Table 11. 50-Unit Townhome Ownership Development
INC WSIO NARY ZONING ANALYSIS 2 4
Inclusionary 80%
Inclusionary AMI W/ Adjusted
No Inclusionary | 80% AMI W/ | Land Value and
Adjusted Land | Adjusted Land | Bonus Market
No Inclusionary | Value Value Units
Location Suburban Suburban Suburban Suburban
Unit Style Townhomes Townhomes Townhomes Townhomes
Unit Type Owner Owner Owner Owner
Construction Type Fee Simple Fee Simple Fee Simple Fee Simple
Construction Cost $165 $165 $165 $165
Number of Units 50 50 50 69
Market Rate Units 50 50 43 62
Affordable Units oO oO 7 7
Parking Surface Surface Surface Surface
Special Permit No No No No
Inclusionary % 0% 0% 15% 15%
Inclusionary Treatment No Inclusionary | No Inclusionary Proposed Proposed
Inclusionary Units oO oO 7 7
Payment in Lieu so so $48,880 $48,880
AMI Split 0 O 80% 80%
IRR 52.17% 20.00% -6.13% 19.10%
NPV $1,382,541 $118 ($1,218,294) ($55,247)
All costs $20,026,402 $21,539,314 $21,539,314 $28,354,949
Land cost $1,916,898 $3,429,810 $3,429,810 $3,429,810
Land cost per unit $38,338 $68,596 $68,596 $49,707
Average cost per unit (inclusive of land) $400,528 $430,786 $430,786 $410,941
Hard cost construction (exclusive of land) | $362,190 $362,190 $362,190 $361,234
Return on Cost (ROC) 17.93% 9.65% 3.13% 9.62%
