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19 <br /> SECTION V <br />RESIDENTIAL PROJECTS PROPOSED IN THE SPECIFIC PLAN <br /> <br /> <br /> <br />Related Bristol at 3600 South Bristol Street September 2023 <br />Draft Market Study Report <br /> <br />www.FinanceDTA.com <br />Table 8: Confirmation that Product Mix is Achievable <br />Description 50% Lot <br />Coverage <br />60% Lot <br />Coverage <br />70% Lot <br />Coverage <br />80% Lot <br />Coverage <br />Lot Coverage % 50.00% 60.00% 70.00% 80.00% <br />Size 1.00 AC 1.00 AC 1.00 AC 1.00 AC <br />Building SF (Coverage) 21,780 SF 26,136 SF 30,492 SF 34,848 SF <br />Building Floors 8 8 8 8 <br />Building SF per Acre 174,240 SF 209,088 SF 243,936 SF 278,784 SF <br />First Floor Retail (21,780) (26,136) (30,492) (34,848) <br />Residential SF 152,460 SF 182,952 SF 213,444 SF 243,936 SF <br />Non-Rentable SF 15.00% 15.00% 15.00% 15.00% <br />Rentable SF 129,591 SF 155,509 SF 181,427 SF 207,346 SF <br />Average Unit Size 900 SF 900 SF 900 SF 900 SF <br />Total Units 143 DU 172 DU 201 DU 230 DU <br />Total Units per Acre 143/AC 172/AC 201/AC 230/AC <br />Table 5 suggests that the average for multifamily products within the 2-Mile Zone is 893 SF. It also indicates that the product mix of studio, <br />one-bedroom, two-bedroom, and three-bedroom units varies from product to product. DTA rounded the size of each unit to 900 SF, <br />allowing the Developer to determine a future preferred product mix. <br />Since 2014, there have been less than 1,100 multifamily units built-out in the 2-Mile Zone marketplace, with the most recent being The <br />Bloom, a 226-unit project on Sunflower Avenue. The Project was absorbed as soon as the units were available to the public. The Specific <br />Plan will be delivering 3,750 units beginning in 2026 and ending in 2035, a period of 10 years requiring the absorption of about 370 units <br />per year. Based upon the low vacancy in the 2-Mile Zone, DTA believes the market should be able to absorb these units as they are <br />delivered. <br />DTA evaluated many multifamily sites over the past 40 years and has applied our experience to determine the value of a single unit and <br />each proposed unit. The first step in evaluating a multifamily building is to make estimates related to revenues and expenses. DTA <br />assumed an average unit size of 900 SF and a rental rate of $3.50 per SF, which we increased by 4.0% to account for rent premiums related <br />to the urban village character of the Project, community amenities, and height attributes. DTA assumed a vacancy rate of 5.0% and <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 542 9/17/2024