Agenda - City of Santa Monica

To: Steve Mizokami, City of Santa Monica April 23, 2013
Subject: 1320 2 nd Street: Value Enhancement & Fiscal Impact Analysis Page 3
The KMA financial analyses are described in the following sections of this memorandum.
The KMA pro forma analyses are presented in Appendices A and B, and are organized
as follows:
Table 1:
Table 2:
Table 3:
Estimated Construction Costs
Estimated Stabilized Net Operating Income
Estimated Supportable Land Value
Base Zoning Alternative Analysis
Scope of Development
The scope of development under the Base Zoning Alternative can be described as
follows:
1. The gross building area (GBA) is estimated at 23,400 square feet, and is
comprised of the following:
a. Residential Component – 17,130 square feet; and
b. Retail Component – 6,270 square feet.
3. The development includes 22 residential units, with an average unit size of 588
square feet. The units are allocated as follows:
Live/Work Units 4
Studio Units 9
One-Bedroom Units with View 4
One-Bedroom Units 5
Total Units 22
4. Thirty-two (32) subterranean parking spaces are provided. This equates to a
ratio of 1.45 spaces per residential unit.
5. The Base Zoning Alternative analysis is based on the assumption that the
Developer would pay the City’s affordable housing in-lieu fee instead of providing
income-restricted units on site.
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19305.013.001