Company History
New Paradigm Development Partners, LLC. (“NPDP”) is based in the Nashville suburb of Brentwood, Tennessee. Established in 1990, the firm provides development and financial consulting/workout services for third parties and is active in the commercial development of direct ownership interests. Owner/Principal J. Scott Lucas has been responsible for the development of over 2 million square feet of commercial space and has been involved in over $2 billion in real estate related transactions.
In late 1990, Lucas formed a company specializing in the reorganization of commercial real estate portfolios. Prior to forming the company, Lucas was an executive in commercial mortgage banking concerns in both Nashville and Knoxville, Tennessee specializing in transactions which required the placement of both institutional debt and equity financing.
The company was originally based upon an association Lucas had with Michael S. McNulty of Dallas, Texas. McNulty was prominent in the workout field having served as counsel for the reorganization of the real estate portfolio of the Herbert Hunt family. The company thrust was the non-judicial reorganization of institutional debt for development concerns around the Southeast. Through negotiation and consensus building, McNulty-Lucas settled, compromised or restructured over $700 million in commercial debt. And in no case were clients subject to a lawsuit or bankruptcy proceeding.
One of the first clients was a Memphis based developer named Dan Poag. As a consultant, Lucas put in place a consensual financial reorganization plan which kept intact a small but very upscale portfolio of retail developments by Poag. As part of the plan, Lucas was in charge of liquidating the assets. In marketing the projects to the institutional community it was Lucas who first used the term “Lifestyle” shopping centers to distinguish the upscale format from other market niches such as power centers or malls.
As the turnaround in commercial real estate began in 1993, focus shifted back to capital transactions. In all, he arranged for over $650 million in real estate capitalization during the next three years. In 1997, Lucas became a principle in Poag’s reorganized real estate development company, called Poag and McEwen Lifestyle Centers, LLC (“PMLC”) a company formed to exclusively develop lifestyle centers. NPDP served as the Nashville office of PMLC and was responsible for project feasibility and budgeting, new site identification, entitlement procurement, project debt and equity financing and construction management. Lucas served as the Chief Financial Officer and Executive Vice-President for New Development for PMLC.
During this period, he served as the managing development partner for Deer Park Town Center a 550,000 square foot lifestyle shopping center located in the northwest suburbs of Chicago. Deer Park, with a combined on and off site cost exceeding $90 million, was part of a 300 acre multi-use new development plan which will also include 800,000 square feet of multi-tenant office buildings and a new 900,000 square foot research campus for Motorola.
Through his association with PMLC affiliates, Lucas was also a part owner in Town Center Plaza, a 600,000 square foot lifestyle center located in Leawood, Kansas (Kansas City). Also, during his tenure with PMLC, development began on Aspen Grove, a 300,000 lifestyle center located in Littleton Colorado.
In April of 2001, Lucas sold his interest in the PMLC related enterprises in order to pursue development opportunities, independent of PMLC, through NPDP. As NPDP, Lucas was a 50% partner in development of The Arboretum of South Barrington, a 600,000 Sq. Ft. Lifestyle Center in the northwest Chicago Suburbs.
Due to personal and family medical concerns, Lucas sold his interest in The Arboretum in 2007. Immediately after this period, Lucas experienced a life changing weight loss process which eventually led to his shedding 210 pounds. Also during this period, Lucas reunited with an old friend and business associate, Mr. A.C. Masingill Jr. of Knoxville which led to the purchase of approximately 100 acres of land near the Great Smoky Mountains National Park in Tennessee. Lucas succeeded to full ownership of the property in early 2010. The project referred to as MacAllan Ridge has been fully planned for development of what is expected to be a $75 million vacation resort. Active construction, however, is on hold pending a more favorable economic climate.
In early 2009, Lucas re-started his consulting practice for distressed real estate asset resolution which he continues to this day with his former associate Michael S. McNulty of Dallas.
