K EARNY P OINT : F ROM S HIPYARD TO F ULLY I NTEGRATED C OMMUNITY P HASES 3 & 4 R EDEVELOPMENT P LAN H IGHBRIDGE P ARTNERS F RANK F ARINELLA J R ., A LEX K ESZELI , S ARAH A NN R OZSA , M ATTHEW F ANELLI , S TEPHEN A LY , C HRISTOPHER B OYLAN Strictly Confidential
2 Agenda • Kearny Point Overview • Market Research • Comparable Projects • Phase 3 and 4 Development • Construction Timelines • Financials • Investment Conclusion • Appendix
3 I. Kearny Point Overview Kearny Point, a former site of Amer erica ican industria ialism ism and home of the Federal Shipbuilding and Drydock Company, is being transformed into an innovative hub for modern workspace. Through its evolution, it is now seen as a place of flexibi xibilit lity, inventio ion and entrepr epren eneu eursh ship ip, attracting tenants from various industries. Along with its history and future potential, Kearny Point will provide tenants of all sizes the opportunity to be part of a develo lopin ing g ecosyst stem em. From startups and non-profits to industry leading companies, Kearny Point will provide space for office, laboratory, artwork, hospitality, dining, and recreational enjoyment for all of the employees in the community, allowing this opportunity zone to take its new form.
4 II. Location Kearny Point is centrall lly y located ed within the New York Metropolitan Area • Easy access to the major population center ers s of Newark, , Jerse sey y Ci City, , and Manhattan • 10 minutes from Newark Liber erty y Inter ernatio ional l Airport •
5 II. Transportation Cl Close e proxim imit ity to multiple highways and local thoroughfares including: New Jersey • turnpike via the Lincoln Highway, Route 9, Interstate 280, and Interstate 78 Multip iple le transit sit options s in Newark and Jersey City including: New Jersey Transit • Passenger Rail, Hudson-Bergen Light Rail, PATH, and Hudson River Ferries New Jersey Transit Bus Services are available in the area, while new stops and • expanded schedules will be added for the future redevelopment of Kearny Point KPIP is working with NJ Transit to arrange a shuttle bus service that would link with the • Light Rail l station at West Side and Claremont Avenue in Jersey City The redeveloped site will be pedest stria ian and bike frien endly ly with walking paths and • designated bike lanes
6 II. Greater Kearny Market With investments surpassing $1 billion over the next several years in Kearny, NJ, 10,000 new jobs • will be generated, accumulating millions of Local, County and State tax revenues Household Income: $61,558 Kearny to $59,039 (US) • The surrounding workforce will increase dramatically in step with the revitalization of Kearny Point • causing highly skilled individuals to move to Kearny because of its opportunistic environment Dynamic spaces will attract forward thinking companies and entrepreneurs who value innovation • Close proximity to renowned colleges and universities, Kearny Point will benefit from an incr crea eased sed • talen ent pool in STEM and business programs
7 II. Economic Initiatives New Jersey offers numerous initiatives that help promote economic c growth and • opportunit ity for entrepreneurs, startups, as well as established companies The NJ Ignite e program provides grants that subsidize the rent of early stage • technology and life sciences companies in collaborative workspaces NJ Co-Ves est Fund and NJ Founders s and Funders s programs help propel innovative • opportunities with various grants Grow NJ NJ Assistance Programs offer tax credits to businesses that create and help • retain jobs in New Jersey The Technolo logy y Business ess Tax Certific ificate e Transf sfer er (NOL) L) Program enables • qualified, unprofitable technology or biotechnology companies to sell a percentage of net operating losses and research and development tax credits
8 II. Sustainability The development will seek LEED Campus s Certif ific icatio ion for phases 3 and 4 of development by implementing various sustainability initiatives and practices including: • Green en Ro Roofs fs – Reduces “heat island effect”, rainwater overflow collected into cisterns for reuse in the building's cooling system • Greywater storage and irrigation utilization • Bio walls – Allows for a vertical orientation aesthetic while reducing the need for expensive mechanical air filtration systems • Sustainably Sourced Insulation • Semco co Ch Chilled led Beams s - Provide superior indoor air quality; quiet operation, and no draft • Solar Panels – Reduces campus power consumption • View Dynamic ic Windows s - Eliminates the need for blinds/shades and allows in abundant light without excessive heat and glare • Solar-and Wind-powered street lamps • Permea eable le Asphalt lt – Reduces stormwater runoff rate and incidences of flooding • EV Charging Stations • Bike Storage and Designated Bike Lanes – Encourages sustainable transportation and healthy living • Eco-Friendly Cleaning Products • Pl Plastic ic Bottle le Re Restrict iction – Employers provide refillable containers to be used at filling stations, reducing plastic usage and on-site litter
II. Sustainability Su Susta taina inabilit bility is one of Kearny Point’s core values and focuses. Why is susta taina inabilit bility importa tant nt ? • According to the USGBC, “The new Class A office space is green; lease se-up rates es for green buildings typically range from average to 20% above average.” • According to the USGBC, “The overall vacancy cy rate for green buildings was 4% lower er than for non-green properties – 11.7%, compared to 15.7%” • Happier and healthier employees lead to increa ease sed product ctiv ivit ity, top talen ent attract ctio ion and reten entio ion, less frequent sick days, and decreased medical costs
10 III. Comparable Projects Bro rookly oklyn n Navy Yard rd The Brooklyn Navy Yard is currently undergoing a $2.5 • Phil Ph iladelphia adelphia Navy Yard billion redevelopment of the 330 acre property The Philadelphia Navy Yard is located in the Southern • There is a total development amount of 2 million sf, which • part of the city and provides new life to the historic site will add close to 10,000 jobs by 2020 1,200 acre site consists of 7.5 million sf with a total of • The property provides space for office, laboratory, • 13 million sf in the masterplan manufacturing, technology, and food service tenants The campus consists of office, research & • Over 400 tenants, with a 90% retention rate. Tenants • development, industrial, and recreational space include, Wegmans Food Store, which will have a 79,000 sf 13,000 employees from companies such as GSK, Urban • store located and Steiner Studios adding 180,000 sf Outfitters, and Tasty Baking Company
11 IV. Phase 3 - Building 82 Collaborative 120,000 sf will hold: art studio ios, flex exib ible le office ce space ce, and • commer ercia cial l kitch chen en space Seeking a partner ersh ship ip with 1776, offering an advanced co-working • environment for its tenants Re Render erin ing g of Exter erio ior The 7-story building will consist of 30,000 sf floorplates (300 x 100), • 16 foot exposed ceilings, two service elevators, and three levels of parking 30,000 sf of art studio io/galler gallery space will create the ideal environment • for the crea eativ ive e energy y at Kearny Point to flourish 30,000 sf of clean, health department certified commercial kitchen • space will allow chef efs, s, restaurants, s, baker ers, s, fo food artisa isans, s, consultants, s, and culinary y teach cher ers
IV. Phase 4 - Parking Structure Parking structure will feature 5 entry y doors, allowing • The podium garage will establish a foundation for which • ingress and egress for employees and hotel/restaurant the life sciences, office, restaurants, conference center, and guests hotel will stand upon, totaling: Sides of the garage will feature walkable le ramps s leading • 445,000 sf • up from the center of Kearny Point 1,369 spaces es • Multiple terraces facing the Hackensack River, will offer • $225/month • breathtaking views from the property Elevator and stair access to each building • Roof of the structure will act as a green en roof, featuring • landsc scapin ing g and hardsc scapin ing Ingres ess/ s/Egr gres ess Green en Ro Roof View
13 IV. Phase 4 - Office 12-story office space will provide tenants high quality and • luxurious amenities within the building Partner ershi ship with Conven ene e to occupy two floors of the space • will create a vertically integrated community Total of 360,000 sf, offering larger tenants the potential to • occupy large portions of the 30,000 sf floorplate Re Render erin ing g of Exter erio ior Will feature a service elevator to help move tenants in • efficiently Class-A Philadelphia Navy Yard space lends support for • rents s in $40-$45 PS PSF range
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