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MNov. "
<br /> Redwood City Incentive Zoning/Community Benefits Program 9.A. - Page 25
<br /> Figure 5 Mid-Rise Office Campus Pro Forma Analysis
<br /> DEVELOPMENT PROGRAM ASSUMPTIONS
<br /> Site(Square Feet) 950,000
<br /> FAR 1.2
<br /> Gross Building Area(Square Feet) 1,140,000
<br /> Rentable Area(Square Feet) 90% of GBA 1,026,000
<br /> Structured Parking Spaces 2,850
<br /> Suface Parking Spaces 1,140
<br /> BUILDING VALUE
<br /> Gross Potential Rent(FS) $6.00 per SF/Month $73,872,000
<br /> Losses to Vacancy 5.0% of GPR -$3,693,600
<br /> Collection Losses 0.0% of GPR $0
<br /> Losses to Concessions 0.0% of GPR $0
<br /> Other Revenue(Parking) $0 per Space/Month $0
<br /> Gross Revenue $70,178,400
<br /> Operating Expenses $2.00 per SF/Month -$24,624,000
<br /> Net Operating Income $45,554,400
<br /> Building Value 6.00% Capitalization Rate $759,240,000
<br /> Disposition Cost 3.0% of Building Value -$22,777,200
<br /> Net Building Value $736,462,800
<br /> PROJECT COSTS
<br /> Construction Costs
<br /> Basic Site Work $20 per site SF $19,000,000
<br /> Building Direct Cost $260 Cost/SF(GBA) $296,400,000
<br /> Structured Parking Direct Cost $20,000 per Space $57,000,000
<br /> Total Construction Cost $372,400,000
<br /> Soft Costs
<br /> Architecture and Engineering 1.0% of Construction Cost $3,724,000
<br /> Other Professional Services 1.0% of Construction Cost $3,724,000
<br /> Permits and Fees $13 per Square Foot(GBA) $14,820,000
<br /> Taxes and Insurance 2.0% of Construction Cost $7,448,000
<br /> Financing 4.0% of Construction Cost $14,896,000
<br /> Marketing/Leasing 3.0% of 10-Year Lease Value $21,053,520
<br /> Developer Fee(overhead) 4.0% of Construction Cost $14,896,000
<br /> Total Soft Costs $80,561,520
<br /> Other Project Costs
<br /> Development Contingency 10.0% of Hard and Soft Costs $45,296,152
<br /> Land Cost 20.0% of Building Value $151,848,000
<br /> Developer ROI 10.0% of All Project Costs $65,010,567
<br /> Total Other Costs $262,154,719
<br /> Total Project Cost $715,116,239
<br /> COMMUNITY BENEFITS
<br /> Estimate of Potential Community Benefits Value $21,346,561
<br /> Per Square Foot(GBA) $18.73
<br /> P:\141000s\141053RedwoodCity\Deliverable\Financial Analysis Memo 11 2614.docx
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