the neighborhoods of tustin town center: a new ... - City of Tustin

TABLE B-2
SITE 9
ALTERNATIVE B
SOUTHERN GATEWAY STUDY AREA
DEVELOPMENT COSTS
FINANCIAL FEASIBILITY ANALYSIS
FIELD PAOLI / CITY OF TUSTIN
Totals
Notes
I. Direct Costs (1)
Off-Site Improvements (2) $170,000 $1 Per SF Site Area
On-Site Improvements/Landscaping $511,000 $3 Per SF Site Area
Parking - Surface $0 Included above
Shell Construction - Freestanding Retail $1,760,000 $80 Per SF - Freestanding
Shell Construction - Retail $1,020,000 $85 Per SF - Retail
Shell Construction - Office $2,890,000 $85 Per SF - Office
Tenant Improvements - Retail $340,000 $10 Per Net SF - Retail
Tenant Improvements - Office $289,000 $10 Per Net SF - Office
Contingency $698,000 10.0% of Directs
Subtotal Direct Costs $7,678,000 $113 Per SF GBA
II. Indirect Costs
Architecture & Engineering $384,000 5.0% of Directs
Permits & Fees (2) $680,000 $10 Per SF GBA
Legal & Accounting $77,000 1.0% of Directs
Taxes & Insurance $115,000 1.5% of Directs
Developer Fee $307,000 4.0% of Directs
Marketing/Lease-Up $503,200 $8 Per Net SF
Contingency $103,000 5.0% of Indirects
Subtotal Indirect Costs $2,169,200 28.3% of Directs
III. Financing Costs
Subtotal Financing Costs $768,000 10.0% of Directs
IV. Total Development Costs $10,615,000 $156 Per SF GBA
Or Say (Rounded) $10,615,000
(1) Does not include the payment of prevailing wages.
(2) Estimated allowance; not verified by KMA.
A-40 THE NEIGHBORHOODS OF TUSTIN TOWN CENTER
MARKET ANALYSIS AND NEIGHBORHOOD CONCEPT PLANS
STRATEGIC GUIDE 09.21.2010