the vision of venture house is a city that is a magnet for...

The vision of Venture House is a City that is a magnet for entrepreneurs and artists, with strong housing stocks in

thriving neighborhoods, with an abundanceof good jobs and a flourishing economy.

Mixed Use Live-Work On The Deuces

Maryweather Building

Courtesy of State Archives of Florida

Courtesy of State Archives of Florida

State Archives of Florida, Florida Memory

South St. Pete Community Redevelopment Area

MARKET

Community Need

Low

Medium

High

Percent Below Poverty LevelForeclosure Rate Unemployment Rate

Demand

T WILL SEND THIS CHART

Residential

Commercial

Competition

DEVELOPMENTCONCEPT

A Neighborhood Magnet

Historically Informed Renovation

951 22nd Street South, St. Pete

Housing Affordability

Starting Businesses

Historic Preservation

Why?

Live-Work

Loft Design Residential

Businesses Incubator

Community Room

DEVELOPMENTPLAN

Mixed Use Zoning

Environmental Constraints

Neighborhood Dynamics

Design Elements

Sustainability

FINANCIALFEASIBILITY

South St. Petersburg CommunityRedevelopment Area Schedule

May 7, 2015 (8:30 a.m.) St. Petersburg City Council - Public MeetingAction: First Reading of Ordinance to Adopt Community Redevelopment Plan

May 7, 2015 St. Petersburg Community Redevelopment Agency - Public MeetingAction: Making Recommendation on Redevelopment Plan to the St. Petersburg City Council.

May 21, 2015 St. Petersburg City Council - Public MeetingActions: Second Reading and Public Hearing of Ordinance to Adopt a Community Redevelopment Plan; Resolution Approving Amendments to Southside St. Petersburg CRA Interlocal Agreement

June 4, 2015 St. Petersburg City Council - Public MeetingAction: First Reading of Ordinance Establishing a Tax Increment Finance District

June 11, 2015 St. Petersburg City Council - Public HearingAction: Second Reading and Public Hearing of Ordinance to Establish Tax Increment Finance District

Timeline

CRA Planning

2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4

CRA Active

Grant Apps Funding

Predevelopment Construction

Preleasing Leaseup

Development Budget - Sources

Funding Sources AmountMortgage (Bay Cities Bank) $ 684,498.00Federal Home Loan Bank of Atlanta $ 500,000.00City of St. Pete CDBG Grant $ 100,000.00City of St. Pete SHIP Grant $ 200,000.00City Rehab Rebate $ 140,000.00Commercial Façade Grant $ 50,000.00 Energy Efficiency Grant $ 35,000.00Owner Equity $ 427,375.00 Total Funding $2,136,873.00

Development Budget - Uses

Project Cost

Acquisition Price $175,000

Construction $1,100,000

Construction Contingency 10% $110,000

General Contractor Fee 14% $169,400

Pre-Development & General Development Costs $215,000

Soft Cost Contingency 5% $10,750

Financing Costs $78,000

Other

Subtotal $1,858,150

Developer Fee 15% $278,723

Total Project Cost $2,136,873

Operating BudgetPotential Revenues Month Year

ResidentialStudio – 2 @ $500/mo $1,000 $12,0001BR / 1BA – 5 @ $575/mo $3,875 $46,500

Commercial – 10 @ $400 / mo $4,000 $48,000Total Potential Revenues $8.875 $106,500Vacancy and Collection Loss @ 7.0% ($7,455)

Effective Gross Income $99,045Per Unit

Operating Expenses $2,697 $45,852

Net Operating Income, Yr 1 $53,193

Debt Service $46,638

Before Cash Tax Flow, Yr 1 $6,555

Debt Service Cover Ratio (DSCR), Yr 1: 1.14 Yr 5: 1.24 Yr 10: 1.34

Expected Appraisal Value: $2,200,000 LTV: 31.1%

Venture House – Mixed Use

Maryweather Building

Thank You!

www.Venture-House.orgFrank.Wells@Venture-House.org

+1.727.688.2787