www. coastanorte.com Fully Approved Multi-Family Residential Development (Construction Ready) Luxury Condominiums on the Pacific Ocean Crescent City, California For information please contact: Randy Baugh 916-934.0106
Rendering of Approved Project Crescent City CRESCENT CITY is located on Hwy 101 on the beautiful Northern California coast about 356 miles north of San Francisco, and about 20 miles south of the Oregon border.
Coasta Norte is planned to be the most luxurious high end residential project on the Northern California Coast. The architectural design is one that respects the coastal / nautical history of Crescent City, while providing a warm and inviting sense of place. Exciting entry features and gathering places combined with richly appointed one, two and three bedroom condominium and townhouse units provide a wealth of opportunities for residents and visitors to enjoy the project amenities and coastal beauty of this area. The project s environmentally sensitive landscaping works in harmonious transition to the rugged coast line. The landscaping frames a North Coast structure that incorporates shale stone elements, glass railed balconies, and weather resistant materials on a wood framed structure that will accommodate 37 residential units. The three story project will be anchored by a single story on grade concrete parking structure that will allow the project to remain in compliance with the 35 foot height limit along with providing an environmentally sensitive way to offer secure onsite parking. Each unit will enjoy the warmth of an energy efficient fire place, their choice of quality carpet, flooring options, beautiful cabinetry, crown molding, quality appliances, and granite counter tops in a design that will allow a seamless flow from great room to kitchen, bedrooms and patio. The projects design allows twenty five units to have spectacular ocean / beach views and ten units to have harbor / mountain views (five units will have both). A sales office, fitness room, spa, commons room, outside gathering areas, and pedestrian trails will also be included in the project. Coasta Norte is at 200 A Street, located adjacent to the Ocean Front Lodge at the Pacific Ocean. www. coastanorte.com Randy Baugh 916-934.0106 dcirandy@gmail.com
www. coastanorte.com
Beach Front, with direct access Unobstructed Views Executive Summary
Extensive Public Spaces Amenities
Development Summary: This project has an active California Coastal Commission approved Coastal Development Permit for the construction of the Coasta Norte Condominiums a 37 unit condominium project, parking structure, associated site improvements and coastal access amenities (the Development ). The Development is within the coastal zone, along the ocean shoreline within the incorporated limits of the City of Crescent city, located on the beach at 200 A Street, between 2nd & 3rd Streets approximately 1,000 feet northeast of the historic Battery Point Lighthouse on the former site of the Del Norte community Health Clinic. The Development involves redeveloping the site of a former medical clinic complex with 37-unit condominium complex. The total area proposes structural improvements be developed on a 1.24 acre site contained in a 30,568 sq. ft. building envelope, extending to a height of 32 feet, containing approximately 70,612 sq. ft. of occupied floor-area on two floors above a 62-space, enclosed, ground-level parking facility. Exterior improvements would include curb, gutters and sidewalks along the parcels street frontages, a two space exterior parking lot and public-accessible access facilities, including trail connections to the adjoining beach and elevated view platform. The development site is located on a parcel along the City s open ocean shoreline at a relatively low elevation in the range of 20 to 24 feet above mean sea level. The former medical clinic building and paved off-street parking areas, shall be demolished prior to construction of the Development. The development site has a history of public use access the adjoining beach across its southern parking lot. The Development has proposed the dedication and construction of a paved, twenty-foot-wide, vertical access easement across the southern side of the lot, and the construction of a publicly accessible, coastal viewing platform on the northwestern portion of the development site. To prevent impacts to the adjacent environmentally sensitive areas, the Development has been designed to provide the LCP-mandated 50-foot buffer between site improvements and the intertidal wetland reaches along the adjoining upper beach areas. In addition, the project includes the restoration / replacement of non-esha marine riparian vegetated areas associated with the construction of the proposed viewing platform. Randy Baugh 916-934.0106 dcirandy@gmail.com
Offering Summary: The Property is described as 200 A Street, Crescent City, California, Del Norte County, California, APN 118-020-34. The Offering consists of a fully approved permit ready, thirty-seven unit, residential condominium project situated on approximately 1.24 acres of land which a portion thereof is partially improved with an unoccupied 11,000 sq. ft. commercial building and approximately 17,000 sq. ft. parking field. Offering Includes: Land 1.24 acres Coastal Development Permit City Permits (ready to pull) Design Review Approval Completed Construction Documents (Architecture) Sewer & Water Facilities Credits No Traffic Mitigation Fees DRE Approvals Approved Direct Beach Access Approved View Platform 3D Modeling of Project & Units Operational Marketing Website (www.coastanorte.com) Search Engine Optimization On-going Marketing (Buyer Reservations) Potential 45L Federal Tax Credit ($76,000.) Potential FEMA HMGP Grant (up to 75% cost to build parking structure) Randy Baugh 916-934.0106 dcirandy@gmail.com
Entitlement Summary: (Crescent City Planning Commission, 12/13/2007 Staff Report) The Crescent City approved the application for Coastal Development Permit # CDP07-06, Use Permit # UP07-02 and Architectural Review #ARO7-11, subject to certain conditions of approval. General Plan Land Use: Current: Medical Related, Residential Pending: Visitor & Local Commercial The Crescent City general Plan land use designation adopted by the City council in 2001 is Visitor & Local commercial ( VLC ). However, at the time of the application, this designation had not yet been approved by the California Coastal Commission under a Local Coastal Plan Amendment. The final draft of which was submitted to the Coastal commission in 2004. Therefore the applicable land use designation, determined by Cresent City, is consistent with the applied for use. Crescent City is finalizing a new LCP (Local Coastal Plan) with the California Coastal Commission the development approvals which shall grandfather Coasta Norte as a legal non-conforming use. (Notice of Intent to Issue Permit, 4/19/2010 Commission Staff Report) On November 4, 2009, the California Coastal Commission approved Coastal development Permit No. A-1- CRC-08-004, requested by Development Consultants, Inc. for the purpose of approving for development the Coasta Norte Condominiums a 38 unit condominium project, parking structure, associated site improvements and coastal access amenities, subject to certain conditions of approval. Assignment: The permit may be assigned to any qualified person, provided the assignee files with the Coastal commission an affidavit accepting all terms and conditions of the permit. Randy Baugh 916-934.0106 dcirandy@gmail.com
Available Due Diligence Materials: The following reports, studies, pland and budgets are available for review. As follows. Phase 1 Report Geotechnical Report Asbestos Report Hazards Disclosure Report Biological Assessment Report Wetland Delineation Report ESHA (Environmentally Sensitive Habitat Area) Delineation Topographic Survey Visual Resources Impact Analysis Sea Level Trends Analysis Tsunami Inundation Analysis Tsunami Mitigation / Evacuation Plan ALTA Survey Development Easements STWPP (Storm Water Prevention Plan) USGB (U.S. Green Building Council) Certification pending Tentative and Final Subdivision Map Condominium Plan Structural Plans Architectural Plans Landscape Plans Mechanical Plans Electrical Plans Plumbing Plans Interior Design Plans Project Renderings Aerial Photo Library 3D Modeling of Project & Units DRE Budget DRE Filing Fees DRE Approved Sales Agreement DRE Approved Reservation Form DRE Approved Grant Deed DRE Approved CC&R s DRE Approved HOA Bylaws Preliminary Title Report Randy Baugh 916-934.0106 dcirandy@gmail.com
Product Overview: The Coasta Norte Condominium & Townhome Development architecture includes eleven different floor-plan designs, six of which offer modified floor-plan layouts. The four townhome floor-plan designs incorporate twostory layouts and will be considered the premium units in the Development. Below is a summary of the floor-plans offered, and the total unit counts per plan. UNIT TYPE SQ. FT. BED BATH UNIT COUNT Plan 1 983 1 1 1 Plan 1m 1,076 1 1 1 Plan 2 1,041 1 1 1 Plan 2m 1,123 1 1 1 Plan 3 1,156 2 2 2 Plan 3m 1,237 2 2 2 Plan 4 1,168 2 2 2 Plan 5 1,282 2 2 15 Plan 6 1,341 2 2 1 Plan 6m 1,448 2 2 1 Plan 7 1,345 2 2 2 Plan 8 1,496 2 2 2 Plan 9 1,504 3 2 2 Plan 10 1,848 2 2.5 1 Plan 10m 1,930 2 2.5 1 Plan 11 2,166 2 2.5 1 Plan 11m 2,277 3 2.5 1 Total Units 37 The following is a list of features and lifestyle amenities to be included and / or available to the Coasta Norte residents. Private Decks / Patios Fireplaces Storage Units Energy Efficient Appliances Hardwood, or Tile Floors, Stainless Steel Appliances, Crown Molding Two-Story Community Lobby with Seating area and Fireplace Fitness Facility Game / TV Community Room Elevator Access Covered Secured Parking Coastal Trails and Direct Beach Access Unobstructed Ocean, Lighthouse, Bay and Mountain Views Randy Baugh 916-934.0106 dcirandy@gmail.com
Current Marketing & Market Overview: The Coasta Norte Condominium & Townhome Development commenced a pre construction marketing effort in late fall of 2010. The pre-construction marketing involves a residential unit reservation procedure. At the end of 2010, approximately thirteen units were reserved, with reservation deposit, under the authorization granted by the California DRE Preliminary Public Report (the Pink Report ). As a part of the preconstruction marketing effort, the Development has activated its website (www.coastanorte.com), which provides preliminary marketing information related to floor-plans, features and amenities, and also allows for prospective buyer residents to obtain further information regarding the Development and procedures for unit reservations. Collateral marketing materials have been prepared to support the preconstruction marketing effort. Pre construction, reservation, pricing has been announced. Residential units are being offered at preliminary pricing which begin in the mid $300,000 s To date, most of the potential buyer interest has been very localized and mostly the result of word-of-mouth marketing information. No on-site sales facility has yet been established. No local, or regional, marketing campaigns have yet been conducted. Randy Baugh 916-934.0106 dcirandy@gmail.com
www. coastanorte.com Architecture Coasta Norte
Randy Baugh 916-934.0106 dcirandy@gmail.com
Randy Baugh 916-934.0106 dcirandy@gmail.com
Randy Baugh 916-934.0106 dcirandy@gmail.com
Randy Baugh 916-934.0106 dcirandy@gmail.com
Randy Baugh 916-934.0106 dcirandy@gmail.com
20 1 21 2 22 3 23 4 24 5 25 6 26 7 39 19 37 18 36 17 35 16 34 15 27 8 33 14 28 9 32 13 31 12 30 11 29 10 3rd Floor 2nd Floor Randy Baugh 916-934.0106 dcirandy@gmail.com
Crescent City Condominum Development Proforma October 10, 2016 DEVELOPMENT PROFORMA 200 A, Street, Crescent City, CA Total Land Area - Acres Total Land Area - S.F. 54,000 Total Buildable Coverage I. LAND Size (sf) Cost/sf Total Cost Land Cost 54,000 $13.89 $750,000 TOTAL LAND COST $750,000 II. ON/OFF SITE IMPROVEMENTS Size (sf) Cost/sf Total Cost On-Site Improvement Costs 54,000 $3.50 $189,000 Off Site Improvement Cost 15,000 $2.00 $30,000 TOTAL SITE IMPROVEMENT COST $219,000 III. HARD BUILDING COST Size (sf Cost/sf Total Cost Building 73,600 $110.00 $4,856,448 Parking structure 26,004 $25.00 $1,452,444 TOTAL BUILDING COST 99,604 $6,308,892 IV. IMPROVEMENT ALLOWANCE Size (sf Cost/sf Total Cost Interior Improvments 73,600 $35.00 $2,576,000 TOTAL TI ALLOWANCE 73,600 $2,576,000 SUB-TOTAL LAND, SITES AND BUILDING $9,853,892 V. INDIRECT COSTS Escrow and Title $5,400 Permits and Fees $85,000 Sewer & Water fee $300,882 Phase I; Environmental $1,800 Traffic Study $0 Property Taxes $8,500 Real Estate Commissions Commission $453,750 37 2.50% $419,719 Sales staff $95,000 Legal - Tenant $55,000 Development Fee $0 Insurance During Construction $25,000
Crescent City Condominum Development Proforma October 10, 2016 Architect & Engineering Architecture $25,000 Civil Engineering $15,000 Soils Report $5,000 Staking $5,000 Misc $35,000 Total A & E $85,000 Appraisal $5,500 Misc. $20,000 TOTAL INDIRECT COSTS $1,106,801 SUB-TOTAL LAND, SITE, BLDGS & INDIRECT COSTS $10,960,693 VI. FINANCING Construction Financing Loan Amount $8,768,554 Loan Fees 0.25% $0 Interest During Construction Interest Rate 3.50% Months 12 Percent 65.00% $0 Misc Fees TOTAL FINANCING $0 VII. CONTINGENCY TOTAL DEVELOPMENT COSTS $10,960,693 VIII. INCOME ANALYSIS Income Summary Units Sales price Gross Sales Inc. One Bedroom 4 $300,000 $1,200,000 Two Bedroom 30 $500,000 $15,000,000 Post construction sales 3 $650,000 $1,950,000 Sale Upgrade Packages 37 $15,000 $555,000 Parking Sales 14 $5,000 $70,000 Storage Sales 22 $2,500 $55,000 Total 37 $508,919 $18,830,000 Sales Proceeds $18,830,000 Total cost $10,960,693 Net Profit $7,869,307 Equity investment (20% of cost) $2,192,139 ROI 358.98%
www. coastanorte.com
Title report
www. coastanorte.com 10-2460 4/12 For information please contact: Randy Baugh 916-934.0106 dcirandy@gmail.com