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 9
3. The residential units are allocated to the following product types:
Live/Work Units 4
Studio Units 24
One-Bedroom Units 19
Two-Bedroom Units 6
Total Units 53
4. Sixty-six (66) parking spaces are provided in a two-level subterranean parking
garage. This equates to a ratio of 1.25 spaces per residential unit.
Pro Forma Analysis (Appendix B)
The following sections of this analysis describe the assumptions used in the KMA pro
forma analysis of the Proposed Project.
Estimated Construction Costs (Appendix B - Table 1)
Direct Costs
The Developer assumes that the Proposed Project would utilize Type III construction
standards. In addition, KMA assumes that the Proposed Project would not be subject to
prevailing wage requirements. KMA estimates the direct costs as follows:
1. A $200,000 allowance for off-site improvements is provided.
2. The on-site improvement costs are estimated at $15 per square foot of land area,
or $225,000.
3. The subterranean parking costs are estimated as follows:
a. $30,000 per space for the 1 st level of subterranean parking; and
b. $35,000 per space for the 2 nd level of subterranean parking.
4. Based on Type III construction standards, the building costs are estimated as
follows:
a. The residential building costs are estimated at $155 per square foot of
residential GBA; and
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