Team Summary Board1

2011 ULI Hines Student Urban Design Competition

Team 2301

1. Summary Pro Forma

Year 0
2011-2012
Net Operating Income
Market-rate Rental Housing $
Affordable Rental Housing $
Market-rate Retail $
Affordable Retail $
Institutional/Educational $
Structured Parking $
Total Net Operating Income
$
Development Costs
Market-rate Rental Housing $
Affordable Rental Housing $
Retail (ALL) $
Institutional/Educational $
Structured Parking $
Demolition $
Bus Loop Land $
Total Development Costs
$
Annual Cash Flow
Net Operating Income
Total Asset Value
Total Costs of Sale
Total Development Costs $
Net Cash Flow
Debt Service
Unlevered Net Present Value @10%
Loan to Value Ratio (LVR)
Unleverd IRR Before Taxes
Levered IRR Before Taxes

Phase I
2013
- $
- $
- $
- $
- $
- $
- $

2014

PhaseIII
2016

Phase IV
2017

Phase V
2018

$
$
$
$
$
$
$

$
$
$
$
$
$
$

$
$
$
$
$
$
$

$
$
$
$
$
$
$

6,191,589
507,156
3,011,317
243,569
1,002,230
361,970
11,317,832

$ 10,723,352 $ 14,465,884
$
894,912 $ 1,203,338
$ 3,425,537 $ 3,537,204
$
305,009 $
316,066
$ 1,039,355 $ 1,952,142
$
386,246 $
397,834
$ 16,774,411 $ 21,872,468

$ 44,700,338 $
$ 4,966,704 $
$ 1,019,107 $
$
- $
$
- $
$
632,748 $
$
- $
$ 51,318,897 $

40,828,664
4,536,518
7,298,464
284,831
52,948,477

$ 22,030,956 $
$ 2,447,884 $
$
- $
$ 7,517,418 $
$
- $
$
- $
$
- $
$ 31,996,258 $

958,768
82,070
847,649
38,961
355,179
71,440
2,354,067

1,523,089
132,836
1,269,444
73,629
570,406
103,017
3,672,421

2,808,565
222,512
2,277,359
176,591
834,160
313,485
6,632,674

2019

2020

2021

$
$
$
$
$
$
$

$ 10,258,807 $
$ 1,209,285 $
$ 6,758,651 $
$ 3,084,534 $
$ 1,352,925 $
$
280,197 $
$
- $
$ 22,944,398 $

10,566,571
1,245,564
6,961,411
3,177,070
1,393,512
23,344,127

$ 37,490,268 $ 63,689,876
$ 4,165,585 $ 7,076,653
$ 6,143,559 $ 7,317,290
$ 2,073,718 $ 2,135,929
$ 2,395,117 $ 2,466,971
$
522,469 $
679,237
$
- $
$ 52,790,715 $ 83,365,956

$
- $
$
- $
$
- $
1,510,212 $ 22,944,398 $
$
- $
$
572,128 $
$ 8,900,277
75%
10.84%
23.76%

23,344,127
1,628,365

$ 2,354,067 $ 3,672,421 $ 6,632,674

$ 35,620,035 $ 55,574,793 $ 100,220,190
$ 1,068,601 $ 1,667,244 $ 3,006,606
$ 52,790,715 $ 83,365,956 $ 51,318,897
$ 2,354,067 $ 3,672,421 $ 6,632,674
$ 3,432,209 $ 6,909,564 $ 9,935,189
Leveraged Net Present Value @23.5%

$ 11,317,832 $ 16,774,411 $ 21,872,468

$ 171,974,992 $ 255,811,542 $ 333,206,692
$
5,159,250 $ 7,674,346 $ 9,996,201
$ 52,948,477 $ 31,996,258 $
$ 11,317,832 $ 16,774,411 $ 21,872,468
$ 12,984,378 $ 15,245,168 $ 16,125,396
$
455,428

Current Site Value (start of Year 0)

Projected Site Value (end of Year 10)

$
$

1,510,212
1,510,212

Phase II
2015

2022

$ 18,577,087 $ 19,284,479
$ 1,557,571 $ 1,604,298
$ 3,652,532 $ 3,771,643
$
327,522 $
339,391
$ 2,514,176 $ 2,607,203
$
409,769 $
422,062
$ 27,038,657 $ 28,029,076

- $
- $
- $
- $
- $
- $
- $
- $

$
$
$
$
$
$
$
$

$ 27,038,657
$ 412,034,484
$ 12,361,035
$
$ 27,038,657
$ 16,702,796

$
$
$
$
$
$

28,029,076
442,782,361
13,283,471
457,527,966
16,702,796

155,192,516
442,782,361

2. Multiyear Development Program

Total Buildout
Project Buildout by Development Units
Market-rate Rental Housing
(units)
Affordable Rental Housing
(units)
Market-rate Retail
(units)
Affordable Retail
(units)
Structured Parking
(spaces)
Project Buildout by Area
Market-rate Rental Housing
(s.f.)
Affordable Rental Housing
(s.f.)
Market-rate Retail
(s.f.)
Affordable Retail
(s.f.)
Institutional/Educational
(s.f.)
Structured Parking
(s.f.)
Total
(s.f.)

Year-by-Year Cumulative Absorption

2013
2014

2015

2016

2019

2020

2021

2022

0
0
0
0
0

81
9
17
7
169

107
12
17
7
169

292
32
46
20
452

505
56
46
20
452

745
83
46
20
452

946
105
46
20
452

1,086
121
46
20
452

1,086
121
46
20
452

0
0
0
0
0
0
0

0
0
0
0
0
0
0

94,669
10,519
93,636
8,829
31,125
50,779
289,557

126,226
14,025
93,636
8,829
31,125
50,779
324,620

343,629
38,181
165,961
23,842
50,849
135,514
757,976

593,503
65,945
180,286
23,842
50,849
135,514
1,049,939

875,952
97,328
180,286
23,842
50,849
135,514
1,363,771

1,111,628
123,514
180,286
23,842
114,377
135,514
1,689,162

1,276,718
141,858
180,286
23,842
114,377
135,514
1,872,595

1,276,718
141,858
180,286
23,842
114,377
135,514
1,872,595

4. Debt and Equity Sources

Total Costs
$
$
$
$
$

Amount
216,980
218,179
138
221
25,362

$
$
$
$
$
$
$

1,083,851
1,096,235
1,932,041
4,112,126
324,331,168

Joint Venture Equity

Development Site Land Contribution $

$77,278,151
43,456,549

20.4%
11.5%

Conventional Loan $

245,143,826

64.7%

LIHTC Financing (@ 50% AMI) $

Tax Increment Financing $
New Market Tax Credits $

1,916,886
10,054,312
977,772

0.5%
2.7%
0.3%

378,827,496

100%

Debt Sources

Public Subsidies

Total
6. Debt and Equity Uses
Construction Costs:

Market Assumptions:
Lease Rates
$ 1.72 (NNN)

Vacancy Rate
5.00%

Yearly Absorption
172 (units)

Cap Rate
6.50%

$ 17.9 (NNN)
$ 29.78 (NNN)
$ 25.67 (FS)
$80 (per space)

4.00%
4.00%
0.00%
25%

20,776 (sf)
15,895 (sf)
19,063 (sf)
90 (spaces)

6.50%
6.50%
7.00%
8.00%

7. Development Space and Use Distribution (sf)

Percent of Total

Equity Sources

Private

5. Assumptions
Financing Assumptions:
Construction Loan Terms
- 75% Loan-to-Cost, 6.0% interest only, 36 month term, and full-recourse
Permanent Loan Terms
- 75% Loan-to-Value, 5.5% interest, 30 year amortization, 10 year term, and non-recourse

Market Rate Affordable Retail,

Retail, 180,286,
23,842, 1%
10%

2018

0
0
0
0
0

3. Unit Development and Infrastructure Costs

Development Costs
Unit Cost
Market-rate
Rental Housing
($ per unit)
Affordable
Rental Housing
($ per unit)
Retail (ALL)
($ per s.f.)
Institutional/Educational
($ per s.f.)
Structured Parking
($ per space)
Infrastructure Costs
Public
Roads $
6,240,000
Utilities $
9,240,000
Other Hardscaping (not incl. surf. pkg.) $
Landscaping $
Other Amenities $
Total Infrastructure Costs $
15,480,000
Total Development Costs
Do not include public costs

Rental Housing
Retail:
Anchor Tenants
Ground Floor
Institutional/Educational
Structured Parking

2017

Rental Housing
Retail:
Anchor Tenants
Ground Floor
Institutional/Educational
Structured Parking
Total Equity Requirements by Ph
Phase I
$13,585,685
Phase II
$30,061,225
Phase III
$15,984,868
Phase IV
$13,380,852
Phase V
$16,404,054

Hard Costs/Ft
$
139.68
$
$
$
$

111.76
117.01
168.03
48.23

Soft Costs/Ft
$
13.54
$
7.40
$
12.33
$
18.79
$
2.00
Total Development Cost by Ph
Phase I
$ 46,288,526
Phase II
$105,581,431
Phase III
$61,150,481
Phase IV
$41,695,876
Phase V
$63,992,516

8. Development IRRs By Phase

Phase I

Structured
Parking, 135,514,
7%

Phase II

Institutional/Educa
tional, 114,377, 6%

Phase III

Market Rate
Rental Housing,
1,276,718, 68%

Phase IV

Phase V

0.00%
Affordable Rental
Housing, 141,858,

5.00%

10.00%
15.00%
20.00%
Unlevered IRR
Levered IRR

25.00%

30.00%