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8
<br /> SECTION II
<br />LRV OF THE PROJECT
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<br />Related Bristol at 3600 South Bristol Street September 27, 2023
<br />Land Residual Value Study Report
<br />
<br />www.FinanceDTA.com
<br />II LRV OF THE PROJECT
<br />DTA prepared a market study, dated July 3, 3023, for the residential, retail, hotel, and
<br />congregate care products included in the Project. The Project’s NAV is summarized below.
<br />Table 6 : NAV of the Project
<br />Description Quantity Phase 1 Phase 2 Phase 3 Total
<br />Apartment 3,750 DU $1,183,134,000 $396,868,000 $287,318,000 $1,867,320,000
<br />Commercial 350,000 SF $99,921,000 $46,680,000 $72,236,000 $218,837,000
<br />Hotel 250 Rooms $94,619,000 $0 $0 $94,619,000
<br />Congregate 200 Rooms $106,470,000 $0 $0 $106,470,000
<br />Parking Structures $47,860,000 $13,280,000 $28,880,000 $90,020,000
<br />Total Revenues $1,532,004,000 $456,828,000 $388,434,000 $2,377,266,000
<br />Below is a summary of the NAV for residential uses.
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<br />Exhibit 10
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<br />
<br />City Council 22 – 493 9/17/2024
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