|The following is our business plan for 125 East King Street, the Excelsior Place property. We (Advanced Media Group) had proposed this plan in 1999, and currently have a business agreement with current developers for to incorporate some or all of the strategies identified in this business plan to fruition. We also have exclusive rights to negotiate for a UPS Shipping and Copy Center for a downtown location. This agreement was executed in 2005. We plan to continue negotiations for both projects.To view the complete Excelsior Place Business Plan click here.Stan J. CaterboneSeptember 26, 2007
Advanced Media Group
Cover And Disclaimers
This Business Plan and it’s contents are confidential and considered the intellectual property of the Advanced Media Group. Prior written consent is required prior to any redistribution, copy, or alteration of this Business Plan.This Business Plan is intended to convey information only and shall not constitute or be construed as an offer to sell or the solicitation of an offer to buy securities. The authors acknowledge best efforts in the accuracy of information contained herein.This edition was submitted without final proof and edit. Sprenger Management apologizes for any errors or omissions. 1.2 Executive SummarySprenger Management, Inc. plans to create and develop an interconnected destination complex of dining and entertainment at Excelsior Place, 125 East King Street, and Downtown Lancaster.Excelsior Place is a four story Victorian showcase, designated on the Historic Registry and since 1873 has intermittently served as a brewery, convention center, social hall and retail store.The restoration and conversion of this remarkable property are the embodiment of the vision of Sprenger Management in coordination with The Ray Group and Meeder Development, co-owners of the property. Sprenger Management's plans for the Excelsior project entail a combination of the four entities detailed below on the lower courtyard level and first floor. Offices and professional service businesses are to occupy the floors above. Joined at the rear with Grant Street Condominiums, Excelsior shares a common pedestrian walkway with Grant Street Condominiums from King to Grant Street, with parking provided nearby making travel by foot a convenient option. Located within the Downtown Investment District, Excelsior Place is a neighbor of the Lancaster Courthouse, County of Lancaster, Lancaster Newspapers, Inc., Fulton Bank, Penn Square Conference Center (Proposed), Engle, Hambright, & Davies, Demuth Foundation, Mellon Bank, and other professional office buildings housing legal, real estate and other professional business establishments.Sprenger Management Inc. is a partnership of three local businessmen. Committed personally, professionally and financially to the success of the Excelsior Place project, these gentlemen bring 50 years of combined experience in food, beverage and nightclub arenas to the project. Together they have conceived and formulated the plans that make up the four entities detailed herein. With strong ties to Lancaster's community, each partner has also experienced life outside of Lancaster, giving each a fresh perspective and appreciation for the needs found here. Please find resumes and biographies in the Operations and Management section.The envisioned entities of Sprenger Management are:
They are to operate on an interconnected basis while still maintaining autonomy as destination locations featuring varied services and atmospheres.The physical facility found at Excelsior Place offers a rare opportunity to incorporate historic features of the past such as the cultural aesthetics of the exterior, an existing grand staircase, antique hanging light fixtures and a tin ceiling. The improvements will include modern conveniences such as central air conditioning and handicap accessible elevators.Drawing on the combined experience of the principals, designers, architects and business advisors, this historic structure will be resurrected into a lively and functional food and entertainment destination echoing the success of years past for Lancaster's first convention center and brewery.In closing, it is imperative to embrace revitalization efforts made in Lancaster. At no other time in our long history has there been such an opportunity for change and rebirth. As we quickly approach the millennium it is imperative that we join together in support of individuals and institutions committed to the revival of the city in which we live. Such commitment can be found in the proposal made here.The Project2.1 Downtown Lancaster Revitalization Efforts: In 1998 LDR International, an urban design and planning consulting firm, was retained by the Economic Development Action Group and the Lancaster Campaign to develop and coordinate the revitalization efforts of both public and private sectors contributing to Downtown Lancaster’s Revitalization. The report, “Lancaster’s Economic Development Action Agenda” was embraced by the leadership of the revitalization efforts toward the renewal of Downtown Lancaster. The report identified Excelsior Place, formerly the Tremellen Building, as a critical component to these revitalization efforts. The following items were named as implementation actions necessary to facilitate those efforts:
- MAZZI’S GRILLE - An upscale yet casual lunch and evening restaurant.
- VILLA CAVA – An elegant and distinctive fine dinning restaurant developed in the underground catacombs.
- THE EXCELSIOR COURTYARD – The visual center of Excelsior Place, a unique open air courtyard.
- THE BACK ROOM – A multi-purpose room accommodating nighttime entertainment, large private parties and banquets.
The following vision statement was developed by the Economic Development Action Group, the community-at-large and the consulting team: “WE SEE LANCASTER CITY AS A VIBRANT URBAN COMMUNITY WHERE PEOPLE WILL CHOOSE TO LIVE, WORK, WORSHIP, LEARN, PLAY AND CELEBRATE OUR DIVERSE HERITAGES. WE SEE LANCASTER CITY AS:
- Acquisition of the Armstrong Lancaster Square Building
- Acquisition of the Watt and Shand Building (Purchased by the partnership of High Associates, Lancaster Newspapers, Inc., and the Fulton Bank for the proposed Conference Center).
- Announced location of expanded Smith-Barney office at Lancaster Square.
- Mayor Smithgall’s commitment to streamlining the City’s development review process.
- Acquisition and redevelopment of the Armstrong Liberty Street Building (Currently being developed by the Drogaris Companies and near completion).
- New awareness and participation in economic development from South Duke and Prince Street neighborhoods.
- Fulton Bank purchase of the Woolworth Building (Current construction of a new $25 million 6 story corporate headquarters to be completed in early 2000).
- Successful sale of Hotel Brunswick.
- Proposed development of the Tremellen Building (Excelsior Place).
- Community awareness and support for making Prince Street, Downtown, and South Duke Street all that they can be.
In the past eighteen months since this report was published, numerous projects are currently are development and additional projects are being proposed. The current state-of-affairs in the Revitalization of Downtown Lancaster is in the beginning of delivering tangible evidence of the leadership, efforts, and energies of the Lancaster’s revitalization efforts. The revitalization of Downtown Lancaster will showcase Lancaster County’s proud urban heritage, cultural diversity, and it’s historic significance. It will soon become a valuable asset of the Lancaster Community, and a destination which every visitor will enjoy.The authors strongly encourage all interested parties in the Excelsior Place project to obtain and review the , “Lancaster’s Economic Development Action Agenda” report as a supporting document to this business plan.
- A FRIENDLY ENVIRONMENT IN WHICH TO PROMOTE BUSINESS DEVELOPMENT AND RETENTION, JOB CREATION, TECHNOLOGY AND RESEARCH INDUSTRIES, AND INVESTOR ACTIVITY;
- THE DYNAMIC HUB OF LANCASTER COUNTY’S FINANCIAL, LEGAL, MEDICAL, EDUCATIONAL, AND GOVERNMENTAL ACTIVITIES; AND
- AN EXCEPTIONAL DESTINATION AND SPECIAL EXPERIENCE FOR RESIDENTS FOR VISITORS FROM THE NORTHEASTERN U.S. AND THROUGHOUT THE WORLD WHO ARE ATTRACTED TO LANCASTER’S HERITAGE, ARTS, CULTURAL, UNIQUE RETAILING, AND ENTERTAINMENT ACTIVITIES.
- WE SEE A SUSTAINED, ACTION-DRIVEN, PRIVATE/PUBLIC, COMMITTED INCLUSIVE LEADERSHIP, IN PARTNERSHIP WITH AN ENTHUSIASTIC AND INVOLVED COMMUNITY, MAKING THIS VISION A REALITY.”