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Phase I of Creative Village includes 7,700 UCF / <br />Valencia students in August 2019. In addition to the <br />students, there will be hundreds of faculty and staff <br />at the Downtown Campus. While the Creative <br />Village Apartments are targeted to attract students, <br />we believe there will be significant demand from <br />other demographics for a new, unique apartment <br />community in Downtown Orlando and in Creative <br />Village, in particular. Much of Downtown Orlando’s <br />growth has been in the Central Business District. <br />With the recent investment in the west side of I-4, <br />the focus is now shifting west of I-4. <br />The culmination of these investments, coupled with <br />the Creative Village and UCF / Valencia Downtown <br />Campus and accelerated by Downtown Orlando’s <br />population and job growth, will stimulate apartment <br />demand across market segments. <br />As such, the Phase I plan for Creative Village <br />represents a carefully curated residential program to <br />appeal to several distinct audiences, including: <br />• 600 student housing beds <br />• 256-unit mixed income apartment project <br />• 409 unit Creative Village Apartments <br />(subject property, Parcel M) <br />• And potentially another 300 unit third party project <br />that would open after our project <br />(Parcel U) <br />07 APPENDIX / CREATIVE VILLAGE RESIDENTIAL SUPPLY 42 <br />Student Housing <br />Purpose-built student housing <br />Managed by UCF <br />Leased by the bed <br />Single and double occupancy rooms <br />Limited unit configuration <br />Many units do not have living rooms or kitchens <br />(community living room and laundry facilities per floor) <br />Utilities included <br />Parking not included <br />No pets allowed <br />Limited amenities, no pool <br />Price range $760 - $1,200 per bedroom <br />Market-Rate Apartments <br />Provides privacy, convenience, and flexibility <br />No university oversight <br />Leased by unit <br />Single occupancy rooms <br />Fifteen (15) unit types <br />Multiple unit types with private rooms, full kitchens, <br />in-unit laundry; many with balconies <br />Utilities not included <br />Parking included <br />Pets allowed <br />Superior amenities competitive across Orlando MSA (rooftop pool, <br />amenity deck and clubhouse; groundfloor Food Hall; collaboration spaces <br />on each floor; state-of-the-art fitness center) <br />Price range $1,270 - $3,420 per unit; <br />$1,140 - $1,270 per bedroom <br />Creative Village Residential Supply <br />VS.