an affordable live/work community · 2017-08-14 · project financing x150 affordable housing units...
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600 N. Andrews AvenueAN AFFORDABLE LIVE/WORK COMMUNITY
OUR TEAM BROWARD COUNTY BOARD OF COUNTY
COMMISSIONERS
Mr. William SchneiderExecutive Director
Turnstone Dev.
Broad and CasselLegal Counsel Financial Consultant
Lightengale Group
Draper & Kramer
Rubin Brown
Grycon-Burling BuildersGeneral ContractorArchitectural Services
United Architectural Services
Flynn Engineering Services
Piekarz Associates
Laura Llerena & Associates
Ms. Hope GaryChief Executive Officer
FLCC
Lochrie & ChakasZoning/Land Use
RAMProperty Management
OUR TEAM
TURNSTONE DEVELOPMENTAlmost 2 decades of affordable housing development success
Focused personal attention on your organization and project
Flexible, lean project organizational structure allows for quick decisions
Accountable to you
FORT LAUDERDALE COMMUNITY CENTERProven record of consensus and community building as a member of the Fort Lauderdale community
Highly respected and successful minority job training and placement
Strong community advocate
We bring an exceptional team of contractors, architects, land use planners and legal counsel to ensure a first class affordable development that fits with the community and its needs.
Development SitePictured - (A) 615 N. Andrews Avenue (Developed by Turnstone Development)
(B) 600 N. Andrews Avenue (Proposed development site for Turnstone Development)
A
B
YOUR GOALS
Develop an affordable project that meets the needs of the community.
Affordable to households at or below 120% of Area Median Income.
Bring multiple uses that compliment neighborhood.
Seamlessly connect the project to the community through design, density, diversity and local participation.
PROJECT FINANCING
150 affordable housing units
2 – 530 square foot studio apartments. Rent = $1,475
122 – 720 square foot one bedroom apartments. Rent = $1,581
24 – 1,028 square foot two bedroom apartments. Rent = $1,895
2 – 1,150 square foot three bedroom apartments. Rent = $2,159
Sources:First Mortgage 25,450,000 CRA Loans / Grants 5,000,000 Deferred Developer Fee 2,050,000 Equity 14,959,518
47,459,518
Uses:Capitalized lease payment 350,000 Construction & Sitework 37,150,000 Construction Period Interest 473,461 Professional Fees 2,229,163 Marketing and Leasing 202,500 Lender Fees 1,004,095 Developer Fees 4,150,000 Interest Costs 1,900,299
47,459,518
LEASE TERMS
Proposal of a 99-year land lease with the County so the development qualifies for FHA HUD financingUpfront capitalized lease payment of $350,000Annual lease with County = $100,000 per year + 50% of project cash flow.
Year 1 estimated total $120,144Year 2 estimated total $135,185Year 3 estimated total $170,427Year 4 estimated total $195,866Year 5 estimated total $201,509
615 N. Andrews Avenue - Wisdom Village Fort LauderdaleTurnstone Development Corporation
600 N. ANDREWS OUR VISION
Eye catching building
Attractive urban streetscape
Multi use live/work building
Community partnership
Sustainably designed/built
Transit oriented
Community gateway
OUR VISION DELIVERS
150 affordable housing units to households earning up to 120% of Area Median Income,
Building density that fits with the neighborhood,
Unit sizes that are truly livable and provide ample space for a variety live/work arrangements,
20 additional commuter park and ride spaces located on the proposed Wave light rail line,
2,195 sq. ft. of retail/commercial spaces for community- based businesses,
Community relevant design bridging the Flager Arts and Technology District and the Sistrunk Planning Corridor,
Sustainable building built to the Florida Green Building Code, and
Local hiring, project participation and marketing driven by Fort Lauderdale Community Center.
600 N. ANDREWS AVENUE
Concrete construction
Post-tensioned floor systems
Aluminum framed windows and doors
Impact resistant glass
High efficiency mechanicals
Green Roof
Energy Star appliances
Low-flow water fixtures
Collaborative approach of design with City and County input
600 N. ANDREWS AVENUETYPICAL FLOOR PLATE
BUILDING FEATURES/AMENITIES
150 housing units: 2 studio, 122 one-bedroom, 24 two-bedroom, and 2 three-bedroom units (can modify unit mix through market study/County goals),Larger unit sizes that can accommodate a variety of live/work arrangements,170 parking spaces, including 20 park and ride spaces with separate designated entrance/exit,Sustainable project Florida Green Building Code and will feature a green roof, low flow water fixtures, energy star appliances and high efficiency mechanical systems,Transit oriented development on proposed Wave light rail line, 12 bicycle parking spaces, 20 park and ride spacesUnique urban design and welcoming streetscape including tenant amenities and ground floor commercial space to enliven streetscape at 6th and Andrews AvenuesUpscale building amenities including swimming pool, landscaped roof terrace and fitness center
PROJECT HIGHLIGHTS – UNIT SIZE/DENSITY
Our design features larger units than other proposers.
Typical one bedroom unit approximately 700 square feet of living space.
Typical two bedroom unit approximately 1,000 square feet.
Larger unit sizes can accommodate a variety of live/work arrangements.
Building massing designed to complement more dense development on Andrews Avenue while not overwhelming existing smaller scale development east of site.
TYPICAL 1 AND 2 BEDROOM UNITS
UNIT MIX AND RENTAL FEES
150 affordable housing units
2 – 530 square foot studio apartments. Rent = $1,475
122 – 720 square foot one bedroom apartments. Rent = $1,581
24 – 1,028 square foot two bedroom apartments. Rent = $1,895
2 – 1,150 square foot three bedroom apartments. Rent = $2,159
All units can support a variety of live/work arrangements
All units feature rents lower than neighborhood market rate
PROJECT HIGHLIGHTS – SUSTAINABILITY
Utilizing the Florida Green Building Code - a holistic approach to sustainability including building materials, construction practices, disaster mitigation, land use and sustainable building features
Each housing and commercial unit and all common spaces will feature Energy Star Appliances, low flow water fixtures and energy efficient lighting,
Building features a green roof and high efficiency mechanical systems
Team has extensive experience in sustainability – current project Wisdom Village Fort Lauderdale (615 N. Andrews Avenue) utilizing Florida Green Building Code
Our project truly maximizing sustainability features while keeping costs low
PROJECT HIGHLIGHTS – COMMUNITY COMMITTMENT
Proven commitment to local hiring and promotion of local businesses.
Building on our successful local hiring and business program at 615 N. Andrews where local utilization is 30%.
We commit to ensuring at least 25% of project costs are committed to local businesses and local hiring.
Fort Lauderdale Community Center – a pillar in the Fort Lauderdale Community – will lead our diversity, local utilization and marketing efforts.
Through our strategic partnership with Fort Lauderdale Community Center, we commit to hire woman, minority and veteran owned businesses (W/M/DBE).
600 N. Andrews Ave.
Proven
Accountable
Flexible
Responsive
Connected to Community
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