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

Questions?