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27
<br /> SECTION V
<br />LAND IMPROVEMENT DIRECT
<br />COSTS
<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 />Table 36: Landscaping Estimate
<br />Landscaping Phase 1 Phase 2 Phase 3 Total
<br />Apartment $353,470 $199,305 $307,175 $859,950
<br />Commercial $31,050 $0 $0 $31,050
<br />Hotel $21,225 $0 $0 $21,225
<br />Congregate $10,875 $0 $0 $10,875
<br />Amenity $2,572,500 $9,325 $5,355,275 $7,937,100
<br />Landscaping $2,989,120 $208,630 $5,662,450 $8,860,200
<br />K Common Costs
<br />The common cost category includes an allowance for the multifamily units at $500 per unit
<br />and an allowance for a community center to be built adjacent to the Bristol Central Park for
<br />a total of $5,400,000.
<br />Table 37: Common Costs Allowance
<br />Common Costs Phase 1 Phase 2 Phase 3 Total
<br />Apartment $1,188,000 $398,500 $288,500 $1,875,000
<br />Amenity $0 $0 $5,400,000 $5,400,000
<br />Common Costs $1,188,000 $398,500 $5,688,500 $7,275,000
<br />L Project Amenities
<br />The Project amenities include the construction of a police station to be located on-site.
<br />Table 38: Project Amenity Allowance
<br />Project Amenities Phase 1 Phase 2 Phase 3 Total
<br />Police Station $3,000,000 $0 $0 $3,000,000
<br />Project Amenities $3,000,000 $0 $0 $3,000,000
<br />M Parking
<br />In the parking space category, we include above-grade, surface, and below-grade spaces.
<br />DTA was not able to discern the specifications for the parking facilities, so we estimated the
<br />costs based upon typical costs but reduced the unit costs since there would be an economy
<br />of scale for the larger facilities. Typical parking spaces have column spacing at 24 feet for
<br />parking under high-rise buildings and 60 feet of spacing for low-rise and spaces without
<br />buildings located overhead. The above-grade spaces are priced at $30,000 per space,
<br />surface spaces at $4,000 per space, and below-grade spaces at $35,000 per space. Below is
<br />the distribution of the individual spaces. Parking spaces will be shared among the various
<br />product types based upon the time of day the spaces are required.
<br />
<br />Exhibit 10
<br />
<br />
<br />City Council 22 – 512 9/17/2024
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