introductionmarket analysisdesignconstructionentitlementsfinancialconclusions c

introduction market analysis design constructionentitlements financial conclusions

c


c

505 CONGRESS STREETA VISION FOR SOUTH BOSTON


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


market analysis


1. Introduction:

- Site orientation (maps, photos)

- Overall program (number units, young professionals, new neighborhood…)

kw


kw

introduction market analysis design constructionentitlements financial conclusionsmarket analysis

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

kw


entitlements


What we don’t want to happen…

entitlements

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


Zoning

South Boston Waterfront IPOD (Article 27P)

General Use

FAR: 4.0

SCR: .50

Height: 150’

Parking: 0.7 to 1.5

Proposed

Multifamily Residential

FAR: 5.95 (overall) / 4.94 (ex. parking)

SCR: .60

Height 250’

Parking: .70


Development Review (Art. 80)

Multi-phase process

Site plan

Urban design

Historic resources

Infrastructure systems

Transportation

Environmental protection Areas of concern

Building area limits

Transportation/parking

Construction staging


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 allowed


design & construction

introduction market analysis design constructionentitlements financial conclusionsdesign

that building looks really familiar…

introduction market analysis design constructionentitlements financial conclusionsentitlements

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


Trees for summer shade

Retail facing plaza

Generous storage area

design

Parking hidden from st.

Private Entrances

Secluded garden


Deck, outdoor barbecue

Multi-use space

Movie theater

Gym


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


Lower tier 8’-6” ceilings

Fan coil HVAC system

Laminate & tile floors

Shared laundry

Standard kitchens


Middle tier 8’-6” ceilings

Fan coil HVAC system

Hardwood & tile floors

In-unit laundry

Granite counters


Upper tier 10’-0” ceilings

Radiant + forced air HVAC systems

Hardwood & stone floors

In-unit laundry

European appliances


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 $2675

Two Bed duplex 5% 1,006 $3,875

Three Bed 2% 1,452 $4,925

introduction market analysis design constructionentitlements financial conclusionsconstruction

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


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


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





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


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





Design 12 1 1 1 1 1 1 1 1 1 1 1 1





Contractor Buyout 4 1 1 1 1

GC Bid & Award 2 1 1

Subcontractor Buyout 2 1 1

Task


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





Design 12 1 1 1 1 1 1 1 1 1 1 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


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





Design 12 1 1 1 1 1 1 1 1 1 1 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


financial

introduction market analysis design constructionentitlements financial conclusionsfinancial

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

introduction market analysis design constructionentitlements financial conclusionsconclusions

7. Conclusions:

- potential challenges

- good opportunity for everybody

- yanni, we’re buying the site

jy


c


c

tatsuyuki ariizumi

kristy wang

hasan halkali

jong yoon lim

leo shieh

paul stewart


c505 CONGRESS STREETA VISION FOR SOUTH BOSTON


c

introductionmarket analysisdesignconstructionentitlementsfinancialconclusions c

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