HomeMy WebLinkAboutPlanning Commission 2015-11-10 #2 Attachment (2)MONAHAN PARKER
1l015th Avenue, Suite 300
San Rafael, CA 94901
2nd & B Street
ENVIRONMENTAL IMPACT
REPORT
ALTERNATIVES FEASIBILITY
STUDY
March 10, 2015
Rev 1: May 14, 2015
Per City Response Comments April 22, 2015
2nd & B Street
ENVIRONMENTAL IMPACT REPORT
ALTERNATNES FEASIBILITY STUDY
March 10, 2015
Per City Response Comments April 22, 2015
Rev 1: May 14, 2015
INDEX
Pre-Tab 1 Cover Page
Index Page revised 4-28-2015
Revised Response Letter 4-28-2015
Original Response Letter 3-10-2015
Tab 1 Alternative #1 "Onsite Preservation"
Tab 2 Alternative #2 "Offsite Preservation"
Tab 3 Alternative #3" Adaptive Reuse"
Tab 4 Alternative #4 "No Project"
Tab 5 Alternative #5 "Office Use"
MONAHAN PARKER INC,
March 10, 2015
Steve Stafford
City of San Rafael
Community Development Department
1400 Fifth Ave. -PO Box 151560
San Rafael CA 94915 -1560
1l0IS" Ave Suite 300
San Rafael CA 94.901
RE: 815 B Street EIR -Revised Project Alternatives
Dear Steve,
This letter is in response to the City's requested EIR alternatives for the 815 B Street project as
outlined in the Newman Planning Associates letter dated October 30, 2014. There are four project
alternatives requested by the City, noted as Alternatives 1-4, as well as an additional. 5th
Alternative, noted as the applicant's Alternative for an office building use at the project site:
Alternatives:
1. Preservation On-Site/Reduced Project;
2. Preservation Off-Site/Project Design as Proposed;
3. Adaptive Reuse;
4. No Project;
5. Office Building Alternative (applicant alternative).
This letter includes Monahan Parker's evaluation of the five Project Alternatives. The City
provided a list of Proj ect Alternatives in late October 2014. However, we were unable to analyze
the Alternatives until January 9,2015 when we received the City's list of off site relocation
properties associated with the Off-Site Alternative. From January 2015 to March 2015 we
analyzed the five various Project Alternatives.
Our analysis of the aforementioned Alternatives has produced the following conclusions:
Alternative 1-On-Site Preservation:
On site preservation ofthe two structures (1212 & 1214 2 nd St.) created a condition where the
proposed building footprint was reduced by 19,881 square feet. This reduction to the building
footprint resulted in a loss of 21 parking spaces and 14 units. This reduction to the building size
and unit count resulted in a reduction in rental income and construction costs. This reduction to
the rental income greatly outweighs the reduction to the development and construction costs
associated with this project. We assumed as part of the conditions of approval, the City would 1
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~h r u=.: ,~Lis It r at've w"l s It 'n o]r je t 'hei g 1U'lt. Tfr"'1is aJternative is pursued no
ueveloflluent 'vv'il. b PJ.. n at ~h P o1-os d:7r je t "t 1\' a o--li Sfill I ,"illl:> b u~h+-to
mis strugglmg area of uOv'!IlLOvvn Jan !\.afael. rt 5eJ l ilJi g',fi[ r .n 'n t 11 .... r S1 e ~,.L11e
narl<in~ Jot will and will contmue to be a locale for 'Lransien ... in.lauit ti n n':: d Ub U ag ,
'l'h h"o Hi +.0 'a structures on site without any llnprovemeuLs, 1'he 1~1~ L. d Ser et
':r ct r V\ 'n 0 'i e"':o iee '0 tad h 11 uninhalJitable. conclUsIOn,
.t n ti e'::o S ot .11'][ tl: a •• p"c ni J o~ c'-g al n r"'h g al ofti'e rity
Alternative aliice oevelOpulel1l.
P.lthou~b tbe pronosed mixed-use resiaennal & retail project IS vvhac ueen ppli d ,or anJ i
r'-h t t~e]r je t pr1ic n+-d al)rlicant has requestea that an ottice develovmenL
=t n ti e' e 'nc'uc' c' 'n 'h WR e 'eo'T roe . 'l'h office use is in accordance with the ulannmg
ane.. zoning e4 ui erue ":LO th s t 1 ad, Ir vi' e e on 11-' C ';e e.c't t th,e r:ihT d r11 a"p1icant
'111e heIgnt, UenSiLj, anu zomng of ... he OulC u e t ~.1i s _e 0 ':0 IT t tJ e ~itv s1 n -l.a is an 1. 1'h,e
rroiect ohjectives. We reauest the orr'ice use lor a jJroJCCL 01 campa aLe iz, a. c: j s' ~y s
t'h,e'1r p sei. r oiee+-be included at as viahle nroject alternative ror the pUflJoses of Lhis E1R
'te n ti esre ie-v. Tn 0 cl si n -t:h's' avi 1)lep1ternativetoth.eProposed
~UIum.ary':
The SIS H t'rOleCt is smaIl4:l. resiuenda1 unit ~roje t'v/h t s ~e g eL~ t p ov'd h u 'nL
t the ~an Rafael areas on city blOCK tnat has rnany challengm5 s oc at d
,it' it VTe 1'e1'e th.a'" tr r o;ec+-as prorosed lIvill provide the CitVWlth opponumty to
r d v :o:r-a JI o'h-dar a f '0' rn'or-n en'la c tre ve all s fe+y n[l quaJity of life the
nei/:sl11ofuOod. V\ e f el..:h :r-o},-o d.Jr j t "riC P 0 'd a e 0 or-ic 'Je e.c't'"o ... ~e Si+y n(l
(;ommumty, wnicn wIll enHance .A-110ur nel~lLJJo h 0(, in tr. L "nt V\ _1 e, ~u t it
challen~ing neio;h horhood locatIOn and nign aevelopnlent.: eosts,ule econorTtlCS of ~h P OJ:.-s d
r 0: c .... b rely Ie t f~e r'+-eria for financin~, A.nv furH1.er slgm!kant costs impacts to the IJfoJecL
LaL i e 0 or ic II: inre f-le £'r 11 f' v 10'lIY'e +: s+a riroint. liVe asl{ tl-J.e Cily to make the
POtemial drawbacks .
.KoDin l\1111er
1
815 B Street Project Onsite Alternatives
Cost Summary
PROJECT INFORMATION
PROPQSSD ONSITE OFFITEALTERNAnVEA OFFIT5ALTERNATJVE B OFflTEALTERNATIVE C OFFITEALTERNATIVE D ADAP11VE REUSE OF SITE TO REMAIN AS OFFICE BUILDING
PROJECT ALTERNATIVE 1201200 st "!12Dst 162B 5th Ave 1135 MIssIon Ave HISTORIC FIiATURES CURRENTi.V OCCUPIED ALTERNATIVE
:SITEAREA 4-ParcelS SF 23,614 18,214 23,614 23,614 23,614 23,614 23,614 23,614 23,614
MAXIMUM BUILDING HEIGHT 42'·0' 42'·0" 42'·0" 42'-0' 42'''{)" 42'·Q" 42'..{)· 42'·Q"
PROPOSED BUILDING HEIGHT 42'·0" 42'·0" 42'·0" 42'..()" 42'·0" 42'..Q" 42'·0" 42'..Q"
MAXIMUM DENSITY ALLOWED UNITS 41 41 41 41 41 41 41 41
DENSITY PROPOSED· UNITS 41 30 30 30 30 30 30 30
SQUARE FOOTAGE
Retail SF 1,939 1,939 1,939 1,939 1,939 1,939 1,939 1,939
Garage SF 20,000 14,800 20,000 20,000 20,000 20,000 20,000 20,000
Residential Gross @7,566 SF Netl SF 47,775 34,775 47,775 47,775 47,775 47,775 47,775 47,775 TOTAL SF 69,714 51,514 69,714 69,714 69,714 69,714 69,714 69,714
PARKING REQUIRED Spaces 47 33 47 47 47 47 47 47
PARtqNG PROPOSED Spaces 48 29 48 48 48 48 48 48
(
COSTS
I
LAND $ 3,000,000 $ 3,000,000 $ 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
SOI'TCOSTS (A&E.tnsuran.:III,CI1yFIAS.taat.marteItlr.etc.) $ 2,250,000 $ 2,000,000 2,250,000 2,250,000 2,250,000 2,250,000 2,250,000 2,250,000
BUILDING COSTS OTY UNIT PRICE SUBTOTAL
Garage 20,000 SF $ 88 $ 1,750,000 $ 1,332,000 $ 1,750,000 $ 1,750,000 $ 1,750,000 $ 1,750,000 $ 1,750,000 Garage 20,OOOSF @$88JSF $ 1,760,000
Retail 1,940 SF $ 150 $ 315,000 $ 350,000 $ 315,000 $ 315,000 $ 315,000 $ 315,000 $ 315,000 Lobby3,500 SF $ 525,000
Residential 47,775 SF $ lBO $ B,600,000 $ 6,259,500 $ 8,600,000 $ 8,600,000 $ 8,600,000 $ 8,600,000 $ 8,600,000 0ifIce31,OOOSF@$2OO1SF $ 6,200,000
Silework 23,614 SF $ 20 $ 475,000 $ 364,280 $ 475,000 $ 475,000 $ 475,000 $ 475,000 $ 475,000 TI Costs 31 ,000 SF@B751SF $ 2,325,000
Demolition 8,000 SF $ 28 $ 224,000 $ 137,200 $ 224,000 $ 224,000 $ 224,000 $ 224,000 $ 224,000
Contl!!!!en!?)! 10 % ! 1,011,000.0 $ 844,298.00 $ 1,011,000.00 $ 1,011,000.00 $ 1,011,000.00 $ 1,011,000.00 $ 1,011,000.00
TOTAL $ 12,375,000 $ 9,267,278 $ 12,375,000 $ 12,375,000 $ 12,375,000 $ 12,375,000 $ 12,375,000 ,.--------w,SI0,000
ANANCINGAMOUNT 75" of Project $13,218,750.00 $ 10,715,458.50 13,218,750.00 $ 13,218,750.00 $ 13,218,750.00 $ 13,218,750.00 13,218,750.00 $ 12,045,000.00 FINANCING COST 9% for 24 months $ 2,375,000 $ 1,928,763 2,379,375 $ 2,379,375 $ 2,379,375 $ 2,379,375 2,379,375 $ 2,168,100
RESfORATION COST (2) VICTORIANS 1,500,000 $ 987,679 $ 987,B79 1,207,351 1,385,991
RELOCATION lAND COST $ 750,000 $ 750,000 750,000 700,000
RElOCATION COST (2) VICTORJANS $ 76,000 $ 78,000 148,000 96,000
RELOCATION SOFT COSTS $ 167,750 $ 166,750 164,750 174,500
Operating Deficit for 1214 2nd Rental (l3yrs) $ 61,813
I
TOTAL PROJECT COSTS $ 20,000,0.00 $ 17,716,061 $ 21,820,254. $ 21,821l,254 $ 22,107,726 $ 22,186,366 $ 20,004,375 3,081,813 _-=-=-~_ $~~ --~"l~t?28,1DO
4
AlL TER.NATlIVE #1
EXISTING RESIDENTl!AlJ...
STRUCTURES REMAIN IN PLACE
1. PRESERVATION ON SITE ALTERNATIVE
This Alternative evaluates keeping the two existing buildings on site, retrofitting each residence to
habitable standards, and reducing the size of the new proposed project. In order to do so, the
proposed building plans were adjusted as shown on the attached floor plans. The following
adjustments would be necessary to allow for the existing buildings at 1212 & 1214 Second St to
remain on site. The reduced building footprint decreases the proposed parking from 48 to 27
spaces; a loss of 21 spaces, which results in a 44% reduction in overall parking for the project. The
reduced building footprint results in a decreased unit count from 41 to 27; a loss of 14 units,
which is a 34% reduction to the overall unit count for the project, and removes approximately
15,000 SF of interior space. See Exhibit #1 A-H attached.
This Alternative is not feasible from an economic perspective. The proposed project is structured
as a rental property, and residences at 1212 & 1214 2nd Street would be sold at market rate
(approx. $1,1350,000) after over approximately $l.2M of improvements will have been
completed. This calculation assumes the added garage at 1214 would be removed. The two
residences were acquired by Monahan Parker for approximately $968,000 back in 2002. Attached
is a copy of the project summary proforma and a comparative proforma that shows the economic
differences of Alternative 1 to the project as proposed. The proposed project is marginally
economically viable as shown on the baseline financial analysis, See Exhibit #3. The Proposed
Project has an estimated profit of $1,620,011, while the altered project scope as result of On-Site
Preservation has an estimated loss of $4,271,828. The project sponsors will look to long-term
appreciation to justify the minimal profitability of the proposed project. See attached Exhibit #2
for rent roll and estimated project value. The extremely poor condition of the two Victorian homes
is shown in attached site photos under Exhibit #5, and is reflected in our cost estimate to
rehabilitate the residences as shown in Exhibit #4.
Conclusion: The loss of 34% of the proposed rentable units creates a condition where the project
is not economically viable. The loss of units for the Proposed Project, in addition to the funds lost
5
from the transaction of the restored single~family homes} is too much for this project to bear and
causes the project to fail to meet the Project Goals and Objectives.
The following is a list of attached information that supports the our evaluation of the Preservation
On Site Alternative:
1. Onsite Alternative ~ Project Floor Plans and Elevation study. [Exhibit #1].
2. Proposed Project vs. Onsite Preservation Rent Roll [Exhibit #2].
3. Project Summary Proforma as Proposed} with Alternative Impact Evaluation [Exhibit #3].
4. Cost summary for rehabilitation of residences and projected sales amount at 1212 & 1214
2 nd Street [Exhibit #4].
5. Images of residences at 1212 & 1214 2nd Street [Exhibit #5].
6
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ALTERNAT1VE 1-ONSllE PRESERVATION
PRESERVATION OF BOTH BUILDINGS
HI6'I'ORIc PRESSRVA1'ION
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BUILDING FOOTPRINT
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RETAIN Br.RESTOR ETWO BUILDING FOOTPRINT
2XISTING BUILDINGS
Exhibi.t #1 -8
SECOND & B STREET
ALTERNATIVE 1-ONSITE PRESERVATION
IMPACTS AT GARAGE LEVEL
LOSS Of 21 PARKING SPACES & MECHANICAL ROOM. RELOCATION Of STAIRWAY/EGRESS
p / / I +F~r=Tr=;~~--~--~~~777777.~T.0?1f
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Exhibit #1 -C
SECOND & B STREET
ALTERNATIVE 1~ ONSITE PRESERVATION
IMPACTS AT,2nd LEVEL
LOSS OF (1) TWO-BEDROOM UNIT~ (4) ONE-BEDROOM UNITS, & COC>RIDORS & EXITS STAIRS
HISTORICAL
PRESERVATION
BUILDING
FOOTPRINT
LOSS OF
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EXIT
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CORRIDORS
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UNITS
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SECOND & B STREET
ALTERNATIVE 1-ONSITE PRESERVATION
IMPACTS AT3rd LEVEL
LOSS OF {l} TWO-BEDROOM UNIT, {4} .ONE~BEDROOM UNITS, COORIDORS, & EXITS STAIR
HISTORICAL
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FOOTPRINT
LOSS OF
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RETAINED FOR
PRESERVATI O N
*!1.1. 'iii)
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--
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loIb1tlI I .IIIW. II .l!!£:..!J. r ~ml .14'j I '.=
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Exhipit #1 -E
"
SECOND & B STREET
ALTERNATIVE 1-ONSITE PRESERVATION
IMPACfS AT 4th lEVEL
LOSS OF (3}TWO-BEDROOM UNITS, (1) ONE-BEDROOM"COORIDORS, & EXIT STAIR
OPTION TO TRANSOFRM(3) ONE BEDROOMS INTO (2) TWO-BEDROOMS
HISTORICAL
PRESERVATION
BUILDING
FOOTPRINT
I \.
I
LOSS OF
BUILDING
EXIT
-' ,""--
{~I .
LOSS OF
CORRIEJORS
I 'II
i -II .
LOSS OF4
UNITS
AREA
RETAINED FOR
PRESERVATION
I 't:::. -';we .... ........,.
\. I RZZ ti U i I
' 2='-:-?
Vi~
• ~, ~ l!J nz ~4 'I ~·1 1tf· :~~ ...1 ' .. ' ; i ~.' . .. ':.-... ; .' ~
.J II '·1 II I '""" 1 Ir.qtt
"StS ~o>Z:
.I:Z U IJ·~
0_ I ~==
I:SCIC
i i I ~=~~ I . i ,-go -
""-.,. ..... ~...-.-.
POSSIBiliTY TO,
TRANSFORM ONE-
BEDROClM tlNITS'TO
TWO-BED,ROOM
UNITS
~
Exhibi t #1 -F
~
'"
4th Floor
Loss of 4 Units
i 3rd Floor -I ;:,""":<oJ>
,-Loss of 5 Units 1
2 nd Floor
Loss of 5 Units
1st Floor
Loss of21
f
SECOND & B STREET
ALTERNATIVE 1-ONSITE PRESERVATION
Historic Preservation Alternative
Portion of Project Removed
Proposed Project Summary Without Alternative
• Total nurnberofunits proposed -41
• Tota.1 number of parking proposed -48
Historic Preservation Alt" BOTH BUILDiNGS -Impact Summary
• Total number of units removed -14
• Total number of remaining units -'2.7
• Reduction in units from proposed 34%
• Total number of pa.rking spaces removel;!-21
• Total number of remaining parking spaces -27
• Reduction in parking spaces from proposed 43.75% Exbibit #1 -G
SECOND & B STREET
ALTERNAT1VE 1,. ONSITE PRESERVATION: BOTHBUILDINGS OVERVIEW
(1212 & 1214 Secone( Street to be rehabilitated & sold)
'<5'
G)~<;TB ELEVATION. 2ND SilIEET
Historic PreservatIon Impact Summary Project Summary -·As Proposed
• 1212 & 1214 Second St . Houses Preserved & Rehabilitated • Total number of units proposed -41.
• Total number of units removed from proposed project-14 • Total number of parking proposed -48
• Total numbe1" of remaining units-27 • Residential Units -54,055 SF
Reductionln units from proposed 34% • Total Building -76,435. SF
• Total number of parking spaces removed -21
• Total number of remaining parking spaces -27
• Reduction i n u nits ·from proposed 43.75%
Exhibit#l-1-1
815 B Street
PROPOSED PROJECTVS ONSITE PRESERVATION
RESIDENTIAL RENT ROLL
Exhibil-2
REtjrAl~TES ~G~'~ of SF per Onsite PreservaHon
9ne B~droom $ 3.15 'SF Monlh
1\'(0 Ssp-room .$" 2.90 ISF Monlh
PROPOSED PROJECT
Ffoar2
'., • 3 ,
S
S
7
a
9
10
11
12
13
I.
15
16
floor:}
47
48
·1. .9 .4
22
23
24
2S
26
27
2a
29
30
31
:lZ
Froc;u'4
~
:is
36
37
3a
39
40
41
ij,Nlr lilJ.h!B.6~:
'01 ...
QG-a ...
205
20a
207
20a
209
210
211
212
213
.• ~t4
215
~16
UNIT NUM"~
J&>
a.G2
303
3<>4
31lS
306
307
308
30.
3'10
311
312
313
314
315
:l1f!'
UNIT NUMB.R
4l}t
402
403
494
405
40a
407
406
409
GROSS RENTS
3% VaCflncy.
UJ{i:PYPE
HIed
>Hle<i
4-8ed
·1-ISee-
·1 Bed
, Bed
1: Bed
1 Bed
1 Bed
HIed
1 Bed
i~ed
S!udfd~ BMR
StudIo R BMR
,1 Bed
2 ~ .• ~
I.!N1TTYre
t-lle<I
2·Bod
4-8ed
HlOO
t-Bed
1 Bed
1 Bed
1 Bed
1 Bed
1 Bed
1 Bed
'Bod
Stuaio -BMR'
StudJo-ffiMR
1 aed
2 Bed
Ul{lTTYpe
2·Bed
2-&<l
+aod
2.Jlea
1 bed
2Bed
1 Bed
2 Bed
1 Be:a
MJU$TIil! MONTHLY RsNT§
ADJUSTED ANNUAL R"NTS
operating !£xpel1se.sAnnual
1101
CapRate
PROJEGT.D VALUE
sg.H
879
4M2
.~
8~
879
87S
87g
87.9
879
879
'79
11$2
5,0
520
'7S
11112
SQ FT
. ,%"2
"~ WJ
8:;.0
879
879
879
879
879
870
116:"
620
520
879
1162
SQFT
1162
4l""
a~
+162
879
1162
879
l1a2
879
fe~12lIr1itsSf
le'iel3 tKiil SF
le'i's[4oo1t5,1'
levels.:2.4 coo1.c1ofs.
TOT~L
P'ROP'QSE9 PROJEiOT
PROJE-CTED agJlTS, • 2,;68,85
S 3,369.8Q
S 2,7B8.85
S 2,768.SS
S 2,76s.!J5
S 2,1eo.!5
S 2,76B.85
$ 2,7€HU5
S 2,768.85
S 2,766.85
S 2,7~8.85
S 3~3S9.80
S 1,090.91
$ ;,O~1.8'9
S 2,768.85
$ 3.36~.'O
rRQJeCTR~ R!1NTS
$ 2,t~il.S5
S 3,36~.80
$ 2,768,135
$ .2,768,B5
$ 2,7-68.85
S 2,7.6,8.i!.~
S 2;75.6:.85'
S 2,76;iMS
$ 2,76B.es
$ 2:768.85
5 2,7S8".85
" 3,369:80
" 1,9 90.91
S 1,091.B9
S· 2,768.85
$ ~,36~.~O
PROJliCT6D RiiNTS
S 3,~6".BO
S 3,369.80
$ 2,768.85
$ 3,369.80
S 2,7SB~85
S 3,369.80
$ 2,76S.85
$ 3,3'9.W
" 2.768.85
S 113,423.50
$ 3.402.70
s ,. O.G? .. 79
S 1,320,249•51
S 283.799.00
S 1.036,450.51
4.75%
$ 21,820,O10.7!l
s
S
S
S
S
S
$
$
$
S
S
$
S
S
S
$
401.
..(678
4365
000
ONSITE -ALT.
O.NSITE PRESERVAOOIl
PROJE~T,eDRHlTS'
--
-. .
2.16&.65
2,18 8.85
2,76W
2 .168".85
2.766.85
2 .7qU5
3,389.80
'.090.0 1
1,091.89
2.168.85
).359.s0
P~OJi1CT'D RENT$
$
$
$
S
S
S
Ii
Ii
S
$
$
S
$
$ :
2.168.65
~.65
2,l6J,es
2,78&.65
~:
:J..*.8? '.weAl
l.agUI
2:Iee.es
1.389.80
PROJ.CTi'P RE~TS
$
S
$
6
$
$
S
S
S
$
S
f
$
S
$
$
!,7f1 .es S._.co
2,78U5
S.-SO 2._
71 .~,6$ ~l"'OS
.. ~~%t
83<1._~3
212,149.25
e;!1,213_18
.I Sll
11~1'.t7 2.t;
815 B Street
ONSITE ALTERNATIVE
MIXED-USE 27 UNIT APARTMENT
PROJECT INFORMATION
PROPOSED
PROJECT
SITE AREA 4-Parcels 23,614
MAXIMUM BUILDING HEIGHT 42'-0"
PROPOSED BUILDING HEIGHT 42'-0"
MAXIMUM DENSITY ALLOWED 41
DENSITY PROPOSED 41
SQUA RE FOOTAGE
Retail 1,939
Garage 20,000
Residential Gross (37,566 SF Net) 47,775
TOTAL 69,714
PARKING REQUIRED 47
PARKING PROPOSED 48
COSTS
PROJECT LAND $ 3,000,000
REHAB (1212 & 1214) LAND $
SOFT COSTS (ME. Insll&nce, City Fees, taxes, marksllng, etc.) $ 2,250,000
BUILDING COSTS QTY UNIT PRICE SUBTOTAL
Rehab 1212 & 1214 ° $ $
Garage 20 ,000 SF $ 90 $ 1,800,000
Retail 1,940 SF $ 155 $ 300,000
Residential 47,775 SF $ 180 $ 8 ,600,000
Sitew ork 23,614 SF $ 20 $ 472 ,000
Demolition 8 ,000 SF $ 28 $ 224,000
Contineenc): 10 % $ 1,140,000.0
TOTAL $ 12,536,000
FINANCING AMOUNT 75% of Proje ct $ 13,33 9,500.0 0
FINANCING COST 9% for 24 months $ 2,401,110
TOTAL PROJECT COSTS $ 20,200,000
See Above,
EST. PROJECT VALUE (4.75 CAP) $ 21,820,011
See Exh ibit #2 for Project val uatio n, .
Exhibit 3
ONSITE
ALTERNATIVE
18,214 SF
42'-0"
42'-0"
41 UNITS
27 UNITS
1,939 SF
14,800 SF
33,094 SF
49,833 SF
33 Spaces
27 Spaces
$ 2,032,000
$ 968,000
$ 2,250,000
SUBTOTAL
$ 1,228,449.20
$ 1 ,332,000
$ 300,000
$ 5,956,920
$ 256,280
$ 154,000
~ 799,920;00
$ 10,OtT,S69
$ 11,458 ,176.9 0
$ 2,062,472
$ 17,350,000
$ 13,078,172
$ {4 ,271 ,B28 l
LOSS
EX HI BIT 4
815 B Street San Rafael
ON SITE PRESERVATION ALTERNATIVE
REHABILITATION BUDGET & PROJECTED SALES AMOUNT
1212 & 1214 2nd Street -Rehab Budget
TOTAL
1212 1214 1212 & 1214 2nd St
SOFT COSTS
Project Management (9 Months) $ 54,000.00 $ 54,000.00 $ 108,000.00
City Planning Plan Check Costs $ 2,000.00 $ 2,000.00 $ 4,000.00
City Building Plan Check Costs $ 3,000.00 $ 3,000.00 $ 6,000.00
City Building Permit Costs $ 6,500.00 $ 6,500.00 $ 13,000.00
Civil Engineering $ 3,000.00 $ 3,000.00 $ 6,000.00
Structural Engineering for new site $ 4,125.00 $ 4,125.00 $ 8,250.00
MEP Plans $ 3,000.00 $ 3,000.00 $ 6,000.00
SUBTOTAL SOFT COSTS $ 75,625.00 $ 75,625.00 $ 151,250.00
CONSTRUCTION COSTS
Lift Building for new foundation work $ 35,000.00 $ 35,000.00 $ 70,000.00
New Foundation $ 100,000.00 $ 100,000.00 $ 200,000.00
New Site Work $ 11,500.00 $ 6,500.00 $ 18,000.00
New.Plumbing $ 14,000.00 $ 14,000.00 $ 28,000.00
New Electrical $ 14,500.00 $ 14,500.00 $ 29,000.00
New Mechanical $ 11,000.00 $ 11,000.00 $ 22 ,000.00
New Fire Sprinkler $ 25,000.00 $ 25,000.00 $ 50,000.00
New Smoke Detectors $ 1,000.00 $ 1,000.00 $ 2,000.00
New Doors & Door Hardware $ 6,000.00 $ 6,000.00 $ 12,000.00
New Windows $ 15,000.00 $ 15,000.00 $ 30,000.00
Framing & Fire RepaIr $ 25,000 .00 $ $ 25,000.00
New Roof & Gutters or Repairs . $ 15,000.00 $ 4,500.00 $ 19,500.00
SIding & ExterIor Trim Repair $ 35,000.00 $ 7,000.00 $ 42,000.00
Demo and Interior Clean out $ 13,500.00 $ 5,000.00 $ 18,500.00
Drywall & Plaster Repairs $ 17,600.00 $ 4,400.00 $ 22,000.00
Paint Interior $ 9,000.00 $ 11,000.00 $ 20,000.00
Paint Exterior $ 14,000.00 $ 12,000.00 $ 26,000.00
Deck & Railing Repairs $ 17,000.00 $ $ 17,000.00
Plumbing Fixtures $ 6,500 .00 $ 6,500.00 $ 13,000.00
Eletrical Fixtures $ 7,500.00 $ 7,500.00 $ 15,000.00
TIle & Stone $ 11,200.00 $ 6,500.00 $ 17,700.00
Cabinets & vanities $ 12,600.00 $ 5,400.00 $ 18,000.00
Base, Case , & Crown $ 12,600.00 $ 5,400.00 $ 18,000.00
Stairs and handra ils $ 16,500.00 $ $ 16,5 00.00
Flooring & Carpet $ 9,500.00 $ 11,500.00 $ 21,000 .00
Appliances & Install $ 12,000.00 $ 12,000.00 $ 24,000.00
Debris $ 9,000.00 $ 6,000.00 $ 15,000.00
General Conditions $ 17,500.00 $ 17,500.00 $ 35,000.00
SUBTOTAL $ 494,000.00 $ 350,200.00 $ 844,200.00
GCOH&P 16% $ 67,536.00 $ 67,536.00 $ 135,072.00
Construction Contingency 10% $ 48,963.60 $ 48,963.60 $ 97,927.20
TOTAL CONSTRUCTION $ 610,499.60 $ 466,699.60 $ 1,071,199.20
TOTAL PROJECT COST $ 686,124.60 $ 542,324.60 $ 1,228,449.20
Hard Costs & Soft Costs
Original Land Costs $ 968,000.00
1212 & 1214 2nd Street -Rehab & Land Cost Total $ 2,1\)6,449.20
Projected Gross Sales Amount (both properties) $400/SF Sales Price $ 1,135,200.00
notes that price per SF based on completed home square footage approx. 1419 SF per structure.
EST. CLOSING COSTS
appriasal $ (1,000.00)
inspections (terminte & home inspection) $ (2,200.00)
title insurance $ (11,352.00)
tranfer tax $ (1,248.72)
broker fees $ (56,760.00)
SUBOTOTAL CLOSING COSTS $ (72,560.72)
NET SALES AMOUNT $ 1,062,639.28
PROFIT/Ll1)SS $ (1,133,809.921
'0
STRUCTURES AT 1212 & 1214 2ND STREET
EXHIBIT #5
20
ALTERNATIVE #2
OFF SITE PRESERVATION OF
TWO STRUCTURES
(As Proposed Project: Unchanged)
2. PRESERVATION OFF SITE ALTERNATIVE
This alternative evaluates relocating the two existing structures to a number of possible locations
within the Central San Rafael Area. Four sites were identified by the City Planning Staff and were
evaluated. The proposed 41-unit project would remain unchanged in this alternative.
The two houses currently located at 1212 & 1214 Second Street were studied as if they were
relocated to the addresses below. The current owner names are also noted.
1. Site "Au 1201 Second Street -(Still Family LLC.)
2. Site "B" 712 D Street -(Sanjeev & Soloni Kharbanda Family Trust)
3. Site "c" 1628 Fifth Ave -(Brian T. Pearce)
4. Site "D" Between 1135 & 1145 Mission Ave -(Marin-Sonoma Investment Co. managed by
West America Bank)
In an effort to determine the feasibility of the Off Site Preservation Alternative, each owner was
identified through County records and contacted by phone if possible, email if possible and via US
Mail to determine if they would consider seIling their property. To date, none of the four property
owners have expressed interest in seIling. See attached correspondence, which also includes
images of the parcels [Exhibit #6]. Aside from the unavailability of parcels to relocate these
residences, this Alternative is still contingent on the speculation that the City would approve re-
zoning, relocation, planning & construction requests, and that there would not be an appeal from
neighbors. These factors are un quantifiable from a timing perspective and have associated project
delays in which the duration is currently unknown.
As part of this analysis, a house-moving contractor was asked to evaluate each proposed
relocation site and to provide a proposal for relocation. Based on his evaluation, site C includes
overhead cable & phone lines that must be moved prior to relocation efforts. See attached House-
21
11/1: ')v:n ~ ~0'1t1"2r:tf)r'S iJrl)posa I ! r::xnlOlL tt 7 I. 111t: ('0S': tJ • e:lC ... b::iL.rU ~h..! Lo=n JS, i:-clu..:ii~g 1."J:n ~nd
St-e:t wh:';r i<' iYl. lTery lJ()or ~1J.;:)pe and ururulablted due .:c, fil€-, i.lCJl.t!l.r~ .. .tl-s ~h.; .:s-:-u'n;}fo'L "'1,~t
~h -: fit:' 'vPI ~el1'1r~ j-11P rt:;lf)c:tt~(1 hrHnes 1:0 Oe b(uu~hL lip tv C.11.·E..1"" bJi:d:n; u":'e sUr :l-Ti~
'".:'Le _'E~D:-:a~irn 1.ra1yrls irshrerl. ,<:everal c0mponents:
1. CJS~t) -tnrtndJ:' ,"trbi1t'7e t:p~ ~X1St\llg structure In order LO bla"e It p~iG: .. o ~LL3I-0-tLl!.;
tl a_ll tLe~-l-Clfr.
L.. =JS~ U _ e~Ji.:-3.~~ ~b -: ~tr·Ytl'rp t'1 rht:> pe'v loration per bid.
,J. E...,ti.r • ...lL.!c. CS~ tJ -c1r!r: r1.(' r'2TAi' :'2l"c~ll)t i?nn. tr) rer:erve the !leVI! ::>tllh.:turc.
4. E.,tl.n...lt~c:. cs~ tJ _a_If t 1-e n~v' 1'1elt:')'"', t') 'Ir')l'er cf)fle ;:l$Sllrning the citv-IJldru1"111l:;
Jc;pdl ... r .. e.lt dl-PX lcd x:;I-c (Ie = -:rlrgr r'Jr clJ!c;rt:eri TO b~T ne1ghbors.
5. Cust. tv :lll~ta:l J. ~.£.v fc..Ld.lCO=l tJ "cr!v: "1(' r 2~Al]? :ell)raTeti PUll(1111g.
6. LUSI.. tv e:.tI tILLurall): Lr\.-..c ell Ld..:Ll~ ~":n("'u-E' a~lC' fi+: P't') rhn: YI.e"V" tOlln d::ltl on.
7 COSL tu ·Upl:{l due Lfll:! ...:x.s ... ,r.6 ut. u..:Lr _ t.J X~T;rt -o1.n-trchrirg :'JhP1rlP~, e)f;rr:ncn:y fire
.c:;upnressiun, h V Ill..
8 Cnsrtn mmrove (he lilt.e1l0f dr,~1 ...):x..:uLr "::CSLH .. ti..:s :J[t.~e e~-i:":hg S ..... l'c ... '1'·e<' hc1url.il1f
l"t><;t0r1.tlol1 nf rlama~eu ribtU[1\:ai ViL'::Gri..a. e:e~.Ln~s.
9 Sf'sr ct' ?rrl]yt:er:tllra.1 plans, perlnlts, Ll~Y fc:c.:>, .!t..:.
11). ':rs+-c f pti lit'T rOl1I11::rtiollf:l, WOltC, ld.llus .... atJi"115.
1-1 .. '":("st c(: M21"IT~tinc; ,::}PQ "clles for COITlpleteu slruCLUIE..
1~. '":r Sf cl" hrrr:hg the lrn.pr(Wf'lYlents, taxes, and In~Ul'a11l.c.
1:J. :c st c1: ncr1.,~g;'1L t'1P aryrr0v4.1<::, re)Qranon, refurLisll111t:ill a11ll. sal~ vf ",:cAr"r>l~L:c.
)1 J1-e~tr ~~
Il,e ":GsL; ~O :t.:c ..:C,~€ a __ c' r-:1: lhl!'::,';E' tre ~f'lT'ec rer th.t> ahOVP lJf:lt ana tu tIle Pf0iJ1Jt:d vfl .... "lt~
1o"aciGn", un .. S:lLV\.l:n K:h];!t "'fr. T'1..:ijTTj(lull1.cl.'l'')t'11D:pts are ,,!lown to Idemilv Lhe 'unlqL1(; cvs ... s
ds:)uddtc:G. Vvit:! .... a...;h S:~E.. rx~:.iUt #') ;:->rlr;C'::f the fi'12 '1rl2 I ?n::l.i:Ts1C) romnaring. hie PIOIt:Lt as
IJrv]Jo.::.eJ agdid.S ... t:ll CJ~~ tJ __ qljr~ ~h -: ra-c1, ... dc,;(':e-a'1P rt:;b~}1i11tCltf' e:::tcl1 n.ome I CunlpdI dblC
re::;iUelltla1 r~rl':l-'r,':lS vV...:f ~ l..J.:':Lk~E. j 'l~!nJ r".a .... a frln T ,oJt,<, a-t: Plh er t P?rJ<,\{a rap.l rown CenLel &.
I ,incoln ·v'iua, a::i .::.hv"Vv nil. LxULit # :C). II-a~l '-:-a-e-, "'lr rehnr;o'1 '"ec;u It'" ill.? f1n::lllr:hlloss as tIle
psrim,n:ed ouiIuillg. CUSt. to LOu1t1kL. t:lE .. C:LitJ _A-tern -f-rr ('1: ~2 ~/ 20/i("J ;s Sf'U'p'::}TPd t(l tnJ?
'1ff)j P Ct eri. nUlloing vctltte vf $~l,8..;("CIC a"; ~a::dc...tf.j ~n tLe :1cs!i -nf.jrl D£'1t P')]l [~Y'1ilJiT :f±1 1,J
L,2
on iu 0 ,TL C _TI _ex c e : t S te na ve r ic' S:~ r e r le' cL all ng' g
relocatIOn process, ASIde 1r0111 re ocati 0 tv. h m S i ex re ___ el p r n ti n, e
unavailability relocatIOn, and excessive unknowns assocIated vvlth his A~ r ti e,
"'lak it e unap associated unquantifiable, projected value
, uf in is or pa drit near co ts ss ci tee 'vith this the buil is
_ ss h t c st.:c ns u io T s te na'v e It in fi an 'al'os be" g ra fe redto
tHe proposed project, am ... creat fi an al mp C th t nL r e ro os i oj ct -na ci ly
infeasible.
3
PROPOSED RELOCATION SITES EXHIBIT #6
Site A: 1201 Second Street
Site B: 712 0 Street
Site C: 1628 Fifth Ave
'~--.'.-."' ... -.. 25
MONAHAN PARKER CORPORATION
11 0 I Fifth Ave , Ste, 300
San Rafael, CA 94901 EX HI BIT 6
Jal,llary 26, 2015
Still Family LLC.
1801 N, TroySt.
Charlotte, NC 28206
RE: 1201 Second St., San Rafael CA
Dear Manager 01' Princ:ip'll for Still Family LLC.
I am writing you on behalf of Monahan Parker Corporation, a Real Estate Investment
Company located in San Rafael Califoi·tiia. We currently own and operate server other
investment properties in the City of San Rafael. We are interested in purch<\sii1g your
property located at 1201 Second St., APN: 012 -075-06, Attached is an Assessor's map that
indicates the precise property we are interested in potentially pUl;chasing .. This would be a
direct purchase at fat' market value agreed up 'on betvveen liS. TfYOl! have a desire to selling
yOUl' property please contact me at (415) 456-0600 ext. 29. Thank you for your time '1nd
attention to this inquiry.
. Sincerely, ~
~-O bin Miller
@>
o~
S/ECOND
.~
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CITV OF SAN RAFAEL. Asse~or's Map Bk.12 _pg .07
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-. --- ---.------..-..•
MONAHAN PARKER CORPORATION
HOI FilUl Ave. Sle. 300
San Rafitd. CA 9,L90 1
Janua,ry 26,2015
Simjeev & Saloni [(harbanda Family Trust
5 Wood Cirde .
South San Francisco CA 94080
RE: Property 712 D. Street, San Rafael, CA
Dear Trustee for Kharbanda Sanjeev & Saloni Trust,
I am writing you on behalf of Monahan Parker Corporation, a Real Estate hivestment
Company located ill Sa(l Rafael Californi<1. We currently own and operate server other
investment properties in the City of San Rafael. We are .interested in purc/laSi)lg your
property located at 712 0 Stl'eet., Sa n Rafael, CA APN : 012-073-28 . At tached is an Assessor's
nlap that indicates the precise propertywe are interested in potentially purchasing. This
would qe a direct purchase at far market vahle agreed upon between us. lfyou have a desire
to seIling YOllr property please contact me at (415) 456-0600 ext. 29. Thank yo u fot' your
time and attention to this inquiry.
Robin Miller
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Assess ol s Mop i>k.12 -.1'9 .. 07
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. NOTE_P..:~C~cr'$Il!ot.k NlJI1.1bc($ shown In Emp~~ A~S~~sor'$. par-clll Numbor$ Shown ill Cirde.::.
----------------
MONAHAN PARKER CORPORATION
llOI Fifth Ave. Ste. 300
Brian T. Pearce
55 Glenside Way
San Rafael, CA 94903
San RaJaei, CA 9,1901
RE: 1628 Fifth Ave.} Sml Rafael CA
Dear Ml~ Briali 'r. Pearce,
January 26, 2015
I am writing you on behalf of Monahan Parker Corporation, a Real Estate Investment
Company located in San Rafael California. We currently own ~~d operate server other
investment properties in the City of San Rafael. We are interested in purchasing your
property located at 1628 Fifth Ave. San Rafael, CA,.APN: 011-1Cf3-06. Attached is an
Assessor's map that indicates the precise property we are interested in potentially
purchasing. This would be a direct purchase at far market value agreed upon between us. If
you have a desire to selling your property please contact me at (415) 456-0600 ext. 2Cf.
Thank you for your time and attention to this inquiry.
Robin MilJer
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1101 Fifth Ave. Ste. 300
San Rafael, CA 9,t90 1
Janu<\ry 26,2015
West Arhei'ica Bank / Marin-Sonoma Tnvestnwnt Co
1108 Fiftli Aile.
San Rafael, CA 94901
RE: Property Between 1135 & 1145 Mission Ave., San Rafael, CA
Deal' Owner or Maliager fOl' Marin-Sonoma Investment Co.,
I am wl'iting you on behalf of Monahan Parker Corporation, a Real Estate Investment
Company located in San Rafael California. We cul'rently OWll and operate server ather
investment properties in the City of San Rafael. We are interested in purchasing youI'
propertyloeated between 1135 & 1145 Mission Ave., San Raraet, CA APN: 011-213-03.
Attached is an Assessol~s map that indicates the precise property we are interested in
potentially purchasing Attached, is an Assessor's map that indicates the precise prope,rty we
are interested in potentially purchasing. This WOltld be a direct purchase at far market
value agreed upon between us. IfyOll have a desire to selling youI' property pJease contact
me at [415) 456-0600 ext. 29. Thank you for YOlll' time and attention to tl1is inquiry.
Robin Miller
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Structura! Relocation &.
DemoliUell Experts
$ince 1~75
N.D . MONTG OMERY CONTRA CTOR S, INC.
3611 51st Ave
Sacramento, Ca 95823
Monahan Parker
Attn: Robin Miller
11015" Ave 5"ite#300
San Raf,.·I, Ca 94901
415-4-97-4535
rmUIet!lllmtmWIllltlCIfk.mn
February 10, 2015
.QUOTE: 1212 & 1214 2nd St San Rafael house moves
N.D. Montgom€IY Contractors, fnc. i5 proud to provide the following budget estimate.
EXHIBIT 7
The Sites "A" & "B" located at 1201 Second Street and 712 D Street could work. Price for moving both
houses is; $78,000, .
. The slanted lot at Mission and B st. (Site "D") is harder. There is one power cable where we enter into the
parking lot, and the retaining walls and foundations for this lot would also cost Significantly be more. The
price to move the two hOUSeS at Site "D" is: $86,000 and the wire at this site may cost $10,000. The lot on
5 th st. (site "C") Is not feasible, theoretically the cost to move the two houses is: $96,000. For this site there
are 5 major telephone/power cables and an additional allowance for this telephone/power line work starts
at: $150,.000 this is conslderin~ that PG&E, AT&T, & ComcaSt all can/will remove and reinstall their overhead
lInes. The number of streets to close down and the amount of time tITe stree.ts will need to be dosed down
for this site also further complicates the moving effort for this site.
Our prices are based upon Conditiplls and Exclusions:
• permit cQsts
• Air Quality Survey & Permit
• Removal of hazardous material affected by the house moving operation
• Demolishing front addition and stairs
• Disconnecting Utilities
• Removing siding up to top of floor joists
• Utility costs for removing wires
• Tree trimming
• Police Escorts & Traffic control flashers if required
If you have any questions please contact Steve Montgomery at (916)825-9443 or by email at:
stevf@montgomery-contr4'ctors.COfl IThank YOl!,
Steve Montgomerv
916-825-9443
LicU351975
Class B e21
SB Certlfied# 1738531
Montgomery 3611 51 st Ave / Sacramento, CA 95823 / 916-448-8602 Faxi 9i6-395-2510
,.
815 B Street San R~faCi!1
OFF SITE RELOCATION ALTERNATIVE
Relocation Feasibility & Budget
lilZ & 1214 2nd Street· R.lo~at.ion & ~ehab Budget
SITE A Sires
Address 120iSecond 11ZD,st
No Response NQResponse
Yes Ye,
Ownel' Jnt~re5t in Selling
ReIotatTon Feasibillly
Site Condition 'flat to SIIgbt Siooe flat to SJjghtSfl1p~
Ii)i(fsflng 'use
Zoning
AJlo\vedUS8
Not AlTotved Use
lot SIze SF
LANO(OSTS
SOH COSTS
ProJett Management (9 Monlhs)
City Zoning Chango/Varlance
cfty Planning Plan Check Co~ts:
CityBuifdlng PIa'" Chack Costs
Cfty Building PermTtCos(s
Civil E'ng!rieering forn!!l.v sile
Structural,lin 'gineering for new site
MI!:PPtans
Utility Plans for Service Provlden
suaTOTALSOHcpsr.
CONSTRUCTION mST.
~retrrcat Drsconnect Cost.
PlumbIng Dlsconntct Cost
StructQral Bracing Cost'
PG&E Power Una R&R Cost
Close D()\vn Street Costs SRPD & DI'W
House Moving Cost
NewGradrng
Ne\'1 EletrfcalSeTVlce Ins~alf
NeVI Water' Servt.ce fnstalf
Net''' Sewer Servl~e [nstall
New fotindattof1
Retafnllfg walts:
Wafer proofing
NewSiteWork
New p[umbjng
New Electrical
NewMechanlcat
New Fire SprJnkler
New Smoke i1efectors
New Doors: & Door Hardware
Ne ... ·J windows
Parkfnglot
Cross st. Mil{ Use
MultlFamlfy&
office
S'fI
i!820
StTEA
$ 750,000.00
$ 108,000.00
$ ~,ooo.oo
$ 8,000.00
$. 6,000.00
$. 13,qoo,00
$ 12,000.00
$ 8,2,0.00
$ ~,OQO.oo
$ 3,500.00
$ 167,750.00
$ 3,590.00
$ 2,500.00
$ 8,000.00
$.
$ 8,000,00
$ 78,000.00.
$ 25,000.00
$ 15,000.00
$ 13,000,00
$ 16,000.00
$. 20,000.00
$.
$
$ 18,000.00
$ 28,.000.00
$ 29,000,00
$ 22,000.00
$ 50,000,00
$ 2,000.00
$ 12,000.00
$ 30,000.00
ParkiQJ lot
Residential I Office
Resldentis[ w·Use
Permlti Multi Fam/
Office
N/A
9600
sirna
$ 1S0,OOG.OO $
$ 108,(100.00 $
$ 2,000·00 $
$. S{OOD.ao $.
$. 6,00Q.op $.
$. 13l 000.00 $
$ 12,000.00 $
$. 8,250.00 $
$ 6,000.00 $
$. 3,500.00 $.
$ 166r 750.00 $
$ 3,506.00 $
$ 2,500.00 $.
$ 8,00 0•00 $
$. $
$ 8,000.00 $
$ 78$000.00 $
$. 25,000.00 $.
$. 15,000.00 $.
$ 13,ooo,od $.
$ 16,000,00 $.
$ 20,000.OQ $
$. $
$ $.
$. 18,000.00 $
$ 2a,0<)0·00 $.
$ 29,(JOO.no $
$. 22,000.00 $
$ 50,000,00 $
$ 2.000.00 $
$ 12,0(10,00 $
$ 30,000.00 $
SITEC
IG2jI flflh
No Response
No
FI~t Lot
NONE
Multi Farn--Hlgh
Density
All Resfdentlal
Commericsl
96a9
SITEC
750,000.00
108,000.00
8,000.00
6,000.00
13,000.00
12,ooioo
8,250.00
6,000.00
3,500.00
IG4,750.0{)
3,500.00
2,500.00
8,000.00
l~O,OOO.OO
12,000.00
96,000.00
25,000.00
16,000.00
13,000,00
15,000.00
20,00Q.00
18,000.00
28,000.00
29,000.00
22,000,00
50,000.00
2,000,00
12,000.00
30,000.00
SITED
.1135 & 1145 Mission
No Intere·~t
Yes
D0Ylnhl!f sfGlpe
Parking lot
MissIon Res., OffiGe
Multi FamHv &
O~lce
sFH
7349
SITED
$ 700,000.130
$ iOs,ooo.oo
$ 3,000.00
$ 8,000.00
$. 6,009·00
$ 13,000.00
$ 15,006.00
$. i2,OOO.00
$ 6,000.00
$ ;;1,500.00
$ 174,500.00
$ 3,500.00
$ 2,500.00
$ ~/OOO.OO
$ 10,000.00
$ 12,OOO.~
$. 86/000.00
$. 55,000.00
$. 15,000.00
$. 13,000.00
$. 16,000.00
$. 290,000.00
$ 26,000.00
$ 25,000.00
$ 40,000.00
$. 28,000.00
$ 29,000.00
$ 22,000.00
$. 50,000.00
$ 2,000.00
$ 12,000·00
$ 30,000,00
Exhibil8
5 168,437.60
Average
I
I
I
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I
FramIng &. FIre Repair $ 25,000.00 $ 25,000.00 $ 25{OOO,QO $ 29,000.00 I New Roof &GuUe.rs or Repairs $ 19,500.00 $ 19.500.00 $ 19,500.00 $ 19,500.00
Sldfng & Exterior Trim Reps!, $ 42,000.00 $ 42,000.00 $ 42,doQ,OQ $ 45,000.00
Demo and II1~erlqr Ch~:an out $ 18,500.00 $ 18,500.00 $ lS,sdO.oO $ 18,500 .00 I Dryw,,1f & Plaster Rep,ajrs $ ~Z,QOO.OO $ 22,0(10,00 $ 22,OOO.DO $ 22,000.00
Paint foterlol' $ 2O!~O.OO $ 20,000.00 $ 2!MOO.OQ $ 20,000.00
Paint Exterior $ 26,000.00 $ 26,000.00 $ 26,000,00 $ 23,000.00
Dec~ & Ralfi.ng Repairs $ 17,000 . .00 $ 11,000.00 $ 17,000.00 $ 17,000.00
Plumbing PlKture.s $ 13,000.00 $ 13,000.00 $ 13,0JO.OP $ 13,600,00
Eletrifal Fixtgre!l; $ 15,000.00 $ 15,000.00 $ 15,000.00 $ 1$,000.00
TII~&Stone $ 17,7OQ.bQ $ 17;700.00 $ 17,700.00 $ 17,700.00
Cabinels& vanities $ 1,8,000,00 $ 18,000.00 $ 18,000.0'1 $ 18,000.00
Base. Case, & Crown $ 18,000.00 $ 18,000.00 $ 18,000.00 $ i8,000.00
Stafrs and handrails $ 18,500·00 $ 15,500 .00 $ ii,SOO.OO $ 16,500.00
Flooring & Carpet $ 21,000.00 $ 21,000.00 $ i1,OOO.pO $ 2~0Q0.00
Appliances & Install $ 24,000.00 $ 24,000.00 $ 24,000.00 $ 24,000.00
Debris $ 15/000.00 $ 15,000.00 $ 15,000.00 $ 1S,000.00
Gene(al Concflt19ni $ 45,000.00 $ 45,000.00 $ 4S,oqil.00 $ 4;,000.00
SUBtOTAL $ 774,200.00 $ 774,200.00 $ 946,200.00 $ 1/086,200.00 $ 895,200.00
GCOH&P16% $ 1ii,B72.00 $ 128,872.00 $ 1,l,3n.00 $ 173/792.00 Average
construction CpntingentV 10% $ 89,807.20 $ 89,807.20 $ 109,759.20 $ 125,999.20
TOTAL CONSTRUCTION $ 987,879,20 $ 987/S79.2.0 $ 1,2.07,35'1.20 $ 1,385,991.1.0 S 1,142,275.20
Avqrage
TOTAL PRoilt:CT C;OST
Land, 5o!t Costs & Construction Cos~s $ 1/005',629-.20 $ 1,9D4,629.20 $ 2,122,-101.20 $ 2,260,491,20
815 B Stre€;lt Project Off site Alternatives
MIXED-USE WITH 41-UNIT APARTMENT
PROJECT INFORMATION
P~OP6&ED
PROJECT
SITEARIEA 4-Parcels 23,614
MAXIMUM BUILDING HEIGHT 421
.. <Y'
PROPOStD BUILDING HIOIGHT 421_011
MAXIMUM DENSITY ALLOWED 41
DENSITY PROPOSED 41
SQUARE FOOTAGE
Relall 1,939 .
Garage 20,000
Residential Gross (37,566 SF Net) 47,775
TOTAL 69,714
PARKING REQUIRED 47
PARKING PROPOSIm 48
PROPOSED
COSTS PROJECT
PROJECT LAND $ 3,000,000
RELOCATION LAN,D
SOFT COSTS (ME, fnstiance, City Fees, taxes, mar,:elil1£). etc.} $ 2,250,OOQ
BUfLD/NG COSTS QTY UNIT PRICE SUBTOTAL
Relocalio~ & Rehab Construction 2 0 a
Garage 20,000 SF $ 88 $ 1,800,000
Relail 1,940 SF $ 150 $ 300,000
Residential 47,775 SF $ 180 $ 8,600,000
SileWork 23,614 SF $ 20 $ 472,000
Demolili6h 8,000 SF $ 28 $ 224,000
Gontingenc~ 10 % $ 1,140,000.0
ToTAL $ 12,536,000
ANANCINGAMOUNT 75% of Project $ 13,400,009·00
FINANCING COST go/, for 24 months $ 2,412,000
TOTAL PROJECT COSTS $ 20,200,000
EXHfBfT9
OFFSITE
ALtERNATIVE
23,615 SF
421_0ll
42r_On
41 UNITS
41 UNITS
1,939 SF
20,000 SF
47,775 SF
69,714 SF
47 Spaces
48 Space.
OFFsnili
ALTERNATIVE
S 3,OlIO.ooo
$ 1511,000
$ 2,420,000
$ 1,142,!?75
$ 1,800,000
$ 300,000
$ 8,600,000
$ 472,pOO
$ 224,000
$ 1,140,000.0
$ 13,678,215
$ 14,323,706.40
$ 2,678,267
$ 22 ~OIOOO
00
d & B Street Redevel.opment
mparable Apartment Rentals
'P~rty Aqdress
fts at Albert Park 155 Anderson Drive
WNW Joftsatalber!park.com
Units: 125
Built 2001
Vacant: 5
.%age: 4.0%
Updated: February 2015
afael Town Center 4.tR Street, San Rafael
..i ncoln 'ViHa
www·rafaeltownce"te~e9m
UAitS: 113
BClil!: 2000
V3caAt2
%age: 1.8%
Updated: Februal)' 2015
1825 Uncal. Ave, San Rafael
VAils: 64
Bu,l!: 2012
Vacan~ 3
%age! 4.7%
Updated: Februal)' 2015
SAN RAFAEL.AVERAGE 1 BEDROOM
SAN RAFAE L AVERAGE 2 BEDROOM
Phone Bed Bath ReAt Size PSF Notes
415.455 . .0114 1 1 $ 2,3.01 65.0 $ 3.54 uoil24.o5,
1 1 $ 2 ,226 650 $ .b42· urnt 31D4
1 1 $ 2,218' 650 $ 3:41 Unit3005
AVERAGE $ 2,248.33 650 $ 3.46
2 2 $ 2,624 846 $ 3:1D llfrit 21 .08
2 2 $ 2,674 987 $ ~.71 f:oJ,oneAvailable
2 2 $ 2 .524 846 $ 2..98 Un it 2202
AVERAGE $ 2,6.07.33 893 $ 2.93
Parking: 1 pfov1ded per ur.tit
U@ties: $35/$45' Fee fur rnorn"ly water, sewer, garbage
separate meter'far electric, phoFle, etc.
415982-9998 Studio 1 $ '1,927 487 $ 3.96 Unit5.08
1 1 $ 1,810 55.0 .$ 3.23 VAit 311
1 1 $ 2,06.0 6 7 1 $ 3 . .07 Unit 318
1 1 $ 2 .339 759 $ 3.08 UAi! 323
AVERAGE $ 2,059.67 663.33333 $ 3.13
2 2 $ .2,535
2 2 $ 2.73.0
AVERAGE $ 2,632.50
ParkiJilg:.1 P.rovided per u[qit
Utilities: Sepefatety meter for eleohic, water
415453-6204 1
2
Bed
1
2
1
2
Bath
2
$ 1,825
$ 2,600
Rent
$ 2,048
$ 2,613
867 $ 2.92 None Available-
954 $. 2.112 NOAe A~lable
9.01 $ 2.92
650 ' $ 2 .81
1,000 $ 2.60
Size PSF
654 :I> . 3.13
931 $ 2.81
EXH181T1.o
RerUAt.RMES
815 B Sir!)et
PROPOSED PROJECT
RESIDENTIAL ~ENT ROLL
Ona Bedroom $
Two Bedroom S
3.15 is? Monlh
2.90 ISF Month
F[.o.or2 U/IiTNUMaER UNJTme
1 201 1 Bed
2 202 2 Bed
3 203 '19ed
4 204 1 Bed
5 205 1 Bed
6 206 f Bed
7 267 1 Sed
8 20S 1 Bed
9 209 leed
10 21Q i Bed
11 211 I Bed
12 ?12 2 Bed
13 213 Studio-BMR
14 214 Studlo-BMR
15 215 Ued
16 216 2 Bed
Frpor3 UNlr~lMB£iR U~ITTYP"
17 I Bed
18 302 2 Bed
19 303 1 Bed
20 904 1 Bed
21 305 lIie<!
22 306 ; Bed
23 307 1 Bed
24 30s 1 Bed
25 309 1 Bed
26 310 1 Bed
27 311 1 Bed
28 312 2 BOd
29 313 Studio·SMR
30 314 Sfudio-SMR
31 315 1 Bed
32 316 2Seo
Ffoor4 UNIT NUMBER VNlTTYP.
33 401 21300
34 402 2 Be<!
35 403 1 Bed
36 4.04 2Bed
37 405 1 bed
38 406 2 Bed
3. 407 1 Bed
40 408 2med
41 409 1 Bed
GROSS RENTS
ADJUSmD ANN UAL RENTS
Operating ExpensesAnnual
NOI
CapRate
PROJliOTeO VALUE
OXHIBIT 11
eROPOSED PROJECT
SQfr PROJEC rEo-RENTS
S79 • 2,7M.aS
f162 • 3,2¢~,GO
879 $ 2,7~~.85
819 S 2,7G8.85
879 S 2,768.85
879 5 2,768.85
879 S 2,788.85
S79 $ 2,768.85
879 S 2,768:85
879 $ 2,768.85
879 $ 2,769.85
1162 $ 3',369.80
520 $ 1,090.91
520 $ 1,091.89
879, S 2,769.85
1162 $ 3,369.80
S(lfT PROJ'CleD RENTS
87> • 2,766,B!1
1152 S 3,369.80
67' $ 2,766,B5
S7' • 2,758.85
879 • 2,76B.85
879 S 2,768.85
879 $ 2,768.85
s79 $ 2,768.85
879 • 2,tSS.85
879 S 2.768.85
679 S 2,768.85
1162 S 3,369.80
520 S 1,0eMI
520 $ 1,091.89
879 $ 2,769.85
1162 S 3,369.8~
S(lfT PROJI1CT6'D RENT$
1162 $ 3,369.80
1162 S 3,369.80
879 S 2.768.85
1162 S 3,369.80
879 S 2,768.85
1162 S 3,369.80
879 S 2,786.85
1162 $ 3,369.80
879 S 2,708.85
S 113,423.50
$ 1,320,249.51
S 263,799.00
S f ,036,450.51
4.75%
$ 21,920.010.78
3. ADAPTIVE REUSE
AIL1l'JEIRNA TWIE #3
ADAPTiVE REUSE OF lfIISTORl!C
FEATURES IN PROPOSED DEVELOPMENT
In the October 30th 2014 letter from Newman and Associates, instructions were provided for the
"Adaptive Reuse Alternative" that suggest preserving the "character defining historic features" of
the two Victorian Era Structures and incorporating them into the project design. This preservation
and reintegration of historic features is considered "Adaptive Reuse." The letter goes on to state
that "The Adaptive Reuse Alternative involves design modifications to the proposed project that
include further modulating the mass and scale of at least a portion of the project design and
employing materials and architectural details more closely reflecting the Victorian style."
Since 2005, Monahan Parker & its design teams have provided the City over five different design
concepts, with multiple modifications per design concept. On August 5,2014 San Rafael Design
Review Board (DRB) approved a reduced height and bulk design of the project [Schematics shown
in Exhibit #12], which incorporated the architectural elements of the surrounding historic
buildings located on B Street. These elements add significant cost to the project, both in design
and construction, and have been deemed acceptable by San Rafael DRB. The most recent approved
design has incorporated Architectural elements that we would argue are character defining
historic features such as the wrap around covered walkway, crown detail elements at the top of
the 2nd & B street elevations and the increased verticality of the windows which reflect the historic
character of the neighborhood. After mUltiple design meetings with our award-winning architect
in effort to analyze the incorporation of "character defining historicfeatures" into the approved
design, we determined that this effort would result in a contrived and unaestheticaIIy appealing
project. This project would no longer integrate into the historic context of the neighborhood.
Conclusion: Incorporating architectural elements into the project after DRB previously approved
the design, would create an altered design that would not benefit the aesthetics of the building nor
act as homage to the Victorian structures at 1212 & 1214 Second Street.
41
EXH I BIT 12
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4.N PR vECTALTERNATIV~
If the Project were not be neighborhood would remam a blIghted area
nn of ide al& on ic s ulu his oje Alte ativ fo de op ntt ke
lac tth rop ed jec 'te, th lew ain it i toda The esidence 1212
2nd Street would remain boarded up, uninhabitable and continue to parking lot
nd igh ing ildi sw de inu be oca nf oite ga tra ent ide
No no be 'tw db rou tto e co mu ,an ubj pr erti would rem n
unimproved, site are shown in images within #13.
Conclusion: Without development Proposed , there not any
mp em to 2n B S et 1 tio 0 r den I ho "ng uld cr ed t he
osed site tax basis and the will remain status quo.