Introductionmarket analysisdesign & constructionentitlementsfinancialconclusions c.
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Transcript of Introductionmarket analysisdesign & constructionentitlementsfinancialconclusions c.
introduction market analysis design & constructionentitlements financial conclusions
c
introduction market analysis design & constructionentitlements financial conclusions
c
505 CONGRESS STREETA VISION FOR SOUTH BOSTON
introduction market analysis design & constructionentitlements financial conclusions
c
505 CONGRESS STREETA VISION FOR SOUTH BOSTON
tatsuyuki ariizumi
kristy wang
hasan halkali
jong yoon lim
leo shieh
paul stewart
introduction market analysis design & constructionentitlements financial conclusionsintroduction
Agenda
Market Analysis
Entitlements
Design & Construction
Financial
Conclusions
introduction market analysis design & constructionentitlements financial conclusions
1. Introduction:
- Site orientation (maps, photos)
- Overall program (number units, young professionals, new neighborhood…)
introduction
introduction market analysis design & constructionentitlements financial conclusions
market analysis
introduction market analysis design & constructionentitlements financial conclusions
2. Market Analysis:
- Market overview (economy, population… briefly)
- alternative uses (condo justification)
- Market study (mkt area, demand supply, submkt)
- marketability of our product
- general program inspired in comps
Issues KW- read write up, why each data is useful, convincing- projections forward
market analysis
introduction market analysis design & constructionentitlements financial conclusions
entitlements
introduction market analysis design & constructionentitlements financial conclusions
What we don’t want to happen…
The Boston Harbor AssociationSave the Harbor/Save the Bay
City of Boston Office of Civil RightsThe Children’s Museum
Artery Business CommitteeBoston Shipping Association, Inc.
Dorchester Heights AssociationGreater Boston Chamber of CommerceUMass/Boston: Urban Harbors Institute
National Park ServiceFort Point Cultural Coalition
Fort Point Arts CommunityAdaptive Environments
Conservation Law FoundationBoston Society of Architects
Boston Natural Areas NetworkBoston Harbor Island Alliance
Seaport Alliance for a Neighborhood Design
Walk BostonMassachusetts Bicycle Coalition
entitlements
introduction market analysis design & constructionentitlements financial conclusions
Zoning
South Boston Waterfront IPOD (Article 27P)
General Use
FAR: 4.0
SCR: .50
Height: 150’
Parking: ~ .70 - 1.5
Proposed
Multifamily Residential
FAR: 5.95 (overall) / 4.94 (ex. parking)
SCR: .60
Height 250’
Parking: .70
entitlements
introduction market analysis design & constructionentitlements financial conclusions
Development Review (Art. 80)
Multi-phase process
Site plan
Urban design
Historic resources
Infrastructure systems
Transportation
Environmental protection Areas of potential concern
Building area limits
Construction staging
Parking…
entitlements
introduction market analysis design & constructionentitlements financial conclusions
Entitlements issues
Affordable Housing
Set aside of 14% of units
Moderate income households: 80% AMI
Public Benefits
Road work & offsite mitigation: $300K set aside
Property taxes: 40x increase from current tax revenue
Other
Strong public interest in jumpstarting development
No abutters, small parcel = less scrutiny & opposition
Schedule
Eighteen months allocated
entitlements
introduction market analysis design & constructionentitlements financial conclusions
design & construction
introduction market analysis design & constructionentitlements financial conclusions
that building looks really familiar…
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Site Orientation
Direct connection to downtown
Three blocks to waterfront
One block to Silver Line
Plaza faces Conv. Ctr & T stop
Secluded garden on West side
Tower looks away from vent bldg
Parking as buffer to rear
north
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Trees for summer shade
Retail facing plaza
Generous storage area
Parking hidden from st.
Private Entrances
Secluded garden
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Deck, outdoor barbecue
Multi-use space
Movie theater
Gym
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Signature curtainwall used sparingly
Efficient precast cladding
Shared rooftop garden
Brick and metal panel cladding
Parking abuts I-90 ramp
Rooftop garden
Generous glazing at duplexes
Pedestrian scale on Congress St
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Lower tier 8’-6” ceilings
Fan coil HVAC system
Laminate & tile floors
Shared laundry
Standard kitchens
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Middle tier 8’-6” ceilings
Fan coil HVAC system
Hardwood & tile floors
In-unit laundry
Granite counters
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Upper tier 10’-0” ceilings
Radiant + forced air HVAC systems
Hardwood & stone floors
In-unit laundry
European appliances
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Unit mix & rents
Unit type % of total Avg sq ft Avg rent / mo
Studio 22% 453 $1,525
One Bed 27% 581 $1,950
One Bed + den 22% 848 $2,325
Two Bed 23% 999 $2,675
Two Bed duplex 5% 1,006 $3,875
Three Bed 2% 1,452 $4,925
design & construction
introduction market analysis design & constructionentitlements financial conclusions
5. Construction Budget:
Hard costs $36.03M
Base building including site work $200 / gsf
Parking, average $20,000 / space
Contingency 3% of hard cost
Soft costs $6.67M
Design & legal fees 8% of hard cost
Development fee 2% of hard cost
Leasing fee 2% of hard cost
Other 6% of hard cost
Contingency 5% of soft cost
Construction loan interest $1.49M
Land acquisition $7.00M
Total development cost $283 / gsf $51.19M
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Duration(months) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
PROJECT 18 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Entitlements 18 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
BRA Scope Determination 4 1 1 1 1
Project Impact Approval 4 1 1 1 1
BRA Adequacy Determination 4 1 1 1 1
Building Permit 6 1 1 1 1 1 1
Task
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Duration(months) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
PROJECT 18 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Entitlements 18 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
BRA Scope Determination 4 1 1 1 1
Project Impact Approval 4 1 1 1 1
BRA Adequacy Determination 4 1 1 1 1
Building Permit 6 1 1 1 1 1 1
Design 12 1 1 1 1 1 1 1 1 1 1 1 1
Schematic Design 3 1 1 1
Design Drawings 3 1 1 1
Construction Drawings 6 1 1 1 1 1 1
Final Construction Drawings 4 1 1 1 1
Task
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Duration(months) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
PROJECT 18 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Entitlements 18 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
BRA Scope Determination 4 1 1 1 1
Project Impact Approval 4 1 1 1 1
BRA Adequacy Determination 4 1 1 1 1
Building Permit 6 1 1 1 1 1 1
Design 12 1 1 1 1 1 1 1 1 1 1 1 1
Schematic Design 3 1 1 1
Design Drawings 3 1 1 1
Construction Drawings 6 1 1 1 1 1 1
Final Construction Drawings 4 1 1 1 1
Contractor Buyout 4 1 1 1 1
GC Bid & Award 2 1 1
Subcontractor Buyout 2 1 1
Task
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Duration(months) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
PROJECT 34 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Entitlements 18 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
BRA Scope Determination 4 1 1 1 1
Project Impact Approval 4 1 1 1 1
BRA Adequacy Determination 4 1 1 1 1
Building Permit 6 1 1 1 1 1 1
Design 12 1 1 1 1 1 1 1 1 1 1 1 1
Schematic Design 3 1 1 1
Design Drawings 3 1 1 1
Construction Drawings 6 1 1 1 1 1 1
Final Construction Drawings 4 1 1 1 1
Contractor Buyout 4 1 1 1 1
GC Bid & Award 2 1 1
Subcontractor Buyout 2 1 1
Construction 18 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Sitework 2 1 1
Foundations 3 1 1 1
Parking Deck Superstructure 3 1 1 1
Tower Structure 5 1 1 1 1 1
MEP & Fire Protection 9 1 1 1 1 1 1 1 1 1
Building Envelope 8 1 1 1 1 1 1 1 1
Roofing 2 1 1
Interior Finishes 8 1 1 1 1 1 1 1 1
Landscaping 2 1 1
Task
design & construction
introduction market analysis design & constructionentitlements financial conclusions
Duration(months) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42
PROJECT 43 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Entitlements 18 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
BRA Scope Determination 4 1 1 1 1
Project Impact Approval 4 1 1 1 1
BRA Adequacy Determination 4 1 1 1 1
Building Permit 6 1 1 1 1 1 1
Design 12 1 1 1 1 1 1 1 1 1 1 1 1
Schematic Design 3 1 1 1
Design Drawings 3 1 1 1
Construction Drawings 6 1 1 1 1 1 1
Final Construction Drawings 4 1 1 1 1
Contractor Buyout 4 1 1 1 1
GC Bid & Award 2 1 1
Subcontractor Buyout 2 1 1
Construction 18 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Sitework 2 1 1
Foundations 3 1 1 1
Parking Deck Superstructure 3 1 1 1
Tower Structure 5 1 1 1 1 1
MEP & Fire Protection 9 1 1 1 1 1 1 1 1 1
Building Envelope 8 1 1 1 1 1 1 1 1
Roofing 2 1 1
Interior Finishes 8 1 1 1 1 1 1 1 1
Landscaping 2 1 1
Lease up 9 1 1 1 1 1 1 1 1
Task
design & construction
introduction market analysis design & constructionentitlements financial conclusions
financial
introduction market analysis design & constructionentitlements financial conclusions
6. Financial:
- assumptions
- holding period (property management)
- property level
- deal structure
- investment level
- sensitivity
Issues JY- bridging finance for lease-up period- holding period (better return if we keep it after stabilized)
jy
financial
introduction market analysis design & constructionentitlements financial conclusions
7. Conclusions:
- potential challenges
- good opportunity for everybody
- yanni, we’re buying the site
jy
conclusions
introduction market analysis design & constructionentitlements financial conclusions
c
introduction market analysis design & constructionentitlements financial conclusions
c
introduction market analysis design & constructionentitlements financial conclusions
c
tatsuyuki ariizumi
kristy wang
hasan halkali
jong yoon lim
leo shieh
paul stewart
introduction market analysis design & constructionentitlements financial conclusions
c505 CONGRESS STREETA VISION FOR SOUTH BOSTON
introduction market analysis design & constructionentitlements financial conclusions
c