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Caffrey   White Springs Farm Development Plan Caffrey White Springs Farm Development Plan Document Transcript

  • White Springs Farm Development PlanUpper Providence Township, Montgomery County, PA Matthew T. Caffrey Drexel University Real Estate Development REAL 568 March 12, 2011
  • Table of ContentsProject Summary…………………………………………….. 3 o Property Information o Zoning o Proposed Lots Market Analysis…………………………………….. 7 o Strategic Location o Demographics o Regional Economy o Housing Market o Desirable Amenities o Comparable Communities o Net Market Analysis Project Narrative ……………………………………. 16 o Physical Site Characteristics o Base Map o Yield Calculations o Site Plan o Design Concept Development plan …………………………………… 23 o Acquisition o Approvals and Entitlements o Financial Analysis summary Marketing Plan ……………………………………… 25 Appendices o Pro-Forma o Fees o Schedule o Relevant Zoning Ordinances 2
  • Project SummaryProperty Information86.02 Acres335 Mennonite Rd.Upper Providence TownshipMontgomery CountyParcel ID: 61-00-03637-00-1Spring-Ford School District:ZoningInterchange Office 3 (IO-3) Zoning District which permits a mix of residential and non-residential uses that will enhance and replicate traditional village development.Residential uses are permitted uses within the IO-3 district under strict circumstances. Theproperty must be at least 40 acres, have at least 500 feet of frontage on a road classified as acollector, and must be at least 2,000 feet from an Arterial Road.Both parcels are at least 40 acres, located at least 2,000 feet from an Arterial road, each have atleast 500 feet of frontage on a collector road (Arcola), As a result, each parcel can utilize ahigher density (3.25 units per developable acre). Furthermore, because the southern parcel hasfrontage on a limited access highway (Route 422), the density can be even higher (5.25units/developable acre).While the Residential Use Group (RUG) is a permitted in the IO-3, application of this use intothis zoning district will require Conditional Use Approval in addition to Preliminary and FinalApproval.Proposed Lots 120 Single-family attached o Typical Product Dimensions: 26’ wide and 32’ wide Towns o Average Lot Depth: 100 ft. 194 Condominium units o Typical area of 850 sf Served by public sewer and public water 3
  • Site Photos Northern parcel, future location of townhouse development; intersection of Arcola Rd. and Mennonite Rd. Northern parcel, future location of townhouse development; potential wetlands in the mid-ground, Providence Town Center in the background 4
  • Northern parcel, future location of townhouse development; potential wetlands 5
  • Southern parcel, future location of multifamily condominiums; Route 422 in the background Southern parcel, future location of multifamily condominiums; Providence Town Center in the background 6
  • Market AnalysisStrategic LocationWhite Springs Farm (the Property) is located in Upper Providence Township, MontgomeryCounty, PA and serves as a bedroom community to Philadelphia, King of Prussia, Reading, andWest Chester, PA.The property consists of two parcels (approximately 46 and 40 acres respectively) which arebisected by Arcola Road, and located at the intersection of Mennonite Road and Arcola Road.The properties are visible from Route 422, with access to the highway at the CollegevilleInterchange less than one (1) mile away. The closest major intersection is at Route 29(Collegeville Road) and Arcola Road approximately one-half mile away.A major selling point of White Springs Farm will be its easy access to major roadways. Thiswill translate into quick commutes to the employment, shopping, and recreational centers ofMontgomery and Chester Counties.White Springs Farm has easy and convenient access to Route 29 and Route 422, translating intoa quick commute to nearby employment centers, including Collegeville-Oaks and King ofPrussia-Valley Forge. From Route 422 residents will have convenient access to many of the 7
  • region’s major highways including: Route 100, which allows for easy access to majoremployment centers in Chester County, including Exton and Malvern, the SchuyllkillExpressway (Interstate 76) and The Pennsylvania Turnpike (I-276) providing access toPhiladelphia to the East and Reading to the West, and, the Northeast Extension and the “BlueRoute” (I-476) for points North and South.Distances and drive times to major population and employment centers are detailed below: Distance to Area Destinations City/Employment Center Miles Drive Time King of Prussia, PA 11.2 16 Mins. Norristown, PA 11.2 22 Mins. Plymouth Meeting, PA 14.8 29 Mins. West Chester, PA 19.8 34 Mins. Horsham, PA 25.8 45 Mins. Philadelphia, PA 29.5 39 Mins. Reading, PA 32.2 41 Mins. Doylestown, PA 40 52 Mins. Allentown, PA 44.1 63 Mins. Trenton, NJ 52.5 64 Mins. Harrisburg, PA 89.1 1 Hr. 47 Mins. Atlantic City, NJ 90.6 1 Hr. 49 Mins. Baltimore, MD 102 2 Hrs. 16 Mins. New York, NY 115.8 2 Hrs. 10 Mins. Washington, DC 140.3 3 Hrs. 4 Mins. Source: www.mapquest.comPopulationAccording to the Delaware Valley Regional Planning Commission (DVRPC), municipalitieslocated within the 422 Corridor are projected to experience the greatest population increaseswithin Montgomery County. This is a continuation of past trends of residents that are movingfurther from areas such as Philadelphia and its surrounding suburbs, where developable land isscarce thereby increasing home prices. The DVRPC is anticipating that residents will maintainthe trend of seeking more affordable housing options along the 422 Corridor where developableland is in greater supply, the network of highways provides residents with the ability to commuteto employment centers, and employers have more options to relocate to suburbs.Upper Providence Township is expected to be one of the faster growing municipalities, ranking2nd among municipalities in Montgomery County with an estimated population increase of 6,918residents by 2020 (an increase of 69%). 8
  • Estimated Population ChangeMunicipality 2000 2005 2010 2015 2020 Absolute Change % ChangeLimerick Township 13,535 16,506 17,944 19,304 20,590 7,055 65.7%Upper Providence Township 15,395 18,391 19,772 21,077 22,313 6,918 69.0%New Hanover Township 7,365 9,000 10,672 12,253 13,749 6,384 53.6%Skippack Township 9,915 12,416 13,503 14,531 15,504 5,589 64.0%Lower Providence Township 22,390 24,900 25,975 26,991 27,952 5,562 80.1%Franconia Township 11,525 12,200 13,505 14,739 15,906 4,381 72.5%Source: Delaware Regional Planning CommissionAccording to the Upper Providence Township Comprehensive Plan and the Delaware ValleyRegional Planning Commission: “Using the 2.63 persons per household number determinedwith the 2007 housing and population data, and the projected population of the Township by2020, there will need to be an estimated 2,629 new dwelling units.”REGIONAL ECONOMYEmploymentResidents of White Springs Farm will be within a short commute of the largest employmentcenters in Southeastern Pennsylvania, especially those located in Montgomery and ChesterCounties.Montgomery County is the largest employment center in the Delaware Valley. In fact,employment in the County increased by more than 60% from 1990 to 2000, when more than42,000 high-paying jobs were created. Many of the companies responsible for this increase arelocated along the Route 422 Corridor in Collegeville-Oaks, adjacent to White Springs Farm andKing of Prussia-Valley Forge, about a 15-minute drive from White Springs Farm.The Collegeville-Oaks area along Route 422 is one of the fastest growing commercial centers inall of Southeastern Pennsylvania. Large corporations such as Wyeth, Glaxo Smith Kline, QuestDiagnostics, and Iron Mountain either maintain their corporate headquarters or have a largepresence in Collegeville. SEI Investments, a large financial services firm, has its headquarters innearby Oaks.As the economy continues to improve, more major companies can be expected to follow the leadof these companies. Collegeville and Oaks currently have about 3 million square feet of officeand lab space. This will increase to 4.5 million square feet once all committed projects are built.In terms of office space, this area now rivals and will soon surpass the other MontgomeryCounty employment centers; Conshohocken and Horsham-Willow Grove.King of Prussia-Valley Forge is an even larger employment center, straddling both Montgomeryand Chester Counties. This area hosts such giants as Lockheed Martin and Vanguard. King ofPrussia, in Montgomery County, has grown from just 5,000 jobs in 1960 to more than 50,00 in2008. In fact, at its height King of Prussia had almost two jobs for every one resident. In total,the King of Prussia-Valley Forge market boasts 16.3 million square feet of office space.The Exton-Eagle Area, located in Uwchlan Township and West Whiteland Township, about 30minutes from White Springs Farm, is one of the largest employment centers in Chester County.The Oaks Corporate Center has over 1.17 million square feet of office, flex, warehouse, and 9
  • retail space in 26 buildings. The Eagleview Corporate Center features over 435 acres ofcommercial space.Malvern, also a 30-minute drive from White Springs Farm, has also become a majoremployment center, especially for the biotechnology industry. Employment in Malvern iscentered in The Great Valley Corporate Center. This 650-acre office park is home to over 350local, national, and international companies. Vanguard, the large investment management firm,and Ikon Office Solutions, the world’s largest independent distributor of office equipment, bothmaintain their headquarters in Malvern.Montgomery and Chester Counties offer jobs in many high-paying and fast-growing fields.Historically, employment growth in both of these Counties has been robust. According toforecasts by the Delaware Valley Regional Planning Commission, the two Counties will see acombined addition of nearly 50,000 jobs by 2010. Health care and pharmaceuticals are thedominant industries of theseCounties, as can be seen in the table below: Largest Non-Governmental Employers - 4th Quarter 2009 Montgomery CountyRa Employer City No. of Employees Industrynk1 Merck & Co. Inc. West Point 12,000 Pharmaceuticals2 Abington Memorial Hospital Abington 4,917 Health Care3 Allied Barton Security Services King of Prussia 4,500 Security4 Northwestern Human Services, Inc. Lansdale 4,000 Outpatient Mental5 Lockheed Maring Corporation King of Prussia 3,700 Technology6 Unisys Corp. Blue Bell 3,400 I.T.7 AETNA Life Insurance Company King of Prussia 3,000 Health Insurance8 Citizens Bank Norristown 3,000 Financial Services9 Mercy Health System Conshohocken 3,000 Health Care10 Propoco Inc. Plymouth Meeting 3,000 Facilities Support11 MDS Pharma Services King of Prussia 2,871 Testing Laboratories12 Home Depot, USA Inc. Lansdale 2,500 Retail13 IKEA US, Inc. Plymouth Meeting 2,400 Retail14 Quest Diagnostics Collegeville 2,321 Health Care15 Holy Redeemer Health System Huntingdon Valley 2,068 Health CareSources: Select Greater Philadelphia, Greater Philadelphia Chamber of Commerce, 2010. Major Employers Directory. PhiladelphiaBusiness Journal, 2010. Book of Lists 2010. Dun and Bradstreet, 2010. Selectory Database for the Greater Philadelphia Region. 10
  • Largest Non-Governmental Employers - 4th Quarter 2009 Chester CountyRank Employer City No. of Industry Employees1 The Vanguard Group Valley Forge 8,500 Investment management firm2 SunGard Data Systems Wayne 2,500 Computer and software services3 Tyco Electronics Newtown Sq. 4,000 Software & Hardware4 QVC West Chester 2,800 Electronic retail merchandising5 Siemens Medical Solutions Malvern 2,000 Medical technologies; healthcare information systems6 Devereux West Chester & Berwyn 1,500 Mental Health Services7 Unisys Malvern 1,500 Technical solutions and software8 Telespectrum Berwyn 1,300 Telemarketing Services9 Wyeth Frazer 1,250 Pharmaceutical testing laboratories10 Paoli Hospital Paoli 1,100 General medical & surgical hospital11 Brandywine Hospital Coatesville 975 General medical & surgical hospital12 Chester County Hospital West Chester 975 General medical & surgical hospital13 Communications Test Design West Chester 950 Telecommunications, repair and14 Centocor (a J & J company) Malvern 820 Pharmaceutical manufacturing15 Cephalon West Chester 800 Pharmaceutical manufacturingSources: Select Greater Philadelphia, Greater Philadelphia Chamber of Commerce, 2010. Major Employers Directory. Philadelphia Business Journal,2010. Book of Lists 2010. Dun and Bradstreet, 2010. Selectory Database for the Greater Philadelphia Region.IncomeProdigious job growth and easy access to the major transportation networks of the DelawareValley led to Montgomery County having the second-highest median household income inPennsylvania and the 67th highest in the entire nation in 1999. At $60,829, the County’s medianhousehold income was approximately 52% higher than the median for Pennsylvania during thesame time.The median household income in Upper Providence Township in 2009 was $ 100,794, which ishigher than that of Montgomery County and higher than the median of the surroundingTownships.Compared with the other municipalities located along the 422 Growth Corridor, UpperProvidence ranks 2nd for highest median household income; ranking behind Lower Providencewhich is immediately adjacent to Upper Providence albeit further east. Median Household Income Municipality 1999 2009 Absolute Change % Change Lower Providence Township 74,902 105,463 30,561 141% Upper Providence Township 85,660 100,794 15,134 118% Skippack Township 78,043 100,758 22,715 129% New Hanover Township 70,789 85,833 15,044 121% Limerick Township 73,296 82,546 9,250 113% Franconia Township 67,209 76,096 8,887 113% Source: US Census 11
  • Household incomes in Upper Providence Township are even more impressive when examined ingreater detail: 67.1% of households had an income greater than $75,000 and 50.5% had anincome greater than $100,000 in 2009.Housing MarketThe housing market of Upper Providence Township and Northwestern Montgomery County isdriven by rapid population growth and a limited supply of new housing along the Route 422Corridor.As population and jobs have exploded along Route 422 in Montgomery County, housing priceshave risen and the supply of developable land has dwindled. High home prices in the areasimmediately surrounding the Route 422 employment centers have forced people to look furthernorth for housing.Thus, the major growth areas for new housing are currently located in NorthwesternMontgomery County, Northeastern Chester County, and Southeastern Berks County. Due toconvenient access to major roads, these areas have become bedroom communities to the majoremployment centers located along Route 422 and Route 100.This trend has led to rapid population gains in Northwestern Montgomery County. For example,Limerick Township, which borders Upper Providence Township to the west, experiencedpopulation growth of an astounding 143% from 1990 to 2004. This demand for new housing ledto increased competition for developable land that is appropriately zoned for housing and hasaccess to public utilities.Upper Providence Township is no exception and at present appears to have a dearth ofdevelopable tracts of land, particularly land suitable for single-family attached and multi-familyhousing. The Comprehensive Plan, which was adopted by Upper Providence Township in theFall of 2010, specifically addresses the lack of multi-family and attached housing products andlists determining how to best provide zoning to permit the development of some of the remainingIO-3 land as multi-family, as detailed within the Land Use Plan as a High Priority item for theBoard of Supervisors, and Planning Commission. Housing Permits Issued - Upper Providence Township Year: 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 SF-Detached 171 149 117 242 170 225 106 114 47 10 SF- Attached 103 - - 108 36 75 61 58 47 16 Other - - - - - - - - - - Total: 274 149 117 350 206 300 167 172 94 26 Source: Upper Providence Township Comprehensive PlanArea AmenitiesShoppingResidents of White Springs Farm will have convenient access to shopping opportunities in theregion. Most notably is the newly constructed Providence Town Center which is within walkingdistance to the property, and may be connected by a network of walking and bike paths. The 12
  • promenade-style shopping center will consist of 740,000sf of retail and dining, anchored by aWegman’s Supermarket, features a mix of casual and convenient dining options including: P.F.Chang’s, Olive Garden, Elevation Burger, and Q’Doba. Additionally, the center has a variety ofjunior-box retail stores such as: Best Buy and Raymour & Flanagan, and in-line shopping storessuch as Five and Below, Olly Shoes, Pearle Vision, Staples, and PetSmart.Regional shopping experiences will also include the King of Prussia Mall, which is one of thenation’s largest malls with nearly three million square feet of retail space, within a 20-minutedrive of White Springs Farm.RecreationUpper Providence Township has made outdoor Recreation and important component of theMunicipality, specifically addressing the need for additional walking trails within theTownship’s Comprehensive Plan. Presently, Upper Providence boasts one of the best walkingtrails in the region – the Schuylkill River Trail – and have identified portions of White SpringsFarm as an opportunity to network with the Schuylkill River Trail to further enhance the walk-ability of the Township and the residents’ experience.Other large parks in the area include French Creek State Park, Evansburg State Park, and theValley Forge National Historical Park. 13
  • Comparable Communities:There are no comparable townhome or multi-family communities that are actively selling withinUpper Providence Township; in fact there are currently zero (0) comparable communities thatare actively selling within a five-mile radius of the property.The closest comparable community is the Riverwalk at Royersford which is located further westalong Route 422 near the Royersford/Limerick interchange. The community opened in 2006 andconsists of a total of 98 homes, of which 96 are currently sold. The starting prices for theremaining two homes in Riverwalk at Royersford are $217,000. The less desirable location andschool district, coupled with a very challenging economy have clearly had an adverse impact onthe sales at Riverwalk, however with a much better location (Collegeville interchange), withgreater amenities, a better school district, and an improving economy, White Springs Farm ispoised to have a higher prices and greater volume of sales on a monthly basis.Other comparable communities in the general vicinity include Hanover Square in Pottstownbeing offered by Cornell Homes, Coddington View in Pottstown and Biltmore Estates inSkippack which are both being marketed by TH Properties (THP). Given the inferior locationHanover Square and Coddington View and the public relations issues that THP has experiencedduring the economic downturn, these communities are being offered at lower price points toattract customers.Community Municipality Type Beds Baths Starting From Price: Sq.Ft. BuilderBiltmore Estates Harlesyville (Skippack Twp.) Townhomes 3 2.5 $215,900 - $224,990 1790 - 1846 TH PropertiesHanover Square Pottstown Townhomes 3 2.5 $149,900 - $210,990 1712 - 2137 Cornell HomesCoddington View Pottstown Townhomes 3 2.5 $174,990 - $194,990 1825 - 2357 TH PropertiesLongview Townomes (32) Trappe Townhomes 14
  • Recent Settlements: As a result of the imbalance between supply and high demand for homes in Upper Providence Township, prices for resale homes in the area and the volume of transactions are very encouraging. Within the past 90-days, there have been twelve (12) recent settlements of existing homes in the Collegeville area. Prices for condominiums range from $245,000 to $262,500 and the median price for fee-simple townhouse units is $267,000.Price Address Type Beds Baths Sq.Ft. Price/SF Age Settlement Date$ 245,000.00 160 Royer Dr. #3102, Collegeville Condo 2 2.5 1,636 $ 149.76 12 1/11/2011$ 246,000.00 127 Farmington Ct., Collegeville Condo 3 2.5 1,848 $ 133.12 12 2/7/2011$ 262,500.00 411 Nottingham Ln, Collegeville Condo 3 2.5 2,000 $ 131.25 7 12/30/2010$ 267,000.00 4007 Greenes Way Cir, Collegeville Townhouse 3 2.5 1,874 $ 142.48 15 1/20/2011$ 207,000.00 344 Jefferson Ct., Collegeville Townhouse 3 2 1,520 $ 136.18 24 1/18/2011$ 265,000.00 158 Lattice Lane, Collegeville Townhouse 2 2 1,971 $ 134.45 8 12/21/2010$ 275,000.00 126 Lattice Ln, Collegeville Townhouse 3 2.5 2,113 $ 130.15 8 1/24/2011$ 294,101.00 8 Norhsam Way, Collegeville Townhouse 3 2.5 2,500 $ 117.64 10 12/22/2010$ 274,875.00 206 Yale Ct., Collegeville Townhouse 4 4.5 2,657 $ 103.45 13 12/20/2010$ 156,500.00 130 LaFayette Ct., Trappe Townhouse 3 2.5 1,520 $ 102.96 26 1/25/2011 Net Market Analysis: As previously noted, population in Upper Providence Township is expected to increase by approximately 2,540 people by 2020, or 254 people each year. Using the rate of 2.63 persons per household, that would result in the addition of 96 new dwellings each year. Currently there are zero (0) single-family attached or multi-family communities that are actively selling new construction in the Township. Furthermore, per the Montgomery County Planning Commission, currently there are zero (0) housing development projects proceeding through the Township approvals process either. There is a fully-approved 32-unit townhouse community in nearby Trappe Borough that is currently being offered for sale by Longview Associates. If built, these homes, while in a less desirable location, would be in direct competition with White Springs Farm and therefore diminish the potential Net Market analysis. Additionally, there are three single-family communities that are actively selling in area: Claymont, which is a single- family detached community offered by Michael Anthony Homes with homes starting from the mid-$300,000s; Edgehill, which is a luxury community offered by Bentley Homes with homes starting from the upper $00,000s, and Regency Hills at Providence, which is a luxury Active Adult community with homes starting from the upper $300,000s. Even with other competing homes in the area, White Springs Farm should command a higher- than-normal percentage of the market-share of new home buyers in the Township because of the attractive price points, diversity of product type, local amenities and access to the highway. On the conservative-side, it is estimated that of the 96 new homes per year, 50% will purchase from White Springs Farm for a total of at least 48 new homes per year (4/month). 15
  • Project NarrativePhysical Site CharacteristicsCurrently, the White Springs Farm property is being used for agricultural purposes, and isactively being farmed. The majority of the property is free-and-clear of wooded vegetation,wetlands, steep slopes, or rock outcrops. The property has accessible frontage on MennoniteRoad and Arcola Road with inaccessible front on Route 422.Site MapWhile the property appears to be highly developable, upon further inspection there are someareas of concern that may reduce the developability of the project. While there are no identifiedwetlands on the property, after reviewing the Pennsylvania Soils Map there is the presence ofhydric soils. Hydric soils alone do not classify as a wetland, however hydric soils in conjunctionwith wooded vegetation and a water source typically result in the classification of wetlands. As aresult, a sizable band of the property has been deemed un-developable due to the combinedpresence of water (the stream), wooded vegetation, and hydric soils. 16
  • Never-the-less, of the original 86.02 Acres that comprise the property, approximately 74 Acresare still developable. The delta between Gross and Net Developable includes wetlands and theirrespective buffers, along with areas that will be dedicated as Ultimate Right-of-Way.Based on the site calculations for developable area, in conjunction with the maximum yieldsdetermined by the zoning ordinances for the IO-3 Zoning District, it was calculated that themaximum yield for new homes is 120 Townhouse units (located on the Northern Parcel) and 194Condominium/Multi-family Units on the Southern Parcel as evidenced on the correspondingtable. 17
  • SITE CALCULATIONS - TOWNHOMES SITE CALCULATIONS - CONDOMINIUMSGross Acreage: 46 Acres Gross Acreage: 40 AcresWetlands/Hydric Soils: 6 Acres Wetlands/Hydric Soils: 2 AcresUltimate ROW: 3 Acres Ultimate ROW: 1 AcresNet Developable: 37 Acres Net Developable: 37 AcresResidential Use Group: 3.25 Units per Dev. Acre Residential Use Group: 5.25 Units per Dev. AcreTotal Yield: 120.25 Units Total Yield: 194.25Total Yield: 120 Homes Total Yield: 194 UnitsPhase I 56 UnitsPhase II 64 UnitsProject Total: 314With an ultimate design comparable to the conceptual layout provided herein.The design concentrates dwelling units into their respective neighborhoods while providing vastareas of open space that can be used for private use by the residents and public use by thecommunity at large. Per the ordinances, a minimum of 50% of the community can be covered by 18
  • impervious surface, of which only 25% can be of building coverage. In addition to meeting theordinance requirements to provide sufficient pervious surface and open space, the quality of theresulting community is vastly improved.The layout for the property is the quintessential suburban neighborhood, which helps totransition between the existing single-family homes and the retail and commercial center.However, there is the possibility to take on a more urban atmosphere if the township and itsresidents preferred. In lieu of that approach, however, the concept used would be reminiscent ofthe townhomes and multi-family units depicted herein. Design Concept: Townhomes Elevations 19
  • The townhome units will be start from 1,600 square feet (with an unfinished basement) andoffer 3 Bedrooms, 2.5 Baths . A four bedroom, 3 bathroom model may be introduced as well. 20
  • Design Concept: Condonimiunms ElevationsNote: per the Township ordinances, the maximum building height for multi-family units is 35’.To best meet this requirement, the multi-family units shown on the sketch plan consist of two-stories with a 12-units per floor. The image shown is a 3-story building with 8-units per floor,and may not be permissible by the ordinances. As such, the image shown is for architectural stylepurposes only and may need to be altered to accurately reflect the units built. 21
  • Design Concept: Condominium Floor plans The typical condominium unit will be approximately 800 square feet and feature 1 BR, 1 Bath; a 2 BR, 2 BA model will also be available. 22
  • Development PlanProperty AcquisitionWhite Springs Farm is currently owned by an LLC of the same name, which shares a mailingaddress with the regional homebuilder McKee Group. At present time, McKee does not appear tohave any plan submitted to the Township for the development of this property. It is notuncommon for land developers to by-pass the Multiple-List Services and Real Estate Brokersthat have “hot leads” on properties, and instead rely on providing unsolicited offers to thelandowners expressing an interest in acquiring their land. Although the property is currentlyowned by a developer, that does not mean that the process of acquiring this land and providingan unsolicited offer, would be any different.According to Montgomery County Property Records, the assessed value of the property is$2,124,000. The most recent transaction for this property was in 2000, when the property waspurchased for $2,275,000.00. As such, the negotiated Purchase Price that would suit thedevelopment plans illustrated herein would be approximately $4,825,000; which represents a200% increase in the original price paid.Land Acquisition Loan: 1 2Acqusition Costs: $ 4,825,000.00 Initial Balance: $ 2,412,500.00 $ 2,379,194.50LTV (50%): $ 2,412,500.00 Payment: ($165,993.00) ($165,993.00)Debt: $ 2,412,500.00 Interest Portion: $132,687.50 $130,855.70Duration: 30 years fixed, 10-year balloon Principal Contribution: $33,305.50 $35,137.31Rate (5.5%): ($165,993.00) Ending Balance: $ 2,379,194.50 $ 2,344,057.19Approvals and EntitlementsTo further expedite the process, the intent for this development would be to apply the property asPlanned Residential Development which according to the PA Municipalities Planning Code canachieve “Tentative Preliminary Approvals” at the sketch plan level. This will enable the projectto achieve Final Approvals significantly faster than the traditional approvals process andadditionally, by holding initial conversations with the township at an early stage, thedevelopment plan can be best tailored to reflect the desires of the Township and the community.This may include providing more Open Space than what is shown in exchange for higherdensity, or creating a layout for the community that reflects a Neo-Traditional Design or a moreurbane feeling.The property is served by public sewer and water, of which sufficient capacity of each should beavailable from the Municipal Utility service or private provider.Financing PlanThe development schedule for the property has loans. The first is a land acquisition loan to coverthe cost of acquiring the property ($4,825,000) after obtaining Preliminary Approvals, of whichit is assumed the developer will have to put up a sizeable amount of equity ($2,412,500) toachieve a loan-to-value rate of 50%. 23
  • However, because the property will be acquired prior to being able to construct, the developerwill have to carry the costs of the property until a permanent or construction loan can be obtainedprior to construction. The schedule calls for construction to begin within one (1) year of closingon the property. The second loan financing this development uses a 30-year amortized mortgage,with a balloon payment of the balance due after 10-years, to cover the cost of site improvements,construction costs, and repays the initial loan to cover the land acquisition costs. A detailed pro-forma is included herein. 24
  • Marketing PlanBy offering various price points and product types, with a primary focus on first-time home-buyers, the community should meet its ambitious sales goals. In particular, the marketingstrategy would attract to young urban professionals that are currently renting that are looking foraffordable home ownership opportunities that is pedestrian friendly with high walkability toneighborhood amenities. Additionally, the multi-family/condominium component will beattractive to homeowners that prefer to have little-to-no maintenance requirements. As such, theCondominium units will have a Condo Association, while the Townhouse community will mostlikely have a Home Owner’s Association, but only if the market demands one. The starting salesprice for the 1BR, 1BA units will use a loss-leader of approximately $175,000 with theexpectation of averaging at least $196,000 for all units, exclusive of upgraded finishes andappliances. The community anticipates selling six homes per month throughout the developmentlifespan, and will adjust pricing accordingly to maintain that sales pace.It is expected that sales of the condominium units will commence with the opening of the projectand will continue through the anticipated 32 month life of the project, using the price of the unitsto either stimulate or slow-down sales as necessary. The townhouse community will bedeveloped in two phases, with a lower point for the first phase to help establish the community,and a higher price point for the second phase which will help to further amortize thedevelopment costs. Homes in the first phase will feature a loss leader of $265,000 per month,with a pace of selling four homes per month with an average sales price of approximately$276,000 for the duration of Phase I, exclusive of upgraded finishes and appliances. Similarly,homes in the second Phase of the townhouse development will be expected to sell four homesper month with an average price of $310,000 exclusive of upgrades.Although it is not depicted on the sketch plan, a community center may be an attractive amenityto offer residents if the market demands it; however the proximity to the nearby LA FitnessCenter may make such a community feature superfluous.A development schedule is included herein.An alternative approach to the construction of the community in its entirety, would be to partnerwith a national home builder, such as NVR or Richmond American Homes (MDCH), who wouldhave an interest in acquiring the lots and selling homes with a rolling-option. In thiscircumstance, the developer of the property would furnish and complete all improvements to theinfrastructure, thereby creating “finished lots” that are suitable for home construction. Thehomebuilder would be contractually obligated to buy a minimum of lots per quarter at a set priceuntil the project is built-out. 25
  • Townhomes Condominiums TotalLand Acquisition $ 20,000.00 $ 12,500.00 $ 4,825,000.00Approvals Costs $ 710.00 $ 439.18 $ 170,400.00Improvement Costs $ 12,646.35 $ 12,646.35 $ 3,970,955.00Fees & Contributions $4,500 $4,500 $ 1,413,000.00Improved Lot Cost $ 37,856.35 $ 30,085.53 $ 10,379,355.00Mark-up (Land Developer): $ 30,000.00 $ 15,000.00 $ 6,510,000.00Improved Lot Value: $ 67,856.35 $ 45,085.53 $ 16,889,355.00Est. Sales Price (4x Factor): $ 271,425.41 $ 180,342.12 $ 67,557,420.00Builder Sales Price: $ 293,341.53 $ 195,932.93 $ 73,211,973.24Home Builder Profit: $ 67,856.35 $ 45,085.53 $ 16,889,355.00 26
  • Appendices: 27
  • Proforma White Springs Farm Revenue Units Per Month Lots Cost/unit Land Costs Site Costs Construction Cost Fees/Contributions Factor Sales Price 4 Phase 1 - Towns 56 $ 122,936.49 $ 20,000.00 $ 13,436.49 $ 85,000.00 $4,500 2.25 $ 276,607.09 4 Phase 2 -Towns 64 $ 137,811.54 $ 20,000.00 $ 18,311.54 $ 95,000.00 $4,500 2.25 $ 310,075.97 6 Condominiums 194 $ 87,081.30 $ 12,500.00 $ 15,081.30 $ 55,000.00 $4,500 2.25 $ 195,932.93 314 $ 21,510,000.00 Expenditures Total Phase I - Towns Phase II - Towns Condos Land Acquisition $ 4,825,000.00 $ 20,000.00 $ 20,000.00 $ 12,500.00 Development Costs 15% 25% 60% Grading $ 926,500.00 $ 138,975.00 $ 231,625.00 $ 555,900.00 Paving $ 863,500.00 $ 129,525.00 $ 215,875.00 $ 518,100.00 Storm Sewer $ 298,300.00 $ 44,745.00 $ 74,575.00 $ 178,980.00 Utilities (Sewer & Water) $ 786,600.00 $ 117,990.00 $ 196,650.00 $ 471,960.00 Lanscaping & Misc. $ 800,000.00 $ 120,000.00 $ 200,000.00 $ 480,000.00 Contingency (5%) $ 125,655.00 $ 18,848.25 $ 31,413.75 $ 75,393.00 Fees & Permits $ 170,400.00 $ 25,560.00 $ 42,600.00 $ 102,240.00 Sewer Fees (Per Unit) $ 1,300.00 $ 785,000.00 $ 72,800.00 $ 83,200.00 $ 252,200.00 Water Fees (Per Unit) $ 1,500.00 $ 785,000.00 $ 84,000.00 $ 96,000.00 $ 291,000.00 Total: $ 5,540,955.00 $ 752,443.25 $ 1,171,938.75 $ 2,925,773.00 0.47 0.53 1.0 Financing Costs ($49,350.80) ($49,350.80) ($49,350.80) Marketing 5% of sales 13,830 13,830 9,797 Administration & Contingency 5% of sales 13,830 15,504 9,797 (21,690) (20,017) (29,758) Land Acquisition Loan: 1 2 Acqusition Costs: $ 4,825,000.00 Initial Balance: $ 2,412,500.00 $ 2,379,194.50 LTV (50%): $ 2,412,500.00 Payment: ($165,993.00) ($165,993.00) ` Debt: $ 2,412,500.00 Interest Portion: $132,687.50 $130,855.70 Duration: 30 years fixed, 10-year balloon Principal Contribution: $33,305.50 $35,137.31 Rate (5.5%): ($165,993.00) Ending Balance: $ 2,379,194.50 $ 2,344,057.19 Construction Loan Interest Calculation ($1,184,419.16) Total Costs $ 29,395,012 LTV 50% $ 14,697,506 Debt ($14,697,506.10) Avg Bal 50% Duration 30 years fixed, 10-year balloon Rate 7.0% 1 2 3 4 5 6 7 8 9 10 Initial Balance: $ 14,697,506 $ 14,541,912 $ 14,375,427 $ 14,197,288 $ 14,006,679 $ 13,802,727 $ 13,584,499 $ 13,350,995 $ 13,101,145 $ 12,833,806 Payment: $ (1,184,419) $ (1,184,419) $ (1,184,419) $ (1,184,419) $ (1,184,419) $ (1,184,419) $ (1,184,419) $ (1,184,419) $ (1,184,419) $ (1,184,419) Interest Portion: $ 1,028,825 $ 1,017,934 $ 1,006,280 $ 993,810 $ 980,468 $ 966,191 $ 950,915 $ 934,570 $ 917,080 $ 898,366 Principal Contribution: $ 155,594 $ 166,485 $ 178,139 $ 190,609 $ 203,952 $ 218,228 $ 233,504 $ 249,850 $ 267,339 $ 286,053 Ending Balance: $ 14,541,912 $ 14,375,427 $ 14,197,288 $ 14,006,679 $ 13,802,727 $ 13,584,499 $ 13,350,995 $ 13,101,145 $ 12,833,806 $ 12,547,753 Total Sales $ 73,345,848.75 Construction Costs (29,395,012.19) Financing Costs (5,922,095.78) Expenditures (2,149,752.68) Total Expenditures (31,544,764.87) Profit $ 41,801,083.88
  • Approvals, Inspections, and Site work Costs Inspections Costs - Townhomes Inspections Costs - Condos General Sitework Costs Est. Cost Total Per UnitWetlands Delineation $ 525.00 Wetlands Delineation $ 525.00 Survey (per lot) $ 1,200.00 $ 153,600.00 $ 489.17Bog Turtle Habitat $ 525.00 Bog Turtle Habitat $ 525.00Phase I Audit (Soil Test) $ 2,100.00 Phase I Audit (Soil Test) $ 2,100.00 Clearing & Grubbing (per Acre) $ 4,000.00 $ 160,000.00 $ 509.55Survey & Topo $ 10,500.00 Survey & Topo $ 10,500.00 Field Mowing (per Acre) $ 70.00 $ 4,900.00 $ 15.61Legal Representation $ 3,125.00 Legal Representation $ 3,125.00 Site Earthwork (per Acre) $ 10,000.00 $ 400,000.00 $ 1,273.89Conceptual Sketch Plan $ 1,600.00 Conceptual Sketch Plan $ 1,600.00 Building or Barn Demolition (each) $ 18,000.00 $ 18,000.00 $ 57.32Base Map Preparation $ 525.00 Base Map Preparation $ 525.00 Erosion Control (per Acre) $ 1,250.00 $ 50,000.00 $ 159.24Geotechnical Analysis $ 3,700.00 Geotechnical Analysis $ 3,700.00 Basin Construction (per Acre) $ 35,000.00 $ 140,000.00 $ 445.86Subtotal Inspections: $ 22,600.00 Subtotal Inspections: $ 22,600.00Per Unit $ 188.33 Per Unit $ 116.49 Grading Subtotal: $ 926,500.00 $ 2,950.64 Approvals Costs - Townhomes Approvals Costs - Condos Storm Sewer $ 950.00 $ 298,300.00 $ 950.00Engineering - Site $ 16,200.00 Engineering - Site $ 16,200.00Engineering - Additionals $ 6,500.00 Engineering - Additionals $ 6,500.00 Sanitary Sewer (Gravity Pipe) $ 950.00 $ 298,300.00 $ 950.00Engineering - Water & Sewer $ 5,400.00 Engineering - Water & Sewer $ 5,400.00Amdinistrative Costs (Prints) $ 3,500.00 Amdinistrative Costs (Prints) $ 3,500.00 Pump Station (each) $ 190,000.00 $ 190,000.00 $ 605.10Engineering - Legal $ 5,400.00 Engineering - Legal $ 5,400.00 Water Distribution $ 950.00 $ 298,300.00 $ 950.00NPDES Testing $ 2,200.00 NPDES Testing $ 2,200.00 Sewer & Water Subtotal: $ 786,600.00 $ 2,505.10Filing Fees - Municipal $ 1,100.00 Filing Fees - Municipal $ 1,100.00Filing Fees - County $ 550.00 Filing Fees - County $ 550.00 Paving - 30 roadway with Curb &Filing Fees - Conservation District $ 550.00 Filing Fees - Conservation District $ 550.00County Conservation - Clean Water $ 550.00 County Conservation - Clean Water $ 550.00 Sidewalks $ 2,750.00 $ 863,500.00 $ 2,750.00County Conservation - E&S $ 1,100.00 County Conservation - E&S $ 1,100.00Municipal Escrow - Cost Fees $ 10,800.00 Municipal Escrow - Cost Fees $ 10,800.00 Landscaping $ 400,000.00 $ 1,273.89Review - W&S Escrow $ 2,200.00 Review - W&S Escrow $ 2,200.00 Miscellaneous (Street Lights, etc…) $ 400,000.00 $ 1,273.89Legal Descriptions $ 550.00 Legal Descriptions $ 550.00 Subtotal: $ 800,000.00 $ 2,547.77DEP Planning Module Review $ 250.00 DEP Planning Module Review $ 250.00Recording Fees $ 350.00 Recording Fees $ 350.00 Sitework Subtotal: $ 2,513,100.00 $ 8,003.50Contingency $ 5,400.00 Contingency $ 5,400.00 Contingency (5%) $ 125,655.00 $ 400.18Subtotal Approvals: $ 62,600.00 Subtotal Approvals: $ 62,600.00 Sitework Total: $ 2,638,755.00 $ 8,403.68Per Unit: $ 521.67 Per Unit: $ 322.68 General Construction Costs Total Per UnitInspections & Approvals Total: $ 85,200.00 Inspections & Approvals Total: $ 85,200.00Per Unit $ 710.00 Per Unit $ 439.18 Townhome $ 9,000,000.00 $ 75,000.00 Condominium $ 9,700,000.00 $ 50,000.00 29
  • Project Schedule 03/11 04/11 05/11 06/11 07/11 08/11 09/11 10/11 11/11 12/11 01/12 02/12 03/12 04/12 05/12 06/12 07/12 08/12 09/12 10/12 11/12 12/12 01/13 02/13 03/13 04/13 05/13 06/13 07/13 08/13 09/13 10/13 11/13 12/13 01/14 02/14 03/14 04/14 05/14 06/14 07/14 08/14 09/14 10/14 11/14 12/14 01/15 02/15 03/15 04/15Site Acquisition Negotiate Contract Due Diligence Period SettlementSite Inspections Survey (Metes & Bounds) Wetlands Flood Plain Topography Phase I - Soils Title ReportSketch Plan ReviewPreliminary Plan Design & Engineering Planning Commission PennDOT Army Corps of Engineers Sewer Authority Water Authority Board of SupervisorsFinal Plan Approval Architectural Design Planning Commission Board of SupervisorsPhase I - Townhomes Clearing & Grubbing Exacvation Basins Roads Sewer & Water SalesPhase II - Townhomes Clearing & Grubbing Exacvation Basins Roads Sewer & Water SalesCondominiums Clearing & Grubbing Exacvation Basins Roads Sewer & Water Sales 30
  • Zoning OrdinancesIO3 – Interchange Office 3Legislative intent; tract requirements.(1) In expansion of the statement of community development objectives contained in § 182-2 ofthis chapter, it is hereby declared to be the intent of this section with respect to the RUG UseGroup to establish reasonable controls and standards of performance for multifamily dwellings inthose areas of Upper Providence Township where the existing community presence or plannedextension of sewer and water facilities would most readily accommodate the intensity ofresidential dwelling types permitted in the Township, for the benefit of the residents of thedevelopment and in furtherance of the general welfare of Upper Providence Township.(2) The RUG Use Group shall be applicable to those tracts of property which meet all thefollowing criteria:(a) The entire tract is located within the IO-3 Zoning District;(b) The entire tract is at least 2,000 feet from the center line of a road classified as an arterialroad on the Upper Providence Township Ultimate Rights-of-Way Map;(c) The tract has frontage of at least 500 feet on a road classified as a collector road on theUpper Providence Township Ultimate Rights-of-Way Map; and(d) The tract is at least 40 acres in size.Permitted uses. In an RUG Use Group, by conditional use when authorized in accordance with§ 182-204, a building may be erected, altered or used and a lot may be used or occupied for anyof the following uses and no others:(1) Buildings which contain any combination of attached dwellings and two-story multifamilydwellings. These dwellings may be open market communities and age-restricted active adultcommunities.(2) No-impact home-based business in accordance with standards set forth in § 182-21.3 herein.(3) A principal use permitted herein may be constructed on the same lot with another permittedprincipal use(s).(4) Home occupations, provided that all the requirements of § 182-21.4 herein shall be met.C. Residential Use Group regulations. The following regulations shall apply in the RUG UseGroup:(1) General regulations.(a) Ownership. The tract of land to be developed shall be in one ownership or shall be thesubject of an application filed jointly by the owners of the entire tract, and it shall be agreed thatthe tract will be developed under single direction in accordance with an approved plan.(b) Sewer and water facilities. The tract of land shall be served by public water facilities andpublic sewer facilities deemed acceptable by the Board of Supervisors, upon recommendation ofthe Township Engineer.(c) Development plan. The application for conditional use shall be accompanied by a trafficimpact analysis consistent with the requirements of § 182-120E, a community impact analysisconsistent with the requirements of § 182-120I, and a sketch plan complying with the sketch planrequirements of Chapter 154, Subdivision and Land Development. Within one year following the
  • grant of conditional use approval, the applicant shall file a plan or plans showing the detailed useof the entire tract, which plan or plans also shall comply with all requirements of Chapter 154,Subdivision and Land Development, and other applicable ordinances, unless these ordinances arerelaxed in accordance with § 182-120D herein. The plan shall clearly designate the proposeduse(s) of each area of tract.(d) Development stages and permits. The development of a tract, carried out in either a singlephase or in stages, shall be executed in accordance with a development agreement. The owner,developer and Township shall enter into said agreement embodying all details regardingcompliance with this article to assure the binding nature thereof on the overall tract and itsdevelopment, which agreement shall be recorded with the final development plan.(2) Development regulations. The following development regulations shall be followed by allproposed developments within the RUG Use Group:(a) Utilities. All utility lines (electrical, telephone, etc.) shall be placed underground.(b) Height regulations. The maximum height (as defined in § 182-24) of buildings or structureserected or enlarged with the RUG Use Group shall be a maximum of 35 feet. Accessorybuildings shall not exceed one story or 25 feet; however, a clubhouse building shall not exceed30 feet.(c) Parking regulations. Parking requirements for the RUG Use Group shall be as follows:[1] For the residents of each dwelling unit, not less than two off-street automobile parkingspaces shall be required. The required spaces, when they are not an integral part of the buildingdesign, shall be arranged within a court or separate parking area(s). If one or more parkingspaces are provided within a garage for that unit, the off-street area in front of the garage mayalso be counted as a parking space.[2] If a clubhouse or common facility is provided, parking for that facility will be providedpursuant to the requirements for a private meeting room or place of private assembly pursuant to§ 182-179B(1)(a).[3] For guest parking, the applicant shall demonstrate that there is sufficient on- and off-streetparking available. If this cannot be demonstrated to the Townships satisfaction, visitor parkingshall be provided at the rate of 1/2 parking space per unit, in addition to the parking as requiredin Subsection C(2)(c)[1] above. If centrally located with respect to the majority of dwelling units,clubhouse and common facility parking spaces provided pursuant to Subsection C(2)(c)[2] abovemay be used in calculating the number of visitor parking spaces provided.[4] No parking area of three or more cars shall be located closer than 25 feet to a perimeterproperty line or to an ultimate right-of-way line of any abutting road classified as a limited-access highway on the Upper Providence Township Ultimate Rights-of-Way Map, nor closerthan 50 feet to the right-of-way line of any other abutting road. This provision shall not apply toparking for resident access adjacent to mailbox facilities provided within the community.[5] In parking areas storing 10 or more cars, not less than 10% of the area devoted to parkingfacilities shall consist of interior parking lot landscaping. As a requirement in the RUG UseGroup, such landscaping shall be designated on a separate landscape plan as set forth in § 182-120C(2)(h) below and in accordance with Chapter 154, Subdivision and Land Development, ofthe Code of the Township of Upper Providence.[6] When conditions warrant, the use of reserve parking is encouraged. The requirements of§ 182-180 of this chapter shall be applicable.(d) Signs. Signs shall be permitted subject to the requirements of Article XIX of this chapter. 32
  • (e) Access. Provision shall be made for safe and efficient ingress and egress to and from publicstreets and highways serving the RUG Use Group residential development without causingundue confusion or interference with the normal traffic flow.(f) Common areas and facilities. The provision of certain facilities serving the entiredevelopment, such as parking lots, interior pedestrianways, driveways or alleys, lightingfacilities, landscape planting areas, buffers, open space and recreation facilities, etc., is herebyencouraged and may be located either on individual lots or in common areas. In cases where theyare provided in common areas, provisions satisfactory to the Board of Supervisors must be madefor their perpetual maintenance and care. The use of these facilities may be restricted to theresidents of the development, where practical, and may be maintained by the developer, ahomeowners association or similar entity. In addition to the foregoing, RUG developments shallprovide the following facilities for the general public:[1] Bus stop for mass transit, or area set aside for future bus stop for mass transit, if there is notexisting bus service to the tract; and[2] Public walkways connecting the community to the surrounding properties and connectingthe surrounding properties with each other.(g) Lighting facilities. Lighting facilities shall be provided as needed and arranged in a mannerwhich will protect the highway and neighboring properties from unreasonable direct glare orhazardous interference of any kind. Lighting facilities shall be required for the safety and welfareof the residents of the development and shall be installed by the developer at his expense andshall be in accordance with the provisions of Chapter 154, Subdivision and Land Development,of the Code of the Township of Upper Providence, § 154-40.(h) Landscaped planting. A separate landscape plan shall be submitted as part of the landdevelopment approvals, stipulating buffer and street tree landscaping proposed in connectionwith the development of RUG Use Group residential units.[1] Shade trees shall be provided along street frontage occupied by an RUG Use Groupresidential development in accordance with the requirements of Chapter 154, Subdivision andLand Development, of the Code of the Township of Upper Providence.[2] Buffer area. A permanent landscaped planting area of at least 15 feet in depth, designed forfiltering from view any uses which are adjoining and contiguous to the development, will beprovided. In addition, this buffer will be applied to street frontages where the rear of dwellingsface the street. All required buffers shall comply with the evergreen and deciduous percentagesof a Type 3 buffer pursuant to § 154-36D(5)(e) of Chapter 154, Subdivision and LandDevelopment, of the Code of the Township of Upper Providence.(i) Design standards. The architectural design standards set forth in § 154-36.2 shall apply,where relevant and practical.(3) Density and dimensional requirements.(a) The following maximum density shall apply in the RUG Use Group:[1] For residential dwellings, the maximum permitted density shall be:[a] 5.25 dwelling units per developable acre for tracts abutting a road classified as a limited-access highway on the Upper Providence Township Ultimate Rights-of-Way Map; and[b] 3.25 dwelling units per developable acre for all other tracts.(b) Building coverage: maximum of 25%.(c) Impervious coverage: maximum of 50%. 33
  • (d) Setback from property lines and streets. A building setback of 100 feet shall be providedalong the right-of-way for any feeder road where residential uses occur on the opposite side ofthe road and along the rear property line of residential lots. A building setback of 50 feet shall beprovided from collector, arterial, and limited-access highways and all other property lines.(e) Building separation.[1] Distance of 30 feet between buildings containing attached dwellings or multifamilydwellings.[2] Setback of 20 feet from internal private streets and alleys for fronts, sides, and rears ofbuildings.[3] Setback of 15 feet from parking spaces that are either perpendicular or parallel to buildings.(f) Building length. The maximum length of any residential building shall be 155 feet.D. Plan modifications. The Board of Supervisors may grant modifications from the specificrequirements herein, and those of Chapter 154, Subdivision and Land Development, providedthat the spirit and intent of this article and the statement of community development objectivescontained in § 182-2 are observed and that the overall densities specified herein are maintained. 34