The importance of deepening the Savannah Harbor
Pam Little, CREW Atlanta
Date: Friday, December 6, 2013, 10:38am EST
More than 15 years have passed since the U.S. Army Corps of Engineers began its official studies into deepening the Savannah Harbor to accommodate the larger Post-Panamax ships expected to bring cargo to the United States following the Panama Canal expansion.
Last October, it seemed as though construction could begin in a matter of months after Jo-Ellen Darcy, the assistant secretary of the Army, signed the Record of Decision.
The project that spent years in feasibility studies and design phases is still waiting on federal funding to meet the final budget. As of October, both the House and Senate have passed the 2013 Water Resources Reform and Development Act Bill to fund the project and the two versions simply need to be reconciled before going to the President for final approval.
The total cost of the project has been estimated at $652 million.
The cost will be shared between the federal government and the non-federal sponsor, the Georgia Department of Transportation. Once the project is fully funded, construction is only expected to take approximately four years. Just under half of the budget for the project will be spent to evaluate, monitor and mitigate environmental impacts.
Throughout its 50-year lifecycle, the project is expected to reduce shipping costs by $174 million per year for U.S. companies. This reduction in shipping costs is expected to benefit consumers in the form of lower costs for imported and exported goods.
This project has a 5.5:1 benefit-to-cost ratio, meaning that for every $1 spent on the project, the country is expected to earn a return of $5.50. Positive effects from the project are expected as far west as Dallas and as far north as Illinois.
By increasing the depth of the harbor just five feet, the port will be able to accommodate significantly more cargo per shipment. Today the largest shipments the harbor receives are approximately 4,600 20-foot equivalent containers (TEUs). Once the project is complete, it is expected to be able to receive up to 8,200 TEUs on a single carrier.
Russell Wicke, spokesman for the Savannah District U.S. Army Corps of Engineers, emphasized the importance of this project saying:
“The world continues to become more dependent on globalization and the population in the Southeast is expected to increase more than 25 percent in the next 25 years. Additionally, U.S. imports are expected to quadruple and exports increase by sevenfold in the next 30 years. Given this expected growth in population and transportation demands, the Savannah Harbor isn’t the only harbor that should be considered for expansion in the Southeast, but it is certainly the best place to start.”
The Port of Savannah, including Garden City Terminal and Ocean Terminal, serve up to 44 percent of the U.S. population. On top of the benefits to private enterprise and consumers, the port already brings in $1.4 billion in state taxes and $4.5 billion in federal taxes.
As imports and exports increase, those numbers are expected to grow as well.
“Atlanta’s New Urban Dream Becomes Realty:
The Atlanta BeltLine & Ponce City Market”
- Rachel Tobin, Communications Professional, Jackson Spalding
- Lisa Y. Gordon, CPA, Vice President and Chief Operating Officer: The Atlanta BeltLine, Inc.
- Annie Evan, Vice President Development: Jamestown
On November 7th, CREW members and guests gathered at Two Urban Licks restaurant to experience a unique luncheon venue located directly on The Beltline, for a program on two of the most exciting development projects in Atlanta: The Atlanta BeltLine and Ponce City Market.
After hearing updates from each panelist, Rachel Tobin facilitated a discussion with the expert panelists covering topics ranging from community involvement/support; funding; residential, office and retail development; urban lifestyle growth; transportation planning and connectivity between the two projects. The most significant take-away (other than the delicious lunch!) was learning how the two projects are forever transforming our urban landscape by attracting new development across all sectors and top talent who want to live, work and play in Atlanta!
“The Different Angles of Project Funding –
Getting Developments Off the Ground”
- Bob Voyles, Principal, CEO: Seven Oaks Company
- Linda Booker, Executive Vice President and CFO: IDI, Industrial Developments International
- Melissa J. Frawley, Senior Vice President: Wells Fargo Bank, N.A.
- Kristina Thomas, Partner: King & Spalding, LLP
On September 5, 2013, CREW Atlanta had the distinct pleasure of hosting a panel of leading experts in the project finance sector. Our Panelists included: Linda Booker, Executive Vice President and CFO: IDI, Industrial Developments International; Melissa J. Frawley, Senior Vice President: Wells Fargo Bank, N.A.; and Kristina Thomas, Partner: King & Spalding, LLP. Topics discussed included everything from the basic understanding of project financing, financing from commercial banks, and the dynamic world of Private Equity. Our Moderator, Bob Voyles, guided the discussion to each speaker explaining their personal role as well as engaged the audience in their personal knowledge of the topic. The program concluded with an informative Q&A period from the program attendees. In the end, we walked away with a greater understanding of how developments facilitate their financing and the steps they go thru to reach completion.
CREW Network’s 2013, being held in Dallas, promises to be an educational, inspirational, and effectuating experience! Titled “The Power of Perspective”, the programming includes:
Network Marketplace & Welcome Reception
The Network Marketplace and Welcome Reception allows you to visit the exhibitor booths and learn about emerging trends for 2014 while connecting with other commercial real estate professionals
across North America to build your personal network!
Opening Session with Barbara Corcoran
Ms. Corcoran is best known as an investor/shark on ABC’s reality hit Shark Tank, as a real estate contributor to NBC’s TODAY show, and as the author of three books including her most recent, Shark Tales,detailing her inspiring true story and her best advice for anyone starting a business.
Motivational, inspirational, and sometimes outrageous, Barbara Corcoran’s tell-it-like-it-is attitude is a refreshing approach to success.
Networking Lunch & Program with Tom Friedman
Mr. Friedman is an internationally renowned author, reporter and New York Times columnist – the recipient of three Pulitzer Prizes and the author of six bestselling books, among them The World is Flat: A Brief History of the Twenty-First Century, which sold more than 4 million copies.
Friedman will share his perspective on how growth in the economy should be achieved based on his up-to-the-minute knowledge and interpretation of the world’s political and economic affairs.
A Night of Outstanding Women!
CREW Network Awards Dinner – Hosted by Charlotte Jones Anderson
Join us as we celebrate the outstanding women who make up the commercial real estate industry and those who inspire us with their stories of success. Special guest Charlotte Jones Anderson, owner and Chief Brand Officer for the Dallas Cowboys, is considered to be one of the most powerful women in the NFL. Charlotte will share her story of becoming one of the few women executives in professional sports today and how her altruistic passion led her to be named the first woman to Chair the NFL Foundation.
Following Charlotte’s presentation, CREW Network will honor this year’s winners of its Impact Awards and announce its 2013 inductees into the Circle of Excellence
General Session – Capital Markets Overview – with Mark D. Gibson
Mr. Gibson, Executive Managing Director, Executive Committee Member and Vice Chairman of the Board of Directors of HFF, Inc., will provide a thorough review of the commercial real estate markets covering the debt and equity markets from both the private and public sectors. This session will provide an overview of the 2013 capital market trends and what lies ahead for 2014. A few topics that will be covered include:
• What does the capital landscape look like nationally and what markets are attractive for investment?
• Will commercial real estate continue to offer the best risk adjusted return of the top four major asset classes?
• Who were the foreign investors in 2013 and where did they invest? What is expected in 2014?
• What did construction financing look like in 2013?
• How did the CMBS market perform in 2013? What is expected in 2014?
Keynote Lunch Presentation with David Houle
Entering the Shift Age: The End of the Information Age and the New Era of Transformation
Often called “the CEO’s Futurist,” Houle is consistently ranked as one of the top futurists in the world today. “The Shift Age”, written by Houle, is about one of the most transformative and exciting times in human history. As the Information Age gives way to the Shift Age, we are entering a time of transformation and change that offers both great risk and incredible opportunity. Houle will identify and explain the dynamics and forces that already have reshaped and will continue to reshape our world for the next 20 years. He will take a look at the future of generations, women, technology, energy, education, big data and other topics which will provide the audience with eye opening transformations that lay ahead of us. David will leave you with suggestions for how to prepare for and adapt to this new age.
Workshop with Shaunti Feldhahn
The Male Factor: The Unwritten Rules, Misperceptions, and Secret Beliefs of Men in the Workplace
Do you know the unwritten rules of the workplace? As a veteran of Wall Street and Capitol Hill, Shaunti Feldhahn knows that even the most experienced woman can inadvertently sabotage her career simply because she doesn’t know how her male colleagues think. Based on a nationwide survey and confidential interviews with more than three thousand men over an eight year period, Feldhahn has written a startling and unprecedented exploration of how men in the workplace tend to think and the common male perceptions that frequently impact women.
Other educational sessions include:
Panama Canal Expansion: Impacts on the US Market
Current & Emerging Global Real Estate Trends
Office Metrics: How the “Big Guys” Determine How Much Space to Take
Understanding Ethical Dilemmas in the Workplace
Preparing for the Unexpected: Creating a Resilient Enterprise
Risk and Reward with IPD (Integrated Project Delivery): The Future of Collaboration
Retail Development: Making Money in a Changed Economy
Building for the Future: Environmental, Economic & Social Sustainability
Multi-Housing Industry – What’s Next?
The Changing Retail Landscape
Lean In is a great book that reminds us that as leaders of business organizations, we must continue to actively create opportunities specifically for ourselves and other women. Until women make the choices necessary to achieve greater numbers at the C-Suite level, corporate America will continue to be a challenging environment for women – because it will be women leaders who ultimately make accommodations for women to be able to be successful mothers and successful professionals at the same time. Each of us is in charge of our own destiny, and women at the C-Suite have a unique opportunity to exert influence. We need to keep talking openly about the challenges until the challenges are no longer. We need to make the choice to lean in to our careers – even when we are moms too. Men do not have these discussions – they do not have to choose between being a professional or a dad, and I believe that future generations of women will also find such conversations an interesting topic that we used to talk about.
EMOTIONS AT WORK STUDY
This opportunity is not affiliated with, sponsored by or endorsed by CREW.
The Work Experience Lab at the Georgia Institute of Technology is seeking volunteers for research on daily work experiences. Participants must be at least 18 years of age and currently employed full-time. Participants will be eligible to receive up to $100 for participation in orientation, exit, and daily data collection activities.
Please visit our website (http://psychology.gatech.edu/weisslab/) to learn more and to sign up for our participant database. Email WorkExperienceResearch@psych.gatech.edu or call 404-385-1954 for questions.
Thursday, July 11, 2013 Networking Program
‘What’s Happening at CREW Network’
Piedmont 14 Auditorium
3535 Piedmont Rd, Conference Level, Atlanta GA 30305
Detailed directions and parking instructions will be sent to attendees
5:30 – 7:00 p.m. Cocktail Reception & Program
$25 CREW Network Foundation Donation for Members
(Optional donation for Prospective Member Guests)
‘What’s Happening at CREW Network ‘
Come meet Susan Hill, CREW Network’s 2013 President! Susan is a Senior Managing Director in the Houston office of HFF (Holliday Fenoglio Fowler, L.P.) with over 26 years of experience in commercial real estate. She is primarily responsible for originating debt and structured finance transactions throughout the southern United States across all property types. During the course of her career, Susan has completed in excess of $6 billion in commercial real estate transactions. Susan rejoined HFF in June 2004 after spending two years as a Senior Vice President, Senior Director at NorthMarq Capital. Prior to that, she spent 15 years with HFF.
Susan will be providing our chapter with a current overview of what is new for 2013, what they expect to accomplish this year at CREW Network, and new endeavors they are pursuing. She will also give an overview of the CREW Network Convention in Dallas, Texas, October 9-11, 2013. We hope that you can attend this very informative meeting!
If you are curious about our connection to the ‘CREW Network’ then this meeting will help you to understand how powerful we can be when we work together. This event is open to CREW Members and any prospective members that you feel would benefit from attending! In lieu of a fee, we are asking each member attending to make a $25 minimum contribution to the CREW Network Foundation. If you are inviting a prospective member to this event, a donation is optional for their attendance. Ann Cone, with Prudential Mortgage Capital, will be giving an update on our campaign to raise funds for the CREW Network Foundation. Space is limited to 100 for this event, so register early!
This is a program you don’t want to miss!
CREW Members, in case you were unable to attend, we had our 2013 CREW Atlanta Impact Awards as part of our June program at The Coca-Cola Company. We would like to congratulate the list of winners! All nominees in the first 5 categories will have another opportunity to win at the national convention in Dallas, October 9-11.
Economic and Community Development Award
Lisa Gordon with Atlanta BeltLine, Inc. and Cheryl Strickland with Stifel Nicolaus & Company, Incorporated, for the Atlanta BeltLine Eastside Trail
Entrepreneurial Spirit Award
Sara Silvio with Constructive Ingenuity, LLC
Member to Member Business Award
Stephanie Friese with Pursley Friese Torgrimson LLP
Career Advancement for Women Award
Meredith Leapley with Leapley Construction Group of Atlanta LLC
Circle of Excellence Award
Susana Chavez with Parking Company of America
Social Media Award
Cathleen Clayton with Parkway Properties
New Member of the Year Award
Diana Robinson with Graebel Atlanta Movers
Shining Light Award
Chris Smith with Holder Properties
Congratulations again to all of the winners!
Last Thursday members of CREW Atlanta and CoreNet were treated to an economic forecast by Dr. Marci Rossell for the fourth year in a row. Dr. Rossell has advised members of the two groups on the economic outlook throughout the downturn on trends and expectations.
This year she provided a handout to emphasize key points. Dr. Rossell summed up 2012 in the U.S. by saying that early optimism gave way to a weak second half of the year marked by political uncertainty, but now that the election is over, she expects U.S. markets to continue to recover. She predicted that trade and production will continue to grow.
Globablly, Dr. Rossell expects Japan to reverse a decade of deflation allowing its economy to grow. She indicated the strongest growth throughout the world may occur in emerging markets, particularly China and Brazil. She expects that Europe will move out of the recent crises into a state of “permanent malaise” as the Eurozone works out a strategy to avoid further crises.
Dr. Rossell’s predictions for the Atlanta area were that it would still lag the US in recovery and the city’s future will depend on economic diversity moving forward. She suggested that Atlanta’s producers shift the focus on exports away from Europe towards the growing markets in South America to take advantage of the global trends. She predicted that housing has hit a half-way mark in the road to recovery – she has previously discussed that the housing bubble would have a 10-year recovery and noted that Atlanta’s housing prices continue to be depressed compared to those in other cities across the U.S.
Overall the message was positive in that Dr. Rossell expects we have weathered the worst of the recession and should expect growth through 2013 and 2014. Good news at last!