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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.
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Mixed Use Live-Work On The Deuces
Maryweather Building
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Courtesy of State Archives of Florida
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Courtesy of State Archives of Florida
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State Archives of Florida, Florida Memory
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South St. Pete Community Redevelopment Area
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MARKET
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Community Need
Low
Medium
High
Percent Below Poverty LevelForeclosure Rate Unemployment Rate
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Demand
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T WILL SEND THIS CHART
Residential
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Commercial
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Competition
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DEVELOPMENTCONCEPT
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A Neighborhood Magnet
Historically Informed Renovation
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951 22nd Street South, St. Pete
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Housing Affordability
Starting Businesses
Historic Preservation
Why?
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Live-Work
Loft Design Residential
Businesses Incubator
Community Room
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DEVELOPMENTPLAN
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Mixed Use Zoning
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Environmental Constraints
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Neighborhood Dynamics
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Design Elements
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Sustainability
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FINANCIALFEASIBILITY
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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
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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
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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
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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
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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%
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Venture House – Mixed Use
Maryweather Building