developers and other knowledgeable sources active or potentially
interested in the local market. This will include a review of supply,
timing/pipeline, market acceptance/performance and other relevant
characteristics of comparable/competitive existing properties and
proposed projects, views on competitive position of potential
development at the subject site, potential interest in the opportunity
by and project preferences of potential developers and bases for
estimates of market rental and condo pricing and other terms, typical
operating expenses and development costs, financing and investment
return parameters and market land pricing experience and
expectations.
This task shall also include limited research on potentially appropriate
non-residential use to inform its possible inclusion as an ancillary
project component or to flag any unanticipated greater potential. If
significant potential for such non-residential use is identified, we
would inform the City which would determine whether to engage
additional services for a more in-depth analysis of such use which
could be better scoped and budgeted at that time.
Research with City tax assessor per unit or per square foot property
tax assessments and tax revenues attributable to potential uses and
development types.
Based on the above and evaluations conducted by other team
members, collaborate with Icon to formulate three preliminary
alternative development concepts and programs.
Coordinate with cost estimator, ICON and other team members (as
well as input from research) to determine typical construction cost
estimates on a per unit or square foot basis to apply to alternate
development concepts as well as any non-construction costs.
Estimate feasibility and supportable land/shell cost/potential
disposition revenues, marketability, timing, risk, real estate tax
revenues, required public investments (if any) and non-financial
community benefits for the alternative development concepts.
For the preferred development concept, integrate detailed
construction cost estimate and any refinements in program and
design in a detailed financial feasibility analysis yielding estimated
supportable land cost/potential disposition revenues, marketability,
timing, risk, real estate tax revenues, required public investments (if
any) and non-financial community benefits.
Summarize process, findings and recommendations in a brief
executive summary level memorandum or report.
Participate with team in presentations/meetings over the course of
the study to present preliminary findings and facilitate determination
of alternative and preferred development concepts and present final
