ESmith Legacy, Inc.
A Commercial Real Estate Development and Investment Management Company

In the News

For Immediate Release

 

ESmith Legacy, Inc. Updates Progress on Harlem Hotel Project

Hyatt Place Hotel Development Continues as Expected;

Company Returns Recovery Zone Facility Bonds for Benefit of Other New York Projects  

 

Dallas, TX (December 21, 2010)ESmith Legacy, Inc., a leading commercial real estate and development company founded by Pro Football Hall of Famer Emmitt Smith and others, has today announced that their Harlem hotel project is tracking as expected with an anticipated closing of financing in Q1 of 2011.

Various parties involved in this project have expressed their excitement about the continued progression of ESmith Legacy’s (ESL) Hyatt Place hotel project in Harlem.

“I am really looking forward to the closing and groundbreaking of this significant project for the Harlem community,” said Ross Glickman, Chairman and CEO of Urban Retail Properties, LLC. “This project marks a truly unique opportunity to invest in a burgeoning area of the city with unlimited potential.”

“Each day when I walk into work and see the corner of 125th and Lenox, I can visualize how great this hotel will look and the positive impact it will have on the Harlem community,” said Hope Knight, COO of the Upper Manhattan Empowerment Zone.

The company has also confirmed they have returned the Recovery Zone Facility Bonds originally allocated for this project which would have accounted for roughly less than a quarter of the total project size. ESL has a capital structure in place that no longer required the use of the bonds. Furthermore, the importance of giving this money back for the benefit of other projects in the New York area had become clearly evident.    

“We are very excited that our Harlem hotel project is progressing along as expected,” said Smith, ESL’s Co-Founder, Co-Chairman and CEO. “As we further examined our financing options, we saw a great deal of flexibility that will allow us to return the recovery zone bonds for the consideration of other New York based projects. This hotel and accompanying retail space will be a catalyst for neighborhood growth in Harlem for many years to come.”

Added Troy White, CEO of Wytehouse Marketing in Harlem and a local business and homeowner since 1995: "I believe the hotel project that ESmith Legacy is building will fit nicely in the Harlem landscape.  Anytime you can create a massive amount of jobs and opportunities for others in a community like Harlem is a good thing.  I also know Emmitt will work closely with our churches, businesses and local organizations and that is critical when you're trying to work in Harlem.  Harlem is dripping in great history and it will be great to have a legend like Emmitt Smith continue it."

ABOUT ESMITH LEGACY:
ESmith Legacy, Inc. is a premier real estate development and asset management firm that brings together a team of professionals with the expertise and capacity to produce superior results. With offices in Baltimore, Dallas, and Philadelphia, ESmith Legacy, Inc. is a 100% minority and woman-owned development firm that builds on years of combined development, finance, and management experience with a network of joint venture partners.

The Company is well-positioned to handle the most complex projects and their diverse backgrounds provide depth and vertical solutions to each and every opportunity they pursue. Combining their collective experience in the fields of real estate development, master planning, asset disposition, banking and finance, law, real estate brokerage, franchise development and operations, the principals of ESmith Legacy, Inc. develop, build and own mixed-use commercial, industrial and residential projects working closely with public and private partners. For more information, please visit www.esmithlegacy.com.

 

Media Information:

Scott Horner – 703.905.3379; scott.horner@octagon.com


Emmitt Smith after football: From All-Pro to all business


CANTON, Ohio - There's an image Emmitt Smith evokes when he speaks about what he has done and where he wants to go.

Think of running water, the way it flushes and cleans. Always moving, always changing. Now, contrast that to a stagnant pond infested with gnats and mosquitoes.

That's what happens when you stand around too long.

Smith did not become the leading rusher in NFL history by standing still. He will not become the 12th Cowboy welcomed into the Pro Football Hall of Fame because he settled for good enough.

This weekend is a time to reflect on a remarkable career in which he amassed 18,355 rushing yards and three Super Bowl titles. It is a time to celebrate the running back's athletic achievements.

But No. 22 no longer lives in the world of lead draws and touchdown runs. Smith's daily vocabulary consists of phrases such as asset management and infill development.

"Emmitt is really gaining credibility as a businessman," said former Cowboys quarterback Roger Staubach, a successful businessman, friend and mentor who is scheduled to be in Canton for the enshrinement. "I think he's on a great, great track.

"I'm a big fan."

Smith's acceptance speech tonight will close the book on his athletic career.

Twenty years after the rookie from the University of Florida walked into the office of owner Jerry Jones and handed him a list of goals he intended to accomplish, Smith has a new set of aspirations.

The owner of ESmith Legacy Inc. is more likely to mention Warren Buffett or Bill Gates these days thanWalter Payton or Jimmy Johnson. He has learned at the feet of Jones and Staubach, consulted with Earvin "Magic" Johnson and hopes to conquer the world of commercial real estate the way he did football.

"I want to be a Magic Johnson," said Smith, 41. "I want to be better than Magic. I want to be a Roger Staubach. I want to be better than Roger Staubach. I want to be better because if I'm not trying to make it better, then why would I do it?

"I mean, Jim Brown made it great. Walter came back and made it better. Tom Landry made it great. Jerry and Jimmy came back and made it better."

View beyond football

Players will hang out and chat in the training room or whirlpool during their free time at Valley Ranch. They will play cards, make phone calls, nap or get a little extra work in the weight room.

Smith would often slip away to the owner's office. He would sit on the couch and listen to Jones conduct business by phone or meet with associates.

Smith has asked Jones to present him this evening. He considers the Cowboys owner a strategic thinker who is two to three steps ahead of the competition. He calls Jones brilliant at "the power of leveraging, the power of utilizing that star."

The importance of brand is not lost on Smith. Reebok once hired him to influence consumers to buy shoes the way Nike did with Michael Jordan. But Smith and others watched as Jordan, then Tiger Woods, turned around and leveraged Nike to enhance their own brands.

The key, Smith believes, is to maximize the potential and integrity of the brand to make it your own.

"The way I see my brand is kind of synonymous with the brand you saw on the football field," Smith said. "Determined. Dedicated. Committed. Trustworthy. Consistent. Caring. Sharing. And focused.

"At the end of the day, I may not have that star that Jerry has, but I do have me."

All of that is fine. But Smith is a long way from the playgrounds of Pensacola, Fla., where he first stood out. He now competes in a field where opponents have been at it for 20, 30, maybe 40 years longer than he has. The odds are stacked against him.

But then, should Smith have been able to win Dancing With the Stars?

That's why he has teammates. That's why he has partners. His early alignment with Staubach was essential.

Smith approached Staubach the way he did Jones. Staubach invited him to work at his company during the summer to learn the ropes. He was impressed by Smith's commitment and eventually helped him form Smith Cypress Partners in 2005.

One of the first deals Smith put together was a $45 million mixed-use project in Phoenix. He was primarily in retail development with Staubach but wanted to broaden his reach. Smith liked the model of Magic Johnson Enterprises, which goes in and revitalizes blighted urban areas. He broke off and formed ESmith Legacy three years later.

The company has offices in Dallas, Baltimore and Philadelphia and is 100 percent minority-owned. The Zenith is a $48 million project with 191 luxury units and 6,000 square feet of retail space in Baltimore. Then there is 414 Water Street, a 31-story, luxury condominium project with views of Baltimore's Inner Harbor. That cost $49 million.

What excites Smith most is what he calls the Harlem project, a vacant site at 125th Street and Lenox Avenue that will be transformed by a major hotel, supermarket chain and the Y. The $81 million project has the blessing of city officials and has received $20 million in federal tax-exempt financing. It is projected to create 129 construction jobs and 81 permanent jobs after the work is complete.

Smith's company also has entered into a partnership with Learning Links Center, a California-based firm that will help it refurbish a 326-unit apartment complex in North Dallas.

This is more than a transition from football to commercial real estate for Smith. It's a calling.

"I am excited because God has blessed me with a great football career," Smith said. "I keep saying to myself, and I say it to him all the time: 'Now why would you bless me with such a great football career and not bless me going forward with my business career? You know how much I love business. You're the one who gave me the heart for it. If you didn't want that in my heart, you never would have put it there.'

"So I say to him, 'Why shouldn't I be excited?' I believe that is what he put me on this planet for. He knows I'm going to effect change. He knows I'm going to give back to the community and help other folks."

Dependable is OK

Many will argue Smith is not the best back in NFL history. That's because traits that defined his career, those of consistency and durability, are not sexy.

"Are those not the traits that make America the best?" Smith asked. "Consistency, that's the key. If I was a stock, I would be like Warren Buffett. Or I would be like Microsoft or Apple. Consistent. That's what you're looking for. That in itself will allow you the opportunity to become one of the very best to have ever played the game.

"That, to me, is what you should invest in. You don't want something that's going to be this way one day and that way the next day, a cross between Terminator and Bambi. You're going to like it for a minute, but eventually it's going to wear you down, the antics you don't want to deal with."

Staubach isn't bothered when Smith says he wants to surpass him in the world of business. He considers it a compliment and understands the respect and competitive drive behind the words.

"All Emmitt wants is the opportunity to get into a different arena and prove he can do that, too," former Cowboys fullback Daryl Johnston said.

Emmitt Smith will be the final member of the Class of 2010 to deliver his Hall of Fame speech. He will savor the moment. But once Smith is done, don't expect him to linger on the past.

Think of running water.