Housing And Market Analysis: Third Coast Development Inc

Submitted By jolenezjw
Words: 4501
Pages: 19
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Table of Contents
Executive Summary 2
Introduction & Background 5
Property 5
Tenants 5
Successful School Redevelopment Examples 6
Washburn Towers – Ottowa, KS 6
Lofts of Waco High – Waco, TX 6
Market Assessment 6
Redevelopment Proposal 10
Residential 10
Community Center 10
Outdoors Space and Parking 12
Design 12
Site Plan, Floor Plans, and Elevations 15
Preliminary Pro Forma 15
Financing, Equity Sources, and Development Partners 15
Implementation Schedule 16
Appendix A: Site Plan, Floor Plans, and Elevations 19
Appendix B: Pro Forma Tables 26
Appendix C: Bibliography 29

Executive Summary

Third Coast Development, LLC is pleased to present its redevelopment proposal for the former Malcolm X Middle School located at 2760 N 1st St., Milwaukee, WI 53212. The group focused on successful redevelopment projects to come up with a mix of residential and community uses for the building.

Housing and Market Analysis
The findings from the housing analysis for the Harambee neighborhood found that the area has real need for new housing development. There is significant racial, ethnic, and income diversity in the area. While the neighborhood has many residents with low income, over the past decade many middle class families have moved in. Most of the housing in the area consists of 2-3 bedroom residences in two or three unit apartments. However, the majority of the housing stock is very old as almost 60% of all units were built prior to 1940. Demand is quite strong in the area as rental vacancies have dropped and are currently only at 8.6%. A retail market analysis indicates that 38,000 square feet would be available for entertainment and 23,000 square feet for apparel and services.

Redevelopment Proposal
The redevelopment is a mix of residential and community uses. The residential component will target families that currently live in or near the neighborhood. The breakdown of apartments is as follows:

20 three-bedroom units
14 two-bedroom units
5 one-bedroom units
The community center will house the following:
Fitness
Workforce development
Theater
Computers
Parking will be provided at a rate of 1.5 spots per unit. The majority of parking will be underground with additional parking available above ground. The outdoors area will include a tot lot, native prairie plants, and a community garden.

Design
Taking the constructive approach the design uses cost effective ideas to redevelop and renovate the development. The concept of the idea takes the previous dismal building and turns it into a living, learning, and working environment. As a community center as well as a residence for many, the building highlights accented features of the site and building to bring the community together. Using the existing structure, cladding was added to the façade of several geometric forms in order to create a movement within the structure. Visually appealing, the building emulates as a safe and authoritative presence. Using a clearstory in the shops center, daylight is brought into the building to provide a peaceful environment. Overall, the building uses ideal cost effective ideas to maximize potential gain while at the same time being used as a highly functional development.

Finances
The total projected cost of the development is $13,530,006.This breaks down to $8,043,736 in commercial and $5,486,270 in residential costs. Assuming a 100% low income option, we can expect to receive $5,388,270 in low income housing tax credits from WHEDA. Our thirty-nine residential units provide $296,400 in annual revenue. Paired with annual commercial revenue of $907,200, at $12 per square foot, we can expect $1,203,600 in gross potential income and net operating income of $987,413. After LIHTC we have a remaining gap of $8,141,736 which can be covered by our projected maximum bank loan of $10,210,675.

Implementation Schedule
The real estate development process follows a detailed set of principles that must take place for the project to fall
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