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14 <br /> SECTION III <br />PROJECT ASSUMPTIONS <br /> <br /> <br /> <br />Related Bristol at 3600 South Bristol Street September 27, 2023 <br />Land Residual Value Study Report <br /> <br />www.FinanceDTA.com <br />III PROJECT ASSUMPTIONS <br />A Cost Assumptions <br />In preparing the cost estimate, DTA reviewed similar projects in the local marketplace, City <br />planning and engineering standards, planning fees, and DIFs. <br />It should be noted that the vertical budget for retail uses includes tenant improvement and <br />special equipment allowances. <br />B Land Residual Basic Assumptions <br />Below is a summary of the Project by phase. <br />Table 13: Product Summary by Product and Phase <br />Product Mix Phase 1 Phase 2 Phase 3 Total <br />Apartment 2,376 DU 797 DU 577 DU 3,750 DU <br />Commercial 158,655 SF 75,112 SF 116,233 SF 350,000 SF <br />Hotel 140,000 SF 0 SF 0 SF 140,000 SF <br />Congregate 192,000 SF 0 SF 0 SF 192,000 SF <br />Parking Spaces 1,788 Spaces 664 Spaces 1,444 Spaces 3,896 Spaces <br />We prepared budgets for each cost category by phase and product type. <br />1. We did not include any land costs in the analysis since the property is not being <br />purchased, but we have been informed that the property is subject to a 99-year <br />ground lease. We have also been informed that the lease payments during <br />construction are “negligible.” <br />2. Land improvement indirect costs include civil engineering, soils engineering, <br />environmental processing, development consulting, planning fees, deposits, <br />permits, DIFs, bonds, mitigation costs, water purchase, easement acquisition, and the <br />lot improvement indirect contingency. <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 499 9/17/2024