New York Avenue Corridor Strategy Adopted Report New York Avenue Corridor Strategy Adopted Report | Page 136

APPENDIX
Table 4
Opportunity Project C Pro Forma
Development Program
Assumption Factors
Units/Spaces
Square Feet
13,000
0
110,700
14,400
138,100
653,400
21%
79,840
0
Retail/Restaurant
Office/Employment
Senior Independent Living
123
Senior Cottages (For-Sale)
12
Gross Floor Area
Project Land Area
Floor Area Ratio
Surface Parking
250
Structured Parking
0
Estimated Project Value (Stabilized Yr)
Total Retail/Restaurant Rentable SF
11,700
Rent/SF*
$18.00
Total Office/Employment Rentable SF
0
Rent/SF*
$16.00
Total Residential Rentable SF
88,560
Rent/SF
$40.80
Total Parking Spaces (Structured)
0
Rent/Space
$0
Gross Income
$3,823,848
Occupancy
90%
Effective Gross Income
$3,441,463
Operating Costs
$2,461,630
Net Operating Income
$979,833
Capitalization Rate
8.0%
Project Value -- Retail/Public/Rental Hsg
$12,247,915
Total Housing Units
12
Sales Price/Unit (Wtd Avg)
$300,000
Gross Revenue
$3,600,000
Less Marketing Costs
($252,000)
Net Sale Proceeds
$3,348,000
Project Value -- For-Sale Housing
$3,348,000
Total Project Value
* Retail based on triple net lease; Office based on gross lease.
Development Cost Estimate
Property Purchase (Acquisition/Demolition)
$4,900,500
On-Site Improvements (Surface Parking)
$623,750
On-Site Improvements (Structured Parking)
$0
Site Development/Infrastructure
$980,100
Building Construction (Hard Costs)
$10,396,859
Construction Contingency
$600,035
Soft Costs (% of Hard Costs)
$1,200,071
Developer Profit
$1,870,131
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
$801,925
Supportable TIF (25 Years)
$2,200,000
Sales Tax Sharing (380 Loan -- 10 Yrs)
$300,000
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
1,200 SF/Unit
15.0 Acres
320 SF/Space
320 SF/Space
90% Bldg. Efficiency Ratio
90% Bldg. Efficiency Ratio
80% Bldg. Efficiency Ratio
$3.40 Monthly Rent/SF
$0 Monthly Rent/Space
$19.90 $/SF (Wtd. Avg. All Uses)
7% % of Sales
$15,595,915
$20,571,446
$7.50
$2,500
$15,000
$1.50
$75
5%
10%
10%
$148.96 $/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
$20,571,446
$15,595,915
($4,975,531)
-24%
$3,301,925
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ARLINGTON, TEXAS
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