The Sunset District NAIOP Real Estate Development Workshop April - - PowerPoint PPT Presentation
The Sunset District NAIOP Real Estate Development Workshop April 2012 Bryant Cheong Matthew Craigie Khoa Le Jeff Sakamoto Michael Weidmann Kent Wu The Sunset District Presentation Outline Site Assessment Development Vision
NAIOP Real Estate Development Workshop April 2012
Bryant Cheong Matthew Craigie Khoa Le Jeff Sakamoto Michael Weidmann Kent Wu
Jobs
+/- 25000
Housing
6700 households
Neighborhood
Rock Creek / Tanasbourne
Schools
Six High Schools & Two PCC campuses within 5 mile radius
Tanasbourne Regional Center
Streets of Tanasbourne AmberGlen R.C.
Company
Overlay since 1997
Planned Unit Development Industrial Park General Commercial Multi-Family Residential
Strengths
corridor
Weaknesses
Opportunities
Threats
access
Mixed Use Office Senior Housing
Restaurant
Retail Outlet Mall
Entertainment
Medical Office For Sale Housing Hotel Self Storage Multi- Family Aquatic Center
Entertainment Restaurant Retail Hotel Multi- Family Rental Will the use realize the value of the land? Is the use feasible in the development horizon? Is the use appropriate? Senior Housing Outlet Mall Campus/Industrial For Sale Housing Office Medical Office Aquatic Center Self Storage Casino
Surrounding the Sunset District is a community with a demographic profile of highly educated, high income professionals, with an average household income of over $78,000 within a 5 mile radius.
13.5% 10.9% 24.6% 24.6% 15.9% 7.5% 3.0% 0-9 10-19 20-29 30-44 45-59 60-74 75+ Age Distribution Range
Age Groups
1.8% 2.8% 12.7% 14.3% 24.9% 16% 9.5% 9.3% 8.6% Household Incomes
INCOME DISTRIBUTION
273 Units of Multifamily Housing
Dave & Busters, Big Al’s, Regal Cinemas
Oswego Grill, Thirsty Lion, Noble Rot, Starbucks
aloft, Hyatt Place
Residential Features
Number of Units 273 Rent per SF $1.45 Total Cost $46 million Cost per Unit $167,000 Return on Costs 7.0% IRR 14% Assumed Land Value $17 per SF
Target Market Range
accessibility
Big Al’s/D&B Concept:
Building Footprint 51,000 SF Land Sale (4 acres) $17 per SF Building Footprint 56,000 SF Total Construction Costs $17 million Comparable Rent $19-$21 per SF
Regal Cinema Concept:
Hotel Concept:
restaurant destinations
Building Shell Six Stories Total Size 66,000 SF Number of Rooms 137 Price Point $125 per night Total Cost $127,000 per key Land Value $10,000 per key
Restaurant Concept:
Rent $34-$36 per SF Cap Rate 7.5% Total Stabilized Value $16 million Total Cost $14 million NOI $1.2 million Return on Costs 9%
Number of Pads 4 Total Size 29,000 SF Pad Size Range 6,500-9,000 SF Number of Pads 5 Total Size 11,000 SF Pad Size Range 1,500-3,000 SF
Full Service Restaurant/Bar Inline Retail/Small Restaurant
Shared Parking Hotel 160 Theater 400 Entertainment Arcade 387 Restaurant / Retail 205
Total
1152 Multifamily 354
Parking Allotment
Commercial Uses
lighting
hierarchy
residents
Multifamily – Entertainment – Restaurant/Retail
Consulting
Corporation
Management
Investors, LLC
1) Overview 2) Multi-Family 3) Parking Structure 4) Theater and Hotel 5) Restaurant and Retail