Thompson | Dorfman Partners, LLC provides development advisory services to public companies and private institutions with a focus on enhancing the value of under-utilized real estate assets. Typically, these opportunities involve reuse and redevelopment of the assets to provide multi-family housing, often in mixed-use environments. The scope of the engagement is structured to address the specific needs of the client and to respond to physical, political and market issues related to a site in order to optimize residual property value. Although Thompson | Dorfman’s development advisory services rely on the same core competencies provided to our equity joint-ventures, the focus of our assignments is generally more limited, and can be expanded as directed by the client.

EXAMPLES

Sherman WilliamsSherwin-Williams Corporation – West Coast paint manufacturing facility: In venture with SRM Associates, a commercial developer, Thompson | Dorfman was retained to create and process a development program and implement an entitlement strategy for the reuse of an 85- year old paint and coatings manufacturing facility located in a revitalized industrial area in Emeryville, California. Given the long lead time required to relocate the plant, environmentally remediate the site, and demolish much of the existing facility, the development team is pursuing a “flexible” entitlement that will provide Sherwin-Williams the option to construct a mixed-use project ranging from 75,000 square feet of commercial space and up to 575 residential units, to nearly 300,000 square feet of commercial space and 150 residential units to meet unknown future market demand. The proposed 8.6-acre development also includes more than two acres of programmed open space.

Boeing CompanyBoeing Company – McDonnell-Douglas manufacturing facility: Boeing retained Thompson | Dorfman to develop an entitlement and marketing strategy for the multi-family component of its 260-acre Douglas Park redevelopment in Long Beach, California. The project involved performing a market analysis, providing recommendations on program and design, and directing the design team to prepare a Specific Plan for 1,200 units of townhomes, condominiums and apartments on 50-acres. The program was based on a thorough analysis of projected absorption, development costs, target sales prices and operating expenses prepared by Thompson | Dorfman.

mm01Madison Marquette – Bay Street retail center: Madison Marquette retained Thompson | Dorfman to direct the design, permitting and project management for two multi-family projects to be built over a portion of a 400,000 square foot retail center in Emeryville, California. The residential program consisted of 95 for-sale town homes, 284 apartment units, and associated parking, all designed in the air-rights parcel above the retail space. This project was particularly challenging given that the retail infrastructure, foundation and structural systems were largely constructed before the residential projects were designed. This required that creative design solutions be implemented to maximize the value of the air-rights. Also unique to the project were separate ownership structures for the residential and retail components that required that Thompson | Dorfman direct the negotiation of a reciprocal easement agreement to address the construction and operational issues.

advisory8Oaktree Capital Management – Loch Lomond Marina Village: Thompson | Dorfman was retained to direct the design and entitlement of the Loch Lomond Marina Village in an exclusive area of Marin County. The specific plan involves developing 84-units of attached and detached housing, rebuilding 25,000 square feet of commercial space which includes retail, marina services and professional office space, and upgrading a 520-slip marina and adjacent public recreation amenities, while protecting and enhancing five acres of wildlife conservation area. Due to the scope of the development, numerous federal and state agencies as well as a dozen neighboring homeowner associations have been involved with the approval process in addition to the City of San Rafael (in which the site is located). Thompson | Dorfman has engaged the City, various groups with vested interests, and community members throughout the process by formulating and implementing a comprehensive public outreach plan.

These are just a sample of the recent development advisory assignments undertaken by Thompson | Dorfman. The company has also provided Development Advisory Services to a number of other clients, including the San Jose Water Company and The San Jose Redevelopment Agency.