505 CONGRESS STREET
description
Transcript of 505 CONGRESS STREET
introduction market analysis design constructionentitlements financial conclusions
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introduction market analysis design constructionentitlements financial conclusions
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505 CONGRESS STREETA VISION FOR SOUTH BOSTON
introduction market analysis design constructionentitlements financial conclusions
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505 CONGRESS STREETA VISION FOR SOUTH BOSTON
tatsuyuki ariizumi
kristy wang
hasan halkalijong yoon limleo shiehpaul stewart
introduction market analysis design constructionentitlements financial conclusionsintroduction
Agenda
Market Analysis
Entitlements
Design & Construction
Financial
Conclusions
introduction market analysis design constructionentitlements financial conclusions
market analysis
introduction market analysis design constructionentitlements financial conclusionsintroduction
1. Introduction:
- Site orientation (maps, photos)
- Overall program (number units, young professionals, new neighborhood…)
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introduction market analysis design constructionentitlements financial conclusionsintroduction
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introduction market analysis design constructionentitlements financial conclusionsintroduction
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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
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introduction market analysis design constructionentitlements financial conclusions
entitlements
introduction market analysis design constructionentitlements financial conclusions
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
introduction market analysis design constructionentitlements financial conclusions
Zoning
South Boston Waterfront IPOD (Article 27P)
General UseFAR: 4.0SCR: .50Height: 150’Parking: 0.7 to 1.5
Proposed
Multifamily ResidentialFAR: 5.95 (overall) / 4.94 (ex. parking)
SCR: .60Height 250’Parking: .70
introduction market analysis design constructionentitlements financial conclusions
Development Review (Art. 80)
Multi-phase process
Site planUrban design Historic resources Infrastructure systemsTransportation Environmental protection
Areas of concern
Building area limitsTransportation/parkingConstruction staging
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 allowed
introduction market analysis design constructionentitlements financial conclusions
design & construction
introduction market analysis design constructionentitlements financial conclusionsdesign
that building looks really familiar…
introduction market analysis design constructionentitlements financial conclusionsentitlements
Site OrientationDirect connection to downtownThree blocks to waterfrontOne block to Silver LinePlaza faces Conv. Ctr & T stopSecluded garden on West sideTower looks away from vent bldgParking as buffer to rear
north
introduction market analysis design constructionentitlements financial conclusions
Trees for summer shadeRetail facing plazaGenerous storage area
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Parking hidden from st.Private EntrancesSecluded garden
introduction market analysis design constructionentitlements financial conclusionsdesign
Deck, outdoor barbecueMulti-use spaceMovie theaterGym
introduction market analysis design constructionentitlements financial conclusionsdesign
Signature curtainwall used sparinglyEfficient precast claddingShared rooftop gardenBrick and metal panel cladding
Parking abuts I-90 rampRooftop garden
Generous glazing at duplexesPedestrian scale on Congress St
introduction market analysis design constructionentitlements financial conclusionsdesign
Lower tier 8’-6” ceilingsFan coil HVAC systemLaminate & tile floorsShared laundryStandard kitchens
introduction market analysis design constructionentitlements financial conclusionsdesign
Middle tier 8’-6” ceilingsFan coil HVAC systemHardwood & tile floorsIn-unit laundryGranite counters
introduction market analysis design constructionentitlements financial conclusionsdesign
Upper tier 10’-0” ceilingsRadiant + forced air HVAC systemsHardwood & stone floorsIn-unit laundryEuropean appliances
introduction market analysis design constructionentitlements financial conclusionsdesign
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 / gsfParking, average $20,000 / spaceContingency 3% of hard cost
Soft costs $6.67MDesign & legal fees 8% of hard costDevelopment fee 2% of hard costLeasing fee 2% of hard costOther 6% of hard costContingency 5% of soft cost
Construction loan interest $1.49M
Land acquisition $7.00M
Total development cost $283 / gsf $51.19M
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
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
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
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
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
introduction market analysis design constructionentitlements financial conclusions
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)
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introduction market analysis design constructionentitlements financial conclusionsconclusions
7. Conclusions:
- potential challenges
- good opportunity for everybody
- yanni, we’re buying the site
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introduction market analysis design constructionentitlements financial conclusions
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introduction market analysis design constructionentitlements financial conclusions
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introduction market analysis design constructionentitlements financial conclusions
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tatsuyuki ariizumi
kristy wang
hasan halkalijong yoon limleo shiehpaul stewart
introduction market analysis design constructionentitlements financial conclusions
c505 CONGRESS STREETA VISION FOR SOUTH BOSTON
introduction market analysis design constructionentitlements financial conclusions
c