Sonnenblick Development in the news
“I walk out onto this marina, this empty, fallow, unused marina property, and I look and I see this opportunity there,” marina project developer Bob Sonnenblick told The News Herald. “It’s undeveloped, and that’s the key part of it. You don’t really see that many opportunities like this.”
PANAMA CITY — The sunset at the Downtown Panama City Marina is spectacular.
Bright oranges paint the sky and color the water, while a handful of people gather around the bent banister that edges the T-dock to watch, take pictures or maybe fish for grouper. A few people putter around their boats.
But that’s it.
The marina store has closed for the day. The restaurants where people used to dine have long since been torn down. Structural repairs are needed. The grassy field in the center is often empty now that the Pokemon Go app has faded from popularity.
As seven different developers have told Panama City officials over the years, the space is not living up to its potential. Not even close — which is precisely what California-based developer Bob Sonnenblick likes about it.
“I walk out onto this marina, this empty, fallow, unused marina property, and I look and I see this opportunity there,” Sonnenblick said in an interview The News Herald. “It’s a blank canvas. I can lay it out right so it will work. I see this amazing opportunity. It’s undeveloped, and that’s the key part of it. You don’t really see that many opportunities like this.”
Sonnenblick envisions a place that could become a big tourism draw for the area, with two hotels, an enhanced civic center, retail space, apartments, a splash pad and fishing all around the perimeter. But first he has to pitch his $200 million idea to Panama City commissioners — and residents.
Years in the making
The question of how to best revitalize the marina — and by extension downtown Panama City — has been a perplexing one for years, spanning multiple commissions.
When the city started to really tackle the project in 2011 with consulting company AECOM, the state still held the deed to the marina, which limited the project to a park atmosphere without commercial use. The first concept plan in 2012 featured a lighthouse, a splash pad and the addition of several trees. Ultimately, the planning cost the city $755,576.47.
But it was also right around the time the city’s legal counsel began to question whether the state should, in fact, hold the deed. They took the matter to court and won, which put the land in the city’s control and changed the rules.
Commercial, residential and other uses all became a real possibility. The affair cost the city $108,223.89 — but saved about $89,000 a year for 75 years on submerged ground leases from the state, more than negating the cost.
“In the beginning, we were hamstrung by the deed,” said Mayor Greg Brudnicki, who called the original design an under-utilization of space. “We owed it to people to find out what was possible.”
The commission voted to put the redevelopment out to bid. They gave developers a blank slate, with the only condition being they wanted the project to be an economic driver, as the marina originally was intended to be when it was built by the city in the 1950s.
Proposals came back. The commission whittled it down. Developers dropped out. The city, having already spent $177,308.57 on economists and lawyers, went back to the drawing board.
Sonnenblick came into the picture in May 2016.
‘He’s our guy’
Sonnenblick is the sort of man who shows up to a meetings in a golf polo, responds to emails from almost anyone, uses words like “knucklehead” and pauses during an African safari to leave a voicemail. His quirky personality can at times disguise the lengthy resume that led HomeFed-Leucadia — the company developing Panama City’s SweetBay project — to recommend him for the job.
But here’s his resume: From 1981 to 1991, Sonnenblick completed over $1.5 billion worth of commercial real estate transactions on the West Coast at Sonnenblick-Goldman Corp. of California, including numerous high-end hotels. He then handled multimillion-dollar malls before forming his current company, Sonnenblick
Development LLC, which has worked on projects such as buildings for the U.S. Department of Homeland Security and the Federal Bureau of Investigation. He is regularly asked to sit on real estate-related panels.
“He’s our guy,” former Commissioner John Kady used to say, adding people wouldn’t believe the “charlatans” the city has seen. Other commissioners have echoed the sentiment.
But that doesn’t mean every project he’s ever proposed has worked out. Earlier this year, he walked away from a 150-room hotel project near the Sacramento International Airport, according to The Sacramento Bee, after failing to secure funding. And in 2016, he walked away from a project in Pierce County, California, after being asked to scale down the design.
When asked about the Pierce County project, he said he didn’t walk away because of scale, but because of money.
“It’s not a question of walking away because they aren’t grand; it’s a question of walking away because they aren’t financially feasible,” he said. “Those are two different things.”
Finding the sweet spot
The phase where those other projects have fallen apart — the feasibility studies — is the phase Panama City entered into Tuesday night with the commission’s unanimous yes vote to continue the process.
This is the phase that will make or break the deal, when concerns about traffic, utilities, the viability of retail and more will be addressed. As Brudnicki put it, this is “the hard part.”
Between now and February, Sonnenblick will be hiring experts to study every aspect of the proposed design and find what works and what doesn’t.
“I am also going to say to the guys doing the feasibility study, ‘By the way, not only critique what I’ve put on the table, but if you guys have any new ideas you want to throw in, throw it on. Put it on the report. Let’s look at it,’” he said. “I’m totally open to any new ideas that will make the project better, and we’ll find that out over the course of receiving the various feasibility studies.”
Many people have critiqued the current proposals — which some fear won’t be supported by city infrastructure and ruin sunset views — even before the studies. To them, the rough design process equated to putting the cart in front of the horse.
But Sonnenblick said that’s how development works, using a traffic study as an example.
“The key thing to the traffic study is to define the number of new trips that the project will create, and once you have that number you can then define mitigation or the answers to the problem,” he said. “But in order to define and calculate a number of new trips, you must have designated here are the trip generators. Here are the number of hotel rooms. Here are the number of restaurants. Here are the number of apartments.”
Using the density proposal — Sonnenblick’s current submission to the city — the studies will suggest what can be done and what would break the deal. Continuing to use traffic as an example, Sonnenblick said it’s possible a turning lane would be added on Beach Drive or changes could be made to Luverne Avenue or Grace Avenue. Four-laning Harrison Avenue, he said, is not an option that would be considered.
If, in the end, the feasibility studies don’t work out, the city and Sonnenblick would part ways. No money has been exchanged between the city and Sonnenblick Development at this point, though the city has spent $372,868.40 on its own economist and lawyers to vet the plan, and officials have said the city won’t lose anything but time.
In fact, city officials say the worst-case scenario is that a deal can’t be reached and the city walks away with hundreds of thousands of dollars worth of feasibility studies — paid for by Sonnenblick — that they could hand off to the next interested developer.
If the feasibility studies come back with favorable numbers, the city, which would act as the landlord of the project, would start to work out the details of the deal with Sonnenblick, such as how much rent would be and what incentives, if any, the city would provide.
The design for the marina project will change and change again — and change again — based on the feasibility studies, Sonnenblick has said. But that hasn’t stopped people from forming opinions.
The loudest might be Save the Panama City Marina, a Facebook group that has distributed about 400 lawn signs and some of whose members are vocal critics of the plans so far. About 30 members protested at the most public hearings, saying the development will ruin views, take away public access and kill brick-and-mortar retail. They have said they want a “classic marina.”
The city and Sonnenblick are actively working to address those issues. The city, for instance, is starting to work with the Department of Environmental Protection on building another boat ramp downtown and coming up with a plan to relocate wet-slip tenants during the construction period.
But Sonnenblick also has said that, while he’s listening to the group, it’s not enough to make him turn away from the project.
“There were 30 people out front of City Hall,” he said. “If there were 30 people picketing out of 30,000 residents, that led me even before last week’s city meeting started to be very pleased. Now they’re 30 vocal people, but 30 people out of 30,000 … it’s minuscule.”
Before voting yes, all the commissioners said the majority of people they have spoken to like the current marina concept, though they also said there are parts they don’t like at this point.
But as Commissioner Ken Brown emphasized, chances like this don’t come around every day.
“As far as this marina project, hey, this is the best thing since Carter Liver Pills, I’m gonna tell you,” Brown said. “This is the best thing that is going to happen to Panama City.”
Mr. Robert Sonnenblick, has been chosen to moderate the Hotel Brands panel at Hotel ROI hospitality conference on October 11th
Press Release: September 21, 2017
Hotel Management Magazine and Questex Conferences Inc are pleased to announce that Mr. Robert Sonnenblick, Chairman of Los Angeles-based Sonnenblick Development LLC has been chosen to moderate the “Hotel Brands” panel at their upcoming Hotel ROI hospitality conference on October 11th.
The conference will be held at the Events Center at Johnson & Wales University in
Charlotte, North Carolina, and will begin at 8am. The Brands panel will feature hotel
industry leaders from across the East Coast.
For more info, go to: www.HotelsMag.com
The Panama City Marina project is moving forward, but not without some contention.
Tuesday’s public meeting on the Panama City Marina brought out many locals. The project’s developer Bob Sonnenblick laid out the latest designs.
Among the changes: more green space, a boardwalk, and a public fishing pier. also includes an amphitheater, water taxi terminal and retail stores with apartments on top.
“While I don’t know all the details. They’ve changed so much about the marina project. I do think that the growth and the potential that it has to bring more people to our area is great and I think it will be great for businesses,” Karen Vargas Hatcher, owner of Planted True said.
City leaders say things aren’t set in stone.
“We’re going to find out what the probability is now when these feasibility studies come back,” Mayor Greg Brudnicki said. “They will tell us what type of restaurants, how many restaurants, how many hotels.”
Others say the plans may be headed in the wrong direction.
“Say Mr. Sonnenblick builds all of this and it turns out to be nice, but maybe after a couple years some of the things maybe don’t work out which we’ve seen in many other areas,” Jane Lindsey, owner of Elegant Endeavors Antique Emporium said. “So is there a plan for what’s going to happen at that point?”
Lindsey says adding outlet stores to the plan may harm existing downtown businesses.
“If we bring in outlet stores we will have all of these stores that sell that type of things have a difficult time staying in business,” Lindsey said.
The Panama City Commission will meet again Tuesday to hear from locals who didn’t get a chance to speak at the last public hearing.
By Byron Khalil | Posted: Tue 10:35 PM, Sep 19, 2017 | Updated: Tue 10:48 PM, Sep 19, 2017
PANAMA CITY, Fla. (WJHG/WECP) – Despite new developments to the current plans for the marina project, some Panama City locals say they still are not pleased.
Project developer Bob Sonnenblick presented new plans with the changes he says the city commissioners have expressed to him and what locals have asked about.
Sonnenblick laid out his plans at city hall Tuesday evening in front of the community and commissioners.
He’s added triple the amount of green space, a boardwalk, a splash pad and a public fishing pier. He’s also tripled the number of benches and seating so people can enjoy the sunset by the marina.
The movie theater, water taxi terminal and hotels are still in place.
Some locals at the meeting praised the project saying it’s what the area needs for revitalization.
Others say the project could still use some fixing.
“That design is just nothing but glut. It’s like putting downtown Manhattan on the marina. It’s just a gross glut of buildings,” Frank DePinto, a vocal critic of the marina project said. “It’s blocking all the scenery and it’s destroying the marina.”
“Name a water front marina in the state of Florida that is not developed? You can’t. Now Bay County is one of the poorest counties in the state of Florida. Don’t we deserve a world class operation?” Larry T. Clemons, owner of Gallery 721 in downtown Panama City said, “Don’t we deserve a world class city and entertainment area for our children?”
Sonnenblick is working with Bellingham Marine. A representative from the company says they’ll be part of building more than 230 boat slips for the marina project.
Sonnenblick says these changes are still not set in stone. Panama City commissioners will discuss the marina project again at their next meeting on September 26th.
By KATIE LANDECK News Herald Reporter
Posted Aug 31, 2017 at 5:43 PMUpdated Aug 31, 2017 at 5:47 PM
A small park, a splash pad, and the promise of trying to recruit a grocery store have been added to the design to appeal to locals hesitant about losing space.
PANAMA CITY — The latest concept plan for the Downtown Panama City Marina, submitted by developer Bob Sonnenblick on Thursday afternoon, is meant to draw in locals and tourists to the massive revitalization project.
A small park, a splash pad and the promise of trying to recruit a grocery store have been added to the design to appeal to locals hesitant about losing space. Inside the public boardwalk that forms the perimeter of the project are retail, parking garages, apartments and two hotels that create a ring around much of the land portion of the project, and a relocated water taxi terminal required the boat ramp to be moved to West Beach Drive. The T-dock keeps the marina store and boardwalk but adds at least two restaurants, a lighthouse complex with a sea organ, and a commercial space with a use that is yet to be determined.
“The concept plan should be viewed as a whole, and not as individual separate uses,” Sonnenblick wrote in his letter to commissioners. “Without all the different uses working together the marina project (as a whole) will not be feasible.”
The proposal, due by Sept. 1, is the first major submission Sonnenblick and his team were required to make under the amended exclusive negotiating agreement (ENA). The goal is “to give the commission a formal opportunity to conceptually approve the use, massing and function of the improvements to be placed on the marina site, subject only to subsequent confirmation,” according to the ENA.
There will be at least two public hearings on the plan, and the commission can choose to conceptually approve the plan, approve with conditions, modify or deny the plan. However, to move forward with letters of intent and feasibility studies, Sonnenblick said he would “need” a favorable vote.
In his letter, Sonnenblick highlights how different pieces of the plan could become “assets” to the community, helping to buoy economic growth and tourism.
For example, he explains the 150,000 feet of retail space — one of the most controversial elements of the plan — could include local stores and fill community needs such as a long-hoped-for grocery store.
Our belief is that visitors will travel for an hour to a destination retail shopping district provided there are a variety of quality retail stores there,” Sonnenblick wrote, adding he expects gross sales revenues of more than $60 million. “Although visitors to Bay County will be attracted to this retail shopping district, it is our intention to also include local stores that would serve residents (who live in) the downtown area or nearby.”
He also wrote that in addition to the apartment spaces he proposed, which would be above the retail space and parking garages, the city should “explore providing incentive to entice other developers” to build downtown.
Feasibility studies still have to be completed to iron out the finances and logistics, but Sonnenblick said he believes the plan will be successful. He noted he believes the city’s infrastructure is adequate, including water, sewer and the road grid.
Sonnenblick has said he plans to be in town Sept. 11 for the first public meeting on the plan.
While the marina project was not on the agenda, it was the focus of the conversation during Tuesday’s commission meeting.
PANAMA CITY — Developer Bob Sonnenblick is expected to present the latest drafts of his plans to redevelop the Downtown Panama City Marina before the end of the month.
Under the exclusive negotiating agreement, the city set Sept. 1 as the goal for submitting the density for the project and as a juncture for the commission to give conceptual approval.
“Mr. Sonnenblick (is) to give to the city before Sept. 1 his desire as far as the density and site plan, and then the public hearings will occur in the first part of September,” said City Attorney Nevin Zimmerman. “I anticipate the submission coming relatively soon.”
Dates have not been set for the public hearings, but Zimmerman said the commission is considering Sept. 11 as a possible date. Two hearings are anticipated, according to the exclusive negotiating period.
While the marina project was not on the agenda, it was the focus of the conversation during Tuesday’s commission meeting. Ten speakers voiced support of the marina project during the public comment period, urging the commission to accept the conceptual plan.
“There comes a time in every politician’s life where you either cinch up your courage and do something significant or you kick the can down the road,” said attorney Alvin Peters. “And I think you are at that particular point.”
Locals express support for marina redevelopment project
PANAMA CITY, Fla. (WJHG/WECP) – “You know it wasn’t on the agenda and so many people from so many different organizations came out today and the lion’s share of them were for marina redevelopment,” Panama City Mayor Greg Brudnicki said.
A plan to liven up downtown Panama City by redeveloping the marina has been criticized by many. Some locals have expressed their concerns, but others supported the idea at Tuesday’s city commission meeting.
“Everybody’s doing all their lobbying, you know the devil’s in the details, we’ve still gotta go through and figure out number one, what’s feasible, what we can put on here and we know we’re not going to make everybody happy, but there was a tremendous amount of positive feedback today, to pursue the development,” Mayor Brudnicki said.
Roughly 20 people attended the meeting in support of the redevelopment, all of whom agree that something has to be done.
“There’s been a flight to the beach, a flight up 77, a flight up 231, everything has left the downtown [area] and it’s continued to happen for many, many years and so we do need to do something that’s going to be the spur, the catalyst, the thing that’s going to rejuvenate the downtown area,” Brudnicki said.
Representatives from the Bay County Chamber of Commerce say community support for the marina redevelopment project and for commissioners overall, will help advance Panama City.
“The point that we’re trying to get across is: let’s take a look at this plan, let’s adopt the plan, do the next public hearings and then the feasibility [study]. That feasibility study will tell us what will and will not work,” Bay County Chamber of Commerce President Carol Roberts said.
The project developer, Bob Sonnenblick, will be presenting a conceptual plan to commissioners next month, but financing the project is still a concern for some.
“You know we’ve got this asset, we just have to be mindful that we don’t put the burden on the taxpayers, but that we do something that everyone can benefit from,” Mayor Brudnicki said.
If the plan is approved, the developer is expected to start construction by January of 2019.
PRESS RELEASE- Bisnow Conferences Inc.
Orange County, California 7-17-2017
Bisnow Conferences Inc has chosen Los Angeles-based real estate developer Bob Sonnenblick, chairman of Sonnenblick Development LLC, to speak at their upcoming “O.C. Construction & Development Conference” to be held at the Hilton Hotel in Costa Mesa on Tuesday July 25th at 8am.
The panel topic is: Opportunities and Challenges in the Evolving Real Estate & Construction Industries.
Bob Sonnenblick Moderator at HOTEL ROI taking place June 22, 2017 at the Indigo Hotel in Los Angeles
Press release: Download PRESS RELEASE-Hotel ROI conference
PRESS RELEASE: Los Angeles, Calif.:
Questex Conferences and Hotel Management Magazine are pleased to announce that Mr. Robert Sonnenblick, Chairman of Los Angeles-based Sonnenblick Development LLC, has been chosen to moderate the “Hotel Brands” panel at their upcoming Hotel ROI Conference on June 22nd in Downtown Los Angeles at The Indigo Hotel.
Join Robert Sonnenblick, Chairman, Sonnenblick Development
at HOTEL ROI: Los Angeles on June 22, 2017
Mr. Robert Sonnenblick, Principal of Sonnenblick Development, LLC, is a graduate of the Wharton School of Finance of the University of Pennsylvania with more than 30 years of experience in various aspects of real estate development and real estate finance. Join Robert in the Brand Matters: Partnering for Profits panel.
Powered by Hotel Management and AAHOA, Hotel ROI is a series of regional one-day events, focused on how to leverage a hotel asset for maximum returns.The series is fresh, fast-paced, and built to give action to insights that can be implemented as soon as you return to the office.
Intelligent hotel operations should be your greatest 2017 investment. Hotel ROI: Los Angeles will walk you through how to successfully set your portfolio up for the greatest returns, all while networking with leading local owners, management companies, brands, developers, asset managers, and local planning and development officials.
“LA is one of the most popular cities in the country, with about 50 million visitors every year who collectively spend over $18 billion. Despite those numbers, however, there is still enormous capacity for growth, and the Hotel ROI Conference will show how LA’s hoteliers can take further advantage of that capacity and give profitability a major boost.” – Hitesh (HP) Patel, AAHOA Vice Chairman
This program is designed to be interactive with key take-aways crafted into a post-event brief on the following:
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Press Release: May 4, 2017-New York City,NY
NY-based conference producer iGlobal Forums Inc. has announced its selection of Los Angeles-based Bob Sonnenblick, Chairman of Sonnenblick Development LLC, to speak at their upcoming Real Estate Lending & Investment Summit on Wednesday May 17th at the Pierre Hotel in New York City. Mr Sonnenblick will speak on the topic of: Demystifying the Capital Stack, a discussion on Mezzanine Financing in today’s real estate marketplace.
After the initial session, Mr Sonnenblick will also lead a second panel on: The Borrower’s
Insights on the Mezz & Preferred Equity World.
For more information, please contact:
iGlobal Forum at 212-752-7760 or
PANAMA CITY, Fla. – Tuesday night, city officials and developer Robert Sonnenblick held a special meeting to reveal updated Marina Redesign Plans. Sonnenblick presented the public with a 3D model that provided a detailed showing of the revisions. The updated plans were designed and revealed after a string of special meetings to get public input.
“I’m excited about the marina project. I think having a lighthouse, restaurant, hotel, all of the things I’ve heard about it are really positive things,” said Little Mustard Seed Owner Greg Snow.
Snow has operated his business out of a shop off Harrison Avenue for two years. He, along with the commission, believe the revised plans will improve economic growth downtown.
“I’d really like to have some residents at the marina project, more people that will eat at our restaurants here, shop at our store, shop for a quick gift maybe on the way home,” said Snow.
“The mayor has said and all of us have said we want to unleash the potential of downtown Panama City, and this is the catalyst that can do that. This can bring Harrison Avenue to life,” said Panama City Commissioner Billy Rader.
Wayne Wright has been a Panama City resident for over thirty five years. He has followed the redesign plans every since they began years ago and remains hopeful that the project is actually moving forward.
“I think it would be beautiful now that they got the wheels in motion, if they can get it to go in the way that it’s supposed to go and everybody do their end of it,” said Wright.
Rader believes Sonnenblick has incorporated the components that citizens have emphasized the most.
“He can’t do everything that everybody he wants, but he’s going to do the best that he can and what his bank will allow him to do and what the commission will approve. Nothing has been approved. No contract has been signed. We need to be realistic about this,” said Rader.
The final plans for the redeveloped marina are due by late May. However, Sonnenblick is requesting an extension. The commission is assuring that more public meetings will be held before any plans are finalized.View at MyPandle.com
Bob Sonnenblick, the marina project’s developer showed a 3D design at the meeting. Some at the meeting say they were pleased to see a more detailed plan for the marina space.
In the meeting Sonnenblick announced two new additions to the existing marina design. The first was a series of factory outlet stores spanning over 150,000 sq ft. He says they will be high end stores that offer discounted prices. Sonnenblick says that should bring more foot and car traffic through the downtown area.
Sonnenblick’s second announcement was his plan to build properties on Beach Drive near the marina. He proposed two high rise buildings, one rental and one residential building.
“I am concerned about the boat trailers and the people that live here that like to use our waterfront. This is part of the reason we live here,” Lesley Fontaine said. She lives in Panama City.
“Then he’s added this new idea of retail that sounds interesting. I’d like for the stores to be more exciting than just saying outlet stores, but still it sounds like they really are bringing in people,” Camila Jimmerson said. She’s also a Panama City local.
During the open comment portion of the meeting some locals expressed concerns about traffic along Harrison Avenue. They say the current street conditions cannot handle more cars on the roads than it already does currently.
Throughout the meeting Sonnenblick made it clear these designs are not final. He even pointed out several things that could be changed before the meeting ended.
Sonnenblick says all parts of the new marina will be built at the same time in one phase. He estimates the entire project will take two years to complete.View on WJHG TV
PANAMA CITY — Developer Bob Sonnenblick returned to Panama City on Tuesday night with big dreams and bigger promises for the marina redevelopment project, which now includes an outdoor outlet mall and white sand beach along East Beach Drive.
Saying he “would not leave” without answering everyone’s questions, Sonnenblick, along with his partners at Bellingham Marine, Florida Architects and GAC Construction held the floor for more than two hours, fielding questions, comments and concerns from the public, mainly focused on the boat ramp and potential parking.
It was the first time the developer has been in town since reviewing public comments regarding the project forwarded by the city. Many of those comments expressed concern that the project was becoming overcrowded and some residents were upset at the recent addition of outlet stores around the Marina Civic Center, particularly because they block access to the boat ramp.
“We will not build this project without boat ramps … and parking,” Sonnenblick told the audience, adding that the boat ramp, which he proposes to double in size, likely will be moved to the other side of the marina along East Beach Drive.
Also featuring heavily in the plans presented Tuesday were a pair of high-rise residential towers on property owned by George Kingston, who Sonnenblick referred to as a “partner.” The plans call for the relocation of East Beach Drive to accommodate the condos and a white sand beach across the road.
“This is going to be an amazing beach,” Sonnenblick said.
With the addition of the residential towers, Sonnenblick hinted a grocery store might be back on the table for the downtown area, declining to state names, but saying it was an entity which had an agreement several years ago that fell apart.
Tuesday’s meeting also saw the debut of Bellingham Marine, Sonnenblick’s replacement for Legendary Marine, to answer questions regarding the actual marina function of the project. Manager of Project Development Steve Ryder said the new marina will have 236 slips and accommodate boats up to 200 feet long.
Sonnenblick also promised to keep a fishing pier, as well as a lighthouse, which in models shown during the meeting was more of a glass tower-type structure with a stairway and observation deck. Parking would be confined to garages flanking Harrison Avenue on either side of the marina’s entrance, as well as under a sloped esplanade running down the middle of the marina where the marina’s green space currently is located. The 9/11 memorial also would be moved, likely in front of the Civic Center.
Sonnenblick said the price tag on the project will be close to $300 million and construction will take two years. The developer said phased construction “wouldn’t work” and would be done all at once.
Above all, Sonnenblick emphasized nothing is set in stone with regards to the marina, especially because the city has not officially selected him as the project’s developer. His exclusive negotiating agreement with the city expires in May and will need to be extended, he said, for him to be able to conduct the feasibility studies he needs to move forward.
“We’ve redesigned the marina,” he said. “It will work now. It will be a working marina that will last 30 years.”
Residents were skeptical but encouraging during public comment, with many expressing hesitancy about the scale of the project, but wishing Sonnenblick luck.
A date has not been set for the next meeting.Click to read on News Herald (plus comments)
Bob Sonnenblick speaks at a Marina workshop meeting at Panama City City Hall on Tuesday.
PANAMA CITY — Developer Bob Sonnenblick will be back in town on Tuesday to answer questions and present changes to his vision for the downtown Marina redevelopment project.
Sonnenblick, who is an exclusive negotiating agreement with the city to try to win the project, was in town one month ago to show his designs. Since then, the city has forwarded comments and questions from dozens of citizens to him for review.
“We have carefully reviewed every single comment that was received from the community,” Sonnenblick said in an email. “We will address each one at the 4/25 meeting.”
The meeting will be at 6 p.m. at City Hall.
In conversations over the past month, Mayor Greg Brudnicki said he’s been pleased with the tone of the conversations with the developer.
“It’s been very positive,” he said.
Based on the most recent designs, residents have expressed concerns the project is overcrowded and in need of more green space and more panoramic views of the city’s waterfront. There was also consistent critique of a proposed movie theatre.
As a result, Sonnenblick said is team is making “design changes” this week to present at Tuesday’s meeting.
This will be the fourth version of the designs presented to the public since the exclusive negotiating period started last May, and officials such as the City Manager Jeff Brown have cautioned there will likely be many more. Past changes have included minimizing the “carnival area” and keeping the boat ramp.
The meeting is expected to also be attended by his partners Bellingham Marine, SMG Theatre, Marriot hotels and GAC construction.
People who still have questions are encouraged to submit them on the city website pcgov.org.
“He said he was going to address every single issue and wouldn’t have any problem,” said Brudnicki. “If there are any others left, please submit them ahead of time.”Read on NewsHerald
Bisnow Conferences Inc has selected Los Angeles-based real
estate developer Bob Sonnenblick, Chairman of Sonnenblick
Development LLC, to moderate its “Unique Hotel Travel
Experiences” panel at their upcoming West Coast Hospitality
Conference on Friday April 21 in Downtown Los Angeles.
Venue: The LA Hotel- Downtown
Time: 9am to 6pm
California Grand Ballroom- 2nd floor
333 S. Figueroa St.
Los Angeles, CA 90071
For more information, please go to: www.bisnow.com
or call (202)-293-0370.
PANAMA CITY, Fla – The Panama City Marina has been the anchor for the downtown area since the 1950’s, but it wasn’t until 2014 that the city actually gained complete ownership of the facility from the state. That gave city officials the right to develop the marina, partnering with for-profit businesses. Some believe the right development could reverse a 40-year trend.
“How do we use the marina as a catalyst to build on to revitalize downtown? Because for the last 30 years, if you look at it, everything’s been a flight to the beach. There’s been a flight to 77, and downtown has continued to lose customers and lose business and it was time. So, when we got ownership, that gave us the ability to have public private ownerships on the property,” said Panama City Mayor Greg Brudnicki.
Last year, city commissioners hired Robert Sonnenblick, a Los Angeles developer with more than 30-years experience, and Peter Bos, a successful Destin businessman and developer, to envision the marina’s future. The new partnership, called NewCo LLC, has pitched what they call “rough” proposals.
Both Exhibit-A and Exhibit-B are similar, calling for hotel space, restaurants, entertainment or theaters, boat storage and service facilities, parking structures, apartments, and a major renovation of the marina civic center. Exhibit-B floats business names like Hilton and Marriott, Maguire’s Irish Pub, Jimmy Buffet spin-off’s Lulu’s and Landshark, and Bonefish Grill.
“It will spur people coming. If there are people coming, it will spur people to live downtown, and it will create jobs. We just want to make sure it’s done correctly and that whatever we do is beneficial to the public as a whole,” said Brudnicki.
“I’m not really keen on national themed chains,” said Panama City Commissioner John Kady.
Commissioner John Kady says he’s taking his cues from earlier public meetings, where residents told commissioners what they wanted at the marina.
“Those original guidelines – they’re very explicit. One – public access to the water, including boating and fishing, public and private entertainment venues for enjoyment, mixed retail, restaurant, office space, attractive and adequate parking facilities, civic activity space, connections to and elements of public art, an overall mix of projects that provide a substantial economic benefit to downtown, not just to this site,” said Kady.
“We asked to see restaurants on the marina. We asked to see a hotel. The civic center is, according to what we’ve talked about on our conference calls, an integral part of the deal. So, if you have people coming and staying at the hotel – going to upgraded shows at the civic center for the public – do you put a movie theater down there? There are some commissioners that say they don’t like that. I’ve talked to a lot of people that would love a movie theater downtown – that don’t want to go to Pier Park. Something for the locals,” said Brudnicki.
When commissioners cancelled Tuesday’s public meeting to hear the developer’s plans, criticized Kady decided to hold his own town hall, saying there’s not enough information available.
Brudnicki defends the decision.
“They weren’t ready. And I said, if you’re not ready, don’t come in here with some half-baked deal. We don’t want to see a piece of paper with scribbling on it. ‘We think we can do this. We know we can do this.’ We wanna see something – one – that we can eventually take to the public and say, guess what? They can deliver this. Do you want it?” said Brudnicki.
“This is being created for one purpose and that is that this will be the destination. It’s almost like they know they have a requirement to enhance the city so it’s like, ‘Oh yeah, of course this is gonna enhance the city.’ But it is intended to be a standalone,” said Kady.
“This is for, not only people that live downtown, but Bay County. This is for all over the region. But, if that doesn’t happen and we can’t do it, we’re going to exhaust all effort to make sure that we find out. Because we owe it to the public to unleash the potential of what we have downtown,” said Brudnicki.
Peter Bos stressed that anyone is yet to see his and Sonnenblick’s final marina development plan.
The public should get it’s first look on March 14th.
Posted Dec 28, 2016 at 4:45 PM
Updated Dec 28, 2016 at 4:45 PM
Panama City officials are expecting the new marina development, which moved into the planning stage this year, to be the catalyst the area has needed to move into a new era.
By Katie Landeck | 522-5114 | @PCNHKatieL | firstname.lastname@example.org
EDITOR’S NOTE: This story ranked No. 4 in a News Herald editorial poll of 2016’s top stories. This series will continue through Jan. 1 and online at newsherald.com.
PANAMA CITY – Little by little, Panama City leaders have laid the groundwork this year for the revival of Panama City’s downtown.
Panama City officials are expecting the new marina development, which moved into the planning stage this year, to be the catalyst the area long has needed to advance into a new era.
“This (project) releases the potential of downtown,” Mayor Greg Brudnicki said in August after tentative design plans were first unveiled.
Riding the unrealized potential, nearly a half-dozen other projects were launched in 2016, ranging from the creation of apartments, to business investments, to other beautification efforts. Community leaders are hoping the domino effect of projects will build a “live, work, play” environment in the downtown, perhaps best summed up the Downtown Improvement Board (DIB) brand promise released this fall.
Their vision pledges to create “walkable community that provides urban loft living, authentic experiences and access to recreation” as well as places to work and a view of the bay.
A new look
All through the year, Panama City residents were offered a taste of what could come for the downtown as design plans trickled out.
In April, they received their first taste of the immediate future for the downtown when the Community Redevelopment Agency (CRA) released a video of the redesigned Harrison streetscape, with parallel parking, new landscaping, a roundabout and much wider sidewalks to accommodate outdoor shopping and dining.
While plans to start construction this year fell through, CRA Director Jared Jones said work will start next year. In the meantime, he and his staff are tweaking the designs, including looking at whether any palm trees will stay.
The biggest proposed changes, however, came in August when Sonnenblick Development released a proposal for $200 million worth of construction on the marina. The plans have since gone through several iterations as things have been deleted and added as part of an ongoing back and forth between the City Commission and developer.
The latest designs, released in late December, emphasize entertainment, fishing and cultural opportunities, and maintain the signature lighthouse first proposed. Construction is a ways away, but the plans should take a solid form in 2017.
The business side
The business side of the downtown saw a boost this year as store owners, quasi-government agencies and even the police departments started to change the culture.
For years local officials have said their needs downtown are living spaces and jobs, and those pieces finally started to fall into place. Several store owners turned the space above their business into apartments with instant success, and Jellyfish Health, a health-care technology company, moved into a larger downtown building on Oak Street – they already had a smaller presence on Harrison – with the promise to add 100 high-paying jobs in the next two years.
“These people have sort of jumped the gun to do it at a lesser cost,” Brudnicki said. “Once the marina is done and successful, the price is going to go up.”
Government spent the year working to bolster these efforts.
The police stepped up to more aggressively police vagrancy in the downtown at the request of business owners. Destination Panama City worked to market the shops – as well as the rest of the city – to outside markets, such as Atlanta, Baltimore and Nashville, Tennessee, even landing several restaurants in the pages of USA Today. The city bought the Trustmark Bank building in the heart of the downtown with promises to add foot traffic, vibrancy and more importantly parking.
And then the DIB, after a rocky summer marred by firing its executive director, resignations and a general lack of direction, the board found its footing this fall with an assist from Jennifer Vigil, CEO and president of Destination Panama City. The board found a path forward as the local marketers for the downtown, hired an event planning company to improve events, particularly a rebranded Friday Fest, and put forward a new marketing campaign renaming the downtown “Harrison.”
Yet to come
All of this planning, officials said, poises the downtown area for a strong 2017.
“We have made huge strides in getting Panama City on the map as a tourist destination,” Vigil said. “And our timing couldn’t be better as our city leaders announced an agreement this year to work with Sonnenblick Development LLC on the redevelopment of the Panama City Marina. We are laying the groundwork now to support this new multimillion-dollar investment in our community.”
The mayor put it even more simply.
“Good things are already happening,” Brudnicki said. “I anticipate more of that.”READ MORE AT NEWS HERALD
Posted Dec 16, 2016 at 6:00 PM Updated Dec 17, 2016 at 11:50 AM
The new documents show the look of the project, dubbed MarinaVillage, has remained largely consistent with designs presented in August, emphasizing recreational activities to draw people in. Rough estimates indicate Panama City stands to make hundreds of millions from associated leases and taxes
By KATIE LANDECK
News Herald Reporter
PANAMA CITY – A clearer picture of the anticipated costs of the marina redevelopment and how the completed project might look have come into focus with the release of Sonnenblick Development’s financing proposal.
Documents received Thursday show the look of the project, dubbed MarinaVillage, has remained largely consistent with designs presented in August, emphasizing recreational activities to draw people in. And rough estimates indicate Panama City stands to make hundreds of millions from associated leases and taxes.
City officials cautioned the proposal is not a done deal, and they still are waiting on more information about the budget, timeline and other aspects of the proposal.
A tremendous amount of detail is yet to come,” City Attorney Nevin Zimmerman said Friday.
As it stands, some key changes to the design include the addition of a fishing pier, a boat sales and service area, a movie theater, a convention center and a possible apartment complex in “phase II.” A plan for dry boat storage and arcade have been deleted from the plans.
“I think it’s closer to what the commissioners want,” said City Manager Jeff Brown, who oversees the project. But, he cautioned, “this is not the end-all, be-all. This is the starting point.”READ ORIGINAL…
Comparing the August and December marina designs
What’s the same:
- The bulk of the marina still is being transformed into an outdoor play area similar to HarborVillage in Destin, with an amphitheater, outdoor marketplace, restaurants, lighthouse and water shuttle.
- There still will be about the same number of places to park a boat.
- Sonnenblick Development still is planning to pay to revamp the Marina Civic Center.
- There still are plans to add up to two parking garages near the entrance.
- The current Bay County government building still will be removed.
- A plan for dry boat storage has been removed. A boat service and sales area has been added in its place, as well as a potential 100-unit, nine-story apartment complex in Phase II. As part of these changes, the city attorney said there is talk of keeping the boat launch.
- A plan to use the old library building for hotel facilities space and the current City Hall as an arcade has been nixed. Instead, they are proposing two hotels – first, a 150-room Marriott, and then a 150-room Hilton in Phase II – and a movie theater and convention center.
- The “yacht club” has been renamed a “marina club.”
- A fishing pier has been added to the southeast corner of the T-dock.
A crew works on the T-dock at the Panama City Marina earlier this fall. ANDREW WARDLOW/NEWS HERALD FILE PHOTO
Posted Dec 15, 2016 at 6:53 PM
Panama City gets financial plans for marina
The financing proposal, delivered late Thursday, outlines what Sonnenblick Development believes is financially feasible for the project and offers to invest a substantial sum in the city, according to City Manager Jeff Brown.
By Katie Landeck | 522-5114 | @PCNHKatieL | email@example.com
PANAMA CITY – The developer for the Panama City Marina project has sent the project’s financing proposal to the city, meeting its deadline on the nose.
The financing proposal, delivered late Thursday, outlines what Sonnenblick Development believes is financially feasible for the project and offers to invest a substantial sum in the city, according to City Manager Jeff Brown. It also marks the beginning of serious negotiations between city leaders and developers about what will be built.
“We’ve been talking in generalities with Sonnenblick about things they want to do,” Brown said. “Now we’re at the point we’re looking at the business side, and the question is, ‘What can they do?'”
In this upcoming phase, it will become clear how much money the city will be expected to pay for the project, what the impact will be on existing infrastructure, what will happen with existing boat slip renters and what actually will be built.
The proposal was not made available to The News Herald late Thursday, as it was submitted after the city’s business hours.
Brown cautioned it will take the city weeks to fully analyze the proposal, emphasizing it’s not a done deal. The analysis will look at how the project could generate growth for the city, how it fits into the long-term vision for the downtown and whether it meets citizens’ needs.
The city commissioners plan to talk about the proposal at upcoming meetings and then hold a separate public workshop once they have a better understanding of the plans.
“Before we make a decision, before we vote on anything, we are going to bring it to the public,” Mayor Greg Brudnicki said. “We are going to say, ‘We think this is good; what do you think.’ ”
The financing proposal also will be made available on the city’s website, www.pcgov.org, under the section for public comments.
“We all feel it is important to get public input,” Commissioner John Kady said.
The original designs, which repeatedly have been called a rough draft, included a lighthouse, carnival area, dry boat storage, two hotels and much more. Many of the items, such as the dry boat storage, have faced scrutiny from commissioners.
Until the financing proposal is released, it’s unclear how the feedback from commissioners might have changed the design.READ ORIGINAL
With the yes vote, the commission has given developer Bob Sonnenblick the go-ahead to begin feasibility studies that examine what types of businesses the marina would best support, including types of hotels and marina activity.
By KATIE LANDECK
News Herald Reporter
PANAMA CITY — In a 4-1 decision, the Panama City Commission voted Tuesday night to continue to work with Sonnenblick Development on the marina redevelopment, moving the project into a phase that opens the door to more public comment and starts feasibility studies.
“All this is is the next step forward,” Mayor Greg Brudnicki said.
With the yes vote, the commission has given developer Bob Sonnenblick the go-ahead to begin feasibility studies that examine what types of businesses the marina would best support, including types of hotels and marina activity. Sonnenblick previously has said he is planning to spend “several hundred thousand dollars” on studies.
He is expected to formally report back on his findings Dec. 15, as the commission voted to give him a one-month extension.
The sole no vote was from Commissioner John Kady, who made it clear he supports Sonnenblick and thinks he is “the guy” but voted no due to several concerns. He said his primary concern is that starting the feasibility study would be misguided until the commission gives unified input on the MarinaVillage proposal that Sonnenblick presented — with the help of Destin developer Peter Bos of Legendary Entity — during the commission’s August meeting. Kady felt that starting the studies without input was potentially a waste of money.
“I don’t want to set him loose to start working until he knows the consensus of the commission,” Kady said.
Other commissioners and two lawyers assured Kady that is not what was happening, pointing to Sonnenblick being given and incorporating feedback into the design. For example, a proposed dry boat storage facility already has been scratched and more public space has been added. Over Labor Day weekend, all of the commissioners provided Sonnenblick with feedback behind the scenes about what they liked and disliked about the plans.
Moving forward, Brudnicki said the commission will continue to provide feedback in real time, and Commissioner Billy Rader agreed with Kady’s request for more public meetings to discuss.
During Tuesday night’s packed meeting, the commission heard numerous public comments that ranged from a request to “stop it now” to people saying they “loved it.”
But as Commissioner Mike Nichols repeatedly has pointed out, nothing about the current plan is final.
“It’s pretty pictures. It’s not necessarily what you are going to do,” he said.
Kady also expressed concerns about Sonnenblick’s choice of Bos as a business partner, as the agreement shows Bos’ company, which has a complicated legal and financial history, as having a 20 percent stake in a new limited liability company that will be formed to work on the project.
City Attorney Nevin Zimmerman also worked to answer those questions.
While the legalese is complicated, essentially in the agreement Sonnenblick has set up his company as the managing entity, meaning he will be making all of the decisions and Panama City is only contracted with him.Read On Newsherald.com
Many more details are yet to be ironed out.
By KATIE LANDECK
News Herald Reporter
PANAMA CITY — Taking the next step forward with the marina redevelopment, the Panama City Commission will vote Tuesday on whether to continue to work with Sonnenblick Development.
During a 5 p.m. meeting, the commission will publicly go over the proposed plan for the redeveloped marina, called MarinaVillage, for the first time since developer Robert Sonnenblick, the principal of Sonnenblick, presented it in August. The current design, which can be amended as the project moves forward, calls for waterfront dining, boat storage, family-friendly activities and a lighthouse. Approval of that proposal is dependent on what the feasibility studies find.
The studies “will look at some of the bigger pieces of the things that have been proposed and make sure they are financially feasible,” said City Manager Jeff Brown. “If they’re not feasible, we’ll work to adjust.”
While the whole plan may be talked about, the commission is only voting on whether they want to continue to work with Sonnenblick, and by extension, his partner for this project, developer Peter Bos of Legendary Entity, who has a 20 percent stake. The commission is not voting to approve the designs.
“The vote is only to continue the process with the developer,” said Mayor Greg Brudnicki. “Our contract is with Sonnenblick. … He’s the main guy.”
A yes vote would give Sonnenblick the go-ahead to start working on feasibility studies and design work. Sonnenblick said he plans to spend several hundred thousand dollars in this next phase. Approval of that proposal also is dependent on what the feasibility studies find.
While the majority of commissioners gave the tentative designs a glowing review following the August meeting, Commissioner John Kady has been vocal about his reservations.
Instead of a “simple up and down vote,” he said he hopes to facilitate conversation about what commissioners and the public like and dislike about the proposed MarinaVillage to help guide the feasibility studies. “There has been a large outpouring of interest,” he said. “I hope we take the time to hear from each and everyone and have the opportunity to deliberate.”
Kady, for instance, has reservations about the “carnival” atmosphere that a games area in the center of the marina would create, worried it would be inconsistent with Panama City’s branding. He also has concerns about working with Legendary Entity, as the company has a “high risk,” with a low viability rating by financial consultants Dun & Bradstreet as well as ongoing lawsuits.
Kady had asked for a workshop prior to Tuesday’s meeting, but there was never “any consensus” among commissioners about having one, according to Brown.
Brudnicki said he prefers to wait to discuss the plans until after the feasibility studies, saying he “wanted to see what was feasible first” in order “to make sure if we put something out there, we can deliver it.”
The meeting will be at 5 p.m. Tuesday at City Hall, 9 Harrison Ave.Read on Newsherald.com
PANAMA CITY, Fla. Panama City leaders finally took steps forward with the city marina project at Tuesday’s Commission meeting.
PANAMA CITY, Fla.
Panama City leaders finally took steps forward with the city marina project at Tuesday’s Commission meeting. The developer, Sonnenblick Development LLC, presented commissioners with a rough outline of what the marina might look like when the project is complete.
“I was never satisfied with anything that we had looked at in the past and I see something here that’s going to be attractive, that’s going to lure people to come to our marina,” said Panama City Mayor Greg Brudnicki.
At the commission meeting, Sonnenblick presented city leaders with businesses that are already interested in investing.
“Marriott Corporation has come back to us and said they absolutely love this project,” said Sonnenblick Development LLC President Robert Sonnenblick.
The hotel would be around 160 to 175 rooms, geared toward families.
“Marriott came back very positive for this property and that is kind of our anchor tenant, if you will, for the project and we’re very excited about that,” said Sonnenblick.
Plans also show a row of water front restaurants.
“Big patios, overlooking the water and a very exciting group that will draw people to this project,” said Sonnenblick.
There was also talk about a water taxi shuttle, multiple parking garages, retail, and converting the city hall building into a family entertainment center.
“This creates an ambiance downtown that can release the potential of the rest of downtown,” said Brudnicki.
“We’re excited to have you guys interested in our property. Panama City and the St. Andrews area are a great place,” said Panama City Commissioner Mike Nichols.
Although commissioners are excited about these plans, nothing Sonnenblick presented is concrete quite yet.
“This is nothing but a plan view with stuff on it. Preliminary, and so there’s plenty of time for input and changes and that sort of thing,” said Panama City Commissioner John Kady.
Sonnenblick will be presenting the commission with hard numbers and plans at their November meeting.
Panama City commissioners move forward with early plans for city marina project
By Larissa Scott | firstname.lastname@example.org
Incredibly compelling conversation about Westside hotel development and One Beverly Hills with Bob Sonnenblick from Sonnenblick Development at RENTV’s Aug 18th Westside of LA State of the Market Conference
PRESS RELEASE: Los Angeles, Calif. August 1, 2016
Hotel developer Bob Sonnenblick, Chairman of Sonnenblick Development LLC, has been chosen by RENTV/ RECG Conferences to moderate the L.A. Hotel Industry Update panel at the upcoming “Westside L.A. State of the Market” Conference on Thursday
August 18 at 8:30am at the DoubleTree Hotel in Culver City.
Westside Los Angeles State of the Market Conference
Westside Los Angeles State of the Market Conference
August 18, 2016
DoubleTree by Hilton LA Westside
6161 W. Centinela Ave.
Culver City, CA 90230
7:15 am Registration
7:30 am Breakfast
7:55 am – 12:00 pm Program
Industry leaders gather to discuss the State of the Commercial Real Estate markets throughout the
Westside of Los Angeles
7:55 AM RETAIL PANEL
Bob Champion, President, Champion Real Estate Company
Felix Gutnikov, Partner | EVP, Origination, Thorofare Capital
Alex Kozakov, Senior Vice President, CBRE | Capital Markets
Others to Be Announced
8:40 AM HOSPITALITY and ONE BEVERLY HILLS PANEL
Bob Sonnenblick, President, Sonnenblick Development
Jay Newman, Chief Operating Officer, Athens Development
9:15 AM MULTIFAMILY PANEL
Ken Kahan, Founder & President, California Landmark
Kitty Wallace, Senior Vice President, Colliers
Abraham Mehrian, President & Co-Founder, Strategic Legacy Investment Group
Henry Manoucheri, Chairman & CEO, Universe Holdings
Others to Be Announced
For more conference info, call 310-242-8613More Info
Developer Bob Sonnenblick, Chairman of Sonnenblick Development LLC, to speak on Hotels 6-21-16: RENTV Greater LA Development Conference
Bob Sonnenblick, Principal, Sonnenblick Development
Greater Los Angeles Development Summit
DoubleTree by Hilton LA Westside
6161 W. Centinela Ave.
Culver City, CA 90230
7:15 am Registration
7:30 am Breakfast
7:55 am – 12:00 pm Program
Bringing together major players in commercial real estate development to discuss their projects
and how to get projects built in the Greater LA area.
Los Angeles-based hotel developer Bob Sonnenblick, Chairman of Sonnenblick Development LLC, has been chosen by Rent TV Conferences Inc. to speak at their upcoming Greater LA Development Conference on the status of the L.A. County hotel market. Mr Sonnenblick will also discuss the firm’s new $80 Million USC Hyatt House Hotel, being developed by Sonnenblick SC LLC on the USC Medical Center Campus.
Panama City commissioners approve negotiation agreement for possible marina project with with California-based Sonnenblick Holdings
Updated: Wed: 10:53 PM, MAY 11, 2016
PANAMA CITY, Fla. (WJHG/WECP) – Some big changes could be coming to Downtown Panama City. On Wednesday, Panama City commissioners approved an agreement they believe will boost tourism in the city.
Improvements to the marina have been in the work’s for months, and now another new marina project could be on the horizon.
“The biggest things that are happening in North Florida from Pensacola to probably Jacksonville with this type of development and residential development is happening right here in Panama City,” said Commissioner John Kady.
Commissioners unanimously approved an exclusive agreement with California-based Sonnenblick Holdings at a specially called meeting.
If the plans move forward there’s a lot of exciting possibilities on the table for the marina including new hotels, hundreds of parking spots, new housing, a garage, and even a row of waterfront restaurants and shops.
“Whatever’s best to help revitalize,” said Panama City Mayor Greg Brudnicki. “We know that we need retail. We know that we need, you know, retail. We’d like to see retail downtown as far as on the marina, and a hotel, and more people living downtown.”
Over the next few months, Sonnenblick will develop a plan to overhaul the downtown Panama City Marina area. The agreement outlines several tentative ideas for development, such as thousands of square feet dedicated to retail and office space.
“We might be coming to you for two different hotels not just one and we are of the opinion that the more hotel rooms, the more tourism is generated for the downtown and will make the project that much bigger,” said Robert Sonnenblick, Chairman of Sonnenblick Holdings.
Mayor Brudnicki says if the company meets its deadlines, the city could break ground within a year. Commissioners say they’re excited to work with a team with such a high level of expertise.
“I call it an all star team of guys that have experience. They’ve done this before in other markets and there’s no substitute for experience,” said Commissioner Billy Rader
Mayor Brudnicki says the city would have to do some things to prepare, like increase water and sewer capacity, but he says they’ll make sure they meet those goals.
See on WGHG TV
As developer Robert Sonnenblick outlined plans for the Panama City Marina project, city commissioners could not stop saying how “impressed” and “excited” they were.
By KATIE LANDECK
News Herald Reporter
Posted May 11, 2016 at 11:01 AM
Updated May 11, 2016 at 5:07 PM
PANAMA CITY — As developer Robert Sonnenblick outlined plans for the Panama City Marina project, city commissioners could not stop saying how “impressed” and “excited” they were.
“I’ve met numerous developers,” Commissioner Billy Rader said. “This an A-team of people that have been assembled. … They have experience. They have done this before.”
During a special meeting Wednesday, the commission entered in an agreement to negotiate exclusively with California-based Sonnenblick Development Inc. for one year. City manager Jeff Brown called the agreement a “giant step forward,” as it could signal the end of the city’s year-and-a-half-long quest to find the right developer.Click for Full Article
Bob Sonnenblick Panelist – May 5th 2016 – FIBI Creative Financing Options for Commercial Real Estate
Bob Sonnenblick Panelist – May 5th 2016 – Los Angeles – For Investors By Investors (FIBI) Creative Financing Options for Commercial Real Estate
For Investors By Investors (FIBI) announces that Mr Robert Sonnenblick will be speaking at their upcoming real estate conference on May 5 in Downtown Los Angeles.
Thursday, May 5, 2016
120 South Los Angeles Street, Los Angeles, CA
Topic: Creative Financing Options for Commercial Real Estate
How would you like to get equity financing that is long-term, fixed, non-recourse, and can be passed through to tenants, hotel guests, and even to the next owner!
We’ll also be talking about EB-5 financing in commercial real estate. Come learn and network with our panel of experts and attendees–your next business opportunity may be waiting for you.
Matthew Harrigan, Managing Director, PACE Equity (www.pace-equity.com)
Robert Sonnenblick, Principal of Sonnenblick, LLC (http://www.sonndev.com)
Michael G. Homeier, Esq., Founder, Homeier & Law, P.C. (http://homeierlaw.com)
Bob Sonnenblick Keynote Speaker at the 2016 Sacramento Commercial Real Estate State of the Market
Commercial Real Estate State of the Market
May 12, 2016
HYATT REGENCY SACRAMENTO
1209 L Street, Sacramento, CA 95814
7:15 am Registration
7:30 am Breakfast
7:55 am – 12:00 pm Program
Industry leaders gather to discuss the State of the Commercial Real Estate markets
Bob Sonnenblick, Principal, Sonnenblick Development
Rex Hime, President & CEO, Calif Business Properties Association
Bob Sonnenblick to moderate: Real Estate Financing Strategies panel at IMN Real Estate CFO Forum 5-10-2016
Press release: Los Angeles,
California April 22, 2016
NY-based IMN Conference Network has chosen Los Angeles-based real estate developer Bob Sonnenblick, Chairman of Sonnenblick Development LLC, to moderate the “Real Estate Financing Strategies’ panel at their upcoming Real Estate CFO Forum Conference, on May 10th at the St Regis Monarch Beach Hotel in Dana Point, California.
Bob Sonnenblick of Sonnenblick Development LLC has been added to the speaker list at the upcoming Bisnow Hotel Conference 2016
Real Estate developer Robert Sonnenblick, Chairman of Los Angeles-based Sonnenblick Development LLC has been added to the speaker list at the upcoming Bisnow Hotel Conference entitled BLIS-West (Bisnow Lodging & Innovation Series) to be held at the Sheraton Hotel in Downtown L.A. on April 28th at 9am.
Press Release: March 1, 2016-New York City, N.Y. IMN Conferences has announced that Mr. Robert Sonnenblick, Chairman of Los Angeles-based Sonnenblick
Development LLC will moderate the 4pm CrowdFunding panel at their upcoming March 10th conference at the Marriott Downtown Hotel in NYC.
- Choosing the right platform for your deal
- How to make sure your project can be sold
- How much $$ can you raise?
- CMBS defaults
- Looking for bad actor partners
- Technology guys vs. real estate guys
- Portal senior management structure
- Interstate deals: What does it take for a New York company to go over the George Washington Bridge and do a deal in New Jersey?
- Biggest campaign killers
Crittenden Conferences Inc announced: Mr. Robert Sonnenblick, Sonnenblick Development LLC, to moderate the Hotel Development and Finance panel
Press Release: San Diego, Calif.-Feb.25, 2016
Crittenden Conferences Inc has announced that Mr. Robert Sonnenblick, Chairman of Los Angeles-based Sonnenblick Development LLC, has been chosen to moderate the Hotel Development and Finance panel at their upcoming Crittenden National Real Estate Conference in San Diego, California. The conference will be held at the Omni Hotel in Downtown San Diego.
Staff Writer Sacramento Business Journal
The 150-room hotel is a design-build project, so the general contractor is an integral partner in the planning. A permitting meeting is set for Monday with Sacramento County and the development team, said Bob Sonnenblick, principal of Sonnenblick Development LLC of Los Angeles, the developer of the hotel.
The hotel won approvals from Sacramento County in January last year, but Sonnenblickand his previous general contractor had a falling out, which delayed the project. Sonnenblick declined to name the previous general contractor.
Sundt is based in Tempe, Ariz., and it has nine offices in Arizona, California and Texas, including an office in South Natomas, just a few miles from the airport.
In the interim between its initial approval and now, Sonnenblick had a feasibility study done that found the hotel would do better with larger suites and more of them, so he added 15 rooms, including some as large as 650 square feet. Regular suites are about 450 square feet.
“We don’t want to be just a limited-service hotel. We want to get some higher-end clientele as well,” he said.
Construction will be a prevailing wage project and Sonnenblick has a handshake agreement to allow UNITE HERE Local 49, the hotel employees union, to represent the eventual hotel workers at the Hyatt Place, which could open in the summer of 2018. A groundbreaking is expected this summer, he said.
The airport would bring significant business to the hotel. Many flights out of Sacramento leave very early in the morning, so travelers from all over Northern California could use the hotel to arrive the night before traveling. Also, the hotel, like the airport, is right off Interstate 5, which can generate demand from auto travelers.
Another potential business for the hotel is air crew rooms. Many airlines have contracts that require them to house flight crews in nearby hotels.
Robert Sonnenblick in the news: Why new airport Hyatt is behind schedule – and why it’s getting bigger
Dec 4, 2015, 7:01am PST
The Hyatt Place hotel proposed for Sacramento International Airport will get more and larger rooms.
The 135-room project in January won approval from Sacramento County, which operates the airport. Developer Bob Sonnenblick recently won its approval to add 15 luxury suites to the property.
Sonnenblick, principal of Sonnenblick Development LLC of Los Angeles, said feasibility studies showed the hotel will do better with more rooms and the addition of the big suites.
The new design calls for 10 suites of 650 square feet, five junior suites and the original 135 suites, which are on average 450 square feet, he said. The five-story hotel will be wider, but not taller with the extra rooms.
Sonnenblick said he hopes to be under construction in the second quarter next year and then work through about 15 months of construction. That would put the opening of the new hotel in summer or fall of 2018.
Construction was to have started earlier this year, but Sonnenblick and his previous general contractor had a falling out on the project. Sonnenblick plans to name the new contractor later this month. Sonnenblick Development LLC will build, operate and own the hotel, which will be between the airport’s main commercial terminals. He said he has lined up construction financing.
The airport is a demand driver for the hotel. Many flights out of Sacramento leave very early in the morning, so travelers from all over Northern California could use the hotel to arrive the night before traveling. Also, the hotel, like the airport, is right off Interstate 5, which can generate demand from drivers. Another potential business for the hotel is air crew rooms. Many airlines have contracts that require them to house flight crews in nearby hotels.
Hyatt Place is a limited-service property. Locally, there are Hyatt Place properties in Davis, Rancho Cordova and Roseville.
Sacramento County has been seeking a hotel for more than a decade. The previous hotel at the airport, the Host Airport Hotel, was successful, but was demolished for the expansion of the airport’s new terminal and parking garage.Read more on Sacramento Business Journal
Nov 23, 2015 Patricia Kirk, Reporter
As the LA market continues to heat up across all sectors and with a fear of looming interest rate hikes, financing major developments has become a hot topic. For hotels, one of the hotter strategies is EB-5 funding.
San Francisco-based developer Sonnenblick’s principal, Bob Sonnenblick (pictured here with Athens Group COO Jay Newman), launched the discussion of hotel investment and development at Bisnow’s 3rd Annual LA Hospitality Boom event last week, discussing capitalization of an $80M hotel his company is developing on USC’s medical campus.
In financing the project, his firm put up 25% equity and secured a loan for 50% of the cost at 5% interest. But instead of filling the 25% equity gap with mezzanine money at 12% to 14%, his firm leveraged EB-5 funds at “an unbelievable 6%” rate, he says. “EB-5 money is a game changer,” Bob says. He noted EB-5 doesn’t work for everyone, as securing funding is a one-year process. “We had time to wait, because it took that long to get the project entitled,” Bob says. The program may not be available much longer; Congress is scheduled to consider a bill to limit it.Read more at BIZNOW
CaRE, USC Hyatt House Hotel EB-5 Project
Robert Sonnenblick, Chairman of Sonnenblick Development LLC, has been chosen to moderate a panel: PERE Real Estate Summit in NY Nov 12 2015
PERE Conference Corp. has announced that Los Angeles-based real estate developer, Mr. Robert Sonnenblick, Chairman of Sonnenblick Development LLC, has been chosen to moderate a real estate panel at their upcoming PERE Real Estate Summit in NY on November 11th, 2015.
The panel is titled: “The Cycle continues, a correction is inevitable…”.
For more info, go to www.perenews.com
12:10 As the cycle continues a correction is inevitable: Balancing investments for a future downturn
How are we factoring the anticipation into our investment strategy now? Will there be appreciation in both long/short term assets?
- Determining asset allocation for a bullet proof portfolio
- Defining risk in tomorrow’s market
- Total return vs. Cash flow – can we have both
Mr. Robert Sonnenblick, Chairman, Sonnenblick Development LLC
Todd Henderson, Head of Real Estate, Americas Deutsche Asset & Wealth Management
Chris McEldowney, Managing Director, Real Estate, New York Life Real Estate
Jay Morgan, Senior Consultant, Courtland Partners
Robert Sonnenblick, Chairman of Sonnenblick Development LLC, will moderate the Real Estate Cycle panel at the Real Estate Capital Finance Forum in NYC Mon.Nov 9th, 2015
Press Release: New York City. New York
Real Estate Capital Magazine has announced that Los Angeles-based real estate developer Robert Sonnenblick, Chairman of Sonnenblick Development LLC, has joined the agenda for their upcoming Real Estate Capital Finance Forum to be held in NYC on Monday November 9th. Mr Sonnenblick will moderate the “Real Estate Cycle” panel. The conference will be held at the Convene Conference Center on Third Avenue, and will begin at 8am. Conference Registration is available at (646)-854-7950.
3:45 Panel session
Hear from the borrowers: where are we in the real estate cycle?
- Where are the greatest opportunities for borrowers in the US market today?
- Sector focus: what’s next? Will a focus on multi-family that drove the post-crash recovery shift to hospitality/retail/office/industrial?
- What is the borrower’s response to the changing landscape of lenders?
Bob Sonnenblick, Chairman, Sonnenblick Development, LLC
Chris Niehaus, Partner, GreenOak Real Estate
Christa Chambers, Chief Financial Officer, Kemper Development Company
Phil Watkins, Principal, Megalith Capital
Click for more information
Bisnow/BLIS Hotel Conference – Washington DC
Oct 20, 2015
click for full article on BIZNOW
While Bill and Debbie were the highlight of the day, the 400 or so attendees were treated to a Sheila Johnson keynote and state of the hotel industry, covered yesterday. In the afternoon, the crowd was given an update on EB-5 financing from a panel of Polsinelli’s Dawn Lurie, Wright Johnson’s Aaron Goforth (he’s the one with the man-bun), Sonnenblick Development CEO Bob Sonnenblick, EB5 Capital founder Angel Brunner, who moderated in the style of Anderson Cooper, Homeier & Law’s Clem Turner, and NES Financial’s Reid Thomas. EB-5 is a vehicle for immigrants to invest in real estate. It’s a convoluted and complicated process, but it can be worth it. “The bottom line is always money,” Bob says. “The EB-5 mezzanine deal we just finished was at 6%. If you’re able to borrow mezz money at 6 instead of 12% to 13%, it’s going to save you millions of dollars over your transaction.”
By Brynn Grimley
An 18-hole golf course and a large resort-hotel are no longer planned for Chambers Bay in University Place.
Instead, Pierce County officials have asked the California developer behind the project for a smaller development.
“We didn’t feel from a county perspective that it was realistic to have a development predicated on the building of a new golf course,” deputy county executive Kevin Phelps said last week.
The county’s request came after the U.S. Open in June.
The space the USGA tournament took up outside the county-owned Chambers Bay golf course made county officials realize a second golf course didn’t make sense, Phelps said.
Last year, Los Angeles developer Bob Sonnenblick proposed a $150 million resort-style golf course and hotel on the southern portion of the 930-acre Chambers Creek property.
The course was planned for directly south of the Chambers Bay golf course with Chambers Creek Regional Park as a buffer. The hotel was proposed off Grandview Drive, near the entrance to the park.
“We feel that even though we could technically squeeze another 18 holes in, it might make it so we’re not competitive for a future (golf) event,” Phelps said.
County leaders want to host future golf tournaments, including another U.S. Open at Chambers Bay.
Sonnenblick, who owns Sonnenblick Development, is working on a new proposal.
“We understand the county’s reason for this decision, and we have no problem with it,” Sonnenblick wrote in an email to The News Tribune last week.
Losing the golf course means a smaller hotel, he said.
“Clearly without the second ‘resort’ (golf) course we would no longer be able to justify building a large, 300-plus room resort hotel in one big phase,” Sonnenblick wrote.
Previously a dramatic, five-story hotel with sweeping views of Chambers Bay golf course and Puget Sound was planned.
Plans included a 258-room hotel, conference center, 180-seat cafe and restaurant, and a swimming pool. The conference center was proposed for what now is the county’s environmental services building, with a ballroom added on.
“We have redone our feasibility studies and appraisals to divide this hotel development into two phases,” Sonnenblick wrote, “the first of which will be approximately half the size of what we had planned before.”
Sonnenblick expects to have new project renderings to the County Council soon.
“We are very excited about how the new, smaller, hotel layout sits (on) the land parcel and how well it works with the site’s current long-term master plan,” he said.
The county’s decision to request a scaled-back development was “partially economic and partially making sure that we have the ability to use that property for a variety of uses,” Phelps said.
After seeing architectural drawings for the hotel a year ago, at least two County Council members cited concern with impeding the public’s ability to access the site.
Public amenities include trails, parks and playground as well as the golf course.
“That is the public’s property,” Councilwoman Connie Ladenburg said at the time. “To make sure that (residents) still feel that that’s their property, I think, is very key with any development that we do out there.”
Sonnenblick maintains he will develop a project that promotes pedestrian accessibility to the site.
Brynn Grimley: 253-597-8467
Robert Sonnenblick Speaker at 2nd Annual Crowdfunding Forum for Real Estate Sept 16-17 2015 Santa Monica, CA
Sonnenblick Development, LLC
Mr. Robert Sonnenblick, Principal of Sonnenblick Development, LLC, is a graduate of the Wharton School of Finance of the University of Pennsylvania with more than 30 years of experience in various aspects of real estate development and real estate finance. From 1981 to 1991 Mr. Sonnenblick was the driving force and power behind Sonnenblick-Goldman Corporation of California. Mr. Sonnenblick completed over $1.5 Billion of commercial real estate transactions on the West Coast, and as a result is regarded as one of the West Coast’s leaders in the field of commercial real estate finance. Among the more notable projects for which Mr. Sonnenblick personally structured the financing for are The Beaudry Center, Los Angeles, California ($197 million), the Ritz Carlton Hotel, Pasadena, California ($97 million), One Waterfront Plaza, Honolulu, Hawaii ($100 million), and the Los Angeles World Trade Center, Los Angeles, California ($55 million).
In 1991 Mr. Sonnenblick was appointed Director of Development for the New Jersey and L.A. MetroMalls, with the responsibility for oversight and direction of the design, financing, and leasing programs for two proposed $250 million enclosed regional malls totaling 1.2 million square feet each. Mr. Sonnenblick personally oversaw more than 1 million square feet of leases in connection with this position as well as arranging the necessary debt and equity financing. The New Jersey project opened to one of the strongest starts in the history of the United States mall industry. It is now re-named Jersey Gardens Outlet Mall.
In addition, Mr. Sonnenblick was an original development partner of the Loews Santa Monica Beach Hotel. This 360-room, $90 million hotel was sold for $125 million.
Prior to forming Sonnenblick Development LLC, Mr. Sonnenblick was the senior partner in a Los Angeles-based real estate development firm (Sonnenblick Del Rio Development) which specialized in P-3 public-private partnerships, specifically the development of four government leased office buildings across the Los Angeles basin. During his tenure there as Chairman, Mr. Sonnenblick successfully developed nearly 1 million square feet of government-leased buildings, occupied by such tenants as U.S. Department of Homeland Security, the Federal Bureau of Investigation (FBI), the Los Angeles County Sheriffs Department, Los Angeles County Department of Public Social Services, The Small Business Administration (SBA), the LA County Mental Health Dept, The Social Security Administration, and Los Angeles County Department of Children and Family Services.
Mr. Sonnenblick is a frequent speaker and panelist at various real estate-related functions, such as those hosted by Deloitte Touche, ICSC, Value Retail News, Bloomberg News, Crittenden Conference Co., USC Real Estate, UCLA Real Estate, IMN Real Estate Conferences, Bisnow Media, Opal Conference Group, iGlobal Forum, and the Institute for International Research. Mr. Sonnenblick is a published author on subjects ranging from commercial architecture to general real estate market conditions. In addition to Mr. Sonnenblick’s expertise in development, finance, and joint ventures, Mr. Sonnenblick has also been certified as an expert witness in the areas of real estate bankruptcy/foreclosure and finance. Mr. Sonnenblick is a qualified expert witness on the topic of Commercial Real Estate Interest Rates and Finance for the United States Federal Court System in numerous different jurisdictions across the State of Calif, Nevada, and Arizona.
2nd Annual Crowdfunding Forum for Real Estate September 16-17 2015 Santa Monica, CA
Bob Sonnenblick has agreed to join the “EB-5 and Crowdfunding” panel: October 7th 2015 Scottsdale, Arizona.
The Lodging Conference, one of the nation’s premier Hotel Industry annual events, is pleased to announce that Los Angeles-based hotel developer Bob Sonnenblick, Chairman of Sonnenblick Development LLC, has agreed to join the “EB-5 and Crowdfunding” panel at their upcoming conference on October 7th at The Arizona Biltmore Hotel in Scottsdale, Arizona. The panel will focus on alternative methods to fund new hotel projects and acquisitions.
11:00 – 12:15
CONCURRENT THINK TANKS
T-2: EB-5 and CrowdFunding: Innovative Options for Your Next Hotel Project
Learn how EB-5 and crowdfunding work as the panel reviews the benefits and pitfalls including legal, regulatory and legislative issues, fees, risk, marketing and timeline to meet your fundraising goal for new construction, acquisition or renovation.
David Eisen, Editor-in-Chief Hotel Management Magazine
Tim L. Edgar, Founder & President, Hotel Innvestor
Julie Richter, Chief Financial Officer Concord Hospitality Enterprises Company
Bob Sonnenblick, Chairman, Sonnenblick Development LLC
Gregory Steinhauer, President, American Life Inc.
NY-based IMN Real Estate Conferences is pleased to announce its 2nd Annual Crowdfunding Forum for Real Estate, to be held on September 17th at the Fairmont Miramar Hotel in Santa Monica.
The lead panel will be moderated by Los Angeles developer Bob Sonnenblick, Chairman of Sonnenblick development LLC, and it will focus on:
The Future of Crowdfunding as a Money Source for Real Estate Projects.
For more info, go to www.IMN.org or call (212)-224-3207.
9/17 12:15 PM The Future of Real Estate Crowdfunding… How Scalable is it?
- Who will be the real players in 2 years
- With all this portal $$ floating around is scalability now a closer reality?
- Portal growth in numbers… How many actual players are out there? How many pretenders?
- Will banks and other established lenders buy the portals and the knowledge/ technology?
- Industry growth predictions
- Going to independent broker dealers
- Leaving the crowd… Partnering with institutional investors
- What deals have funded so far?
- Why are they only small projects?
- Will this structure work for large projects?
- Construction deals vs Existing projects?
- What real estate product types work best for CrowdFunding?…Why?
PRESS RELEASE: July 8th, 2015
Bob Sonnenblick, Chairman of Los Angeles-based Sonnenblick Development LLC, has been chosen by Bisnow Conferences to be one of the lead panelists at their upcoming 4th Annual Lodging & Investment Conference in Washington DC on October 19.
Bob Sonnenblick has joined the Real Estate Finance panel for the 3rd Annual Real Estate CFO Forum – May 4th 2015
PRESS RELEASE: 4-20-15
Los Angeles-based real estate developer Bob Sonnenblick has joined the Real Estate Finance panel at the upcoming CFO Forum Conference in San Diego on May 4th. The conference is run by IMN Conferences Inc and will be held at The Park Hyatt Aviara Resort in Carlsbad. The topic of Sonnenblick’s panel is “Real Estate Fundraising: Navigating Different Sources of Capital”.
|10:00 AM Fundraising: Navigating Different Sources of Capital|
- From Foreign, Commercial Banks, Funds, Mezz, weigh various costs and benefits associated with different sources of capital.
- Understanding the current capital climate.
Joseph V. Delaney, CEO, J.V. DELANEY & ASSOCIATES [
Jeff Zuckerman, CFO Western Regions, ALLIANCE RESIDENTIAL COMPANY
Jerome Fink, Managing Partner, THE BASCOM GROUP, LLC
Tim Trifilo, Tax Partner and National Tax Lead, COHNREZNICK LLP
Charlie Kellogg, CFO/COO, SINGERMAN REAL ESTATE, LLC
Bob Sonnenblick, Chairman, SONNENBLICK DEVELOPMENT, LLC
[ BIO ]
Bob Sonnenblick to Moderate: California Real Estate Development – April 28-30 2015 – San Diego, California
Hotel developer Bob Sonnenblick, Chairman of Los Angeles based Sonnenblick Development LLC, has been chosen by Crittenden Conferences Inc. to moderate its “California Real Estate Development – 2015” panel at the upcoming Crittenden National Real Estate Conference in San Diego, California.
The conference will be held at The S.D. Omni Hotel, next door to The San Diego Convention Center, on April 28-30, 2015.
#302 – Development 2015: What is Going Up, All Around Us?
Hour 3: Wednesday, April 29th – 12:00pm – 1:00pm
- Updates on construction activity in favored markets (commercial and multifamily market)
- Updates on construction activity in real estate product types (apartments, hotels, retail, etc.)
- Construction cost discussion (increases in materials or labor this past year?)
- Rent/market updates and construction lender updates
Moderator: Bob Sonnenblick, Chairman – Sonnenblick Real Estate LLC
John Santry, Executive Vice President of Acquisitions and Development – Shopoff Realty Investments, L.P.
Christopher Piche, Vice President of Development – The Mayer Corp
Mark Strauss, Managing Director – Cohen Financial
For more info, go to www.Crittendenconferences.com
- Bob Sonnenblick, Chairman, SONNENBLICK DEVELOPMENT, LLC [ BIO ]
- Al Bokhour, President, BOKHOUR DEVELOPMENTS
- Arik Lifshitz, CEO, DSA PROPERTY GROUP [ BIO ]
- Alex Sifakis, President, JWB REAL ESTATE CAPITAL [ BIO ]
- Andrew Broeren, Director, PARAGON INVESTORS [ BIO ]
- Chris Baker, CEO, TAO INVESTMENTS LLC
- Max Sharkansky, Managing Principal, TRION PROPERTIES [ BIO ]
Monday, March 9th, 2015 1:45 PM The Developers Due Diligence Perspective… Comparing the Major Platforms.. Why did you Choose your Crowdfunder to Raise Capital?
- How did you find the platform?
- Was broker/dealer affiliation a factor?
- Did you consider/use a non-US platform?
- Platform turnaround time
- Due diligence practices from the platform side
- Platform management model and experience
- Fee comparisons
- Did you look at some of the newer platforms?
- Evaluating knowledge of, and experience in, securities industry
- Tools for crowd-vetting
- Process for onboarding investors
- Costs of offering
County votes to approve Hyatt Place at Sacramento airport
$24 million hotel would have 135-room capacity
By Leticia Ordaz
SACRAMENTO, Calif. (KCRA) —The Sacramento County Board of Supervisors voted 5-0 on Tuesday to approve a planned $24 million hotel at the Sacramento International Airport — and it’s expected to bring hundreds of new jobs to the region.
The hotel will be funded by a developer who is planning on building a five-story, 135-room Hyatt Place.
Los Angeles-based Sonnenblick Development is proposing to put a Hyatt hotel in a grassy area next to a parking garage, an open space between the airport’s two terminals.
“(It will be) very easily accessible from Terminal A and Terminal B,” said Robert Sonnenblick, with Sonneblick Development. “You fall out of baggage claim right into our lobby.”
The project will start this spring and generate about 300 construction jobs in the next two years.
Airport travelers are excited already.
“It’s a good thing for Sacramento,” Sydney Dawes said Tuesday. “Growth is great.”