Bostwick Gardens Land Acquistion Project Presentation to the GB CPC St. James Community Housing Corporation and Berkshire Housing Development Corporation
Land Acquisition Requirements A Minimum of 51, 000 Sq. Ft. of Adjacent Property 2
Land Acquisition Description 3
Bostwick Gardens Phase II Project Scope § § § Project Team Project Need Project Program Project Cost Project Finance Project Schedule 4
Bostwick Gardens Project Team § Elton Ogden, Berkshire Housing Development Corporation, President § Lynn Wood, St. James Community Housing Corporation, President § Courtney Haff, CREA, AICP, Ph. D. , St. James Treasurer § Craig Okerstrom-Lang, RLA, ASLA, Okerstrom Lang LTD, Landscape Architects, Site Plan 5
Bostwick Gardens Project Need § Master Plan Concept Bishop t e. S Hillel org Center for Critical Analysis of Contemporary Culture Fraternity House Ge Graduate Admissions Pl Scudder Hall e Colleg Gardner Sage Library Zwemer Hall Ave Seminary Pl 6
Bostwick Gardens Senior Housing § § § § Existing Residential Units (29) Proposed New Residential Units (30) 100 Percent of Units Receive Section 8 Project Rental Assistance Subsidies Proposed New Parking Spaces (26), Existing Parking Spaces (29) Approximate Net Rentable Area of 15, 400 SF for New Dwelling Net Rentable Area of 14, 234 SF for Existing Building Height – 3 Stories /40 feet 7
Bostwick Gardens Housing Market Expected Study Findings § Insufficient Affordable Senior Housing Supply § Rental Housing Need § Demand for One Bedroom Unit Type with Current Waiting List of 91? ? Applicants § Positive Cash Flow From Below Market Rents 8
Bostwick Gardens Design Attributes § Economically Feasible, Simple Design § Enhances the Existing Bostwick Gardens Master Plan § Creates Handicapped Accessibility for New and Old Buildings § Creates a Linked Building Style Courtyard § Variable Heights Creates an Attractive Addition to the Existing Built Form § Generates Opportunities for Enhanced Landscaping and Linkages Between Parking Lots § Parking Meets Senior Resident Needs and Respects Site Environs 9
Bostwick Gardens Program § Existing Zoning B 2 General Business § Town of Great Barrington Has Approved Zoning Change to Allow 60 Units in Compliance with Section Chapter 171 § Existing Floor Area 20, 259 GSF (Current Bostwick Building) § New Planned Floor Area 22, 000 GSF § Permitted Three Story Building Height § Existing Site 72, 500 SF § Proposed Additional Site 51, 000 SF 10
Project Feasibility § Site Assemblage § Site Plan Review § Preliminary Development Budget § Market Study § Preliminary Financial Projections 11
Site Assemblage § Obtain Land Appraisal § Negotiate Price of Adjacent Land § Execute Option Agreement § Obtain Grant/Loan Commitment § Prepare Special Permit Application § Receive Special Permit Approval 12
Zoning Issue § GB 171 -77 Publicly financed nonprofit housing for the elderly, section C. Minimum 1, 700 s. f. of lot area per dwelling unit § 30 units would req. 51, 000 s. f. § Proposed land acquisition is 51, 000 s. f. with 100 ft. of frontage on Brookside Road. § The Town of Great Barrington has interest in the balance of the two acres for sale as open space for a river walk extension. 13
Bostwick Gardens Special Permit Site Plan Meets GB Review Issues • Town of Great Barrington Benefit • Compliance with Master Plan • Compliance with all Provisions of Section 171, Zoning • Effect on Historic, Scenic and Environmental Features of Town • Effect on Wetlands, Wildlife Habitat, and Water Supplies • Effect on Public and Private Surface and Subsurface Water Supplies • Adjoining Premises Protected • Adequate Arrangement of Proposed Buildings, Structures, Landscaping • Vehicular and Pedestrian Traffic Convenient and Safe • Driveways and Curb Cuts Properly Located • Off Street Parking Adequate in Number and Arrangement • Public Ways and Adjacent Properties Protected Against Intrusive Lighting 14
Preliminary Sources and Uses of Funds § Sources $4, 985, 000 Tax credits $1, 810, 000 CPA/LAND Funds $ 300, 000 Tax exempt financing $3, 000 § Uses Land Costs Construction Costs Refinance Out. Debt $4, 985, 000 $ 300, 000 EST $2, 200, 000 $1, 560, 000 15
Preliminary Financing Plan § § Tax Exempt Debt Low Income Housing Tax Credits Community Preservation Act Funds MA DCS LAND grant Funds 16
Annual Cash Flows Year 2015 2016 Revenues $315000 $756000 Expense $280000 $672000 Surplus $35000 $70000 Debt Service $98000 $236000 17 Debt Service Coverage 1. 35 X 1. 30 X
Project Schedule § § § § § Submit CPA Proposal Execute Option Agreement Determine Financing Options Obtain Predevelopment Financing Execute Development Team Contracts Prepare Preliminary Design Update Appraisal Market Study Develop Budget/Cost Estimates Obtain Special Permit Finalize Financial Plan 9/1/15 8/1/15 9/1/15 6/1/15 8/1/15 2/1/16 10/1/16 18
Competitive Advantage § § § Experienced Team Local Knowledge Financing Innovation Project Feasibility Immediate Availability Market Opportunity 19
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