AMERIFIRST CAPITAL GROUP, INC.
PRESENTS AMERICAN COMMERCE CENTER - DEVELOPMENT DESCRIPTION
The Greater Orlando market can absorb over one million square feet of office/warehouse and office/showroom development. Several qualified sites have been identified, skilled contractors have been recognized, and respective construction lenders have been acknowledged.
The improvements will
be built in one phase. The ground level improvement will be a split face
concrete block exterior wall with a pre-engineered metal roof. The roof
will be a standing seam metal roof with a 3 on 12-pitch and 4 foot front
overhang and soffit. The eve height is 16 feet and the ridge is 22 feet.
The interior walls are (1-hour) drywall. The electric service will be
individually metered and the water will be master metered. Three-phase
power will be available.
The development will
have three buildings containing a total of 37,500 square feet. The 25
individual bays range in size from 1,500 to 4,500 square feet. The building
is single side loaded and the exterior signage will be uniform and aesthetically
controlled. The zoning allows for a 35% FAR but the borrower has elected
a 27% FAR in order to increase parking.
Fire sprinkler installation
is not required as indicated by the fire marshal because the roof material
is non flammable.
Every attempt will
be made to maximize the "buildable" square feet while at the
same time providing an aesthetically pleasing development that meets the
Developments of this
type have attracted a wide variety of professions, occupations, and vocations.
Business avoided include: (1) automotive related (excluding after market
accessories), (2) tenants that use toxins, pollutants, or contaminants,
(3) crafts that create dust, (4) businesses that make noise, or (4) use
machines that vibrate.
There are two risks
to consider: construction and market. The construction risk is minimized
because of the simplicity of construction, selection of an experienced
contractor, use of concrete block walls, and pre-engineered roof system.
The market risk can be measured. A comparable office/warehouse was recently
completely leased at market rates and terms within 140 days of completion.
The market is strong.
Week reported that the U.S. Census Bureau published a study called "County
Business Patterns." This study looks at the number of employees per
establishment. Based on the data, about 54% of U.S. workplaces have fewer
than five employees. According to the Seminole County Chamber of Commerce,
90% of the businesses in Seminole County are classified as small business.
There is very little
competition in comparison to the demand. I have spoken to over 100 owners,
tenants, lenders, brokers, and investors in order to establish market
Land Use And Zoning
The site of the proposed
American Commerce Center is located in Seminole County. The site is vacant
and the present Comprehensive Land Use Plan and zoning classification
permit the development as proposed and described in this executive summary.
The municipal utilities,
including water and wastewater are provided by a municipality. The municipality
has stated that the site has access to a gravity fed manhole. No allowance
has been made for a lift station.
There are many qualified and available general contractors. Once the land is under contract the developer will select three contractors to submit bids for the complete turnkey construction. The specific contractor will be selected prior to the closing of the construction loan.