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8.A. - Page 25 of 36 <br />Table A-2: Residual Land Value and Development Feasibility Summary <br />High Density Office Project' High Density Office with Housing' Lower Density Office' High -Density Housing' Lower Density Housings <br />Project Financial Parameter Office Retail Tota 12 Market Rate Office Total' Office Total' Market Rate Tota 12 Market Rate Tota 12 <br />Housing Housing Housing <br />Development Program (sq. ft.) <br />Gross Sq.Ft. 1,392,545 <br />175,000 <br />1,567,545 <br />1,200,000 <br />300,000 <br />1,675,000 <br />696,273 <br />871,273 <br />960,809 <br />1,135,809 <br />495,575 <br />670,575 <br />Rentable Sq. Ft. 1,322,918 <br />170,000 <br />1,492,918 <br />1,140,000 <br />255,000 <br />1,565,000 <br />661,459 <br />831,459 <br />816,688 <br />986,688 <br />421,239 <br />591,239 <br />Vertical Development Financial Performance <br />Net Operating Income (Per Bldg Sq. Ft.) $84 <br />$45 <br />$84 <br />$41 <br />$84 <br />$41 <br />$41 <br />Yield Rate 8.0% <br />7.0% <br />8.00% <br />5.25% <br />8.00% <br />5.25% <br />5.25% <br />Developed Value (Per Bldg Sq. Ft.) $1,049 <br />$639 <br />$1,049 <br />$776 <br />$1,049 <br />$778 <br />$778 <br />Development Cost Excluding Land (per BSF)' $772 <br />$810 <br />$773 <br />$574 <br />$772 <br />$801 <br />$594 <br />Residual Land Value Estimate (excludes site acquisition and improvement) <br />Per Bldg Sq. Ft. $277 <br />($171) <br />$227 <br />$275 <br />$201 <br />$215 <br />$277 <br />$187 <br />($23) <br />($46) <br />$184 <br />$91 <br />Per Land Sq. Ft. $697 <br />($57) <br />$640 <br />$596 <br />$115 <br />$655 <br />$348 <br />$291 <br />($42) <br />($99) <br />$173 <br />$116 <br />Site Acquisition and Improvement Costs per Land Sq. Ft. <br />$620 <br />$620 <br />$620 <br />$620 <br />$620 <br />Project Viability <br />Likely Viable <br />Likely Viable <br />Not Viable <br />Not Viable <br />Not Viable <br />[1] Financial analysis excludes stand alone affordable housing project which is assumed to rely on tax credits and dedicated land <br />[2] Identical retail development is assumed in the residual land value calculations for all four scenarios using the same values. <br />[3] Includes cost of below grade parking for all alternatives at current City parking standards. <br />Sources: City of Redwood City; EPS, Lowe Development, CoStar. <br />217 <br />