Community Design/Build - Development Management
Clark Property R+D formed a joint venture to create Community Design/Build, a social enterprise that builds on the community design center model for Atlanta. CD/B provides design and development management services to nonprofits focused on creating affordable housing. We aim to serve local communities through participatory design practices, innovative design solutions and thoughtful developments. Project characteristics include urban infill, small- or mid-scale mixed-income housing, commercial space with public benefits, and green building practices, with financial and market feasibility. Clients include the Atlanta Land Trust Collaborative for community design and program management of a 1.7 acre transit-oriented development site slated for permanent affordable housing.
Annie E. Casey Foundation - Program Management
Assisting the Annie E. Casey Foundation’s (AECF) Atlanta Civic Site with the development strategy and implementation of their real estate holdings. The first phase of the project included the transfer of 53 single-family properties from another nonprofit organization to AECF. Subsequent phases of the project consisted of a request for proposals (RFP) for third-party developers and structuring joint venture partnerships to redevelop AECF’s single-family portfolio as mixed-income housing. A total of 30 scattered-site homes have been renovated and sold as of 2018. Additional project consulting of AECF’s real estate holdings included development planning and project management for a 31-acre transit-oriented site slated for multi-phased economic development projects.
City of Decatur - Affordable Housing Advisory
Clark Property Consulting was engaged by the Decatur Development Authority to conduct development feasibility studies for three affordable housing policies/programs in the City of Decatur: inclusionary zoning for multifamily housing, cottage court development, and accessory dwelling units paired with a new city-sponsored community land trust. The study combined qualitative research with over 30 interviews of public and private sector stakeholders along with geographic and financial analysis to derive program recommendations for effective implementation.
Historic District Development Corporation - Nonprofit Management
Management consultant reporting directly to the Board of Directors to help get the organization back up and running. Mr. Clark served in the Executive Director capacity to restructure operations, cut costs, turnaround troubled properties, fundraise and generate new development initiatives utilizing a team of contractors, consultants and volunteers. As a result of this comprehensive initiative, the organization went from a significant operating deficit in 2010 to positive operating surplus in 2012 and was restored as a certified Community Housing Development Organization (CHDO) by the City of Atlanta and Georgia Department of Community Affairs.
Resources for Residents and Communities - Project Management
Owner's representative and project manager for the planning, development and asset management of affordable housing properties located throughout the Atlanta metro area. Projects managed for RRC included the following:
- Ethel Mae Mathews Place: Development of a 10-unit affordable housing apartment building utilizing HOME funds from the City of Atlanta
- Lofts at Reynoldstown Crossing: Asset and homeowner association management of this 30-unit affordable condo property redeveloped by the Atlanta Beltline, Inc.
- Amberwood Village Redevelopment: Urban infill planning for the redevelopment of a 30-unit affordable housing development.
Atlanta Neighborhood Development Partnership - Construction Management
Owner’s representative for the renovation and lease-up of Delowe Village, a 64-unit affordable housing property in East Point, GA, for the Atlanta Neighborhood Development Partnership. Clark Property Consulting is responsible for the following project management activities for the property:
- Creation of a scope of work for the renovation of the property and management of contractor bid process
- Management of the contractor, technical advisers and additional consultants for the implementation of the renovation
- Preparation of an asset management plan and project pro forma
- Management of the property manager to implement an aggressive lease-up strategy and increase occupancy from 30% to stabilization
- Ensuring compliance with public and private lenders
New South Commercial Properties - Capital Markets
$1 million equity raise for commercial developer New South Properties. Clark Property Consulting acted in a fund-raising capacity by creating an investment memorandum, initiating contact with investors, marketing the company’s background and projects, and negotiating the joint venture between New South Properties and the eventual capital partner.
Project involved the market and financial underwriting for each of the proposed developments and the creation of a comprehensive investment memorandum for distribution to investors. Subsequent representation involved requests for investment proposals from investment banks, pension funds, and insurance companies followed by a comparative review of the proposed terms and consultation with the client.
Market and financial feasibility studies for 6 commercial real estate development projects, comprising 233,000 square feet with a development cost of $56 million. Projects involved site visits, market analysis, development budgeting and financial modeling utilizing both ARGUS and Excel.
The projects below are consulting experience prior to Clark Property R+D
The Biltmore Company - Property Valuation
Valuation of The Biltmore Company’s real estate assets, comprised of over 4,500 acres of land and 118 buildings, totaling more than 483,000 square feet. This included the historic Biltmore House, constructed in 1895 as the residence of George Vanderbilt, comprised of 142,546 square feet.
Project involved analyzing comparable historic property sales to extrapolate per-square-foot values, discounting the net present value of ground leases on the property, and depreciating the replacement cost of the numerous additional structures on site.
Konover South - Capital Markets
$350 million equity raise for retail real estate developer Konover South, a division of Konover Properties. Ernst & Young acted in a fund-raising capacity by meeting with investors, marketing the company’s background and projects, and negotiating the joint venture between Konover South and the eventual capital partner. Project consisted of the recapitalization of 12 properties to an institutional equity partner and additional equity for a fund to target new development opportunities.
Project involved the market and financial underwriting for each of the recapitalized properties and the creation of a comprehensive investment memorandum for distribution to investors. Subsequent representation involved requests for investment proposals from investment banks, pension funds, and insurance companies followed by a review of the terms and consultation with the client.
Florida East Coast Industries - Merger & Acquisition
Due diligence assignment for Florida East Coast Industries’ acquisition of The Codina Group, South Florida’s largest industrial developer at the time. Project entailed the analysis and market valuation of numerous assets under development, consisting of over 500 acres of land and five million square feet of buildings. The assignment was conducted in collaboration with Morgan Stanley.
Project required the future cash flow projections and market value comparisons of developments under various stages of construction to determine the acquisition price, in addition to the review and verification of the numerous joint venture structures of each property-level entity.
Edens & Avant - Property Valuation
Valuation assignment of Edens & Avant’s real estate assets, including over 164 grocery-anchored and big-box retail centers along the Eastern Seabord. Total real estate holdings amassed over 18.4 million square feet of retail space and an additional 260 acres of vacant land for development.
Project involved numerous site visits to the projects and in-depth interviews with the entire executive staff related to the status of the projects and their underlying markets. Subsequent analysis included the creation of an advanced discounted cash flow (DCF) model with several sensitivity matrices to determine the value.