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South Central Waterfront Advisory Board – March 16, 2020

Item 2.d_2020 SCW Buildouts for Financial Analysis — original pdf

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South Central Waterfront Advisory Board Meeting March 16, 2020 Agenda Item 2.d. - 2020 SCW Buildouts for Financial Analysis South Central Waterfront Agenda Item 2.d. 2020 SCW Buildouts for Financial Analysis Updated: March 12, 2020 CONTENTS WHAT’S NEW 2.d.i. Building Key – Endeavor Plan with SCW Building Heights 2.d.ii SCW Buildout Scenarios PUD proposal with notation showing the revised building heights, based on the 2016 SCW Plan Document outlining the uses and square footages associated with three scenarios DRAFT DRAFT RELEASE: March 12, 2020 Draft 1: 2020 Buildout Scenarios for Financial Analysis This packet contains two items: 1) Building Key – Endeavor Plan with SCW Building Heights a. Within the physical framework of blocks and green infrastructure, the SCW Plan modeled potential building developments on development parcels. This exercise involves creating site-specific schematic building designs to create Buildout Scenarios. Each Buildout Scenario models a building height, massing and program of uses (square feet of Office, Retail, Residential, Hotel), as well as calculate the required parking and accommodating the parking demand in the schematic design (i.e., schematic design of parking structures, in podium and below grade). i. The 2016 SCW Financial Framework Plan modeled schematic Buildout Scenarios on the “tipping parcels.” The Updated 2016 SCW Physical Framework Map keys in these individual Buildout Scenarios, which are identified on the map on top of the schematic building plans. As part of the work underway with CoA consultants (ECONorthwest), the 2016 Buildout Scenario is being updated with revised inputs (Physical Framework Costs, Development Assumptions, etc). ii. In addition to updating the proforma analysis of the 2016 Buildout Scenarios, the CoA consultants are also running an analysis of the Buildout Scenario as proposed by the PUD proposal. Simply, the PUD proposal differs from the 2016 Plan in three ways: 1. 90% of the parking is put in underground parking structures, as opposed to the 2016 SCW Plan which put approximately 25% parking underground, with 75% parking in podiums approximately 60’ high. Placing 90% of parking underground provides for superior urban design, but it is much more expensive than the more typical practice of using a combination of podium parking with some underground parking. 2. The PUD proposal takes their building heights above those as modeled in the SCW Plan. 3. The PUD proposal increases the uses to 3.5 M square feet, as opposed to 2.1 M square feet as modeled in the 2016 SCW Plan. iii. The CoA consultant is also going to perform financial analysis on a third Buildout Scenario. Namely, to use the PUD proposal (90% parking underground, with similar the building footprints and building forms). The difference will be that this third scenario will cut the building heights down to size, to conform to the 2016 SCW Plan. The attached document, Building Key – Endeavor Plan with SCW Building Heights – shows the PUD proposal with notation showing the revised building heights, based on the 2016 SCW Plan. The attached document also includes in red the key identification consistent with the 2020 SCW Modified Physical Framework Map. 2) SCW Buildout Scenarios scenarios: a. This document outlines the uses and square footages associated with the three above DRAFT DRAFT RELEASE: March 12, 2020 i. (Scenario 1) For the 2016 SCW Buildout Scenario, the uses, parking and so on is consist with what was modeled in 2016. ii. (Scenario 3) For the PUD proposal, the Buildout Scenario reflects the developer’s proposal. iii. (Scenario 2) This reflects the PUD proposal but cut down to SCW Plan heights. DRAFT South Central Waterfront Advisory Board Meeting March 16, 2020 Agenda Item 2.d. - 2020 SCW Buildouts for Financial Analysis South Central Waterfront 2.d.i. Building Key – Endeavor Plan with SCW Building Heights Updated: March 12, 2020 CONTENTS WHAT’S NEW 2.d.i. Building Key – Endeavor Plan with SCW Building Heights PUD proposal with notation showing the revised building heights, based on the 2016 SCW Plan DRAFT PR 22 - 1 PR 22 - 1 PR 22 - 2 PR 22 -1 PR 22 - 2 PR 22 -3 DRAFT South Central Waterfront Advisory Board Meeting March 16, 2020 Agenda Item 2.d. - 2020 SCW Buildouts for Financial Analysis South Central Waterfront 2.d.ii SCW Buildout Scenarios Updated: March 12, 2020 CONTENTS WHAT’S NEW 2.d.ii SCW Buildout Scenarios Document outlining the uses and square footages associated with three scenarios DRAFT CROCKETT/STATESMAN SCENARIOS Draft: March 2, 2020 SCENARIO 1. (2016 VISION FRAMEWORK PLAN) Area (ac) Office (gsf) Residential (gsf) (du) Retail (gsf) Total GFA Parking Spaces Podium Height (floors) (ft) SCENARIO 2. (2020 MODIFIED FRAMEWORK PLAN WITH ENDEAVOR PARCELS/HEIGHTS) Area (ac) Office (gsf) Residential (gsf) (du) Retail (gsf) Hotel (gsf) Total GFA Parking Spaces Podium Height (floors) (ft) PARCEL S1 S2 S3 S4 S5 Subtotal C1 C2 C3 C4 Subtotal PARCEL S1 / P1 S2 / P2 S3 / P3 Subtotal C1 C2 C3 C4 Subtotal S1 / P1 S2 / P2 S3 / P3 Subtotal C1 C2 C3 C4 Subtotal bldg 2 bldg 4 bldg 5 bldg 1 bldg 3 bldg 6 bldg 7 bldg 2 bldg 4 bldg 5 bldg 1 bldg 3 bldg 6 bldg 7 2.30 0.73 1.49 1.49 0.58 6.59 2.00 1.25 1.19 1.08 5.52 0.00 2.03 1.25 1.10 1.51 5.89 2.86 1.41 8.15 2.03 1.25 1.10 1.51 5.89 812,900 0 0 0 0 812,900 325,900 0 0 0 325,900 838,000 838,000 0 0 657,000 0 657,000 0 0 0 1,495,000 340,900 0 0 0 340,900 684,000 684,000 0 0 370,000 0 370,000 0 0 0 1,054,000 340,900 0 0 0 340,900 0 0 430,750 430,750 102,000 963,500 0 367,350 282,225 211,000 860,575 880,000 0 480,000 400,000 309,000 309,000 456,000 228,000 228,000 1,645,000 0 367,350 287,225 370,250 1,024,825 (gsf) 615,100 0 336,700 278,400 116,000 116,000 0 372,600 283,600 89,000 1,103,700 0 367,350 287,225 370,250 1,024,825 Hotel (gsf) 0 254,500 0 0 0 254,500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 220,000 220,000 0 0 0 0 220,000 0 0 0 0 220,000 220,000 0 0 0 0 220,000 (gsf) 850,900 266,500 455,750 455,750 114,000 2,142,900 360,900 386,350 297,086 241,000 1,285,336 (gsf) 1,819,400 904,400 501,000 414,000 1,226,400 553,400 673,000 464,200 232,100 232,100 3,510,000 360,900 386,350 297,225 400,250 1,444,725 (gsf) 1,334,100 684,000 357,700 292,400 746,400 360,400 386,000 380,800 287,700 93,100 2,461,300 360,900 386,350 297,225 400,250 1,444,725 38,000 12,000 25,000 25,000 12,000 112,000 35,000 19,000 14,861 30,000 98,861 101,400 66,400 21,000 14,000 40,400 24,400 16,000 8,200 4,100 4,100 150,000 20,000 19,000 10,000 30,000 79,000 35,000 0 21,000 14,000 40,400 24,400 16,000 8,200 4,100 4,100 83,600 20,000 19,000 10,000 30,000 79,000 0 0 430 430 102 962 0 362 262 186 810 737 0 402 335 259 259 382 191 191 1,378 0 362 262 336 960 515 0 282 233 97 97 0 312 238 75 925 0 362 262 336 960 Underground 459 170 143 143 0 915 460 123 52 0 635 Underground 2,091 1,037 583 471 1,909 419 687 506 253 253 4,507 460 123 52 0 635 Underground 1,381 602 434 345 539 218 321 420 311 109 2,340 460 123 52 0 635 919 340 287 287 140 1,973 460 247 210 186 1,103 150 150 0 0 100 0 100 0 0 250 460 247 210 375 1,292 150 150 0 0 150 0 150 0 0 0 300 460 247 210 375 1,292 SCENARIO 3. (2020 ADJUSTED FRAMEWORK PLAN WITH ENDEAVOR PARCELS AND VISION PLAN HEIGHTS) PARCEL building Area (ac) 3.88 Office (gsf) Residential (du) Retail (gsf) Hotel (gsf) Total GFA Parking Spaces Podium Height (floors) (ft) 26 24 21 21 8 8 21 16 17 37 34 27 43 27 20 17 8 21 16 17 29 26 22 22 17 22 7 8 21 16 17 400 280 240 240 90 110 240 180 200 525 365 295 445 375 185 215 110 240 180 200 400 280 240 240 240 240 90 110 240 180 200 DRAFT