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November 26, 2014
<br /> 9.A. - Page 28 icentive Zoning/Community Benefits Program Page 12
<br /> Figure 8 Residential Tower Pro Forma Analysis
<br /> DEVELOPMENT PROGRAM ASSUMPTIONS
<br /> Site(Square Feet) 105,000
<br /> Dwelling Units 470
<br /> Gross Building Area(Square Feet) 1,000 per Unit 470,000
<br /> Rentable Area(Square Feet) 85% of GBA 399,500
<br /> Structured Parking Spaces 564
<br /> Suface Parking Spaces 0
<br /> BUILDING VALUE
<br /> Gross Potential Rent(FS) $4.50 per SF/Month $21,573,000
<br /> Losses to Vacancy 5.0% of GPR -$1,078,650
<br /> Collection Losses 0.0% of GPR $0
<br /> Losses to Concessions 0.0% of GPR $0
<br /> Other Revenue(Parking) $50 per Space/Month $338,400
<br /> Gross Revenue $20,832,750
<br /> Operating Expenses $1.50 per SF/Month -$7,191,000
<br /> Net Operating Income $13,641,750
<br /> Building Value 5.00% Capitalization Rate $272,835,000
<br /> Disposition Cost 3.0% of Building Value -$8,185,050
<br /> Net Building Value $264,649,950
<br /> PROJECT COSTS
<br /> Construction Costs
<br /> Basic Site Work $20 per site SF $2,100,000
<br /> Building Direct Cost $240 Cost/SF(GBA) $112,800,000
<br /> Structured Parking Direct Cost $20,000 per Space $11,280,000
<br /> Total Construction Cost $126,180,000
<br /> Soft Costs
<br /> Architecture and Engineering 5.5% of Construction Cost $6,939,900
<br /> Other Professional Services 5.5% of Construction Cost $6,939,900
<br /> Permits and Fees $20,000 per Dwelling Unit $9,400,000
<br /> Taxes and Insurance 2.0% of Construction Cost $2,523,600
<br /> Financing 4.0% of Construction Cost $5,047,200
<br /> Marketing/Leasing 3.0% of Construction Cost $3,785,400
<br /> Developer Fee(overhead) 4.0% of Construction Cost $5,047,200
<br /> Total Soft Costs $39,683,200
<br /> Other Project Costs
<br /> Development Contingency 10.0% of Hard and Soft Costs $16,586,320
<br /> Land Cost 20.0% of Building Value $54,567,000
<br /> Developer ROI 10.0% of All Project Costs $23,701,652
<br /> Total Other Costs $94,854,972
<br /> Total Project Cost $260,718,172
<br /> COMMUNITY BENEFITS
<br /> Estimate of Potential Community Benefits Value $3,931,778
<br /> Per Square Foot(GBA) $8.37
<br /> P:\141000s\141053RedwoodCity\Deliverable\Financial Analysis Memo 11 2614.docx
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