RFI FOR CONVENTION HOTEL AND DOWNTOWN

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RFI FOR CONVENTION HOTEL ANDD O W N TO W N D E V E LO P M E N T P R OJ E CTThe City of Raleigh, North Carolina is one of the fastest growing cities in the country with a dynamic downtownenergized by new residential and office construction, a nationally-recognized restaurant scene, burgeoning localretail and night-life, popular museums of science, history, and contemporary art, diverse festivals and culturalevents, an active and growing convention center, and a historic performing arts center that is home of the NorthCarolina Theater, Symphony, Opera, and Ballet.The City has saved the flagship sites in its portfolio for this critical and catalytic project—a convention centerhotel and separate office/mixed-use tower. The property site is located at the southern end of Fayetteville Street,Raleigh’s main street and downtown’s premier address, and across the street from the City’s convention center andperforming arts center. The City of Raleigh issues this Request For Interest (RFI) to solicit creative responses fromcapable and experienced development teams interested in developing (a) the hotel and office/mixed-use towerprojects, or (b) the hotel project only.Project website: www.raleighnc.gov/hotelccCity website: www.raleighnc.govRFI Release Date: January 27, 2020

1The OpportunityThis is a unique and a once-in-a-lifetime opportunity to develop a convention center hotel and separate office/mixeduse tower on two prime vacant lots in downtown Raleigh. The City of Raleigh owns the property and seeks proposalsof interest to develop (a) the hotel and office/mixed-use tower projects, or (b) the hotel project only. Innovation,quality design and construction, and sustainability are important values to the City for this transformational project.Raleigh’s projected population growth is nearly 70%over the next 25 years. According to the 2019 Stateof Downtown Raleigh report, downtown Raleigh’spopulation grew 57% in the past decade, well abovethe growth rates for both the city and state, with 2,665new housing units added in the past four years andover 2,000 more units under construction or planned.The available 2.5-acre site includes twoparcels flanking Fayetteville Street, themost prominent street in downtownRaleigh. Right-of-way is mapped to extendFayetteville Street through the propertycreating two sites, each about one acre.The 500,000 square foot Raleigh ConventionCenter (RCC) and connected 401-roomMarriott opened in 2008, and the markethas since outgrown the available hotelroom block within walking distance.Downtown Raleigh attractions drew 3.4 million visitorsin 2018. Visitation to downtown attractions is up by47% since 2007. The RCC hosted about 260 events andconferences with nearly 460,000 attendees in 2018.The City recently committed 5M to optimizesales efforts and operations at the RCC.Downtown Raleigh’s office market is strong withoccupancy over 95%, according to Downtown RaleighAlliance data. The submarket currently has threetowers under construction with two more new Class Atowers recently delivered in 2019. Notably, technologyfocused companies are core users of downtown officespace. According to Business Facilities, Raleigh is atop-5 tech hub in the U.S., based on job concentration.The 2018 JLL Destination Strategic Planrecommends a new 500 room conventionhotel that, when combined with theRCC optimization effort, could generateover 100K new annual room nights.Hotel2City Goals500 rooms withcomparablemeeting spaceOffice/Mixed-Use Site & ParkingClass A office tower withmajor anchor tenantUpper upscaleGround level retail,residential, othercreative ideasFull serviceHeadquarters siteNational brandBelow-grade parking spanningboth sites, including underneathFayetteville Street, is expectedwith project development2 one-acre blocksZoned by-right for 40 storiesUtilities adjacent3Impor tantDates2020JanFebFebMarMar2721280627RFI Released; Meetthe City Project Teamat ALIS ConferenceOpen HousePre-ProposalMeeting inRaleighWrittenQuestions DueAnswers toQuestionsExpected tobe ReleasedRFI SubmittalsDueFor more information, visit: www.raleighnc.gov/hotelcc

To grow tourism and promote economicdevelopment, the City of Raleigh and Wake Countyapproved 14 million in 2019 from Hospitality Taxrevenue to buy needed land near the conventioncenter for future center use, 5 million in 2021to improve and optimize the convention center,and planned 230 million for a conventioncenter expansion as early as 2028. HospitalityTax revenue also is committed to cover 95% ofongoing capital maintenance for the venue.Downtown Raleigh is poised for continued growth.In 2018, the City opened its new 100 millionRaleigh Union Station less than ½ mile from theproposed hotel and office/mixed-use project sites.The new train station is 26,000 square feet andwas built to accommodate current and futuredemand for intercity passenger rail, commuterrail, buses, taxis, and bicycles. Additionally, adedicated revenue source has been approved tofund bus rapid transit in and around downtown.RDU Airport is only about 13 miles from theproject sites by car and has approximately400 daily flights, with 61 non-stopdestinations, and is served by 10 airlines.Raleigh/Wake CountyVisitationRDU TotalPassenger Traffic171615MillionsDorothea Dix Park, a 308-acre City-ownedpark, is located approximately 0.5 miles fromthe project sites. In 2019, the Raleigh CityCouncil approved Phase I of the long-termpark Master Plan and the park hosted its firstDreamville Music Festival attracting over 40,000people. Dreamville will return in 2020.141312111092014 2015 2016 2017 20182014 2015 2016 2017 2018 2019Source: rdu.com, DKS, Tourism Economics4In 2019, how diddow ntow n Rale ig hhote lsPerform?OCCUPANCY77% 158ADRSource: STR, VisitRaleigh5IncentivesAvailable IncentivesInfrastructure Assistanceof 30M of public fundingfor the right project, withflexible application: parking,infrastructure, etc.Opportunity ZoneOther incentives arenegotiable as allowedby North Carolina law

6Downtown 1315717261689211819232224207The Site6,000-SeatRed HatAmphitheaterFuture ConventionCenter ExpansionSiteCity ParkingLot/FutureConventionCenter UseRaleighConventionCenter1,030-SpaceParking Deck401-RoomMarriott175-RoomResidence InnHotel Site1 . 0 A c re sNC A ssociationof EducatorsCharter Square243K Sq. Ft.Class AOffice TowerOffice/Mixed-UseSite1 . 0 A c re sShawUniversityDuke Energ y Center For thePerforming ArtsSource: JLL, CoStar, Google Maps

1.Duke Energy Center Forthe Performing Arts19.Red Hat Tower 366k sq.ft. Class A office2.1,030-space parkingdeck20.Palladium Plaza 65-unitmultifamily3.175-room Residence Inn21.4.6,000-seat Red HatAmphitheaterCapital Bank Plaza 168k sq. ft. Class A office22.5.Raleigh ConventionCenterThe Edison Lofts 223-unit multifamily23.715-space parking deck6.401-room Marriott24.7.Charter Square 243k sq.ft. Class A officeSkyHouse Raleigh 320-unit multifamily25.706-space parking deck8.622-space below-gradeparking deck26.PNC Plaza 292k sq. ft.Class A office/condos9.FNB Tower new multifamily/closestoffice tower27.215 S McDowell 4 tower mixed-useproject beginning 202010.992-space parking deck28.11.The L Apartments 83-unit multifamily227 Fayetteville 111k sq. ft. Class A office29.12.500-space parking deck1 Exchange Plaza 104k sq. ft. City-owned13.Two Hannover Square/BB&T 437k sq. ft. ClassA office30.726-space parking deck(future 32-story officetower)14.353-room Sheraton31.15.The Sir Walter 140-unit multifamilyWells Fargo CapitolCenter 560k sq. ft. ClassA office16.One City Plaza 373k sq. ft. Class B office32.Raleigh Civic Campus New City Hall TowerPlanned for 202417.One Progress Plaza 455k sq. ft. Class B office33.NC State Capitol18.1,000-space parkingdeck3227313328293025OFFICE MULTIFAMILY HOTELPUBLICPARKINGNote: pertains to hotel, office, multifamily, properties over 100k sq. ft. Also shown areselect publicly-owned buildings.Source: JLL, CoStar, Google Maps8Rale ig hand NC1state for economic growth potential(Business Facilities, 2019)3Photo credit: RCCView from Fayetteville Street (looking north)Accolades4142top 100 best places tolive (Livability, 2019)best places for businessand careers (Forbes, 2019)3state for business(CNBC, 2019)of the 2018 top NC tourist attractions(Carolina Publishing Associates, 2019)10fastest growing city(CityLab, 2019)among America’s top 150 mostdynamic urban centers(Point2 Homes, 2019)1648%nominated or awarded James BeardFoundation chefs in downtown Raleigh(US’s highest culinary honor)Conference at RCCNorth Carolina SymphonyPhoto credit: Michael Zirkleresidents age 25 with bachelor’sdegree or higher in the Raleigh MSA(Moody’s Analytics, 2018)

9SubmittalRequ i re me ntsCOVER LETTER—Include an executive summary that clearlyoutlines the overall capability of the development team, anydeveloper partnerships for the project and briefly summarizesits ability to design, construct and operate (a) the hotel andoffice/mixed-use tower projects, or (b) the hotel project only.Indicate whether the team is interested in pursuing (a) thehotel and office/mixed-use tower projects, or (b) the hotelproject only. The Cover Letter, no more than two pages long,should be signed by the principal of the lead developmentteam for the project indicating his or her authority to submitthe response on behalf of the development team(s).TEAM BACKGROUND—Provide background on developmentteam(s) regarding organization structure (e.g., corporation,partnership, joint venture, etc.), year organized and year ofincorporation, and information relating to corporate officers,partners, headquarters location, etc.EXPERIENCE—Provide evidence of experience with projectsof similar size and scope. Also discuss experience working withlocal governments on similar projects that include public/private partnerships. If two or more development teams willwork together on this project, describe previous collaborationson other projects (roles and responsibilities of each team,leadership, dispute resolution, etc.) . Describe your managementof and philosophy toward quality control to ensure thecompletion of successful projects on schedule. Additionally,describe the strategy/plan you expect to follow to illustrate howyou will accomplish the work and meet the City project goals in atimely manner. Pictures and locations of similar hotel, office andmixed-use projects should be included along with descriptions ofprojects completed in Raleigh and North Carolina. Also include indescriptions project development cost, services provided, size ofdevelopments, developer’s and/or Financial Partner’s ownershipstake at the time of development, summary of project capitalfunding and the developer’s role in raising the capital, as well asreference contact information for each project.PROJECT UNDERSTANDING AND VISION—Include narrativethat illustrates your team’s understanding of the project,unique opportunities and potential challenges. Discuss yourapproach to the coordination of design and construction ofthe projects and how the buildings will function together andwith the RCC Complex. Describe your vision for the projectthat adds value from quality design, creativity, innovation andsustainability. In doing so, describe high-level programmaticdetails such as hotel room count, meeting space squarefeet, brand, parking plan, office/mixed-use plan (if any), andpreliminary development budget.SELECTION PROCESS – Based on RFI submittals alone,the City of Raleigh may elect to negotiate with onedevelopment team on (a) the hotel and office/mixed-usetower projects, or (b) the hotel project only. However, itis expected that the City will select a short-list of projectdevelopment teams from the RFI responses to be invitedto participate in a more detailed Request for Proposal(RFP) and interview process. Note that only thosedevelopment teams that submit an RFI response wouldbe eligible for consideration by the City for a subsequentRFP process, should the City opt to pursue such aprocess. The City of Raleigh reserves the right to selectand negotiate with any development team or teams forthe hotel project and/or the hotel and office/mixed-usetower projects.The City of Raleigh reserves the right to modify and/or terminate this process at any point in time. Thepreparation of a response shall be at the expense of theproposer. The City will not reimburse proposers for anycosts associated with the preparation or submittal of aresponse.One electronic copy sent to:tony.peterman@am.jll.comby 5PM ET on March 27, 2020with subject line marked:Raleigh Convention Hotel RFI ResponseAny materials submitted in response to this RFI maybe subject to inspection under the public recordslaws of the State of North Carolina. (See Chapter132 of the North Carolina General Statutes foradditional information on these requirements.)Please refer towww.raleighnc.gov/hotelccfor more information.

Outdoor Dining in RaleighRed Hat AmphitheaterPhoto credit: RCCRaleigh Union StationRaleigh Union StationRed Hat AmphitheaterPhoto credit: RCCPhoto credit: RCC

RFI FOR CONVENTION HOTEL ANDD O W N TO W N D E V E LO P M E N T P R OJ E CTDuke Energy Center For the Performing ArtsPhoto credit: Flyboy Photo & MediaF O R M O R E I N F O R M AT I O N P L E A S E C O N TA C TTONY PETERMANExecutive Vice President 1 404 307 9279tony.peterman@am.jll.comRespondents should contact the individual listed above and are encouraged not to communicate directly or indirectly withCity of Raleigh Council Members or other City employees regarding the RFI or submittals from the time the RFI is releaseduntil the City Council approves next steps in the process. Violation of this provision by the respondent or respondent’s agentmay lead to disqualification from consideration. 2020 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty ismade to the accuracy thereof.

Residence Inn Hotel Site 1.0 Acres 1.0 Acres 6,000-Seat Red Hat Amphitheater Future Convention Center Expansion Site City Parking Lot/Future Convention Center Use NC Association of Educators Charter Square 243K Sq. Ft. Class A Office Tower 401-Room Marriott Office/ Mixed-Use Site Hotel S

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