Weaving Homes - Incremental Housing Solution

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.

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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

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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

34

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

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PROGRAM + CONCEPT + DESIGN

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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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