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bbpc ASSOCIATES Development Advisory Services Portsmouth, Virginia Client City of Portsmouth, VA Project OvelView: . Retail Development . Hotel Development . Residential Development . Waterfront Area Development BBPC is providing ongoing development advisory services to the City of Portsmouth. This includes preparation and evaluation of request for proposals for three downtown waterfront sites including the Desk Incorporated site, the North Pier site and the Holiday Inn site. BBPC is also providing advisory services for the Midtown Properties. This includes evaluation of market support for residential, hotel and retail development. For the redevelopment of the 6-acre Holiday Inn site, BBPC served on the Technical Advisory Committee and evaluated the financial capacity of the development proposers ,which included an assessment of the developer proposals on financial feasibility, quality of the development concept in meeting City's goals, quality of proposed design and project team qualifications. This included an assessment of the net revenue I cost to the City of Portsmouth (e.g. tax impacts) over a 20 year period. BBPC presented their findings to the Selection Committee which included members of City Council, Portsmouth Redevelopment and Housing Authority Board, Economic Development Authority Board and Portsmouth Partnership. Lincoln Properties was selected as the preferred developer for the redevelopment of the Holiday Inn site. The $158 million project is a large scale mixed use development to comprise more than 500 residential units, 130,000 square feet of Class A office space, 34,000 square feet of retail and 1,300 parking spaces. A memorandum of understanding was signed, allowing for final design and negotiation. Basile Baumann Prost Cole & Associates, Inc. Public/Private Development Advisors