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Peter porraro, Multifamily Development Today
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Peter porraro, Multifamily Development Today

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Peter porraro, Multifamily Development Today

Peter porraro, Multifamily Development Today

Published in: Business, Real Estate

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  • 1. ULI Spring 2012 TOD DevelopmentWest Hempstead, Long Island
  • 2. West 130 – TOD Case Study• Market Analysis - Market Area; Demand Factors; Supply Factors• Site Selection• Land Use and Zoning• Product Design and Site Plan• Financing and Investment• Construction
  • 3. West 130MARKETING ANALYSIS
  • 4. Long Island Regional Map• Starts just 18 miles east of Manhattan• Two Counties – Nassau (287 square miles) & Suffolk (911 square miles)• Extensive public transportation network (LIRR)• 1,180 miles of shore-line
  • 5. Rental Housing - MetricsLong Island DemographicsPopulation: 2.8 millionTotal Employment: 1.2 millionUnemployment: 7.2%Average HH Income: $175,000MF Rental Completions2006 1,0162007 -2008 -2009 226 84% of existing rental housing stock was built prior to 1979 (REIS)2010 -2011 210 Source: Long Island Housing Index 2007; REIS Report 2011
  • 6. West 130SITE SELECTION
  • 7. Site Acquisition• 1960’s Hotel• “Hourly Hotel”• Source of crime• Community eyesore
  • 8. West 130 Location Map
  • 9. Site Aerial
  • 10. Rail and Bus Network •Station literally outside front door • 50 minutes to Penn Station
  • 11. West 130LAND USE AND ZONING
  • 12. Benefits to Community• Permanent Closure and Elimination of the Courtesy Hotel and source of crime/blight• New, Distinctive Gateway to West Hempstead• Creation of Sense of Place: with Attractive Building, Enhanced Streetscape, and Sidewalk Improvements• New Choice of Upscale Apartment Living• Catalyst for Further Redevelopment and Community Improvements• Revitalization of West Hempstead LIRR train station• Generate a positive trend in neighborhood real estate values• Set example of a Public / Private Collaboration
  • 13. TimelineEntitlement TimelineMarch 2006 Purchase ContractNovember 2006 Submit Rezoning ApplicationNovember 2008 SEQR Approval (State Environmental Quality Review)December 2008 Adoption of CA-S Zone & Rezoning ApprovalJune 2009 Site Plan ApprovalJuly 2009 IDA Inducement (PILOT)October 2010 Building Permit ApprovalFebruary 2011 Close and Start Construction
  • 14. Entitlement Process
  • 15. West 130PRODUCT DESIGN/SITE PLAN
  • 16. Project Description Building ProgramSize: 3 AcresDensity: 50 units per AcreBuilding Type: 5A Construction 4-story over 2 levels parkingUnits: 150 Market RateMix: 1 Bedroom: 35% 2 Bedroom: 57% 3 Bedroom: 8%Average Unit Size 1,085 SFAmenities: 4,000 SF Clubhouse; Fitness Center; I-lounge; Café; Wii- theatre; Landscaped Courtyards and Pool
  • 17. Floor Plan
  • 18. Underground Parking Garage
  • 19. West 130FINANCING ANDINVESTMENT
  • 20. Project Cost SummaryUnits 150Cost Item Total Per Unit Per SF• Hard Cost: $28, 500,000 $190,000 $175• Land/Soft Cost: $15,500,000 $103,333 $ 53• Total Costs: $44,000,000 $293,333 $228Average Rent/SF: $2.46Average NSF: 1,085Average Rent/Home: $2,670
  • 21. CapitalizationUnits 150 Dollar % of Total Per UnitCategory Amount CostDebt Total Construction Debt: $28, 500,000 65% $190,000Equity Total Equity: $15,500,000 35% $103,333Total Capitalization $44,000,000 100% $293,333 Un-TrendedYield on Total Project Cost: 8.0%+Market Cap Rates: 4.75%
  • 22. West 130CONSTRUCTION
  • 23. May 2011
  • 24. May 2011
  • 25. May 2011
  • 26. November 2011
  • 27. November 2011
  • 28. August 2011
  • 29. February 2012
  • 30. April 2012
  • 31. Vision Long Island Smart Growth Award Recipient

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