Westcourt Orlando

Westcourt Orlando

Orlando, FL

New 1,000,000+/- SF mixed-use Development in downtown Orlando adjacent to Kia Center, home to the NBA’s Orlando Magic. The project received land use entitlements in April 2024 and will feature high-rise residences, a full-service hotel, office and meeting spaces, entertainment & dining options, a dynamic live events venue, and on-site parking.
  • 125K SF of new entertainment and dining focused retail space
  • 265-key lifestyle hotel
  • 269 high-rise residential units
  • Approximately 300K SF Class A office space
  • 3,500 capacity live event venue
  • 1,140 onsite parking spaces

Asset Type

Arena-Anchored Mixed-Use

Acquired

2024

Scope

1,000,000 +/- SQ FT

Key Investment Thesis

Leverage the adjacency to the Kia Center, home to the Orlando Magic, and prime location in downtown Orlando, to develop a regionally transformative lifestyle mixed-use project that will deliver significant premiums over market rental rates and hotel room rates.

  • Strategic Location near Traffic Drivers:
    • Kia Center – 200+ Arena events per year / 1,900,000+ visitors, including 42+ Magic games, concerts, family shows, community-oriented events, and other sporting events.
    • Camping World Stadium – 16 annual events / 960,000 estimated attendance
    • Inter&Co Stadium – 30 annual events / 450,000 estimated attendance
    • Dr. Phillips Center for the Performing Arts – 400 annual events / 600,000 estimated attendance
    • Daytime population – 95,000 weekday office population
    • Access – One block from Interstate 4 and served by bus and light rail lines.
  • Retail – positioned as the dominant entertainment, shopping and dining destination in the urban core leveraging Kia Center visitors, office worker population, and proximity to surrounding affluent communities
  • Hospitality – 265-key lifestyle hotel featuring an outdoor lounge, pool deck, marquee restaurant, and 16,000 square feet of meeting space, catering to both business and leisure travelers, providing a premier venue for events and conferences.
  • Live Events Venue – 3,500-capacity live events venue.
  • Residential – best-in-market residential product including high rise views, hotel amenities, and a prime downtown location.
  • Office – 300,000 square feet of premium, Class A office space, with 30% pre-committed. Elevating the corporate experience, the office building will include a rooftop amenity sprawling 17,000-square-foot and will feature a 6,000-square-foot, glass-enclosed event space for various corporate and hospitality uses.

JMA Value Creation

Westcourt Orlando will be a catalyst for redefining downtown Orlando. It will transform an empty lot into a fully-activated, vibrant urban core that promotes foot traffic and collaboration. JMA’s roles will include the following:

Master developer /  developer for the entire project

Acquisition diligence of site

Managed development and construction
Hired and managed design team to deliver the project with favorable economics
Delivered hotel partnership with national hotel operator
Led construction financing and take-out financing efforts
Provided overall asset management, including retail & office leasing, and financial oversight

Sawyer Hotel & Residences

The Sawyer Exterior

Sawyer Hotel & Residences

Sacramento, CA

The Sawyer Hotel and Residences at the Sawyer are the centerpieces of Downtown Commons (“DoCo”), a 1,000,000 sf JMA mixed-use development surrounding Golden 1 Center, home to the NBA’s Sacramento Kings. The Sawyer and DoCo were developed in a joint venture with the Sacramento Kings and was designed to leverage activity from the 17,500 seat Arena and its CBD location four blocks from the State Capitol Building.

Asset Type

Hotel

Acquired

2012

DEVELOPED

2017

Scope

250 keys, 22,000 SF of meeting space, 45 for sale residences

Key Investment Thesis

Leverage the adjacency to the new Golden1 Center, home to the Sacramento Kings, and prime location in the heart of Sacramento’s CBD, to develop a best-in-market boutique lifestyle hotel and luxury residences with hotel services that would deliver significant premiums over the then-current room rates residential sales per SF.

  • Kimpton Sawyer Hotel – positioned as Downtown Sacramento’s rate and luxury leader, focused on the customer base and active environment derived from Arena events and an NBA affiliation in an already strong occupancy market.
  • Residences at the Sawyer – develop a residential product that did not previously exist in the market including high rise views, hotel amenities, and a prime downtown location. There is no other competitive Residential luxury product in the market.

JMA Value Creation

Downtown Commons has been a catalyst for redefining downtown Sacramento. It has transformed the once-blighted area into a fully-activated, vibrant urban core that promotes foot traffic and collaboration. JMA Ventures worked closely with the Sacramento Kings to create an ecosystem for the Kings’ organization that includes the Kings Arena, practice facilities, Class-A office headquarters, merchandise stores, and ancillary uses while also incorporating other private uses that coexist and complement their operations. JMA’s roles included the following:
Master developer for the entire entertainment sports complex and developer for the mixed-use components
Performed acquisition diligence of site
Managed development and construction
Hired and managed design team to deliver the project with favorable economics
Delivered hotel partnership with national hotel operator
Led construction financing and take-out financing efforts
Provided overall asset management, including retail & office leasing, and financial oversight

Avon Springhill / Townplace Suites

Avon Beaver Creek QOZ Hotel Development

Avon, CO

Ground up development of 243 key select service Marriott dual brand hotel, located on a QOZ in the world class mountain resort town of Avon/Beaver Creek

Asset Type

Hotel

Acquired

2022

Scope

243 Keys

OPENING DATE

Q2 2024

Key Investment Thesis

Develop a hotel to cater to the extremely supply constrained mid-priced point demand segment in the Avon / Vail market. Market currently has little to no corresponding existing product and will continue to benefit from evolving travel patterns and consumer preferences.

  • Development of a high quality select service hotel at an accessible price point to consumers, catering to the attractive and growing demographics of drive-to Denver MSA
  • Ability to capture full-service hotel rates in a select service hotel design with a low operating headcount model
  • Project is located within a federally designated Qualified Opportunity Zone and benefits significantly from special tax treatment of capital gains from the IRS stemming from the Tax Cuts and Jobs Act of 2017

JMA Value Creation

JMA sourced the off-market acquisition of the well-located land parcel, with direct visibility off I-70. Worked diligently on the entitlement process for the two years prior to close, significantly de-risking the project by securing a guaranteed maximum price construction contract, Marriott franchise agreements, construction loan and full design approvals
Navigated a highly volatile construction pricing market post pandemic to secure a guaranteed maximum price contract with local general contractor RA Nelson
Managed the entire design and planning process, securing full project design approvals from the design review board
Identified highly unique Qualified Opportunity Zone status of project, providing significant tax benefits to investors while also developing a project that will deliver strong annual investor cash flow
Sourced off-market land parcel at an attractive basis compared to competitive projects in the Avon / Vail Valley
Will provide full asset management services for the investment

Red Lodge Resort

Red Lodge Resort

RED LODGE, MT

Acquisition of regional ski resort / golf course in south-central Montana with significant value added through strategic capex, fee simple forest service land-swap, and overall operating efficiencies.

Asset Type

Resort / Leisure

Acquired

2007

Scope

1,635 skiable acres & 160 golf course acres

Key Investment Thesis

Our strategy was to take an undermanaged and undercapitalized ski resort with close proximity to Montana’s largest city and drive significant ski customer yield through upgrades to existing services (lifts, F&B, terrain, retail) and sophisticated revenue management practices.

  • Opportunity for additional real estate development potential
  • Authentic ski and summer experience in contrast to commercialized “Vail experience”
  • Scale of ski operation lends itself to high flow-through from incremental ski yield and visits.

JMA Value Creation

Significant operational stabilization under JMA ownership and improvements to profitability have allowed for capital to be reinvested into the resort. JMA real estate development expertise has opened possibility for meaningful development at the mountain and golf course.
Completed USFS land swap exchanging undevelopable up-mountain land for fee simple land surrounding base area
Successfully stabilized profitability with average NOI over the past three years approx. 3x higher than the 10-year average during 2007-2016 period

Chair lift replacement and learn-to-ski enhancements to be completed by 2023/2024 ski season

Marigot Bay Resort & Marina

Zoetry Marigot Bay, Saint Lucia

Marigot Bay, Saint Lucia

124 keys all-inclusive luxury resort with multiple food and beverage outlets, ocean front, located in the iconic Marigot Bay in Saint Lucia. The resort sits next to a mega yacht luxury marina with up to 42 slips, Marigot Bay Yacht Haven, which provides a beautiful and relaxing atmosphere.

PROPERTY Type

Luxury Resort

Acquired

2021

RENOVATED

2022

Scope

124 luxury keys with multiple food and beverage outlets and a 42-slip marina as well as 20 mooring buoys

Key Investment Thesis

Take advantage of a significantly distressed asset by engaging an all-inclusive nationally recognized hotel brand with proven Caribbean and Latin America experience while investing a significant amount of capital to upgrade the overall resort experience and bring performance in-line with comparable destinations.

JMA Value Creation

Performed a large Property Improvement Plan in a very complicated foreign market, all during the Pandemic. Instituted hands-on asset management by implementing Standard Operating Procedures across the resort and marina as well as bringing in a separate marina manager. Created strong local government relations and saved multiple jobs at the resort by diverting the prior trajectory of the asset.

Homewood Mountain & Lake Club

Homewood Mountain & Lake Club

Lake Tahoe, CA

Located on Lake Tahoe’s West Shore, Homewood is an operating ski resort on the largest private land holding in the Tahoe basin, allowing for the development of a four-season mountain / lakefront resort community.

Asset Type

Mountain/Lake Resort

Acquired

2006

DEVELOPED

Ongoing

Scope

>1M Buildable SF

Key Investment Thesis

Private ownership of the mountain and lakefront parcels, in conjunction with entitlements obtained by JMA Ventures, enables for a one-of-a-kind residential ski and lake club development.
  • Truly irreplaceable asset in a proven resort market with strong connection to Bay Area.
  • Unlike other luxury ski resorts, Homewood is immediately adjacent to Lake Tahoe, one of the most renowned alpine lake summer destinations in the world.

JMA Value Creation

Completion of multi-agency entitlement process and lakefront assemblage of three separate properties allows for the necessary pivot to a residential resort community in partnership with Discovery Land Company.

Resort redevelopment concepting, planning, and permitting

Capital sourcing for individual development phases

Entitlements vested with commencement of construction in late 2022