Item 26 - Public Hearing Regarding Bristol Project

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SECTION VII ta www.FinanceDTA.com • Communal dining; • Full-time nursing; ■ Assistance with medication; ■ Emergency response system; ■ Assistance with dressing; • Assistance with bath and showers; • On -site physical therapy; • Laundry services; • Calendar of social activities; • Education programs; • Fitness and wellness center; • Salon and spa; ■ Transportation; ■ Concierge services; • Resident group activities; and • Access to community amenities. HOSPITALITY Since the Specific Plan does not specify the type of congregate care facility that will be constructed, we chose a facility providing similar serves to others in the neighborhood, including facilities near Hoag Hospital in Newport Beach. We chose the Hoag Hospital area since we believe those living in the Hoag Hospital area would find the Urban Village a representative alternative. As with other products included in the Specific Plan, the Specific Plan discusses the concept of congregate care but does go into detail describing a specific program. Therefore, we envisioned a product line with several floor plans ranging from studio apartments up to two -bedroom units. The program would also include many of the amenities listed above. We reviewed data provided by CoStar, but due to the absence of a detailed congregate care facility description in the Specific Plan, we made some broad assumptions of future intents for the facility. According to Senior Housing Net website, the costs of living in California in a congregate care community throughout the state are: Assisted Living: $5,250 Independent Living: $3,413 Memory Care: $6,563 Nursing Home Care: $9,794 Based upon reviewing CoStar and the estimates from Senior Housing Net, we estimated an average monthly rent of $7,500. For our calculations, we chose a vacancy rate of 5%. We also estimated that the average room size would be 800 SF, allowing for a combination of studio, one -bedroom, and two -bedroom units. In addition to basic rent, a typical congregate care offers services and amenities to its tenants for an additional fee. These include food and beverage services, salon and spa services, transportation, etc. Based upon our estimates, we determined NOI and then an NAV for this asset class shown below Table 16: Congregate Care NAV Per Room Description per Month Total Per Month Annual from Rooms $7,500 $1,500,000 $18,000,000 Vacancy ($375) ($75,000) ($900,000) Revenues After Vacancy $7,125 $1,425,000 $17,100,000 Revenues From Services $3,420 $684,000 $8,208,000 Related Bristol at 3600 South Bristol Street Draft Market Study Report September 2023 Exhibit 10 33