Urbanica Project Proposal to the Community ... - Town of Weston

PROPOSAL FOR THE ADAPTIVE REUSE OFJosiah Smith TavernWeston Old LibraryU R B A NIC ADESIGN + DEVELOPMENT

DEVELOPER PROFILEURBANICA 50 SOMERVILLE50 Bow Street, Somerville, MA (2004)ENGINE ONE BELMONT445 Trapelo Road, Belmont, MA (2005)

DEVELOPER PROFILEsix9ONE RESIDENCES691 Massachusetts Avenue, South End, Boston, MA (2011)yoo D4 SOUTH END7 Warren Avenue, Boston, MA (2006)

DEVELOPER PROFILEPARCEL 9: MELNEA HOTEL AND RESIDENCESMELNEA CASS BOULEVARD, Boston, MA (Ongoing to 2016)E+ HOMES: 226-232 HIGHLAND STREET226-232 HIGHLAND STREET, Boston, MA (Completion by Spring 2013)

2006 HISTORIC PRESERVATION AWARDSFOR 50 BOW STREET FROM MASSACHUSETTS STATE SENATE AND CITY OF SOMERVILLEDEVELOPER PROFILE

DEVELOPER PROFILEPRESS COMMENDATIONBOSTON GLOBE ARCHITECTURE CRITIC, ROBERT CAMPBELLBOSTON SOCIETY OF ARCHITECTS2012 DESIGN AWARD FINALISTSTUDIO LUZ ARCHITECTS FOR 691 RESIDENCES, BOSTON, MA

DEVELOPMENT CONCEPTWESTON TOWN CENTER ON THE COMMONWESTON’S HISTORIC LANDMARKS AS A NEW COMMUNITY CENTER

STORAGESPACEBAR/LOUNGE239sfHALFBATH40 sfKITCHEN310 sfB&B GARDEN COURTYARDDINING ROOM230sfINN KEEPER BATH100 sfINN KEEPER SUITE320 sfSITTING ROOM288sfFOYER290 sfCHECK-IN/INN-KEEPER OFFICE310 sfUPBATH36 sfADA BATH72 sfSERVINGCASHIERBARCOOKINGSTORAGE/OFFICEBed and BreakfastWeston Historical SocietyURBANICA142 Berkeley St, Suite 402Boston, MA 02138T. 617-654-8900F. 617-654-8901Women’s Community League of WestonCafe/RestaurantS C H O O L S T R E E TResidential CondominiumsB O S T O N P O S T R O A DUPDROP OFF+ 2 ADASPACESDNUPFOYERCAFE / RESTAURANT665 sf/COFFEE/BAKE GOODSKITCHEN485 sfTRASH/UTILITYAREADELIVERY/FIRESAFETYBOUTIQUE/CLOTHING EXCHANGE618 sfWOMEN'SLEAGUEANTEROOM433 sfWASH/PREPH20 SPACESHISTORICALGALLERY/FOYER140 SFBATHROOM60 sfFUNCTIONROOMSTORAGE140sfPANTRY150 sfFUNCTION HALL730 sfBALCONY402 sfCAFE / RESTAURANT468 sf50 FTJ8 SPACES FORCONDO PARKINGRESEARCH AREAHISTORICALGALLERY/ RESEARCH1070 SFBATHROOM150 sf25 FT0 FTRevisions:Date:Scale:Drawn by: 1/32" = 1'-0" Checked by:Project:Title:SITE PLANDrawing:A1-1

CONCEPT OVERVIEWWESTON TOWN CENTER ON THE COMMONTHE JOSIAH SMITH TAVERN B&B - COMMUNITY BARN & CONNECTOR - GALLERY CAFE ADDITION - RESIDENCES AT THE OLD LIBRARY

Bed and BreakfastWeston Historical SocietyWomen’s Community League of WestonCafe/RestaurantResidential Condominiums

Bed and BreakfastWeston Historical SocietyWomen’s Community League of WestonCafe/RestaurantResidential Condominiums

Bed and BreakfastWeston Historical SocietyWomen’s Community League of WestonCafe/RestaurantResidential Condominiums

Unit 1Unit 2Unit 3Unit 4

Unit 1Unit 2Unit 3Unit 4

PROGRAM BREAKDOWN1.8.2013OLD LIBRARY (CONDO)Condo 1 Basement 920 sf 2160 sf Exis ng RehabFirst Floor910 sfMezz Lo330 sfCondo 2 Basement 820 sf 1870 sf Exis ng RehabFirst Floor830 sfMezz Lo220 sfCondo 3 Basement 620 sf 1530 sf Exis ng RehabFirst Floor680 sfMezz Lo230 sfCondo 4 Basement 880 sf 2180 sf Exis ng RehabFirst Floor930 sfMezz Lo370 sf7740 sf Exis ng RehabTAVERN (B&B)B&B Single Family First Floor 2547 sf 5416 sf Exis ng RehabStorage Barn376 sfSecond Floor2493 sf5416 sf Exis ng RehabCONNECTOR, BARN + ADDITIONCommonFoyer303 sf883 sf Exis ng RehabBathrooms210 sfNew Addi onMEP370 sfNew Addi onCaféMain Sea ng 1025 sf 2282 sf Exis ng RehabMezzanine (Optional) 664 sfNew Addi onKitchen/Storage485 sfExis ng RehabBathrooms108 sfExis ng RehabNon Pro t-Women's League Func on Room 730 sf 2071 sf New Addi onPantry150 sfNew Addi onBou que/Exchange1051 sfExisng RehabStorage140 sfNew Addi onNon Pro t-Shared Space Flex Space 510 sf 510 sf New Addi onNon Pro t-Historic Society Research/ Gallery 1070 sf 2257 sf New Addi onBasement1187 sfNew Addi on8003 sf Total

SOURCES AND USESPREDEVELOPMENT COSTSUSES OF FUNDSProjected Income (including CPA Funds)Building & Acquisition Cost $ 22,000 Building + Acquisition Cost Condo Gross Sqft $ per Sqft TotalDesign Total $22,000 Residential (4 units) 7740 $ 336.43 $ 2,604,000Architect + MEP + Fire + Struct + Hist. $ 150,000 Total Construction Cost + Contingency Bed & Breakfast 5416 $ 128.79 $ 697,500Civil Engineering $ 40,000 Construction Hard Cost $4,900,000 Restaurant (including optional mezzanine) 2282 $ 190.68 $ 435,124Environmental Engineering $ 15,000 Contingency 10% $490,000 CPA Fund Grant$ 4,135,313Geotech $ 10,000 Total Construction $5,390,000 Total$ 7,871,937Survey $ 10,000 Soft CostLandscape $ 25,000 DesignCode Review $ 10,000 Architect + MEP + Fire + Struct $200,000Preconstruction Estimator $ 10,000 Historic Consultant $50,000PROFIT SHARING BREAKDOWNFinancing Civil Engineering $60,000 Total Projected Income Total Project Cost 50/50 Profit SharingBank Appraisal $ 5,000 Environmental Engineering $15,000 $7,871,937 $8,270,625 $8,270,625+Bank Engineer $ 5,000 Geotech $10,000Bank Commitment/Closing Fee $ 10,000 Survey $15,000Legal Landscape $50,000* Income from the sale of four residential condos, café/restaurant and bed andGeneral Legal All In $ 20,000 Code Review $10,000breakfast in excess of $8,270,625 will be split 50/50 between the Town of WestonReimbursable (includes printing) $ 10,000 Preconstruction Estimator $10,000and Weston 358 LLC.Project Accounting $ 5,000 FinancingInsurance $ 5,000 Bank Appraisal $10,000Other Consultants $ 25,000 Bank Engineer $20,000* Any difference between Total Project Cost and Total Projected Income will beProject Management Fee $ 50,000 Bank Commitment/Closing Fee $25,000deducted from Weston 358 LLC Developers Fee.Permits $ 50,000 Construction Interest $150,000Subtotal Soft Costs $ 455,000 LegalSoft Cost Contingencies 10% $ 45,000 General Legal All In $50,000Total Pre-Development Project Cost $500,000 Property Tax $0Reimbursable (includes printing) $25,000Carrying Costs Post Construction Lease Up $100,000Project Accounting $50,000SOURCES OF FUNDSMarketing $25,000Senior Financing 30% $2,500,000 Clerk $60,000* Town of Weston Grant (Up To) 50% $4,135,313 Insurance $25,000Deferred Developer Fee 14% $1,135,313 Other Consultants $50,000Investor Equity 6% $500,000 Liquor Licenses $35,000Permits $50,000TOTAL SOURCES $8,270,625 Subtotal Soft Costs $1,095,000* Proposal by Weston 358 LLC called for the Town of Weston to contribute50% of the Total Project CostSoft Cost Contingencies 10% $109,500Total Soft Cost $1,204,500Developer Fee/Profit 20% $1,654,125Total Project Cost $8,270,625

PREDEVELOPMENT COSTS BREAKDOWN (PRE-TOWN APPROVAL)PREDEVELOPMENT COSTS THROUGH TOWN APPROVALPer GSF BudgetedSoft Cost ItemizedDesignIn-house Design 0.44 $8,000Third Party Design 0.28 $5,000Option Fee 0.11 $2,000Environmental Engineering 0.11 $2,000MEP Engineering 0.00 $0Fire Protection 0.00 $0Structural Engineering 0.00 $0Civil Engineering 0.28 $5,000Environmental Testing (additional 21E) 0.00 $0Historical Consultant 0.28 $5,000Geotech 0.00 $0Survey 0.00 $0Landscape 0.28 $5,000Code Review 0.17 $3,000Traffic Analysis 0.17 $3,000Preconstruction Estimator 0.33 $6,000FinancingDevelopment Consultant 0.28 $5,000Appraisal 0.17 $3,000LegalGeneral Legal (all in) 0.44 $8,000Title Search (covered above) 0.00 $0Property Tax Estimate 0.00 $0Urbanica Reimbursable (includes printing) 0.28 $5,000Permits 0.17 $3,000Insurance 0.00 $0Subtotal Soft Costs 3.75 $68,000Soft Cost Contingencies 10% 0.39 $7,000Total Soft Cost 4.13 $75,000Developers Overhead 1.38 $25,000Total Project Predevelopment Cost 5.51 $100,000

TOTAL CONSTRUCTION COST + CONTINGENCYTotal Construction Cost + Contingency rate sqftLibrary (condo) $ 270 7800 $2,106,000Tavern (B&B) $ 200 5400 $1,080,000Connector (Non-profits) $ 200 6000 $1,200,000Barn (restaurant) not including mezzanine $ 321 1600 $514,000Contingency 10% $490,000Total Construction $5,390,000