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.
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