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SECTION V <br />taRESIDENTIAL PROJECTS PROPOSED IN THE SPECIFIC PLAN <br />www.FinanceDTA.com <br />Table 8: Confirmation that Product Mix is Achievable <br />FhL7--O% L <br />60% Lot <br />0% Lot <br />verage <br />Lot Coverage % <br />50.00% <br />60.00% <br />70.00% <br />80.00% <br />Size <br />1.00 AC <br />1.00 AC <br />1.00 AC <br />1.00 AC <br />Building SF (Coverage) <br />21,780 SF <br />26,136 SF <br />30,492 SF <br />34,848 SF <br />Building Floors <br />8 <br />8 <br />8 <br />8 <br />Building SF per Acre <br />174,240 SF <br />209,088 SF <br />243,936 SF <br />278,784 SF <br />First Floor Retail <br />(21,780) <br />(26,136) <br />(30,492) <br />(34,848) <br />Residential SF <br />152,460 SF <br />182,952 SF <br />213,444 SF <br />243,936 SF <br />Non -Rentable SF <br />15.00% <br />15.00% <br />15.00% <br />15.00% <br />Rentable SF <br />129,591 SF <br />155,509 SF <br />181,427 SF <br />207,346 SF <br />Average Unit Size <br />900 SF <br />900 SF <br />900 SF <br />900 SF <br />Total Units <br />143 DU <br />172 DU <br />201 DU <br />230 DU <br />Total Units per Acre <br />143/AC <br />172/AC <br />201/AC <br />230/AC <br />Table 5 suggests that the average for multifamily products within the 2-Mile Zone is 893 SF. It also indicates that the product mix of studio, <br />one -bedroom, two -bedroom, and three -bedroom units varies from product to product. DTA rounded the size of each unit to 900 SF, <br />allowing the Developer to determine a future preferred product mix. <br />Since 2014, there have been less than 1,100 multifamily units built -out in the 2-Mile Zone marketplace, with the most recent being The <br />Bloom, a 226-unit project on Sunflower Avenue. The Project was absorbed as soon as the units were available to the public. The Specific <br />Plan will be delivering 3,750 units beginning in 2026 and ending in 2035, a period of 10 years requiring the absorption of about 370 units <br />per year. Based upon the low vacancy in the 2-Mile Zone, DTA believes the market should be able to absorb these units as they are <br />delivered. <br />DTA evaluated many multifamily sites over the past 40 years and has applied our experience to determine the value of a single unit and <br />each proposed unit. The first step in evaluating a multifamily building is to make estimates related to revenues and expenses. DTA <br />assumed an average unit size of 900 SF and a rental rate of $3.50 per SF, which we increased by 4.0%to account for rent premiums related <br />to the urban village character of the Project, community amenities, and height attributes. DTA assumed a vacancy rate of 5.0% and <br />Related Bristol at 3600 South Bristol Street <br />Draft Market Study Report <br />Exhibit 10 <br />September 2023 <br />19 <br />