Laserfiche WebLink
32 <br /> SECTION VII <br />HOSPITALITY <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 14: Hotel Construction Costs <br />Project Costs Percentage Per Room Per SF Total <br />Rooms/Total SF 250 Rooms 140,000 SF <br />Room SF 100,000 SF <br />Land $0 $0.00/SF $0 <br />Vertical Costs $197,960/DU $353.50/SF $49,490,000 <br />Land Development Soft Costs $3,699/DU $6.60/SF $924,634 <br />Lot Development Direct Costs $18,897/DU $33.75/SF $4,724,369 <br />Share of Backbone Costs $7,106/DU $12.69/SF $1,776,413 <br />Indirect Costs 4.00% $19,872/DU $35.49/SF $4,968,016 <br />Marketing and Sales 2.00% $378/DU $0.68/SF $94,619 <br />Finance Costs 5.00% $9,501/DU $16.97/SF $2,375,290 <br />Total Costs $257,413/DU $459.67/SF $64,353,341 <br />A Hospitality Summary <br />We believe the 2-Mile Zone could accommodate another Upper Upscale since the hotel occupancy in the <br />2-Mile Zone is close to 75% and has strong RevPAR characteristics. Below is a summary indicating that <br />the “Excess of Value over Costs” for the proposed hotel is 32%, a margin that in a normal market would <br />attract a developer and investors to finance the construction of a hotel property. <br />Table 15: Excess of Value Over Costs <br />Description Estimate Percent <br />Hotel Value $94,619,000 100.00% <br />Hotel Costs ($64,353,000) (68.01%) <br />Excess of Value over Costs $30,266,000 31.99% <br />B Congregate Care <br />A congregate care facility focuses on providing a stable environment for people who have difficulty in <br />living independently related to physical, emotional, or social abilities. Since each tenant in a congregate <br />care facility has different needs, these facilities offer various services to assist them. Congregate care <br />residences generally receive care tailored to their specific needs, thereby providing a maintenance-free <br />lifestyle. The types of care available include well-balanced meals, physical and mental stimulation, <br />establishment of a purpose for life, social interaction, and the provision of stimulation for the the mind <br />and body to achieve a more comfortable life for a person requiring their services. <br />The primary difference between assisted living facilities and nursing homes is the medical services <br />provided. Residents in an assisted living facility often live independently in their own units whereas <br />tenants in a nursing home usually require around-the-clock medical support or monitoring. <br />The services that congregate care facilities offer vary by facility but may include the amenities listed below. <br /> Personalized service up to 24 hours a day; Housekeeping services; <br /> Individual care planning: Utilities and basic cable; <br /> Up to three meals a day; In-home maintenance; <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 555 9/17/2024