Greyhound Pointe

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Greyhound Pointe 235 Apartments 360 Convenient Garage Parking Spaces 17,000 SQFT of Ground Floor Commercial Space Resident Fitness Center Patrick Fluharty of Fluharty & Company, LLC.

Transcript of Greyhound Pointe

Page 1: Greyhound Pointe

Greyhound Pointe

• 235 Apartments• 360 Convenient Garage Parking Spaces• 17,000 SQFT of Ground Floor Commercial Space

• Resident Fitness Center

Patrick Fluharty ofFluharty & Company, LLC.

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465 CHESTER AVE Cleveland, OH 44114. Site Attributes Townhouses Restaurants Apartments Office Parking

StructureMixed

Use Retail

Visibility/Views 1 1 2 2 1 2 2Auto Traffic 2 2 2 2 2 2 2Adequate Parking 1 1 1 1 1 2 0Pedestrian Access 2 2 2 2 2 2 2Highway Access 2 2 1 1 1 2 2Rapid/Bus 2 2 2 2 1 2 2Freight Rail 0 0 0 1 0 0 0Noise level -2 0 -1 0 0 -1 0Resident Base 1 1 2 1 1 2 2Day time use 2 2 2 1 1 2 2Brownfield 0 0 0 0 0 0 0Infrastructure 2 2 1 1 2 2 2Zoning 1 1 1 0 1 2 1Condition of Parcel 2 2 2 1 1 2 2Size of Parcel 2 2 2 1 1 2 2Compatibility to Structure 2 2 2 2 0 2 2Future Expansion 2 1 2 2 1 2 1Competition 1 -2 0 -1 0 0 -2Value of Land 2 2 2 1 1 2 2Totals 27 25 27 22 19 31Totals

31 25

Highest and Best Use

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The Project Redevelopment of Greyhound

Property 17,000 SQFT Ground Floor Retail 9 story building, 235 Apartments 1,000 SF Resident Fitness Center 360 Car Parking Garage Total over 235,000 SQFT of New Build 24 month Construction timeline $70 Million Dollar Total Project Cost

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Site Assembly 16 Parcels ($5.9 million)

• Paying market value plus 15% 4.3 acres of property New zoning required

(Commercial/Residential)• ie.) Approval from Planning Commission

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Proposal Area Site Map

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Current Market Trends

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PMA Housing Niche2015 Income Range Number of

HH in RangeOwner

OccupiedRental Total Units Net Demand

-$ 9,999$ 7584 -$ 29,997$ -$ 235$ 251 1800 2051 553310,000$ 14,999$ 4313 30,000$ 44,997$ 235$ 353$ 1812 2164 3976 33715,000$ 24,999$ 6715 45,000$ 74,997$ 353$ 588$ 3608 5185 8793 -207825,000$ 34,999$ 4546 75,000$ 104,997$ 588$ 824$ 2987 7473 10460 -591435,000$ 49,999$ 5003 105,000$ 149,997$ 824$ 1,176$ 1673 4272 5945 -94250,000$ 74,999$ 4019 150,000$ 224,997$ 1,176$ 1,765$ 1196 2042 3238 78175,000$ 99,999$ 1850 225,000$ 299,997$ 1,765$ 2,353$ 180 375 555 1295

100,000$ 149,999$ 1543 300,000$ 449,997$ 2,353$ 3,529$ 267 0 267 1276150,000$ 199,999$ 511 450,000$ 599,997$ 3,529$ 4,706$ 190 0 190 321200,000$ More 473 600,000$ 4,706$ -$ 171 0 171 302

36557 12335 23311 35646 911

Units in RangeAffordable Housing in

RangeMonthly Rent Range

2015 Income Range Number of HH in Range

Owner Occupied

Rental Total Units Net Demand

-$ 9,999$ 689 -$ 29,997$ -$ 235$ 7 149 156 53310,000$ 14,999$ 303 30,000$ 44,997$ 235$ 353$ 25 337 362 -5915,000$ 24,999$ 401 45,000$ 74,997$ 353$ 588$ 56 505 561 -16025,000$ 34,999$ 239 75,000$ 104,997$ 588$ 824$ 46 608 654 -41535,000$ 49,999$ 284 105,000$ 149,997$ 824$ 1,176$ 8 429 437 -15350,000$ 74,999$ 359 150,000$ 224,997$ 1,176$ 1,765$ 65 279 344 1575,000$ 99,999$ 151 225,000$ 299,997$ 1,765$ 2,353$ 5 99 104 47

100,000$ 149,999$ 112 300,000$ 449,997$ 2,353$ 3,529$ 0 0 112150,000$ 199,999$ 40 450,000$ 599,997$ 3,529$ 4,706$ 0 0 40200,000$ More 80 600,000$ 4,706$ -$ 0 0 80

2658 -$ -$ 212 2406 2618 40

Monthly Rent RangeAffordable Housing in Range

Units in Range

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Comparable Rents2017 E 9TH 1010 BOUTIQUE APARTMENTS

2303 CHESTER AVE THE LANGSTON

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Apartment/Commercial Price Range

OtherCommercial $16/per SFParking $115/per

Space

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Budget Numbers Land Cost $5,908,930/$31 SF $1 million budgeted for

Environmental $47 million Hard Costs/$200 SF $9.9 million Soft Costs $7.9 million Parking/$22,000 per

space $72.5 million TOTAL PROJECT COST

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Funding Sources/Public Subsidies Commercial 1st Mortgage Commercial 2nd Mortgage County Loan 3rd Mortgage New Market Tax Credits Federal/State Historic Tax Credits EPA Clean up Grant Cash Equity

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ConclusionsCAVEATS/LIMITATIONS RECOMMENDATION

Property Acquisition Obtaining Public

Subsidies Adhering to Historic

Guidelines per Sec. of Interior

Year 2018 NOI, $3 million Value of $60 million at

Year 2027 DCR above 2.00 NPV $24,744,318 IRR of 17% Financial gap Project a NO GO!!

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Community Impacts 410 New Residents $478,168 per/yr of new income tax 500+ Construction jobs 45 Permanent Full and Part-time jobs More vitality and progress along

Chester Increase in Property values

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Financing Options Tax Abatement 100% @ 12 years

• 10yrs generates $18,735,500• Taxes are still paid on existing building and

land Abatement could shorten the terms

of the loan and insuring revenue stream.

Thus lessening the tax impact after abatement period.

Refinancing after 12 years as option.