16A — June 8 - 21, 2012 — Mid Atlantic Real Estate Journal



e d e v e l o pme n t ” meansmanythings to many persons, A commercial redevelopment company located in Newport, Delaware “Redevelopment 101” – Values & Priorities at Harvey, Hanna & Associates “R

even in the finite context of commercial building and leasing activity. The Urban Land Institute defines redevelopment as “any construction activity on a site that has pre-existing uses.” This definition, while worthy and accurate, can be expanded in today’s complex business environment. At Harvey, Hanna, &Associates, a commercial redevelopment company located in Newport, Delaware, we view the term “redevelopment” as the pro- cess and ultimate execution of values inherent to our company, including the vari- ous stakeholders with whom we engage, to an outcome of economic growth and com- munity benefit. The step-by- step process encompasses idea conception, feasibility, planning, financing, market analysis, contract negotiat- ing, construction, market- ing, and asset management considerations. In its simplest meaning, “redevelopment” entails the reuse of an existing facility: one which has reached its useful life and placing that facility back into service at its highest and best use. Arecent company project illustrates this process at work. Harvey Hanna & Associates (HHA), managing agent for HHC, Inc., completed a redevelop- ment project in late 2011, welcoming TotalTrax, Inc., a new Delaware employer with 15 full-time employees, to the Newport Industrial Park. To- talTrax, a leading provider of real time material handling vehicle and inventory track- ing technologies, is leasing nearly 15,000 s/f of class A warehouse, manufacturing, and product demonstration space as part of this redevel- opment and infill project. The new warehouse at 500 Water Street, in Newport, Delaware, constitutes an overhaul, and reconstruc- tion of a 1940s-vintage steel building formerly home to Allied Steel Products, which discontinued operations in 2008. The new warehouse comprises 19,669 s/f, along with an expansion to 25,000 s/f, which supported 45 full-

500 Water Street Before and After

Shown from left: Kenny Te, TotalTrax; CEO Mike Kinnard; Governor Jack Markell; Senator Tom Carper and Jack Cornell, TotalTrax

site footprint and the scale of nearby development. • Assess and share project ratables, including, but not limited to, State and local revenue streams, construc- tion and permanent employ- ment, and the recurring rev- enue and capital investment related to the project. • Through appropriate due diligence, lease space only to those tenants who can with- stand the financial gyrations of the business cycle. • Where appropriate, de- sign and utilize green build- ing technologies. • Revise existing infra- structure where possible • Safety and health excel- lence in all phases of con- struction and operations. • Preserve and improve upon the environmental fea- tures of the site, including suitable stormwater manage- ment, landscape enhance- ment, and mature tree pres- ervation. • Partner, when possible, with governmental entities

that provide mass transit to the redeveloped site to in- crease operations efficiency, reduce fossil fuel usage, and expand employment opportu- nities at the site. Additional detail on the scope of the Newport redevel- opment project can be found at companies’ websites, www. harveyhanna.com and Total- traxinc.com. A video compilation of the entire process is avail- abl e at :ht tp : / / youtu. be / 1NycxbVV9k4 Harvey, Hanna & Associ- ates, Inc. is a full service commercial real estate rede- velopment company featur- ing 3,000,000 s/f of prime location commercial, retail, and industrial real estate in Delaware. HHA has suc- cessfully built and man- aged numerous industrial parks, business campuses, and retail centers featur- ing numerous Fortune 500 companies. ■

time and part-time jobs of all disciplines during construc- tion. The new class Awarehouse is constructed of concrete ma- sonry, metal and wood stud framing, structural columns and steel bar joist, along with metal decking and an EPDM fully-adhered rubber roofing system. The general contractor was Daystar Sills of Newport, DE , along with subcontractors Diamond Hill Excavation, Shureline Steel, Wilkinson Roofing, New Covenant Electric, Caswell Plumbing, and Summitt Mechanical, Dia- mond Gypsum, and Cre- ative Floors , all local and regional enterprises. Project financing was provided by WSFS Bank and coordinated by Jeremy Abelson and Jo- seph Walker. Daystar fore- man Rick McCoy held weekly design, construction, and safety meetings. The weekly meetings were instrumental

to create a team atmosphere; to complete the project on schedule and within budget; and to promote safety excel- lence relative to all aspects of the construction. The “team” approach dem- onstrated in the 500 Water Street project is just one of many HHA values. HHA deploys an array of interde- pendent values to its rede- velopment projects, ranging from single parcel in-fill de- velopment to 21st Century business campuses, such as the Twin Spans Business Park located near the con- fluence of I-95, I-295, I-495, and the Delaware Memorial Bridge. These values include the following: • Comply with all appli- cable laws and regulations, with special focus on com- munity engagement and land use planning. • Ensure that the building scope is compatible with the

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