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Santa Ana Redhill Development
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<br />Prepared for: City of Santa Ana
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<br />AECOM
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<br />The Project RLV Model (continued)
<br />DEVELOPMENT COSTS
<br />Direct Costs
<br />Site Work $15 /sq.ft.$9,598,446
<br />Parking
<br />Surface $3,500 /stall $294,000
<br />Structured $25,000 /stall $51,475,000
<br />Subtotal $51,769,000
<br />Residential
<br />Site 93%pro rata based on GBA $8,889,935
<br />Parking 82%pro rata based on stalls $42,594,166
<br />Construction $180 /GBA sq.ft.$200,757,642
<br />Subtotal $252,241,743
<br />Retail
<br />Site 7%pro rata based on GBA $708,511
<br />Parking 18%pro rata based on stalls $9,174,834
<br />Construction $110 /GBA sq.ft.$9,777,778
<br />TI/TA $40 /NLA sq.ft.$3,200,000
<br />Subtotal $22,861,122
<br /> Total Direct Costs $275,102,866
<br />Indirect Costs
<br />LEED Certification 3.0%$8,253,086
<br />Permits and Fees 8%/GBA sq.ft.$22,008,229
<br />Legal 1.0%of Direct Costs $2,751,029
<br />Insurance and Warranty 2.0%of Direct Costs $5,502,057
<br />Architecture and Engineering 7.0%of Direct Costs $19,257,201
<br />Developer Fee 5.0%of Direct Costs $13,755,143
<br />G&A 2.5%of Direct Costs $6,877,572
<br />Subtotal Indirect Costs $78,404,317
<br />Residential 92%pro rata based on DC $71,888,897
<br />Retail 8%pro rata based on DC $6,515,420
<br />Financing***1.5 year(s) construction period $14,228,664
<br />Residential 92%pro rata based on DC $13,046,258
<br />Retail 8%pro rata based on DC $1,182,406
<br />Contingency 5.0%$18,386,792
<br />Residential 92%pro rata based on DC $16,858,845
<br />Retail 8%pro rata based on DC $1,527,947
<br />Profit as a % of Total Costs (Before Land)15%$57,918,396
<br />Residential 92%pro rata based on DC $53,105,361
<br />Retail 8%pro rata based on DC $4,813,034
<br /> Total Indirect Costs $168,938,169
<br />TOTAL COSTS (Direct + Indirect)
<br />Residential $407,141,105
<br />Retail $36,899,930
<br />$444,041,035
<br />RESIDUAL LAND VALUE
<br />Residential $71,851,708
<br />Retail ($5,955,438)
<br />Net RLV $65,896,270
<br />Per Acre $4,485,791
<br />Per Land Square Foot $103
<br />Per Gross Building Square Foot $55
<br />Per Net Building Square Foot $69
<br />RLV as % of Total Costs 15%
<br />*CBRE Retail Cap Rate Orange County H1 2019 for Class A: 4-4.5
<br />**CBRE Retail Cap Rate Orange County H1 2019 for Class B: 6.25-6.75
<br />***Construction financing assumptions:60% LTC, 4.5% interest, 2%fee, 50% avg. balance
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