Upload
others
View
3
Download
0
Embed Size (px)
Citation preview
Dallas MSA
TBD Regent Boulevard, Irving, TX 7506320-Year Single Tenant Net Lease (NNN) Sale-Leaseback
LAS COLINAS, TEXAS:
TROPHY REVERSE BUILD-TO-SUIT PROJECT
E X C L U S I V E O F F E R I N G Plano, TX Location
Table of ContentsInvestment Overview 4
Investment Highlights 5
Financial Analysis 6
Front Burner Restaurant Group 7
Representative Photos 8-10
Surrounding Area 11-12
Local Market Development 13
Las Colinas Highlights 14
Location Overview 15
Irving, Texas Overview 16
State Map 17
Dallas Overview 18-19
Demographics 20
Representative Photo
LAS COLINAS, TEXAS:
TROPHY URBAN CORE PROPERTY
Marcus & Millichap hereby advises all prospective purchasers
of Net Leased property as follows:
The information contained in this Marketing Brochure has
been obtained from sources we believe to be reliable.
However, Marcus & Millichap has not and will not verify any
of this information, nor has Marcus & Millichap conducted any
investigation regarding these matters. Marcus & Millichap
makes no guarantee, warranty or representation whatsoever
about the accuracy or completeness of any information
provided.
As the Buyer of a net leased property, it is the Buyer’s
responsibility to independently confirm the accuracy and
completeness of all material information before completing
any purchase. This Marketing Brochure is not a substitute for
your thorough due diligence investigation of this investment
opportunity. Marcus & Millichap expressly denies any
obligation to conduct a due diligence examination of this
Property for Buyer.
Any projections, opinions, assumptions or estimates used in
this Marketing Brochure are for example only and do not
represent the current or future performance of this property.
The value of a net leased property to you depends on factors
that should be evaluated by you and your tax, financial and
legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction
advisors should conduct a careful, independent investigation
of any net leased property to determine to your satisfaction
with the suitability of the property for your needs.
Like all real estate investments, this investment carries
significant risks. Buyer and Buyer’s legal and financial
advisors must request and carefully review all legal and
financial documents related to the property and tenant.
While the tenant’s past performance at this or other
locations is an important consideration, it is not a guarantee
of future success. Similarly, the lease rate for some
properties, including newly-constructed facilities or newly-
acquired locations, may be set based on a tenant’s projected
sales with little or no record of actual performance, or
comparable rents for the area. Returns are not guaranteed;
the tenant and any guarantors may fail to pay the lease rent
or property taxes, or may fail to comply with other material
terms of the lease; cash flow may be interrupted in part or in
whole due to market, economic, environmental or other
conditions. Regardless of tenant history and lease
guarantees, Buyer is responsible for conducting his/her own
investigation of all matters affecting the intrinsic value of the
property and the value of any long-term lease, including the
likelihood of locating a replacement tenant if the current
tenant should default or abandon the property, and the lease
terms that Buyer may be able to negotiate with a potential
replacement tenant considering the location of the property,
and Buyer’s legal ability to make alternate use of the
property.
By accepting this Marketing Brochure you agree to release
Marcus & Millichap Real Estate Investment Services and hold
it harmless from any kind of claim, cost, expense, or liability
arising out of your investigation and/or purchase of this net
leased property.
CONFIDENTIALITY AND DISCLAIMER
The information contained in the following Marketing
Brochure is proprietary and strictly confidential. It is
intended to be reviewed only by the party receiving it from
Marcus & Millichap and should not be made available to any
other person or entity without the written consent of Marcus
& Millichap. This Marketing Brochure has been prepared to
provide summary, unverified information to prospective
purchasers, and to establish only a preliminary level of
interest in the subject property. The information contained
herein is not a substitute for a thorough due diligence
investigation. Marcus & Millichap has not made any
investigation, and makes no warranty or representation, with
respect to the income or expenses for the subject property,
the future projected financial performance of the property,
the size and square footage of the property and
improvements, the presence or absence of contaminating
substances, PCB’s or asbestos, the compliance with State and
Federal regulations, the physical condition of the
improvements thereon, or the financial condition or business
prospects of any tenant, or any tenant’s plans or intentions
to continue its occupancy of the subject property. The
information contained in this Marketing Brochure has been
obtained from sources we believe to be reliable; however,
Marcus & Millichap has not verified, and will not verify, any
of the information contained herein, nor has Marcus &
Millichap conducted any investigation regarding these
matters and makes no warranty or representation whatsoever
regarding the accuracy or completeness of the information
provided. All potential buyers must take appropriate
measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
Marcus & Millichap Real Estate Investment Services, Inc.
(“M&M”) is not affiliated with, sponsored by, or endorsed by
any commercial tenant or lessee identified in this marketing
package. The presence of any corporation’s logo or name is
not intended to indicate or imply affiliation with, or
sponsorship or endorsement by, said corporation of M&M, its
affiliates or subsidiaries, or any agent, product, service, or
commercial listing of M&M, and is solely included for the
purpose of providing tenant lessee information about this
listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR
MORE DETAILS.
Confidentiality and Disclaimer
3
Marcus & Millichap is pleased to present the subject Mexican Sugar; a reverse build-to-suit investment opportunity in the economic
powerhouse of Central Texas within Dallas County, and more particularly located at TBD Regent Boulevard in Irving, Texas. Built in 2019, the
subject investment consists of a +/- 2.05-acre parcel situated at the confluence of Interstate Highway 635 and W John Carpenter Freeway and
approximately five miles east of Dallas Fort Worth International Airport. The subject property is located on the south side of Interstate Highway 635
just off N Belt Line Road and W John Carpenter Freeway. To the west: Whiskey Cake Kitchen & Bar, Taco Bell and Slim Chicken; To the south:
The Dump Furniture Outlet and The Home Depot; To the east: Walk Ons and PINSTACK Las Colinas; To the south: thriving industrial park. Irving
is a city in the Texas, in the las Colinas, an ideal master-planned urban center, within the Dallas-Fort Worth metropolitan statistical area.
The investment opportunity is subject to a brand new 20-year, triple net (NNN) sale-leaseback with Mexican Sugar Holdings, LLC (“Tenant”).
The lease will commence upon close of escrow and will be subject to three (3), five (5)-year tenant renewal options, bringing the total possible
lease term to 35 years. The initial rent will be $337,500 and will increase by ten percent (10.0%) every five (5) years. The lease will be
corporately guaranteed by Whiskey Cake Holdings, LLC; the parent company behind Whiskey Cake (6), Sixty Vines (2), Ida Claire (1) and
Mexican Sugar (1); four of the operators multiple thriving brands that identify as polished casual concepts. Whiskey Cake Holdings, LLC is
targeted to be 30 total units within the next four (4) years.
About the Tenant
Mexican Sugar is a Pan-Latin restaurant offering refined dishes that are as bold in flavor as they are elegant in presentation. Everything is made-
from-scratch and prepared with authentic ingredients and traditional cooking methods. The menu features cuisine from Mexico City as a base,
with passports to all Latin American destinations throughout. Texas loves Mexican food. And at Mexican Sugar, they redefine it! Sultry Mexican
comfort. A smart, stylish hacienda design meets the definitive southwest Tequila Library. They have redefined Latin dishes with bold flavor;
created with locally sourced fresh ingredients. Discover unique small batch hand crafted cocktails and the intoxicating combination of local
ingredients that are fresh and authentically Latin, a live wood grill and sultry Latin rhythms for the perfect Mexican comfort experience.
20-Year Single Tenant Net Lease (NNN) Sale-Leaseback
PRICE: $5,487,805 | CAP: 6.15% | RENT: $337,500
INVESTMENT OVERVIEW
4
PRICE: $5,487,805 | CAP: 6.15% | RENT: $337,500
INVESTMENT HIGHLIGHTS
5
PICTURESQUE, TROPHY REAL ESTATE – OPTIMAL LEASE STRUCTURE✓ Brand New 20-Year Sale Leaseback
✓ Absolute Triple Net (NNN) Lease with Zero Landlord Responsibilities
✓ Attractive Rent Increases: 10.0% Every Five (5) Years
✓ Three (3), Five (5)-Year Tenant Renewal Options
✓ Exceptional, Proven Operator; Strong Unit-Level Performance
✓ E-Commerce Resistant Investment Opportunity
LOCATED IN THE CENTER OF NEW GROWTH✓ National and Regional Draw – Strong tenant mix of retailers such as Walmart,
Sam’s Club, The Home Depot, Target, Dick’s Sporting Goods, Kohl’s, Kroger
✓ Tremendous Freeway Visibility and Access: Situated at the confluence of
Interstate Highway 635, Regent Boulevard, N Belt Line Road and W John Carpenter
Freeway, average daily traffic counts exceed 134,000, 38,000, 18,900 and 94,000
vehicles, respectively.
✓ Economy in Irving, TX: Five Fortune 500 and nine Fortune 1000 companies have
their global headquarters located in Irving. Irving is home for more than 8,500
companies – with more than 140 international companies.
✓ Hub for Company Headquarters: The City of Irving is an economic powerhouse
which is home to the region’s largest office park, where more than 10 percent of
Fortune 500 companies are headquartered or have a significant presence.
✓ City of Dallas: As the ninth-largest city and part of the fourth-largest metropolitan
area in the nation, Dallas covers approximately 343 square miles and has a
population of exceeding 1.2 million.
✓ The Dallas MSA is home to 22 Fortune 500 companies, making it the third-largest
concentration in the nation, including companies such as Southwest Airlines, A T&T,
Texas Instruments and Exxon Mobil.
PROPERTY DESCRIPTION
Property Name Trophy Reverse Build-to-Suit Mexican Sugar
Property Address TBD Regent Boulevard
City, State, ZIP Irving, TX 75063
Store Opening Dec 2019
Building Size 8,671 SF
Lot Size 2.05 Acres
Type of Ownership Fee Simple
THE OFFERING
Initial Annual Rent $337,500
List CAP Rate 6.15%
List Price $5,487,8051
Price / SF $632.89
Rent / SF $38.92
LEASE SUMMARY
Property Name Mexican Sugar Sale Leaseback
Property Type Net Leased Casual Dining Restaurant
Tenant Mexican Sugar Holdings, LLC
Guarantor Whiskey Cake Holdings, LLC
Original Lease Term 20 Years
Lease Commencement Upon Close of Escrow
Lease Expiration 20 Years from Close of Escrow
Lease Term Remaining 20 Years
Lease Type Absolute Triple Net (NNN)
Roof & Structure Tenant Responsible
Rent Escalations 10% Every Five (5) Years
Options to Renew Three (3) Periods of Five (5) Years Each
6
RENT SCHEDULELease Year(s) Annual Rent Monthly Rent Rent Escalation (%)
Year 1 $337,500 $28,125 -
Year 2 $337,500 $28,125 -
Year 3 $337,500 $28,125 -
Year 4 $337,500 $28,125 -
Year 5 $337,500 $28,125 -
Year 6 $371,250 $30,938 10.0%
Year 7 $371,250 $30,938 -
Year 8 $371,250 $30,938 -
Year 9 $371,250 $30,938 -
Year 10 $371,250 $30,938 -
Year 11 $408,375 $34,031 10.0%
Year 12 $408,375 $34,031 -
Year 13 $408,375 $34,031 -
Year 14 $408,375 $34,031 -
Year 15 $408,375 $34,031 -
Year 16 $449,213 $37,434 10.0%
Year 17 $449,213 $37,434 -
Year 18 $449,213 $37,434 -
Year 19 $449,213 $37,434 -
Year 20 $449,213 $37,434 -
PRICE: $5,487,805 | CAP: 6.15% | RENT: $337,500
FINANCIAL OVERVIEW
1Reverse Build to Suit: Buyer to put down 33% of the Purchase Price at Closingof the land, an additional 33% at First Construction Draw, and the remainder ofthe purchase price once Tenant receives a Certificate of Occupancy. Buyer willbe paid a Cap Rate equivalent rate on the money advanced once constructioncommences.
7
Front Burner is a restaurant innovation lab and the
force behind more than 100 restaurants and multiple
thriving concepts such as nationally recognized Twin
Peaks, Whiskey Cake, Mexican Sugar, Velvet Taco,
Ida Claire, The Keeper, The Ranch at Las Colinas
and cutting-edge wine-on-tap concept Sixty Vines.
Their mission is to open independent concepts with
memorable names and to use fresh, local products
to fill a gap in the market and break the traditional
rules of dining. Their newest creation is the much-
anticipated Legacy Hall. Legacy Hall is a 55,000-
square-foot development complete with an on-site
brewery, beer garden, 20-plus artisan food stalls, a
full-service restaurant and outdoor live entertainment
venue.
FRONT BURNER RESTAURANT GROUP
11
SURROUNDING AREA
SUBJECT PROPERTY
DFW
INTERNATIONAL
AIRPORT
MACARTHUR PARK
N B
ELT LINE R
OA
D
3 M
ILES
12
SURROUNDING AREA
SUBJECT PROPERTY
DFW
INTERNATIONAL
AIRPORT
MACARTHUR PARK
N B
ELT LINE R
OA
D
REGION’S
LARGEST
OFFICE PARK
10% FORTUNE 500
COMPANIES
HEADQUATERED
HERE
HACKBERRY
CREEK
VALLEY RANCH
AT&T DISCOVERY
DISTRICTDowntown Dallas Campus —AT&T Will Drop $100M on it’s Four-Block
Campus, Adding Restaurants, a Outdoor
Concert Venue and a Six-Story Video
Wall – Set To Open End of 2019
SUBJECT PROPERTY
In 2016, AT&T announced that they would not only keep, but grow their global
headquarters in the heart of Downtown Dallas and invest over $100 million dollars in a
massive exterior renovation project, creating the AT&T Discovery District. AT&T’s
importance to Downtown cannot beoverstated, employing 5,800 today with the
capacity to add more than 1,000 more over the next several years.
Improvements to the headquarters will not only benefit the thousands of AT&T
employees, but they will also directly impact all of Downtown. The vision for the AT&T
Discovery District is to become a destination for Downtown workers, residents, and
visitors where they will find dining, entertainment, public art, and an outdoor
experience zone that will feature public events like movie nights. Downtown Dallas,
Inc. and the City of Dallas worked with AT&T throughout 2017 on plans for the District,
which include traffic calming and pedestrian improvements on Commerce Street,
modification of Jackson and Wood Streets, and several public improvements
throughout the campus. Over the next two years, continued collaboration will be
necessary to see the plans through to full implementation.
"We're looking to inject additional growth, commerce and entertainment into
Downtown Dallas," AT&T Regional Vice President Mike Peterson said in a news
release Monday. "This investment will result in an urban green space that gives
people a place to recharge and reconnect.
http://www.downtowndallas360.com/wp-content/uploads/2018/01/5.-Catalytic-Development-Areas.pdf
100-UNIT CLASS
A MULTIFAMILY
RETAIL / RESTAURANT / PAD SITES AVAILABLE
SOLD
RETAIL COMING SOON
UNIVERSITY OF HOUSTON
Opening Fall 2019
LOCAL MARKET DEVELOPMENT
13
14
LAS COLINAS HIGHLIGHTS
LAS COLINAS: THE ULTIMATE URBAN CENTER
NEW ENTERTAINMENT OPTIONS GALORELas Colinas offers championship golf courses: The Four Seasons Resortand Club, a Five-Diamond resort; the Las Colinas Country Club; andHackberry Creek. Care has been taken to maintain ample environmentaland green spaces, including Lake Carolyn and the Mandalay Canal.
The Irving Music Factory is located in Las Colinas' Urban Center. The 18-acre entertainment venue offers retail, including numerous restaurants,commercial space, an Alamo Drafthouse Cinema, and its jewel, thePavilion at the Irving Music Factory Opens a New Window. – a unique4,000-seat concert hall that can open to an 8,000-seat amphitheater.
Around the corner, on the banks of Lake Carolyn, Water Street Opens aNew Window. This massive project includes restaurants, retail andapartments. Las Colinas is home to the Mustangs at Las Colinas, which isthe largest equine sculpture in the world, as well as many Fortune 500companies, such as ExxonMobil, Kimberly-Clark and Fluor Corporation.
Las Colinas in Irving, Texas, is an ideal master-planned urban center.With its harmonious blend of picturesque residential pockets alongsidesoaring towers and the finest dining and entertainment amenitiesfound anywhere, spending time in Las Colinas is an exciting andluxurious escape. This 12,000-acre development is a model of visionaryplanning and the envy of cities and developers around the world.
With 56 beautiful, small lakes throughout the development, joggingtrails, public and private parks, museums, colleges, hospitals, countryclubs, and cultural and recreational institutions, Las Colinas is a smallparadise inside of a huge metropolis. Northlake College, the Universityof Dallas, and the Las Colinas Medical Center have all establishedcampuses there. Several museums, including the Irving Arts Center, arelocated nearby.
SURROUNDING RETAIL & POINTS OF INTERESTThis subject property is well-positioned at the confluence of Interstate
Highway 635, Regent Boulevard, N Belt Line Road and W John Carpenter
Freeway (Texas State Route 114), nestled amidst a strong tenant mix of
retailers including Walmart, Sam’s Club, The Home Depot, Target, Dick’s
Sporting Goods, Kroger, Kohl’s. Baylor University Medical Center at
Dallas; a 1,025-bed, nationally ranked, general medical and surgical
facility, with over 5,500 employee’s, is located within a 17-mile radius from
the subject property. Dallas/Fort Worth International Airport (DFW), the
fourth busiest airport in the world, serves over 67,000,000 passengers
annually and is located five miles from the subject property.
DEMOGRAPHICSIrving has a strong population with approximately 159,334 individuals
residing within a five-mile radius of the property and almost 912,841
individuals within a ten-mile radius. This Mexican Sugar - Las Colinas
property is situated in an affluent suburban community with an average
household income of over $118,827 within a three-mile radius.
TRAFFIC COUNTSThe Mexican Sugar is located on Regent Boulevard, which is right off the
intersection of Interstate Highway 635 and N Belt Line Road. Interstate
Highway 635, N Belt Line Road and Regent Boulevard have average daily
traffic counts of 134,000, 38,000 and 18,900 vehicles, respectively.
Intersecting with N Belt Line Road is W John Carpenter Freeway, which
brings in an additional 94,000 vehicles to the immediate area on average
daily.
LOCATION OVERVIEW
15
ADTC: 134,000
ADTC: 18,900
ADTC: 94,000
ADTC: 38,000
IRVING TEXAS MARKET OVERVIEW
The Dallas–Fort Worth metroplex (officially designated the Dallas–Fort
Worth–Arlington, TX Metropolitan Statistical Area) encompasses 13
counties within the U.S. state of Texas. It is the economic and cultural
hub of the regions of North Texas, and it is the largest inland
metropolitan area in the United States. The region's economy is
primarily based on banking, commerce, telecommunications,
technology, energy, healthcare and medical research, and
transportation and logistics.
Conveniently located in the heart of Central Texas, the City of Irving is
an economic powerhouse that is home to the region’s largest office
park, where more than 10 percent of Fortune 500 companies are
headquartered or have a significant presence. Five Fortune 500 and
nine Fortune 1000 companies have their global headquarters located
in Irving. Irving is home for more than 8,500 companies - large, small
and mid-size. With more than 140 international companies currently
operating throughout the city, Irving is striving to be the leading
international business center in America. Irving is the 13th largest city
in the state with 237,000 residents and the most diverse ZIP code in
the country. Irving is the second city in the nation and the first in the
State of Texas to receive the Malcolm Baldrige National Quality Award
(2012) as well as the first municipality in Texas’ history to receive the
Texas Award for Performance Excellence (2011).
The metro area’s 2017 population of 7.39 million ranks fourth among U.S. metropolitan statistical
areas and the seventh in the Americas. In 2017, Dallas–Fort Worth is home to 22 Fortune 500
companies, the third-largest concentration of Fortune 500 companies in the nation, behind
New York City (63) and Chicago (34). The metroplex encompasses 9,286 square miles of total
area, making it larger than the states of Rhode Island and Connecticut combined.
16
18
As the ninth-largest city and part of the fourth-largest metropolitan area in
the nation, Dallas covers approximately 343 square miles and has a
population exceeding 1,240,000. The ultra modern and sophisticated city
attracts worldwide travelers, making the area the No. 1 visitor and leisure
destination in Texas.
CORPORATE GROWTH
Dallas will remain a top destination for corporate
relocations due to its business-friendly environment.
Twenty-two Fortune 500 companies are headquartered
in the metro, making it the third-largest concentration in
the nation, including companies such as Southwest
Airlines, A T&T, Texas Instruments and Exxon Mobil.
HIGHER EDUCATION
Over 45 post-secondary educational institutions are
located in the metro. Nearly 31 percent of residents have
attained a bachelor’s degree, with 10 percent also
holding a graduate or professional degree.
LOW COST OF LIVING, DOING BUSINESS
Dallas has a lower cost of living than many major
metros, no state income tax and a median home price
below the national level.
Outdoor activities abound in Dallas as a result of the city’s favorable
location and climate. With seven major league sport teams, rodeo,
NASCAR and marathons, the adrenaline is year round. Dallas has been
named the #3 Sports Town in the nation by Sports Illustrated. he Dallas-
Fort Worth MSA has one of the largest concentrations of corporate
headquarters for publicly traded companies in the United States. In
addition to its large number of businesses, Dallas has more shopping
centers per capita than any other city in the United States. Dallas is the
third most popular destination for business travel in the United States, and
the Kay Bailey Hutchison Convention Center is one of the largest and
busiest convention centers in the country, at over 1,000,000 square feet
and the world's single-largest column-free exhibit hall.
Quality of Life
DALLAS OVERVIEW
19
Texas, Fastest Growing Economy in the U.S.
(24/7 Wall St.)
Fastest Growing City in the U.S. (Forbes)
Largest Metropolitan Area in the United States
Fortune 500 Companies Call DFW Home
(Fortune)
Home to Over 10,000 Corporate Headquarters,
Making it the Largest Concertation in the U.S.
MAJOR AREA EMPLOYERS
Allstate Texas Lloyds
Verizon
Zale Canada Co
Allstate
Nokia Holding Inc
Time Warner Cable Entps LLC
Luxor Staffing
Odyssey Healthcare Inc
Associates Corp North America
Raptim International Trvl Inc
2nd
3rd
4th
22
10K
DALLAS OVERVIEW
Population Trends: 3 Miles 5 Miles 10 Miles2023 Projection 53,264 170,212 991,035
2018 Estimate 49,955 159,334 912,841
2010 Census 42,600 136,289 810,205
Growth 2018 – 2023 6.62% 6.83% 8.57%
Growth 2010 – 2018 17.27% 16.91% 12.67%
2018 Population Hispanic Origin 6,563 31,140 297,570
Population by Race (2018):
White 23,463 88,913 673,174
Black 6,002 22,723 94,235
American Indian & Alaskan 242 1,111 8,794
Asian 18,937 42,286 113,131
Hawaiian & Pacific Island 43 261 2476
Other 1,267 4,040 21,030
Household Trends:
2023 Projection 22,423 71,801 373,428
2018 Estimate 21,098 67,275 344,369
2010 Census 18,390 57,992 307,729
Growth 2018 – 2023 6.28% 6.73% 8.44%
Growth 2010 – 2018 14.73% 16.01% 11.91%
Owner Occupied 8,717 24,837 175,644
Renter Occupied 12,381 42,439 168,725
Average Household Income (2018): $118,827 $104,901 $96,256
Households by Household Income (2018):
<$25,000 1,644 7,752 45,819
$25,000 - $50,000 3,192 12,791 76,508
$50,000 - $75,000 3,566 12,227 62,935
$75,000 - $100,000 2,892 8,810 42,683
$100,000 - $125,000 2,912 7,057 34,109
$125,000 - $150,000 1,567 4,678 21,438
$150,000 - $200,000 2,295 6,278 27,527
Median Household Income (2018): $93,555 $77,460 $69,403
20
34.3
2018MEDIAN AGE:
U.S. Median:
37.7
$118,827
2018 AVERAGE HOUSEHOLD INCOME:
U.S. Median:
$59,000
7.23 M
2018POPULATION:
Growth2018-2023*:
1.84%
2.54 M
2018HOUSEHOLDS:
2.23%
Growth2018-2023*:
3 Miles
5 Miles
10 Miles
DEMOGRAPHICS
TX Broker of Record:
Timothy Speck
Marcus & Millichap
5001 Spring Valley Road, Suite 100W
Dallas, TX 75244
Tel: 972-755-5200
Fax: 972-755-5210
License: 432723
Information About Brokerage Services
21
LAS COLINAS, TEXAS:
THE ULTIMATE URBAN CENTER