New York Avenue Corridor Strategy Adopted Report New York Avenue Corridor Strategy Adopted Report | Page 134

APPENDIX
Table 2
Opportunity Project A Pro Forma
Development Program
Assumption Factors
Units/Spaces
Square Feet
54,000
0
0
18,000
72,000
337,590
21%
92,800
0
Retail/Restaurant
Office/Employment
Residential (Rental)
0
Live/Work (For-Sale)
10
Gross Floor Area
Project Land Area
Floor Area Ratio
Surface Parking
290
Structured Parking
0
Estimated Project Value (Stabilized Yr)
Total Retail/Restaurant Rentable SF
48,600
Rent/SF*
$15.00
Total Office/Employment Rentable SF
0
Rent/SF*
$16.00
Total Residential Rentable SF
0
Rent/SF
$14.40
Total Parking Spaces (Structured)
0
Rent/Space
$0
Gross Income
$729,000
Occupancy
90%
Effective Gross Income
$656,100
Operating Costs
$27,000
Net Operating Income
$629,100
Capitalization Rate
8.0%
Project Value -- Office/Retail/Rental Hsg
$7,863,750
Total Housing Units
10
Sales Price/Unit (Wtd Avg)
$225,000
Gross Revenue
$2,250,000
Less Marketing Costs
($157,500)
Net Sale Proceeds
$2,092,500
Project Value -- For-Sale Housing
$2,092,500
Total Project Value
* Retail based on triple net lease; Office based on gross lease.
Development Cost Estimate
Property Purchase (Acquisition/Demolition)
$1,687,950
On-Site Improvements (Surface Parking)
$725,000
On-Site Improvements (Structured Parking)
$0
Site Development/Infrastructure
$1,147,806
Building Construction (Hard Costs)
$6,237,000
Construction Contingency
$405,490
Soft Costs (% of Hard Costs)
$810,981
Developer Profit
$1,101,423
Total Project Cost
Development Economic Summary
Total Project Cost
Total Project Value
Project Margin/"Gap"
% Project Margin/"Gap"
Potential Contributions to "Gap":
Land Acquistion/Writedown
$0
Site Improvements Contribution
$936,403
Supportable TIF (25 Years)
$1,700,000
Sales Tax Sharing (380 Loan -- 10 Yrs)
$1,200,000
Public Improvement District (20 Years)
$0
Property Tax Abatement (10 Years)
$0
Development Fee Waivers
$0
Federal/State/Local Grants
$0
Streamlined Development Approval Process
$0
Tax Credit Equity (LIHTC, Historic, New Market)
$0
Total Contributions to "Gap"
Source: Jacobs Inc. and Ricker│Cunningham.
Community Strategists
900 SF/Unit
1,800 SF/Unit
7.75 Acres
320 SF/Space
320 SF/Space
90% Bldg. Efficiency Ratio
90% Bldg. Efficiency Ratio
80% Bldg. Efficiency Ratio
$1.20 Monthly Rent/SF
$0 Monthly Rent/Space
$0.50 $/SF (Wtd. Avg. All Uses)
7% % of Sales
$9,956,250
$12,115,650
$5.00
$2,500
$15,000
$3.40
$87
5%
10%
10%
$168.27 $/SF Land (20% Premium)
$/Space
$/Space
$/SF
$/SF (Wtd. Avg. All Uses)
% of Construction Costs
% of Hard Costs
% of Total Costs
$/SF
0%
50%
0.912000
50%
$0.00
0.000000 of Land Cost
of Total Site Costs
Property Tax Rate (City/County)
% of Local Sales Tax
Assessment Per Bldg Sq Ft
City Property Tax Rate
$12,115,650
$9,956,250
($2,159,400)
-18%
$3,836,403
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ARLINGTON, TEXAS
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