1. By Tamara Shaqoura Darwish
Master of Integrated Building Delivery
Professor Tom Brock
Comprehensive Opportunity Assessment and Entrepreneurship Development Project
Arch. 564
Illinois Institute of Technology
Comprehensive Opportunity Assessment And Entrepreneurship Development
Condominiums
High Rise Development Building
11/6/2013
2. Comprehensive Opportunity Assessment And Entrepreneurship
Development Condominiums
2013
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Abstract
This is a comprehensive study of developing an integrated complex high-rise building that
has its own challenges. The site falls in the heart of downtown Chicago, where the parcel
surrounding buildings have different heights, elevations and functions, also the parcel
location, and size ruled the building design, orientation and shape.
Thinking as an architect, contractor and developer in the same time was my biggest
challenge, which required going through the building construction and finance process.
By developing market analysis and site studies, I came out with a profitable project which
meets the clients requirements and needs in this particular market; still the building has a
curb appeal, where we can compete with the competition in the area.
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Development Condominiums
2013
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Content:- Pages
EXECUTIVE SUMMARY
Project cost summery 8
Summery 9
PROJECT PROGRAM 10
Zoning 10-12
Zoning and Area Analysis 13
Condominiums Proposal 14
PROJECT PROPOSAL DRAWINGS 15
Perspective 16
Section 17
Plans 18-29
Furnished Plans Proposal 30-32
Elevations 33-34
Perspective 35
MARKET COMPARABLE ANALYSIS 36
Market study 36-39
Competitions 40-42
CONDOMINIUMS BUILDING BUDGET 43
Project Budget 43-44
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Development Condominiums
2013
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CASH FLOW 45
Capitalization 45
Parking retail and offices income 45
Condominiums units’ income 46-47
Uses and resources 48
COST PERFORMA WITH SCHEDULE 49
CONSTRUCTION CASH FLOW SCHEDULE 50-53
PROJECT SUMMARY 54
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EXECUTIVE SUMMARY
Project cost summery
Hard costs: -$ 26,927,874.14
Soft cost: - $13,184,206.77
Land cost:-$16,403,057.39
Project cost: - $56,515,138.30
Project sales summery
Condominiums sales;-$ 66,122,515
Offices, retails and parking sales:-$ 4,098,424
Total sales: - $70,220,938.55
5% vacancy=$3,511,046.928
Gross operating income: - NOI: -$ 66,709,891.62
Cash flow: -$ 10,194,753.32
Return on investment: - 18%
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Development Condominiums
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Summary
The new condominiums building will entail demolition of an existing abandoned two floor
residential building to create 9,204 square feet site. An 89-residace 23- story condominium
development with homes ranging from 800 square feet to 1800 square feet will be built on the site.
The asset condominium building will be ideally located downtown Chicago the location has a great
potentials of a high rise mixed used building with a small affordable units. The proposed project
will have a high return on income, due to its strategic location and the high demand in the market
for this type of projects.
The property located on 615 n Wabash Ave., Chicago, IL, 60611, is well positioned downtown
Chicago, within the same area residents will find many shops, such as Bloomingdales (an upscale
chain of department stores), restaurants, night clubs, parks, theater, cinema, different amenities
and live entertainment commuting
Figure 1
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Project program:
A 23 story loft condominiums building will constructed in one phase on the site, with excellent
design and unique amenities
The development will provide:-
Slender architectural tower
23 floors, 89 homes
Steel-reinforced concrete shear core for superior seismic stability
Floor plate modulated at perimeter to maximize city and lake view
Floor-to-ceiling window wall in each home
Double-glazed, glass curtain-wall system for exceptional weather protection
Applied acoustic technology to virtually eliminate home-to-home sound transfer
Heated indoor garage space with each residence.
Private balconies and terraces on different floors
Hardware floors in foyer, kitchen, living and dining room.
Plush carpet in bedrooms and dressing rooms.
Fire resistant structure protected with sprinkler system in every room
HVAC will be a central 4-pipe system to each condominium.
The building will have a LEED Silver environmental rating.
Zoning:
This site is in compliances with the city of Chicago zoning ordinance, zoned DX-12
(DX - Downtown Mixed-Use District) Downtown high-rises - offices or apartments with ground-floor
stores. The suggested development project will fill with the master plan vision of the city. Since the lot is
surrounded with 11 floors parking building from the east, and 13 floors hotel building on the north,
creating a functional units will require going higher with the units, and by increasing the parking’s floors
to meet the requirements for DX-20. We can achieve a successful development project.
11. Comprehensive Opportunity Assessment And Entrepreneurship
Development Condominiums
2013
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Figure 3 Site Image
Figure 4 across the Street
Site
Site
12. Comprehensive Opportunity Assessment And Entrepreneurship
Development Condominiums
2013
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Zoning And Area Analysis
Address 615 N Wabash Ave., Chicago, IL, 60611
Zoning District DX-12 to be rezoned to DX-20
Lot Size(SF) 9,204
Acres 0.21
Permitted Use Mixed Used Building Permitted
Allowable Far 12
Allowable FAR SF 110,448
Actual Far 179,543.1 + 3121.35 (balconies) more than allowable FAR (69,095.1)
Condo Saleable 89
Retail Saleable 3
Front Set Back None
Rear Setback None
Side Setback None
Building Height Max
Allowable
None, But Buildings Taller Than City's "Building Height Thresholds"
Require Planned Development Review
Actual Height 246 Feet
Site
Figure 5 Intersection
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Stories 23
Number Of Parking Spaces 71 (required is 55.5)
15.5 extra added for rezoning
Construction Duration
(Month)
24
Project Duration (Month) 32
Table 1
Condo Proposal
Total
Floors
Total
Square/Feet
Condos Per Floor Area
2007.18 SF Ea. 5th
,6th
& 7th
Floor 3 6021.54
6565.49 SF Ea. 9th
- 12th
Floor 4 26261.96
7398.22 SF Ea. 13th
And 14th
Floor 2 14796.44
7677.89 SF Ea. 15 - 18th
Floor 4 30711.56
8010.48 SF Ea. 19th
And 20th
Floor 2 16020.96
5850.63 SF Ea. 21ST
And 22th,
Floor 1 11701.26
5671.61 SF 23Rd
Floor 2 5671.61
Totals Condos Floor Area 18 111185 58.5%
Circulation Per Floor Area
1583 SF 1st
Floor 1 1583
1238.89 SF Ea. 2nd
And 3rd
Floor 2 2477.78
1073.82 SF 4th
Floor 1 1073.83
1032.75 SF Ea. 5th
, 6th
And 7th
Floor 3 3098.25
1066.88 SF Ea. 8th
Floor 1 1066.88
1772.59 SF Ea. 9th
-12th
Floor 4 7090.36
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1403.15 SF Ea. 13th
-23rd
Floor 11 15433
Totals Circulation Floor Area 23 36247 18%
Retail Per Floor Area 410 SF Ea. 1st Floor 3 1230
Totals Retail Stores Floor Area 3 1230 .7%
Office Space Area 1452.73 Sf 2nd And 3rd Floor 2
2945.36
Totals Offices Floor Area 2 2915.46 1.6%
Amenities
1257.12 SF Fitness (4thfloor) 1 1257.12
751 SF
Screening Room(4th
Floor)
1 751
1971.65 SF
Terrace (8th
Floor)
1971.65 SF
1909 SF Terrace (21ST
Floor) 1 1909
Totals Amenities Floor Area 3 3979.8 1%
Average Condo Unit 1349.733
Number Condo Units Per
Floor
2 5th
, 6th
And 7th
Floor
7 9th
- 12th
Floor
6 13th
- 18th
Floor
5 19th
- 20th
Floor
3 21-23rd
Floor
Total Condo Units 89
Parking Lot Area Per
Floor
4348 SF 1st
Floor 1 4348
4557 SF Ea. 2nd
-8th
Floor 7 31899
Total Floor Of Parking 8 36247 20%
Service Per Floor 182 SF 1st
Floor 1 182
108 SF Ea. 2nd
And 3rd
Floor 2 216
Total Services Area 3 398 0.2%
Table 2 condo units proposal
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PROJECT PROPOSAL DRAWINGS:-
Condos Units Per Floors
Average Size Square
Feet
Total Units With Balcony
Without
Balcony
Units From 5th To 7th 1003.59 6
1 On The 7th
Floor
5
Unit From 9th To 12th 938 28 16 12
Units From 13th To 18th 1233.04 36 20 16
Units From 19th To 20th 1602.12 10 8 2
Pent House 1950 9 9 0
Table 3
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MARKET COMPARABLE ANALYSIS
Market study:-
The building will be designed and marketed as luxury lofts appealing to the middle, upper class, and
upper income segments of the young professional and empty nesters market. Extensive research indicates
strong demand for the product, and to quickly absorb by the market. The proposed building will blend with
the surrounding very easy (see figure 3). The building residence will range from 900-1600 square feet and
range in price from mid $350,000 to mid-700,000.
Figure 6
a) Market analysis : it suggests that market demand for proposed building is principally from buyers
who come from the following groups:
1. Young professionals and couples seeking an urban lifestyle.
36. Comprehensive Opportunity Assessment And Entrepreneurship
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Figure 7
2. Young professionals and couples with connection to downtown Chicago.
Figure 8
3. Empty nesters within the age-range of 30 to 50 years.
Figure 9
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4. Owners of middle-high income $140,000-$200,000.
Figure 10
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Development Condominiums
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5. Current or past residents of the same area, or people who grown children living downtown.
Figure 11
This downtown location will attract buyers who value services within walking distance. All
perspective buyers value and appreciate a maintenance free living environment. While the young
professionals desire the urban experience, still demand moderately high level of luxury is desired
as well. Amanitas, transpiration, services and retails are very important for the targeted
population. Convenience of interaction with neighborhood is also highly demanded. Buyers are
most likely relying on public transportation, which is very convenient for the location.
39. Comprehensive Opportunity Assessment And Entrepreneurship
Development Condominiums
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b) Competitions:
Address: 55 E Erie St Chicago, IL 60611
Figure 12 Building Location
units Sample SF PRICE
unit 1 SF For sale 1,407 sq ft $690,000
unit 2 SF For sale 4,350 sq ft $4,374,000
unit 3 SF For sale 3,375 sq ft $2,495,000
unit 4 SF For sale 1,588 sq ft $675,000
unit 5 SF SOLD 2,300 sq ft $1,360,000
unit 6 SF SOLD 1,800 sq ft $878,000
unit 7 SF SOLD 2,028 sq ft $890,000
95% SOLD
Table 4
40. Comprehensive Opportunity Assessment And Entrepreneurship
Development Condominiums
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Address: 118 E Erie, Chicago, IL 60611, built 2012.
Figure 13
units Sample SF PRICE
unit 1 SF For sale 2,440 sq ft $1,000,369
unit 2 SF For sale 1,937 sq ft $2,235,559
unit 3 SF For sale 1,423 sq ft $1,000,369
unit 4 SF For sale 2,440 sq ft $2,901,929
unit 5 SF pending 2,440 sq ft $2,874,386
80% SOLD
Table 5
41. Comprehensive Opportunity Assessment And Entrepreneurship
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Address : 535 N Michigan Ave Chicago, IL 60611,built 19652
Figure 14
units Sample SF PRICE
unit 1 SF For sale 940 sq ft $249,900
unit 2 SF For sale 800 sq ft $242,500
unit 3 SF For sale 840 sq ft $200,000
unit 4 SF SOLD 950 sq ft $248,500
unit 5 SF SOLD 1,000 sq ft $285,000
90% SOLD
Table 6
42. Comprehensive Opportunity Assessment And Entrepreneurship
Development Condominiums
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Condominiums Building BUDGET:-
Hard Construction Cost Total Per condo unit Per SF % of cost
Div. 1- General Conditions 599,673.95 6,737.91 3.34 2.23%
Water+ Sewer 420,130.85 4,720.57 2.34 1.56%
Excavations 658,923.18 7,403.63 3.67 2.45%
Paving 120,293.88 1,351.62 0.67 0.45%
Landscaping 233,406.03 2,622.54 1.3 0.87%
Structure Concrete Foundations 2,335,855.73 26,245.57 13.01 8.67%
Poured Concrete Structure 1,797,226.43 20,193.56 10.01 6.67%
Div.4- Masonry
CMU Bearing Walls 2335855.731 26,245.57 13.01 8.67%
Masonry Veneer 1197552.477 13,455.65 6.67 4.45%
Div.5- Steel
Misc. Ornamentals Iron 420130.854 4,720.57 2.34 1.56%
Div.6- Wood And Carpentry
Misc. Carpentry 1197552.477 13,455.65 6.67 4.45%
Cabinetry 430903.44 4,841.61 2.4 1.60%
Millwork 172361.376 1,936.64 0.96 0.64%
Div.7- Roofing And Moisture Control
Roofing 779217.054 8,755.25 4.34 2.89%
Caulking 120293.877 1,351.62 0.67 0.45%
Water Proofing 287268.96 3,227.74 1.6 1.07%
Div.8 – Doors And Windows
Window System 2396900.385 26,931.47 13.35 8.90%
Doors And Frames 143634.48 1,613.87 0.8 0.53%
Store Front 179543.1 2,017.34 1 0.67%
Finish Hardware 71817.24 806.94 0.4 0.27%
Div.9- Finishes
Drywall 1725409.191 19,386.62 9.61 6.41%
Tile 1079054.031 12,124.20 6.01 4.01%
Painting 718172.4 8,069.35 4 2.67%
Carpeting 287268.96 3,227.74 1.6 1.07%
Div. 10- Accessories
Bath Accessories 143634.48 1,613.87 0.8 0.53%
Div.11- Appliances 387813.096 4,357.45 2.16 1.44%
Div.12- Furniture 0 0.00 0 0.00%
Div. 13- Pool 0 0.00 0 0.00%
Div.14- Elevator 2396900.385 26,931.47 13.35 8.90%
Div.15- Mechanical System
HVAC 1150871.271 12,931.14 6.41 4.27%
Fire Protection 646355.16 7,262.42 3.6 2.40%
Plumbing 1150871.271 12,931.14 6.41 4.27%
Div.16- Electrical
Electrical 1150871.271 12,931.14 6.41 4.27%
Security 120293.877 1,351.62 0.67 0.45%
telephone 71817.24 806.94 0.4 0.27%
26,927,874.14 302,560.38 149.98 100.00%
Project Budget
Div. 2- Site Work
Div.3 -Concrete
Table 7
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Development Condominiums
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Div. 18- land cost 15,999,086 179,765.01 89.11
Site cleaning and demolition 403,971.75 4,539.01 2.25
Total Land Cost 16,403,057.39 184,304
Div. 19- Architect And Engineer
Architect 1,457,889.97 16,380.79 8.12 11.06%
Structure Engineer 728,944.99 8,190.39 4.06 5.53%
MEP Engineer 310,609.56 3,490.00 1.73 2.36%
Civil Engineer 104,135.00 1,170.06 0.58 0.79%
Consults 193,906.55 2,178.73 1.08 1.47%
Div. 20 – Legal And Accounting 714,582 8,029.01 3.98 5.42%
Div.21 – Financing 389,609 4,377.62 2.17 2.96%
Div. 22 - Title Insurance 193,907 2,178.73 1.08 1.47%
Div. 23 - Insurance 0.00%
General Liability 301,632.41 3,389.13 1.68 2.29%
Workers Comp. 170,565.95 1,916.47 0.95 1.29%
Builders Risk 44,885.78 504.33 0.25 0.34%
Div.24 Municipal Fees 0.00%
Permits 283,678.10 3,187.39 1.58 2.15%
Zoning Fees 19,749.74 221.91 0.11 0.15%
Other Taxes, Transfers + Fees 502,720.68 5,648.55 2.8 3.81%
Re Taxes 114,907.58 1,291.10 0.64 0.87%
Div. 25- Marketing 0.00%
Marketing Research Report 14,363.45 161.39 0.08 0.11%
Div. 26- Survey And Testing 0.00%
Plat of survey 1,795.43 20.17 0.01 0.01%
Concrete Testing 23,340.60 262.25 0.13 0.18%
Footing Testing 57,453.79 645.55 0.32 0.44%
Environmental Testing 5,386.29 60.52 0.03 536.70%
Construction Layout 7,181.72 80.69 0.04 0.05%
Div. 27 Utilities 44,886 504.33 0.25 0.34%
Div.28 A – Developer Fees 6% Of Hard Cost 1,615,672 18,176.22 9.01 12.25%
Div.28 B – Developer Overhead 9% 2,624,920 29,493.48 14.62 19.91%
Div. 31- Construction Interest 1,576,388 17,712.23 8.78 11.96%
Div. 32 A- Hard Cost Contingency 5% 1,346,393 17,712.23 8.78 10.21%
Div.32 B – Soft Cost Contingency 2.5% 334,703 8,190.39 4.06 2.54%
Total Soft Cost 13,184,206.77 155,173.65 76.92 100.00%
Total hard cost 26,927,874.14 302,560.38 149.98 47.65%
Total land cost 16,403,057.39 184,304.02 91.36 29.02%
Total soft cost 13,184,206.77 155,173.65 76.92 23.33%
Total project cost 56,515,138.30 642,038.06 318.26 100.00%
Land Cost
91.36
Project cost
Soft Cost
Table 8 Project Total Cost
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Cash flow:-
PROJECT REVENUE:-
Space Total sf Average price
per sf
units Gross income
Retail 400.63 350 3 420,662
Offic1 422 350 2 295,400
Office2 640.1 350 2 448,070
Office 3 Second Floor 400.63 350 1 140,221
Office 3 third Floor 305.66 350 1 106,981
Office 4 324.44 350 1 113,554
parking 36247 30,000 71 2573537
Office 4
Total Gross Income 4,098,424
Table 10 Retails, Offices &Parking Gross Income
Capitalization
Equity
Construction loan $39,937,637.32 70% LTC
investors $17,116,130.28 30%LTC
Total construction capitalization $56,515,138.30 100%
Table 9
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Development Condominiums
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Total revenue = $4,098,424 + $66,122,515 =$70,220,938.55
Uses and resources:-
Total construction capitalization =$56,515,138.30
Vacancy 5%= $3,541,827.035
Total revenue = $66,122,515
Repayment of Construction loan 70% LTC = $39,560,596.81
Repayment Investors 30%LTC= $16,954,541.49
Distribute to investors 70%= $7,136,327.324
Distribute to developer 30% = $3,058,425.996
Investment analysis:-
Initial investment amount =$16,954,541.49
Total return amount = $10,194,753.32
Cash on cash return = 60%
IRR= 18%
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Development Condominiums
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COST PERFORMA WITH SCHEDULE:-
Site Analysis
Market Analysis
Concept DWG
Budget And Performa
Construction Analysis
Environmental Analysis
Land Acquisition
Zoning
Financing
Bank Finance
Investors Presentation
Close On Land Loan
Close On Construction Loan
A+E
Design Development
Drawings
Bid Documents
Issue For Permits Docs
Permitting
Issue For Const Docs
Construction
Construction Bidding
Construction
FF+E
Condo Management
MGT Bidding
Pre Opening
Closing
17
Ma
11
No
Conceptual Design/ Month
1
Jan
4
Ap
5
Ma
6
Jun
7
Jul
8
Au
9
Se
10
Oc
3
Ma
2
Fa
12
De
13
Jan
14
Fa
15
Ma
16
Ap
19
Jul
20
Au
21
Se
22
Oc
18
Jun
28
Ap
29
ma
30
Jun
23
No
24
De
25
Jan
26
Fa
27
Ma
36
De
31
Jul
32
Au
33
Se
34
Oc
35
No
Table 13 Construction Schedule
CONSTRUCTION CASH FLOW SCHDULE:-
49. Comprehensive Opportunity Assessment And Entrepreneurship
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Totals Pre- con Pre- con Pre- con Pre- con Pre- con Pre- con Pre- con Pre- con CONSTRUCTION
Month
Month
Project Budget
Hard Construction Cost
hard cost construction 26,927,874.14 961,709.79
land Cost
Div. 18- land cost 15,999,085.64 15,199,131 799,954
Site cleaning and demolition 403,971.75 403,971.75
Soft Construction Cost
Div. 19- Architect And Engineer
Architect 1,457,889.97 36,447.25 36,447.25 36,447.25 36,447.25 36,447.25 36,447.25 36,447.25 36,447.25 41,654.00
Structure Engineer 728,944.99 30,372.71 30,372.71 30,372.71 30,372.71 30,372.71 30,372.71 30,372.71
MEP Engineer 310,609.56 13,504.76 13,504.76 13,504.76 13,504.76 13,504.76 13,504.76
Civil Engineer 104,135.00 4,527.61 4,527.61 4,527.61 4,527.61 4,527.61 4,527.61
Consults 193,906.55 8,430.72 8,430.72 8,430.72 8,430.72 8,430.72 8,430.72
Div. 20 – Legal And Accounting 714,581.54 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49
Div.21 – Financing 389,608.53 13,914.59
Div. 22 - Title Insurance 193,906.55 96,953.27
Div. 23 - Insurance
General Liability 301,632.41 10,772.59
Workers Comp. 170,565.95 6,091.64
Builders Risk 44,885.78 1,603.06
Div.24 Municipal Fees
Permits 283,678.10 283,678.10
Zoning Fees 19,749.74 9,874.87 9,874.87
Other Taxes, Transfers + Fees 502,720.68 251,360.34 251,360.34
Re Taxes 114,907.58 57,453.79
Div. 25- Marketing
Marketing Research Report 14,363.45 7,181.72
Div. 26- Survey And Testing
Plat of survey 1,795.43 897.72 897.72
Concrete Testing 23,340.60 3890.1005
Footing Testing 57,453.79 14363.448
Environmental Testing 5,386.29 5,386.29
Construction Layout 7,181.72 7181.724
Div. 27 Utilities 44,885.78
Div.28 A – Developer Fees 6% Of Hard
Cost
1,615,672.00
Div.28 B – Developer Overhead 9% 2,624,920.12 93,747.15
Div. 31- Construction Interest 1,576,388.42 56,299.59
Div. 32 A- Hard Cost Contingency 5% 1,346,393.00 48,085.46
Div.32 B – Soft Cost Contingency 2.5% 334,703.25 11,953.69
56,515,138.30
uses 15,255,428.10 350,597.80 67,069.32 123,905.12 113,132.54 113,132.54 113,132.54 1,317,058.57 2,037,397.62
total uses 15,255,428.10 15,606,025.90 15,673,095.22 15,797,000.34 15,910,132.88 16,023,265.41 16,136,397.95 17,453,456.52 19,490,854.14
1 Jan. 2 Fab. 3 Mar. 4 Apr. 5 May. 6 Jun. 7 Jul. 8 Aug. 9 Sep.
Table 14construction Cash Flow
50. Comprehensive Opportunity Assessment And Entrepreneurship
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Totals CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION
Month
Month
Hard Construction Cost
hard cost construction 26,927,874.14 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79
land Cost
Div. 18- land cost 15,999,085.64
Site cleaning and demolition 403,971.75
Soft Construction Cost
Div. 19- Architect And Engineer
Architect 1,457,889.97 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00
Structure Engineer 728,944.99 30,372.71 30,372.71 30,372.71 30,372.71 30,372.71 30,372.71 30,372.71 30,372.71
MEP Engineer 310,609.56 13,504.76 13,504.76 13,504.76 13,504.76 13,504.76 13,504.76 13,504.76 13,504.76
Civil Engineer 104,135.00 4,527.61 4,527.61 4,527.61 4,527.61 4,527.61 4,527.61 4,527.61 4,527.61
Consults 193,906.55 8,430.72 8,430.72 8,430.72 8,430.72 8,430.72 8,430.72 8,430.72 8,430.72
Div. 20 – Legal And Accounting 714,581.54 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49
Div.21 – Financing 389,608.53 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59
Div. 22 - Title Insurance 193,906.55
Div. 23 - Insurance 0.00
General Liability 301,632.41 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59
Workers Comp. 170,565.95 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64
Builders Risk 44,885.78 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06
Div.24 Municipal Fees 0.00
Permits 283,678.10
Zoning Fees 19,749.74
Other Taxes, Transfers + Fees 502,720.68
Re Taxes 114,907.58
Div. 25- Marketing
Marketing Research Report 14,363.45 7,181.72
Div. 26- Survey And Testing
Plat of survey 1,795.43
Concrete Testing 23,340.60 3890.1005 3890.1005 3890.1005 3890.1005 3890.1005
Footing Testing 57,453.79 14363.448 14363.448 14363.448
Environmental Testing 5,386.29
Construction Layout 7,181.72
Div. 27 Utilities 44,885.78
Div.28 A – Developer Fees 6% Of
Hard Cost
1,615,672.00
Div.28 B – Developer Overhead 9% 2,624,920.12 632,793.24
Div. 31- Construction Interest 1,576,388.42 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59
Div. 32 A- Hard Cost Contingency
5%
1,346,393.00 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46
Div.32 B – Soft Cost Contingency
2.5%
334,703.25 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69
1,254,204.97 1,247,023.24 1,247,023.24 1,232,659.80 1,232,659.80 1,861,562.94 1,228,769.70 1,228,769.70
20,745,059.10 21,992,082.35 23,239,105.59 24,471,765.39 25,704,425.18 27,565,988.12 28,794,757.82 30,023,527.51
17 May.10 Oct. 11 Nov. 12 Dec. 13 Jan. 14 Fab. 15 Mar. 16 Apr.
Table 15- Construction Cash Flow
51. Comprehensive Opportunity Assessment And Entrepreneurship
Development Condominiums
2013
50
Totals CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION
Month
Month
hard cost construction 26,927,874.14 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79
land Cost 0.00
Div. 18- land cost 15,999,085.64
Site cleaning and demolition 403,971.75
Soft Construction Cost 0.00
Div. 19- Architect And Engineer 0.00
Architect 1,457,889.97 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00
Structure Engineer 728,944.99 30,372.71 30,372.71 30,372.71 30,372.71 30,372.71 30,372.71 30,372.71 30,372.71 30,372.71
MEP Engineer 310,609.56 13,504.76 13,504.76 13,504.76 13,504.76 13,504.76 13,504.76 13,504.76 13,504.76 13,504.76
Civil Engineer 104,135.00 4,527.61 4,527.61 4,527.61 4,527.61 4,527.61 4,527.61 4,527.61 4,527.61 4,527.61
Consults 193,906.55 8,430.72 8,430.72 8,430.72 8,430.72 8,430.72 8,430.72 8,430.72 8,430.72 8,430.72
Div. 20 – Legal And Accounting 714,581.54 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49
Div.21 – Financing 389,608.53 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59
Div. 22 - Title Insurance 193,906.55
Div. 23 - Insurance 0.00
General Liability 301,632.41 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59
Workers Comp. 170,565.95 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64
Builders Risk 44,885.78 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06
Div.24 Municipal Fees 0.00
Permits 283,678.10
Zoning Fees 19,749.74
Other Taxes, Transfers + Fees 502,720.68
Re Taxes 114,907.58
Div. 25- Marketing 0.00
Marketing Research Report 14,363.45
Div. 26- Survey And Testing 0.00
Plat of survey 1,795.43
Concrete Testing 23,340.60
Footing Testing 57,453.79
Environmental Testing 5,386.29
Construction Layout 7,181.72
Div. 27 Utilities 44,885.78
Div.28 A – Developer Fees 6% Of
Hard Cost
1,615,672.00
Div.28 B – Developer Overhead 9% 2,624,920.12 632,793.24
Div. 31- Construction Interest 1,576,388.42 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59
Div. 32 A- Hard Cost Contingency
5%
1,346,393.00 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46
Div.32 B – Soft Cost Contingency
2.5%
334,703.25 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69
1,228,769.70 1,228,769.70 1,228,769.70 1,861,562.94 1,228,769.70 1,228,769.70 1,228,769.70 1,228,769.70 1,228,769.70
31,252,297.21 32,481,066.90 33,709,836.60 35,571,399.54 36,800,169.23 38,028,938.93 39,257,708.62 40,486,478.32 41,715,248.01
19 Jul. 20 Aug. 21 Sep. 22 Oct. 23 Nov. 24 Dec. 25 Jan. 26 Fab.18 Jun.
Table 16-Construction Cash Flow
52. Comprehensive Opportunity Assessment And Entrepreneurship
Development Condominiums
2013
51
Totals CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION
Month
Month
hard cost construction 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79 961,709.79
land Cost 0.00
Div. 18- land cost 0.00
Site cleaning and demolition 0.00
Soft Construction Cost 0.00
Div. 19- Architect And Engineer 0.00
Architect 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00 41,654.00
Structure Engineer 30,372.71
MEP Engineer 13,504.76
Civil Engineer 4,527.61
Consults 8,430.72
Div. 20 – Legal And Accounting 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49 19,849.49
Div.21 – Financing 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59 13,914.59
Div. 22 - Title Insurance 0.00 96,953.27
Div. 23 - Insurance 0.00
General Liability 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59 10,772.59
Workers Comp. 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64 6,091.64
Builders Risk 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06 1,603.06
Div.24 Municipal Fees 0.00
Permits 0.00
Zoning Fees 0.00
Other Taxes, Transfers + Fees 0.00
Re Taxes 0.00 57,453.79
Div. 25- Marketing 0.00
Marketing Research Report 0.00
Div. 26- Survey And Testing 0.00
Plat of survey 0.00
Concrete Testing 0.00
Footing Testing 0.00
Environmental Testing 0.00
Construction Layout 0.00
Div. 27 Utilities 0.00 44,885.78
Div.28 A – Developer Fees 6% Of
Hard Cost
0.00 1,615,672.00
Div.28 B – Developer Overhead 9% 0.00 632,793.24 632,793.24
Div. 31- Construction Interest 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59 56,299.59
Div. 32 A- Hard Cost Contingency
5%
48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46 48,085.46
Div.32 B – Soft Cost Contingency
2.5%
11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69 11,953.69
1,171,933.90 1,171,933.90 1,171,933.90 1,171,933.90 1,862,180.93 1,171,933.90 1,171,933.90 1,171,933.90 1,171,933.90 3,562,238.19
42,887,181.91 44,059,115.80 45,231,049.70 46,402,983.59 48,265,164.52 49,437,098.42 50,609,032.32 51,780,966.21 52,952,900.11 56,515,138.30
36 Dec.30 Jun. 31 Jul. 32 Aug. 33 Sep. 34 Oct. 35 Nov..27 Mar. 28 Apr. 29 may.
Table 17-Construction Cash Flow
53. Comprehensive Opportunity Assessment And Entrepreneurship
Development Condominiums
2013
52
PROJECT SUMMARY:-
The high-rise building is a best in class luxury residence offering spectacular views. These downtown
condominiums have it all an ideal location steps away from the lakefront, exceptional quality craftsmanship
and excellent building amenities.
The high rise building will be constructed on the intersection of Wabash Ave and Ontario Ave in downtown
Chicago. The lot is 9,204 SF. The building has 3 retail spaces and 7 offices space.
The proposed building is a 23 story building offering 89 units and 71 indoor parking spaces, the units vary
from studio units, one bedroom, two bedrooms and penthouse units, which can be customized to meet each
client’s needs.
The total project duration will be 36 months; it will offer unit prices ranging from $450 to $850 per
square foot. The total cost of the project is $56,515,138.30; consist of 47.65% of hard cost, 23.33% soft cost
and 29.02% land cost. In this development package we are requesting a construction loan of $39,937,637.32
and an equity source of$17,116,130.28. Considering project sales revenue of $70,220,938.55, the project will
have $10,194,753.32 of return.
