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Appendix A Document copies
<br />Development Feasibility Analysis
<br />PROGRAM
<br />Site Area
<br />14.7 acres
<br />Height
<br />6 stories
<br />Density
<br />75 DU/AC
<br />1.88 FAR
<br />Built Area
<br />1,204,209 GBAsq.fi.
<br />79% efficiency
<br />949,735
<br />NLAsq.R.
<br />Residential
<br />1,115,320 GBAsq.fi.
<br />80% efficiency
<br />869,735
<br />NLAsq.R.
<br />Retail
<br />88,889 GBAsq:fi.
<br />90% efficiency
<br />80,000
<br />NLAsq.R.
<br />Club/Fitriess/Rec
<br />28,151
<br />Room Mix
<br />Studio
<br />228 units
<br />657 NLAsq.R./unit
<br />One -Bedroom
<br />574 units
<br />713 NLAsq.R./unit
<br />Two -Bedroom
<br />283 units
<br />1,031 NLAsq.R./unit
<br />Three -Bedroom
<br />15 units
<br />1242 NLAsq.R./unit
<br />Total
<br />1,100
<br />791
<br />Parking
<br />Residential (Resident)
<br />1,100 1.7 stall/unit
<br />1,857 stalls
<br />Residential (Guest)
<br />1 100 0.0 stall/unit
<br />0 stalls
<br />Total Residential
<br />1.7 stall/unit
<br />1,857 stalls
<br />Retail
<br />5.0 /1,000 NLAsq.fi.
<br />400 stalls
<br />2,147 stalls
<br />Parking Type
<br />Surface
<br />84 stalls
<br />Structured
<br />2,059 stalls
<br />REVENUE
<br />Residential
<br />Studio
<br />$3.30 NLA/sq.R.
<br />$2,169 /unitlmonth
<br />228 units
<br />$5,935,382
<br />One -Bedroom
<br />$3.03 NLA/sq.R.
<br />$2,162 /unitlmonth
<br />574 units
<br />$14,889,593
<br />Two -Bedroom
<br />$2.75 NLA/sq.R.
<br />$2,835 /unitlmonth
<br />283 units
<br />$9,626,669
<br />Three -Bedroom
<br />2.60 NLA/sq.R.
<br />$3,229 /unitlmonth
<br />15 units
<br />$581,256
<br />Gross Potential Revenue
<br />$2.97 NLA/sq.R.
<br />1100 units
<br />$31,032,900
<br />(less) Vacancy
<br />5.00%
<br />($1,551,645)
<br />(less) Operating Expenses
<br />30.00%
<br />($9,309,870)
<br />(less) Capital Reserves
<br />2.00%
<br />($620.658)
<br />Residential NOI
<br />$19,550,727
<br />Capitalized Value of NOI*
<br />4.00% cap rate
<br />$488,768,176
<br />(less) Cost of Sale
<br />2.00%
<br />($9.775.364)
<br />Net Residential Value
<br />$478,992,813
<br />Retail
<br />NNN Rental Revenue
<br />$2.50 NLA/sq.R.
<br />$2,400,000
<br />(less) leasing fee
<br />4.0% NNN Rent
<br />($96,000)
<br />(less)Vacancy
<br />5.00%
<br />($115,200)
<br />(less) Non-reimb. Exp.
<br />5.00%
<br />($115.200)
<br />Retail NOI
<br />$2,073,600
<br />Capitalized Value of NOI*
<br />6.50% cap rate
<br />$31,901,538
<br />(less) Cost of Sale
<br />3.00%
<br />($957.046)
<br />Net Retail Value
<br />$30.944A92
<br />TOTAL VALUE
<br />4.2% implied cap rate
<br />$509,937,305
<br />75C-659
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