Feasibility Study for Public/Private Partnership and Disposition of Land

The master developer of a mixed-use development on the California coastline engaged Murphy Asset Management for a feasibility study.  The developer controlled a parcel entitled for a conference center hotel and was seeking a site evaluation and to subsequently attract a hotel developer.  Murphy Asset Management performed the feasibility study, which concluded that the site would not support the large conference center hotel that the city desired.  Findings were presented that demonstrated demand for a hotel with less meeting space and a change to the entitlements were approved.  In addition, Murphy Asset Management successfully negotiated city subsidization of the project.  The project was shopped to a select group of developers and Murphy Asset Management was able to bring a group to the table to complete the land sale.