City Federation of Women’s organizations Redevelopment proposal 100 West Seneca Street Julianne...
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City Federation of Women’s organizationsRedevelopment proposal
100 West Seneca Street
Julianne KwonJohn NorwoodChris PersheffPrajna Rao Affordable Housing – CRP 643 – April 23, 2008
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Current Space
• Desire for income to break even on operation expenses– Kitchen; auditorium; office spaces
• Building systems/design out of date• Excellent location• Underutilized
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Assumptions
• Desire to maximize value for potential developer
• Affordable housing element• Women’s Federation – decrease in mgmt. of
site; “just cashing the check”• Context sensitivity – Location and massing• City of Ithaca hopes for the site/area
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Shaping proposal to IDA “benefits” for Maximum Tax Rebate
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IDA Downtown Density Incentive Program Policy
• Community Benefits (handout)– Highlights:
• Project encourages and generates pedestrian activity.• Project includes housing.• Project provides affordable housing (%median number) • Project includes mixed-income housing (within the same project). • Project is constructed on a vacant or underutilized site.• Project makes efficient use of infrastructure.• Project will generate additional property taxes.• Project will generate additional sales taxes.• Project includes public amenities.
• Must be able to 6 more community benefits to qualify for benefits
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Additional Subsidies (NYS)
In order of relevance to proposed project (Handout):
• NYSHFA 80/20 program• Urban Initiatives Program
– Purpose of program dovetails with IDA program
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Site Plan
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Vision for site: Four to five story mixed-use (ground floor retail) with residential units above retail.
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Pro-forma analysis
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Project Buildout
• Hard costs - $3.825 M• Demolition - $45 k • Soft costs - $1.147 M• Contingencies - $250 k• Subsidy - $165 k• Total Project Cost -
$5.104 M
• Hard costs - $3.098 M• Demolition - $45 k• Soft costs – $929 k• Contingencies – $203 k• Subsidy – $165 k• Total Project Cost - $4.111
M
Office Renovations Without Office Renovations
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Financing assumptions
• Construction loan: 75% LTV, 6.5% interest only for two years.
• Take-out loan: 80% LTV, 5.5% fully amortized over thirty years.
• Initial and ending valuations are based on 8.5% cap rate.
• Rents/expenses inflate 2.5% each year
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Market Rents
• New Retail – $23/sf/yr• Existing Retail – $20/sf/yr• Renovated Office – $16/sf/yr• Unrenovated Office – $6/sf/yr• Market-rate Residential – $15/sf/yr• Affordable Residential –$12/sf/yr
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10-Year Hold Results
• Office renovation scenario: 3% return on a $957 k equity contribution
• No renovation scenario: 15% return on $770 k equity contribution
• Majority of return made upon refinance• Recommendation
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Concept
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Corner of Seneca and Cayuga Street
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Seneca Street
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Cayuga Street
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Thank you!Sources: Tompkins County Area Development www.tcad.orgIDA Downtown Density Incentive Program PolicyIDA Downtown Density Project Application
www.nyhomes.org“NYS Housing Finance Agency Releases Revised 80/20 Criteria”Tax-Exempt Bond Financing for New York City Multifamily Developments