Webster Block Llc Proposal

7/31/2019 Webster Block Llc Proposal

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Project Area


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Relation toSurrounding

Area Hub

Concept


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Enhance Pedestrian Access


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Make Connections

Blue = PedestrianGreen =grand Hotel entrance --link bet Washington and Main

Orange= Public Parking Access


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A New Street


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A New Street


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A New Street


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Great Views


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Pedestrian Protection at Street Level

Canopy Locations


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Canopy Protection Examples

But no Canvas

or backlit plastic


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HOTEL:

140 rooms (including 19 suites and 121 rooms)

RESIDENTIAL:42 apartments (1,200 square feet to 3,000 square feet)

OFFICE:

110,250 square feet, including 73,000 square foot floor plate

RETAIL AND RESTAURANTS:

8,600 square feet of retail and restaurant space, plus restaurant

and retail space in the hotel

PARKING:1,089 parking spaces, including 841 public spaces and 248 spaces for

residents and hotel guests

Project Description


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Preliminary Stacking Plan

Apartments 14 Units 22,500 sf



Hotel 41 Rooms 22,500 sf



Office 73,250 sf


Office 18,200 sf

Office 18,200 sf

Hotel Conf. Ctr., Fitness 18,200 sfHotel Lobby, Pool 18,200 sf

PB 195 Spaces for Hotel Guests & Residents

P6 139 Spaces for General Public

P5 174 Spaces for General Public

P3/P4 248 Spaces for General Public

P2 180 Spaces for General PublicP1 53 Spaces for General Public Retail

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LL


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Street Level


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Provide permanent Canopies

for Protection & Identity


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Canopy Styles

Varieties of metal wall-hung canopies Develop 3 typesfor different conditions1.Main Street --Typical

2. Special Cornersie Scott@ Main Street

3.Along Washington Street-for Service and Parking entry protection


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2nd Floor: Hotel


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3rd and 4th Floors: Office


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5th Floor: Hotel


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6th Floor: Office


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7th-9th Floors : Hotel


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10th-12th Floors: Apartments


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North South Cross Section


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East-West Cross Section


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The SettingHistoric Urban Waterfront


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Understand History


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Original Webster Block - 1835


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Webster Block ProposalHotel Martinique 1926

Corner of Main and Scott Street

Inspired by History


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Understand Context --Current


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Understand Context --Current

I think this is great and its

right next door!!!!


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Image Inspiration

Should be more glass at Main

& Scott cornermost

important cornerBestViews

Columbus OH


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Image Inspiration

Arena brick portion similar to Columbus egs but Columbus is different---not on Historic

Lake/riverfront ..We need white and must reference nautical aspects too somehow

This is our immediate Context

White

I I i i


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Image Inspiration

18+

18+

60+

Height & Proportions

U d d C F


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Ellicott Development Company Webster Block Competition

Understand Context --Future

U d t d C t t F t


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Understand Context --Future

I I i ti


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Image Inspiration

665 Main StreetNote Washington Street side much different than Main Street side different Sun/View

and Context orientation --- and Cost Implications too

I I i ti


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Image Inspiration

Should be more glass at Main

& Scott cornermost

important cornerBest

Views

Columbus OH

I I i ti


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Image Inspiration

Varieties of metal wall-hung canopies Develop 3 types

for different conditions1.Main Street --Typical

2. Special Cornersie Scott@ Main Street

3.Along Washington Street-for Service and Parking entry protection


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P j t C t & Fi i l P j ti


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Project Costs & Financial Projection

Site Acquisition $ 1,500,000

Site Preparation and Environmental Remediation 2,000,000

Construction Costs:

Building Shell 29,655,000

Hotel Rooms 1,820,000Hotel Lobby and Common Areas 1,272,000

Hotel Pool 80,000

Restaurant 285,000

Retail Buildout 817,000

Apartments 2,362,500Office Buildout 2,756,300

Parking 14,157,000

Contingency (3.0%) 1,596,100

Total Construction 54,800,900

Soft Costs 5,669,800

Total Project Costs $ 63,970,700

P j t Fi i


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Project Financing

Bank Financing $ 52,624,000

NYS Brownfield Credit Remediation 500,000

NYS Brownfield Credit Tangible Property 6,000,000

National Grid Grant 300,000

Equity Contribution 4,546,700

Total $ 63,970,700


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MarketAnalysis

Market Analysis


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Market Analysis

Competitive Market Set

Embassy Suites Buffalo182

Hampton Inn & Suites Downtown Buffalo 139Hyatt Regency Buffalo396

Doubletree Club Buffalo Downtown 100

Total 817

Based on market study prepared by Transcend Hospitality

Market Analysis


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Market Analysis

HistoricalMarketSummary(2006-2011)

Year Occupancy %Change ADR %Change RevPAR %Change Supply %Change Demand %Change

2006 66.7% $102.49 $68.37

231,410

154,363

2007 71.1% 4.4% $105.48 2.9% $75.00 9.7%

231,410 0.0%

164,539 6.6%

2008 78.0% 6.9% $103.43 -1.9% $80.86 7.5%

232,044 0.3%

180,945 10.0%

2009 71.3% -6.6% $106.23 2.7% $75.77 -6.1%

259,562 11.9%

185,145 2.3%

2010 74.8% 3.5% $113.38 6.7% $84.86 12.0%

287,255 10.7%

215,000 16.1%

2011 74.0% -0.9% $122.62 8.2% $90.72 6.9%

294,574 2.5%

217,949 1.4%

CAGR2006-2011 3.7% 5.8% 4.9% 7.1%

BasedonMarketStudypreparedbyTranscendHospitality

Market Analysis


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Market Analysis

Projected Range of Occupancy and ADR

Year Occupancy ADR

2011 N/A $106 - $111

2014 62% - 67% $114 - $119

2015 65% - 70% $117 - $122

2016 68% - 73% $121 - $1262017 71% - 76% $124 - $129

Based on market study prepared by Transcend Hospitality

Market Analysis


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Market Analysis

Property

No. of

Units

Occupied

Units

Occupancy

Rate

Median

Rent

Median

Sq. Ft.

Median

Rent/Sq.

Ft.

The Belesario, 514 Main

Street, Buffalo, NY 30 30 100.00% $1,824 1,601 $ 1.14

The Bellasara, 546 Delaware,

Buffalo, NY 24 21 87.50% $1,520 1,124 $ 1.35

857 Delaware Avenue,

Buffalo, NY 7 7 100.00% $1,567

414 Franklin, Buffalo, NY 3 3 100.00% $1,543

351 Linwood, Buffalo, NY 4 4 100.00% $1,151

Commodore, 1240 Delaware,

Buffalo, NY 66 65 98.48% $ 591

Sherwood, 140 Linwood,

Buffalo, NY 60 60 100.00% $ 895

TOTAL 194 190 97.94% $1,047 1,405 $ 1.21


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DeveloperQualifications

The Giacomo


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A 20-story, mixed-use project in downtown Niagara Falls that includes a 38-room

boutique hotel, 24 luxury apartments and 5,000 square feet of office space.

The Giacomo


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The Giacomo


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The Pasquale


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13-story condominium building in Waterfront Village that includes

49 condominium units and a 2-level fully-enclosed parking ramp.

The Belesario


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8-story mixed-use commercial and residential development

24 luxury loft apartments and 30,000 square feet of office and commercial space

The Belesario


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Wyndham Garden - Amherst


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$30 Million mixed-use project under construction at 5195 Main Street,

Amherst, NY

120 Room Hotel33 High-end Apartments

3,500 square feet of retail Space

3,000 square feet of Restaurant Space

Fitness Center

Indoor Pool

Spa Facility

Parking Garage

Project Schedule


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Preferred Developer Designation August 15, 2012

Due Diligence Review September 15, 2012

Purchase Property October 15, 2012

Brownfield Program November 15, 2012

Conceptual Design Phase November 15, 2012

Site Plan Approval January 15, 2013

Construction Drawings February 15, 2013Permits and Approvals April 15, 2013

Bidding April 15, 2013

Start Construction May 25, 2013

Complete Project December 1, 2014

Development Approach


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p pp

Recognize and respect various stakeholders

Hold Informational Meetings and Public hearings

Create a Project Website Plans, Progress, Comments and Updates

M/WBE Participation

- Equal Opportunity Employer

Minorities - 24.79%Women 47%

- Comply with Good Faith Guidelines in Utilization Plan

Appendix


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pp

Sales Price


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$1.5 Million (approximately $20.00 per square foot)

Credit 50% of the unrecovered clean-up costs

Subject to fair market appraisal

Brownsfield Credit


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Remediation Credit:

25% of eligible remediation costs

Tangible Property Credit Equal to the lesser of:

(a) 3x the eligible remediation costs or

(b) 10% of the cost of the project

Brownfield Credit


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Example:

Remediation Credit:

Eligible remediation costs $2,000,000

Total Project costs 65,000,000Rehabilitation credit

Eligible rehabilitation costs $2,000,000

Percentage x .25

Rehabilitation credit $500,000

Tangible Property Credit:

(a)Eligible rehabilitation costs $2,000,000

x 3

$6,000,000

(b)Total Project Costs $65,000,000

x .10

6,500,000

Webster Block Llc Proposal

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