Download as PDF, PPTX
Uploaded byVirtual ULI
Peter porraro, Multifamily Development Today
The document summarizes the development of a 150-unit transit-oriented development apartment complex called West 130 in West Hempstead, Long Island. It discusses the market analysis that supported the need for rental housing, the selection of a site near the train station that was formerly a crime-ridden hotel, and the rezoning process. It outlines the product design of 4-story buildings with a mix of unit sizes, amenities, and underground parking. Financing details include total project costs of $44 million and a capital structure with 65% debt and 35% equity. Construction timelines and photos show the progress from site work through building completion.
More Related Content
Similar to Peter porraro, Multifamily Development Today
Peter porraro, Multifamily Development Today
- 1. ULI Spring 2012 TOD Development West 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.
- 4. Long Island RegionalMap • 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 -Metrics Long Island Demographics Population: 2.8 million Total Employment: 1.2 million Unemployment: 7.2% Average HH Income: $175,000 MF Rental Completions 2006 1,016 2007 - 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.
- 7. Site Acquisition • 1960’sHotel • “Hourly Hotel” • Source of crime • Community eyesore
- 8.
- 9.
- 10. Rail and BusNetwork •Station literally outside front door • 50 minutes to Penn Station
- 11. West 130 LAND USEAND 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. Timeline Entitlement Timeline March 2006 Purchase Contract November 2006 Submit Rezoning Application November 2008 SEQR Approval (State Environmental Quality Review) December 2008 Adoption of CA-S Zone & Rezoning Approval June 2009 Site Plan Approval July 2009 IDA Inducement (PILOT) October 2010 Building Permit Approval February 2011 Close and Start Construction
- 14.
- 15.
- 16. Project Description Building Program Size: 3 Acres Density: 50 units per Acre Building Type: 5A Construction 4-story over 2 levels parking Units: 150 Market Rate Mix: 1 Bedroom: 35% 2 Bedroom: 57% 3 Bedroom: 8% Average Unit Size 1,085 SF Amenities: 4,000 SF Clubhouse; Fitness Center; I-lounge; Café; Wii- theatre; Landscaped Courtyards and Pool
- 17.
- 18.
- 19.
- 20. Project Cost Summary Units150 Cost 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 $228 Average Rent/SF: $2.46 Average NSF: 1,085 Average Rent/Home: $2,670
- 21. Capitalization Units 150 Dollar % of Total Per Unit Category Amount Cost Debt Total Construction Debt: $28, 500,000 65% $190,000 Equity Total Equity: $15,500,000 35% $103,333 Total Capitalization $44,000,000 100% $293,333 Un-Trended Yield on Total Project Cost: 8.0%+ Market Cap Rates: 4.75%
- 22.
- 23.
- 24.
- 25.
- 26.
- 27.
- 28.
- 29.
- 30.
- 31. Vision Long IslandSmart Growth Award Recipient