTS & OPPORTUNITIES April 8: There are still a few days left to sign up for BUILD Philly's Mayoral Forum, presented by this new initiative of 20 nonprofit land use groups including ULI Philadelphia. From 8-10am at The National Museum of American Jewish History on Independence Mall. All candidates are confirmed and the moderator will be Matt Golas of PlanPhilly. Register online and see who else will be there at www.philadelphia.uli.org April 14: PenTrans Legislative Breakfast at the Hilton Hotel in Harrisburg, on key transportation issues facing Pennsylvania. Invited panelists include PennDOT Secretary Leslie Richards, Sen. John Rafferty, Rep John Taylor and Rep. William Keller. Register at http://events.r20.constantcontact.com/register/event?llr=eux5u9bab&oeidk=a07eapy3y0wb1ac 61d0 April 14: Head to ULI Baltimore for "Partnership for Building Reuse -- Implementing the Recommendations," to be held at the Baltimore Museum of Industry from 47:30pm. Baltimore Mayor Stephanie Rawlings-Blake has established a team to apply the recommendations. Visit http://baltimore.uli.org/event/save-date-partnership-building-reuse/ to see the full lineup. April 30: Lehigh Valley Economic Development Authority presents its 3rd Annual Economic Development Symposium beginning at 3:30pm at the Renaissance Hotel Allentown. See the full lineup of speakers and register here. YOUNG LEADER? JUNE 'EXCHANGE' TO DENVER Registration opens next week for the 10th annual Leadership Exchange, going to Denver June 18-19 and open only to ULI members in the Young Leaders category. Tour developments from TOD to mixed-use and meet those leading Denver's growth. Save the date and then sign up at http://philadelphia.uli.org/event/young-leaders-group-leadership-exchange-denver/. WE THANK AND APPRECIATE OUR SPONSORS Sponsors are crucial to ULI Philadelphia, enabling us to provide quality program content, community outreach initiatives, scholarships and more. Interested in gaining corporate visibility, opportunities to network with peers, complimentary registrations for major forums and more? Contact Sponsorship Chair Jay Appleton at [email protected]. Annual Diamond Sponsors: AMC Delancey Group ~ Langan Engineering & Environmental Services. Annual Platinum Sponsors: Brandywine Realty Trust ~ Dranoff Properties ~ EY Global ~ Hersha Hospitality Trust ~ KPMG ~ Liberty Property Trust ~ McGladrey ~ O'Donnell & Naccarato ~ PECO ~ Pennsylvania Real Estate Investment Trust ~ Scannapieco Development ~ The Goldenberg Group ~ The Norwood Company ~ Zell/ Lurie Real Estate Center at Wharton. Annual Gold Sponsors: Ballard Spahr ~ Bank of America Merrill Lynch ~ Campus Apartments ~ CBIZ ~ City Center Lehigh Valley ~ Cozen O'Connor ~ Duane Morris ~ GREYHAWK ~ Kaplin Stewart ~ Kitchen & Associates Architects ~ PECO Smart Ideas ~ Resource Real Estate ~ The Flynn Company ~ Urban Engineers ~ US Bank Commercial Real Estate. Annual Silver Sponsors: Aegis Property Group ~ CDI-LR Kimball ~ Delaware Valley Regional Planning Commission ~ Drinker Biddle & Reath ~ Econsult Solutions ~ Environetics ~ Equus Capital Partners ~ Fineman Krekstein & Harris ~ Flaster/Greenberg ~ Harkins Builders ~ High Real Estate Group ~ Hill International ~ Jacobs ~ JKR Partners ~ Klehr Harrison ~ Kreischer Miller ~ Land Dimensions Engineering ~ LCOR ~ LF Driscoll ~ M&T Bank ~ MacIntosh Engineering ~ Manko Gold Katcher & Fox ~ NewmarkGrubbKnightFrank ~ NorthMarq Capital ~ Pennoni Associates ~ Saul Ewing ~ Susquehanna Bank ~ T&M Associates ~ Veolia Energy Philadelphia ~ Walker Parking Consultants ~ Wallace Roberts & Todd ~ Wohlsen Construction. Young Leaders Annual Title Sponsor: TD Bank. Young Leaders Annual Supporting Sponsors: Commonwealth Land Title Insurance ~ Daniel M. DiLella Center for Real Estate, Villanova University School of Business ~ Timothy Haahs & Associates. MEET JAY SHAH As part of our leadership series, ULI Philadelphia recently chatted with Jay H. Shah, CEO of Hersha Hospitality Trust. Jay has been a ULI member since 2007 and an annual top-tier sponsor of our District Council,. He is a Full Member and a member of the Hotel Development Product Council. What has being a ULI member done for you? ULI fills a very unique and critical role as an organization of industry thought leaders. It sets the agenda for the future of the industry and is very deliberate and considered, segment by segment, making it's work that much more meaningful. ULI gives me the opportunity to think about the industry as a whole from a 10,000-foot level, leading to important insights for our business as well as for our sector. How has Gen Y influenced the hospitality industry? Millennials value diversity, embrace global perspectives, and value the collection of experiences over the collection of stuff, making themselves a generation of natural travelers. They want access to local neighborhoods using hotels as a lens for that. Our Independent Collection of hotels accomplishes this by creating unique and "buzzworthy" experiences, by providing curated amenities such as beach cruiser bikes with bike maps and neighborhood guides with uber-local places to explore. Expanding on this generation's collaborative personality, we've already seen the multi-functional lobby emerge, as well as the communal dining experience. These trends will continue to grow and drive consumer tastes and preferences. Technology is also an area that Millennials have heavily influenced, as they rely on hotels to provide frictionless access to their devices. This is accommodated not by designing for the latest gadget, but thinking long-term about where technology will be tomorrow in order to "future-proof" our hotels as best as possible. What do you see as some of the key hospitality trends for 2015? In the last five years, there has been a fundamental shift away from traditional big box hotels to smaller independent and select service hotels. This shift has been driven by a clear preference for purpose-built assets that emphasize technology as well as current design and amenities. Millennial business travelers, which currently account for approximately one third of U.S. business travelers and are expected to increase to 50 percent by 2020, prefer well-located, select-service hotels, deemphasizing the need for full-service amenities and sprawling public areas. The continuing and growing trend of urbanization is a driving strength in the coastal gateway markets of Boston, New York, Washington D.C., Miami, San Diego and San Francisco -- the markets where Hersha is focused. Generally speaking, coastal markets possess a very desirable mix of corporate and leisure transit demand, supporting leading revenue and profitability growth, and benefit disproportionally from current travel patterns. Furthermore, global gateway markets remain of interest to private and public, as well as domestic and foreign capital, leading to strong liquidity in the real estate market and strong capital appreciation. How would you describe your leadership style? I aim to be authentic and inspired, and to stay nimble in my leadership. I use our core values as a guide: Honesty, Communication, Community, Personal Growth and Achievement. In all of our years of growth, I believe our two greatest accomplishments have been the team that we lead and that our core values have remained firm. How does the market here in Philadelphia differ from New York and the West Coast in terms of consumer preferences? There are a variety of demand generators that differentiate Philadelphia from New York and the West Coast, both markets having far stronger corporate demand generators. With this demand comes the ability to push higher rates. Nevertheless, Philadelphia's evolution in population, cultural diversity, entertainment and quality of life, combined with a strong 'eds and meds' foundation and proximity to other major established cities, provides the City with a unique set of demand drivers that give cause for optimism. However, more work needs to be done for Philadelphia to leverage its strengths. Can you tell us about a recent local project of which you are particularly proud? We recently opened the The Rittenhouse Spa & Club - Hair by Paul Labrecque on the third floor of The Rittenhouse hotel. It was our first venture designing and debuting a multicomponent spa facility. In addition to the spa itself, there is a hair salon and gentleman's barber shop, health club with a fitness center, pool and outdoor deck, along with men's and women's locker rooms featuring saunas and steam rooms. The Rittenhouse Spa & Club is a one-of-a-kind destination in the region and rivals some of the greatest hotel spas around the world. It promotes the luxury wellness lifestyle, and it's integration with our Five Diamond hotel and highly regarded dining facilities creates the ultimate urban resort experience. CONNECT > EDUCATE > IMPACT on the web at Follow ULI Philadelphia on Facebook and Twitter for all the latest member news, events and regional land development updates. philadelphia.uli.org We're more than just "Philadelphia" -serving the broader tri-state region including Eastern and Central Pennsylvania, Southern New Jersey & Delaware. STAY CONNECTED & POST YOUR NEWS Please do not reply to this e-mail. For further information or assistance please contact us at [email protected]
© Copyright 2024