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505 CONGRESS STREET PowerPoint Presentation
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505 CONGRESS STREET

505 CONGRESS STREET

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505 CONGRESS STREET

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  1. c

  2. c 505 CONGRESS STREET A VISION FOR SOUTH BOSTON

  3. c tatsuyuki ariizumi hasan halkali jong yoon lim leo shieh paul stewart kristy wang 505 CONGRESS STREET A VISION FOR SOUTH BOSTON

  4. Agenda • Market Analysis • Entitlements • Design & Construction • Financial • Conclusions introduction

  5. 1. Introduction: - Site orientation (maps, photos) - Overall program (number units, young professionals, new neighborhood…) introduction

  6. market analysis

  7. 2. Market Analysis: • - Market overview (economy, population… briefly) • alternative uses (condo justification) • Market study (mkt area, demand supply, submkt) • marketability of our product • general program inspired in comps • Issues KW • read write up, why each data is useful, convincing • projections forward market analysis

  8. entitlements

  9. The Boston Harbor Association Save the Harbor/Save the Bay City of Boston Office of Civil Rights The Children’s Museum Artery Business Committee Boston Shipping Association, Inc. Dorchester Heights Association Greater Boston Chamber of Commerce UMass/Boston: Urban Harbors Institute National Park Service Fort Point Cultural Coalition Fort Point Arts Community Adaptive Environments Conservation Law Foundation Boston Society of Architects Boston Natural Areas Network Boston Harbor Island Alliance Seaport Alliance for a Neighborhood Design Walk Boston Massachusetts Bicycle Coalition What we don’t want to happen… entitlements

  10. Zoning • South Boston Waterfront IPOD (Article 27P) • General Use • FAR: 4.0 • SCR: .50 • Height: 150’ • Parking: ~ .70 - 1.5 • Proposed • Multifamily Residential • FAR: 5.95 (overall) / 4.94 (ex. parking) • SCR: .60 • Height 250’ • Parking: .70 entitlements

  11. Development Review (Art. 80) • Multi-phase process • Site plan • Urban design • Historic resources • Infrastructure systems • Transportation • Environmental protection • Areas of potential concern • Building area limits • Construction staging • Parking… entitlements

  12. Entitlements issues • Affordable Housing • Set aside of 14% of units • Moderate income households: 80% AMI • Public Benefits • Road work & offsite mitigation: $300K set aside • Property taxes: 40x increase from current tax revenue • Other • Strong public interest in jumpstarting development • No abutters, small parcel = less scrutiny & opposition • Schedule • Eighteen months allocated entitlements

  13. design & construction

  14. that building looks really familiar… design & construction

  15. north Site Orientation Direct connection to downtown Three blocks to waterfront One block to Silver Line Plaza faces Conv. Ctr & T stop Secluded garden on West side Tower looks away from vent bldg Parking as buffer to rear design & construction

  16. Parking hidden from st. Private Entrances Secluded garden Trees for summer shade Retail facing plaza Generous storage area design & construction

  17. Deck, outdoor barbecue Multi-use space Movie theater Gym design & construction

  18. Signature curtainwall used sparingly Efficient precast cladding Shared rooftop garden Brick and metal panel cladding Parking abuts I-90 ramp Rooftop garden Generous glazing at duplexes Pedestrian scale on Congress St design & construction

  19. Lower tier 8’-6” ceilings Fan coil HVAC system Laminate & tile floors Shared laundry Standard kitchens design & construction

  20. Middle tier 8’-6” ceilings Fan coil HVAC system Hardwood & tile floors In-unit laundry Granite counters design & construction

  21. Upper tier 10’-0” ceilings Radiant + forced air HVAC systems Hardwood & stone floors In-unit laundry European appliances design & construction

  22. Unit mix & rents design & construction

  23. 5. Construction Budget: Hard costs $36.03M Base building including site work $200 / gsf Parking, average $20,000 / space Contingency 3% of hard cost Soft costs $6.67M Design & legal fees 8% of hard cost Development fee 2% of hard cost Leasing fee 2% of hard cost Other 6% of hard cost Contingency 5% of soft cost Construction loan interest $1.49M Land acquisition $7.00M Total development cost $283 / gsf $51.19M design & construction

  24. design & construction

  25. design & construction

  26. design & construction

  27. design & construction

  28. design & construction

  29. financial

  30. jy • 6. Financial: • assumptions • holding period (property management) • property level • deal structure • investment level • sensitivity • Issues JY • bridging finance for lease-up period • holding period (better return if we keep it after stabilized) financial

  31. jy • 7. Conclusions: • potential challenges • good opportunity for everybody • yanni, we’re buying the site conclusions

  32. c

  33. c

  34. c tatsuyuki ariizumi hasan halkali jong yoon lim leo shieh paul stewart kristy wang

  35. c 505 CONGRESS STREET A VISION FOR SOUTH BOSTON

  36. c