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Dovetail presentation
- 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
- 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
Editor's Notes
- 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 FloorplateDetailsTruck 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 StrategyUnit 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 StrategyUnit 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:$20,000 down30 year amort3.5% interest200 month condo fees500 year in heating2000 year prop tax
- -explain timing of contributions***-assume a holding period equal to the project timeline; sale at completion*Discuss:Current Interest Rates/$ AvailabilityCredit Strength of BorrowerCreditworthiness 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?”