2008 ULI Hines Student Urban Design Competition
1. Summary Pro Forma
1. Summary Pro Forma
Net Operating Income
Rental Housing
Market-rate
For-Sale Housing
Rental Housing
Affordable
For-Sale Housing
Office/Commercial
Retail
Hotel
Structured Parking
Surface Parking
Team 2631
Phase I
2010
factors
2011
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,094,003
312,444
1,598,861
2,340,237
1,305,626
2,825,820
398,050
$
$
$
$
$
$
$
$
$
2015
2,161,900
323,869
1,646,827
2,410,444
1,344,795
2,910,595
409,991
$
$
$
$
$
$
$
$
$
2016
$
$
$
$
$
$
$
$
$
2,303,864
347,758
1,747,118
2,557,240
1,426,693
3,087,850
434,960
$
$
$
$
$
$
$
$
$
2018
12,036,813 $
$
$
$
$
$
$
$
$
$
$
(23,229,039)
(37,431,602)
(5,491,450)
(5,613,313)
(1,791,971)
(2,687,956)
( , , )
(15,070,966)
(18,490,213)
(907,227)
(12,731,500)
$
$
$
$
$
$
$
$
$ (9,239,489) $
$ (10,393,657) $
$
$
$
$
$ (749,844) $
$
$
(1,902,570)
(4,108,219)
(1,704,002)
-
$
$
$
$
$
$
$
$
$
$
-
$
$
$
$
$
$
$
$
$
$
-
$
$
$
$
$
$
$
$
$
$
-
$
$
$
$
$
$
$
$
$
$
-
$
$
$
$
$
$
$
$
$
$
-
$
$
$
$
$
$
$
$
$
$
-
Total Development Costs
$ (110,713,737)
Annual Cash Flow
Net Operating Income
$ 37,513,357
Total Asset Value 10%
Total Costs of Sale 5%
Total Development Costs
$ (110,713,737)
Net Cash Flow
$ (73,200,380)
$ (20,382,990) $
(7,714,791) $
-
$
-
$
-
$
-
$
-
$
-
$ 16,064,168 $
12,036,813 $
10,875,041 $ 11,208,421 $
11,551,801 $ 11,905,483 $
12,269,776 $
$ (20,382,990) $
$ (4,318,822) $
(7,714,791) $
4,322,023 $
$
$
10,875,041 $ 11,208,421 $
$
$
11,551,801 $ 11,905,483 $
$
12,269,776 $
12,644,997 $
$
$
$
12,644,997 $
Net Present Value @ 10% $ (66,545,800) $ (3,569,275) $
3,247,199 $
7,427,800 $ 6,959,547 $
6,520,691 $ 6,109,395 $
5,723,941 $
5,362,713 $
11,551,801 $ 11,905,483 $
2,378,055
360,243
1,799,532
2,633,957
1,469,494
3,180,486
448,009
$
$
$
$
$
$
$
$
$
2019
37,513,357 $ 16,064,168 $
10,875,041 $ 11,208,421 $
2,231,833
335,637
1,696,232
2,482,757
1,385,139
2,997,913
422,291
2017
$
14.65%
2,028,085
2,025,772
301,351
319,213
1,241,834
1,722,990
1,267,598
2,743,515
386,456
2014
1,901,952
28,642,261
280,126
2,808,294
1,194,833
2,586,026
99,866
Unleveraged IRR
1,964,086
7,867,074
290,582
929,746
502,360
428,925
1,230,678
2,663,607
187,110
2013
$
$
$
$
$
$
$
$
$
Total Net Operating Income
Development Costs
Rental Housing
Market-rate
For-Sale Housing
Rental Housing
Affordable
For-Sale Housing
Office/Commercial
Retail
Hotel
Structured Parking
Surface Parking
Other Infrastructure (*1)
$
$
$
$
$
$
$
$
$
2012
12,269,776 $
2,454,473
373,102
1,853,518
2,712,976
1,513,579
3,275,900
461,449
$
$
$
$
$
$
$
$
$
Total
$
$
$
$
$
$
$
$
$
22,051,434
38,535,106
3,311,461
4,057,252
13,995,405
20,083,890
13,697,421
29,645,888
3,723,475
$
$
$
$
$
$
$
$
$
$
13,031,475 $
$
$
$
$
$
$
$
$
$
$
-
149,101,332
(23,229,039)
(37,431,602)
(5,491,450)
(5,613,313)
(12,934,030)
(17,189,832)
( , , )
(15,070,966)
(18,490,213)
(3,361,073)
$
-
(138,811,518)
149,101,332
130,314,749
(6,515,737)
(138,811,518)
12,644,997 $
2,533,183
386,347
1,909,124
2,794,365
1,558,986
3,374,177
475,292
$
$
13,031,475 $
130,314,749 $
(6,515,737) $
$
136,830,487
52,754,076
2. Multiyear Development Program
Year-by-Year Cumulative Absorption
Total Buildout
2010
Project Buildout by Development Units
Rental Housing units
120
120
Market-rate
For-Sale Housing units
150
150
Rental Housing units
30
30
Affordable
For-Sale Housing units
30
30
Office/Commercial
sf
120,000
Retail
sf
180,000
Hotel rooms
100
100
Structured Parking spaces
798
798
Surface Parking spaces
1,095
300
Other other
Project Buildout by Area
Rental Housing
sf
Market-rate
For-Sale Housing
sf
Rental Housing
sf
Affordable
For-Sale Housing
sf
sf
Office/Commercial
sf
Retail
sf
Hotel
Structured Parking spaces
Surface Parking spaces
Other other
Total
144,000
240,000
36,000
37,200
120,000
180,000
60,000
191,520
72,795
1,081,515
144,000
240,000
36,000
37,200
60,000
191,520
72,000
780,720
2011
2012
-
2019
Targeted Sources of Funding
80,000
100,000
245
-
40,000
80,000
550
-
-
80,000
100,000
245
180,245
40,000
80,000
550
120,550
-
Commercial Loan
62%
62%
3b. Infrastructure Allocation by Distribution of Space
3a. Unit Development and Infrastructure Costs
Commercial Development Unit
Unit Cost before
Total Unit Cost, Including 10%
Costs
Contingency
Area
Contingency
Rental Housing $
136,488.00
124,080.00 $
Rental Housing
Market-rate
Market-rate
For-Sale Housing $
179,200.00 $
197,120.00
For-Sale Housing
120,070.50 $
132,077.55
Rental Housing $
Rental Housing
Affordable
Affordable
For-Sale Housing
For-Sale Housing $
132,977.60 $
146,275.36
Office/Commercial $
130.00 $
143.00
Office/Commercial
Retail $
120.00 $
132.00
Retail
Hotel $
117,000.00 $
128,700.00
Hotel
12,620.00 $
13,882.00
Structured Parking $
Structured Parking
500.00 $
Surface Parking $
550.00
Surface Parking
Infrastructure Development Costs
Commercial Infrastructure
Linear Feet of Infrastructure
Average Street Width
Total Square Footage
Infrastructure Cost per s.f.
Subtotal
Other Infrastructure Improvements
Park/Landscaping
Total Infrastructure Costs
Study Area Infrastructure
1,700 (feet)
70 (feet)
119,000 (s.f.)
$
55
$ 6,545,000
$
$
3,528,360
10,073,360
10%
2%
10%
2%
9%
1% 1% 1% 4% 1%
1% 1% 1% 4% 1%
9%
9%
9%
REIT Equity Partner
- Hotel
Cedars TIF Property Tax
El Dorado TIF 1/2% Sales Tax
CDCDC Housing
Tax credits
Sustainable
Incentives
CDBG, Hope
IV, CHDO, HUD
GO Bonds
Deferred
Developer Fee
City of Dallas
144,000
240,000
36,000
37,200
120,000
180,000
60,000
191,520
72,795
Percent of Total
13.31%
22.19%
3.33%
3.44%
11.10%
16.64%
5.55%
17.71%
6.73%
Infrastructure
Cost Allocation
$ 1,341,233
$ 2,235,389
$
335,308
$
346,485
$ 1,117,694
$ 1,676,542
$
558,847
$ 1,783,840
$
678,021
Project Total
100.00% $ 10,073,360
1,081,515
4. Financial Assumptions
Cap Rate
10%
Inflation
3%
Cost of Sale
5%
Development Phases
1 pha se
Opportunity Cost of Capital
10%
Development time
3 ye ar s
Dallas Statistical Area Income
$
66,500
"Means" Construction Cost Index
Columbus - 93.9
HUD - AMI median Rent 2 bedroom $
798
Dallas - 84.6
$ 7,656,447,336
Parking Ratios
Total aggregate retail in area
Retail/Office
4:1000
450,000 Potential sales tax TIF @ .005%
$ 12,760,746
Hotel
3:1000
Housing
1.5:unit
12,731,500 Affordable Housing (min 80% AMI) 10% of units
Affordable Housing (min 50% AMI) 10% of units
Public funding acts favorably to downtown growth projects
While we understand that absorption may vary, we assume our product to be more desireable because of our community dynamics
Off Site Infrastructure (*1)
3,190
70
223,300
$
55
$
12,281,500
$
$
(1)”Other Infrastructure” costs are not allocated among each of the uses. Infrastructure outside study area for informational use.
GROUP 2631