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