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DEVELOPM34T COSTS
<br />Direct Costs
<br />Site Work
<br />$15
<br />/sq.fi.
<br />$9,598,446
<br />Parking
<br />Surface
<br />$3,500
<br />/stall
<br />$294,000
<br />Structured
<br />$25,000
<br />/stall
<br />$51,475,000
<br />Subtotal
<br />$51,769,000
<br />Residential
<br />Site
<br />93%
<br />pro rate based on
<br />GBA
<br />$8,889,935
<br />Parking
<br />82%
<br />pro rate based on
<br />stalls
<br />$42,594,166
<br />Construction
<br />$180
<br />/GBAsq.R.
<br />$200,757,642
<br />Subtotal
<br />$252,241,743
<br />Retail
<br />Site
<br />7%
<br />pro rate based on
<br />GBA
<br />$708,511
<br />Parking
<br />18%
<br />pro rate based on
<br />stalls
<br />$9,174,834
<br />Construction
<br />$110
<br />/GBAsq.R.
<br />$9,777,778
<br />TVTA
<br />$40
<br />/NLAsq.fi.
<br />$3,200,000
<br />Subtotal
<br />$22,861,122
<br />Total Direct Costs
<br />$275,102,866
<br />Indirect Costs
<br />LEED Certification
<br />3.0%
<br />$8,253,086
<br />Permits and Fees
<br />8%
<br />/GBAsq.R.
<br />$22,008,229
<br />Legal
<br />1.0%
<br />of Direct Costs
<br />$2,751,029
<br />Insurance and Warranty
<br />2.0%
<br />of Direct Costs
<br />$5,502,057
<br />Architecture and Engineenq
<br />7.0%
<br />of Direct Costs
<br />$19,257,201
<br />Developer Fee
<br />5.0%
<br />of Direct Costs
<br />$13,755,143
<br />G&A
<br />2.5%
<br />of Direct Costs
<br />$6,877,572
<br />Subtotal Indirect Costs
<br />$78,404,317
<br />Residential
<br />92%
<br />pro rate based on
<br />DC
<br />$71,888,897
<br />Retail
<br />8%
<br />pro rate based on
<br />DC
<br />$6,515,420
<br />Financing***
<br />1.5
<br />year(s) construction period
<br />$14,228,664
<br />Residential
<br />92%
<br />pro rate based on
<br />DC
<br />$13,046,258
<br />Retail
<br />8%
<br />pro rate based on
<br />DC
<br />$1,182,406
<br />Contingency
<br />5.0%
<br />$18,386,792
<br />Residential
<br />92%
<br />pro rate based on
<br />DC
<br />$16,858,845
<br />Retail
<br />8%
<br />pro rate based on
<br />DC
<br />$1,527,947
<br />Profit as a %of Total Costs (
<br />15%
<br />$57,918,396
<br />Residential
<br />92%
<br />pro rate based on
<br />DC
<br />$53,105,361
<br />Retail
<br />8%
<br />pro rate based on
<br />DC
<br />$4,813,034
<br />Total Indirect Costs
<br />$168,938,169
<br />TOTAL COSTS (Direct +Indirect)
<br />Residential
<br />$407,141,105
<br />Retail
<br />$36,899,930
<br />$444,041,035
<br />RESIDUAL LAND VALUE
<br />Residential
<br />$71,851,708
<br />Retail
<br />$5,955,438
<br />Net RLV
<br />$65,896,270
<br />Per Acre
<br />$4,485,791
<br />Per Land Square Foot
<br />$103
<br />Per Gross Building Square Foot
<br />$55
<br />Per Net Building Square Foot
<br />$69
<br />RLV as % of Total Costs
<br />15%
<br />*CBRE Retail Cap Rate Orange County Hl 2019 for Class A 4-4.5
<br />**CBRE Retail Cap Rate Orange County Hl 2019 for Class B: 6.25-6.75
<br />—Construction financing assumptions:60%LTC, 4.5%interest, 2%fee, 50%avg. balance
<br />75C-660
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