TEAM 8642
LAND USE
TEAM 8642
PHASE I:
- Establish neighborhood center
- Establish entertainment quarter
- Establish East Village Green
GREEN LINKS
TRANSIT ORIENTED DEVELOPMENT
bus stop
neighborhood hotspots
Commercial
.12 miles
Parking/Transportation
POTENTIAL
Center of Site
Mixed Use
Market-rate
COLUMBIA
Market
Affordable
CIVIC/CORE
1
trolley
bus route
bike facilities
HORTON PLAZA/
GASLAMP QUARTER
green space
Neighborhood
Park
- fragmented and disorganized
- fractured sense of community
- lack of center/focus
factors
bay to park shuttle
Entertainment District
.18 miles
- all important nodes within development site are
in comfortable walking radii
- connected and coherent
- inherent sense of community
- green center/focus
MARINA
PHASE III:
- Expand residential population
- Explore new live/work models
- Complete street facades along Market and Broadway
Balboa Park
C St.
Broadway
E St.
Village Green
EAST VILLAGE
Improved streetscape 2
and dedicated bike lane
added along Park Blvd.
to facilitate Blaboa/Bay
connection
3
LITTLE ITALY
2
selected stops
COLUMBIA
C St.
Broadway
trolley
bus route
CIVIC/CORE
C St.
Broadway
NEIGHBORHOOD CENTER
pull in the HORTON PLAZA/
business GASLAMP QUARTER
district
- green roofs create private ourdoor
spaces for residences and hotels
CIVIC/CORE
VILLAGE GREEN
EAST VILLAGE
ENTERTAINMENT QUARTER
bike facilities
HORTON PLAZA/
GASLAMP QUARTER
green space
bay to park shuttle
GREEN STREETS
3
E St.
Connection to
Entertainment Quarter
F St.
G St.
Market Street
Total Development Costs
Annual Cash Flow
Net Operating Income
Total Asset Value
Total Costs of Sale
Total Development Costs
Financing and Subsidies
provide amenities for
F St.
the surrounding
neighborhoods
MARINA
N
G St.
MARINA
Net Cash Flow
extend Ballpark
entertainment
district
Harbor Drive
- integrate bike pathways with public
transportation networks to facilitate
increased usage of both
Debt Service
Net Present Value
Loan to Value Ratio (LVR)
Unleveraged IRR Before Taxes
Leveraged IRR Before Taxes
$461,332,847
$
$
$
$
$
$
$
$
$
$
8,314,085
23,690,056
7,943,454
3,843,673
5,907,691
6,304,154
21,155,120
38,704,516
674,649
$
$
$
$
$
$
$
$
$
$
13,585,748
24,734,142
10,034,889
3,717,514
6,084,922
6,493,279
21,789,773
39,009,390
694,889
$
$
$
$
$
$
$
$
$
$
19,411,738
20,510,660
10,154,685
2,877,463
6,615,662
6,828,879
22,443,467
47,091,217
715,736
$
25,414,870 $
50,829,741 $
76,244,611
$
$
$
$
$
$
$
$
10,278,074
3,283,442
7,889,471
7,033,745
23,116,771
47,414,659
737,208
$
$
$
$
$
$
$
$
10,405,165
318
8,126,155
7,244,757
23,810,274
47,747,804
759,324
$
$
$
$
$
$
$
$
10,536,069
3,391,215
8,369,940
7,462,100
24,524,582
48,090,943
782,104
$
$
$
$
$
$
$
$
$
$
$
$
85,178,940
12,066,750
27,483,912
15,534,306
740,000
2,496,022
14,349,993
$
$
$
$
$
$
$
$
$
$
$
$
87,734,308
6,147,555
12,438,700
18,792,727
4,867,520
3,549,547
13,353,036
$
$
$
$
$
$
$
$
$
$
$
$
45,183,169
(1,708,718)
6,331,982
2,924,477
12,811,861
81,022,866
4,413,672
15,097,931
$
$
$
$
$
$
$
$
$
$
$
$
46,538,664
23,690,056
6,521,941
2,797,053
7,355,408
8,690,312
$
$
$
$
$
$
$
$
$
$
$
$
16,437,719
2,216,127
8,227,755
2,688,160
$
$
$
$
$
$
$
$
$
$
$
$
16,930,850
2,510,872
14,474,744
8,531,347
4,244,781
$
$
$
$
$
$
$
$
$
$
$
$
17,438,776
2,586,198
8,823,764
2,884,874
$
$
$
$
$
$
$
$
$
$
$
18,214,924
2,421,622
9,393,926
3,003,047
$
$
$
$
$
$
$
$
$
$
$
9,574,326
957,433
$
39,605,874 $
44,484,766 $
54,868,218 $
116,537,398 $
126,144,547 $
136,649,506 $
125,168,240 $
148,923,538 $
$
$
179,401,563
170,086,980
10,205,219
$
$
118,631,535
118
631 535 $
75,330,274 $
157,849,923
157
849 923 $
75,330,274 $
146,883,392
146
883 392 $
75,330,274 $
166,077,238
166
077 238 $
75,330,274 $
95 593 435 $
95,593,435
75,330,274 $
29 569 760 $
29,569,760
75,330,274 $
46 692 594
46,692,594
75,330,274 $
75,330,274 $
75,330,274 $
75,330,274
$
(43,301,261) $
(42,913,776) $
(27,068,352) $
$
(35,878,747) $
(27,254,739) $
69,019,499 $
(27,254,739) $
144,650,321 $
(27,254,739) $
138,032,447 $
(27,254,739) $
173,243,774 $
(27,254,739) $
121,668,799 $
(27,254,739)
152,146,824
$39,605,874 $44,484,766 $ 54,868,218 $116,537,398 $126,144,547 $136,649,506 $125,168,240 $148,923,538 $ 179,401,563
26,683,410
15,081,850
22,431,500
43,650,090
10,784,685
-
Phase I
Total Buildout
Harbor Drive
Project Buildout by Development Units
Rental Housing
Market-rate
For-Sale Housing
Rental Housing
Affordable
For-Sale Housing
Office/Commercial
Retail
Hotel
Structured Parking
Surface Parking
Civic
Project Buildout by Area
Rental Housing
Market-rate
For-Sale Housing
Rental Housing
Affordable
For-Sale Housing
Office/Commercial
Retail
Hotel
Structured Parking
Surface Parking
Civic
Total
2012
2013
Phase II
2015
2014
2016
Rental Housing
For-Sale Housing
Rental Housing
Affordable
For-Sale Housing
Office/Commercial
Retail
Hotel
Structured Parking
Surface Parking
Civic
Infrastructure Costs
Public Infrastructure
Roads
Other Hardscaping (not incl. surf. pkg.)
Subtotal
Other Infrastructure
Park Land
Other Amenities
Subtotal
Total Infrastructure Costs
Phase III
2018
2017
2020
2019
2021
(units)
(units)
(units)
(units)
(s.f.)
(s.f.)
(rooms)
(spaces)
(spaces)
(s.f.)
0
0
0
0
0
0
0
0
0
0
308
0
47
0
136838
147140
340
2343
148
0
616
0
93
0
273676
294280
340
2343
148
47488
924
0
139
0
333802.5
467099
340
2343
148
47488
1232
87
185
14
393929
467099
340
6323
148
47488
1540
174
231
27
393929
467099
340
6323
148
47488
1540
245
231
37
393929
467099
340
6323
148
47488
1540
245
231
48
456095
467099
340
6323
148
47488
1540
245
231
59
456095
467099
340
6323
148
47488
1540
245
231
69
456095
467099
340
6323
148
47488
(s.f.)
(s.f.)
(s.f.)
(s.f.)
(s.f.)
(s.f.)
(s.f.)
(s.f.)
(s.f.)
(s.f.)
(s
(s.f.)
f)
0
0
231,000
0
1,702
0
123154.2
125069
110500
632610
23976
0
591425
462,000
0
1,753
0
246308.4
250138
110500
632610
23976
47488
1118187
693,000
0
1,806
0
300422.25
397034.15
110500
632610
23976
47488
1550250
924,000
95700
1,860
15400
354536.1
397034.15
110500
1707210
23976
47488
1946518
1,250,118
191400
1,916
29700
354536.1
397034.15
110500
1707210
23976
47488
2382692
1,312,756
269500
1,973
40700
354536.1
397034.15
110500
1707210
23976
47488
2534487
1,312,756
347600
2,032
52800
410485.5
397034.15
110500
1707210
23976
47488
2680696
1,312,756
425,700
196,913
64900
410486
397034.15
110500
1707210
23976
47488
2965777
1,312,756
504,900
196,913
75,900
410485.5
397034.15
110500
1707210
23976
47488
3055977
0
0
0
0
0
0
0
0
4. Equity and Financing Sources
$
$
$
$
$
$
$
$
$
$
Unit Cost
134,250 ($ per unit)
148,500 ($ per unit)
129,750 ($ per unit)
142,500 ($ per unit)
195 ($ per s.f.)
102 ($ per s.f.)
203 ($ per room)
18,630 ($ per space)
5,000 ($ per space)
102 ($ per space)
Unit Cost
$
$
154 ($ per s.f.)
154 ($ per s.f.)
$
Amount
Total Unit Cost, Including 10% Contingency
$
147,675
$
163,350
$
142,725
$
156,750
$
215
$
112
$
223
$
20,493
$
5,500
$
112
Total Unit Cost
$
$
$
40 ($ per s.f.)
$
$
$
$
Percent of Total
Equity Sources (total)
Developer Equity
Private Equity
Hotel Development Partner
$
$
$
100,391,612.05
50,195,806.02
15,225,957.56
12%
6%
2%
Financing Sources (total)
Commercial Lender
TIF Financing
g
g
Federal Home Loan Bank of San Francisco’s Affordable Housing Program
Centre City Development Corporation Gap Financing
$
$
$
$
456,778,726.69
7,612,978.78
1,290,000.00
121,807,660.45
60%
1%
2.7%
16%
Total
$
753,302,742
100%
97,952
4,234
15,736,644
334,211
300,000
13,668,440
29,405,084
6.Quick Reference Table
5.Distribution of Building Type
Area
MktRentalHousing
StructuredParking
SurfaceParking
Mkt Rental Housing
Mkt For-Sale Housing
Affordable Rental Housing
Affordable For-Sale Housing
Office/Commercial
Retail
Hotel
Structured Parking
Surface Parking
Civic
Project Total
Percent of Total
1,312,756
504,900
196,913
75,900
410,486
397,034
110,500
1,707,210
23,976
47,488
4,787,163
Current Market Value of Site
Site Value after Redevelopment
Public Subsidies:
g
g
Federal Home Loan Bank of San Francisco’s Affordable Housing Program
Centre City Development Corporation Gap Financing
Multifamily Housing Program Subsidy
Equity Sources:
Developer Equity
Private Equity
Hotel Development Partner
Return on Investment:
Unleveraged IRR Before Taxes
Leveraged IRR Before Taxes
27%
11%
4%
2%
9%
8%
2%
36%
1%
1%
100%
Area
$
461,332,847
$
$
$
1,290,000
121,807,660
45,047,056
$
$
$
100,479,180
50,239,590
15,225,958
44%
38%
7.Quick Reference Table
2012
Harbor Drive
CONVENTION CENTER
New Construction
- green streets and paths help create a
pedestrian-oriented community
Not In Scope
TEAM 8642
TEAM 8642
-
44%
38%
Hotel
Completed Construction
CONVENTION CENTER
4,532,742
(1,708,718)
5,900,378
(263,203)
4,860,178
6,120,538
20,538,951
14,232,352
654,999
2021
$(43,301,261) $(42,913,776) $ (27,068,352) $(35,878,747) $96,274,238 $171,905,061 $165,287,187 $200,498,514 $148,923,538 $ 179,401,563
Retail
Transportation goals:
- reroute buslines through site to locate
stops at neighborhood center, village
green, entertainment quarter, and
near trolley stops
$
$
$
$
$
$
$
$
$
$
$
AffordableRental
Housing
AffordableForͲSale
Housing
Office/Commercial
SCALE 1:200
Market Street
2020
10%
6%
PHASE IV (Post-Study Period):
- Increase residential density
- Complete site buildout
- Expand neighborhood park system
Market Street
E St.
8642
$118,631,535 $ 157,849,923 $146,883,392 $166,077,238 $95,593,435 $29,569,760 $46,692,594 $31,733,611 $ 33,033,519 $10,531,759
MktForͲSaleHousing
G St.
2019
1,780,548
3,903,598
3,868,674
3,743,727
19,940,729
11,247,490
-
$
$
$
$
$
$
$
$
$
$
$
$
2
10%
F St.
EAST VILLAGE
2017
$
$
$
$
$
$
$
$
$
$
-
3. Unit Development and Infrastructure Costs
CORTEZ
COLUMBIA
2016
863,940
1,951,130
2,086,663
1,817,343
21,742,692
11,144,105
-
$Ͳ
Development Costs
LITTLE ITALY
CORTEZ
2014
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Rental Housing
For-Sale Housing
Rental Housing
For-Sale Housing
Office/Commercial
Retail
Hotel
Structured Parking
Surface Parking
Civic
Total Infrastructure
Indirect costs
Market-rate
connect to Balboa
park and student
population
2013
Phase III
2018
2. Multiyear Development Program
Proposed bridge over
Harbor Blvd.
1
Balboa Park
Connection to
Neighborhood Center
Improved connection to
bayfront bikepath and
improved streetscapes
GREEN ROOFS
CONTEXTUAL CONNECTIONS
2012
Total Net Operating Income
Terraced
Park
PHASE II:
- Extend residential presence
- Enhance community amenities
- Expand entertainment options
Team
Phase II
2015
Development Costs
.25 miles
Village Green
Team Summary Board
Phase I
Net Operating Income
Rental Housing
Market-rate
For-Sale Housing
Rental Housing
Affordable
For-Sale Housing
Office/Commercial
Retail
Hotel
Structured Parking
Surface Parking
Civic
CORTEZ
Neighborhood Center
2010 ULI Hines Student Urban Design Competition
1. Summary Pro Forma
.14 miles
Leisure/Greenspace
BALBOA PARK
LITTLE ITALY
Neighborhood
Center
Residential
TEAM 8642
Improved connection to
Balboa Park’s cultural
amenities
Civic/Institutional
UNITING THE DIVERSE STRANDS OF LIFE IN SAN DIEGO
WHAT IS
THE
IDENTITY OF
THE NEW
EAST
VILLAGE?
PHASING
Public Gathering
TYING THE KNOT:
EXISTING
TEAM 8642
Market Rate Rental Housing
Development Cost per s.f.
Area
Market Rate For Sale Housing
Development Cost per s.f.
Area
Affordable Rental Housing
Development Cost per s.f.
Area
Affordable For Sale Housing
Development Cost per s.f.
Area
Office/Commercial
Development Cost per s.f.
Area
Retail
Development Cost per s.f.
Area
Hotel
Development Cost per s.f.
Area
Structured Parking
Development Cost per s.f.
Area
Surface Parking
Development Cost per space
Number of Spaces
2013
$
179 $
0
$
-
$
0
$
-
$
-
$
2014
2015
2016
2017
184 $
231000
190 $
462000
196 $
693000
201 $
924000
187 $
0
193 $
0
198 $
0
204 $
95700
173
1,702
$
178
1,753
$
184
1,806
$
189
1,860
$
2018
208
1250117.647
1312756.098
210 $
191400
195
1,916
2019
$
1312756.098
217 $
269500
201
1,973
2020
$
223 $
347600
2,032
$
2021
- $
1312756.098
1,312,756
230 $
425700
504,900
196,913
$
196,913
$
179 $
0
184 $
0
190 $
0
196 $
15400
201 $
29700
208 $
40700
214 $
52800
220 $
64900
75,900
$
195 $
0
201 $
123154
207 $
246308
213 $
300422
219 $
354536
226 $
354536
233 $
354536
$
410486
$
410486
410486
$
-
$
0
$
125069
$
250138
$
397034.15
$
397034.15
$
397034.15
$
397034.15
$
397034.15
$
397034.15
397034.15
$
203 $
0
$
110500
$
110500
$
110500
$
110500
$
110500
$
110500
$
110500
$
110500
110500
$
69 $
0
71 $
632610
73 $
632610
75 $
632610
$
1707210
$
1707210
$
1707210
$
1707210
$
1707210
1707210
$
5,000 $
148
$
148
$
148
$
148
$
148
$
148
$
148
$
148
148
0
$
0