WEAVING HOMES
INCREMENTAL HOUSING SOLUTION
TABLE OF CONTENTS 1. EXECUTIVE SUMMARY............................. 4-5 2. ZONING OVERVIEW.................................. 6-7 3. MARKET RESEARCH............................... 8-18 4. PRECEDENTS........................................... 19 5. PROGRAM + CONCEPT + DESIGN......... 20-39 6. OUR TEAM................................................ 40-41 7. PROJECT SCHEDULE............................. 42 8. FINANCIAL SUMMARY............................ 43-46 9. CONCLUSION........................................... 47-48 10. APPENDIX............................................... 49-55 2
LOCATION
BRONX TOW POUND 745 E 141st St Bronx, NY 10454 3
EXECUTIVE SUMMARY The challenge for this project was to redevelop this former tow-pound site in Mott Haven, Bronx. It has been a severely underserved neighborhood and our project aims to provide the community with affordable housing and additional program and services to support the residents and offer the possiblity of professional development. AFFORDABLE HOUSING
- PARTICIPATORY - INCREMENTAL - COMMUNITY DEVELOPMENT
PUBLIC PROGRAM
- RETAIL - CULTURAL / PERFORMANCE SPACE - GALLERY SPACE - COMMUNAL SPACES - INFORMAL VENDOR MARKET - FRESH FOOD MARKET - PARKING - DINING
4
EXECUTIVE SUMMARY
5
FINANCIAL SUMMARY
UNLEVERED LEVERED
LOAN ASSUMPTIONS
Total Cash Flow
$147,601,680 $86,215,890
Loan to Cost Ratio
60%
Total Equity
$89,789,000
$35,915,600
Interest Rate
5.0%
Residential Net Profit
$9,678,938
$8,643,098
Amortization Rate
30 years
Retail Net Profit
$48,133,743
$41,657,194
Yearly Payment
$3,504,542
Deal-Level Net Profit
$57,812,680
$50,300,290
Deal-Level Equity Multiple
1.64
2.40
Deal-Level IRR
14.66%
19.37%
PROJECT INFORMATION Residential SF
132,800
Supplementary SF
173,040
Total SF
305,840
Residential Unit Count
190
Affordable Unit Count
190
ZONING OVERVIEW This project attempts to consolidate different types of collective, community programs while incorporating certain market value retail and commercial spaces to provide a viable budget. The program will also allow for exemptions in the legal building code, allowing for the building to exceed the sky exposure plane envelope, extend further into the site, and jail an extra 45 feet, and develop additional FAR.
Intial Lot Dimensions: 345’ x 100’ Requested Lot Dimensions:345’ x 145’ FAR: 6.0 Max SF: 300,150’ Requested SF: 305,840
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INITIAL LOT WIDTH: 100ft
REQUESTED LOT WIDTH: 145ft
The lot extension allows for larger livings spaces, a respectable buffer between the Jail and the housing units, and an elevated park inbetween.
ZONING OVERVIEW
SKY EXPOSURE 1:2.7
INITIAL LOT WIDTH: 100ft
REQUESTED LOT WIDTH: 145ft 5’
TRANSVERSE SECTION SCALE: 1/16” = 1’-0”
7
10’
20’
40’
MARKET RESEARCH
8
Demographics
Age
Population: 37,337 Median Age: 29.4 years High School Graduate: 57.7% Median Household Income: $21,542 Average Household Size: 3.03 Foreign Born Population: 10,468 (28%) of Neighbourhood
Median Age: 29.4years Peak: 20-24 years Large % of children and young adults.
The project includes supplimentary programs that all ages could use and enjoy - gym, market, daycare, rooftop park.
Young median age suggests a great potential for workforce. Weaving Homes will include schooling and after-school activities for young families to grow and develop relationships.
MARKET RESEARCH Occupation
Mostly in Food Preparation services or Building cleaning and maintenance. The promenade includes registered + unregistered market spaces for residents to buy and sell local goods, and work.
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MARKET RESEARCH EDUCATIONAL ATTAINMENT
INCOME
Population 25 years and older Percent High School Graduate: 57.7%
Median Household Income: $21,542 Individuals below Poverty Line: 46.4% ¼ of households earn less than $10,000 a year
Percent Bachelor’s degree: 9.1% Classroom spaces, daycares and after school activities are included to help foster a culture of educational success. 10
Residents can build their unit and expand it at their own pace. Included Citi Bikes and Bus routes allow for more employment opportunities.
MARKET RESEARCH HOUSEHOLD COMPOSITION
ORIGINS AND LANGUAGES
1-person household: 26.1% Family households: 69.5% Nonfamily households: 30.5%
Foreign Born Population: 10,468 (28% of Region)
Average household size: 3.03
Diverse, multicultural neighbourhood. Good mixture of native, naturalized, and foreign population.
The auditorium hall and gallery The project wil include small, medium, and large units that all space can be used to celebrate have the ability to expand over and express a range of cultures. time. 11
MARKET RESEARCH With the cost of living, transportation, and food being such high costs, the project consists of an “All-Affordable” housing unit with a built in bus stop, fresh produce market, business opportunities, and communal services.
12
MARKET RESEARCH With the cost of living, transportation, and food being such high costs, the project consists of an “All-Affordable” housing unit with a built in bus stop, fresh produce market, business opportunities, and communal services.
13
MARKET RESEARCH POLITICAL PREFERENCE
The auditorium hall will facilitate community organizing, political rallies, town halls, and other community-wide events.
14
MARKET RESEARCH As a general trend, vacancy rates have decreased as of 2014 since 1993. NYC as a whole has decreased from 3.44% in 1993 to 2.4% vacancy in 2014. This influenced Monson and Monson to build 190 affordable housing units in the lower Bronx that allow for expansion of rooms as families grow.
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COMPARABLES NYCHA Holmes Tower, 1780 First Avenue Developer: Fetner Properties Architect: FXCollaborative - 50 story mixed use tower. - 13,000SF recreation and community facility space. - 340 studio - 3-bedroom residences, hlaf being affordable.
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Sunset Park Library, 5108 4th Avenue Developer: Fifth Avenue Committe, Brooklyn Public Library, and New York State Homes and Community Renewal Architect: Mitchell Giurgola -49 affordable studio - 3-bedroom apartments.
COMPARABLES Cyrus House, 4697 Third Avenue Developer: Bronx pro Group Architect: Curtis + Ginsberg Architects - 7 story - 45 apartments -. studio to 3-bedroom - 11,000SF retail space. - Will meet Passive House standards and LEED Gold certification. - 83% of units expected to be restricted to 60% of AMI.
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The Senior Renaissance, 281 Booner Place Developper: Mid-Bornz Senior Citizens Councle Architect: Urban Architectural Initiatives - 9 story - 53-unit Passive House - studio - one bedroom - daycare facility on ground floor
COMPARABLES
18
1900 Park Place and 416 Thomas S. Boyland St.
242 Broome St.
- One, two, and three bedroom apartments for households making $42,050 - $96,800 a year - common rear yard, laundry, storage, comm.unity room, and bike storage.
- 11 of the apartments discounted, income restricted condos. - One, two, and three bedroom apartments for households making $65,000 - $138,375. - Office spaces and retail on ground level.
PRECEDENTS
19
PROGRAM
20
CULTURAL PARK
4% 6%
12,320 sqft 17,920 sqft
COMMUNAL
9%
26,560 sqft
PARKING
10%
31,920 sqft
RETAIL
28%
84,320 sqft
RESIDENTIAL
43%
132,800 sqft
TOTAL
100%
305,840 sqft
PROGRAM // GROUND LEVEL
21
PROGRAM // PROMENADE
22
PROGRAM // THIRD LEVEL
23
PROGRAM // EIGHTH LEVEL
24
PROGRAM // GENERAL
25
GROUND FLOOR - PUBLIC
GROUND PLAN
26
5
+0.00 ft
10’
20’
50’
PROMENADE FLOOR - PUBLIC
FIRST FLOOR PLAN
27
+10.00 ft
5
10’
20’
50’
RESIDENTIAL FLOORS
SECOND FLOOR PLAN
28
+20.00
5
10’
20’
50’
RESIDENTIAL FLOORS
TOP PLAN
29
+70.00 ft
5
10’
20’
50’
SPINE CONNECTIONS
30
SPINE CONNECTIONS
31
RESIDENTIAL PROCESS INITIAL RESIDENTIAL CATALOG
EACH HOUSEHOLD MUST CHOOSE AN INITIAL SIZE AND RESIDENTIAL UNIT FROM THE ORIGINAL CATALOG
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RESIDENTIAL PROCESS INITIAL RESIDENTIAL CATALOG
EACH HOUSEHOLD MUST CHOOSE AN INITIAL SIZE AND RESIDENTIAL UNIT FROM THE ORIGINAL CATALOG
33
UNIT TYPE
# OF UNITS
INITIAL SF
EXPANSION SF PRICE /SF UNIT PRICE
Type 1
75
285
315
$375
$225,000
Type 2
75
337.5
262.5
$375
$225,000
Type 3
45
450
150
$375
$225,000
Total
190
600
0
$375
$225,000
EXPANSION PROCESS SPECULATIVE INCREMENTAL EXPANSION DEVELOPMENT
EACH UNIT TYPE PROVIDES SUFFICIENT SPACE TO ALLOW FOR PROGRESSIVE, INDETERMINATE BUILT EXPANSIONS
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EXPANSION PROCESS
SPECULATIVE INCREMENTAL EXPANSION DEVELOPMENT
EACH UNIT TYPE PROVIDES SUFFICIENT SPACE TO ALLOW FOR PROGRESSIVE, INDETERMINATE BUILT EXPANSIONS
35
UNIT ADAPTABILITY ADAPTABLE FURNITURE
ALLOWS FOR A COSTUM, PERSONALIZED CONFIGURATION OF THE INTERIOR SPACE THROUGH MOVABLE FURNITURE IN THE INITIAL UNIT TYPE ADAPTABLE FURNITURE CATALOG COUCH + BED
COUCH + BED + WALL
BED + STORAGE
ISLAND + DESK
WALL + DESK
CLOSET
WALL + SIDE DESK
WALL + SIDE DRAWER + DESK
WALL + CLOSET
WALL + SIDE DRAWER
1’
36
2’
5’
10’
UNIT ADAPTABILITY
37
PROGRAM + CONCEPT + DESIGN
38
PROGRAM + CONCEPT + DESIGN
39
OUR TEAM
FELIPE BECERRA GOMEZ Bogota, Colombia Syracuse Architecture / B.Arch Harvard University / M.Arch
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JAKE CONRAD HAYWARD Milton, GA, USA Syracuse Architecture / B.Arch Hayward & Hayward Studio
JOAO PEDRO ELLERY
Brasilia, Brazil Syracuse Architecture / B.Arch Columbia University / MSRED
OUR TEAM With Felipe, Joao, and Jake at the helm, MONSON & MONSON has the competitive advantage needed to execute a project of this importance and magnitude. With expertise in adaptive housing, real estate development, and community engagement, this firm stands at the cutting edge for creating regenerative and resilient social housing projects.
41
PROJECT SCHEDULE Year 0
Activity Feasibility/Zoning Market Analysis Acquisition Financing Construction Financing Land Acquisition & Closing Programming Design of Shell Design of Initial Fit-Out Design of Fit-Out Expansion Permits Construction of Shell Construction of Initial Fit-Out Construction of Fit-Out Expansion Pre-Leasing Leasing Expansion Development
42
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
UNIT MIX
43
UNIT TYPE
# OF UNITS
INITIAL SF
EXPANSION SF PRICE /SF UNIT PRICE
Type 1
75
285
315
$375
$225,000
Type 2
75
337.5
262.5
$375
$225,000
Type 3
45
450
150
$375
$225,000
Total
190
600
0
$375
$225,000
FINANCIAL SUMMARY - RESIDENTIAL
44
USES
PER SF
TOTAL
LOAN ASSUMPTIONS
Acquisition/Land Purchase
$60
$7,968,000
Loan to Cost Ratio
60%
Soft Costs (Shell) Soft Costs (Initial Fit-Out) Soft Costs (Fit-Out Expansions) Soft Costs (Total)
$50 $20 $10 $50
$6,640,000 $1,203,750 $601,875 $6,640,000
Interest Rate
5.0%
Amortization Rate
30 years
$150 $80 $45 $150
$19,920,000 $4,815,000 $2,708,438 $19,920,000
$1,347,658
Hard Costs (Shell) Hard Costs (Initial Fit-Out) Hard Costs (Fit-Out Expansions) Hard Costs (Total)
Yearly Payment
RETURN SUMMARY
UNLEVERED LEVERED
Net Profit
$9,678,938
$8,643,098
TOTAL
$200
$34,528,000
Equity Multiple
1.28
1.63
SOURCES
PER SF
TOTAL
IRR
12.43%
15.13%
Debt
$120
$20,716,800
Equity
$80
$13,811,200
Total Sources
$200
$34,528,000
FINANCIAL SUMMARY - RETAIL
45
USES
PER SF
TOTAL
LOAN ASSUMPTIONS
Acquisition/Land Purchase
$60
$9,084,000
Loan to Cost Ratio
60%
Soft Costs
$55
$8,327,000
Interest Rate
5.0%
Hard Costs
$250
$37,850,000
Amortization Rate
30 years
TOTAL
$365
$55,261,000
Yearly Payment
$2,156,884
SOURCES
PER SF
TOTAL
RETURN SUMMARY
UNLEVERED LEVERED
Debt
$219
$33,156,600
Net Profit
$48,133,743
$41,657,194
Equity
$146
$22,104,400
Equity Multiple
1.87
2.88
Total Sources
$365
$55,261,000
IRR
15.33%
20.91%
FINANCIAL SUMMARY - OVERALL
46
FINANCIAL SUMMARY
UNLEVERED LEVERED
Total Cash Flow
$147,601,680 $86,215,890
Total Equity
$89,789,000
$35,915,600
Residential Net Profit
$9,678,938
$8,643,098
Retail Net Profit
$48,133,743
$41,657,194
Deal-Level Net Profit
$57,812,680
$50,300,290
Deal-Level Equity Multiple
1.64
2.40
Deal-Level IRR
14.66%
19.37%
CONCLUSION - AFFORDABLE HOUSING Opportunity in Mott Haven - SOCIAL IMPACT PROGRAMS for community and parolees - COMMUNAL PROGRAM to reduce danger of outside interference in journey to school/destination - GREEN SPACE to improve air quality and add park to neighborhood - RETAIL SPACE for residents above to start small businesses - INFORMAL VENDOR SPACE to provide safe space for sales, and social program to document and formalize them - VALUE-ADDED notion implemented in INCREMENTAL HOUSING - PRE-FRABRICATED apartment units reduces construction costs and allows for modularity and expansion possibility 47
THANK YOU
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APPENDIX
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APPENDIX
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