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Dovetail presentation

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Presentation for a Development Project in an Development Class at Sauder School of Business

Presentation for a Development Project in an Development Class at Sauder School of Business

Published in: Real Estate
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  • TEAM INTRO  PASSION and CAPABILITY
  • WHY MOSTLY TWO BEDROOMS? Explain RENTAL/FAMILY/VALUE/PRICEPOINT
  • WHY MOSTLY TWO BEDROOMS? Explain RENTAL/FAMILY/VALUE/PRICEPOINT
  • Talk about how many sqft retailKEY TO TALK ABOUT MIX OF USESHOW THEY SYNERGIZEMIX OF BIG BUSINESS (stable Cash Flows) vs ETHNIC/LOCAL
  • Talk about how many sq ft retail, TALK ABOUT WHY THESE TENANTS WHY THEY ARE SEXYMOSTLY REAL BUSINESS FOR CREDIT, BUT SOME STALLS OPEN FOR LOCALS DIVERSIFY CREDIT* Address Structural Column Spacing and FloorplateDetailsTruck Dock Bays -Truck Turning Accommodations (*Capers access?)Ingress, Egress Details / Entrances to Local Streets
  • Talk about how many sqft retail
  • Talk about how many sqft retail
  • Talk about how many sqft retail
  • Talk about how many sqft retail
  • Talk about how many sq ft retail*Expected Turnover of TenantsLeasing and/or Sales StrategyUnit Sales Velocity / Absorption
  • Talk about how many sq ft retail $3.45*how is the retail space divided? (floor plan shows small divided spaces?), and no separate elevators?*Expected Turnover of TenantsLeasing and/or Sales StrategyUnit Sales Velocity / Absorption
  • *Talk about Developer Bonus Plan
  • *describe Green Roof in more detail
  • EXPLAIN EXPLAIN EXPLAIN
  • Talk about residents getting all the shit they need, office workers shopping at the retail, etc
  • Milton’s theoryMaximum affordability given:$20,000 down30 year amort3.5% interest200 month condo fees500 year in heating2000 year prop tax
  • -explain timing of contributions***-assume a holding period equal to the project timeline; sale at completion*Discuss:Current Interest Rates/$ AvailabilityCredit Strength of BorrowerCreditworthiness of Tenancy
  • *should include After-tax rates b/c listed in instructions page but was not in report*less metrics? can explain breakdown of value?*explain how derived discount rate. (ie-”IRR=cap rate + growth rate?”
  • Transcript

    • 1. Fit Together Easily.
    • 2. Fit Together Easily
      220 Residential Units
      17 Retail Spaces
      91K sqft Office Spaces
      LEED Gold
    • 3. Timeline
      Purpose
      DoveTail
      Pricing & Analysis
      Returns
      Overview
      Goals
      Pricing
      Investments
      Construction
      Consumer
      Profits
      Residential
      Marketing
      Retail / Office
      Culture
    • 4. Timeline
      Purpose
      DoveTail
      Returns
      Pricing & Analysis
      Overview
      Goals
      Pricing
      Investments
      Construction
      Consumer
      Profits
      Residential
      Marketing
      Retail / Office
      Culture
    • 5. Purpose
      People
      Profit
      Community
      Environment
      Retail Services for Students
      Achieve LEED Gold
      Self-Sustaining Community
      Short-Timeline for Exit
      Enhance Public Transportation
      Sustainable Long Term
      Create Sense of Place
      High Price per Sq Ft
      Enhance Space with Greenery
      Live, Work, Eat, Play
      Provide Public Space
      Sell-Ability
    • 6. Timeline
      Purpose
      DoveTail
      Pricing & Analysis
      Returns
      Overview
      Goals
      Pricing
      Investments
      Construction
      Consumer
      Profits
      Residential
      Marketing
      Retail / Office
      Culture
    • 7. DoveTail Project
    • 8. Construction
      87,000 SqFt Site
      December 2014
      March 2011
      10 Stories
      Bus Stop
      85% SCR
      Bike Racks
      Sunny Courtyard
      Pre-Construction
      Mar 11 – Feb 12
      Construction
      Mar 12 – Feb 14
      Sales/Leasing
      Mar 14 – Dec 14
      University Ave
    • 9. Residential
    • 10. Residential
      220 Units
      170 2BDR
      50 1BDR
      950-1050 Sq Ft
      650-750 Sq Ft
      $418,000 - $462,000
      $292,000 - $337,000
      330 Parking Stalls
      $80.9M Revenue
    • 11. Residential
      2BR 1100 SqFt
      1BR 700 SqFt
      2BR 900 SqFt
      2BR 1100 SqFt
    • 12. Retail & Office
      Retail One
      Retail Two
      Retail Three
      $2.2M NOI, 145 Parking Stalls
    • 13. Retail & Office
      Retail One
      18,000 sq.ft
      Frontage on University Avenue
      High vehicle and foot traffic
      Fast-food / take-out retailers
      Bus stop
    • 14. Retail & Office
      Retail One
      Retail Two
      Retail Three
    • 15. Retail & Office
      Retail Two
      12,300 sq.ft
      Courtyard with Public Space
      Lounge Seating
      Protection from street noise
      Accessible from side streets
    • 16. Retail & Office
      Retail One
      Retail Two
      Retail Three
    • 17. Retail & Office
      Retail Three
      18,000 sq.ft
      Accessible from side streets
      Increased amenities
      Large tenants
    • 18. Office
    • 19. Office
      273 Parking Stalls
      NOI $3.45M
      91,092 SF over 2 Floors
      Ease of access
      Proximity to public transit
      On-site shower facilities for bike commuters
      Gym for employee use Incentive membership plan
      Green building LT cost savings
    • 20. Sustainability
      LEED Gold
      Sustainable Site Alternative Transportation
      Green Roof
      Water Efficiency Recycled water, and Low flow appliances
      Recycled Materials & Waste Management during Construction and Demolition.
      Environmental Quality  maximize daylight, views, and open space ventilation.
    • 21. Sustainability
      Bike Racks
      Green Roof
      Bus Stop
      2 minute walk or less for residents, shoppers, and employees
      Communal access to urban agriculture and therapeutic gardening
      Water capture, reduced Heat Island Effect
      Ease of access for retail users and office commuters
    • 22. Culture
      Courtyard
      Tenant Mix to Promote Sitting
      Public Seating
      Collaboration with the University
      Sunlight
      University Art
      Tenants: No obnoxious smells, late hours, etc.
    • 23. Synergies
      Work
      Live
      Shop
      Retail for both commuters, workers, residents
      Minimize Cannibalization
      Leverage University Community and liveliness
      Transportation hubs near retail
      Ability to live fully in Community, low barriers
      to external
    • 24. Timeline
      Purpose
      DoveTail
      Pricing & Analysis
      Returns
      Overview
      Goals
      Pricing
      Investments
      Construction
      Consumer
      Profits
      Residential
      Marketing
      Retail / Office
      Culture
    • 25. Pricing - Consumer
      25-32
      $94,000 (2013)
      Urban, Local
      Emerging Tech / Law
      Median Affordable $333,000
      Average Affordable $408,000
      2BR $418-462K
      1BR $292-337K
      Median Salary $81,400
      Average Salary $94,000
    • 26. Marketing Strategies
      Hire External
      Enable Public
      Enable Realtors
      Synergies
      University Link
    • 27. Timeline
      Purpose
      DoveTail
      Pricing & Analysis
      Returns
      Overview
      Goals
      Pricing
      Investments
      Construction
      Consumer
      Profits
      Residential
      Marketing
      Retail / Office
      Sustainability
    • 28. Deal Structure
      Developer - $5M
      Equity - $15.6M
      Mezzanine- $20M
      Cons. Loan - $125M
      $3.99M (20.16% IRR)
      $1.92M (12% Int)
      $12M (33% IRR)
      $7.6M (4.2% Int)
    • 29. Financial Performance
      $15.8M Profit
      Retail Value $33.8M
      Office Value $53.8M
      Before Tax Return on Equity=79.77%
      Equity IRR= 20.16%
      Residential Value $80.9M
      After TaxReturn on Equity=57.03%
      Equity IRR= 15.15%
      TOTAL COSTS$151.2M
      TOTAL VALUE$167.8M
    • 30. Conclusion
    • 31. Thank You!
      HERBERTS | HVIDSTEN | SMYTH | WOLANSKI | BARNARD | WEISS
    • 32. Appendices
    • 33. Appendices
    • 34. Appendices
    • 35. Appendices
    • 36. Appendices
    • 37. Appendices

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