CORINTH PLACE
CORINTH PLACE
NORALI MARTINEZ ALYSSA NETTO AARON ORDOWER MELODY WU
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
1
INTRODUCTION
address:
1667 corinth ave los angeles, ca
status:
in progress
SECTION: CORINTH AVE
unit count:
#
%
site specs:
1 bedroom 22 34% site 38,940 SF 2 bedroom 23 35% residential building 64,510 SF 3 bedroom 20 31% parking 19,369 SF total 65 100% open space 12,891 SF
awards:
enterprise green communities
parking:
type podium/ground auto 59 spaces bicycle 24 spaces 0
25
50
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
FAST FACTS
65
AFFORDABLE MULTIFAMILY UNITS
148
TCAC SCORE
9%
LOW INCOME HOUSING TAX CREDITS
HEALTH & WELLNESS
PROGRAMS GREEN COMMUNITIES
CERTIFIED $32 MILLION
TDC CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
E AV
BU VE RA TLE
CORINTH PLACE
A SANT
VD L B A C MONI
TH RIN CO
2
CONTEXT
VE A A W O I
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
E AV
BU
OFF-SITE PARKING COST:
VE RA TLE
CORINTH PLACE
TH RIN CO
A SANT
VD L B A C MONI
$6,073,759 VE A A W O I
LAND COSTS:
$9,812,880 CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
DISCRETIONARY ZONING CHANGES [via site plan review]
36 11
adjoining zoning: R3 max dwelling units: 48 height: 45 ft
27 24 58 38
LEGEND #
PARKING SPACES BUILDINGS
70 200’
POTENTIAL DEVELOPMENT SITES
LOT B 28,000 SF PF-1XL
ZONING PUBLIC FACILITIES
35% DENSITY BONUS & OTHER INCENTIVES
140’
RESIDENTIAL
31
66
COMMERCIAL
129
20 132’
CORINTH PLACE
3
SITE ANALYSIS
LOT A 38,940 SF PF-1XL 295’
max dwelling units: 65 parking req: 1 space/unit ZONING + EXISTING CONDITIONS bicycle ordiance: replace 6 spaces w/ 24 bicycle spaces
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
OD WO
ST WE BLV D
4 1
4 6
704
1
1 1
1
LEGEND
4
SITE
0.25 MI RADIUS
BUFFER
4
1
BIG BLUE BUS LINES
704 TA
LVD CA B
CULVER CITY BUS LINE
I MON
BUS STOPS
4
LE
D BLV
D BLV
EDA ULV
TEL
M OLY
B PIC
S EP
LVD
SAW
0.5 MI RADIUS
SAN
METRO BUS LINE
O PIC
TRANSIT CONNECTIVITY
0
0.125
0.25
BLV
D
6
0.5
MI
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
LEGEND SITE BUFFER ARTS & RECREATION COMMUNICATIONS COMMUNITY GROUPS EDUCATION EMERGENCY RESPONSE ENVIRONMENT GOVERNMENT HEALTH & MENTAL HEALTH MUNICIPAL SERVICES POSTAL PRIVATE INDUSTRY PUBLIC SAFETY
0.5 MI RADIUS
TRANSPORTATION
NEIGHBORHOOD AMENITIES
0
0.125
0.25
0.5
MI
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
HOUSING NEEDS
TOTAL # OF RENTERS TOTAL # RENTERS EARNING <$50K THAT PAY MORE THAN >30% ON RENT
55,311 20,075
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
COMMUNITY SUPPORT WEST LA NEIGHBORHOOD COUNCIL
CURRENT RESIDENTS
PLANNING DEPARTMENT
COUNCILMEMBER
MIKE BONIN
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
154’ 2”
75’ 4”
COR INT HA VE
69’ 8” TERRACE 118’
RES.
10’
RESIDENTIAL
10’
TERRACE
39’ 8”
IOWA AVE
75’ 4”
154’ 2”
119’ 11” LEGEND: 3 BEDROOM 2 BEDROOM 1 BEDROOM
120’ 6”
VE
FT 100
50
25
HA
0
INT
SITE PLAN: 4TH FLOOR
27’ 7” COR
CORINTH PLACE
4
PROPOSAL
69’ 8”
118’
39’ 8”
154’ 2”
75’ 4”
IOWA AVE
119’ 11” LEGEND: 3 BEDROOM 2 BEDROOM 1 BEDROOM
120’ 6”
27’ 7”
VE
HA
INT
COR
SITE PLAN: 3RD FLOOR 69’ 8”
0
FT 100
50
25
RESIDENTIAL
118’
10’
39’ 8”
IOWA AVE
119’ 11”
27’ 7”
17 COMPACT CARS
FT 100
50
17 CARS
118’
3 CARS LAUNDRY MAIL BIKE PARKING
9 COMPACT CARS
HA VE
3 CARS
25
4 CARS
24’
24’ 0
COR INT
8 CARS
SITE PLAN: 2ND FLOOR
7’
LEGEND: 3 BEDROOM 2 BEDROOM 1 BEDROOM
120’ 6”
COMPUTER LAB
COURTYARD / OPEN SPACE
PARKING GARAGE
8’
COMMUNITY ROOM UTILITIES
7’
IOWA AVE
10’
10’ 265’
15’
SITE PLAN: GROUND FLOOR
0
15’
25
50
FT 100
10’
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
7’ CORINTH AVE
17 COMPACT CARS
8 CARS
4 CARS
24’
24’ 17 CARS
3 CARS
118’
3 CARS LAUNDRY MAIL BIKE PARKING 9 COMPACT CARS
COMMUNITY COMPUTER ROOM LAB
COURTYARD / OPEN SPACE
COMMUNITY ROOM UTILITIES
7’ 10’
IOWA AVE
10’
15’
SITE PLAN: GROUND FLOOR
265’
15’
0
25
50
10’
FT 100
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH AVE
CORINTH PLACE
154’ 2”
75’ 4”
69’ 8”
118’
39’ 8”
IOWA AVE
119’ 11”
LEGEND: 3 BEDROOM 2 BEDROOM 1 BEDROOM
120’ 6”
SITE PLAN: 2ND FLOOR
0
25
27’ 7”
50
FT 100
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH AVE
CORINTH PLACE
154’ 2”
75’ 4”
69’ 8”
118’
39’ 8”
IOWA AVE
119’ 11”
LEGEND: 3 BEDROOM 2 BEDROOM 1 BEDROOM
120’ 6”
SITE PLAN: 3RD FLOOR
0
25
27’ 7”
50
FT 100
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH AVE
CORINTH PLACE
154’ 2”
75’ 4”
69’ 8” TERRACE 118’
TERRACE
39’ 8”
IOWA AVE
119’ 11”
LEGEND: 3 BEDROOM 2 BEDROOM 1 BEDROOM
120’ 6”
SITE PLAN: 4TH FLOOR
0
25
27’ 7”
50
FT 100
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
5
FEASIBILITY TCAC SCORING
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
ACQUIRE FINANCE ENTITLE CON+LEASE
CORINTH PLACE
DEVELOPMENT SCHEDULE
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
UNIT MIX 30% AMI
45% AMI
60% AMI
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
USES & SOURCES OF FUNDS USES OF FUNDS Predevelopment Land Construction Soft Capitalized Reserves TOTAL
$3,739,121 $2,464,672 $6,203,793
Construction
Permanent
Per Unit
$9,812,880 $16,926,209 $5,324,597 -$101,416 -
$9,812,880 $16,926,209 $5,324,597
$150,967 $260,403 $81,917
$31,962,270
$32,063,686
$493,287
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
CONSTRUCTION COSTS $14 $14 million million
total construction costs
$227,000 cost per unit
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
9% TAX CREDIT EQUITY 59.06%
tie breaker score
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
TOTAL DEVELOPMENT COSTS
PER UNIT:
$493,287
TOTAL:
$32 million
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
OPERATING EXPENSES/CASH FLOW loan terms: 30 years dsc ratio: 1.15 interest rate: 5.82% (2.32% 10 year avg + 3.5% bank cushion) permanent loan: ~$2.5 million
$204,164 NOI YEAR 1
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
6
CLOSING
address:
1667 corinth ave los angeles, ca
status:
G N I T P E C C A ! W S T O N N A N TE
in progress
SECTION: CORINTH AVE
unit count:
#
%
site specs:
1 bedroom 22 34% site 38,940 SF 2 bedroom 23 35% residential building 64,510 SF 3 bedroom 20 31% parking 19,369 SF total 65 100% open space 12,891 SF
awards:
enterprise green communities
parking:
type podium/ground auto 59 spaces bicycle 24 spaces 0
25
50
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP
CORINTH PLACE
TIE BREAKER EQUATION $13,511,921
(
public funding TDC $32,063,686
$15,792,242
( ( +
1-
requested unadjusted basis TDC
3
(
$32,063,686
=
59.06%
tie breaker score
CAD COMMUNITY AFFORDABLE HOUSING DEVELOPERS, LP