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13th FLOOR HOMESThe right team and redevelopment partner
Arnaud Karsenti Michael Nunziata Daryl Shevin Stefanie Mogull
Landon Massel John Lonergan Lorie Mariorana Emy Soza
Jan Trump Marc Foster Fabiola Jean Baptiste Lindsey Rayner
Vanessa Perez Corredor Alex Peters Elisha Moody David Resnick
✓ Private, South-Florida based company
✓ Top 10 builder in South Florida
✓ Experienced redevelopment partner
✓ Specialist in the repositioning of
underperforming & underutilized properties
✓ One of South Florida’s most experienced
companies in golf course redevelopment
• The Villa Golf Course was closed by its current owners in
September 2016
• The Course was not financially feasible to operate as a golf
course anymore
• The 120 +/- acre property is now dormant with no running
irrigation and minimal upkeep
• Current condition impairing community appearance, values, and
enjoyment
• The fallow land condition is attracting undesirable activity (e.g.,
illegal dumping)
THE ISSUE – A CLOSED GOLF COURSEVilla Delray golf course closed in 2016
But the business behind
one of America’s most
slow-going, expensive
and old-fashioned
pastimes has rapidly
begun to fall apart.
TaylorMade-Adidas Golf,
saw sales nosedive 28
percent last year. 2015
A WIDELY COVERED NATIONWIDE ISSUEProblems are not unique to the Villa Delray property
America’s Golf Courses
Are Burning. More than
800 golf courses have
closed nationwide in the
last decade, as operators
grapple with declining
interest in the sport and a
glut of competition. 2016
Quoting a Palm Beach
County Commissioner -
“We took a lot of heat for
that,’’ he said. “In their
documents, it called for
the golf course to exist in
perpetuity. ... [But] were we
going to keep it a weed
patch in perpetuity?’’ Each
case offers its own
quandary, he said, and
neighbors do best if they
work with the developers,
and face reality. 2017
Property values plummet
as golf courses
close...Cassano said since
the course closed a year
ago, homeless people are
staying there. “We got a lot
more people walking
around here that don’t live
here, especially in the early
mornings, just walking,
carrying bags, and we
know they are living
somewhere,” Cassano said.
2015
6 MillionLess players than a
decade ago.
<2.0%Industry-wide
average net profit
margin.
↓ 20%Participation among
active players.
800+Courses closed
recently nationwide.
6.4%Percent of courses in
FL. More than any
state.
25+Courses recently
closed in South
Florida.
THE GOLF INDUSTRY DECLINEIn its maturity stage, the industry is resetting
Data
gathering
and initial
outreach
21 3 4 5
Design
concept
plans for
property
Concept plan
evaluation
among
stakeholders
Obtain
requisite
govn’t plan
approvals
Implement
optimal plan
for property
THE 13th FLOOR HOMES APPROACHThe right solution can be achieved through feedback and a plan that is tailored to all stakeholders.
Situated in HR-8
FLU (land use)
designation area
Situated within a
PUD zoning
district
The HR-8 land use
designation allows for up
to 8 dwelling units per
acre. At 118.93 acres, the
property could contain up
to 951 residential units
and remain compliant
with the land use
designation.
The property is
situated entirely within
a PUD zoning district.
A variety of housing
types could be
developed including
single family,
townhome, and
multifamily units.
LAND USE, ZONING, & REGULATIONS
Amendments
needed in order
to develop
Amending the existing
approvals requires
review by the Palm
Beach Development
Review Officer (DRO),
the PBC Zoning
Commission (ZC), and
the Board of County
Commissioners
(PBBCC).
No Restrictive
Covenants
Requiring Vote
Unlike with many golf
courses, the
neighboring property
owners do not have
rights over the
property through a
restrictive covenant.
There are restrictions
for access to the north
parcel, though.
CONCEPT DEVLOPMENTInitial observations and opportunities from a non-technical standpoint
Single family homes,
townhomes, and coach
homes (villa) correspond
best to the area.
Community trails could
provide a needed wellness
amenity to the community.
Potential to widen canals
and lakes area in order to
improve resiliency and
stormwater retention.
Opportunity to continue
age-restricted (55+) format
within new housing
Offer housing types and
forms that are consistent
with the surrounding
neighborhood.
A series of parks could
contribute to the local area
and act as community
gathering areas.
The clubhouse and amenity
area is dated and lacks
features of modern
communities in the area.
Preserving an abundant
amount of greenspace will
benefit all – both new and
existing residents.
Provide ample buffering
from existing residential to
preserve view corridors as
much as possible.
DELRAY TRAILS – NEW LUXURY HOMES3 residential housing types that match the community’s context
Single Family
Town Home
Coach Home
DELRAY TRAILS – LAKES AND GREENSPACEOver 55% of the property preserved as lush natural green areas and lakes
New Large Lakes
Passive Park Areas
Lush Landscaping
DELRAY TRAILS – NEW AMENITY CAMPUSNew wellness and leisure oriented amenities for an active adult lifestyle
New Amenity Center
Fitness / Yoga
3+ Mile Trail Network
DELRAY TRAILS – NEW AMENITY CAMPUSNew wellness and leisure oriented amenities for an active adult lifestyle
Bocce & Shuffle
Card & Crafts Rooms
Tennis & Pickle
DELRAY TRAILS – NEW AMENITY CAMPUSNew wellness and leisure oriented amenities for an active adult lifestyle
Grand Ballroom
Demo Kitchen
Multiple Resort Pools
DELRAY TRAILS – NEW AMENITY CAMPUSNew wellness and leisure oriented amenities for an active adult lifestyle
Billiards Room
Relaxation Gardens
Dedicated Staff
DELRAY TRAILS – VALUE ENHANCEMENTProven value appreciation through prior development
A national consulting firm focusing on real estate
market analysis and valuations
Concluded that homes on a shuttered golf
course fell faster during the “uncertainty” period
than they did at the neighboring communities,
but rebounded tremendously after 13th Floor
announced the redevelopment and new homes
began construction. The home price trends
indicate that following the announcement and
redevelopment of the shuttered course, home
prices within the community appreciated more
rapidly than the broader market.
DELRAY TRAILS – THE PROGRAM ADVANTAGEA complimentary development program to improve the area
✓ Removes Uncertain Future ✓ Only 47% of potential homes under allowable use
✓ Only residential uses ✓ No increased cost to community
✓ 55+ age-restricted program ✓ New landscape buffers
✓ New leisure and active amenities ✓ Additional and better lake area
✓ 2-story max building height ✓ More resilient with better infrastructure
✓ New Amenity Center ✓ Better ongoing maintenance
✓ Improved Values in Palm Greens ✓ 55% of property retained as open or green space
Data
gathering
and initial
outreach
21 3 4 5
Design
concept
plans for
property
Concept plan
evaluation
among
stakeholders
Obtain
requisite
govn’t plan
approvals
Implement
optimal plan
for property
PLAN TIMELINEThe path forward to make the vision a reality
Q1 2018Q1 2018Q4 2017 Q4 2018 Q1 2019