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SECTION I
<br />PROJECT INFORMATION
<br />
<br />Related Bristol at 3600 South Bristol Street September 27, 2023
<br />Land Residual Value Study Report
<br />www.FinanceDTA.com
<br />Table 3: Summary of LRV by Phase
<br />Description Quantity Phase 1 Phase 1 - % Phase 2 Phase 2 - % Phase 3 Phase 3 - % Total Total
<br />Revenues
<br />Apartment 3,750 DU $1,183,134,000 77.23% $396,868,000 86.87% $287,318,000 73.97% $1,867,320,000 78.55%
<br />Commercial 350,000 SF $99,921,000 6.52% $46,680,000 10.22% $72,236,000 18.60% $218,837,000 9.21%
<br />250 Rooms $94,619,000 6.18% $0 0.00% $0 0.00% $94,619,000 3.98%
<br />Congregate 200 Rooms $106,470,000 6.95% $0 0.00% $0 0.00% $106,470,000 4.48%
<br />Parking Structures 3,896 Spaces $47,860,000 3.12% $13,280,000 2.91% $28,880,000 7.43% $90,020,000 3.79%
<br />Total Revenues $1,532,004,000 100.00% $456,828,000 100.00% $388,434,000 100.00% $2,377,266,000 100.00%
<br />Costs
<br />Apartment $897,332,000 75.84% $307,937,000 77.59% $231,494,000 80.57% $1,436,763,000 76.94%
<br />Commercial $38,378,000 38.41% $19,885,000 42.60% $32,433,000 44.90% $90,696,000 41.44%
<br /> $71,326,000 75.38% $0 0.00% $0 0.00% $71,326,000 75.38%
<br />Congregate $69,462,000 65.24% $0 0.00% $0 0.00% $69,462,000 65.24%
<br />Parking Structures $52,404,000 109.49% $18,084,000 136.17% $40,636,000 140.71% $111,124,000 123.44%
<br />Total Costs $1,128,902,000 73.69% $345,906,000 75.72% $304,563,000 78.41% $1,779,371,001 74.85%
<br />NAV
<br />Apartment $285,802,000 24.16% $88,931,000 22.41% $55,824,000 19.43% $430,557,000 23.06%
<br />Commercial $61,543,000 61.59% $26,795,000 57.40% $39,803,000 55.10% $128,141,001 58.56%
<br /> $23,293,000 24.62% $0 0.00% $0 0.00% $23,293,000 24.62%
<br />Congregate $37,008,000 34.76% $0 0.00% $0 0.00% $37,008,000 34.76%
<br />Parking Structures ($4,544,000) (9.49%) ($4,804,000) (36.17%) ($11,756,000) (40.71%) ($21,104,000) (23.44%)
<br />Excess of NAV Over Costs $403,102,000 26.31% $110,922,000 24.28% $83,871,000 21.59% $597,895,002 25.15%
<br />
<br />Exhibit 10
<br />
<br />
<br />City Council 22 – 490 9/17/2024
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