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

VISIT PROJECT WEBSITE

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
VISIT PROJECT WEBSITE

Epic / Waterbar Restaurants

Waterbar & Epic Steak

(369-399 Embarcadero)

San Francisco, CA

Two iconic Pat Kuleto restaurants with an unrivaled location on San Francisco’s waterfront over a panoramic coastline view of San Francisco Bay and Bay Bridge.

Asset Type

Commercial

Acquired

2018

Scope

18,000 SF: 2 Restaurants
VISIT WATERBAR WEBSITE
VISIT EPIC WEBSITE

Key Investment Thesis

Opportunity to develop industry-leading restaurants in a prime waterfront location.

  • Extremely desirable location on the Embarcadero in close proximity to Oracle Park and the Moscone Center
  • Opportunity to partner with restaurateur Pat Kuleto
  • This is a long-term hold project that has increasing ROI year after year

JMA Value Creation

Negotiated a long-term lease with an exceptional restaurant group and developed the property.
Asset management team works with the restaurants to ensure maximum profitability and sustain the position as two of the top-grossing restaurants in San Francisco
VISIT WATERBAR WEBSITE
VISIT EPIC WEBSITE

Downtown Commons

Downtown Commons

Sacramento, CA

Redevelopment of the former Westfield Downtown Plaza in downtown Sacramento into Downtown Commons (“DoCo”), a 1,000,000 SF mixed-use development surrounding Golden 1 Center, home to the NBA’s Sacramento Kings. The project was 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.

  • 300K SF of new retail space
  • New 250-key Kimpton Hotel
  • 45 luxury condo units
  • 120K SF office refurbishment
  • 35K SF state-of-the-art Sacramento Kings Class A office space
  • 332K SF Macy’s full-line department store refurbishment

Asset Type

Arena-Anchored Mixed-Use

Acquired

2012

DEVELOPED

2017

Scope

1,000,000+/- SF

EXIT

  • King’s office sold: 2017
  • Condos sold: 2018-2019
  • 660 J Street sold: 2020
VISIT PROJECT WEBSITE

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 regionally transformative lifestyle mixed-use project that would deliver significant premiums over the then-current market rental rates, hotel room rates, and residential sales per SF.

  • Strategic Location near Traffic Drivers:
    • Golden1 Center Visitation – 200+ Arena events per year / 1,700,000+ visitors, including 42+ Kings games, concerts, family shows, community-oriented events, and other sporting events.
    • Daytime population – 95,000 weekday office population
    • Access – Two blocks from Interstate 5 (nearly 200,000 vehicles per day), four blocks from the regional train depot / future multimodal transit center and served by bus and light rail lines.
  • Retail – position as the dominant entertainment, shopping and dining destination in the urban core leveraging Golden1 Center visitors, office worker population, and proximity to surrounding affluent communities
  • 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.
  • Office – build to suit state-of-the-art office to house Sacramento Kings business operations, adding to the daytime population for the project

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
VISIT PROJECT WEBSITE