Development Program |
Assumption Factors |
|||
Units / Spaces |
Square Feet |
|||
Retail / Restaurant |
113,600 |
|||
Library / Rec Center |
71,000 |
|||
Residential( Rental) |
142 |
127,800 |
900 |
SF / Unit |
Live / Work( For-Sale) |
68 |
122,400 |
1,800 |
SF / Unit |
Gross Floor Area |
434,800 |
|||
Project Land Area |
1,960,200 |
45.0 Acres |
||
Floor Area Ratio |
22 % |
|||
Surface Parking |
1,065 |
340,800 |
320 SF / Space |
|
Structured Parking |
0 |
0 |
320 SF / Space |
|
Estimated Project Value( Stabilized Yr) Total Retail / Restaurant Rentable SF |
102,240 |
90 % Bldg. Efficiency Ratio |
||
Rent / SF * |
$ 17.50 |
|||
Total Office / Employment Rentable SF |
63,900 |
90 % Bldg. Efficiency Ratio |
||
Rent / SF * |
$ 16.00 |
|||
Total Residential Rentable SF |
102,240 |
80 % Bldg. Efficiency Ratio |
||
Rent / SF |
$ 15.00 |
$ 1.25 |
Monthly Rent / SF |
|
Total Parking Spaces( Structured) |
0 |
|||
Rent / Space |
$ 0 |
$ 0 |
Monthly Rent / Space |
|
Gross Income |
$ 4,345,200 |
|||
Occupancy |
90 % |
|||
Effective Gross Income |
$ 3,910,680 |
|||
Operating Costs |
$ 1,124,640 |
$ 3.60 |
$/ SF( Wtd. Avg. All Uses) |
|
Net Operating Income |
$ 2,786,040 |
|||
Capitalization Rate |
8.0 % |
|||
Project Value-- Retail / Public / Rental Hsg |
$ 34,825,500 |
|||
Total Housing Units |
68 |
|||
Sales Price / Unit( Wtd Avg) |
$ 225,000 |
|||
Gross Revenue |
$ 15,300,000 |
|||
Less Marketing Costs |
($ 1,071,000) |
7 % % of Sales |
||
Net Sale Proceeds |
$ 14,229,000 |
|||
Project Value-- For-Sale Housing |
$ 14,229,000 |
|||
Total Project Value |
$ 49,054,500 |
|||
* Retail based on triple net lease; Office based on gross lease. | ||||
Development Cost Estimate | ||||
Property Purchase( Acquisition / Demolition) |
$ 15,681,600 |
$ 8.00 |
$/ SF Land( 20 % Premium) |
|
On-Site Improvements( Surface Parking) |
$ 2,662,500 |
$ 2,500 |
$/ Space |
|
On-Site Improvements( Structured Parking) |
$ 0 |
$ 15,000 |
$/ Space |
|
Site Development / Infrastructure |
$ 2,940,300 |
$ 1.50 |
$/ SF |
|
Building Construction( Hard Costs) |
$ 39,083,302 |
$ 90 |
$/ SF( Wtd. Avg. All Uses) |
|
Construction Contingency |
$ 2,234,305 |
5 % % of Construction Costs |
||
Soft Costs(% of Hard Costs) |
$ 4,468,610 |
10 % % of Hard Costs |
||
Developer Profit |
$ 6,707,062 |
10 % % of Total Costs |
||
Total Project Cost |
$ 73,777,680 |
$ 169.68 |
$/ SF |
|
Development Economic Summary Total Project Cost |
$ 73,777,680 |
|||
Total Project Value |
$ 49,054,500 |
|||
Project Margin /" Gap " |
($ 24,723,180) |
|||
% Project Margin /" Gap " |
-34% |
|||
Potential Contributions to " Gap ": |
||||
Land Acquistion / Writedown |
$ 0 |
0 % of Land Cost |
||
Site Improvements Contribution |
$ 2,801,400 |
50 % of Total Site Costs |
||
Supportable TIF( 25 Years) |
$ 6,800,000 |
0.912000 Property Tax Rate( City / County) |
||
Sales Tax Sharing( 380 Loan-- 10 Yrs) |
$ 2,500,000 |
50 % % of Local Sales Tax |
||
Public Improvement District( 20 Years) |
$ 0 |
$ 0.00 |
Assessment Per Bldg Sq Ft |
|
Property Tax Abatement( 10 Years) |
$ 0 |
0.000000 City Property Tax Rate |
||
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 " |
$ 12,101,400 |
|||
Source: Jacobs Inc. and Ricker│Cunningham. | ||||