Acuho Presentation 06 28 09
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Transcript of Acuho Presentation 06 28 09
Portfolio
Certified Small Business
Founded 1988
Principal: Jon Grant, AIA, NCARB
Vice President of Design: Gordon
Ingerson, AIA, LEED AP
At a Glance
Design Focus:
- Student Housing
- Higher Education Facilities
- Research Facilities
- Senior Housing
- Professional Office Buildings
Architectural Design
Site Planning / Selection
Master Planning
Renovation & Expansion
Adaptive Reuse
Historic Preservation
Interior Design
Space Planning
Senior Community Design
Facilities Surveys & Reports
Project Management &
Coordination
Our Services
Facility Space Programming
Zoning Studies
Project Animation
3-D Computer Modeling / BIM
Facilitation & Focus Group
Sessions
LEED Design
Specification Writing
Programming Research
Construction Administration
• Carnegie Mellon University / West Virginia University Institute for Scientific Research Huntington, WV
• Salisbury University University Village, Halloway Hall Campus Commons Salisbury, MD
• California University of Pennsylvania Student Housing California, PA
• University of Connecticut Student Housing Storrs, CT
• Grove City College Student Housing Grove City, PA
• Glassboro University Student Housing & Academic Village, Glassboro, NJ
• University of Arkansas Master Plan Magnolia, AR
• Gallaudet University, Natatorium, Washington, DC
• St. Mary's College Classrooms & Lab, St. Mary's City, MD
• Marshall University Student Union, Huntington, WV
• Prince George Community College Bladen Hall Largo, MD
Higher Education Clients
Award Winning Design
The Institute for Scientific ResearchFairmont, WV
Award-Winning Design
The Institute for Scientific ResearchFairmont, WV
Award-Winning Design
The Commons,Salisbury UniversitySalisbury, MD
Award Winning Design
Educational Design
ExcellenceIn American
School & University
1998
The CommonsSalisbury State UniversitySalisbury, MD
Award-Winning Design
Colonial Hall,Grove City College
Award Winning Design
Village at Waugh ChapelGambrills, MD
Commercial Projects
Community Focus
Higher EducationGallaudet UniversityWashington, DC
Higher Education
Halloway HallSalisbury UniversitySalisbury, MD
Higher Education
College of Southern MarylandLeonardtown, MD
Higher Education
Marshall UniversityHuntington, WV
Higher Education
Bladen HallPrince George’s Community CollegeLargo, MD
Higher Education
Bladen HallPrince George’s Community CollegeLargo, MD
Higher Education
DUQUESNE UNIVERSITY SUPERBLOCK
Higher Education
Higher Education
Higher Education
Higher Education
Higher Education
John Hopkins Graduate HallBaltimore, MD
Student Housing
Student ApartmentsCalifornia, PA
Student Housing
Storrs, CT
Student Housing
Student Housing
Academic VillagesAcademic Village & Student HousingGlassboro, New Jersey
Academic VillagesAcademic Village & Student HousingGlassboro, New Jersey
Academic VillagesAcademic Village & Student HousingGlassboro, New Jersey
Colonial Hall,Grove City CollegeGrove City, PA
On-Campus Housing
Colonial HallGrove City CollegeGrove City, PA
On-Campus Housing
Colonial HallGrove City CollegeGrove City, PA
On-Campus Housing
Glenville State CollegeGlenville, WV
On-Campus Housing
Glenville State CollegeGlenville, WV
On-Campus Housing
Colonial HallGrove City CollegeGrove City, PA
On-Campus Housing
University VillageSalisbury UniversitySalisbury, MD
Off-Campus Housing
University VillageSalisbury UniversitySalisbury, MD
Off-Campus Housing
Salisbury UniversitySalisbury, MD
ON-Campus Housing
Salisbury UniversitySalisbury, MD
On-Campus Housing
Salisbury UniversitySalisbury, MD
On-Campus Housing
University of VirginiaCharlottesville, VA
Off - Campus Housing
University of VirginiaCharlottesville, VA
Off - Campus Housing
University of VirginiaCharlottesville, VA
Off - Campus Housing
University of PittsburghPittsburgh, PA
ON - Campus Housing
University of PittsburghPittsburgh, PA
ON - Campus Housing
University of PittsburghPittsburgh, PA
ON - Campus Housing
University of PittsburghPittsburgh, PA
ON - Campus Housing
University of PittsburghPittsburgh, PA
ON - Campus Housing
University of PittsburghPittsburgh, PA
ON - Campus Housing
University of PittsburghPittsburgh, PA
ON - Campus Housing
University of PittsburghPittsburgh, PA
ON - Campus Housing
GrantArchitects
University of Pittsburgh Freshman HousingA Silver LEEDS ProjectBeds 577
Parking Spaces 52
Land Acquistion
Land and Building Acquistion $0.00
Total Land Acquistion $0.00
Construction Costs Area Cost/sf Total Cost
Parking Garage* 14,588 $65.00 $948,220.00
Residential 113,958 $156.25 $17,805,937.50
ClubHouse 5,384 $300.00 $1,615,200.00
F&F (1,800 per bed) 577 $1,000.00 $577,000.00
Retail 7,129 $65.00 $463,385.00
Telecomm/ security 577 $1,200.00 $692,400.00
Total Construction 141,059 $156.69 $22,102,142.50 Price per Sq. Ft.
Total Union Construction Cost $26,522,571.00 $188.02
Hard Cost per Bed $45,966.33
Construction Services Fee Total Cost
Arch./Eng 6.00% $ 1,591,354.26
Arch.Eng Expenses 0.05% $ 13,261.29
Landscape Arch 0.50% $ 132,612.86
Interior Arch 0.50% $ 132,612.86
Civil Engineer 0.80% $ 212,180.57
Civil Expenses 0.05% $ 13,261.29
Permits 0.00% $ -
Fees 0.00% $ -
Misc Fees 1.00% $ 265,225.71
Total Services Costs $ 2,360,508.82
SOFT COSTS Fee Total Cost
Legal 0.25% $ 67,272.29
Accounting 0.25% $ 67,272.29
Studies and Reports 0.50% $ 150,000.00
Development Expenses 0.50% $ 134,544.58
Project Mgt/Development 3.00% $ 880,655.45
Contingency 5.00% $ 1,467,759.08
University of PittsburghPittsburgh, PA
ON - Campus Housing
GrantArchitects
University of Pittsburgh Freshman Housing (cont.)Total Project Costs
Total Soft Costs $ 2,767,503.69
Total Hard Costs $28,883,079.82
Development Equity
Equity at 0% $ -
Construction Interest Reserve (50% @ $ @ 5% for 20 months) $ 1,318,774.31
Rental Operating Deficit $ -
Total Amount of Loan $ 32,969,357.82
Total Project Costs $ 32,969,357.82
Total cost per Sq.Ft. $ 233.73
Total Cost for Residential Component $ 27,893,499.18
Total Cost per Bed $ 48,342.29
Rental Income
Bed Per Unit Units Per Building Buildings Rent per Bed Yearly Income @ 95%
Retail Income 0.00 7129 sq.ft. 1 $20.00 $142,580.00
Double Units 2.00 288.50 1 $625.00 $4,327,500.00
Parking Income 0.00 52.00 1 $90.00 $53,352.00
Total $4,523,432.00
Project Return Yearly Return Monthly Return
Yearly Income $4,523,432.00 $376,952.67
Repairs and Maintenance (2%) ($90,468.64) ($7,539.05)
Property Management Fees (4%) ($180,937.28) ($15,078.11)
Insurance (3%) ($135,702.96) ($11,308.58)
Salaries and Wages (2.5%) ($113,085.80) ($9,423.82)
Utilities (8%) ($361,874.56) ($30,156.21)
Reserve (2%) ($90,468.64) ($7,539.05)
Other (2%) ($90,468.64) ($7,539.05)
Net Opertating Income $3,460,425.48 $288,368.79
Debt Service (30 yr Amort @ 5%) $2,314,448.92 $192,870.74 ($208,388.77)
Net Income $1,145,976.56 $95,498.05
Total Return
Yearly Income $1,145,976.56
Land Lease $350,000.00
Total Income $795,976.56
Financial Analysis
Debt Service Coverage Ratio 149.51%
Break Even Rate 43.17%
Project Value at 6% $57,673,758
Loan to Value 57%
Increase in Value $24,704,400.18
Starview Plaza, Silver LEED Housing
Starview Plaza
College University of MarylandPark, Maryland
Starview Plaza
College University of MarylandPark, Maryland
Starview Plaza
College University of MarylandPark, Maryland
Starview Plaza
College University of MarylandPark, Maryland
Starview Plaza
College University of MarylandPark, Maryland
Starview Plaza
College University of MarylandPark, Maryland
Starview Plaza
College University of MarylandPark, Maryland
Starview Plaza
College University of MarylandPark, Maryland
Starview Plaza
Project Delivery Options
Project # of Stories / Project Details
Year Completed
Total Construction
Cost
# of Beds Cost / Bed
Starview Plaza, College Park, MD
6 Stories Elevatored + 1 Story Retail + 2 Sub-level stories of Parking and 80 Retail Parking Spaces
Estimated 2010
$43,000,000
($31,000,000 Just Housing Portion)
662 Beds $64,000 / Bed
($46,827 / BedJust Housing Portion)
Glassboro Student Housing, Glassboro, NJ
4-Story Elevatored
Union Labor
Estimated 2010
$26,132,800 884 Beds $29,561 / Bed
Grove City College, Grove City, PA
4-Story Elevatored
Union Labor
2006 $11,000,000 240 Beds $45,833 / Bed
University Village, Salisbury, MD
3-Story Walk Ups+6,000 SF Clubhouse
Non-Union Labor
2005 $14,000,000 588 Beds $23,809 / Bed
California University of Pennsylvania, California, PA
3-Story Walk Ups+6,000 SF Clubhouse
Non-Union Labor
2001 $11,000,000 450 Beds $24,444 / Bed
University of Connecticut, Storrs, CT
3-Story Walk-Ups+6,000 SF Clubhouse
2003 $53,000,000 1,000 Beds $53,000 / Bed
Project Analysis
Development Scenarios
1. Developer Owns and provides Building Lease to University – University operates
2. Developer Builds and Developer Operates
3. Public / Private partnership creates 501 c 3 – with University Foundation
Development Scenarios
1. Developer Owns and provides Building Lease to University – University operates
Developer enters into annual ground lease with University
• Developer sets income metrics consistent with:Project CostRequired QualityAchievable Rental
• University works with Developer to achieve:Master PlanProject DesignProject ScheduleDevelopment budget
Development Scenarios
1. Developer Owns and provides Building Lease to University – University operates
• Developer finances project (private placement) and builds project
• University manages facility at established Rent Rates for students
• Building purchased at Cap Rate after 3 years of operation
If Not purchased…
• Building donated to University after Debt Service period
Development Scenarios
1. Developer Owns and provides Building Lease to University – University operates
Advantages: • University realizes annual income (from ground lease)
• University participates with project parameters
• Profits over established per be rent to developer realized by University
• University has asset at end of lease
Development Scenarios
2. Developer Builds – Developer Operates
• Developer enters into annual ground lease with University
• Developer sets income metrics consistent with:Project CostRequired QualityAchievable Rental
• University works with Developer to achieve:Master PlanProject DesignProject ScheduleDevelopment budget
Development Scenarios
2. Developer Builds – Developer Operates
• Developer finances privately – constructs and operates independently of University support
• University makes project an “Approved Residential Location” in its housing options to students
• University will not compete with new product unless market can support additional beds
Development Scenarios
2. Developer Builds – Developer Operates
Advantages: University gets annual income from land Lease only
No risk for operation
Development Scenarios
3. Public / Private Partnership – 501 c 3 – with University Foundation
University establishes a 501 c 3 Foundation
Developer enters into annual ground lease with University
Developer sets income metrics consistent with:Project CostRequired QualityAchievable Rental
University works with Developer to achieve:Master PlanProject DesignProject ScheduleDevelopment budget
Development Scenarios
3. Public / Private Partnership – 501 c 3 – with University Foundation
• 501 c 3 obtains Bond Financing for the project- 100% LTV- Non Recourse basis
• Developer guides development management process- Developer is compensated on a fee for service basis
• Foundation splits operating profits with Developer- Foundation returns income to University
• Project is donated back to University at end of Maturation of Bonds- 40-year term
Development Scenarios
3. Public / Private Partnership – 501 c 3 – with University Foundation
Advantages
• University shows no debt
• Nonrecourse Loan reduces risk
Unit Breakdowns Residential Parking Retail Atrium/Lobby Total# of Units 177 353 # of Beds 662 # of Floors 6 2.5 0.5 9 Gross Building Area 227,538 117,118 9,482 12,425 366,563 Leaseable Area 180,400 63,540 9,482 0 253,422 Efficiency Ratio 79.28% 54.25% 100.00% 0.00% 69.13%Hard Construction Costs $28,442,250 $7,213,981 $423,422 $2,287,079 $38,366,731 Hard Cost per Gross Square Feet $125.00 $61.60 $44.66 $184.07
Hard Cost per Unit $160,691 per unit$20,436 per
space$45 per Lease
SF
SOURCES AND USES Totals Per Unit Per Bed % of TotalSF Costs
(Gross Rental SF)
USES: Land $6,000,000 $33,898 $9,063 9.84% $26.37 Pre-development Costs $550,000 $3,107 $831 0.90% $2.42 Land Development Costs (Site Work) $2,000,000 $11,299 $3,021 3.28% $8.79 Hard Construction Costs (includes parking) $38,366,731 $216,761 $57,956 62.92% $168.62 Hard Cost Contingencies $2,877,505 $16,257 $4,347 4.72% $12.65 Furniture & Fixtures $1,191,600 $6,732 $1,800 1.95% $5.24 Soft Costs $5,501,141 $31,080 $8,310 9.02% $24.18 Carry Costs $1,980,640 $11,190 $2,992 3.25% $8.70 Other Financing Costs $335,622 $1,896 $507 0.55% $1.48 Reserves/Escrows (incl lease-up reserve) $500,000 $2,825 $755 0.82% $2.20 Developer Fees $1,678,109 $9,481 $2,535 2.75% $7.38
TOTAL USES $60,981,348 $344,527 $92,117 100.00% $268.01
SOURCES: 1st Mortgage $45,736,011 $258,396 $69,088 75.00% Equity $15,245,337 $86,132 $23,029 25.00%
TOTAL SOURCES $60,981,348 $344,527 $92,117 100.00%
Financial AnalysisProject and Unit Data
Rental UNIT MIX (no escalation)
# of Units # of BedsMonthly Rent
Per BedMonthly Rent
Per UnitAve. Unit Sq Ft Per Sq Ft Rent
4 Bed/2 Bath Unit (39.27% of beds)
65 260 $875 $3,501 1,000 $3.50
4 Bed/3 Bath Unit (3.63% of beds) 6 24 $885 $3,540 1,075 $3.29
4 Bed/4 Bath Unit (50.15% of beds)
83 332 $895 $3,580 1,131 $3.17
2 Bed/1 Bath Unit (3.63% of beds) 12 24 $950 $1,900 657 $2.89 2 Bed/2 Bath Unit (3.32% of beds) 11 22 $1,015 $2,029 654 $3.10
Total/Averages 177 662 $924 $2,910 903 $3.19 Weighted Averages $893 $3,339 1,019 $3.28
Other Revenue MIX (no escalation)
# of Spaces/Sq
FtW. Ave Mon
RentsGross Monthly Gross Annual Leaseable Sq Ft Per Sq Ft Rent
Parking 353 $120.00 $42,360 $508,320 63,540 $8.00 Retail $23,705 $284,460 9,482 $30.00
Project Revenue Breakdown
Financial Analysis
Per Gross SF Total - Annual Per Unit Per Bed % of Total % of EGI Revenue: Residential $32.11 $7,305,656 $41,275 $11,036 95.18% 95.18%Parking $4.47 $523,570 $2,958 $791 6.82% 6.82%Retail $30.90 $292,994 $1,655 $443 3.82% 3.82%Vacancy Allowance ($446,939) ($2,525) ($675) -5.82% -5.82%
Total Revenue $7,675,280 $43,363 $11,594 100.00% 100.00% Expenses: Repairs and Maintenance $0.58 $132,407 $748 $200 6.57% 1.73%Property Management Fees $0.92 $208,211 $1,176 $315 10.33% 2.71%Property Taxes $2.73 $620,060 $3,503 $937 30.77% 8.08%Insurance $0.41 $94,297 $533 $142 4.68% 1.23%Salaries and Wages $1.43 $324,450 $1,833 $490 16.10% 4.23%Utilities (incl cable and internet) $2.15 $489,765 $2,767 $740 24.30% 6.38%Administrative $0.45 $101,713 $575 $154 5.05% 1.33%Leasing & Promotion $0.19 $44,321 $250 $67 2.20% 0.58%
Total Expenses $8.86 $2,015,223 $11,385 $3,044 100.00% 26.26% Replacement Reserves $0.52 $119,326 $674 $180 1.55%
NOI after Reserves $5,540,732 $31,304 $8,370 72.19% Debt Service Payment $3,290,526 $18,591 $4,971 42.87% Net Cash Flow (after debt service) $2,250,206 $12,713 $3,399 29.32%
Debt Service Coverage (DSC) Ratios by Selected Years
YEAR 1 YEAR 2 YEAR 3 YEAR 5 YEAR 7 YEAR 10 Start-up Year Stabilized Year DSC Ratio (on NOI after Reserves) 2.25 1.68 1.75 1.85 1.97 2.15 Residential Vacancy Rate 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Financial AnalysisProforma Recap (Year 2 – Stabilized)
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Impact Fees
Waivers for Impact Fees
-Priority Funding areas
- Fee Negotiation
- Brown Sites
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Impact fees
Revitalization Tax Credit
Enterprise Zone Tax Credit
Clean Energy Incentive Tax Credit
Energy Efficient Commercial
Buildings
Tax Increment Financing
Transportation Enhancement
Program
Tax Incentive Highlights
Offering Substantial relevant experience
Understanding Current Industry Trends
Integrating Principal Level Experience and Knowledge in the Design Process
Why Grant / SGA Team
Local code knowledge
Substantial relevant experience
Understanding of Current Student Housing Trends
Integrating Principal Level Experience and Knowledge
in the Design Process
Development Assistance Personnel
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