P i k e P l a c e M a r k e t , P C - 1 N o r t h W R C P r o j - - PowerPoint PPT Presentation

P i k e P l a c e M a r k e t , P C - 1 N o r t h

W R C P r o j e c t U p d a t e

F e b r u a r y 5 , 2 0 1 3

Agenda:

• 1. recap concept design + coordination efforts with

Waterfront team

• 2. review typical project schedule
• 3. review the PC1-N schedule
• 4. Proforma validation with the Seneca Group

PC1-N Concept Design

JCFO Analysis of PC1-N Concept Design

Shared Design Objectives for PC1-N and OLW:

1) reduce the scale of the structural wall on the west side of the site and re-introduce potential for a slope for steps, public art, children’s playscapes, and other treatments to integrate PC-1 N with the Overlook Walk 2) explore ways to widen the public space along the west side of PC-1 N, connections from Victor Steinbrueck Park, and connections from Western to the Overlook Walk 3) integrate Miller Hull’s concept for a public roof on the PC-1 N building that connects the Desimone Bridge into the overall public space concept 4) add more green areas to the public spaces designed for PC-1 N, incorporating features from the Overlook Walk 5) explore ways to refine the Overlook Walk in response to the emerging PC-1 N design, including potentially raising slightly the overall grade of the ramp or lifting the platform around the train overlook to relate more to the public spaces on the PC-1 N

Play spaces reintroduced and expanded Wall hidden by play space and landscape ‘Bosque’ of trees reintroduced Hardscape/Landscape relationship from OLW brought into PC1-N 5% ramps in lieu of steps Green roofs as possible

MH Concept Development

PC1-N Concept Refinements—November

26’ 16’ 16’ 12’ 26’ 26’ 18’ 100’ 30’ 18’

Market Level—November

42’ 10’ 16’ 16’ 30’

View from Pike and Virginia

Reconfigured Stair and Breezeway at Western Ave

Connections to VS Park and Western Ave

View to the West from the Desimone Bridge

Building Plans

Building Plans

Building Plans

Concept Development—November

cost estimate

• wner approval

GC selection cost estimate

• wner approval

submit for site development permit Design Review submit for building permit building permit released

Construction

• develop program
• concept design to

validate program and site

Pre-Design

• general building

layout

• identify building

systems

• develop site plan &

utilities

• primary building

materials

Schematic Design

• building systems
• coordination of

primary systems

• draft specifications
• materials &

finishes

Design Development

• construction details
• detailed coordination
• f building systems
• final specifications
• finalize material,

finishes & colors

• bidding documents

Construction Documents

Approval of MACC NTP for G.C.

Typical Project Schedule

cost estimate

• wner approval

DESIGN DEVELOPMENT

Miller Hull DD for Substructure and Parking

Pike Place Market PC1-N Timeline

SCHEMATIC DESIGN STARTS

Next phase of Miller Hull work to include refinement of Concept Design and Schematic Design

FINANCIAL ANALYSIS

Approval of Consulting Contract so that Pro Forma Baseline can be started based on Conceptual Design

MOU APPROVAL PDA COUNCIL

PDA Council Approved MOU with City of Seattle

DEVELOPMENT AGREEMENT

Full Council Approves Development Agreement

January 2013 February 2013 April 2013 May 2013 June 2013 July 2013 September 2013

MOU APPROVAL CITY COUNCIL

City Council Approves MOU, access to City matching funds up to $1M in 2013

WSDOT CONTRACT

Execution of WSDOT parking mitigation contract and access to portion of $5M in funding GC/CM SELECTION Begin process for selection GC/CM

MUP/ENVIRONMENTAL REVIEW Approval from City

PC1-N CONSTRUCTION ENDS

End date no later than 2016

Pike Place Market PC1-N Timeline

October 2013

DEVELOPMENT AGREEMENT

Approval of Development Agreement by City Council DESIGN DEVELOPMENT Miller Hull DD for retail, restaurant, housing and public space

October 2013 December 2013 June 2014 2015 2016 2016-2018

COMMITTED DOLLARS

$1M (PDA) $1M (City of Seattle) $730K (State Parking Mitigation)

PC1-N CONSTRUCTION STARTS

Start date no later then June, 2014

VIADUCT COMES DOWN, 2016 Central Waterfront Construction Underway

Pike Place Market

PC1-N Development

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Objectives and Process Overview

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Identify Space Needs Establish Goals & Objectives Create Scenarios Perform Quantitative & Qualitative Analysis Synthesize Data Oversee Construction Manage Design Obtain Entitlement and Permit Outcome: Lease/ Build/Buy Facilitate Move-In and Start Up

Advisory Services Project Management

Support Transaction Secure Project Financing Assemble Team

Financial Analysis

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PIKE PLACE MARKET PDA PC1-NORTH FINANCIAL ANALYSIS - FORMAT FOR DYNAMIC MODEL February 5, 2013 CONSTRUCTION OPERATIONS TIME 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13

• ---------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
• 1. TOTAL PROJECT COST

XX,XXX XX,XXX

• 2. SOURCES OF FUNDS

XX,XXX XX,XXX

• 3. CASH FLOW BEFORE DEBT

(XXX) (XXX) XXX XXX XXX XXX XXX XXX XXX XXX XXX

• 4. RESIDUAL VALUE (if applicable)

XX,XXX

• ---------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
• 5. UNLEVERAGED CASH FLOW

(XXX) (XXX) XXX XXX XXX XXX XXX XXX XXX XX,XXX

• 6. DEBT SERVICE

(XXX) (XXX) XXX XXX XXX XXX XXX XXX XXX XX,XXX

• ---------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
• 7. CASH FLOW AFTER DEBT

(XXX) (XXX) XXX XXX XXX XXX XXX XXX XXX XX,XXX

• 8. DECISION-MAKING CRITERION

X,XXX (NPV, IRR, etc.)

Summary of Seneca Scope

1. BASELINE FINANCIAL MODEL (February 2013)

• a. Estimate Total Project Cost

(1) Construction (2) Design & permitting

(3) Other “Soft” costs

• b. Identify Anticipated Sources of Funds

(1) City (2) State

(3) Project

• c. Calculate Project Cash Flows Over Time

(1) Formulate assumptions (2) Build dynamic financial model (3) Compute decision-making criterion or criteria

• d. Meet with PPMPDA groups to discuss assumptions and results.
• e. Prepare a narrative description of the Baseline assumptions

and results.

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Summary of Seneca Scope

2. SENSITIVITY ANALYSIS (March 2013)

• a. Identify “what if” scenarios to test with the financial model.
• b. Modify the financial model for the various scenarios.
• c. Meet with PPMPDA groups to discuss assumptions and results.
• d. Prepare a narrative description of the Sensitivity Analysis

assumptions and results.

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P i k e P l a c e M a r k e t , P C - 1 N o r t h

W R C P r o j e c t U p d a t e

F e b r u a r y 5 , 2 0 1 3