Professional Documents
Culture Documents
Binnie's McIntyre Proposal
Binnie's McIntyre Proposal
Table of Contents
4. Financial Plan
6. Green Initiative
8. Development Team
McIntyre Project Description and Overview
Project Description and Overview
Carlisle Capital is a highly successful award-winning investment company and real estate
developer, headquartered in Portsmouth since 1994 in the Old City Hall building on Daniel
Street. Our main office is a direct abutter to the McIntyre site. Carlisle owns and manages a real
estate portfolio in excess of 2,000,000 square feet from Boston to Concord to Portland. We have
the professional capacity and financial capability to easily handle the redevelopment of the
McIntyre building and surrounding area.
Our team and company, which is locally owned and managed by the Binnie family,
proposes to volunteer to redevelop McIntyre at significantly more attractive economics than
would be found in the real estate development marketplace. We will provide all of the capital
and the expertise, indemnify the City and build a project that has far greater public use and
utility.
We want to move forward with a project that more closely serves our community’s
interests compared to the current option the City is considering. We will endeavor to redevelop
the McIntyre land to have much more public use and public space, increase the financial reward
to the City of the Portsmouth, reduce the development risk, reduce the likelihood of litigation,
remove any bank financing or out-of-state capital needs, provide more open space in the summer
and winter, reduce the environmental footprint, and save the post office and Tom McGuinness’s
tree in its current location.
We believe that our project will result in a McIntyre redevelopment that is completed
years ahead of the development plan the City is currently contemplating due to the likelihood of
possible support from the Revisit McIntyre group and City residents and the merits of our
project. Carlisle proposes to redevelop the McIntyre site as follows:
1. Build an indoor/outdoor plaza area with the indoor portion made of glass that opens in
the summer and closes and is heated in winter. It would encompass a beautiful outdoor
plaza next to a series of glass building structures that would be full of light and sun and
not compete with the architecture of the McIntyre building. It would include an indoor
and outdoor plaza and urban park that is open to the public, open all year and be a new
attraction for Portsmouth, dramatically increasing the winter public use and public space
options as compared to the Redgate/Kane proposal. It would have some of the feel and
texture of a highly urban Bryant Park in New York or Faneuil Hall in Boston. It would
be walkable, integrated and have retail and restaurant options and availability.
2. Renovate the McIntyre building to continue its use as an office building, while adding
retail and restaurant space on the ground floor.
3. Retain the current post office space and the post office parking.
4. Add approximately 4,000 square feet of retail space on the Bow Street side of the
McIntyre site.
5. Build an underground parking facility
6. All retail and restaurant space will be made available first to local businesses and
residents.
7. Prevent the future construction of a hotel or luxury condos on the site, resulting in
significantly fewer physical large-scale buildings requiring height variances before being
constructed.
8. Provide dramatically improved green and urban open space available to the public.
9. Provide community meeting space.
Other Considerations
Aside from financial considerations, Carlisle’s redevelopment plan will yield several
other tangible and intangible benefits to the City compared to the Redgate/Kane proposal.
1. Litigation risk will be dramatically reduced, as Carlisle will endeavor to provide a “no-
litigation” agreement with Revisit McIntyre. Because our project provides this lower risk
of litigation due to its much smaller footprint, better economics and better public access,
the likelihood of the project getting approval quicker is much higher. There is a high
likelihood that the City will not have to maintain the McIntyre building for a period that
could easily stretch out to 3-5 years or more if the Redgate/Kane plan is approved and
Revisit McIntyre elects to oppose the project. Also, it is highly likely our project will be
on the tax rolls much sooner, resulting in millions of dollars of additional taxes paid to
the City of Portsmouth.
2. There is a high likelihood that construction under our proposal would commence years
ahead of what we’d see if the City moves forward with the Redgate/Kane proposal. Our
plan significantly reduces the amount of physical construction on the site, and primarily
consists of redeveloping the existing structures, rather than building new high-rise
condominium big block buildings that will require a significant number of variances due
to their non-conformity with the surrounding buildings in the historic district, etc.
Simplifying the site design and retaining more open, public space will greatly reduce the
time needed for planning and permitting.
3. Rather than add more large-scale box buildings, our proposal would take advantage of
this rare opportunity to beautify what is currently a concrete parking lot and turn it into a
true resource for the community, serving as a year-round gathering space for both our
residents and our many visitors, and strengthening the sense of economic vibrancy in the
heart of our city.
4. Our redevelopment plan includes renovating the McIntyre site to include state-of-the-art,
eco-friendly glass buildings which would be more self-sustaining and have a smaller
physical footprint and carbon footprint than what Redgate/Kane is proposing. The new
structures would be open in the summer.
5. Because we are guaranteeing our financing, our proposal will address and remove one of
the biggest risks that is in the Kane proposal—financing. We will reduce the City’s
exposure to an economic shock like a recession or a banking crisis or lending issue
during the multiyear development cycle. Due to our strong financial position and the fact
that we are not using outside banks to finance the project, there will be significantly less
exposure to the risk of banking failures, credit changes or economic recession events,
dramatically reducing the likelihood of a walk-away by a developer.
6. We will commit overwhelmingly to keep the post office and its related parking. We will
leave the space built out as a Post Office for up to 5 years and commit to not using the
space. This is a unique effort to retain the post office by a developer. Our proposal will
help the City avoid the many negative economic and environmental consequences that
will arise as a result of moving the post office.
7. Carlisle Capital can complete the project easily. We are much more experienced in the
kind of “older building” renovation than the Redgate/Kane development team, having
completed 300,000 square feet of older building renovation and historic building
redevelopment in the last 36 months. We are financially stronger than the Redgate/Kane
development team, we have significantly more experience with government buildings
and leases, we are a recent recipient of the New Hampshire Historic Preservation Award
and other prestigious awards for major projects in Concord and Manchester, and have a
proven track record of successful collaboration with New Hampshire towns and cities in
these exact kinds of projects.
Comparison of Carlisle Capital and Redgate/Kane Proposals
Redgate/Kane Carlisle Capital
Financing
Yes No
Contingency
Luxury Condo
Yes, $2900 per month None
Rentals
The Plaza
The objective of the Plaza design is to build a public plaza/urban park with outside space
and interior space covered by glass attached to the back of McIntyre building. This plaza will be
approximately 50,000 +/- sq. feet and is designed and built so as to not compete with the
McIntyre building’s architecture. Approximately 30,000 square feet of space will be exterior
space and the balance, some 20,000 square feet of space, will be interior space.
The interior space, almost 20,000 +/- square feet, will be made of glass and will be open
to the elements in the summer and heated in the winter. The goal of the glass structure will be to
let in sun and bring the outside into the space. It will not compete with the design of McIntyre
and will be intentionally light and almost delicate in comparison to the McIntyre. It will be
designed to be a complement to the building and not feel like an addition to the building. The
height will not exceed 20 feet over the height of the plaza.
The use of the interior plaza space will be both for the general public and for specific
restaurants and retail establishments. This glass format and interior space is found regularly in
major cities and resort towns including Boston’s Faneuil Hall, Vail’s Town Center and
Montreal’s Mall in City Center/downtown.
The exterior of the plaza will be for the public. It will have tables and chairs like
Portsmouth’s Market Square as well as benches and other public seating amenities. It may have
kiosks in summer but the whole of the area will be designed to be open and inclusive to the
public and a place to eat one’s lunch, sit or meet people—it may be the site of an art fair or
public farmers market. At almost three-quarters of an acre it will be the one of the largest
gathering spot in the downtown area in the City. We believe and predict that the “steps” up to
the Plaza from the corner of Penhallow and Bow Street across from Tugboat Alley will most
certainly become an instant meeting place and spot to gather and meet in Portsmouth.
Related Pictures
Financial Plan
Project Uses
McIntyre Building
Rentable Square
Location Feet
Upper Floor (Office) 40,400
Ground Floor (Commercial) 12,500
Ground Floor (Post Office-estimate) 7,000
Rentable Square Feet 59,900
New Spaces
Rentable Square
Location Feet
Solarium Market (Commercial) 12,500
Bow Street Expansion (Commercial) 4,000
Rentable Square Feet 16,500
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Gross Potential Income $3,348,100 $3,415,062 $3,483,363 $3,553,031 $3,624,091 $3,696,573 $3,770,504 $3,845,914 $3,922,833 $4,001,289
less vacancy allowance ($167,405) ($170,753) ($174,168) ($177,652) ($181,205) ($184,829) ($188,525) ($192,296) ($196,142) ($200,064)
Adjusted Gross Income $3,180,695 $3,244,309 $3,309,195 $3,375,379 $3,442,887 $3,511,744 $3,581,979 $3,653,619 $3,726,691 $3,801,225
less Operating Expenses ($916,800) ($935,136) ($953,839) ($972,915) ($992,374) ($1,012,221) ($1,032,466) ($1,053,115) ($1,074,177) ($1,095,661)
less Capital Expense Reserve ($25,000) ($25,000) ($25,000) ($25,000) ($25,000) ($75,000) ($75,000) ($75,000) ($75,000) ($75,000)
Net Operating Income $2,238,895 $2,284,173 $2,330,356 $2,377,463 $2,425,513 $2,424,523 $2,474,513 $2,525,504 $2,577,514 $2,630,564
Total Budget New Construction McIntyre Building
Total Legal $272,300.00 $172,802.00 $99,498.00
Design
Appraisal $7,780.00 $4,937.00 $2,843.00
Survey $15,560.00 $9,874.00 $5,686.00
Architectural - Design $661,300.00 $419,663.00 $241,637.00
Architectural - Project Supervision $150,100.00 $22,175.00 $127,925.00
Architectural - Misc. $62,240.00 $39,498.00 $22,742.00
Landscape Architecture $108,920.00 $69,121.00 $39,799.00
Civil Engineering $77,800.00 $49,372.00 $28,428.00
Environmental Eng. $124,480.00 $78,995.00 $45,485.00
Geotech Engineering $41,770.00 $39,498.00 $2,272.00
Traffic Study $15,560.00 $9,874.00 $5,686.00
Materials Testing $31,120.00 $19,749.00 $11,371.00
Building Envelope Consult $50,570.00 $32,092.00 $18,478.00
Interior Design $46,680.00 $29,623.00 $17,057.00
Construction Inspections $15,560.00 $9,874.00 $5,686.00
Abatement $7,780.00 $4,937.00 $2,843.00
Acoustical Consult $7,779.00 $4,937.00 $2,842.00
Lighting Study $7,779.00 $4,937.00 $2,842.00
Subtotal Design $1,432,778.00 $849,156.00 $583,622.00
Marketing Costs
Advertising $93,360.00 $59,247.00 $34,113.00
FF&E $155,600.00 $98,744.00 $56,856.00
Public Relations $54,460.00 $34,560.00 $19,900.00
Commercial Brokerage Fees $70,020.00 $44,435.00 $25,585.00
Subtotal Marketing $373,440.00 $236,986.00 $136,454.00
Permits Fees
Building Permit Fee $272,300.00 $172,802.00 $99,498.00
Utility Connection $155,600.00 $98,744.00 $56,856.00
Filing Fees - est. $15,560.00 $9,874.00 $5,686.00
Subtotal Permits Fees $443,460.00 $281,420.00 $162,040.00
Hard Costs
Hard Costs Contractor - Building $21,516,825.00 $13,770,233.00 $7,746,592.00
Hard Costs Contractor (Public Realm) $4,473,500.00 $2,838,898.00 $1,634,602.00
Hard Costs others $155,600.00 $98,744.00 $56,856.00
Hard Cost - inflation factor $778,000.00 $493,721.00 $284,279.00
Hard Costs - TI $3,501,000.00 $2,221,746.00 $1,279,254.00
Hard Costs contingency $1,283,700.00 $814,640.00 $469,060.00
Glass $2,291,211.00 $2,291,211.00
Landscaping $1,628,675.00 $917,978.00 $710,697.00
Builders Risk Policy $171,160.00 $108,619.00 $62,541.00
Owner GL policy $46,680.00 $29,623.00 $17,057.00
Subcontractor bond $311,200.00 $197,489.00 $113,711.00
Total Hard Costs $36,157,551.00 $23,782,902.00 $12,374,649.00
PRESIDENT
Bill is the founder and President of Carlisle Capital for 30+ years and was instrumental in
moving their headquarters to Portsmouth many years ago. Bill has lived on the Seacoast for over
25 years and raised his family here. Bill has two Harvard degrees; one from Harvard College and
an MBA from Harvard Business School. He has been a large public company CEO and has done
billions of dollars of transactions and managed dozens of major projects in his career.
In addition to being President of Carlisle, Bill is currently Lead Director of Easterly Government
Properties Inc (NYSE: DEA), which focuses on the development, management, and ownership
of U.S. Federal Government mission-critical buildings. Since Bill’s involvement as Lead
director of this highly successful public real estate company, Easterly has developed and
acquired 4 million square feet worth billions of dollars for mission critical US government
projects many of which are GSA-leased space. These mission critical buildings include DEA
labs, FBI buildings and Veterans Affairs hospitals.
Bill has been a successful builder of millions of square feet of real estate in his career in over a
dozen countries worth billions of dollars.
Architect - Ai+Architecture
PRESIDENT
Gary has extensive architectural and urban design experience both on domestic and
international assignments. He has programmed, planned and designed landscape-integrated
institutional, residential, recreation facilities and projects in China, Japan, South Korea, Greece,
Spain, Germany, Egypt, the United Kingdom and the United States.
Civil Engineer - Granite Engineering
Granite Engineering, LLC, provides complete civil engineering design, land planning,
and municipal services with nearly 30 years of land development experience across the state.
Past industry experience includes commercial, industrial, and residential site plans, subdivisions,
roadway design, and the associated local, state, and federal permitting. Projects include several
large condominium developments, apartment complexes, conventional and open space
subdivisions with thousands of feet of roadway design, and large commercial and industrial
buildings.
Jeffrey Merritt
PRINCIPAL ENGINEER
For nearly 20 years, Jeff has worked in New Hampshire where he has primarily served as
a Senior Project Manager for a local civil engineering firm designing and permitting a variety of
land development projects throughout the State. Jeff has significant practice presenting in front
of Planning Boards, Zoning Board of Adjustments, and Conservation Commission public
hearings.
General Contractor - Northpoint Construction
Northpoint Construction has over twenty years of building experience in New England
based out of Hudson, NH. Northpoint constructs hundreds of thousands of square feet per year
both of ground up construction and interior renovation. In 2018, Northpoint was named one of
New Hampshire’s fastest growing companies by NH Business Magazine. Northpoint has
completed projects across multiple industries including religious, retail, commercial office,
technical industrial, lab and healthcare, municipal, and residential.
Gary Thomas
PRESIDENT
Gary has worked in the commercial construction industry since 1980. He has extensive
experience in commercial interior fit-up projects, building renovations, and ground-up
construction projects. Prior to forming NorthPoint, Gary served as Director of Design and
Construction for TeamCon Construction Management Corp., and Wall-Tech Systems, Inc. In
addition he has also worked as Construction Administrator and Project Manager for architectural
firms in Boston, MA and Portsmouth, NH. Gary holds a degree in Civil Engineering and
graduated from the Boston Architectural Center.
Legal Counsel – Colliander & Brown, P.A.
With more than 70 years of combined experience, attorneys John Corriander and Dave
Brown are experienced Portsmouth-based lawyers with a track record of success. Corriander &
Bown, P.A. has a range of practices, including business and commercial, litigation, and real
estate.
David Brown
PARTNER
David focuses on corporate law, real estate law, zoning, planning and land use. David is a
member of the Rockingham County and New Hampshire Bar associations.
Legal Counsel – Hinckley Allen
Recognized as an Am Law 200 firm, Hinckley Allen has been a vital, relevant force in
businesses, government, and our communities since 1906.
Daniel Deschenes
PARTNER
Dan’s practice is focused on civil litigation with an emphasis on construction matters. He advises
owners, contractors, and developers in various phases of the construction process, including negotiation
and arbitration of contract disputes and contract development. Dan has successfully litigated cases for
construction and commercial clients in state and federal court, as well as before numerous administrative
agencies. Dan also regularly handles litigation cases involving real estate and land use matters.