THE VILLAGE AT RIVERVIEW MEADOWS

Transcription

1 THE VILLAGE AT RIVERVIEW MEADOWS

2 DEVELOPMENT CONCEPT Three story-150 unit Veterans Multifamily Project Utilizing 4% Non Competitive LIHTC Program CRED Team: Marty Domres & Racquel Reddie Developer: Domres Real Estate Investments, Inc.

3 WHERE IS IT LOCATED? Project located in southern Hillsborough County in the City of Riverview. Located on the SW side of Symmes Road and State Road 301. * Village at Riverview Meadows

4 LOCATION Front Views Side Views Across Views

5 MARKET ASSESSMENT (RIVERVIEW, FL) Demographic Data by Population Total Population = 71,050 % Population (Males) =48.1% % Population (Females) = 51.9% Top 3 Age Demographic Groups yrs old = 26% yrs old = 19% yrs old = 17% Veteran Population = 6, 957 % Population (Males) = 87% % Population (Females) = 13% Top 3 Age Demographic Groups yrs old = 40.6% yrs old = 19.2% yrs old = 10.7%

6 MARKET ASSESSMENT (RIVERVIEW, FL ) Demographic Data by Race Source: City-Data.com

7 MARKET ASSESSMENT (RIVERVIEW, FL ) Demographic Data by Income 2014 Median Household Income State of Florida $41,334 Hillsborough County $57,400 Riverview $57,400 LIHTC Income Limits/Fair Market Rents Type Max. Income 50% AMI Max. Income 60% AMI Max. Rent 50% AMI Max.Rent 60% AMI 1BD $20,100 $24,120 $539 $647 $758 2BD $23,000 $27,600 $646 $776 $951 FairMarket Rent

8 VETERAN POPULATION/HOUSING ASSESSMENT Veteran Population Demographics Florida has the third largest veterans population in the U.S. Hillsborough County has the fourth largest veterans population in Florida. Veteran Affordable Housing Projects (Developed by Tampa Crossroads) Eco Oaks 18-unit facility located in Tampa designated for female veterans/low-income families. The ATHENA Program 16 bed transitional housing program located in Ybor City for female veterans. Only transitional housing program within the State of Florida

9 COLLABORATIONS

10 DEVELOPMENT SCHEME Site consists of 20 acres raw land located on Highway 301 between Symmes Rd (North) and Rhodine Rd (South) Current site is zoned PD with future land use SMU6 Rezone needed for SMU12 to to include density bonus for Community Development use

11 DEVELOPMENT SITE PLAN Parcels A & B represent the development site of a three-story 150 unit apt building for veterans. Parcel C represents the future development of professional office condos and a community daycare. A B C Future Site

12 FLOOR PLANS 1BD/1BA, 800 sq.ft. 2BD/2BA, 970 sq.ft. THE HAMILTON THE JEFFERSON

13 FINANCIAL FEASIBILITY Sources EQUITY/GRANTS LIHTC4% Credits=$5,230,163 DDF= $1,700,000 AHP = $1,000,000 BROWNSFIELD= $500,000 TOTAL = $8,430,163 Total Development Costs DEBT MBRB = $3,841, 542 SAIL = $3,926,080 TOTAL = $7,767,622

14 FINANCIAL FEASIBILITY Operating Pro forma (Pre Tax ) Year 1 Year 2 Year 3 Total Revenue $1,170,576 $1,193,988 $1,217,867 Total Operating Expenses $424, ,520 $450,646 Replacement Reserves $124,000 $124,000 $124,000 Net Operating Income $319,155 $538,588 $547,362

15 COMMUNITY IMPACT Job Creation Transportation Local Economy Construction trades and Professional Service jobs = 75 Direct 55 Indirect Total = 130 Increase in public bus usage due to bus stop s proximity to project (300 ft) $72,000/yr in fare revenue $16.2 million spent in goods and services $119,000 increase in property taxes $4.40 million in resident median income

16 MANAGEMENT Domres Real Estate Investments, Inc. will provide property management services through a newly formed entity to manage The Villages at Riverview Meadows. Management Fee will be established at 10% of Gross Rents for the first year of operations. Management Team will include staff with LIHTC property management experience. Riverview Meadows Management Group, LLC.

17 THREATS AND CHALLENGES Dept. of Veteran Affairs does not build Outpatient Surgery Center o Demand for affordable housing for Veterans is still needed in this target market Tax Credits do not get awarded to project o Strengthen application from an underwriting perspective o Apply during next funding cycle Permanent Debt Providers do not approve funding o Seek out alternative lending sources Cost of Construction Materials Increase o Purchase materials using bulk orders and minimize change orders Competition for other LIHTC projects in Riverview increases o May lose opportunity to develop using LIHTC as equity Project Delays stalls construction o Include incentive bonuses for GC and Trades

18 THANK YOU!