Development plans for COCC property have been in progress for some time in Bend.
The latest link brings in a new player: http://www.bendbulletin.com/localstate/4700363-151/local-real-estate-firm-named-for-cocc-project
"Earlier this week, Central Oregon Community College
hired a local commercial real estate firm to help the college develop a
vacant lot on its main campus into a mixed-use district."
NAI Cascade.
"A local commercial real estate firm"? Technically true but a local entity of NAI Global.
Go to the web link and you will see that NAI Global is in many places including the Cayman Islands. No financial guilt by association with off shore entity operations intended.
It is also technically true that Wells Fargo is a local bank and Safeway is a local grocery store (but not exactly like the local Farmers Market).
From the Bulletin link:
"To move the project forward, NAI Cascade,
the local branch of New Jersey-based commercial real estate group NAI
Global, was selected to work with companies and developers interested in
securing a space at the new development, which is being called COCC’s
Campus Village."
William Smith Properties Inc. is a well known name in Bend. Mostly associated with Brooks Resources.
William Smith Properties Inc. does not have its own website under that name. It is only associated with http://www.theoldmill.com/. Bill is a well known person in Bend.
The purpose of this link is to examine the development proposed for COCC and gather information about it. There are several players, public and private as well as several objectives for each entity involved. That alone makes it complicated with beneficial players and associated financial benefits.
Who benefits, by how much and to what degree of equal sharing in a this joint effort. There is of course another stakeholder entity that has no website and that is the the general community of Bend.
My intent is to follow the money. A global player indicates a high degree of financial sophistication and resources entering the community via a local entity presence. Not a new thing. Bend used to be more local. I am a 25 year resident. Things have changed. Traditions of trust in local business persists but Bend has transformed to a more non-local business environment as it became more attractive to outside financial interests for investment.
So, what is this development all about in terms of cost and benefit to all the parties involved?
http://www.ktvz.com/news/cocc-developer-pick-firm-to-lease-32-acre-campus-village/100208618
COCC Budget Info here: https://www.cocc.edu/cfo/budget/
Follow the money.
A substantial investment is required by this project. Private equity probably involved. General and Limited Partners perhaps. Initial investment, debt and stream of revenue. Contractual arrangements. Property Management. Fees to be paid and collected. This is complex stuff. Big money and all the various players aim to maximize their share with various methods and strategies. All working happily in harmony for a common goal ....."to create an endowment-type income stream for COCC’s future"
Here's the rest of the NAI Cascade news release:
"The vision for
the development is to foster and encompass COCC’s mission, which is
open access, achievement of student success & community enrichment
while providing quality, accessible, lifelong educational opportunities.
The Campus Village will consist of the vacant land south and east of
the existing Culinary Institute. It will be designated for the
commercial activity within the village, as well as businesses and
housing that benefit COCC and the surrounding community."
That vision appears to rest solely on a stream of revenue to COCC from commercial operations on leased land that will benefit COCC with a source of income from the lease. The extent to which businesses and housing benefit COCC other than a stream of revenue from leased land and the extent to which all this commercial activity on leased land benefit the surrounding community is not yet clear. How will the community be better off after development than before. The developers always proclaim benefits to the community. There is another side to development which is not planned as well as the side that produces profit to the developers. Where will be the planning document that contends with the adverse effects and costs? How much is the Community going to benefit and at what cost?
The community did not want it when developers planned for the other side of the street. That plan was reported withdrawn on 20 Sept. The developers plan B to move to the other side of the street with a bigger development came days later. Did the community that objected to Plan A suddenly become agreeable to plan B? Perhaps across the street is far enough out of their backyard?
No plan has yet been submitted to the city. Wait and see what the community thinks.
NAI Parent Company and Affiliates: http://www.naiglobal.com/capital-markets/company-overview/parent-company-affiliates
"NAI
professionals work with entrepreneurial investors, 1031 investors,
institutional investors and private equity funds seeking to maximize their real
estate position and portfolio strategy. NAI firms complete more than $10
billion in investment property sales annually. These transactions range from
portfolios of owned real estate and non-performing loans, to single-tenant net
leases, office properties, retail properties, industrial properties,
multi-family properties, hotels and land. "
http://www.globest.com/sites/globest/2011/06/29/the-c-iiinai-global-deal-more-than-consolidation/?slreturn=20160903105129
NAI Non-Profit Team: http://www2.naicapital.com/expertise/non-profit
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