mega centro - tenant listing by category

Transcription

MEGA CENTRO ‐ TENANT LISTING BY CATEGORY
NAME OF STORE/CATEGORY
FRONTAGE
DEPTH
SQ, FT.
BOOK STORES
Emanuel
TOTAL
0
480
480
0
490
1,360
505
2,355
0
1,770
1,545
455
660
990
550
340
525
2,540
9,375
0
2,870
2,870
0
400
270
670
0
400
2,200
1,960
910
1,270
1,610
785
2,605
890
12,630
0
35,585
1,710
1,290
320
38,905
0
430
400
270
245
390
1,735
CHILDREN'S CLOTHING
Colita
Bebalandia
Jirafa Kids Store
TOTAL
ELECTRONIC SPECIALTY
Radio Shack
Celular Point
Palm Center
Orange Shop
Fotografia Digital
Galaxia Computer
Cell Import
Galeria Digital
Claro
TOTAL
FAMILY SHOES
Payless Shoe Source
TOTAL
FOOD SPECIALTY
Bon
Cremaria
TOTAL
GIFTS, CARDS, STATIONARY
La Puerta del Cielo
El Dolarazo
Dume la Merceria y Papeleria
Detalles Latinos
Inti Accessories
KB Importada
Mariale Accessories
Inka Import
Diversiones Azucarin
TOTAL
HOME FURNISHINGS
Conforama
Daniel's Floristeria
El Mercador
Anderson
TOTAL
JEWELRY STORES
Time Pieces
Stylus
Ivanna
Joyeria Ivett
Alexander
TOTAL
*Continued on following page
Page 99
FRONTAGE
DEPTH
SQ, FT.
MEN'S APPAREL
Bossini
Blue Country
Levi's
Barone
First Wave
Mana
Mon Cherie
Vay Fashion
Belaid Enterprises
Tommy Hilfiger
Studio G
Modamart
Desnudo Revolution
SKL Casual
Rose
Aterrisage
D'Clase
TOTAL
0
1,023
683
1,060
935
618
422
375
385
558
1,075
3,448
2,985
293
95
450
618
100
15,123
0
1,128
860
683
1,060
1,167
758
403
6,059
0
425
163
568
1,156
0
450
550
665
1,665
0
2,150
835
580
580
330
290
695
250
160
290
300
270
280
275
710
275
275
280
280
270
260
1,000
10,635
MEN'S SHOES
Rothen Calzados
Los Muchachos
Ego
Wow Shoes
Mixx Two Shoes
Calzados Paris
Penny's
TOTAL
MEN'S SPORTSWEAR
NBA Sport
Banadores Outlet
USA Athletics
TOTAL
OPTICAL STORES
Devlyn Opticos
Optica Almanzar
Optica Popular
TOTAL
RESTAURANTS
King Lobster
City
Taco al Pastor
Pollos Victorina
Emparedado
Pizza Hut
Hanna's Food
Domino's
Tacos del Sol
Happy World
Delichon
Burger King
Cerdo Express
Green Light Cuisine
Sibarita
Taco Bell
Filibustero
Milton
Karnivores
Pala Pizza
Rollos de Canela
Arena Bar and Grill
TOTAL
Page 100
FRONTAGE
DEPTH
SQ, FT.
SPORTING GOODS, TOYS, HOBBIES
El Leon Marino
Aro y Pedal
Festin de Colores
TOTAL
0
505
1,035
930
2,470
0
1,023
228
1,120
1,060
1,512
430
450
475
500
618
843
750
940
1,155
2,745
1,117
538
3,448
2,985
790
570
540
530
293
540
1,160
405
284
420
420
450
300
310
415
1,120
618
300
580
31,982
0
1,128
860
683
1,060
1,167
758
1,208
6,864
WOMEN'S APPAREL
Bossini
Blue Country
Sandra
Levi's
KR
Le Tailleur
Emelind's
JJ‐Jomar
Exodo
First Wave
Mana
Mon Cherie
Clunied
Vay Fashion
Nuevo Estilo
Belaid Enterprises
Tommy Hilfiger
Studio G
Modamart
Shanells
Annette
Haoni Room
Fasion Bling
Desnudo Revolution
D'Cristal Shop
Moda y Mas
Ikyara Store
SKL Casual
Lola Studio
Marelia
Rose
D'Clase
Fashion World
Elements
Diva's
Aterrisage
Megamoda
Status Corp.
TOTAL
WOMEN'S SHOES
Rothen Calzados
Los Muchachos
Ego
Wow Shoes
Mixx Two Shoes
Calzados Paris
Penny's
TOTAL
Page 101
FRONTAGE
DEPTH
SQ, FT.
WOMEN'S SPECIALTY
ZZYXZ rd
Eun Ja Moon
Strambokita
CV Accessories
Palu Accessories
Accessory Depot
Cupido
Julia's Shoes
Megamoda
TOTAL
0
1,010
440
470
400
730
1,640
570
285
300
5,845
0
163
568
731
WOMEN'S SPORTSWEAR
Banadores Outlet
USA Athletics
TOTAL
TOTAL MALL SHOP SPACE
151,550
Page 102
Mega Centro Floor One
Colita
490 sq.ft.
Clunied
940 sq.ft.
Palm Center
455 sq.ft.
Womans Apparel
Maxx
34,150 sq.ft.
Strambokita
470 sq.ft.
Dume la merceria y
papeleria sq.ft. 1960
Americana Departamentos
35,000 sq.ft.
CV
Accessories
400 sq.ft.
Legend
Services
Fo
to
gr 99
af 0
ia sq
D .ft
ig .
ita
l
Sporting Goods/ Toys/ Hobbies
Page 103
Bli
ng
n
s
q.
A
ft
57 nne .
0 tte
sq
.ft
.
BlueCountry
227 sq.ft.
KR
1512 sq.ft.
Claro
2540 sq.ft.
Levi's 1060 sq.ft.
Levi's 1060 sq.ft.
Eun Ja Moon
440 sq.ft.
Devlyn Opticos
450 sq.ft.
Optica
Alamanzar
550 sq.ft.
skl casual 94 sq.ft
skl casual 283 sq.ft
Ikyara Store
405 sq.ft.
D
29 esn
3 ud
sq o
D
.ft. R
29 esn
ev
3 ud
olu
sq o
tio
.ft. R
F
n
ev
olu
53 ash
tio
0 io
n
BlueCountry
682 sq.ft.
Exodo
500 sq.ft.
Anthony's Outlet
15,255 sq.ft.
JJ-Jomar
475 sq.ft.
Emelind's
450 sq.ft.
Le Tailleur
430 sq.ft.
Megamoda
300 sq.ft.
Megamoda
300 sq.ft.
El Leon Marino
505 sq.ft.
Megamoda
300 sq.ft.
Marelia
420 sq.ft.
Lola Studio
420 sq.ft.
Anderson
320 sq.ft.
Emanuel
480 sq.ft.
Wow Shoes 1060 sq.ft.
Shanells
790 sq.ft.
zzyxz rd 1010 sq.ft.
Sandra
1120 sq.ft.
Detalles Latinos
910 sq.ft.
Tommy Hilfiger 538 sq.ft.
Tommy Hilfiger 1075 sq.ft.
Accessory Depot
1640 sq.ft.
Mariale Accessories
785 sq.ft.
Inka Import
2605 sq.ft.
Modamart 2985 sq.ft.
Jewlery Stores
Modamart 2985 sq.ft.
Home Furnishings
Record Stores
Stylus
400 sq.ft.
Time Pieces
430 sq.ft.
NBA Sports
425 sq.ft.
Gifts, Cards, Stationary
Optical Stores
La Puerta del
400 sq.ft.
Wow Shoes 1060 sq.ft.
H
54 aon
0 iR
sq o
.f t om
.
Bossini 1022 sq.ft.
Moda y Mas
1160 sq.ft.
Bebelandia
1360 sq.ft.
Payless Shoe Source
2870 sq.ft.
Daniel's Floristeria
1710 sq.ft.
Fabric Stores
Nuevo Estilo
2745 sq.ft.
Kalea
6305 sq.ft.
Belaid
Belaid
Enterprises Enterprises
558 sq.ft.
558 sq.ft.
Electronic Specialty
Jumbo 61,812 sq.ft.
Fashion World
310 sq.ft.
Banadores 163 sf
Cupido
570 sq.ft.
Studio G
3488 sq.ft.
Book Stores
D'Clase
100 sq.ft.
Julia's Shoes
285 sq.ft.
Studio G
3488 sq.ft.
Food Specialty
D'Clase
300 sq.ft.
Ivanna
270 sq.ft.
El Mercader
1290 sq.ft.
Resturants
Mixx Two Shoes 1166 sq.ft.
523
KB Importada 521
1610 sq.ft.
519
Inti
1270 sq.ft.
Childrens Shoes
Mixx Two Shoes 1166 sq.ft.
D
S 'C
54 hop rista
0
l
sq
.f t
.
Family Shoes
525
Bossini 1022 sq.ft.
Mens Shoes
245
sq.ft.
Joyeria Inett
Los MuchachoLos Muchacho
860 sq.ft.
860 sq.ft.
Vay Fashion
1155 sq.ft.
V. F. 385 sq.ft.
Penny's 402 sq.ft.
Penny's
1207.5 sq.ft.
529
Banadores 163 sf
Calzados Paris 757
First Wave 617 sq.ft.
First Wave 617 sq.ft.
Mana 422 sq.ft.
Mana 843 sq.ft.
Celular Point
1545 sq.ft.
Aterrisage 617 sq.ft.
Aterrisage 617 sq.ft.
Calzados Paris 757
Womans Shoes
Almacenec
Garrido
14,115 sq.ft.
El dolarazo
2200 sq.ft.
USA Athletics
568 sq.ft.
USA Athletics
568 sq.ft.
Cell Import
340 sq.ft.
EGO 683 sq.ft.
313
Rothen
1127 sq.ft.
Rothen
1127 sq.ft.
Radio Shack
1770 sq.ft.
EGO 683 sq.ft.
Childrens Apparel
535
Barone
935 sq.ft.
D
G igit
52 alle al
5 ry
sq
.
t. ft.
f
.
x sq
Ale 90
3
Orange
660 sq.ft.
Mens Specialty
G
a
55 lax
ia
R
0
sq
45 ose
.ft
sq 0 R
.
o
.ft 4 s
. s 50 e
q.
ft.
Conforama
35,585 sq.ft.
r
lo
co
de .
in ft
st sq.
Fe 3 0
9
Optica popular
665 sq.ft.
Mens Sportswear
Aro y Pedel
1035 sq.ft.
Mens Apparel
E
41 lem
5 en
sq ts
J
.f t
50 iraf
.
5 a
sq
.f t
.
M. C.
M. C.
375sq.ft. 375sq.ft.
Womans Sports Wear
Palu acc.
730 sq.ft.
Womans Specialty
Mega Centro Floor Two
Legend
Womans Apparel
Pizza Hut
290 sq.ft.
Emparedado
580 sq.ft.
Domino's
250 sq.ft.
Mens Apparel
Hanna's Food
695 sq.ft.
Burger King
270 sq.ft.
Rollos de
Canela
260 sq.ft.
Happy World
290 sq.ft.
Womans Sports Wear
h
69 ann
5 a'
sq s f
.ft oo
.
d
Womans Specialty
Mens Sportswear
Mens Specialty
Pala Pizza
270 sq.ft.
Womans Shoes
Pollos
Victorina
580 sq.ft.
Kharnivore
280 sq.ft.
Milton
280 sq.ft.
Filibustero
275 sq.ft.
Taco Bell
275 sq.ft.
B
40 on
D
0
A ive
sq
89 zuc rsi
.ft
.
0 ar on
sq in es
.ft
.
Childrens Apparel
Mens Shoes
T
d ac
16 el S os
0 ol
sq
.ft.
Delichon
300 sq.ft.
Green Light
Cuisine
275 sq.ft.
Cerdo Express
280 sq.ft.
Childrens Shoes
Sibarita
710 sq.ft.
Cremaria
270 sq.ft.
Family Shoes
Resturants
Food Specialty
Book Stores
Fabric Stores
Home Furnishings
Diva's
1120 sq.ft.
Jewlery Stores
Taco al
Status
Pastor
Corp.
580 sq.ft. 580 sq.ft.
Optical Stores
Caribbean Cinemas
1890 sq.ft.
City
835 sq.ft.
Sporting Goods/ Toys/ Hobbies
Services
Page 104
Arena Bar and Grill
1000 sq.ft.
Record Stores
King Lobster
2150 sq.ft.
Plaza Central
The Plaza Central project has 181,056 square feet of occupied retail space. There are a
number of stores that need to be adjusted to meet the retail mix of space required to make the
project work as a more effective retail center. This center has the largest trade area and is an
extremely dominant center mainly because it has highest square footage of occupied mall shop
area of any center in our study. The center has no large anchor but it does have a large amount
of space in shoe stores which think is extremely effective in creating a large trade area. To bring
this store into balance and make it even more productive we would make the following changes
found below.
Recommended Changes to the distribution of space by category of retail stores:
CATEGORY
Women’s Apparel
Women’s Specialty
Women’s Sportswear
Men’s Apparel
Men’s Sportswear
Men’s Specialty
Children’s Clothing
Women’s Shoes
Men’s Shoes
Family Shoes
Children’s Shoes
Restaurants
Food Specialty
Book Stores
Fabric Stores
Home Furnishings
Jewelry Stores
Optical Stores
Record Stores
Sporting
Goods/Toys/Hobbies
ADJUSTMENT REQUIRED
Increase by 8,443 sq. ft.
Decrease by 538 sq. ft.
Increase by 563 sq. ft.
Decrease by 4,944 sq. ft.
Page 105
Plaza Central ‐ Total Space & Distribution % by Category
CATEGORY
Women's Apparel
Women's Specialty
Women's Sportswear
Men's Apparel
Men's Sportswear
Men's Specialty
Children's Clothing
Women's Shoes
Men's Shoes
Family Shoes
Children's Shoes
Restaurants
Food Specialty
Book Stores
Fabric Stores
Home Furnishings
Jewelry Stores
Optical Stores
Record Stores
Sporting Goods/Toys/Hobbies
Total
TOTAL SQ, FT.
16,597
16,859
1,128
13,176
1,353
5,703
7,008
10,354
9,974
10,670
0
7,705
650
0
3,170
0
16,830
44,925
8,285
3,705
425
2,540
181,056
DISTRIBUTION %
9.17%
9.31%
0.62%
7.28%
0.75%
3.15%
3.87%
5.72%
5.51%
5.89%
0.00%
4.26%
0.36%
0.00%
1.75%
0.00%
9.30%
24.81%
4.58%
2.05%
0.23%
1.40%
100.00%
RECCOMMENDED DISTRIBUTION %
13.83%
11.04%
5.19%
6.98%
4.95%
3.51%
1.14%
4.93%
2.74%
4.67%
0.34%
9.59%
2.65%
1.57%
2.34%
0.44%
2.78%
3.28%
8.02%
1.40%
1.74%
6.87%
100.00%
Page 106
DISTRIBUTION % DIFFERENCE
4.66%
1.73%
4.57%
‐0.30%
4.20%
0.36%
‐2.73%
‐0.79%
‐2.77%
‐1.22%
0.34%
5.33%
2.29%
1.57%
0.59%
0.44%
‐6.52%
‐21.53%
3.44%
‐0.65%
1.51%
5.47%
0.00%
SPACE TO BALANCE CATEGORY
8,443
3,130
8,269
‐538
7,610
653
‐4,944
‐1,428
‐5,013
‐2,215
616
9,658
4,148
2,843
1,067
797
‐11,797
‐38,986
6,236
‐1,170
2,725
9,899
0
PLAZA CENTRAL ‐ TENANT LISTING BY CATEGORY
FRONTAGE
DEPTH
SQ, FT.
CHILDREN'S CLOTHING
Especiales
Cocuyo
Karla Kids
Colita
Pin Pun
El Corte Fiel
United Colors of Benneton
Anamary
TOTAL
0
1,590
310
695
480
260
320
2,498
855
7,008
0
350
320
155
235
385
260
315
1,150
3,170
0
5,400
5,270
10,670
0
145
235
270
650
0
265
1,120
805
470
745
3,790
2,060
4,740
965
1,870
16,830
0
460
5,660
2,450
36,355
44,925
0
375
260
790
630
1,280
1,670
1,860
1,420
8,285
ELECTRONIC SPECIALTY
D'Oro Cellular
Intellicon
Claro
Access Shop
Access Shop
Movie Depot
Claro
Radio Shack
TOTAL
FAMILY SHOES
Payless Shoe Source
Tarrazo
TOTAL
FOOD SPECIALTY
Helados Nestle
Bon
Cyber Café
TOTAL
GIFTS, CARDS, STATIONARY
Relax
El Dolarazo
Yupee
Giftshop El Frutal
Triana
CCC Papeleria
Julia
Alfonso's
Del Baul
Diuiabre
TOTAL
HOME FURNISHINGS
Muebles Euromagic
Fiel Hogar
Molina
Ferreteria Cuesta
TOTAL
JEWELRY STORES
Joyeria Michelle
Supli Orfebre
Joyeria Charlie
Joyeria Chamoun
Casatonos
Capriles
Maja's
Cellini's
TOTAL
Page 107
FRONTAGE
DEPTH
SQ, FT.
MEN'S APPAREL
Enphasis
Pep
C'Omire
Mon Cherie
Custo Barceiona
Levi's
Outlet del Discuento
Solo
KR Porte
El Corte Fiel
Jumi's Plux
Tommy Hilfiger
TOTAL
0
380
800
890
535
63
417
180
1,810
1,725
320
675
2,498
2,883
13,176
0
245
368
965
535
1,015
890
1,833
453
1,250
2,420
9,974
0
88
813
330
2,770
850
853
5,703
0
160
405
338
450
1,353
0
380
315
900
970
1,140
3,705
0
425
425
MEN'S SHOES
Caribe Shoes (Discount)
Caribe Shoes
D'Paris
Los Muchachos
Rothen
Penny's
LM Studio
Shoe MPO
Ego
Marcel's
TOTAL
MEN'S SPECIALTY
Mon Cherie
Casa Ivelisse
Cuni's
Oscar de la Renta
Epoca
Prestige
TOTAL
MEN'S SPORTSWEAR
Umbro
Sporto
Playero Sports
Full Action
TOTAL
OPTICAL STORES
Devlyn Optics
Opticaissa
Optica Central
Optica Lopez
Alta Vision
TOTAL
RECORD STORES
Sounds Viceo
TOTAL
Page 108
FRONTAGE
DEPTH
SQ, FT.
RESTAURANTS
Expreso Hong Kong
Burger King
Domino's Pizza
Pizarelli
KFC
Jade
Polio Rey
Pizza Hut
Pizza House
Sandwiches del Mudno
Auto Sandwich Payano's
AliBaBa
Taco Bell
Cerdo Express
Provocon Cuarto
La Cachapa Venezolana
Michel's Pizza
Expresso Central
Sabor Criollo Dona Maria
More 1
TOTAL
0
370
365
390
495
475
715
460
285
350
420
760
205
470
170
770
215
210
180
170
230
7,705
0
1,175
320
730
315
2,540
0
535
63
208
180
1,810
1,725
675
2,883
290
270
2,075
360
370
575
320
220
390
1,150
2,498
16,597
0
380
245
368
965
535
1,015
890
1,833
453
1,250
2,420
10,354
SPORTING GOODS, TOYS, HOBBIES
Acadia
Universal Nutrition
Sport Action
BIB
TOTAL
WOMEN'S APPAREL
Mon Cherie
Custo Barcelona
Levi's
Outlet del Discuento
Solo
KR Porte
Jumi's Plux
Tommy Hilfiger
Passarela
Chic‐kas
Closet
Nuevo Estilo
Fadua's
Yenny Boutique
El Corte Fiel
JJ‐Jomar
HL Plus
Acqua
TOTAL
WOMEN'S SHOES
Los Arcos
Caribe Shoes (Discout)
Caribe Shoes
D'Paris
Los Muchachos
Rothen
Penny's
LM Studio
Shoe MPO
Ego
Marcel's
TOTAL
Page 109
FRONTAGE
DEPTH
SQ, FT.
WOMEN'S SPECIALTY
Mon Cherie
Casa Ivelisse
Prestige
Novissima
MJ Handbags
Le Tailleur
Ezze
E.L. Fashion
Fiori
Margaret Accessories
Axxessori
The Face Shop
Samba
Katia
Seven Forever
Morelia
MIA Cosmetics
Eun la Moon
La Casa de la Suerte
Shanella
Shop in Shop
Beliza
KB
Lingerie B
TOTAL
0
88
813
853
500
275
450
100
270
270
470
410
705
430
630
580
520
350
855
1,990
1,010
1,120
1,150
1,970
1,050
16,859
0
160
405
338
225
1,128
WOMEN'S SPORTSWEAR
Umbro
Sporto
Playero Sports
Full Action
TOTAL
TOTAL MALL SHOP SPACE
181,056
Page 110
Plaza Central First Floor
Payless Shoe Source
1800 sq. ft. (k)
Payless Shoe Source
1800 sq. ft. (w)
Ferreteria
Cuesta
36355 sq. ft.
Parking
Payless Shoe Source
1800 sq. ft. (m)
El Corte Fiel
16820 sq. ft.
Tarrazo
1756 sq. ft. (w)
Tarrazo
1756 sq. ft. (m)
Tarrazo
1756 sq. ft. (k)
Womans Apparel
Legend
Womans Specialty
Casa
Ivelisse (w) Beliza
812 sq. ft. 1150
sq. ft.
Casa Ivelisse
(m)
812 sq. ft.
Radio
Shack
1150 sq.
ft.
Acqua
1150
sq. ft.
KB
1970 sq. ft.
Oscar de
la Rental
2770 sq. ft.
Ego (w)
1250 sq. ft.
Marcel's (m)
2420 sq. ft.
Womans Spots Wear
Womans Apparel
Marcel's (w)
2420 sq. ft.
Shop
MPO
(w)
Cellini's
452 sq.
1420 sq. ft. ft.
Shop MPO
(m)
452 sq. ft.
LM Studio (m)
1832 sq. ft.
Maja's
1860 sq.
ft.
Julia
2060 sq.
ft.
Mens Sportswear
United Colors of
Benneton (w)
2498 sq. ft.
Womans Shoes
Mens Specialty
United Colors of
Benneton (m)
2498 sq. ft.
Childrens Apparel
Mens Shoes
Cindy
630 sq. ft.
Joyeria Chamoun
630 sq. ft.
Family Shoes
Mens Shoes
Childrens Shoes
Family Shoes
Resturants
Casatonos
1280 sq. ft.
Childrens Shoes
Food Specialty
Food Specialty
Book Stores
Fabric Stores
KR Porte (w)
1725 sq. ft.
Fabric Stores
KR Porte (m)
1725 sq. ft.
Home Furnishings
Solo (w)
1810 sq. ft.
Solo (m)
1810 sq. ft.
Jewlery Stores
Home Furnishings
Optical Stores
Jewlery Stores
CCC
3790 sq. ft.
Record Stores
Optical Stores
Sporting Goods/ Toys/ Hoobies
Record Stores
Sporting Goods/
Toys/Hobbies
Services
Services
Page 111
Prestige (w)
852 sq. ft.
Prestige (m)
852 sq. ft.
Del
Baul
965
sq. ft.
Alta
Vision
1140
sq. ft.
Optica
Central
900 sq. ft.
Jayeria Chamioun
790 sq. ft.
Book Stores
Anamary
855 sq. ft.
Resturants
Tommy Hilfiger (w)
2882 sq. ft.
Tommy Hilfiger (m)
2882 sq. ft.
United Colors of Benneton (c)
2498 sq. ft.
Womans Shoes
Alfonso's
4740 sq. ft.
Capriles
1670 sq. ft.
LM Studio (w)
1832 sq. ft.
Lingerie B
1050 sq. ft.
Childrens Apparel
Shop in Shanella Optica
Lopez
Shop
1010 sq. 970 sq.
1120
ft.
ft.
sq. ft.
La Casa
de la
Suerte
1990 sq.
ft.
Jumi's Pux (w)
675 sq. ft.
Jumi's Pux (m)
675 sq. ft.
Mens Specialty
Mens Apparel
Molina
2450 sq.
ft.
Pep
800 sq.
ft.
Mens Sportswear
Womans Sportswear
C'Omlre
890 sq. ft.
Mens Apparel
Womans Specialty
Ego (m)
1250 sq. ft.
Eun
la
Moon
855
sq. ft.
Diquiabre
1870 sq. ft.
Plaza Central Second Floor
Womans Specialty
Mon Cherie (m)
87 sq. ft.
Womans Spots Wear
Womans Apparel
El Corte Fiel (m)
220 sq. ft.
Mon Cherie (w)
87 sq. ft.
El Corte Fiel (w)
220 sq. ft.
Mens Apparel
Yenny
Boutique
575 sq. ft.
Womans Sportswear
Axxessori
410 sq. ft.
Parking
Mens Sportswear
Fadua's
370 sq. ft.
Opticaissa
315 sq. ft.
Penny's (w)
890 sq. ft.
Rothen (m)
1015 sq. ft.
Rothen (w)
1015 sq. ft.
Margeret Accessories
470 sq. ft.
Joyeria Michelle
375 sq. ft.
Mens Specialty
Acadia
1175 sq. ft.
Mens Apparel
Alfonso's
1725 sq. ft.
Sporto (m)
405 sq. ft.
Closet
2075 sq. ft.
Playero Sports (m)
337 sq. ft.
Womans Shoes
Playero Sports (w)
337 sq. ft.
Mens Shoes
Childrens Shoes
Cuni's
330 sq. ft.
Family Shoes
Claro
315 sq. ft.
Outlet del Discuento (w)
180 sq. ft.
Resturants
Outlet del Discuento (m)
180 sq. ft.
Childrens Shoes
Food Specialty
Resturants
Book Stores
Food Specialty
Flori
520 sq. ft.
Morelia
520 sq. ft.
Seven Forever
580 sq. ft.
Family Shoes
HL Plus
390 sq. ft.
Sounds
Video
425 sq. ft.
Pin Plus
260 sq. ft.
Supli Orfebre
260 sq. ft.
BIB
315 sq. ft.
Devlyn
Optics
380 sq. ft.
Especiales
1590 sq. ft.
Full Actoin
(m)
450 sq. ft.
D'Paris (m)
965 sq. ft.
Full Action (w)
225 sq. ft.
Mia Cosmetics
350 sq. ft.
Book Stores
Fabric Stores
Chic-kas
270 sq. ft.
Triana
745 sq. ft.
Sporto (w)
405 sq. ft.
El Fashion
270 sq. ft.
Katia
630
sq. ft.
JJ Jomar
220 sq. ft.
Sport
Action
730 sq.
ft.
Karla
Kids
695
sq. ft.
Colita
480 sq. ft.
Los Arcos
380 sq. ft.
Samba
430 sq. ft.
Umbro (w)
160 sq. ft.
Levi's (m)
416 sq. ft.
Levi's (w)
208 sq. ft.
Giftshop El
Frutal
470 sq. ft.
Mens Shoes
The Face Shop
705 sq. ft.
Childrens Apparel
Umbro (m)
160 sq. ft.
Womans Shoes
Mens Specialty
Cocuyo
310 sq. ft.
Mens Sportswear
Los
Muchachos
(m)
545 sq. ft.
Epoca
850 sq.
ft.
Yupee
805 sq. ft.
Childrens Apparel
El Dolarazo
1120 sq. ft.
Penny's (m)
890 sq. ft.
Custo Barcelona (w)
97 sq. ft.
El Corte Fiel (k)
220 sq. ft.
Enphasis
380 sq. ft.
Womans Specialty
Mon Cherie (m)
535 sq. ft.
Nuevo Estilo
360 sq. ft.
Legend
Mon Cherie (w)
535 sq. ft.
Custo Barcelona (m)
97 sq. ft.
Universal Nutrition
320sq. ft.
Ezze
100
sq. ft.
D'Paris (w)
965 sq. ft.
Movil Depot Access
260 sq. ft. 235 sq. ft.
Muebles
Access
Euromagic
385 sq. ft. 460 sq. ft.
Fabric Stores
Home Furnishings
Le Taileur
450 sq. ft.
Fiel Hogar
5660 sq. ft.
Jewlery Stores
Optical Stores
Jewlery Stores
Caribe
Shoes (m)
367 sq. ft.
Caribe
Shoes (w)
367 sq. ft.
Home Furnishings
Record Stores
Optical Stores
Caribe Shoes
(discount) (w)
245 sq. ft.
Record Stores
Sporting Goods/
Toys/Hobbies
Services
Services
Page 112
Caribe Shoes (m) (discount)
245 sq. ft.
Los Muchachos (w)
545 sq. ft.
Plaza Central Auto
Sandwhich
Payno's
760 sq. ft.
Novissima
500 sq. ft.
Womans Specialty
Womans Spots Wear
Womans Sportswear
MJ
Handbags
275 sq. ft.
Passarela
290 sq. ft.
Mens Sportswear
Parking
Cyber Cafe
270 sq. ft.
Womans Specialty
Bon
235 sq. ft.
AliBaBa
205 sq. ft.
Intellicon
320 sq. ft.
Mens Apparel
Relax
265 sq. ft.
Womans Apparel
Taco Bell
470 sq. ft.
Pollo Rey
460 sq. ft.
Legend
Sandwhichs
del Mundo
420 sq. ft.
Pizza House
350 sq. ft.
Pizza Hut
285 sq. ft.
Third Floor
Jade
715 sq. ft.
KFC
475 sq. ft.
Helados Nestle
145 sq. ft.
Mens Specialty
Pizzarelli
495 sq. ft.
Mens Apparel
Domino's Pizza
390 sq. ft.
Childrens Apparel
Mens Sportswear
Provovon
Cuarto
770 sq. ft.
Womans Shoes
Mens Specialty
Burger King
365 sq. ft.
Expreso Hong Kong
330 sq. ft.
Childrens Apparel
Mens Shoes
Cerdo Express
170 sq. ft.
La Cachapa Venezolana
215 sq. ft.
Womans Shoes
Family Shoes
Michel's Pizza
210 sq. ft.
Mens Shoes
Childrens Shoes
More 1
230 sq. ft.
Expresso Central
180 sq. ft.
Sabor Criollo Dona Maria
170 sq. ft.
Family Shoes
Resturants
Childrens Shoes
Food Specialty
Claro
155 sq. ft.
Resturants
Book Stores
Food Specialty
Book Stores
Fabric Stores
Fabric Stores
Home Furnishings
Jewlery Stores
Home Furnishings
Optical Stores
Jewlery Stores
Record Stores
Optical Stores
Record Stores
Services
Services
Page 113
D'Oro Celular
350 sq. ft.
RETAIL TRADE AREA STUDIES
ACROPOLIS CENTER
BELLA VISTA MALL
PLAZA CENTRAL
Page 114
Trade Area Descriptions Based on Mall Intercept Survey
As part of our analysis, we undertook a survey of 500 persons at each of the following
malls: Bella Vista, Acropolis, and Plaza Central. There were ten questions on the survey. The
questions determined the age, income, district and sector, travel time and employment type
based upon the census categories. The survey results are as follows:
Acropolis
The 80% trade area for Acropolis Center has a population of 491,697 based upon the
2000 census. By 2007, the population in this trade area was 539,714. This is equal to 110%% of
the population at a ten-minute drive time (492,578).
Of the shoppers surveyed, 46.4% were female and 53.6% were male.
The average age of the mall shoppers was 27.5 for Acropolis Center.
The means of transportation to the mall was:
Private car
52.8%
Public Transportation
25.6%
Taxi or Cab
6.4%
Someone else
13%
Other means
2.2%
The average travel time to the mall from the respondent’s house was 23 minutes.
Page 115
RD$ / Month
RD$ Annual
US$ Annual
Number
Percent
$0 - $15,000
$0 - $180,000
$0 - $5,600
41
8.2%
$15,001 - $25,000
$180,001-$300,000
$5,601 - $9,300
73
14.6%
$25,001 - $35,000
$300,001 - $420,000
$9,301 - $13,000
141
28.2%
$35,001 - $60,000
$420,001 - $720,000
$13,001 - $22,300
96
19.2%
$60,000+
$720,000+
$22,301+
112
22.4%
37
7.4%
Unknown/Unanswered
Occupation-by census categories:
Occupation
Number
%
Member of Executive Branch or Civil Service
12
2.4
Professional, Scientist, Intellectuals
68
13.6
Blue-Collar Technicians
61
12.2
Office Employees
81
16.2
Service Workers
44
8.8
Craftsmen and Technicians
4
0.8
Machine Operators
5
1
Housewife
9
1.8
Businessmen
9
1.8
Pensioned
4
0.8
Student
176
35.2
Unclassified
16
3.2
Other/Undeclared
11
2.2
Page 116
Bella Vista Mall
The 80% trade area for the Bella Vista Mall has a population of 492,284 based upon the
2000 census. By 2007, the population in this trade area was 540,359. This is equal to 152% of
the population at a ten-minute drive time (354,133).
The average age of the mall shoppers was 30 for the Bella Vista Mall.
Private car
64.9%
11.7%
Taxi or Cab
2.4%
Someone else
11.3%
Other means
9.7%
RD$ / Month
RD$ Annual
US$ Annual
Number
Percent
$0 - $25,000
$0 -$300,000
$0 - $9,300
35
6.9%
$25,001 - $35,000
$300,001 - $420,000
$9,301 - $13,000
106
21.0%
$35,001 - $60,000
$420,001 - $720,000
$13,001 - $22,300
112
22.2%
$60,000+
$720,000+
$22,301+
166
32.9%
86
17%
Unknown/Unanswered
Page 117
Number
%
16
3.2
98
19.4
54
10.7
58
11.5
Office Employees
76
15.1
Service Workers
7
1.4
5
0.9
Machine Operators
14
2.8
Unclassified
9
1.8
Other/Undeclared
13
2.6
Housewife
6
1.2
Businessmen
3
0.6
Pensioned
44
28.5
Students
2
0.4
Unemployed
Plaza Central
The 80% trade area for Plaza Central has a population of 870,027 based upon the 2000
census. By 2007, the population in this trade area was 954,990. This is equal to 193% of the
population at a ten-minute drive time (495,400).
The average age of the mall shoppers was 28 for Central Plaza.
Private car
38.8%
51.4%
Taxi or Cab
4.7%
Someone else
3.1%
Other means
2%
Page 118
RD$ / Month
RD$ Annual
US$ Annual
Number
Percent
$0 - $15,000
$0 - $180,000
$0 - $5,600
121
23.7%
$15,001 - $25,000
$180,001-$300,000
$5,601 - $9,300
115
22.6%
$25,001 - $35,000
$300,001 - $420,000
$9,301 - $13,000
83
16.3%
$35,001 - $60,000
$420,001 - $720,000
$13,001 - $22,300
78
15.3%
$60,000+
$720,000+
$22,301+
51
10%
62
12.2%
Unknown/Unanswered
Occupation
Number
Percent
2
0.4%
64
12.6%
55
10.8%
Office Employees
70
13.7%
Service Workers
59
11.6%
40
7.8%
Machine Operators
3
0.6%
Student
177
34.7%
Unclassified
35
6.9%
Other/Undeclared
5
1%
Page 119
Acropolis Center ‐ 80% Trade Area
SECTOR
NUMBER OF OCCURRENCES
CUMULATIVE NUMBER OF OCCURRENCES
PERCENT
CUMULATIVE PERCENT
TOTAL POPULATION
TOTAL WORKING POPULATION
TOTAL PERSONAL INCOME
TOTAL HOUSEHOLDS
PER CAPITA INCOME
AVERAGE HH INCOME
Ens. Quisqueya
Bella Vista
Naco
Los Prados
Atala
Gazcue
Los Millones
Piantini
Villa Mella
Los Cacicazgos
Los Rios
Los Restauradores
Honduras Del Norte
Viejo Arroyo Hondo
Alma Rosa
Julieta Morales
Costa Verde
Las Caobas
Nuevo Arroyo Hondo
Alameda
Herrera
Los Alcarrizos
Mano Guayabo
Mata Hambre
Cuidad Universitaria
Cerros De Arroyo Hondo
Cancino
El Cacique
Honduras Del Oeste
80% TRADE AREA TOTAL
34
26
22
20
19
15
14
13
13
11
11
10
9
8
8
8
7
7
6
6
6
6
6
6
6
5
5
5
5
317
34
60
82
102
121
136
150
163
176
187
198
208
217
225
233
241
248
255
261
267
273
279
285
291
297
302
307
312
317
317
8.63%
6.60%
5.58%
5.08%
4.82%
3.81%
3.55%
3.30%
3.30%
2.79%
2.79%
2.54%
2.28%
2.03%
2.03%
2.03%
1.78%
1.78%
1.52%
1.52%
1.52%
1.52%
1.52%
1.52%
1.52%
1.27%
1.27%
1.27%
1.27%
80.46%
8.63%
15.23%
20.81%
25.89%
30.71%
34.52%
38.07%
41.37%
44.67%
47.46%
50.25%
52.79%
55.08%
57.11%
59.14%
61.17%
62.94%
64.72%
66.24%
67.77%
69.29%
70.81%
72.34%
73.86%
75.38%
76.65%
77.92%
79.19%
80.46%
80.46%
22,864
18,612
12,377
10,439
3,938
14,269
8,407
10,472
59,516
7,445
37,317
13,723
9,795
21,372
37,271
15,448
3,464
28,075
17,104
10,910
30,328
23,000
8,439
5,424
7,265
9,742
29,271
6,514
8,896
491,697
11,759
10,189
6,417
5,252
1,866
7,887
4,753
5,713
24,020
4,189
16,642
6,566
5,033
10,138
16,184
7,405
1,606
12,570
7,465
4,904
13,162
9,350
3,685
2,577
4,292
4,670
12,007
3,263
4,451
228,015
$173,007,600
$162,508,200
$95,090,400
$76,798,200
$29,086,800
$140,194,800
$78,920,400
$114,384,000
$215,116,800
$71,203,200
$177,653,400
$88,483,800
$80,994,000
$119,313,000
$201,904,200
$84,856,800
$15,003,600
$143,061,600
$86,103,600
$53,598,000
$114,606,600
$65,368,380
$33,831,000
$37,699,800
$75,337,800
$57,763,800
$145,150,800
$53,101,200
$58,821,600
$2,848,963,380
6,686
5,535
3,581
2,690
1,085
4,632
2,309
3,314
14,990
2,063
9,286
3,621
2,382
5,557
9,750
4,127
942
7,183
4,374
2,826
7,881
5,747
2,220
1,567
2,253
2,431
7,104
1,889
2,338
130,363
$7,567
$8,731
$7,683
$7,357
$7,386
$9,825
$9,387
$1,092
$3,614
$9,564
$4,761
$6,448
$8,269
$5,583
$5,417
$5,493
$4,331
$5,096
$5,034
$4,913
$3,779
$2,000
$4,009
$6,951
$1,037
$5,929
$4,959
$8,152
$6,612
$5,794
$25,876
$29,360
$26,554
$28,550
$26,808
$30,267
$34,179
$34,515
$14,351
$34,514
$19,131
$24,436
$34,003
$21,471
$20,708
$20,561
$15,927
$19,917
$19,685
$18,966
$14,542
$8,005
$15,239
$24,059
$33,439
$23,761
$20,432
$28,111
$25,159
$21,854
Page 120
Bella Vista Mall ‐ 80% Trade Area
SECTOR
PERCENT
CUMULATIVE PERCENT
TOTAL POPULATION
TOTAL HOUSEHOLDS
PER CAPITA INCOME
AVERAGE HH INCOME
Bella Vista
Los Cacicazgos
Gazcue
Los Restauradores
Alma Rosa
Buenos Aires
Mirador Sur
El Renacimiento
Ens. Quisqueya
Herrera
Tropical
Villa Mella
Nuevo Arroyo Hondo
Viejo Arroyo Hondo
Los Alcarrizos
Los Millones
San Geronimo
El Cacique
Julieta Morales
General Antonio Duverge
Las Caobas
Mirador Norte
Los Jardines del Sur
La Altagracia
Mata Hambre
Naco
Ciudad Colonial
Atala
Los Rios
121
16
13
13
12
11
11
10
10
10
10
10
9
9
9
9
9
8
8
7
7
7
7
6
6
6
6
6
5
5
376
121
137
150
163
175
186
197
207
217
227
237
247
256
265
274
283
292
300
308
315
322
329
336
342
348
354
360
366
371
376
376
25.47%
3.37%
2.74%
2.74%
2.53%
2.32%
2.32%
2.11%
2.11%
2.11%
2.11%
2.11%
1.89%
1.89%
1.89%
1.89%
1.89%
1.68%
1.68%
1.47%
1.47%
1.47%
1.47%
1.26%
1.26%
1.26%
1.26%
1.26%
1.05%
1.05%
79.16%
25.47%
28.84%
31.58%
34.32%
36.84%
39.16%
41.47%
43.58%
45.68%
47.79%
49.89%
52.00%
53.89%
55.79%
57.68%
59.58%
61.47%
63.16%
64.84%
66.32%
67.79%
69.26%
70.74%
72.00%
73.26%
74.53%
75.79%
77.05%
78.11%
79.16%
79.16%
18,612
7,445
14,269
13,723
37,271
24,587
3,860
9,656
22,864
30,328
2,893
59,516
17,104
21,372
23,000
8,407
12,443
6,514
15,448
1,357
4,303
28,075
5,581
8,109
24,358
5,424
12,377
12,133
3,938
37,317
492,284
10,189
4,189
7,887
6,566
16,184
11,857
2,152
5,327
11,759
13,162
1,488
24,020
7,465
10,138
9,350
4,753
5,914
3,263
7,405
722
2,081
12,570
2,890
3,903
10,695
2,577
6,417
6,079
1,866
16,642
229,510
$162,508,200
$71,203,200
$140,194,800
$88,483,800
$201,904,200
$147,744,000
$35,739,000
$81,277,800
$173,007,600
$114,606,600
$25,860,000
$215,116,800
$86,103,600
$119,313,000
$65,368,380
$78,920,400
$96,874,200
$53,101,200
$84,856,800
$10,358,400
$27,740,400
$143,061,600
$45,784,800
$49,743,600
$106,666,800
$37,699,800
$95,090,400
$80,030,400
$29,086,800
$177,653,400
$2,845,099,980
5,535
2,063
4,632
3,621
9,750
6,470
1,120
2,490
6,686
7,881
770
14,990
4,374
5,557
5,747
2,309
3,251
1,889
4,127
333
1,251
7,183
1,619
2,197
6,414
1,567
3,581
3,540
1,085
9,286
131,318
$8,731
$9,564
$9,825
$6,448
$5,417
$6,009
$9,259
$8,417
$7,567
$3,779
$8,939
$3,614
$5,034
$5,583
$2,000
$9,387
$7,785
$8,152
$5,493
$7,633
$6,447
$5,096
$8,204
$6,134
$4,379
$6,951
$7,683
$6,596
$7,386
$4,761
$5,779.39
$29,360
$34,514
$30,267
$24,436
$20,708
$22,835
$31,910
$32,642
$25,876
$14,542
$33,584
$14,351
$19,685
$21,471
$8,005
$34,179
$29,798
$28,111
$20,561
$31,106
$22,175
$19,917
$28,280
$22,642
$16,630
$24,059
$26,554
$22,607
$26,808
$19,131
$21,665.73
Page 121
Plaza Central ‐ 80% Trade Area
SECTOR
PERCENT
CUMULATIVE PERCENT
TOTAL POPULATION
TOTAL HOUSEHOLDS
PER CAPITA INCOME
AVERAGE HH INCOME
Herrera
Villa Mella
Ens Quisqueya
Las Caobas
Alma Rosa
Los Rios
Honduras Del Norte
Los Millones
Ens. La Fe
Mata Hambre
Miramar Cristo Rey
Haina Mosa
Los Alcarrizos
Gazcue
Bella Vista
Ens. Ozama
Sabana Perdida
Ciudad Univeristaria
Nuevo Arroyo Hondo
Viejo Arroyo Hondo
Cancino
Mano Guayabo
Ciudad Nueva
El Renacimiento
General Antonio Duverge
Las Americas
Los Frailes
Los Trinitarios
Mendoza
Mirador Norte
Villa Consuelo
Villa Juana
30 de Mayo
Piantini
Jardines del Sur
39
26
24
21
18
16
16
14
12
12
12
11
11
11
10
9
9
9
8
6
6
6
5
5
4
4
4
4
4
4
4
4
4
4
3
3
3
365
39
65
89
110
128
144
160
174
186
198
210
221
232
243
253
262
271
280
288
294
300
306
311
316
320
324
328
332
336
340
344
348
352
356
359
362
365
365
8.53%
5.69%
5.25%
4.60%
3.94%
3.50%
3.50%
3.06%
2.63%
2.63%
2.63%
2.41%
2.41%
2.41%
2.19%
1.97%
1.97%
1.97%
1.75%
1.31%
1.31%
1.31%
1.09%
1.09%
0.88%
0.88%
0.88%
0.88%
0.88%
0.88%
0.88%
0.88%
0.88%
0.88%
0.66%
0.66%
0.66%
79.87%
8.53%
14.22%
19.47%
24.07%
28.01%
31.51%
35.01%
38.07%
40.70%
43.33%
45.95%
48.36%
50.77%
53.17%
55.36%
57.33%
59.30%
61.27%
63.02%
64.33%
65.65%
66.96%
68.05%
69.15%
70.02%
70.90%
71.77%
72.65%
73.52%
74.40%
75.27%
76.15%
77.02%
77.90%
78.56%
79.21%
79.87%
79.87%
30,328
59,516
22,864
28,075
37,271
37,317
9,795
8,407
20,220
5,424
7,773
58,299
83,027
23,000
14,269
18,612
21,486
97,149
7,265
17,104
21,372
29,271
1,357
8,439
3,125
9,656
4,303
7,387
28,920
40,839
21,364
5,581
24,890
33,005
4,726
10,472
8,109
870,017
13,162
24,020
11,759
12,570
16,184
16,642
5,033
4,753
9,589
2,577
3,850
24,928
34,503
9,350
7,887
10,189
9,679
40,951
4,292
7,465
10,138
12,007
722
3,685
1,549
5,327
2,081
3,133
11,923
17,956
9,850
2,890
11,278
14,839
2,238
5,713
3,903
388,615
$114,606,600
$215,116,800
$173,007,600
$143,061,600
$201,904,200
$177,653,400
$80,994,000
$78,920,400
$108,027,000
$37,699,800
$60,728,400
$204,226,800
$365,174,400
$65,368,380
$140,194,800
$162,508,200
$112,512,600
$351,378,000
$75,337,800
$86,103,600
$119,313,000
$145,150,800
$10,358,400
$33,831,000
$22,424,400
$81,277,800
$27,740,400
$32,884,200
$96,720,000
$200,988,000
$106,686,600
$45,784,800
$112,240,800
$144,630,600
$29,281,200
$114,384,000
$49,743,600
$4,327,963,980
7,881
14,990
6,686
7,183
9,750
9,286
2,382
2,309
5,705
1,567
2,166
15,023
20,502
5,747
4,632
5,535
5,859
23,956
2,253
4,374
5,557
7,104
333
2,220
949
2,490
1,251
1,921
7,139
10,228
5,627
1,619
7,011
9,345
1,372
3,314
2,197
227,463
$3,779
$3,614
$7,567
$5,096
$5,417
$4,761
$8,269
$9,387
$5,343
$6,951
$7,813
$3,503
$4,398
$2,000
$9,825
$8,731
$5,237
$3,617
$1,037
$5,034
$5,583
$4,959
$7,633
$4,009
$7,176
$8,417
$6,447
$4,452
$3,344
$4,921
$4,994
$8,204
$4,509
$4,382
$6,196
$1,092
$6,134
$4,975
$14,542
$14,351
$25,876
$19,917
$20,708
$19,131
$34,003
$34,179
$18,935
$24,059
$28,037
$13,594
$17,812
$8,005
$30,267
$29,360
$19,203
$14,668
$33,439
$19,685
$21,471
$20,432
$31,106
$15,239
$23,630
$32,642
$22,175
$17,118
$13,548
$19,651
$18,960
$28,280
$16,009
$15,477
$21,342
$34,515
$22,642
$19,027
Page 122
l
✷
ACROPOLIS CENTER
0
LEGEND
NeighborhoodCensusData
Acropolis 80% Trade Area
5-7
8 - 11
12 - 15
16 - 26
27 - 34
:
0.4
0.8
1.6
2.4
Santo Domingo, Dominican Republic
Acropolis Center 80% Trade Area
Total Population- 491,697
Page 123
The Schout Company, Inc.
3.2
Miles
l
✷
LEGEND
Bella Vista Mall 80% Trade Area
5-6
7-8
9 - 11
12 - 16
17 - 121
:
BELLA VISTA MALL
Bella Vista Mall 80% Trade Area
Page 124
0
0.4
0.8
1.6
2.4
3.2
Miles
l
✷
LEGEND
Plaza Central 80% Trade Area
3-6
7 - 10
11 - 16
17 - 26
27 - 39
:
PLAZA CENTRAL
Plaza Central 80% Trade Area
Page 125
0
0.4
0.8
1.6
2.4
3.2
Miles
Trade Area Analysis
Vehicle Origin Survey (VOS)
A Vehicle Origin Survey (VOS) was conducted for Acropolis Center, Bella Vista Mall,
and Plaza Central. The VOS survey tracks vehicle license plate data to addresses of vehicle
owners. This is accomplished by manually collecting license plate data from vehicles parked in
individual retail center parking lots, formatting the license plate data in Excel, and employing a
third party to match the license plate data to an address. In our case, the National Police
matched license plate data to addresses. Once we have the matched license plate data we can
then determine the neighborhoods reached by each retail center and at what concentration
level.
This data is used to determine trade areas for individual retail centers.
The VOS
conducted in Santo Domingo was based upon collecting 500 license plate numbers at each of
the retail projects surveyed. The number of plates matched was less than 500 but more than
300 occurrences per retail center; a large enough a sample to provide a reliable description of
the 80% geographic trade area.
Our VOS revealed that the trade areas for each mall varied, in some cases, from the
trade areas indicated by the mall intercept survey (pages 100-102). The mall intercept survey is
a process in which individual shoppers were asked about the location of their neighborhood
among other questions. The base reason for the VOS is to show the actual trade area outside
of the normal methodology of intercept surveys, which have the weakness of interviewees not
being truthful about where they actually live and also less than candid about other matters in
some cases. Therefore, we collect license plates and determine the location of the owner. We
then have a standard of analysis independent of specific human responses. We know from our
experience that a VOS produces results which correspond almost exactly to that of anchor
stores analyses of their own trade areas. This is particularly true for stores such as Sears and
Page 126
JC Penney. In addition, we have always used the VOS discipline to quantify the retail potential
based upon the income levels in the 80% geographic trade area.
Survey Results
Plaza Central 80% VOS Trade Area
The VOS 80% trade area has a total population of 1,007,897.
The total working
population (persons employed) in this trade area is 448,454. Total personal income in the trade
area is $4,907,009,580. The average per capita income in the trade area is $5,395, with the top
neighborhood by number of occurrences, the Gazcue area, having a per capita income of
$9,825. This neighborhood had 42 occurrences or 9.13% of all occurrences. There are 263,095
households with an average household income of $21,244 in the trade area as defined above.
The indicated trade area for Plaza Central in the mall intercept survey was 870,017, or
86.32 % of the population in the 80% VOS trade area. The ten minute drive time trade area had
an indicated population of 463,357, or 53.26% of the population in the mall intercept survey and
45.97 % of the population in the 80% VOS trade area. Since this is the largest center in the
survey, with a total mall shop area of 181,056 sq.ft. It would make sense that the trade area
would be greater than a ten minute drive time.
Despite its location and lack of access to cross traffic on two major intersecting roads
(there is relatively easy access to one of the major roads, the 27th of February), this project has
a draw much closer to a twenty minute drive time zone, or approximately twice the population in
a ten minute zone. Since the mall has the greatest number of small shops and the greatest
selection of goods in these small shops, in addition to the anchor stores of Anthony’s
Department Store, Ferreteria Cuesta, El Corte CL, as well as a movie theater, it would be
Page 127
entirely logical to expect this result. We suspect that the 20 minute drive time would be very
close to a population level of 1,000,000 persons.
Acropolis Center 80% VOS Trade Area
This center has a total of 692,541 persons in the 80% VOS trade area. Despite having a
lower population than Plaza Central, the total personal income in the trade area is
$3,700,035,180. There are 184,727 total households with an average household income of
$22,677; slightly more than the average household income in the Plaza Central trade area. Per
capita income is $5,514. Average higher-end household income is $59,209 versus $52,618 for
the Plaza Central within the 80% VOS trade area. The working population in the Acropolis trade
area is 317,248.
The indicated population at a ten minute drive time is 460,718, or about 66% of the
population levels in the indicated 80% VOS trade area. The mall survey indicates a population
in the 80% trade area of 491,697. We conclude from this that the Acropolis Center has a more
localized and upper end clientele.
Bella Vista 80% VOS Trade Area
Bella Vista Mall has a total of 493,366 persons in its 80% VOS trade area, with a total
personal income of $3,098,691,000. This income level is the lowest income mass of total
personal income in the three centers surveyed. Per capita income is $6,527, higher than Plaza
Central, which has a per capita Income of $5,395 and is also higher than the Acropolis Mall,
with a per capita income of $5,514. Average household income of higher end households is
also higher at $68,359, versus Plaza Central with an average of $52,618 and Acropolis Mall with
$59,209 for the same demographic segments.
Page 128
Total population at a ten minute drive time zone for Bella Vista is 331,227 or 67.14 % of
the population in the 80% VOS area. The mall intercept survey indicates a population of
492,284, or 99.78 % of the population in the VOS 80% trade area.
Department Store Potential within 80% VOS Trade Areas
Department store potential for all department stores is a function of total personal
income. Accordingly, we calculate that department store potential (based on the 80% trade
areas as defined by the VOS) for the retail centers studied is as follows: $318,955,000 at Plaza
Central; $240,502,000 at Acropolis; $204,414,915 at Bella Vista.
Total department store potential at a ten minute drive time from the Maximo Gomez Site
is $318,946,643. This is roughly equal to the potential in the 80% VOS geographic trade area
for Plaza Central. At a twenty minute drive time, the potential is expected to be at the same
ratio to the population and income at Plaza Central for the ten minute drive time versus the 80%
VOS trade area. For example, the total personal income at Plaza Central at ten minutes is
$2,982,507,931 vs. the 80% trade area income of $4,907,009,540. This is 1.6453 times greater
than the ten minute drive time. If we apply this to the Maximo Gomez site, which has the best
regional access of all the retail locations existing or proposed, we would expect to have a trade
area income of 1.6453 times the income at a ten minute drive time ($4,906,871,442) which
equals a total personal income mass of $8,073,275,584. It is important to recognize that the
foregoing income calculation does not factor in the superior access from two major east-west
arterials and the major north-south roads which pass in front of or near the site. Considering
these roads in the regional context, we would expect that the 80% trade area for the Maximo
Gomez site would be well in excess of $10.0 Billion in personal income and be able to support
2.5 to 3.0 times the space we have planned for the project.
Page 129
Plaza Central ‐ 80% Trade Area
Based on Vehicle Orgin Survey (VOS)
SECTOR
GAZCUE
NACO
LOS PRADOS
LA FE
SAN GERONIMO
HERRERA
CRISTO REY
HAINAMOSA
LOS JARDINES
MENDOZA
CANCINO
SANTA CRUZ
VILLAS AGRICOLAS
LOS RIOS
QUISQUEYA
PIANTINI
BELLA VISTA
ALMA ROSA
LOS MINA NORTE
LUPERON
MIRAMAR
COUNTRY CLUB
LOS PARALEJOS
PALMA REAL
VIEJO ARROYO HONDO
VILLA JUANA
MIRADOR SUR
LOS CACICAZGOS
RENACIMIENTO
LOS ALCARRIZOS
BATEY PALMAREJO D.M.
VILLA MELLA
LOS MAMEYES
VILLA DUARTE
ENSANCHE OZAMA
LOS TRES BRAZOS
CENTRO DE LOS HEROES
LOS JARDINES DEL SUR
GENERAL ANTONIO DUVERGE
LOS RESTAURADORES
LOS MILLONES
LA ESPERILLA
MIRAFLORES
ATALA
MANOGUAYABO
LOS FRAILES
42
24
16
14
14
12
12
12
10
8
8
8
8
8
8
8
8
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
4
4
4
4
4
4
4
4
4
4
4
4
4
4
366
CUMULITIVE NUMBER OF OCCURRENCES
42
66
82
96
110
122
134
146
156
164
172
180
188
196
204
212
220
226
232
238
244
250
256
262
268
274
280
286
292
298
304
310
314
318
322
326
330
334
338
342
346
350
354
358
362
366
366
PERCENT
CUMULITIVE PERCENT
TOTAL POPULATION
9.13%
5.22%
3.48%
3.04%
3.04%
2.61%
2.61%
2.61%
2.17%
1.74%
1.74%
1.74%
1.74%
1.74%
1.74%
1.74%
1.74%
1.30%
1.30%
1.30%
1.30%
1.30%
1.30%
1.30%
1.30%
1.30%
1.30%
1.30%
1.30%
1.30%
1.30%
1.30%
0.87%
0.87%
0.87%
0.87%
0.87%
0.87%
0.87%
0.87%
0.87%
0.87%
0.87%
0.87%
0.87%
0.87%
79.57%
9.13%
14.35%
17.83%
20.87%
23.91%
26.52%
29.13%
31.74%
33.91%
35.65%
37.39%
39.13%
40.87%
42.61%
44.35%
46.09%
47.83%
49.13%
50.43%
51.74%
53.04%
54.35%
55.65%
56.96%
58.26%
59.57%
60.87%
62.17%
63.48%
64.78%
66.09%
67.39%
68.26%
69.13%
70.00%
70.87%
71.74%
72.61%
73.48%
74.35%
75.22%
76.09%
76.96%
77.83%
78.70%
79.57%
79.57%
14,269
12,377
10,439
20,220
12,443
30,328
58,299
83,027
15,374
21,364
29,271
42,236
15,902
37,317
22,864
10,472
18,612
37,271
54,341
22,789
7,773
24,681
6,032
32,506
21,372
33,005
3,860
7,445
9,656
23,000
3,154
59,516
15,414
28,059
21,486
57,510
81
8,109
4,303
13,723
8,407
6,708
1,585
3,938
8,439
28,920
1,007,897
7,887
6,417
5,252
9,589
5,914
13,162
24,928
34,503
7,710
9,850
12,007
18,208
6,948
16,642
11,759
5,713
10,189
16,184
22,839
10,469
3,850
10,003
2,260
12,970
10,138
14,839
2,152
4,189
5,327
9,350
1,286
24,020
6,657
11,972
9,679
24,179
28
3,903
2,081
6,566
4,753
3,770
838
1,866
3,685
11,923
448,454
Page 130
TOTAL PERSONAL TOTAL PER CAPITA INCOME
HOUSEHOLDS
INCOME
$140,194,800
$95,090,400
$76,798,200
$108,027,000
$96,874,200
$114,606,600
$204,226,800
$365,174,400
$104,442,000
$106,686,600
$145,150,800
$194,829,000
$61,008,000
$177,653,400
$173,007,600
$114,384,000
$162,508,200
$201,904,200
$176,045,400
$109,930,200
$60,728,400
$79,509,000
$19,117,200
$94,966,200
$119,313,000
$144,630,600
$35,739,000
$71,203,200
$81,277,800
$65,368,380
$7,071,600
$215,116,800
$67,540,800
$108,537,600
$112,512,600
$201,554,400
$425,400
$49,743,600
$27,740,400
$88,483,800
$78,920,400
$75,148,800
$14,181,000
$29,086,800
$33,831,000
$96,720,000
$4,907,009,580
4,632
3,581
2,690
5,705
3,251
7,881
15,023
20,502
4,198
5,627
7,104
10,568
4,210
9,286
6,686
3,314
5,535
9,750
13,869
6,095
2,166
6,070
1,588
7,949
5,557
9,345
1,120
2,063
2,490
5,747
829
14,990
3,780
7,319
5,859
14,341
27
2,197
1,251
3,621
2,309
2,060
466
1,085
2,220
7,139
263,095
$9,825
$7,683
$7,357
$5,343
$7,785
$3,779
$3,503
$4,398
$6,793
$4,994
$4,959
$4,613
$3,836
$4,761
$7,567
$1,092
$8,731
$5,417
$3,240
$4,824
$7,813
$3,221
$3,169
$2,921
$5,583
$4,382
$9,259
$9,564
$8,417
$2,000
$2,242
$3,614
$4,382
$3,868
$5,237
$3,505
$5,252
$6,134
$6,447
$6,448
$9,387
$1,120
$8,947
$7,386
$4,009
$3,344
$5,395
AVERAGE HOUSEHOLD INCOME
$30,267
$26,554
$28,550
$18,935
$29,798
$14,542
$13,594
$17,812
$24,879
$18,960
$20,432
$18,436
$14,491
$19,131
$25,876
$34,515
$29,360
$20,708
$12,693
$18,036
$28,037
$13,099
$12,039
$11,947
$21,471
$15,477
$31,910
$34,514
$32,642
$8,005
$8,530
$14,351
$17,868
$14,830
$19,203
$14,054
$15,756
$22,642
$22,175
$24,436
$34,179
$36,480
$30,431
$26,808
$15,239
$13,548
$21,244
AVERAGE HH INCOME OF HIGH END HOUSEHOLDS
$78,727
$69,060
$74,229
$49,232
$77,499
$37,814
$35,340
$46,315
$64,655
$49,313
$53,116
$47,924
$37,677
$49,747
$67,288
$89,713
$76,336
$53,841
$33,001
$46,894
$72,930
$34,057
$31,261
$31,058
$55,844
$40,240
$82,966
$89,651
$84,868
$29,584
$22,152
$37,312
$46,457
$38,552
$49,920
$36,544
$44,242
$58,922
$57,700
$63,552
$88,828
$94,848
$79,292
$69,701
$39,622
$35,220
$55,501
NUMBER OF HIGH END HOUSEHOLDS
926
716
538
1,141
650
1,576
3,005
4,100
840
1,125
1,421
2,114
842
1,857
1,337
663
1,107
1,950
2,774
1,219
433
1,214
318
1,590
1,111
1,869
224
413
498
1,149
166
2,998
756
1,464
1,172
2,868
5
439
250
724
462
412
93
217
444
1,428
52,618
Page 131
Acropolis Center ‐ 80% Trade Area
SECTOR
NACO
GAZCUE
PIANTINI
BELLA VISTA
HERRERA
SAN GERONIMO
VIEJO ARROYO HONDO
LA ESPERILLA
QUISQUEYA
JULIETA MORALES
LA FE
RENACIMIENTO
MIRAFLORES
LOS ALCARRIZOS
ALMA ROSA
LOS RIOS
VILLA CONSUELO
LOS PRADOS
LOS JARDINES
LA JULIA
CIUDAD COLONIAL
ENRIQUILLO
LOS PARALEJOS
MIRADOR SUR
MANOGUAYABO
VILLA DUARTE
LOS TRES OJOS
LOS TRINITARIOS
MARIA AUXILIADORA
MARIA AUXILIADORA
CIUDAD UNIVERSITARIA
MIRAMAR
NUEVO ARROYO HONDO
LOS RESTAURADORES
VILLA JUANA
ATALA
SABANA PERDIDA
80% TRA AR A TOTA
42
36
26
24
22
22
20
16
14
12
10
10
10
10
8
8
8
8
8
8
6
6
6
6
6
4
4
4
4
4
4
4
4
4
4
4
396
42
78
104
128
150
172
192
208
222
234
244
254
264
274
282
290
298
306
314
322
328
334
340
346
352
356
360
364
368
372
376
380
384
388
392
396
396
PERCENT
CUMULITIVE PERCENT
TOTAL POPULATION
8.47%
7.26%
5.24%
4.84%
4.44%
4.44%
4.03%
3.23%
2.82%
2.42%
2.02%
2 02%
2.02%
2.02%
2.02%
1.61%
1.61%
1.61%
1.61%
1.61%
1.61%
1.21%
1.21%
1.21%
1.21%
1.21%
0.81%
0.81%
0.81%
0 81%
0.81%
0.81%
0.81%
0.81%
0.81%
0.81%
0.81%
0.81%
79.84%
8.47%
15.73%
20.97%
25.81%
30.24%
34.68%
38.71%
41.94%
44.76%
47.18%
49.19%
51 21%
51.21%
53.23%
55.24%
56.85%
58.47%
60.08%
61.69%
63.31%
64.92%
66.13%
67.34%
68.55%
69.76%
70.97%
71.77%
72.58%
73.39%
74 19%
74.19%
75.00%
75.81%
76.61%
77.42%
78.23%
79.03%
79.84%
79.84%
12,377
14,269
10,472
18,612
30,328
12,443
21,372
6,708
22,864
15,448
20,220
9 656
9,656
1,585
23,000
37,271
37,317
24,890
10,439
15,374
6,496
,
12,133
16,072
6,032
3,860
8,439
28,059
6,989
40,839
39 120
39,120
7,265
7,773
17,104
13,723
33,005
3,938
97,149
692,641
69
,64
6,417
7,887
5,713
10,189
13,162
5,914
10,138
3,770
11,759
7,405
9,589
5 327
5,327
838
9,350
16,184
16,642
11,278
5,252
7,710
3,410
,
6,079
6,589
2,260
2,152
3,685
11,972
2,785
17,956
16 007
16,007
4,292
3,850
7,465
6,566
14,839
1,866
40,951
317,248
3
7, 48
Page 132
HOUSEHOLDS
INCOME
$95,090,400
$140,194,800
$114,384,000
$162,508,200
$114,606,600
$96,874,200
$119,313,000
$75,148,800
$173,007,600
$84,856,800
$108,027,000
$81 277 800
$81,277,800
$14,181,000
$65,368,380
$201,904,200
$177,653,400
$112,240,800
$76,798,200
$104,442,000
$48,846,600
,
,
$80,030,400
$60,646,800
$19,117,200
$35,739,000
$33,831,000
$108,537,600
$29,172,600
$200,988,000
$129 499 800
$129,499,800
$75,337,800
$60,728,400
$86,103,600
$88,483,800
$144,630,600
$29,086,800
$351,378,000
$3,700,035,180
$3,700,035,
80
3,581
4,632
3,314
5,535
7,881
3,251
5,557
2,060
6,686
4,127
5,705
2 490
2,490
466
5,747
9,750
9,286
7,011
2,690
4,198
2,008
,
3,540
4,129
1,588
1,120
2,220
7,319
1,716
10,228
10 092
10,092
2,253
2,166
4,374
3,621
9,345
1,085
23,956
184,727
84,7 7
7,683
9,825
1,092
8,731
3,779
7,785
5,583
1,120
7,567
5,493
5,343
8 417
8,417
8,947
2,000
5,417
4,761
4,509
7,357
6,793
7,519
,
6,596
3,773
3,169
9,259
4,009
3,868
4,174
4,921
3 310
3,310
1,037
7,813
5,034
6,448
4,382
7,386
3,617
$5,514
$5,5
4
$26,554
$30,267
$34,515
$29,360
$14,542
$29,798
$21,471
$36,480
$25,876
$20,561
$18,935
$32 642
$32,642
$30,431
$8,005
$20,708
$19,131
$16,009
$28,550
$24,879
$24,326
,
$22,607
$14,688
$12,039
$31,910
$15,239
$14,830
$17,000
$19,651
$12 832
$12,832
$33,439
$28,037
$19,685
$24,436
$15,477
$26,808
$14,668
$22,677
$
,677
$69,060
$78,727
$89,713
$76,336
$37,814
$77,499
$55,844
$94,848
$67,288
$53,485
$49,232
$84 868
$84,868
$79,292
$29,584
$53,841
$49,747
$41,630
$74,229
$64,655
$63,185
,
$58,779
$38,180
$31,261
$82,966
$39,622
$38,552
$44,227
$51,082
$33 370
$33,370
$86,864
$72,930
$51,170
$63,552
$40,240
$69,701
$38,137
$59,209
$59,
09
716
926
663
1,107
1,576
650
1,111
412
1,337
825
1,141
498
93
1,149
1,950
1,857
1,402
538
840
402
708
826
318
224
444
1,464
343
2,046
2 018
2,018
451
433
875
724
1,869
217
4,791
36,944
Page 133
Bella Vista Mall ‐ 80% Trade Area
SECTOR
QUISQUEYA
BELLA VISTA
NACO
VIEJO ARROYO HONDO
HERRERA
MIRADOR SUR
LOS CACICAZGOS
PARAISO
LA FE
MIRADOR NORTE
PIANTINI
GAZCUE
JULIETA MORALES
SAN GERONIMO
LOS JARDINES
LA JULIA
MIRAFLORES
ALMA ROSA
LUPERON
LOS RESTAURADORES
LOS MILLONES
LA ESPERILLA
ATALA
VILLA MELLA
ENSANCHE OZAMA
CIUDAD UNIVERSITARIA
EL CACIQUE
LOS RIOS
RENACIMIENTO
TROPICAL
HONDURAS DEL NORTE
LOS JARDINES DEL SUR
GENERAL ANTONIO DUVERGE
ALAMEDA
PERCENT
CUMULITIVE PERCENT
TOTAL POPULATION
28
28
22
20
18
18
18
16
16
16
14
12
12
10
10
10
10
8
8
8
8
8
8
8
6
6
6
6
6
4
4
4
4
4
384
28
56
78
98
116
134
152
168
184
200
214
226
238
248
258
268
278
286
294
302
310
318
326
334
340
346
352
358
364
368
372
376
380
384
384
5.83%
5.83%
4.58%
4.17%
3.75%
3.75%
3.75%
3.33%
3.33%
3.33%
2.92%
2.50%
2.50%
2.08%
2.08%
2.08%
2.08%
1.67%
1.67%
1.67%
1.67%
1.67%
1.67%
1.67%
1.25%
1.25%
1.25%
1.25%
1.25%
0.83%
0.83%
0.83%
0.83%
0.83%
80.00%
5.83%
11.67%
16.25%
20.42%
24.17%
27.92%
31.67%
35.00%
38.33%
41.67%
44.58%
47.08%
49.58%
51.67%
53.75%
55.83%
57.92%
59.58%
61.25%
62.92%
64.58%
66.25%
67.92%
69.58%
70.83%
72.08%
73.33%
74.58%
75.83%
76.67%
77.50%
78.33%
79.17%
80.00%
80.00%
22,864
18,612
12,377
21,372
30,328
3,860
7,445
4,020
20,220
5,581
10,472
14,269
15,448
12,443
15,374
6,496
1,585
37,271
22,789
13,723
8,407
6,708
3,938
59,516
21,486
7,265
6,514
37,317
9,656
2,893
9,795
8,109
4,303
10,910
493,366
11,759
10,189
6,417
10,138
13,162
2,152
4,189
2,243
9,589
2,890
5,713
7,887
7,405
5,914
7,710
3,410
838
16,184
10,469
6,566
4,753
3,770
1,866
24,020
9,679
4,292
3,263
16,642
5,327
1,488
5,033
3,903
2,081
4,904
235,845
Page 134
HOUSEHOLDS
INCOME
$173,007,600
$162,508,200
$95,090,400
$119,313,000
$114,606,600
$35,739,000
$71,203,200
$33,222,000
$108,027,000
$45,784,800
$114,384,000
$140,194,800
$84,856,800
$96,874,200
$104,442,000
$48,846,600
$14,181,000
$201,904,200
$109,930,200
$88,483,800
$78,920,400
$75,148,800
$29,086,800
$215,116,800
$112,512,600
$75,337,800
$53,101,200
$177,653,400
$81,277,800
$25,860,000
$80,994,000
$49,743,600
$27,740,400
$53,598,000
3,098,691,000
6,686
5,535
3,581
5,557
7,881
1,120
2,063
1,153
5,705
1,619
3,314
4,632
4,127
3,251
4,198
2,008
466
9,750
6,095
3,621
2,309
2,060
1,085
14,990
5,859
2,253
1,889
9,286
2,490
770
2,382
2,197
1,251
2,826
134,009
7,567
8,731
7,683
5,583
3,779
9,259
9,564
8,264
5,343
8,204
1,092
9,825
5,493
7,785
6,793
7,519
8,947
5,417
4,824
6,448
9,387
1,120
7,386
3,614
5,237
1,037
8,152
4,761
8,417
8,939
8,269
6,134
6,447
4,913
6,527
$25,876
$29,360
$26,554
$21,471
$14,542
$31,910
$34,514
$28,814
$18,935
$28,280
$34,515
$30,267
$20,561
$29,798
$24,879
$24,326
$30,431
$20,708
$18,036
$24,436
$34,179
$36,480
$26,808
$14,351
$19,203
$33,439
$28,111
$19,131
$32,642
$33,584
$34,003
$22,642
$22,175
$18,966
$26,292
$67,288
$76,336
$69,060
$55,844
$37,814
$82,966
$89,651
$74,785
$49,232
$73,482
$89,713
$78,727
$53,485
$77,499
$64,655
$63,185
$79,292
$53,841
$46,894
$63,552
$88,828
$94,848
$69,701
$37,312
$49,920
$86,864
$73,049
$49,747
$84,868
$87,319
$88,481
$58,922
$57,700
$49,329
$68,359
1,337
1,107
716
1,111
1,576
224
413
231
1,141
324
663
926
825
650
840
402
93
1,950
1,219
724
462
412
217
2,998
1,172
451
378
1,857
498
154
476
439
250
565
26,801
Page 135
MAXIMO GOMEZ PROJECT
RESIDENTIAL COMPONENT
Page 136
MAXIMO GOMEZ MIXED USE DEVELOPMENT - RESIDENTIAL COMPONENT
Overview
Our physical tours of the Sectors (neighborhoods) proximate to the Maximo Gomez Site
revealed an impressive level of new multi-family residential construction in areas generally
to the west and south of the Site. In most cases, these new higher density developments are
being constructed on sites formerly used as single-family home sites.
The principal areas of growth, relevant to the Site include the following Sectors: Gazcue,
Naco, LaEsperilla, Piantini, Bella Vista (Norte and Sur), Mirador (Norte and Sur), Los Maestros,
Los Millones, Renacimiento and Los Cacicazgos. Using a GPS device we were able to locate
50 such buildings on a map of Santo Domingo with Sector overlays, which is included with this
report.
The buildings subject to this report are registered as condominiums for purposes of title
conveyance and financing.
There are approximately 75 true high-rise residential towers
(buildings comprised of more than 10 levels) existing and under construction, In addition there
are numerous mid-rise buildings having 6 to 10 levels being of a residential form often identified
as stacked flats. The mid-rise buildings typically have unit counts ranging form 15 to 25 units
per building with parking on the grade level.
The market is active with sales of the projects observed being handled by local brokers.
We did not see highly organized on-site sales center based sales and marketing programs
prevalent in the US for mid to large scale residential developments.
Page 137
Given the potential mixed-use components (retail stores, office tower and residential
condominium units) within the Maximo Gomez project, this established and on-going residential
development is relevant for two fairly obvious reasons:
1. The and success of an expanding residential market is evidence of a growing
population of middle to upper class individuals and families, which will favorably
impact retail sales; especially relevant given the proximity of the on-going residential
development.
2. The contemplated uses within the Maximo Gomez project include residential units in
high-rise form.
The success of urban-style residential development in Santo
Domingo and, again, particularly in areas proximate to the Site is a strong indication
of the viability of including residential towers in the plan.
Construction Techniques
We, of course, understand the relationship of low labor costs as an alternative to
acquisition of expensive equipment and systems designed to make any process more efficient.
Given the relatively small scale of many of the residential projects in Santo Domingo and
availability of low cost labor, most projects are being built without the benefit of contemporary
equipment and systems prevalent in the U.S.
However, it also follows that more archaic
techniques often comprise quality and time of construction. The point being, with a project of
the scale contemplated for Maximo Gomez, sophisticated systems will be employed to keep
costs competitive with less technically advanced competitors and at higher quality levels.
Multi-Family Market Sampling
Data on a sampling of condominium units currently on the market in the Sectors listed
above is included as part of this report. In all, base data on sixty-two (62) condominium units
currently being offered has been collected. The data is organized by Sector, offering price and
Page 138
unit size in square meters. Offering prices were then reduced to RD$ per square meter and
finally to US$ per square foot.
The units sampled ranged in price from RD$3,024,000 to
RD$15,802,500. Unit sizes ranged from 87.44 to 502 square meters. Sector average prices
ranged from RD$27,684 (Los Millones) to RD$34,858 (Naco). The Naco Sector is proximate to
Miraflores, the Sector in which the Maximo Gomez site is located. Naco is directly west of
Centro Olympico, Miraflores is directly east.
In addition, using the same discipline, a sampling of eleven (11) residential condominium
units being offered at Malecon Center is included. Our reasoning for including data on Malecon
Center is that project is comprised of a number of uses under consideration for the Maximo
Gomez site; namely residential, entertainment, hotel and a retail component.
Obviously,
Malecon Center benefits from proximity to the Atlantic Ocean, a 5-star rating for the Hilton Hotel
and the project includes a casino.
The issue at hand is that Malecon Center condominium prices sampled, enhanced by
the major amenities mentioned are more than double of the average of our sampling of sixty-two
units from upscale Sectors to the south and west of the Maximo Gomez site. Specifically, the
prices of Malecon Center units sampled average RD$64,537 per square meter compared to
RD$31,182 for the sixty-two Sector units. Malecon Center square meter prices at 207% of the
Sector average.
When considered from a weighted average perspective for Sector units
(RD$30,834), the variance increases to 209%. The Malecon Center units sampled ranged in
price from RD$3,547,500 to RD$27,110,640 and in size from 55.66 to 460.22 square meters.
Overall, price ranges for Malecon Center units range from RD$18,866,625 to
$52,567,500 in Tower 1, from RD$14,996,250 to $20,962,500 in Tower 2 and RD$3,547,500 to
Page 139
$26,864,250 in Tower 3. Towers 1 and 2 are completed and published information indicates
both are 99% sold-out. Tower 3 has just been completed and is 95% sold-out.
It is our opinion that condominium units prices at Maximo Gomez, enhanced with a
comprehensive amenities and a live / work / entertainment life-style, supported by a
sophisticated sales and marketing program can command prices well above the Sector
averages. Moreover, given that a true mixed-use development is planned with multiple uses
benefiting from extensive amenities, such amenities become economically feasible compared to
a single use carrying all of the expense of development and operation. That is, of course, the
goal: To leverage the cost of amenities to produce premium prices for residential units, which
more than recapture to cost of the amenities.
A chart listing the units sampled, organized by Sector location, price and size is included
as part of this report at the back of this section. Conversion ratios used are RD$32.25 per US$1
and 10.76 square feet per square meter.
Preliminary Recommendations as to Amenities
Security must be a primary consideration. Careful attention must be exercised to ensure
all issues related to security throughout the entire development, including parking areas,
common areas and for individual residential units are addressed.
Design of the residential towers must maximize the number of units with ocean views.
Pricing of units with great views compared with those not having views is often not
accomplished correctly. There is a tendency to over-weight the importance of the size of units,
i.e., pricing based on price per square meter or square foot with too little consideration of view
and other location factors.
Page 140
In order to command premium prices, it is our opinion that the Maximo Gomez
development should include a roof top common area with ocean views (a way of compensating
residential units that do not have ocean views), swimming pool, health club and reasonable
level of food and beverage service. Also some outdoor exercise areas on specialized surfaces
should be considered. Amenities such as described would be available to residents as well as
quests of a potential hotel. In addition, memberships could be made available to executive-level
individuals that would occupy an office tower within the development.
The amenities inherent in a quality mixed-use development are also important. The live / work /
shop / entertainment aspect of such a development constitute major attractions to purchasers,
especially if marketed in a sophisticated manner.
Individual Unit Finishes
To be competitive at higher than average square meter prices, the units must include
high quality finishes in addition to access to amenities discussed above. We are recommending
ceiling heights near 3 meters, generous window sizes, high grade interior doors and trim
(mahogany), marble floors, granite countertops in kitchens, upper middle to top level kitchen
appliances depending on unit size / pricing, granite or marble vanity tops and top quality bath
fixtures and plumbing trim.
Recommended Unit Size / Mix (Subject to On-going Market Research)
Unit sizes should address a wide cross-section of the market and range from 1 bedroom
units with office / library of 88 square meters (950 SF); 2 bedroom units of 102 square meters
(1,100 SF); 2 bedrooms with maid’s room of 121 square meters (1,300 SF); 3 bedroom units
with maid’s room of 149 square meters (1,600 SF); 3 bedroom units with maid’s room of 163
square meters (1,750 SF) and Penthouse Units of 279 square meters (3,000 SF).
Page 141
Subject to further study we are forecasting the following unit mix:
1 BR +
Office
2 BR
2 BR +
Maid
3 BR +
Maid
3 BR +
Maid
Penthouse
Totals
Sq. Meter
88
102
121
149
163
279
N/A
Sq. Feet
950
1,100
1,300
1,600
1,750
3,000
N/A
# Units
15
36
36
36
25
2
150
14,250
39,600
48,600
57,600
43,750
6,000
209,800
Sq. Feet
The recommended a 1 bedroom unit with office / library room – is an excellent
configuration for a single person or couple who may work at home. The layout and ambiance
differs from simply a 2 bedroom wherein the second bedroom serves as an office. The office /
library location relates to the living areas, expands the feeling of space and serves the needed
function of a practical area to manage one’s affairs.
In our opinion a residential component designed as recommended can be competitive
and accepted by the market place. The goal would be to bring unit prices in well under those at
Malecon Center and well above Sector averages.
Recognizing a Sector average of
approximately RD$31,000 per square meter that is presumably profitable for the developers,
attaining an average sales price of RD$48,000 per square meter would place Maximo Gomez
unit prices equidistant between the average prices of Sector and Malecon Center units. Under
those circumstances the economic value of offering major amenities would be:
Average price of Sector units sampled:
RD$31,162 / square meter
Average price of Malecon Center Units sampled:
Variance (Delta):
50% of Variance (Delta):
Page 142
Assuming Maximo Gomez will include 150 residential units averaging 130 square meters
and pricing approximately RD$17,000 per square meter over a presumed profitable average
price of Sector units, the resulting premium would be RD$332,000,000 (US$10,300,000).
Given, this scenario, the amenity package and upgraded unit specification costs would be more
than covered by the pricing premium even before consideration of amenity cost contributions by
other elements of the project.
We are of the opinion that a well designed quality-based offering of residential
condominium units at the Maximo Gomez site will be a successful component of the mixed-use
development under consideration.
Page 143
l
✷
LEGEND
2007 Condo Projects
:
Yr. 2007- Condo Buildings Currently Under Construction
Page 144
0
0.4
0.8
1.6
2.4
3.2
Miles
Residential Apartment Analysis
SECTOR
Bella Vista Norte
Bella Vista
Los Milliones
Gazue
La Esperilla
La Julia
Mirador Norte Sur
Naco
Los Cacicazgos
Malecon
CONDOMINIUM APARTMENTS FOR SALE (SAMPLING)
ITEM
RD$ Sq. Meters
RD$/Sq. Mtr
US$ / SF
RD$ Sq. Meters
RD$/Sq. Mtr
US$ / SF
RD$ Sq. Meters
RD$/Sq. Mtr
US$ / SF
RD$ Sq. Meters
RD$/Sq. Mtr
US$ / SF
RD$ Sq. Meters
RD$/Sq. Mtr
US$ / SF
RD$ Sq. Meters
RD$/Sq. Mtr
US$ / SF
RD$ Sq. Meters
RD$/Sq. Mtr
US$ / SF
RD$
Sq. Meters
RD$/Sq. Mtr
US$ / SF
RD$ Sq. Meters
RD$/Sq. Mtr
US$ / SF
RD$
Sq. Meters
RD$/Sq. Mtr
US$ / SF
$ 3,024,000
105.00
$ 28,800
$ 83
$ 3,300,000
110.00
$ 30,000
$ 86
$ 3,100,000
101.00
$ 30,693
$ 88
$ 3,500,000
191.00
$ 18,325
$ 53
$ 3,228,225
87.44
$ 36,919
$ 106
$ 3,300,000
126.00
$ 26,190
$ 75
$ 3,192,750
136.57
$ 23,378
$ 67
$ 3,063,750
80
$ 38,297
$ 110
$ 5,500,000
165.64
$ 33,205
$ 96
$ 3,708,750
66.40
$ 55,855
$ 161
$ 3,128,250
100.00
$ 31,283
$ 90
$ 3,700,000
162.85
$ 22,720
$ 65
$ 3,300,000
124.00
$ 26,613
$ 77
$ 3,914,183
114.00
$ 34,335
$ 99
$ 4,200,000
120.00
$ 35,000
$ 101
$ 3,152,438
115.00
$ 27,413
$ 79
$ 3,400,000
110.00
$ 30,909
$ 89
$ 4,000,000
160.00
$ 25,000
$ 72
$ 6,850,000
248.00
$ 27,621
$ 80
$ 3,708,750
56.00
$ 66,228
$ 191
$ 3,300,000
120.00
$ 27,500
$ 79
$ 3,950,000
132.00
$ 29,924
$ 86
$ 3,500,000
135.00
$ 25,926
$ 75
$ 4,150,000
130.00
$ 31,923
$ 92
$ 6,611,250
250.00
$ 26,445
$ 76
$ 11,800,000
318.00
$ 37,107
$ 107
$ 3,500,000
132.50
$ 26,415
$ 76
$ 4,289,250
126
$ 34,042
$ 98
$ 10,200,000
300.00
$ 34,000
$ 98
$ 7,256,250
133.00
$ 54,558
$ 157
$ 3,875,000
125.00
$ 31,000
$ 89
$ 4,200,000
158.93
$ 26,427
$ 76
$ 3,500,000
135.00
$ 25,926
$ 75
$ 13,550,000
362.29
$ 37,401
$ 108
$ 7,200,000
280.00
$ 25,714
$ 74
$ 4,700,000
172.00
$ 27,326
$ 79
$ 4,800,000
180.00
$ 26,667
$ 77
$ 3,700,000
130.00
$ 28,462
$ 82
$ 4,998,750
160.00
$ 31,242
$ 90
$ 5,950,000
208.00
$ 28,606
$ 82
$ 4,700,000
165.00
$ 28,485
$ 82
$ 5,000,000
168.26
$ 29,716
$ 86
$ 10,158,750
226.00
$ 44,950
$ 130
$ 5,200,000
170.00
$ 30,588
$ 88
$ 11,000,000
520.00
$ 21,154
$ 61
$ 3,500,000
137.00
$ 25,547
$ 74
$ 4,966,500
130
$ 38,204
$ 110
$ 35,000,000
600.00
$ 58,333
$ 168
$ 12,867,750
175.00
$ 73,530
$ 212
$ 3,600,000
159.58
$ 22,559
$ 65
$ 5,500,000
177.00
$ 31,073
$ 90
$ 4,800,000
147.00
$ 32,653
$ 94
$ 6,600,000
172.00
$ 38,372
$ 111
$ 5,000,000
155.00
$ 32,258
$ 93
$ 7,200,000
209.00
$ 34,450
$ 99
$ 7,675,000 $ 8,600,000
301.00
316.00
$ 25,498 $ 27,215
$ 73 $ 78
$ 11,000,000
279.00
$ 39,427
$ 114
$ 18,148,494 $ 22,575,000 $ 27,110,640
280.50
300.00
409.00
$ 64,701 $ 75,250 $ 66,285
$ 186 $ 217 $ 191
Page 145
$ 5,300,000
239.19
$ 22,158
$ 64
$ 12,000,000
330.00
$ 36,364
$ 105
AVERAGE
$ 6,500,000
195.00
$ 33,333
$ 96
$ 12,900,000
405.00
$ 31,852
$ 92
$ 7,500,000
270.00
$ 27,778
$ 80
$ 13,706,250
300.00
$ 45,688
$ 132
$ 14,835,000
425.00
$ 34,906
$ 101
$ 15,802,500
520.00
$ 30,389
$ 88
$ 4,775,091
165.86
$ 29,157
$ 84
$ 8,946,346
282.91
$ 31,511
$ 91
$ 3,633,333
131.67
$ 27,684
$ 80
$ 6,278,546
199.32
$ 30,496
$ 88
$ 5,309,869
184.36
$ 31,020
$ 89
$ 6,084,146
186.33
$ 30,237
$ 87
$ 4,807,528
177.18
$ 27,382
$ 79
$ 5,827,438
166.63
$ 34,858
$ 100
$ 14,387,500
328.41
$ 38,290
$ 110
$ 13,625,091
202.84
$ 65,201
$ 188
COMMERCIAL OFFICE SPACE COMPONENT
Page 146
MAXIMO GOMEZ MIXED USE DEVELOPMENT - COMMERCIAL OFFICE SPACE COMPONENT
Central-Latin America Office Market - 4th Quarter 2006
Market
Total Square Feet
Vacancy
Average Rent
5.00%
Available
Space
355,000
Caracas, Venezuela
7.1M
Curitiba, Brazil
17M
3.50%
595,000
$10.00
Lima, Peru
2.5M
3.80%
95,000
$15.00
Mexico City, Mexico
33.1M
10.00%
3,310,000
$26.00
Monterrey, Mexico
8.3M
16.00%
1,328,000
$21.00
San Juan, Puerto Rico
7.6M
10.00%
760,000
$22.00
Santo Domingo, Dom.
Rep.
Sao Paulo, Brazil
3M
4.00%
120,000
$20.00
22M
16.00%
3,520,000
$33.00
$30.00
We have identified 21 commercial office towers in Santo Domingo compared to 75
residential towers. It appears that the strong demand for residential condominium units coupled
with the fact that the developer of condominium units has little on-going responsibility after sale
and cash-out compared to commercial office space development has worked to create a
shortage of office space. The relative ease of developing residential projects and quicker cash
return could be at the root of an apparent lack of office space indicated by the estimated
vacancy rates.
The rental indicated rates of US$20 per square foot annually or US$18 per square meter
monthly compare favorably with many US markets, yet building costs are considerably lower in
the Dominican Republic. Accordingly it appears that including an office tower in the Maximo
Gomez plan makes long-term economic sense. Given the economic growth of the Dominican
Republic and likely demand for commercial space, we would recommend retention of an
international leasing firm to seek large scale users.
such an organization eager to provide services.
Page 147
We have, in fact, been in discussion with
OVERVIEW
The following is a summary of our findings based on a survey of commercial office buildings in
Santo Domingo including: size & location, available space, rent and/or sales prices, and general
background information. The data provides useful financial and venue/architectural basis for
determining the market value of future development for the Maximo Gomez site.
The surveyed Office buildings included the following categories:
•
Professional – Commercial Buildings
•
Retail and Mixed use office tower
•
Banking and financial office towers
•
Government Buildings
•
Other buildings that are unavailable or have no space
Buildings surveyed included both new class A towers generally having 6 or more floors with a
full range of parking, utility and related professional amenities, and older class A and class B
builds for ranging down to 4 floors with space as small as 500 meters square.
Table 1 Building Sites Surveyed
Site # 1 2 3 4 5 6 7 8 9 10 11 12 13 Site Name Use Category Floors Acropolis Center (Torre Citibank) Alfonso Comercial Banco BHD Banco Central Banco Popular Camaro De Cuentas Diandy XIX Edific E Leon Jimenez Edificio Professional EFA El Huncal Galleria Commericiales Hache Plaza Intercentro (Crystal Tower) General ‐ Open General ‐ Open Financial Government/Financial Financial Government Business/Finance Beer Company Business Professional Government General ‐ Open Retail & Office Closed/bankrupt 17 8 11 13 12 9 14 9 6 12 6 3 16 Page 148
Year Opened 2002 1988 1985 1976 1992 1975 2005 2000 2007 1973 1982 1978 2003 14 15 16 17 18 19 20 21 22 23 24 25 26 Plaza Central Tower Plaza Intercaribe Plaza J.R. Profesional Malaga Tower Seguros Popular (Torre Universal) Torre Atallah Torre Empresarial AIRD Torre Empresarial Reyna II Torre MM Torre Piantini Torre Professional Biltmore 1003 Torre Professional Biltmore II Torre Reyna I Retail & Office Medical & Dental Architect & Const General ‐ Open Financial/Insurance General ‐ Open Bank Business/Finance Architect & Const General ‐ Open Business Professional Business Professional Embassy Offices 4 6 8 5 10 6 12 9 5 18 8 4 4 1983 1992 1986 2006 1990 2006 2000 1998 2005 2001 2003 2005 1984 The commercial and government office sites in our survey are located as shown in the map
below.
Figure 1 Santo Domingo Commercial & Government Office Sites
Page 149
Although a degree of data is available on the internet from sources such as Emporis
(www.emporis.com), we have found that the level of detail and accuracy of building data from
internet resources is not complete or reliable. We have reviewed the available internet data for
referential use, but are relying on building surveys conducted on location by a team of business
and engineering professionals. Each survey conducted includes a minimum of a street level
evaluation, if access to the building was not possible. Building which had leasing offices and
available space had additional evaluation of the lease space, rates and general conditions of the
building interior. Of the approximately 100 buildings listed as high rise or tower developments
from internet data, less than 30 buildings were found to have an office component. We surveyed
each building listed from original, pre-site research, internet data. In addition, we consulted with
several local offices and resources in banking, real estate and hotel services to locate and
review available data on each site. Through this process we found the internet data inaccurate
and out of date. The detailed survey of office space data provided herein is therefore based
upon our review at each site.
Location and Demographic Summary
The office and office/retail mixed use buildings surveyed during the week of August 27, 2007, by
our team are listed in Table 2.
Table 2 Location – Geocoding & Date/Time Code
Site # 1 2 3 4 5 6 7 8 9 10 11 Site Name Time Stamp ‐ Geocoding Position Altitude Acropolis Center (Torre Citibank) Alfonso Comercial Banco BHD Banco Central Banco Popular Camaro De Cuentas Diandy XIX Edific E Leon Jimenez Edificio Professional EFA El Huncal Galleria Commericiales 28‐AUG‐07 11:01:37AM 29‐AUG‐07 6:26:16PM 29‐AUG‐07 3:22:34PM 28‐AUG‐07 4:09:00PM 28‐AUG‐07 10:31:55AM 29‐AUG‐07 5:09:54PM 29‐AUG‐07 9:06:26AM 31‐AUG‐07 3:38:04PM 30‐AUG‐07 10:15:10AM 28‐AUG‐07 3:56:38PM 29‐AUG‐07 5:35:46PM N18 28 11.2 W69 56 23.3 N18 28 20.1 W69 55 32.1 N18 27 47.4 W69 56 12.2 N18 28 24.0 W69 54 23.7 N18 28 53.5 W69 54 48.1 N18 28 59.3 W69 53 38.4 N18 27 50.1 W69 55 42.8 N18 26 14.5 W69 56 21.4 N18 28 33.0 W69 56 09.2 N18 28 28.3 W69 54 24.6 N18 28 26.1 W69 55 02.7 225 ft 190 ft 264 ft 157 ft 257 ft 174 ft 185 ft 78 ft 190 ft 228 ft 186 ft Page 150
12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Hache Plaza Intercentro (Crystal Tower) Plaza Central Tower Plaza Intercaribe Plaza J.R. Profesional Malaga Tower Seguros Popular (Torre Universal) Torre Atallah Torre Empresarial AIRD Torre Empresarial Reyna II Torre MM Torre Piantini Torre Professional Biltmore 1003 Torre Professional Biltmore II Torre Reyna I 29‐AUG‐07 10:54:17AM 28‐AUG‐07 3:20:19PM 29‐AUG‐07 3:46:59PM 29‐AUG‐07 2:54:17PM 29‐AUG‐07 5:50:15PM 31‐AUG‐07 4:53:45PM 28‐AUG‐07 12:10:05PM 31‐AUG‐07 3:01:19PM 29‐AUG‐07 4:15:32PM 29‐AUG‐07 11:52:58AM 30‐AUG‐07 11:10:09AM 28‐AUG‐07 2:50:53PM 30‐AUG‐07 10:18:16AM 30‐AUG‐07 10:36:09AM 29‐AUG‐07 11:55:58AM N18 28 55.7 W69 55 24.4 N18 28 23.6 W69 55 53.2 N18 27 50.9 W69 56 12.0 N18 28 21.1 W69 55 52.7 N18 28 13.2 W69 55 29.1 N18 28 15.1 W69 56 15.5 N18 28 08.8 W69 56 24.1 N18 28 24.8 W69 56 05.7 N18 27 37.9 W69 55 41.7 N18 27 58.4 W69 55 24.2 N18 28 31.3 W69 56 04.1 N18 28 28.6 W69 56 09.3 N18 28 30.8 W69 56 08.1 N18 28 31.0 W69 56 05.6 N18 27 58.6 W69 55 24.6 174 ft 245 ft 234 ft 266 ft 200 ft 220 ft 230 ft 265 ft 184 ft 179 ft 206 ft 270 ft 184 ft 194 ft 175 ft As can be seen in Figure 2 most of the buildings in the survey are located within a 2 by 3 mile
region in Santo Domingo. This district includes two new office buildings in the Piantini area that
have begun leasing within the past three months and which are already at 50% and more
leased.
Figure 2 Close proximity of Commercial Office Buildings
Page 151
Space Summary
Office space leased and available space is listed in Table 3. Costs for office space are provided
in Table 4 and Table 5. Buildings tended to fall into one of three categories of use: Banking,
Government, and general business/professional offices. Banking (and related insurance and
asset management) and government office buildings were generally 100% allocated to their
affiliate. The notable exception to this was the Citibank tower, Acropolis Center, which serves a
large retail component, provides general office space, and has about 25% remaining space for
lease of which 22% is under option for bank expansion. For purposes of evaluating office space
growth only the general office and mixed use sites will be considered.
Table 3 Office Building Building GLA (m^2)
Site # Site Name Floors GLA per Floor (m^2) Leased (% of Total) GLA Presently Leased (9/2007) Total Leasable Area (m^2) 17 1,583 97% 26,220 26,911 8 470 95% 3,580 3,760 12,216 1 Acropolis Center (Torre Citibank) 2 Alfonso Comercial 3 Banco BHD 11 891 100% 12,216 4 Banco Central 13 650 100% 8,450 8,450 5 Banco Popular 12 836 100% 13,378 13,378 6 Camaro De Cuentas 7 Diandy XIX 8 9 1449 100% 13,935 13,935 14 550 93% 7,150 7,700 Edific E Leon Jimenez 9 1,040 100% 9,360 9,360 9 Edificio Professional EFA 6 480 42% 1,200 2,880 10 El Huncal 12 1,393 100% 16,716 16,716 11 Galleria Commericiales 6 868 95% 4,948 5,208 12 Hache Plaza 3 1,114 60% 2,004 3,342 13 Intercentro (Crystal Tower) 16 1,200 0% 0 31,000 14 Plaza Central Tower 4 1,170 0% 0 4,680 15 Plaza Intercaribe 6 1,003 99% 5,973 6,018 16 Plaza J.R. 8 376 89% 2,666 3,008 17 Profesional Malaga Tower 5 289 80% 1,156 1,445 18 Seguros Popular (Torre Universal) 10 501 100% 5,010 5,010 19 Torre Atallah 20 Torre Empresarial AIRD 21 Torre Empresarial Reyna II 22 Torre MM 23 Torre Piantini 24 6 352 83% 1,760 2,112 12 557 100% 6,684 6,684 9 780 97% 6,809 7,020 5 336 95% 1,590 1,680 18 551 99% 9,816 9,918 Torre Professional Biltmore 1003 8 535 76% 3,269 4,280 25 Torre Professional Biltmore II 4 400 25% 400 1,600 26 Torre Reyna I 4 297 100% 1,188 1,188 Total GLA in Survey (9/2007) 79% 165,478 209,499 Total GLA in Survey (Less #13, #14) 95% 165,478 173,819 Page 152
The same data is provided in units of Square Foot with lease cost in Sq.Ft./year, Table 4, below.
Table 4 Office Building GLA (Sq. Ft.)
Site # Floors GLA per Floor (Sq. Ft.) Total GLA (Sq. Ft.) GLA Leased (9/2007) GLA % Leased 17 17,039 289,667 282,232 97% 8 5,059 40,472 38,535 95% ‐ 11 9,590 131,491 131,491 100% ‐ 6,996 90,955 90,955 100% ‐ 12 8,998 144,000 143,999 100% ‐ 9 15,596 149,995 149,995 100% ‐ 14 5,920 82,882 76,961 93% 25.64 Beer Company 9 11,194 100,750 100,750 100% ‐ Business Professional 6 5,166 31,000 12,916 42% 27.87 12 14,994 179,929 179,929 100% ‐ 6 7,556 45,337 43,066 95% ‐ 21,570 Site Name Use Category 1 Acropolis Center (Torre Citibank) General ‐ Open 2 Alfonso Comercial ‐ BMI Companies General ‐ Open 3 Banco BHD Financial 4 Banco Central Government/Financial 13 5 Banco Popular Financial 6 Camaro De Cuentas Government 7 Diandy XIX Business/Finance 8 Edific E Leon Jimenez 9 Edificio Professional EFA 10 El Huncal Government 11 Galleria Commericiales Business Professional 12 Hache Plaza Retail & Office 13 Intercentro (Crystal Tower) Closed/bankrupt 14 Plaza Central Tower 15 16 Lease Rate per Sq. Ft. per Annum $ 22.30 3 11,990 35,972 60% 16.72 16 12,916 333,681 ‐ 0% ‐ Retail & Office 4 12,593 50,375 ‐ 0% ‐ Plaza Intercaribe Medical & Dental 6 10,796 64,777 64,292 99% 9.29 Plaza J.R. Architect & Const 8 4,047 32,377 28,696 89% 13.38 17 Profesional Malaga Tower Business Professional 5 3,110 15,553 12,443 80% 28.99 18 Seguros Popular (Torre Universal) Financial/Insurance 10 5,392 53,927 53,927 100% ‐ 19 Torre Atallah General ‐ Open 6 3,789 22,734 18,945 83% 0.00 20 Torre Empresarial AIRD Business Financial 12 5,995 71,945 71,945 100% 22.30 21 Torre Empresarial Reyna II Business/Finance 9 8,395 75,562 73,291 97% ‐ 22 Torre MM Architect & Const 5 3,616 18,083 16,275 90% ‐ 23 Torre Piantini General ‐ Open 18 5,930 106,756 105,658 99% 31.88 24 Torre Professional Biltmore 1003 Business Professional 8 5,758 46,069 35,187 76% 24.53 25 Torre Professional Biltmore II Business Professional 4 4,305 17,222 4,305 25% 24.53 26 Torre Reyna I Embassy Offices 4 3,196 12,787 12,787 100% ‐ Total GLA (Sq. Ft.) 2,244,298 1,770,150 79% Total GLA (Sq. Ft.) ‐ Less #13 & #14 1,860,242 1,770,150 95% Show in the summary statements of Table 4, there is presently 2.2 million square feet of office
building space provided with about 0.5 million square feet unoccupied. Of the unoccupied space
380,000 square feet is not presently in the market due to the financial situation of Intercentro
and the fire at Central Plaza. When these two facilities are removed from the market, the office
space is presently leased at 92% occupied.
Page 153
Table 5 Office Space Opening By Year (not including government buildings)
GLA per Floor Leased Total Lease Area Purchase Price/m^2 Business Professional 480 42% 2,880 Profesional Malaga Tower Business Professional 289 80% Torre Atallah General ‐ Open 352 83% 2005 Diandy XIX Business/Finance 550 25 2005 Torre Professional Biltmore II Business Professional 24 2003 Torre Professional Biltmore 1003 Business Professional Site # Year Opened 9 Site Name Use Category 2007 Edificio Professional EFA 17 2006 19 2006 7 Rent Base Rent Total Per Annum $2,100 $25.00 $29.00 $1,002,240 1,445 N/A $26.00 $29.50 $511,530 2,112 93% 7,700 $1,818 $23.00 $26.50 $2,448,600 400 25% 1,600 $2,000 $22.00 $24.55 $471,360 535 76% 4,280 $2,000 $22.00 $24.55 $1,260,888 1 2002 Acropolis Center (Torre Citibank) General ‐ Open 1583 97% 26,911 N/A $20.00 $23.50 $7,588,902 16 2002 Plaza J.R. Architect & Const 376 89% 3,008 N/A $12.00 $14.50 $523,392 21 2001 Torre Empresarial Reyna II Business/Finance 780 97% 7,020 23 2001 Torre Piantini General ‐ Open 551 99% 9,918 $3,000 $28.60 $31.60 $3,760,906 8 2000 Edific E Leon Jimenez Beer Company 1040 100% 9,360 20 2000 Torre Empresarial AIRD Business Financial 557 100% 6,684 N/A $20.00 $23.00 $1,844,784 22 2000 Torre MM Architect & Const 336 90% 1,680 11 1998 Galleria Commericiales Business Professional 702 95% 4,212 26 1995 Torre Reyna I Embassy Offices 297 100% 1,188 5 1992 Banco Popular Financial 836 100% 13,378 15 1992 Plaza Intercaribe Medical & Dental 1003 99% 6,018 N/A $8.33 $10.83 $782,340 18 1990 Seguros Popular (Torre Universal) Financial/Insurance 501 100% 5,010 2 1988 Alfonso Comercial General ‐ Open 470 95% 3,760 3 1985 Banco BHD Financial 891 100% 12,216 14 1983 Plaza Central Tower Retail & Office 1170 0% 4,680 12 1978 Hache Plaza Retail & Office 1114 60% 3,342 $1,500 $15.00 $17.50 $701,820 1976 Banco Central Government/Financial 4 650 100% 8,450 Total Lease Area (1976 to 2007) 146,852 Space Since 2000 84,598 Space From 1990 to 2000 29,806 Space Prior to 1990 32,448 Note: Data provided in m^2
Table 6 Summary of Office Space Growth (Non-Government)
Summary of Space Available by Year GLA (Sq. Ft) GLA (Sq. Ft. per year) Total Lease Area (1976 to 2007) Space Since 2000 Space From 1990 to 2000 Space Prior to 1990 1,580,714 910,612 320,831 349,270 50,991 130,087 32,083 24,948 Page 154
GLA (m^2) GLA (m^2) 146,852 4,737 84,598 12,085 29,806 2,981 32,448 2,318 Rent and Sales Summary
A summary of rent costs provided to us via quotation is given in Table 7 below.
Table 7 Office space rents & available space
Site # 1 23 7 20 15 12 9 24 25 17 Site Name Floors GLA per Floor 17 18 14 12 6 3 6 8 4 5 1,583 551 550 557 1,003 1,114 480 535 400 289 Acropolis Center (Torre Citibank) Torre Piantini Diandy XIX Torre Empresarial AIRD Plaza Intercaribe Hache Plaza Edificio Professional EFA Torre Professional Biltmore 1003 Torre Professional Biltmore II Profesional Malaga Tower Total Percent GLA Used 26,911 9,918 7,700 6,684 6,018 3,342 2,880 4,280 1,600 1,445 97% 99% 93% 100% 99% 60% 42% 76% 25% 80% Rent Quality Base $20.00 $28.60 $23.00 $20.00 $8.33 $15.00 $25.00 $22.00 $22.00 $29.00 5 5 5 4 2 3 5 5 5 5 Note: space is listed in square meters and rent is $ US per square meter per month.
Conclusions – Re Maximo Gomez Site
Office space in Santo Domingo, since the year 2000, has been increasing at a rate of 130,000
sq. ft. per year. The present space leased is 1.4 million square feet which accounts for 95% of
available office space (based on Intercentro and Central Plaza Tower not in the present
market). When Intercentro enters the market, it’s space should be fully leased within 24 months.
Central Plaza is not leasable without extensive refurbishment which may require demolition and
rebuilding. At the present time, we do not believe Central Plaza Tower will re-enter the market.
Based on this overview of the present office market, we are confident Santo Domingo will
support office space growth of 12,000 m^2 per year (130,000 sq. ft. per year) throughout the
next 5 year period. Coupled with increased traffic supporting infrastructure opening in 2008 and
the ease by which the Maximo Gomez site can achieve access to the new subway and current
automobile traffic, the site is ideally suited for a large scale commercial office development.
Page 155
ADDITIONAL MARKET &
INFRASTRUCTURE COMPONENTS
PLANNED COMPETITIVE CENTERS
PLANNED MASS TRANSIT
LOCAL UNIVERSITIES
Page 156
PROPOSED COMMERCIAL DEVELOPMENT PROJECTS
Site #1: Residential/Commercial Projects
There is a development site on Sarasota Avenue at Pedro A. Bobea Street. The site has
been excavated and there is no work underway. While this is a residential project with a limited
amount of retail, it does not have enough regional access to even become a major retail
development. The site is located just west of the Occidental Hotel on Sarasota.
Site #2:
This site is at Winston Churchill and Gustavo Meija-Ricart and is not under development.
This has been proposed as a retail site for development of a retail project of unknown size. Our
research indicates that it will be less than 100,000 feet.
Site #3:
This site is located at Abraham Lincoln and John F. Kennedy. It is generally known as
the customs-building site because it is located adjacent to the customs building. The site fronts
on Kennedy and is capable of becoming a major retail development subject to working out
access systems through a portion of the customs-building site. The site could have 200,000 feet
of retail on full development.
Site #4:
This is a planned expansion of an existing retail center located on the north side of the
John F. Kennedy Avenue. The existing center is called the Americana Center. The addition
could be as much as 100,000 square feet.
Page 157
Site #5:
This is a smaller planned center under 150,000 feet of space. The site is not under
construction at this time. The site is located on the south side of John F. Kennedy Avenue at
Lope de Vega Avenue.
Site #6:
This is the IKEA site located on the north side of John F. Kennedy and just west of site
number 4.
See following page for map of planned developments.
Page 158
SITE #6
SITE #4
SITE #5
SITE #3
SITE #2
SITE #6
SITE #3
SITE #4
SITE #5
✷•
SITE #2
SITE #1
LEGEND
Selected Future Development Sites
:
NAME
PROPOSED USE
LOCATION
Site #1
Site #2
Site #3
Site #4
Site #5
Site #6
Residential
Retail
Retail
Retail Expansion
Commercial Office and / or Retail
Ikea
Av. Sarasota at Pedro A. Bobea (SW)
Av. Winston Churchill at Av. Gustavo Meija-Ricart (NE)
Av. Abraham Lincoln at A. John F. Kennedy / Customs Bldg. (SW)
Existing Americana Retail Center - North of Av. John F. Kennedy
South of Av. John F. Kennedy at Av. Lope de Vega (SW)
North of Av. John F. Kennedy at Av. Abraham Lincoln
Selected Future Development Sites
Page 159
0
0.4
0.8
1.6
2.4
3.2
Miles
Mass Transit: The Subway System for Santo Domingo
The proposed subway system has a number of branches off the portion of it under
construction. The portion of the subway currently under construction starts at Av. Winston
Churchill and then moves east along Av. Correa y Cidron to Maximo Gomez to the east. From
there, it will travel north on Maximo Gomez Street to the river and beyond. There are a total of
fifteen stops on the planned route.
Additional planned extensions of the Subway/Mansir System call for extensions up and
down major thoroughfares. Future extensions along 27th of February and other thoroughfares
will follow the line currently being constructed in Maximo Gomez. The mass transit systems now
being constructed will have both elevated and underground stations. There will be trains on the
system, which are being made in France, Belgium, and Spain by the French conglomerate
Alstrom. Daily ridership in the first line is estimated at 200,000 to 225,000 passengers per day
commencing sometime in 2008.
Proposed extensions to the system once the Maximo Gomez line is complete will include
line number 2, which will run east and west under John F. Kennedy Avenue, from the eastern to
the far western portions of the city. Since the Maximo Gomez alignment will do the same thing
on a north/south basis, connecting the northern Villa Mella area with the southern portion of the
city, the inter-connecting of both lines near the site will make other forms of commercial space
viable, such as office space, by offering ease of access to the edges of the city and points
between in both directions. Construction of Line 2 is expected to begin after 2010 and Line 3,
which will run along 27th of February, will reach the southwest and northeastern portions of the
city. Construction of this line could come as early as 2012.
Page 160
Villa Mella
Ce rros de B e lla Vis t a II
La Pa z
He rm a na s Mira ba l
Pa rque Mira do r Nor t e
Is a be la
Ova nd o
Cemen terio
Pe n a Ba tl l e
Ken n e d y
l
Ol impi co
Te a t r o
Educacion
Al ma Mat er
Li ncol n
Feria
LEGEND
Maximo Gomez Project
Subway_Red_Line_Stations
Subway_Red_Line
:
Subway Red Line - Currently Under Construction
Slated for Completion in February 2008
Page 161
0
0.4
0.8
1.6
2.4
3.2
Miles
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LEGEND
`
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Maximo Gomez Project
Subway_Red_Line_Stations
Subway_Purple_Line_Stations
Subway_Green_Line_Stations
:
Subway_Blue_Line_Stations
Subway_Brown_Line_Stations
Subway_Yellow_Line_Stations
Subway System Master Plan
Page 162
Subway_Red_Line
Subway_Purple_Line
Subway_Green_Line
Subway_Blue_Line
Subway_Brown_Line
Subway_Yellow_Line
0
0.4
0.8
1.6
2.4
Schout Company, Inc.
3.2
Miles
Student Population:
Student population within five minutes of the project is 35,171. There are five universities
within five minutes drive time of the site. There are 7,415 students at the Catholic University
of Santo Domingo, 16,600 at the Technical University of Santo Domingo, 7,267 students at the
University of Education and Culture, and 3,889 students at the Iberoamericana University.
There are three additional universities within a five- to ten-minute drive time zone: the
University of Pedro H. Ureña, with 2,934 students, the Technical Institute of Santo Domingo with
a total of 5,092 students, and Universidad Autonoma de Santo Domingo with 138,000 students
In total, there are 181,197 students within a ten-minute drive time of the Maximo
Gomez site.
Page 163
7
6
✷
l
4
!(3
5
2
1
LEGEND
Universities
:
ID
2005 Student
Name of University
Population
1
138,000
Universidad Autonoma de Santo Domingo
2
16,600
Universidad Tecnologica de Santiago
3
7,267
Universidad Accion Pro-Educacion y Cultura
5
3,889
Universidad Iberoamericana
4
7,415
Universidad Catolica Santo Domingo
6
2,934
Universidad Pedro Henriquez Urena
7
5,092
Instituto Tecnologico de Santo Domingo
Local Universities
Page 164
0
0.4
0.8
1.6
2.4
3.2
Miles
7
6
l
✷
!3
4
5
2
1
LEGEND
Universities
5 Minute Drive Time
10 Minute Drive Time
:
ID
2005 Student
Name of University
Population
1
138,000
Universidad Autonoma de Santo Domingo
2
16,600
Universidad Tecnologica de Santiago
3
7,267
Universidad Accion Pro-Educacion y Cultura
5
3,889
Universidad Iberoamericana
4
7,415
Universidad Catolica Santo Domingo
6
2,934
Universidad Pedro Henriquez Urena
7
5,092
Instituto Tecnologico de Santo Domingo
Local Universities
35,171 Students within 5 minutes of the Maximo Gomez Project
181,197 Students within 10 minutes of the Maximo Gomez Project
Page 165
0
0.4
0.8
1.6
2.4
3.2
Miles
CASH FLOW AND VALUATION
FOR RETAIL, OFFICE, &
RESIDENTIAL USES
SQUARE FOOTAGE DISTRIBUTION: RETAIL
SALES PROJECTION
MINIMUM RENT PROJECTION
PERCENTAGE RENT PROJECTION
TOTAL RENT PROJECTION
EXPENSE ANALYSIS: INTERIOR CAM
EXPENSE ANALYSIS: EXTERIOR CAM
ADMINISTRATIVE EXPENSES
NET OPERATION INCOME
PROJECT ANALYSIS
VALUATION
Page 166
Arias Group
9/4/2007
Mall Tenant:
Food Court Tenants:
Kiosks
Office
Residential
Occupancy
Initial 2
2010
95%
Project: Desarrollo Maximo Gomez
Title: Three Story Retail, Office and Residential Tower(s)
Version: Run 1
Square Footage
226,046
5,000
400
226,044
210,000
TOTAL
667,490
2011
97%
2012
100%
CAM Expense Area Sq. Ft.
120,000
TABLE 1
Retail Portion - Square Footage Distribution
Category
Womens Apparel
Womens Specialty
Womens Sportswear
Mens Apparel
Mens Sportswear
Mens Specialty
Childrens Clothing
Womens Shoes
Mens Shoes
Family Shoes
Childrens Shoes
Restaurants
Food Specialty
Book Stores
Fabric Stores
Home Furnishings
Jewelry Stores
Optical Stores
Record Stores
Sporting Goods/Toys/Hobbie
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
29,699
23,708
11,145
14,989
10,630
7,538
2,448
10,587
5,884
10,029
730
20,594
5,691
3,371
5,025
945
5,970
7,044
17,222
3,006
3,737
14,753
30,324
24,207
11,380
15,305
10,854
7,696
2,500
10,810
6,008
10,240
745
21,027
5,811
3,442
5,131
965
6,096
7,192
17,585
3,070
3,815
15,063
31,262
24,955
11,732
15,778
11,189
7,934
2,577
11,144
6,194
10,556
769
21,678
5,990
3,549
5,289
995
6,284
7,414
18,129
3,165
3,933
15,529
31,262
24,955
11,732
15,778
11,189
7,934
2,577
11,144
6,194
10,556
769
21,678
5,990
3,549
5,289
995
6,284
7,414
18,129
3,165
3,933
15,529
31,262
24,955
11,732
15,778
11,189
7,934
2,577
11,144
6,194
10,556
769
21,678
5,990
3,549
5,289
995
6,284
7,414
18,129
3,165
3,933
15,529
31,262
24,955
11,732
15,778
11,189
7,934
2,577
11,144
6,194
10,556
769
21,678
5,990
3,549
5,289
995
6,284
7,414
18,129
3,165
3,933
15,529
31,262
24,955
11,732
15,778
11,189
7,934
2,577
11,144
6,194
10,556
769
21,678
5,990
3,549
5,289
995
6,284
7,414
18,129
3,165
3,933
15,529
31,262
24,955
11,732
15,778
11,189
7,934
2,577
11,144
6,194
10,556
769
21,678
5,990
3,549
5,289
995
6,284
7,414
18,129
3,165
3,933
15,529
31,262
24,955
11,732
15,778
11,189
7,934
2,577
11,144
6,194
10,556
769
21,678
5,990
3,549
5,289
995
6,284
7,414
18,129
3,165
3,933
15,529
31,262
24,955
11,732
15,778
11,189
7,934
2,577
11,144
6,194
10,556
769
21,678
5,990
3,549
5,289
995
6,284
7,414
18,129
3,165
3,933
15,529
31,262
24,955
11,732
15,778
11,189
7,934
2,577
11,144
6,194
10,556
769
21,678
5,990
3,549
5,289
995
6,284
7,414
18,129
3,165
3,933
15,529
Mall Tenants
Food Court Tenants
Kiosks
Office
Residential
214,744
5,000
400
226,044
210,000
219,265
5,000
400
226,044
210,000
226,046
5,000
400
226,044
210,000
226,046
5,000
400
226,044
210,000
226,046
5,000
400
226,044
210,000
226,046
5,000
400
226,044
210,000
226,046
5,000
400
226,044
210,000
226,046
5,000
400
226,044
210,000
226,046
5,000
400
226,044
210,000
226,046
5,000
400
226,044
210,000
226,046
5,000
400
226,044
210,000
Total Center GLOA
656,188
660,709
667,490
667,490
667,490
667,490
667,490
667,490
667,490
667,490
667,490
Santo_Domingo_Cash_Flow-Run2cdh Table 1 Sq. Ft.
9/4/2007 9:34 AM
Page 167
Arias Group
9/4/2007
Mall Tenant:
Food Court Tenants:
Kiosks
Office
Residential
Occupancy
Project:
Title:
Version:
Initial $/S.F. Increase/year
$
350.00
5.0%
$
1,750.00
5.0%
$
500.00
5.0%
$
5.0%
$
5.0%
2010
95%
2011
97%
Desarrollo Maximo Gomez
Three Story Retail, Office and Residential Tower(s)
Run 1
2012
100%
TABLE 2
Retail Portion - Sales Projection
Category
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Womens Apparel
Womens Specialty
Womens Sportswear
Mens Apparel
Mens Sportswear
Mens Specialty
Childrens Clothing
Womens Shoes
Mens Shoes
Family Shoes
Childrens Shoes
Restaurants
Food Specialty
Book Stores
Fabric Stores
Home Furnishings
Jewelry Stores
Optical Stores
Record Stores
10,394,669
8,297,697
3,900,819
5,246,189
3,720,435
2,638,126
856,827
3,705,403
2,059,392
3,509,986
255,545
7,207,872
1,991,748
1,180,017
1,758,751
330,705
2,089,456
2,465,258
6,027,856
1,052,244
1,307,789
5,163,512
11,144,179
8,896,004
4,182,089
5,624,466
3,988,698
2,828,349
918,609
3,972,582
2,207,885
3,763,074
273,971
7,727,598
2,135,363
1,265,102
1,885,566
354,551
2,240,117
2,643,016
6,462,496
1,128,116
1,402,088
5,535,829
12,063,287
9,629,695
4,527,003
6,088,340
4,317,662
3,061,615
994,371
4,300,217
2,389,979
4,073,431
296,567
8,364,925
2,311,476
1,369,440
2,041,077
383,792
2,424,869
2,860,996
6,995,485
1,221,157
1,517,724
5,992,392
12,666,451
10,111,180
4,753,354
6,392,757
4,533,545
3,214,696
1,044,089
4,515,228
2,509,478
4,277,102
311,395
8,783,172
2,427,050
1,437,912
2,143,131
402,982
2,546,112
3,004,046
7,345,259
1,282,215
1,593,610
6,292,011
13,299,774
10,616,739
4,991,021
6,712,395
4,760,223
3,375,431
1,096,294
4,740,989
2,634,952
4,490,958
326,965
9,222,330
2,548,402
1,509,808
2,250,287
423,131
2,673,418
3,154,249
7,712,522
1,346,326
1,673,290
6,606,612
13,964,762
11,147,576
5,240,572
7,048,014
4,998,234
3,544,202
1,151,108
4,978,039
2,766,699
4,715,505
343,313
9,683,447
2,675,822
1,585,298
2,362,801
444,287
2,807,089
3,311,961
8,098,148
1,413,642
1,756,955
6,936,943
14,663,000
11,704,955
5,502,601
7,400,415
5,248,145
3,721,412
1,208,664
5,226,941
2,905,034
4,951,281
360,479
10,167,619
2,809,613
1,664,563
2,480,941
466,502
2,947,443
3,477,559
8,503,056
1,484,324
1,844,803
7,283,790
15,396,150
12,290,202
5,777,731
7,770,436
5,510,553
3,907,483
1,269,097
5,488,288
3,050,286
5,198,845
378,503
10,676,000
2,950,094
1,747,791
2,604,989
489,827
3,094,815
3,651,437
8,928,209
1,558,540
1,937,043
7,647,979
16,165,958
12,904,713
6,066,618
8,158,958
5,786,080
4,102,857
1,332,552
5,762,702
3,202,800
5,458,787
397,428
11,209,800
3,097,599
1,835,181
2,735,238
514,318
3,249,556
3,834,009
9,374,619
1,636,467
2,033,895
8,030,378
16,974,256
13,549,948
6,369,948
8,566,906
6,075,384
4,308,000
1,399,179
6,050,837
3,362,940
5,731,726
417,299
11,770,290
3,252,479
1,926,940
2,872,000
540,034
3,412,034
4,025,709
9,843,350
1,718,291
2,135,590
8,431,897
17,822,969
14,227,446
6,688,446
8,995,251
6,379,154
4,523,400
1,469,138
6,353,379
3,531,087
6,018,313
438,164
12,358,805
3,415,102
2,023,287
3,015,600
567,036
3,582,636
4,226,995
10,335,518
1,804,205
2,242,369
8,853,492
Mall Tenants
75,160,295
80,579,748
87,225,500
91,586,775
96,166,114
100,974,420
106,023,141
111,324,298
116,890,513
122,735,038
128,871,790
8,750,000
200,000
-
9,187,500
210,000
-
9,646,875
220,500
-
10,129,219
231,525
-
10,635,680
243,101
-
11,167,464
255,256
-
11,725,837
268,019
-
12,312,129
281,420
-
12,927,735
295,491
-
13,574,122
310,266
-
14,252,828
325,779
-
(TOTAL)
Food Court Tenants
Kiosks
Office
Residential
Total Center Sales ($000)
$
84,110
$
89,977
$
97,093
$
101,948
$
107,045
Santo_Domingo_Cash_Flow-Run2cdh Table 2
$
112,397
$
118,017
$
123,918
$
130,114
$
136,619
$
143,450
9/4/2007 9:34 AM
Page 168
Arias Group
9/4/2007
Mall Tenant:
Food Court Tenants:
Kiosks
Office
Residential
2010
Initial Year
Minimum Rent
2011
Second Year
Minimum Rent
$
$
$
$
$
$
$
$
$
$
35.00
175.00
50.00
22.00
12.00
Project:
Title:
Version:
Increase in Min
Rent per Year
Thereafter
37.50
150.00
50.00
22.00
12.00
Run 1
5.0%
5.0%
5.0%
5.0%
5.0%
TABLE 3
Retail Portion - Minimum Rent Projection
Category
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Womens Apparel
Womens Specialty
Womens Sportswear
Mens Apparel
Mens Sportswear
Mens Specialty
Childrens Clothing
Womens Shoes
Mens Shoes
Family Shoes
Childrens Shoes
Restaurants
Food Specialty
Book Stores
Fabric Stores
Home Furnishings
Jewelry Stores
Optical Stores
Record Stores
1,039,467
829,770
390,082
524,619
372,043
263,813
85,683
370,540
205,939
350,999
25,555
720,787
199,175
118,002
175,875
33,071
208,946
246,526
602,786
105,224
130,779
516,351
1,137,161
907,756
426,744
573,925
407,010
288,607
93,736
405,365
225,294
383,987
27,956
788,530
217,894
129,092
192,405
36,179
228,583
269,695
659,438
115,114
143,070
564,880
1,230,948
982,622
461,939
621,259
440,578
312,410
101,466
438,798
243,875
415,656
30,262
853,564
235,865
139,739
208,273
39,162
247,436
291,938
713,825
124,608
154,870
611,469
1,292,495
1,031,753
485,036
652,322
462,607
328,030
106,540
460,738
256,069
436,439
31,775
896,242
247,658
146,726
218,687
41,121
259,807
306,535
749,516
130,838
162,613
642,042
1,357,120
1,083,341
509,288
684,938
485,737
344,432
111,867
483,774
268,873
458,261
33,364
941,054
260,041
154,062
229,621
43,177
272,798
321,862
786,992
137,380
170,744
674,144
1,424,976
1,137,508
534,752
719,185
510,024
361,653
117,460
507,963
282,316
481,174
35,032
988,107
273,043
161,765
241,102
45,335
286,438
337,955
826,342
144,249
179,281
707,851
1,496,225
1,194,383
561,490
755,144
535,525
379,736
123,333
533,361
296,432
505,233
36,784
1,037,512
286,695
169,853
253,157
47,602
300,760
354,853
867,659
151,462
188,245
743,244
1,571,036
1,254,102
589,564
792,902
562,301
398,723
129,500
560,029
311,254
530,494
38,623
1,089,388
301,030
178,346
265,815
49,982
315,797
372,596
911,042
159,035
197,657
780,406
1,649,588
1,316,807
619,043
832,547
590,416
418,659
135,975
588,031
326,816
557,019
40,554
1,143,857
316,081
187,263
279,106
52,481
331,587
391,225
956,594
166,986
207,540
819,426
1,732,067
1,382,648
649,995
874,174
619,937
439,592
142,773
617,432
343,157
584,870
42,582
1,201,050
331,886
196,627
293,061
55,106
348,167
410,787
1,004,423
175,336
217,917
860,398
1,818,670
1,451,780
682,494
917,883
650,934
461,571
149,912
648,304
360,315
614,114
44,711
1,261,103
348,480
206,458
307,714
57,861
365,575
431,326
1,054,645
184,103
228,813
903,418
Mall Tenants
7,516,030
(TOTAL) $
Food Court Tenants
Kiosks
Office
Residential
Total Center Rents ($000)
$
875,000
20,000
4,972,968
2,520,000
$
15,904
8,222,423
$
750,000
20,000
4,972,968
2,520,000
$
16,485
8,900,561
$
787,500
21,000
5,221,616
2,646,000
$
17,577
9,345,589
$
826,875
22,050
5,482,697
2,778,300
$
18,456
9,812,869
$
868,219
23,153
5,756,832
2,917,215
$
19,378
10,303,512
$
911,630
24,310
6,044,674
3,063,076
$
20,347
10,818,688
$
957,211
25,526
6,346,907
3,216,230
$
21,365
11,359,622
$
1,005,072
26,802
6,664,253
3,377,041
$
22,433
11,927,603
$
1,055,325
28,142
6,997,465
3,545,893
$
23,554
12,523,983
$
1,108,092
29,549
7,347,339
3,723,188
$
24,732
13,150,183
1,163,496
31,027
7,714,706
3,909,347
$
25,969
9/4/2007 9:34 AM
Page 169
Arias Group
9/4/2007
Project:
Title:
Version:
2011
Increase in
Second Year
% Rent per Year
Initial % Rent/S.F.
Thereafter
Mall Tenant:
Food Court Tenants:
Kiosks
Office
Residential
$
$
$
$
$
10.00
-
Run 1
20.0%
5.0%
20.0%
20.0%
20.0%
TABLE 4
Retail Portion - Percentage Rent Projection
Category
2010
Womens Apparel
Womens Specialty
Womens Sportswear
Mens Apparel
Mens Sportswear
Mens Specialty
Childrens Clothing
Womens Shoes
Mens Shoes
Family Shoes
Childrens Shoes
Restaurants
Food Specialty
Book Stores
Fabric Stores
Home Furnishings
Jewelry Stores
Optical Stores
Record Stores
Mall Tenants
-
(TOTAL) $
Food Court Tenants
Kiosks
Office
Residential
2011
-
303,243
242,068
113,798
153,047
108,536
76,962
24,996
108,097
60,079
102,397
7,455
210,275
58,105
34,425
51,308
9,648
60,956
71,919
175,850
30,697
38,152
150,635
$
$
-
2012
2,192,646
375,146
299,466
140,781
189,336
134,271
95,211
30,923
133,729
74,324
126,676
9,223
260,134
71,883
42,587
63,474
11,935
75,409
88,972
217,547
37,976
47,198
186,352
$
$
2,193
2013
2,712,552
450,175
359,359
168,938
227,203
161,126
114,253
37,108
160,475
89,189
152,011
11,067
312,160
86,259
51,104
76,168
14,322
90,491
106,766
261,056
45,571
56,638
223,623
$
$
2,713
2014
3,255,062
540,210
431,231
202,725
272,644
193,351
137,103
44,529
192,569
107,026
182,414
13,281
374,593
103,511
61,325
91,402
17,187
108,589
128,119
313,267
54,685
67,966
268,347
$
$
3,255
2015
3,906,075
648,252
517,477
243,270
327,173
232,021
164,524
53,435
231,083
128,432
218,896
15,937
449,511
124,213
73,590
109,683
20,624
130,307
153,743
375,921
65,622
81,559
322,017
$
$
3,906
2016
4,687,290
777,903
620,972
291,924
392,607
278,425
197,429
64,122
277,300
154,118
262,676
19,124
539,413
149,056
88,309
131,619
24,749
156,368
184,492
451,105
78,746
97,871
386,420
$
$
4,687
2017
5,624,748
933,483
745,167
350,309
471,129
334,110
236,914
76,947
332,760
184,942
315,211
22,949
647,296
178,867
105,970
157,943
29,699
187,642
221,390
541,326
94,496
117,445
463,704
$
$
5,625
6,749,697
$
$
6,750
2018
2019
2020
1,120,180
894,200
420,371
565,355
400,932
284,297
92,336
399,312
221,930
378,253
27,539
776,755
214,640
127,164
189,532
35,638
225,170
265,668
649,591
113,395
140,934
556,445
1,344,216
1,073,040
504,445
678,426
481,118
341,157
110,803
479,175
266,316
453,904
33,047
932,106
257,568
152,597
227,438
42,766
270,204
318,802
779,509
136,074
169,120
667,734
1,613,059
1,287,648
605,334
814,111
577,342
409,388
132,964
575,009
319,579
544,684
39,656
1,118,527
309,082
183,117
272,925
51,319
324,245
382,562
935,411
163,289
202,945
801,281
8,099,637
$
$
8,100
9,719,564
$
$
9,720
11,663,477
-
$
11,663
9/4/2007 9:34 AM
Page 170
Arias Group
9/4/2007
Mall Tenant:
Food Court Tenants:
Kiosks
Office
Residential
2010
Initial Year
Minimum Rent
2011
Second Year
Minimum Rent
$
$
$
$
$
$
$
$
$
$
35.00
175.00
50.00
22.00
12.00
Project:
Title:
Version:
Increase in Min
2011
Increase in
Rent per Year
Second Year % Rent per Year
Thereafter
nitial % Rent/S.F
Thereafter
37.50
150.00
50.00
22.00
12.00
5.0%
5.0%
5.0%
5.0%
5.0%
$
$
$
$
$
10.00
-
Run 1
20.0%
5.0%
20.0%
20.0%
20.0%
TABLE 5
Retail Portion - Total Rent Projection
Category
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Womens Apparel
Womens Specialty
Womens Sportswear
Mens Apparel
Mens Sportswear
Mens Specialty
Childrens Clothing
Womens Shoes
Mens Shoes
Family Shoes
Childrens Shoes
Restaurants
Food Specialty
Book Stores
Fabric Stores
Home Furnishings
Jewelry Stores
Optical Stores
Record Stores
1,039,467
829,770
390,082
524,619
372,043
263,813
85,683
370,540
205,939
350,999
25,555
720,787
199,175
118,002
175,875
33,071
208,946
246,526
602,786
105,224
130,779
516,351
1,440,404
1,149,824
540,542
726,972
515,546
365,569
118,732
513,463
285,373
486,384
35,411
998,805
275,999
163,517
243,713
45,826
289,539
341,614
835,289
145,811
181,222
715,515
1,606,094
1,282,088
602,721
810,595
574,849
407,620
132,389
572,526
318,199
542,332
39,485
1,113,698
307,748
182,326
271,747
51,098
322,845
380,910
931,372
162,584
202,068
797,821
1,742,670
1,391,112
653,974
879,525
623,732
442,283
143,647
621,212
345,258
588,450
42,842
1,208,402
333,917
197,830
294,855
55,443
350,298
413,301
1,010,572
176,409
219,251
865,665
1,897,330
1,514,571
712,013
957,582
679,088
481,535
156,396
676,344
375,899
640,675
46,644
1,315,647
363,552
215,387
321,023
60,363
381,387
449,981
1,100,259
192,065
238,710
942,491
2,073,228
1,654,985
778,023
1,046,358
742,045
526,177
170,895
739,047
410,748
700,070
50,969
1,437,618
397,256
235,356
350,785
65,960
416,744
491,698
1,202,262
209,871
260,840
1,029,868
2,274,127
1,815,355
853,414
1,147,752
813,950
577,165
187,455
810,661
450,550
767,908
55,908
1,576,925
435,751
258,162
384,776
72,351
457,128
539,345
1,318,764
230,208
286,116
1,129,664
2,504,519
1,999,269
939,874
1,264,031
896,411
635,637
206,446
892,789
496,195
845,705
61,572
1,736,684
479,897
284,316
423,758
79,681
503,439
593,986
1,452,367
253,530
315,102
1,244,110
2,769,767
2,211,007
1,039,414
1,397,901
991,348
702,956
228,311
987,343
548,746
935,272
68,093
1,920,612
530,722
314,428
468,637
88,120
556,757
656,893
1,606,185
280,381
348,474
1,375,871
3,076,283
2,455,688
1,154,440
1,552,600
1,101,056
780,749
253,576
1,096,607
609,473
1,038,774
75,628
2,133,156
589,454
349,224
520,499
97,872
618,371
729,588
1,783,933
311,410
387,038
1,528,132
3,431,729
2,739,428
1,287,829
1,731,993
1,228,276
870,959
282,876
1,223,313
679,894
1,158,798
84,366
2,379,630
657,562
389,574
580,640
109,180
689,820
813,888
1,990,056
347,391
431,758
1,704,698
Mall Tenants
7,516,030
(TOTAL) $
Food Court Tenants
Kiosks
Office
Residential
$
875,000
20,000
4,972,968
2,520,000
$
15,904
10,415,069
$
750,000
20,000
4,972,968
2,520,000
$
18,678
11,613,113
$
787,500
21,000
5,221,616
2,646,000
$
20,289
12,600,652
$
826,875
22,050
5,482,697
2,778,300
$
21,711
13,718,944
$
868,219
23,153
5,756,832
2,917,215
$
23,284
14,990,802
$
911,630
24,310
6,044,674
3,063,076
$
25,034
16,443,436
$
957,211
25,526
6,346,907
3,216,230
$
26,989
18,109,320
$
1,005,072
26,802
6,664,253
3,377,041
$
29,182
20,027,240
$
1,055,325
28,142
6,997,465
3,545,893
$
31,654
22,243,548
$
1,108,092
29,549
7,347,339
3,723,188
$
34,452
24,813,660
1,163,496
31,027
7,714,706
3,909,347
$
37,632
9/4/2007 9:34 AM
Page 171
Arias Group
9/4/2007
Total Center S.F. (From T1)
226,046
120,000
Exp. Increase/After Year 1
Occupancy
Project:
Title:
Version:
Run 1
3.50%
2010
2011
2012
95%
97%
100%
TABLE 6
Retail Portion - Expense Analysis - Interior CAM
Interior Operating
Expense (CAM)
2010
Cleaning
Security
Building Maintenence
Rest Room
Landscaping
Air Condition & Heating
Lighting
Sprinkler
Sewer Cleaning
Music
Pest Control
Fire Extinguisher
Terrazzo
Glass
Roof
Fountain
Carpeting
Door Hardware
Seating
Insurance
Vending Machines
Electricity
Gas
Water & Sewer
Customer Service
Property Taxes
Annual Promotion(s)
Management Office
Interior CAM
(TOTAL) $
2011
330,027
565,115
203,441
22,605
18,084
791,161
79,116
22,605
11,302
15,823
33,907
4,521
9,042
11,302
113,023
11,302
11,302
2,260
11,302
101,721
11,302
811,505
40,688
45,209
81,377
565,115
22,605
169,535
4,116,298
2012
341,578
584,894
210,562
23,396
18,717
818,852
81,885
23,396
11,698
16,377
35,094
4,679
9,358
11,698
116,979
11,698
11,698
2,340
11,698
105,281
11,698
839,908
42,112
46,792
84,225
584,894
23,396
175,468
$
4,260,368
2013
353,533
605,365
217,932
24,215
19,372
847,511
84,751
24,215
12,107
16,950
36,322
4,843
9,686
12,107
121,073
12,107
12,107
2,421
12,107
108,966
12,107
869,305
43,586
48,429
87,173
605,365
24,215
181,610
$
4,409,481
2014
365,907
626,553
225,559
25,062
20,050
877,174
87,717
25,062
12,531
17,543
37,593
5,012
10,025
12,531
125,311
12,531
12,531
2,506
12,531
112,780
12,531
899,730
45,112
50,124
90,224
626,553
25,062
187,966
$
4,563,813
2015
378,714
648,482
233,454
25,939
20,751
907,875
90,788
25,939
12,970
18,158
38,909
5,188
10,376
12,970
129,696
12,970
12,970
2,594
12,970
116,727
12,970
931,221
46,691
51,879
93,381
648,482
25,939
194,545
$
4,723,546
2016
391,969
671,179
241,625
26,847
21,478
939,651
93,965
26,847
13,424
18,793
40,271
5,369
10,739
13,424
134,236
13,424
13,424
2,685
13,424
120,812
13,424
963,814
48,325
53,694
96,650
671,179
26,847
201,354
$
4,888,870
405,688
694,671
250,081
27,787
22,229
972,539
97,254
27,787
13,893
19,451
41,680
5,557
11,115
13,893
138,934
13,893
13,893
2,779
13,893
125,041
13,893
997,547
50,016
55,574
100,033
694,671
27,787
208,401
$
5,059,981
$
2017
2018
2019
2020
419,887
718,984
258,834
28,759
23,007
1,006,578
100,658
28,759
14,380
20,132
43,139
5,752
11,504
14,380
143,797
14,380
14,380
2,876
14,380
129,417
14,380
1,032,461
51,767
57,519
103,534
718,984
28,759
215,695
434,583
744,149
267,893
29,766
23,813
1,041,808
104,181
29,766
14,883
20,836
44,649
5,953
11,906
14,883
148,830
14,883
14,883
2,977
14,883
133,947
14,883
1,068,597
53,579
59,532
107,157
744,149
29,766
223,245
449,793
770,194
277,270
30,808
24,646
1,078,271
107,827
30,808
15,404
21,565
46,212
6,162
12,323
15,404
154,039
15,404
15,404
3,081
15,404
138,635
15,404
1,105,998
55,454
61,615
110,908
770,194
30,808
231,058
465,536
797,151
286,974
31,886
25,509
1,116,011
111,601
31,886
15,943
22,320
47,829
6,377
12,754
15,943
159,430
15,943
15,943
3,189
15,943
143,487
15,943
1,144,708
57,395
63,772
114,790
797,151
31,886
239,145
5,237,080
$
5,420,378
$
5,610,091
$
5,806,444
9/4/2007 9:34 AM
Page 172
Arias Group
9/4/2007
226,046
120,000
Occupancy
Project:
Title:
Version:
Run 1
3.50%
2010
2011
2012
95%
97%
100%
TABLE 7
Retail Portion - Expense Analysis - Exterior CAM
Exterior Operating
Expense (CAM)
2010
Cleaning
Security
Building Maintenence
Landscaping
Lighting
Parking Lot Vacuum
Trash Removal
Parking Lot repair
Sign Main
Shuttle Bus
Parking Lot Striping
Property Taxes
Electricity
Water/Sewer
Insurance
Exterior CAM
330,027
565,115
27,126
31,646
4,521
63,293
2,260
97,200
36,167
9,042
6,781
565,115
811,505
45,209
101,721
(TOTAL) $
Interior CAM (Table 6)
Total CAM
2011
2,696,729
341,578
584,894
28,075
32,754
4,679
65,508
2,340
100,602
37,433
9,358
7,019
584,894
839,908
46,792
105,281
$
4,116,298
$
6,813,026
2012
2,791,114
353,533
605,365
29,058
33,900
4,843
67,801
2,421
104,123
38,743
9,686
7,264
605,365
869,305
48,429
108,966
$
4,260,368
$
7,051,482
2013
2,888,803
365,907
626,553
30,075
35,087
5,012
70,174
2,506
107,767
40,099
10,025
7,519
626,553
899,730
50,124
112,780
$
4,409,481
$
7,298,284
2014
2,989,911
378,714
648,482
31,127
36,315
5,188
72,630
2,594
111,539
41,503
10,376
7,782
648,482
931,221
51,879
116,727
$
4,563,813
$
7,553,724
2015
3,094,558
391,969
671,179
32,217
37,586
5,369
75,172
2,685
115,443
42,955
10,739
8,054
671,179
963,814
53,694
120,812
$
4,723,546
$
7,818,105
2016
3,202,868
405,688
694,671
33,344
38,902
5,557
77,803
2,779
119,483
44,459
11,115
8,336
694,671
997,547
55,574
125,041
$
4,888,870
$
8,091,738
3,314,968
$
5,059,981
$
8,374,949
2017
2018
2019
2020
419,887
718,984
34,511
40,263
5,752
80,526
2,876
123,665
46,015
11,504
8,628
718,984
1,032,461
57,519
129,417
434,583
744,149
35,719
41,672
5,953
83,345
2,977
127,994
47,626
11,906
8,930
744,149
1,068,597
59,532
133,947
449,793
770,194
36,969
43,131
6,162
86,262
3,081
132,473
49,292
12,323
9,242
770,194
1,105,998
61,615
138,635
465,536
797,151
38,263
44,640
6,377
89,281
3,189
137,110
51,018
12,754
9,566
797,151
1,144,708
63,772
143,487
3,430,992
$
5,237,080
$
8,668,072
3,551,077
$
5,420,378
$
8,971,455
3,675,365
$
5,610,091
$
9,285,456
3,804,002
5,806,444
$
9,610,447
9/4/2007 9:34 AM
Page 173
Arias Group
9/4/2007
226,046
120,000
Occupancy
Project:
Title:
Version:
Run 1
3.50%
2010
2011
2012
95%
97%
100%
TABLE 8
Retail Portion - Expense Analysis - Administrate Expenses & Summary
Administrative
Expense
2010
Market Studies
Copy Charges
Clerical salaries
Telephone
Dues & Subscriptions
Supplies
Postage
Contributions
Contract Service
Insurance
Repairs
Labor
Subtotal Administrative
2011
22,605
11,302
38,428
6,781
2,260
15,823
2,260
2,260
2,260
9,042
11,302
61,032
2012
23,396
11,698
39,773
7,019
2,340
16,377
2,340
2,340
2,340
9,358
11,698
63,169
2013
24,215
12,107
41,165
7,264
2,421
16,950
2,421
2,421
2,421
9,686
12,107
65,379
2014
25,062
12,531
42,606
7,519
2,506
17,543
2,506
2,506
2,506
10,025
12,531
67,668
2015
25,939
12,970
44,097
7,782
2,594
18,158
2,594
2,594
2,594
10,376
12,970
70,036
2016
26,847
13,424
45,640
8,054
2,685
18,793
2,685
2,685
2,685
10,739
13,424
72,487
2017
27,787
13,893
47,238
8,336
2,779
19,451
2,779
2,779
2,779
11,115
13,893
75,024
2018
28,759
14,380
48,891
8,628
2,876
20,132
2,876
2,876
2,876
11,504
14,380
77,650
2019
29,766
14,883
50,602
8,930
2,977
20,836
2,977
2,977
2,977
11,906
14,883
80,368
2020
30,808
15,404
52,373
9,242
3,081
21,565
3,081
3,081
3,081
12,323
15,404
83,181
31,886
15,943
54,206
9,566
3,189
22,320
3,189
3,189
3,189
12,754
15,943
86,092
$
185,358
$
191,845
$
198,560
$
205,509
$
212,702
$
220,147
$
227,852
$
235,827
$
244,081
$
252,624
$
261,465
Total CAM Charges (Table 7) $
6,813,026
$
7,051,482
$
7,298,284
$
7,553,724
$
7,818,105
$
8,091,738
$
8,374,949
$
8,668,072
$
8,971,455
$
9,285,456
$
9,610,447
Real Estate Taxes (Gross)
$
300,000
$
310,500
$
321,368
$
332,615
$
344,257
$
356,306
$
368,777
$
381,684
$
395,043
$
408,869
$
423,180
Total Expenses
$
7,298,384
$
7,553,828
$
7,818,212
$
8,091,849
$
8,375,064
$
8,668,191
$
8,971,578
$
9,285,583
$
9,610,578
$
9,946,948
$
10,295,092
Property Management Fees
$
729,838
$
755,383
$
781,821
$
809,185
$
837,506
$
866,819
$
897,158
$
928,558
$
961,058
$
994,695
$
1,029,509
9/4/2007 9:34 AM
Page 174
Arias Group
9/4/2007
% of CAM Recovered
HVAC Recovery Increase/Yr
Project:
Title:
Version:
120,000
115%
4.5%
% of RE Taxes Recovered
115%
Reserve & Cont as % of Exp
2.5%
Run 1
TABLE 9
Retail Portion - Net Operating Income
Occupancy 95%
Revenues
97%
2010
Total Minimum Rent
Percentage Rent
Misc Income
Electric Recovery
CAM Recovery
Merchants Assoc. Reimbursment
Real Estate Tax Recovery
100%
2011
15,903,998
215,460
7,443,231
60,000
327,750
2012
16,485,391
2,192,646
225,496
7,865,929
62,100
346,363
2013
17,576,678
2,712,552
238,282
8,393,027
64,274
369,573
2014
18,455,512
3,255,062
244,239
8,686,783
66,523
382,508
2015
19,378,287
3,906,075
250,345
8,990,820
68,851
395,895
2016
20,347,201
4,687,290
256,603
9,305,499
71,261
409,752
2017
21,364,562
5,624,748
263,018
9,631,191
73,755
424,093
2018
22,432,790
6,749,697
269,594
9,968,283
76,337
438,936
2019
23,554,429
8,099,637
276,334
10,317,173
79,009
454,299
2020
24,732,151
9,719,564
283,242
10,678,274
81,774
470,200
25,968,758
11,663,477
290,323
11,052,014
84,636
486,657
Gross Revenue
$
23,950,439
$
27,177,925
$
29,354,384
$
31,090,626
$
32,990,274
$
35,077,607
$
37,381,368
$
39,935,637
$
42,780,880
$
45,965,204
$
49,545,864
Total Income ($000)
$
23,950
$
27,178
$
29,354
$
31,091
$
32,990
$
35,078
$
37,381
$
39,936
$
42,781
$
45,965
$
49,546
Operating Expenses
Total CAM Charges (Table 7)
Electric Expense
Property Taxes
Reimburseable Promotion Exp.
Management Office
Merchants Association Dues
Maintenance & Misc
Advertising Promotion Marketing
Propert Management Services
Professional Fees
Bad Debt Expense
Business Taxes
Reserves & Contingency
Total Expenses
6,813,026
180,000
300,000
12,000
185,358
60,000
60,000
96,000
729,838
120,000
18,000
214,356
$
8,788,578
7,051,482
184,500
310,500
12,420
191,845
62,100
62,100
99,360
755,383
124,200
18,630
221,813
$
9,094,333
7,298,284
189,113
321,368
12,855
198,560
64,274
64,274
102,838
781,821
128,547
19,282
229,530
$
9,410,744
7,553,724
193,840
332,615
13,305
205,509
66,523
66,523
106,437
809,185
133,046
19,957
237,517
$
9,738,182
7,818,105
198,686
344,257
13,770
212,702
68,851
68,851
110,162
837,506
137,703
20,655
245,781
$
10,077,031
8,091,738
203,653
356,306
14,252
220,147
71,261
71,261
114,018
866,819
142,522
21,378
254,334
$
10,427,691
8,374,949
208,745
368,777
14,751
227,852
73,755
73,755
118,009
897,158
147,511
22,127
263,185
$
10,790,572
8,668,072
213,963
381,684
15,267
235,827
76,337
76,337
122,139
928,558
152,674
22,901
272,344
8,971,455
219,313
395,043
15,802
244,081
79,009
79,009
126,414
961,058
158,017
23,703
281,823
9,285,456
224,795
408,869
16,355
252,624
81,774
81,774
130,838
994,695
163,548
24,532
291,631
9,610,447
230,415
423,180
16,927
261,465
84,636
84,636
135,417
1,029,509
169,272
25,391
301,782
$
11,166,103
$
11,554,723
$
11,956,891
$
12,373,078
37,173
NOI ($000)
$
15,162
$
18,084
$
19,944
$
21,352
$
22,913
$
24,650
$
26,591
$
28,770
$
31,226
$
34,008
$
Business Tax (25% of NOI)
$
3,790
$
4,521
$
4,986
$
5,338
$
5,728
$
6,162
$
6,648
$
7,192
$
7,807
$
8,502
$
9,293
Net after Taxes
$
11,371
$
13,563
$
14,958
$
16,014
$
17,185
$
18,487
$
19,943
$
21,577
$
23,420
$
25,506
$
27,880
9/4/2007 9:34 AM
Page 175
Arias Group
9/4/2007
Project:
Title:
Version:
Run 1
TABLE 10
Retail Portion - Project Analysis
Occumpancy Level
95%
Revenues
97%
2010
100%
2011
100%
2012
100%
2013
100%
2014
100%
2015
100%
2016
100%
2017
100%
2018
100%
2019
2020
Total Minimum Rent
$
15,903,998
$
16,485,391
$
17,576,678
$
18,455,512
$
19,378,287
$
20,347,201
$
21,364,562
$
22,432,790
$
23,554,429
$
24,732,151
$
25,968,758
Total Minimum & Percentage Rent
$
15,903,998
$
18,678,037
$
20,289,230
$
21,710,574
$
23,284,362
$
25,034,491
$
26,989,309
$
29,182,487
$
31,654,066
$
34,451,715
$
37,632,235
Minimum Rent/Sq. Ft.
$
35.00
$
37.50
$
39.38
$
41.34
$
43.41
$
45.58
$
47.86
$
50.25
$
52.77
$
55.40
$
58.17
Minimum Rent/Sq. Ft of GLOA of Mall Shops
$
74.06
$
85.18
$
89.76
$
96.04
$
103.01
$
110.75
$
119.40
$
129.10
$
140.03
$
152.41
$
166.48
Total Minimum & % Rent/Sq. Ft vs. Mall Shop GLOA
$
108.72
$
121.06
$
126.89
$
134.47
$
142.78
$
151.92
$
162.00
$
173.20
$
185.68
$
199.65
$
215.37
Total Minimum & % Rent, & CAM per Sq. Ft. of GLA
$
103.29
$
117.43
$
126.89
$
134.47
$
142.78
$
151.92
$
162.00
$
173.20
$
185.68
$
199.65
$
215.37
Sales per Sq. Ft. of Occupied Space
$
350.00
$
367.50
$
385.88
$
405.17
$
425.43
$
446.70
$
469.03
$
492.49
$
517.11
$
542.96
$
214,744
GLOA Mall Shops
219,265
226,046
226,046
226,046
226,046
226,046
226,046
226,046
226,046
570.11
226,046
Total Minimum, % Rent, & CAM Charges
$
23,347,229
$
26,543,966
$
28,682,257
$
30,397,357
$
32,275,182
$
34,339,990
$
36,620,501
$
39,150,770
$
41,971,239
$
45,129,989
$
48,684,249
Gross Revenue per Sq. Ft. of GLOA
$
108.72
$
117.43
$
126.89
$
134.47
$
142.78
$
151.92
$
162.00
$
173.20
$
185.68
$
199.65
$
215.37
NOI per Sq. Ft. of Mall GLOA
$
70.60
$
82.47
$
88.23
$
94.46
$
101.37
$
109.05
$
117.63
$
127.27
$
138.14
$
150.45
$
164.45
Total Min,% Rent, & CAM psf GLOA as a % of Sales psf
31.1%
32.9%
32.9%
33.2%
33.6%
34.0%
34.5%
35.2%
35.9%
36.8%
Sq. Ft. Minimum Rent as a % of Sales per Sq. Ft.
10.0%
10.2%
10.2%
10.2%
10.2%
10.2%
10.2%
10.2%
10.2%
10.2%
226,046
GLA Mall Shops
226,046
226,046
226,046
226,046
226,046
226,046
226,046
226,046
37.8%
10.2%
226,046
226,046
Supportable Project Cost at 8% ($ 000)
$
189,523
$
226,044
$
249,295
$
266,905
$
286,415
$
308,123
$
332,384
$
359,619
$
390,326
$
425,103
$
464,659
Supportable Project Cost at 9% ($ 000)
$
168,465
$
200,928
$
221,596
$
237,249
$
254,591
$
273,887
$
295,453
$
319,661
$
346,957
$
377,870
$
413,030
Net Present Value @ 9% ($000) $
146,975
TABLE 11
Retail Portion - Valuation
Total Project Value:
162,873
07 Cap on 11th Yr Income:
154,629
discounted @ 7% ($000) $
252,293
199,285
160,063
Value of Project ($000): $
415,166
353,914
307,038
Notes:
9/4/2007 9:34 AM
Page 176
SOURCES & USES OF FUNDS
BY MONTH
OFFICE COMPONENT
RESIDENTIAL COMPONENT
RETAIL COMPONENT
Page 177
Desarrollo Maximo Gomez Mixed Use Development
PROJECTED SOURCES AND USES OF FUNDS
CONSTRUCTION PHASE
Office Component Only
Month End
May-08
March 20, 2008
Construction Interest Rate
8.50%
Gross Building Area
$11,717,932 Construction loan
226,044
Project Income
Start Mo Num Mo
1
Cost / SF
1
Item
1
Schout
Cost Estimate
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
736,439
151,299
77,370
75,418
75,953
76,491
73,699
89,221
0
0
0
0
0
0
0
0
491,515
0
736,439
151,299
77,370
75,418
75,953
76,491
73,699
89,221
491,515
1
2
3
4
5
6
7
8
9
2,143
2,143
2,143
2,143
2,143
10,000
10,000
10,000
10,000
10,000
$0 LAND PURCHASE
2
7
$0.07
2
$15,000 Parking Deck (1 Space at $15,000)
2,143
2,143
2
2
$0.11
3
$25,000 Site Excavation
12,500
12,500
2
1
$0.33
4
$75,000 Deck, Sheet Walls, Drains
75,000
4
5
$0.22
5
1
1
$0.00
6
$0 Street Pavers
8
2
$0.04
7
$10,000 Traffic Signals
9
24
$30.00
8
9
2
$0.66
9
$150,000 Concrete
75,000
9
$50,000 Site Work Utilities
5,000
$6,781,320 Shell Construction ($30 x 226,044 Sq. Ft. GLA
5,000
282,555
4
$0.55
10
$125,000 Masonry
31,250
9
4
$0.44
11
$100,000 Structural Steel
25,000
10
2
$0.02
12
$5,000 Misc Metals
13
2
$0.01
13
$1,500 Ornamental Metals
14
6
$0.33
14
22
2
$0.04
15
$75,000 Rough Carpentry
$10,000 Architectural Woodwork
17
2
$0.02
16
$4,000 Roofing Metalwork
16
1
$0.33
17
$75,000 Spray Fireproofing
20
2
$0.01
18
$2,500 Sealants
22
1
$0.01
19
$2,000 Door Hardware
22
1
$0.01
20
$2,500 Access Doors
21
2
$0.00
21
$750 Entrance Glazing
21
5
$0.10
22
$22,500 Drywall & Insulation
21
3
$0.07
23
$15,000 Ceramic & Tile
21
1
$0.01
24
$1,200 Carpeting
27
2
$0.02
25
$4,500 Floor Finishes, Paintings, Partitions, and Toilets
27
1
$0.02
26
$5,500 Specialties
26
1
$0.01
27
25
2
$0.97
28
25
2
$0.07
29
19
10
$0.55
30
$125,000 Mechanical
19
10
$0.55
31
$125,000 Electrical
27
2
$0.00
32
13
2
$0.02
33
$5,000 Building Permits
13
1
$0.01
34
$1,200 Insurances
26
3
$0.01
35
28
1
$0.03
36
10
18
$0.15
37
13
18
$0.55
38
13
18
$0.55
39
$36.93
8
6
$0.27
$2,500 Equipment
$220,000 Vertical Transportation
$15,000 Fire Protection
$1,000 Temporary Protection Enclousures
$1,500 Landscape & Design
$7,500 Signage
$35,000 Soil, Concrete and Testing
$125,000 Construction Management Fee
$125,000 Construction Contingency
$8,346,970 HARD CONSTRUCTION COSTS
12
$0.02
$5,000 Sidewalk and Barriers
12
$0.00
12
12
$70,500 OFF SITE COSTS
0
1
$0.11
$25,000 Soil, Concrete, and Testing
25,000
1
1
$0.11
$25,000 Topographic Map
25,000
1
1
$0.33
$75,000 Preliminary Site Plan
75,000
1
30
$1.00
1
6
$0.09
1
30
$1.55
1
10
$0.33
$75,000 Advertising and Promotion
1
1
$0.15
$35,000 Appraisal
1
30
30
$1.11
$1.00
$5.77
$225,000 Architectural & Engineering
$20,000 Building Design and Development
$350,000 Leasing Fee
$250,000 Travel and Entertainment
$225,000 Legal Cost
$1,305,000 SOFT COSTS
7,500
418,805
10,000
10,000
7,500
0
7,500
0
7,500
0
7,500
0
10,000
10,000
7,500
7,500
7,500
3,333
3,333
3,333
11,667
11,667
11,667
11,667
11,667
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
35,000
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
205,833
45,833
45,833
45,833
45,833
45,833
42,500
42,500
42,500
$150,000 Brokerage Fees
150,000
1
1
$0.44
$100,000 Pre Development Expenses
100,000
1
1
$0.53
$120,000 Closing Cost
120,000
$2.30
$520,000 OTHER FEES
150,000
520,000
0
0
0
0
0
0
0
0
5,216
6,288
6,836
7,370
7,908
8,450
8,972
9,604
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
15,823
16,894
17,442
17,976
18,514
19,056
19,578
20,210
$1,125,462 Interim interest expense - monthly on previous month draw
$350,000 Reserve for operations
7,500
0
11,667
$150,000 Points
$1,475,462 LOAN and OTHER EXPENSE
0
3,333
$0.66
$6.53
17,143
11,667
$0.66
$1.55
12,143
3,333
1
33
12,143
11,667
1
1
12,143
3,333
1
$4.98
12,143
11,667
1
24
14,643
$4,500 Misc Off Site Utilities
$0.31
1
1
89,643
$60,000 In Street Utilities & Offsite
12
12
$0.02
0
$51.84
$11,717,932 ALL EXPENSES excluding LAND PURCHASE
736,439
151,299
77,370
75,418
75,953
76,491
73,699
89,221
491,515
$51.84
$11,717,932 TOTAL USE OF FUNDS
736,439
151,299
77,370
75,418
75,953
76,491
73,699
89,221
491,515
11,717,932
10,981,493
10,830,194
10,752,824
10,677,406
10,601,453
10,524,962
10,451,263
10,362,042
736,439
151,299
77,370
75,418
75,953
76,491
73,699
89,221
491,515
0
736,439
0
151,299
0
77,370
0
75,418
0
75,953
0
76,491
0
73,699
0
89,221
0
491,515
10,981,493
10,830,194
10,752,824
10,677,406
10,601,453
10,524,962
10,451,263
10,362,042
9,870,527
736,439
887,738
965,108
1,040,527
1,116,480
1,192,970
1,266,669
1,355,891
1,847,406
Construction Loan Credit Line (start of month)
Expenses
Less Project Income:
1
1
1
1
1
1
$0.00
Retail Rent Income (Monthly)
Office/Flex Rent Income (Monthly)
Residential Rent Income (Monthly)
$0.00
$7,885,000 Total Project Income (During Period)
Construction Loan Draw
CASH AVAILABLE - Credit Line (end of Month)
Memo: Total Borrowings (end of month)
Page 1 of 4
Page 178
CONSTRUCTION PHASE
Month End
Feb-09
March 20, 2008
8.50%
Gross Building Area
226,044
Project Income
Start Mo Num Mo
Cost / SF
Item
1
Schout
Cost Estimate
Mar-09
Apr-09
May-09
385,289
463,019
393,298
0
0
0
0
0
0
0
0
0
494,441
415,444
416,761
381,802
385,807
385,289
463,019
393,298
396,084
10
11
12
13
14
15
16
17
18
282,555
282,555
282,555
282,555
282,555
282,555
282,555
12,500
12,500
12,500
12,500
2,000
2,000
1,944
7
$0.07
2
2
$0.11
3
2
1
$0.33
4
4
5
$0.22
5
1
1
$0.00
6
$0 Street Pavers
8
2
$0.04
7
9
24
$30.00
282,555
282,555
9
2
$0.66
9
$150,000 Concrete
75,000
9
4
$0.55
10
$125,000 Masonry
31,250
31,250
31,250
11
25,000
25,000
25,000
10
2
$0.02
12
$5,000 Misc Metals
2,500
2,500
2
$0.01
13
14
6
$0.33
14
22
2
$0.04
15
17
2
$0.02
16
16
1
$0.33
17
20
2
$0.01
18
19
22
1
$0.01
20
$2,500 Access Doors
2
$0.00
21
21
5
$0.10
22
21
3
$0.07
23
1
$0.01
$0.01
24
750
75,000
$1,200 Carpeting
27
2
$0.02
25
27
1
$0.02
26
$5,500 Specialties
26
1
$0.01
27
25
2
$0.97
28
25
2
$0.07
29
19
10
$0.55
30
$125,000 Mechanical
19
10
$0.55
31
$125,000 Electrical
27
2
$0.00
32
13
2
$0.02
33
2,500
13
1
$0.01
34
$1,200 Insurances
1,200
26
3
$0.01
35
28
1
$0.03
36
10
18
$0.15
37
13
18
$0.55
38
13
18
$0.55
39
$36.93
8
6
$0.27
$2,500 Equipment
12
$0.02
12
$0.00
12
12
1
1
$0.11
1
1
$0.11
1
1
$0.33
1
30
$1.00
1
6
$0.09
1
30
$1.55
1
10
$0.33
1
1
$0.15
$35,000 Appraisal
1
30
$1.11
1
30
$1.00
$225,000 Legal Cost
1
$0.66
$150,000 Points
1
$0.66
1
1
$0.44
1
1
$0.53
1
33
$1.55
$6.53
1,944
1,944
1,944
1,944
1,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
418,249
343,249
340,749
302,838
314,138
310,888
385,888
312,888
312,888
10,000
10,000
10,000
10,000
417
417
417
417
417
417
417
83
83
83
83
83
83
10,000
10,000
83
375
375
375
375
375
375
375
10,875
10,875
875
875
875
875
875
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
1
$4.98
1,944
1
24
1,944
$0.31
$2.30
1,944
12
$5.77
2,500
$7,500 Signage
12
$0.02
750
12,500
$2,500 Sealants
21
21
1
396,084
$0 LAND PURCHASE
13
22
Oct-09
385,807
2
$0.44
Sep-09
381,802
2
4
Aug-09
416,761
1
9
Jul-09
415,444
1
8
Jun-09
494,441
$520,000 OTHER FEES
7,500
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
42,500
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
0
0
0
0
0
0
0
0
0
13,086
16,588
19,531
22,483
25,187
27,920
30,649
33,929
36,715
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
23,692
27,194
30,137
33,089
35,793
38,526
41,255
44,535
47,321
$51.84
494,441
415,444
416,761
381,802
385,807
385,289
463,019
393,298
396,084
$51.84
494,441
415,444
416,761
381,802
385,807
385,289
463,019
393,298
396,084
9,870,527
9,376,085
8,960,642
8,543,880
8,162,078
7,776,272
7,390,982
6,927,963
6,534,665
494,441
415,444
416,761
381,802
385,807
385,289
463,019
393,298
396,084
0
494,441
0
415,444
0
416,761
0
381,802
0
385,807
0
385,289
0
463,019
0
393,298
0
396,084
9,376,085
8,960,642
8,543,880
8,162,078
7,776,272
7,390,982
6,927,963
6,534,665
6,138,581
2,341,847
2,757,291
3,174,052
3,555,854
3,941,661
4,326,950
4,789,969
5,183,267
5,579,352
Expenses
1
1
1
1
1
1
$0.00
$0.00
Page 2 of 4
Page 179
CONSTRUCTION PHASE
Month End
Nov-09
March 20, 2008
8.50%
Gross Building Area
226,044
Project Income
Start Mo Num Mo
Cost / SF
Item
1
2
7
$0.07
2
2
2
$0.11
3
2
1
$0.33
4
4
5
$0.22
5
1
1
$0.00
6
$0 Street Pavers
8
2
$0.04
7
9
24
$30.00
9
2
$0.66
9
$150,000 Concrete
9
4
$0.55
10
$125,000 Masonry
11
9
4
1
Schout
Cost Estimate
1
$0.44
8
10
2
$0.02
12
2
$0.01
13
14
6
$0.33
14
22
2
$0.04
15
2
$0.02
16
1
$0.33
17
18
Mar-10
Apr-10
437,712
435,938
428,150
548,683
551,070
0
0
0
0
0
0
0
0
0
421,890
413,628
427,633
437,712
435,938
428,150
548,683
551,070
443,223
19
20
21
22
23
24
25
26
27
282,555
282,555
282,555
282,555
282,555
282,555
282,555
282,555
282,555
5,000
5,000
4,500
4,500
1,250
$2,500 Sealants
1,250
2,000
1
$0.01
19
$0.01
20
$2,500 Access Doors
21
2
$0.00
21
21
5
$0.10
22
4,500
4,500
4,500
21
3
$0.07
23
5,000
5,000
5,000
21
1
$0.01
24
25
2,500
375
$1,200 Carpeting
375
1,200
27
1
$0.02
26
$5,500 Specialties
26
1
$0.01
27
$2,500 Equipment
25
443,223
12,500
1
$0.02
Jul-10
427,633
22
2
Jun-10
413,628
22
27
May-10
421,890
$5,000 Misc Metals
17
$0.01
Feb-10
16
2
Jan-10
$0 LAND PURCHASE
13
20
Dec-09
2,250
5,500
2,500
2
$0.97
28
25
2
$0.07
29
7,500
7,500
19
10
$0.55
30
$125,000 Mechanical
12,500
12,500
12,500
12,500
12,500
12,500
12,500
12,500
12,500
19
10
$0.55
31
$125,000 Electrical
12,500
12,500
12,500
12,500
12,500
12,500
12,500
12,500
12,500
27
2
$0.00
32
13
2
$0.02
33
13
1
$0.01
34
$1,200 Insurances
26
3
$0.01
35
28
1
$0.03
36
10
18
$0.15
37
13
18
$0.55
38
13
18
$0.55
39
$36.93
8
6
$0.27
$0.02
$0.00
12
12
$0.31
1
1
$0.11
1
1
$0.11
1
1
$0.33
1
30
$1.00
1
6
$0.09
1
30
$1.55
1
10
$0.33
1
1
$0.15
1
30
$1.11
1
30
$1.00
$225,000 Legal Cost
$0.66
$150,000 Points
$0.66
1
1
$0.44
1
1
$0.53
$1.55
$6.53
6,944
1,944
6,944
1,944
6,944
1,944
500
500
1,944
1,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
335,888
324,638
335,713
342,763
337,888
327,888
445,388
443,888
332,138
417
417
417
417
417
83
83
83
83
0
0
0
0
83
375
375
375
375
375
875
875
875
875
875
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
$35,000 Appraisal
1
33
6,944
1,944
1
1
6,944
1,944
1
$4.98
6,944
1,944
1
24
1,944
12
12
$2.30
500
12
$5.77
110,000
$7,500 Signage
12
$0.02
110,000
$520,000 OTHER FEES
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
0
0
0
0
0
0
0
0
0
39,520
42,509
45,439
48,468
51,568
54,656
57,689
61,575
65,479
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
50,126
53,115
56,045
59,074
62,174
65,262
68,295
72,181
76,085
$51.84
421,890
413,628
427,633
437,712
435,938
428,150
548,683
551,070
443,223
$51.84
421,890
413,628
427,633
437,712
435,938
428,150
548,683
551,070
443,223
6,138,581
5,716,691
5,303,063
4,875,430
4,437,718
4,001,780
3,573,630
3,024,946
2,473,877
421,890
413,628
427,633
437,712
435,938
428,150
548,683
551,070
443,223
0
421,890
0
413,628
0
427,633
0
437,712
0
435,938
0
428,150
0
548,683
0
551,070
0
443,223
5,716,691
5,303,063
4,875,430
4,437,718
4,001,780
3,573,630
3,024,946
2,473,877
2,030,654
6,001,241
6,414,870
6,842,503
7,280,215
7,716,152
8,144,303
8,692,986
9,244,056
9,687,279
Expenses
1
1
1
1
1
1
$0.00
$0.00
Page 3 of 4
Page 180
CONSTRUCTION PHASE
Month End
Aug-10
March 20, 2008
8.50%
Gross Building Area
226,044
Project Income
Start Mo Num Mo
Cost / SF
Item
Schout
Cost Estimate
Oct-10
Nov-10
Dec-10
Jan-11
Total
446,418
413,830
-1,554,488
-1,614,388
-1,625,823
-1,919,895
0
0
1,971,250
1,971,250
1,971,250
1,971,250
3,832,932
7,885,000
446,418
413,830
416,762
356,862
345,427
51,355
11,717,932
28
29
30
31
32
33
Future
Total
Expense
1
1
2
7
$0.07
2
15,000
2
2
$0.11
3
25,000
2
1
$0.33
4
75,000
4
5
$0.22
5
50,000
1
1
$0.00
6
$0 Street Pavers
8
2
$0.04
7
9
24
$30.00
8
9
2
$0.66
9
$150,000 Concrete
150,000
9
1
Sep-10
$0 LAND PURCHASE
10,000
282,555
282,555
282,555
282,555
282,555
6,781,320
4
$0.55
10
$125,000 Masonry
125,000
9
4
$0.44
11
100,000
10
2
$0.02
12
$5,000 Misc Metals
13
2
$0.01
13
14
6
$0.33
14
75,000
22
2
$0.04
15
10,000
5,000
1,500
17
2
$0.02
16
4,000
16
1
$0.33
17
75,000
20
2
$0.01
18
$2,500 Sealants
2,500
22
1
$0.01
19
2,000
22
1
$0.01
20
$2,500 Access Doors
2,500
21
2
$0.00
21
21
5
$0.10
22
22,500
21
3
$0.07
23
15,000
21
1
$0.01
24
750
$1,200 Carpeting
1,200
27
2
$0.02
25
27
1
$0.02
26
$5,500 Specialties
26
1
$0.01
27
$2,500 Equipment
25
2
$0.97
28
25
2
$0.07
29
19
10
$0.55
30
$125,000 Mechanical
12,500
125,000
19
10
$0.55
31
$125,000 Electrical
12,500
125,000
27
2
$0.00
32
500
1,000
13
2
$0.02
33
13
1
$0.01
34
$1,200 Insurances
26
3
$0.01
35
28
1
$0.03
36
10
18
$0.15
37
13
18
$0.55
38
13
18
$0.55
39
$36.93
8
6
$0.27
4,500
5,500
2,500
220,000
$7,500 Signage
15,000
5,000
1,200
500
1,500
7,500
7,500
35,000
6,944
6,944
6,944
6,944
6,944
6,944
332,194
296,444
296,444
125,000
125,000
282,555
282,555
0
12
12
$0.02
12
12
$0.00
12
12
$0.02
2,250
60,000
5,000
1,000
$0.31
8,346,970
4,500
0
0
0
0
0
0
70,500
1
1
$0.11
25,000
1
1
$0.11
25,000
1
1
$0.33
1
30
$1.00
1
6
$0.09
1
30
$1.55
1
10
$0.33
1
1
$0.15
1
30
$1.11
8,333
8,333
8,333
250,000
1
30
$1.00
$225,000 Legal Cost
7,500
7,500
7,500
225,000
35,000
35,000
35,000
1
1
$0.66
$150,000 Points
150,000
1
1
$0.66
150,000
1
1
$0.44
1
1
$0.53
$2.30
$520,000 OTHER FEES
$5.77
1
24
$4.98
33
$1.55
$6.53
75,000
7,500
7,500
7,500
225,000
11,667
11,667
11,667
350,000
20,000
75,000
$35,000 Appraisal
35,000
0
0
0
1,305,000
100,000
120,000
0
0
0
0
0
0
520,000
68,618
71,780
74,712
63,701
52,265
40,749
1,125,462
10,606
10,606
10,606
10,606
10,606
10,606
350,000
79,224
82,386
85,318
74,307
62,872
51,355
1,475,462
$51.84
446,418
413,830
416,762
356,862
345,427
51,355
11,717,932
$51.84
446,418
413,830
416,762
356,862
345,427
51,355
11,717,932
2,030,654
1,584,235
1,170,405
2,724,894
4,339,282
5,965,105
446,418
413,830
416,762
356,862
345,427
51,355
11,717,932
1,971,250
1,971,250
1,971,250
1,971,250
7,885,000
1,971,250
-1,554,488
1,971,250
-1,614,388
1,971,250
-1,625,823
1,971,250
-1,919,895
7,885,000
3,832,932
Expenses
1
1
$0.00
1
1
1
1
$0.00
0
0
0
446,418
0
413,830
1,584,235
1,170,405
2,724,894
4,339,282
5,965,105
7,885,000
10,133,697
10,547,527
8,993,039
7,378,651
5,752,827
3,832,932
Page 4 of 4
Page 181
CONSTRUCTION PHASE
Residential Component Only
Month End
May-08
March 20, 2008
8.50%
Gross Building Area
210,000
Project Income
Start Mo Num Mo
1
Cost / SF
1
Item
1
Schout
Cost Estimate
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
736,439
151,299
77,370
75,418
75,953
76,491
73,699
89,221
0
0
0
0
0
0
0
0
471,460
0
736,439
151,299
77,370
75,418
75,953
76,491
73,699
89,221
471,460
1
2
3
4
5
6
7
8
9
2,143
2,143
2,143
2,143
2,143
10,000
10,000
10,000
10,000
10,000
$0 LAND PURCHASE
2
7
$0.07
2
2,143
2,143
2
2
$0.12
3
12,500
12,500
2
1
$0.36
4
75,000
4
5
$0.24
5
1
1
$0.00
6
$0 Street Pavers
8
2
$0.05
7
9
24
$30.00
8
9
2
$0.71
9
$150,000 Concrete
75,000
9
5,000
$6,300,000 Shell Construction ($30 x 210,000 Sq. Ft. GLA)
5,000
262,500
4
$0.60
10
$125,000 Masonry
31,250
9
4
$0.48
11
25,000
10
2
$0.02
12
$5,000 Misc Metals
13
2
$0.01
13
14
6
$0.36
14
22
2
$0.05
15
17
2
$0.02
16
16
1
$0.02
17
20
2
$0.01
18
$2,500 Sealants
22
1
$0.01
19
22
1
$0.01
20
$2,500 Access Doors
21
2
$0.00
21
21
5
$0.11
22
21
3
$0.07
23
21
1
$0.01
24
$1,200 Carpeting
27
2
$0.02
25
27
1
$0.03
26
$5,500 Specialties
26
1
$0.01
27
25
2
$1.05
28
25
2
$0.07
29
19
10
$0.60
30
$125,000 Mechanical
19
10
$0.60
31
$125,000 Electrical
27
2
$0.00
32
13
2
$0.02
33
13
1
$0.01
34
$1,200 Insurances
26
3
$0.01
35
28
1
$0.04
36
10
18
$0.17
37
13
18
$0.60
38
13
18
$0.60
39
$37.12
8
6
$0.29
$2,500 Equipment
$7,500 Signage
40
12
$0.02
41
12
$0.00
42
12
12
$0.02
43
0
1
$0.12
44
25,000
1
1
$0.12
45
25,000
1
1
$0.36
46
75,000
1
30
$1.07
47
1
6
$0.10
48
1
30
$1.67
49
1
10
$0.36
50
1
1
$0.17
51
$35,000 Appraisal
1
30
30
$1.19
52
$1.07
53
$6.21
$225,000 Legal Cost
7,500
7,500
0
7,500
0
7,500
0
7,500
0
10,000
10,000
7,500
7,500
7,500
3,333
11,667
11,667
11,667
11,667
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
35,000
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
205,833
45,833
45,833
45,833
45,833
45,833
42,500
42,500
42,500
150,000
1
1
$0.48
56
100,000
1
1
$0.57
57
120,000
$520,000 OTHER FEES
150,000
520,000
0
0
0
0
0
0
0
0
5,216
6,288
6,836
7,370
7,908
8,450
8,972
9,604
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
15,823
16,894
17,442
17,976
18,514
19,056
19,578
20,210
7,500
0
3,333
0
11,667
$150,000 Points
59
10,000
3,333
55
$6.77
10,000
11,667
54
$1.67
398,750
3,333
$0.71
33
17,143
11,667
$0.71
1
12,143
3,333
1
58
12,143
11,667
1
$5.10
12,143
3,333
1
24
12,143
11,667
1
$2.48
14,643
1
1
89,643
12
12
$0.34
0
$52.91
736,439
151,299
77,370
75,418
75,953
76,491
73,699
89,221
471,460
$52.91
736,439
151,299
77,370
75,418
75,953
76,491
73,699
89,221
471,460
11,112,100
10,375,661
10,224,362
10,146,992
10,071,574
9,995,621
9,919,130
9,845,431
9,756,210
736,439
151,299
77,370
75,418
75,953
76,491
73,699
89,221
471,460
0
736,439
0
151,299
0
77,370
0
75,418
0
75,953
0
76,491
0
73,699
0
89,221
0
471,460
10,375,661
10,224,362
10,146,992
10,071,574
9,995,621
9,919,130
9,845,431
9,756,210
9,284,750
736,439
887,738
965,108
1,040,527
1,116,480
1,192,970
1,266,669
1,355,891
1,827,351
Expenses
1
1
1
1
1
1
$0.00
$0.00
Page 1 of 4
Page 182
CONSTRUCTION PHASE
Month End
Feb-09
March 20, 2008
8.50%
Gross Building Area
210,000
Project Income
Start Mo Num Mo
Cost / SF
Item
1
Schout
Cost Estimate
Mar-09
Apr-09
May-09
364,367
371,448
371,579
0
0
0
0
0
0
0
0
0
474,244
395,103
396,277
361,173
365,031
364,367
371,448
371,579
374,211
10
11
12
13
14
15
16
17
18
262,500
262,500
262,500
262,500
262,500
262,500
262,500
12,500
12,500
12,500
12,500
2,000
2,000
1,944
7
$0.07
2
2
$0.12
3
2
1
$0.36
4
4
5
$0.24
5
1
1
$0.00
6
$0 Street Pavers
8
2
$0.05
7
9
24
$30.00
262,500
262,500
9
2
$0.71
9
$150,000 Concrete
75,000
9
4
$0.60
10
$125,000 Masonry
31,250
31,250
31,250
11
25,000
25,000
25,000
10
2
$0.02
12
$5,000 Misc Metals
2,500
2,500
2
$0.01
13
14
6
$0.36
14
22
2
$0.05
15
2
$0.02
16
1
$0.02
17
2
$0.01
18
$2,500 Sealants
19
22
1
$0.01
20
$2,500 Access Doors
21
2
$0.00
21
21
5
$0.11
22
21
3
$0.07
23
21
1
1
$0.01
$0.01
24
750
4,500
$1,200 Carpeting
27
2
$0.02
25
27
1
$0.03
26
$5,500 Specialties
26
1
$0.01
27
25
2
$1.05
28
25
2
$0.07
29
19
10
$0.60
30
$125,000 Mechanical
19
10
$0.60
31
$125,000 Electrical
27
2
$0.00
32
13
2
$0.02
33
2,500
13
1
$0.01
34
$1,200 Insurances
1,200
26
3
$0.01
35
28
1
$0.04
36
10
18
$0.17
37
13
18
$0.60
38
13
18
$0.60
39
$37.12
8
6
$0.29
$2,500 Equipment
12
12
$0.02
41
12
$0.00
42
12
12
$0.02
43
1
1
$0.12
44
1
1
$0.12
45
1
1
$0.36
46
1
30
$1.07
47
1
6
$0.10
48
1
30
$1.67
49
1
10
$0.36
50
1
1
$0.17
51
$35,000 Appraisal
1
30
$1.19
52
1
30
$1.07
53
$225,000 Legal Cost
1
$0.71
54
$150,000 Points
1
1
$0.71
55
1
1
$0.48
56
1
1
$0.57
57
1
$520,000 OTHER FEES
$5.10
58
33
$1.67
59
$6.77
1,944
1,944
1,944
1,944
1,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
398,194
323,194
320,694
282,783
294,083
290,833
295,333
292,833
292,833
10,000
10,000
10,000
10,000
417
417
417
417
417
417
417
83
83
83
83
83
83
10,000
10,000
83
375
375
375
375
375
375
375
10,875
10,875
875
875
875
875
875
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
1
24
1,944
$2.48
1,944
$6.21
1,944
12
$0.34
2,500
$7,500 Signage
40
750
12,500
16
20
22
374,211
$0 LAND PURCHASE
13
17
Oct-09
365,031
2
$0.48
Sep-09
361,173
2
4
Aug-09
396,277
1
9
Jul-09
395,103
1
8
Jun-09
474,244
7,500
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
42,500
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
0
0
0
0
0
0
0
0
0
12,944
16,303
19,102
21,909
24,467
27,053
29,633
32,265
34,897
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
23,550
26,909
29,708
32,515
35,073
37,659
40,240
42,871
45,503
$52.91
474,244
395,103
396,277
361,173
365,031
364,367
371,448
371,579
374,211
$52.91
474,244
395,103
396,277
361,173
365,031
364,367
371,448
371,579
374,211
9,284,750
8,810,505
8,415,402
8,019,125
7,657,952
7,292,921
6,928,554
6,557,106
6,185,527
474,244
395,103
396,277
361,173
365,031
364,367
371,448
371,579
374,211
0
474,244
0
395,103
0
396,277
0
361,173
0
365,031
0
364,367
0
371,448
0
371,579
0
374,211
8,810,505
8,415,402
8,019,125
7,657,952
7,292,921
6,928,554
6,557,106
6,185,527
5,811,316
2,301,595
2,696,698
3,092,976
3,454,149
3,819,180
4,183,547
4,554,995
4,926,574
5,300,785
Expenses
1
1
1
1
1
1
$0.00
$0.00
Page 2 of 4
Page 183
CONSTRUCTION PHASE
Month End
Nov-09
March 20, 2008
8.50%
Gross Building Area
210,000
Project Income
Start Mo Num Mo
Cost / SF
Item
1
2
7
$0.07
2
2
2
$0.12
3
2
1
$0.36
4
4
5
$0.24
5
1
1
$0.00
6
$0 Street Pavers
8
2
$0.05
7
9
24
$30.00
9
2
$0.71
9
$150,000 Concrete
9
4
$0.60
10
$125,000 Masonry
11
9
4
1
Schout
Cost Estimate
1
$0.48
8
10
2
$0.02
12
2
$0.01
13
14
6
$0.36
14
22
2
$0.05
15
2
$0.02
16
1
$0.02
17
18
Mar-10
Apr-10
415,213
413,279
405,331
525,702
527,926
0
0
0
0
0
0
0
0
0
399,862
391,444
405,292
415,213
413,279
405,331
525,702
527,926
419,915
19
20
21
22
23
24
25
26
27
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
5,000
5,000
4,500
4,500
1,250
$2,500 Sealants
1,250
2,000
1
$0.01
19
$0.01
20
$2,500 Access Doors
21
2
$0.00
21
21
5
$0.11
22
4,500
4,500
4,500
21
3
$0.07
23
5,000
5,000
5,000
21
1
$0.01
24
25
2,500
375
$1,200 Carpeting
375
1,200
27
1
$0.03
26
$5,500 Specialties
26
1
$0.01
27
$2,500 Equipment
25
419,915
12,500
1
$0.02
Jul-10
405,292
22
2
Jun-10
391,444
22
27
May-10
399,862
$5,000 Misc Metals
17
$0.01
Feb-10
16
2
Jan-10
$0 LAND PURCHASE
13
20
Dec-09
2,250
5,500
2,500
2
$1.05
28
25
2
$0.07
29
7,500
7,500
19
10
$0.60
30
$125,000 Mechanical
12,500
12,500
12,500
12,500
12,500
12,500
12,500
12,500
12,500
19
10
$0.60
31
$125,000 Electrical
12,500
12,500
12,500
12,500
12,500
12,500
12,500
12,500
12,500
27
2
$0.00
32
13
2
$0.02
33
13
1
$0.01
34
$1,200 Insurances
26
3
$0.01
35
28
1
$0.04
36
10
18
$0.17
37
13
18
$0.60
38
13
18
$0.60
39
$37.12
8
6
$0.29
12
$0.02
41
12
$0.00
42
12
12
$0.02
43
1
1
$0.12
44
1
1
$0.12
45
1
1
$0.36
46
1
30
$1.07
47
1
6
$0.10
48
1
30
$1.67
49
1
10
$0.36
50
1
1
$0.17
51
1
30
$1.19
52
1
30
$1.07
53
$225,000 Legal Cost
$0.71
54
$150,000 Points
1
$0.71
55
1
1
$0.48
56
1
1
$0.57
57
1
$520,000 OTHER FEES
33
$1.67
59
$6.77
6,944
1,944
6,944
1,944
6,944
1,944
500
500
1,944
1,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
6,944
315,833
304,583
315,658
322,708
317,833
307,833
425,333
423,833
312,083
417
417
417
417
417
83
83
83
83
0
0
0
0
83
375
375
375
375
375
875
875
875
875
875
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
$35,000 Appraisal
1
58
6,944
1,944
1
$5.10
6,944
1,944
1
24
6,944
1,944
$2.48
1,944
12
$6.21
500
12
$0.34
110,000
$7,500 Signage
40
110,000
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
0
0
0
0
0
0
0
0
0
37,547
40,380
43,152
46,023
48,964
51,892
54,763
58,486
62,226
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
48,153
50,986
53,758
56,629
59,570
62,498
65,369
69,092
72,832
$52.91
399,862
391,444
405,292
415,213
413,279
405,331
525,702
527,926
419,915
$52.91
399,862
391,444
405,292
415,213
413,279
405,331
525,702
527,926
419,915
5,811,316
5,411,454
5,020,010
4,614,719
4,199,506
3,786,227
3,380,896
2,855,194
2,327,269
399,862
391,444
405,292
415,213
413,279
405,331
525,702
527,926
419,915
0
399,862
0
391,444
0
405,292
0
415,213
0
413,279
0
405,331
0
525,702
0
527,926
0
419,915
5,411,454
5,020,010
4,614,719
4,199,506
3,786,227
3,380,896
2,855,194
2,327,269
1,907,353
5,700,646
6,092,090
6,497,382
6,912,594
7,325,873
7,731,204
8,256,906
8,784,832
9,204,747
Expenses
1
1
1
1
1
1
$0.00
$0.00
Page 3 of 4
Page 184
CONSTRUCTION PHASE
Month End
Aug-10
March 20, 2008
8.50%
Gross Building Area
210,000
Project Income
Start Mo Num Mo
Cost / SF
Item
Schout
Cost Estimate
Oct-10
Nov-10
Dec-10
Jan-11
Total
422,945
390,191
-1,578,295
-1,638,364
-1,649,969
-1,924,156
0
0
1,971,250
1,971,250
1,971,250
1,971,250
3,227,100
7,885,000
422,945
390,191
392,955
332,886
321,281
47,094
11,112,100
28
29
30
31
32
33
Future
Total
Expense
1
1
2
7
$0.07
2
15,000
2
2
$0.12
3
25,000
2
1
$0.36
4
75,000
4
5
$0.24
5
50,000
1
1
$0.00
6
$0 Street Pavers
8
2
$0.05
7
9
24
$30.00
8
9
2
$0.71
9
$150,000 Concrete
150,000
9
1
Sep-10
$0 LAND PURCHASE
10,000
262,500
262,500
262,500
262,500
262,500
6,300,000
4
$0.60
10
$125,000 Masonry
125,000
9
4
$0.48
11
100,000
10
2
$0.02
12
$5,000 Misc Metals
13
2
$0.01
13
14
6
$0.36
14
75,000
22
2
$0.05
15
10,000
17
2
$0.02
16
5,000
1,500
4,000
16
1
$0.02
17
4,500
20
2
$0.01
18
$2,500 Sealants
2,500
22
1
$0.01
19
2,000
22
1
$0.01
20
$2,500 Access Doors
2,500
21
2
$0.00
21
21
5
$0.11
22
22,500
21
3
$0.07
23
15,000
21
1
$0.01
24
750
$1,200 Carpeting
1,200
27
2
$0.02
25
27
1
$0.03
26
$5,500 Specialties
26
1
$0.01
27
$2,500 Equipment
25
2
$1.05
28
25
2
$0.07
29
19
10
$0.60
30
$125,000 Mechanical
12,500
125,000
19
10
$0.60
31
$125,000 Electrical
12,500
125,000
27
2
$0.00
32
500
1,000
13
2
$0.02
33
13
1
$0.01
34
$1,200 Insurances
26
3
$0.01
35
28
1
$0.04
36
10
18
$0.17
37
13
18
$0.60
38
13
18
$0.60
39
$37.12
8
6
$0.29
5,500
2,500
220,000
$7,500 Signage
15,000
5,000
1,200
500
1,500
7,500
7,500
35,000
6,944
6,944
6,944
6,944
6,944
6,944
312,139
276,389
276,389
125,000
125,000
262,500
262,500
0
12
12
$0.02
41
12
12
$0.00
42
12
12
$0.02
43
$0.34
4,500
40
2,250
60,000
5,000
1,000
7,795,150
4,500
0
0
0
0
0
0
70,500
1
1
$0.12
44
25,000
1
1
$0.12
45
25,000
1
1
$0.36
46
1
30
$1.07
47
1
6
$0.10
48
1
30
$1.67
49
1
10
$0.36
50
1
1
$0.17
51
1
30
$1.19
52
8,333
8,333
8,333
250,000
1
30
$1.07
53
$225,000 Legal Cost
7,500
7,500
7,500
225,000
35,000
35,000
35,000
1
1
$0.71
54
$150,000 Points
150,000
1
1
$0.71
55
150,000
1
1
$0.48
56
1
1
$0.57
57
$6.21
$5.10
58
33
$1.67
59
$6.77
7,500
7,500
225,000
11,667
11,667
11,667
350,000
20,000
75,000
$35,000 Appraisal
$520,000 OTHER FEES
24
75,000
7,500
$2.48
1
35,000
0
0
0
1,305,000
100,000
120,000
0
0
0
0
0
0
520,000
65,200
68,196
70,960
59,780
48,175
36,488
1,071,450
10,606
10,606
10,606
10,606
10,606
10,606
350,000
75,806
78,802
81,566
70,386
58,781
47,094
1,421,450
$52.91
422,945
390,191
392,955
332,886
321,281
47,094
11,112,100
$52.91
422,945
390,191
392,955
332,886
321,281
47,094
11,112,100
1,907,353
1,484,408
1,094,217
2,672,512
4,310,876
5,960,844
422,945
390,191
392,955
332,886
321,281
47,094
11,112,100
1,971,250
1,971,250
1,971,250
1,971,250
7,885,000
1,971,250
-1,578,295
1,971,250
-1,638,364
1,971,250
-1,649,969
1,971,250
-1,924,156
7,885,000
3,227,100
Expenses
1
1
$0.00
1
1
1
1
$0.00
0
0
0
422,945
0
390,191
1,484,408
1,094,217
2,672,512
4,310,876
5,960,844
7,885,000
9,627,692
10,017,883
8,439,588
6,801,225
5,151,256
3,227,100
Page 4 of 4
Page 185
CONSTRUCTION PHASE
Retail Component Only
Month End
May-08
March 20, 2008
8.50%
Gross Building Area
226,046
Project Income
Start Mo Num Mo
1
2
Cost / SF
1
7
Item
1
$121.30
2
2
2
$1.99
3
2
1
$0.33
4
Schout
Cost Estimate
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
805,606
4,423,455
4,304,788
4,135,280
4,164,572
4,194,071
4,215,446
4,416,138
0
0
0
0
0
0
0
0
1,081,584
0
805,606
4,423,455
4,304,788
4,135,280
4,164,572
4,194,071
4,215,446
4,416,138
1,081,584
1
2
3
4
5
6
7
8
9
3,917,143
3,917,143
3,917,143
3,917,143
3,917,143
3,917,143
3,917,143
225,000
225,000
25,000
25,000
25,000
25,000
25,000
$0 LAND PURCHASE
$27,420,000 Parking Deck (1,828 Space at $15,000)
75,000
4
5
$0.55
5
1
1
$0.00
6
$0 Street Pavers
8
3
$0.20
7
9
24
$30.00
8
9
2
$1.00
9
$225,000 Concrete
112,500
112,500
9
4
$1.99
10
$450,000 Masonry
9
4
$0.77
11
10
2
$0.13
12
$30,000 Misc Metals
13
2
$0.04
13
14
6
$0.55
14
22
2
$0.35
15
17
2
$0.05
16
16
1
$0.40
17
20
2
$0.02
18
22
1
$0.04
19
22
1
$0.01
20
21
2
$0.04
21
$10,000 Entrance Glazing
21
5
$1.55
22
21
3
$0.20
23
21
1
$0.01
24
$4,000 Sealants
$2,500 Access Doors
$2,500 Carpeting
2
$0.15
25
1
$0.40
26
$90,000 Specialties
26
1
$0.11
27
25
2
$1.24
28
25
2
$0.77
29
19
10
$1.55
30
$350,000 Mechanical
19
10
$2.43
31
$550,000 Electrical
27
2
$0.05
32
13
2
$0.11
33
13
1
$0.55
34
26
3
$0.11
35
$25,000 Equipment
$125,000 Insurances
9
1
$0.11
36
$25,000 Mall Art Work
28
1
$0.07
37
$15,000 Signage
10
18
$0.15
38
39
2
1
$0.33
18
$10.00
40
18
$1.99
41
13
18
$6.64
42
$188.32
8
$75,000 Retention Pond
$1,500,000 Construction Contingency
6
$0.27
8
6
$3.87
44
$875,000 Ramp into Deck
12
$0.55
45
12
12
$0.20
46
12
$1.33
47
$6.22
1
1
$0.11
48
1
$0.11
49
1
1
$0.33
50
1
30
$6.19
51
4,142,143
3,942,143
3,942,143
3,942,143
3,942,143
3,957,143
591,308
10,000
10,000
145,833
145,833
155,833
155,833
$1,400,000 Architectural & Engineering
1
6
$0.22
52
30
$3.32
53
$750,000 Development Fee
1
30
54
1
10
$0.33
55
1
1
$0.15
56
$35,000 Appraisal
1
30
$1.11
57
1
30
$1.00
58
$14.42
4,292,143
1
$1.55
0
$1,405,000 OFF SITE COSTS
1
75,000
12
12
25,000
$2,260,000 Leasehold Allowance ($10.00 * 226,000)
43
43,750
27
13
15,000
282,558
27
13
15,000
$225,000 Legal Cost
0
0
0
0
0
0
0
25,000
25,000
75,000
46,667
46,667
46,667
46,667
8,333
8,333
8,333
8,333
8,333
8,333
25,000
25,000
46,667
25,000
46,667
25,000
46,667
25,000
46,667
25,000
46,667
25,000
25,000
25,000
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
35,000
8,333
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
275,000
115,000
115,000
115,000
115,000
115,000
106,667
106,667
106,667
0
0
0
0
0
96,823
126,322
156,030
185,889
217,170
1
1
$0.66
59
$150,000 Points
1
1
$0.66
60
150,000
1
1
$0.44
61
100,000
1
1
$0.53
62
120,000
$520,000 OTHER FEES
520,000
0
0
0
5,706
37,039
67,531
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
16,312
47,645
78,137
107,429
136,928
166,636
196,496
227,777
$2.30
24
1
33
$36.66
63
$1.55
64
$38.21
150,000
$249.47
805,606
4,423,455
4,304,788
4,135,280
4,164,572
4,194,071
4,215,446
4,416,138
1,081,584
$249.47
805,606
4,423,455
4,304,788
4,135,280
4,164,572
4,194,071
4,215,446
4,416,138
1,081,584
56,391,684
55,586,078
51,162,622
46,857,834
42,722,554
38,557,982
34,363,911
30,148,465
25,732,327
805,606
4,423,455
4,304,788
4,135,280
4,164,572
4,194,071
4,215,446
4,416,138
1,081,584
0
805,606
0
4,423,455
0
4,304,788
0
4,135,280
0
4,164,572
0
4,194,071
0
4,215,446
0
4,416,138
0
1,081,584
55,586,078
51,162,622
46,857,834
42,722,554
38,557,982
34,363,911
30,148,465
25,732,327
24,650,743
805,606
5,229,061
9,533,849
13,669,130
17,833,702
22,027,773
26,243,218
30,659,357
31,740,941
Expenses
1
1
1
1
1
1
$0.00
$0.00
Page 1 of 4
Page 186
CONSTRUCTION PHASE
Month End
Feb-09
March 20, 2008
8.50%
Gross Building Area
226,046
Project Income
Start Mo Num Mo
Cost / SF
Item
1
Schout
Cost Estimate
Mar-09
Apr-09
May-09
949,773
1,046,501
969,913
0
0
0
0
0
0
0
0
0
1,081,190
953,848
984,771
1,211,886
960,470
949,773
1,046,501
969,913
976,784
10
11
12
13
14
15
16
17
18
282,558
282,558
282,558
282,558
282,558
282,558
20,833
20,833
20,833
20,833
6,000
6,000
7
$121.30
2
2
$1.99
3
2
1
$0.33
4
4
5
$0.55
5
1
1
$0.00
6
$0 Street Pavers
8
3
$0.20
7
9
24
$30.00
8
282,558
282,558
9
2
$1.00
9
$225,000 Concrete
112,500
9
4
$1.99
10
$450,000 Masonry
112,500
112,500
112,500
43,750
43,750
43,750
15,000
15,000
9
4
$0.77
11
2
$0.13
12
$30,000 Misc Metals
13
2
$0.04
13
14
6
$0.55
14
22
2
$0.35
15
17
2
$0.05
16
16
1
$0.40
17
20
2
$0.02
18
$0.01
20
$0.04
21
21
$1.55
22
3
$0.20
23
$0.01
24
$2,500 Carpeting
27
2
$0.15
25
1
$0.40
26
$90,000 Specialties
26
1
$0.11
27
25
2
$1.24
28
25
2
$0.77
29
19
10
$1.55
30
$350,000 Mechanical
19
10
$2.43
31
$550,000 Electrical
27
2
$0.05
32
13
2
$0.11
33
13
1
$0.55
34
26
3
$0.11
35
$25,000 Equipment
1
$0.11
36
1
$0.07
37
$15,000 Signage
10
18
$0.15
38
2
1
$0.33
39
18
$10.00
40
13
18
$1.99
41
13
18
$6.64
42
$188.32
8
12,500
125,000
1,944
1,944
1,944
1,944
1,944
1,944
1,944
1,944
1,944
125,556
125,556
125,556
125,556
125,556
125,556
25,000
6
$0.27
43
8
6
$3.87
44
12
12
$0.55
45
12
12
$0.20
46
12
12
$1.33
47
583,252
455,752
440,752
25,000
25,000
25,000
83,333
83,333
83,333
83,333
539,224
629,224
545,224
545,224
10,000
10,000
10,000
145,833
145,833
145,833
25,000
83,333
556,724
10,000
10,417
25,000
83,333
660,891
145,833
$6.22
12,500
$125,000 Insurances
28
13
90,000
$2,500 Access Doors
27
9
5,000
20,833
1
2
1
5,000
$4,000 Sealants
22
5
15,000
282,558
21
21
976,784
$0 LAND PURCHASE
10
21
Oct-09
960,470
2
19
Sep-09
1,211,886
2
$0.04
Aug-09
984,771
1
1
Jul-09
953,848
1
22
Jun-09
1,081,190
10,417
10,417
10,417
10,417
10,417
10,417
3,750
3,750
3,750
3,750
3,750
3,750
3,750
25,000
25,000
25,000
25,000
25,000
25,000
25,000
155,833
155,833
195,000
195,000
39,167
39,167
39,167
39,167
39,167
1
1
$0.11
48
1
1
$0.11
49
1
1
$0.33
50
1
30
$6.19
51
46,667
46,667
46,667
46,667
46,667
46,667
46,667
46,667
46,667
1
6
$0.22
52
1
30
$3.32
53
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
1
30
$1.55
54
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
1
10
$0.33
55
1
1
$0.15
56
$35,000 Appraisal
1
30
$1.11
57
1
30
$1.00
58
$14.42
$225,000 Legal Cost
1
1
$0.66
59
$150,000 Points
1
1
$0.66
60
1
1
$0.44
61
1
1
$0.53
62
$2.30
24
1
33
$520,000 OTHER FEES
$36.66
63
$1.55
64
$38.21
7,500
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
106,667
99,167
99,167
99,167
99,167
99,167
99,167
99,167
99,167
0
0
0
0
0
0
0
0
0
224,832
232,490
239,247
246,222
254,806
261,609
268,337
275,750
282,620
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
235,438
243,096
249,853
256,828
265,412
272,216
278,943
286,356
293,226
$249.47
1,081,190
953,848
984,771
1,211,886
960,470
949,773
1,046,501
969,913
976,784
$249.47
1,081,190
953,848
984,771
1,211,886
960,470
949,773
1,046,501
969,913
976,784
24,650,743
23,569,553
22,615,705
21,630,934
20,419,048
19,458,579
18,508,806
17,462,305
16,492,392
1,081,190
953,848
984,771
1,211,886
960,470
949,773
1,046,501
969,913
976,784
0
1,081,190
0
953,848
0
984,771
0
1,211,886
0
960,470
0
949,773
0
1,046,501
0
969,913
0
976,784
23,569,553
22,615,705
21,630,934
20,419,048
19,458,579
18,508,806
17,462,305
16,492,392
15,515,608
32,822,130
33,775,978
34,760,750
35,972,635
36,933,105
37,882,878
38,929,379
39,899,292
40,876,075
Expenses
1
1
1
1
1
1
$0.00
$0.00
Page 2 of 4
Page 187
CONSTRUCTION PHASE
Month End
Nov-09
March 20, 2008
8.50%
Gross Building Area
226,046
Project Income
Start Mo Num Mo
Cost / SF
Item
1
Schout
Cost Estimate
1
1
2
7
$121.30
2
2
2
$1.99
3
2
1
$0.33
4
4
5
$0.55
5
1
1
$0.00
6
$0 Street Pavers
8
3
$0.20
7
9
24
$30.00
9
2
$1.00
9
$225,000 Concrete
9
4
$1.99
10
$450,000 Masonry
8
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
1,212,606
1,203,696
1,118,055
1,353,475
1,326,395
0
0
0
0
0
0
0
0
0
1,067,702
1,056,432
1,156,415
1,212,606
1,203,696
1,118,055
1,353,475
1,326,395
1,196,790
19
20
21
22
23
24
25
26
27
282,558
282,558
282,558
282,558
282,558
282,558
282,558
282,558
282,558
40,000
40,000
70,000
70,000
4
$0.77
11
2
$0.13
12
2
$0.04
13
14
6
$0.55
14
22
2
$0.35
15
17
2
$0.05
16
16
1
$0.40
17
$30,000 Misc Metals
20,833
2,000
2
$0.02
18
1
$0.04
19
22
1
$0.01
20
$2,500 Access Doors
21
2
$0.04
21
5,000
5,000
21
70,000
70,000
70,000
15,000
15,000
15,000
$1.55
22
3
$0.20
23
$0.01
24
$4,000 Sealants
2,000
20
22
1
10,000
2,500
$2,500 Carpeting
27
2
$0.15
25
27
1
$0.40
26
$90,000 Specialties
26
1
$0.11
27
$25,000 Equipment
25
1,196,790
9
5
Jul-10
1,156,415
13
21
Jun-10
1,056,432
$0 LAND PURCHASE
10
21
May-10
1,067,702
2,500
17,500
90,000
25,000
2
$1.24
28
25
2
$0.77
29
87,500
87,500
19
10
$1.55
30
$350,000 Mechanical
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
19
10
$2.43
31
$550,000 Electrical
55,000
55,000
55,000
55,000
55,000
55,000
55,000
55,000
55,000
27
2
$0.05
32
13
2
$0.11
33
13
1
$0.55
34
26
3
$0.11
35
9
1
$0.11
36
1
$0.07
37
$15,000 Signage
10
18
$0.15
38
2
1
$0.33
39
18
$10.00
40
13
18
$1.99
41
13
18
$6.64
42
$188.32
8
6
$0.27
43
8
6
$3.87
44
12
12
$0.55
45
12
12
$0.20
46
12
12
$1.33
47
1
1
1
1
$0.11
$0.11
49
8,333
8,333
1,944
1,944
1,944
1,944
1,944
1,944
1,944
1,944
1,944
125,556
125,556
125,556
125,556
125,556
125,556
125,556
125,556
125,556
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
83,333
83,333
83,333
83,333
83,333
83,333
83,333
83,333
83,333
629,224
610,391
702,891
750,891
733,391
678,391
905,891
869,224
730,224
48
6,000
$6.22
140,000
$125,000 Insurances
28
13
140,000
10,417
10,417
10,417
10,417
10,417
3,750
3,750
3,750
3,750
3,750
25,000
25,000
25,000
25,000
25,000
39,167
39,167
39,167
39,167
39,167
0
0
0
0
1
1
$0.33
50
1
30
$6.19
51
46,667
46,667
46,667
46,667
46,667
46,667
46,667
46,667
46,667
1
6
$0.22
52
1
30
$3.32
53
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
1
30
$1.55
54
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
11,667
1
10
$0.33
55
1
1
$0.15
56
$35,000 Appraisal
1
30
$1.11
57
1
30
$1.00
58
$14.42
$225,000 Legal Cost
1
1
$0.66
59
$150,000 Points
1
1
$0.66
60
1
1
$0.44
61
1
1
$0.53
62
$2.30
24
1
33
$520,000 OTHER FEES
$36.66
63
$1.55
64
$38.21
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
8,333
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
99,167
99,167
99,167
99,167
99,167
99,167
99,167
99,167
99,167
0
0
0
0
0
0
0
0
0
289,539
297,102
304,585
312,776
321,365
329,892
337,811
347,398
356,794
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
10,606
300,145
307,708
315,191
323,382
331,971
340,498
348,417
358,004
367,400
$249.47
1,067,702
1,056,432
1,156,415
1,212,606
1,203,696
1,118,055
1,353,475
1,326,395
1,196,790
$249.47
1,067,702
1,056,432
1,156,415
1,212,606
1,203,696
1,118,055
1,353,475
1,326,395
1,196,790
15,515,608
14,447,906
13,391,474
12,235,059
11,022,452
9,818,757
8,700,702
7,347,227
6,020,832
1,067,702
1,056,432
1,156,415
1,212,606
1,203,696
1,118,055
1,353,475
1,326,395
1,196,790
0
1,067,702
0
1,056,432
0
1,156,415
0
1,212,606
0
1,203,696
0
1,118,055
0
1,353,475
0
1,326,395
0
1,196,790
14,447,906
13,391,474
12,235,059
11,022,452
9,818,757
8,700,702
7,347,227
6,020,832
4,824,041
41,943,778
43,000,210
44,156,625
45,369,231
46,572,927
47,690,982
49,044,457
50,370,852
51,567,642
Expenses
1
1
1
1
1
1
$0.00
$0.00
Page 3 of 4
Page 188
CONSTRUCTION PHASE
Month End
Aug-10
March 20, 2008
8.50%
Gross Building Area
226,046
Project Income
Start Mo Num Mo
Cost / SF
Item
1
1
1
2
7
$121.30
2
2
2
$1.99
3
2
1
$0.33
4
4
5
$0.55
5
1
1
$0.00
6
Schout
Cost Estimate
Sep-10
1,128,323
Oct-10
999,482
Nov-10
Dec-10
Jan-11
Total
-964,688
-1,304,577
-1,313,818
-1,605,681
48,506,684
0
0
1,971,250
1,971,250
1,971,250
1,971,250
7,885,000
1,128,323
999,482
1,006,562
666,673
657,432
365,569
56,391,684
28
29
30
31
32
33
Future
Total
Expense
$0 LAND PURCHASE
27,420,000
450,000
75,000
125,000
$0 Street Pavers
8
3
$0.20
7
9
24
$30.00
8
9
2
$1.00
9
$225,000 Concrete
225,000
9
45,000
282,558
282,558
282,558
282,558
282,558
6,781,380
4
$1.99
10
$450,000 Masonry
450,000
9
4
$0.77
11
175,000
10
2
$0.13
12
$30,000 Misc Metals
13
2
$0.04
13
14
6
$0.55
14
22
2
$0.35
15
80,000
17
2
$0.05
16
12,000
16
1
$0.40
17
90,000
20
2
$0.02
18
22
1
$0.04
19
22
1
$0.01
20
$2,500 Access Doors
21
2
$0.04
21
10,000
21
350,000
5
$1.55
22
21
3
$0.20
23
21
1
$0.01
24
30,000
10,000
125,000
$4,000 Sealants
4,000
10,000
2,500
45,000
$2,500 Carpeting
2,500
27
2
$0.15
25
27
1
$0.40
26
$90,000 Specialties
26
1
$0.11
27
25
2
$1.24
28
280,000
25
2
$0.77
29
175,000
19
10
$1.55
30
$350,000 Mechanical
35,000
350,000
19
10
$2.43
31
$550,000 Electrical
55,000
550,000
27
2
$0.05
32
13
2
$0.11
33
13
1
$0.55
34
26
3
$0.11
35
9
1
$0.11
36
1
$0.07
37
$15,000 Signage
18
$0.15
38
1
$0.33
39
18
$10.00
40
13
18
$1.99
41
13
18
$6.64
42
$188.32
8
90,000
25,000
6,000
12,000
25,000
$125,000 Insurances
10
2
35,000
$25,000 Equipment
28
13
17,500
125,000
8,333
25,000
25,000
15,000
15,000
35,000
75,000
125,556
125,556
125,556
2,260,000
25,000
25,000
25,000
450,000
83,333
83,333
83,333
653,280
516,446
516,446
1,500,000
282,558
282,558
0
42,569,380
6
$0.27
43
8
6
$3.87
44
875,000
12
12
$0.55
45
125,000
12
12
$0.20
46
12
12
$1.33
47
1
1
$0.11
48
1
1
$0.11
49
1
1
$0.33
50
1
30
$6.19
51
1
6
$0.22
52
1
30
$3.32
53
1
30
$1.55
54
1
10
$0.33
55
1
1
$0.15
56
1
30
$1.11
57
1
30
$1.00
58
$14.42
45,000
$6.22
60,000
300,000
0
0
0
0
0
0
1,405,000
25,000
25,000
75,000
46,667
46,667
46,667
1,400,000
25,000
25,000
25,000
750,000
11,667
11,667
11,667
350,000
8,333
8,333
8,333
250,000
50,000
75,000
$35,000 Appraisal
$225,000 Legal Cost
35,000
7,500
7,500
7,500
99,167
99,167
99,167
225,000
0
0
0
3,260,000
1
1
$0.66
59
$150,000 Points
150,000
1
1
$0.66
60
150,000
1
1
$0.44
61
1
1
$0.53
62
$2.30
24
1
33
$520,000 OTHER FEES
$36.66
63
$1.55
64
$38.21
100,000
120,000
0
0
0
0
0
0
520,000
365,271
373,263
380,343
373,510
364,269
354,963
8,287,304
10,606
10,606
10,606
10,606
10,606
10,606
350,000
375,877
383,869
390,949
384,116
374,875
365,569
8,637,304
$249.47
1,128,323
999,482
1,006,562
666,673
657,432
365,569
56,391,684
$249.47
1,128,323
999,482
1,006,562
666,673
657,432
365,569
56,391,684
4,824,041
3,695,718
2,696,236
3,660,924
4,965,501
6,279,319
Expenses
1,128,323
999,482
1,006,562
666,673
657,432
365,569
56,391,684
1,971,250
1,971,250
1,971,250
1,971,250
7,885,000
7,885,000
48,506,684
1
1
1
1
1
1
$0.00
0
$0.00
0
0
1,128,323
0
999,482
1,971,250
-964,688
1,971,250
-1,304,577
1,971,250
-1,313,818
1,971,250
-1,605,681
3,695,718
2,696,236
3,660,924
4,965,501
6,279,319
7,885,000
52,695,965
53,695,448
52,730,760
51,426,183
50,112,365
48,506,684
Page 4 of 4
Page 189
PLANS & ELEVATIONS
PERSPECTIVE VIEW
SECTION
TRANSFER/LOBBY LEVEL
BASEMENT/RESIDENTIAL LEVEL PARKING
GROUND FLOOR
TYPICAL GARAGE FLOOR
LOWER RETAIL LEVEL
MID RETAIL LEVEL
UPPER RETAIL LEVEL
TYPICAL OFFICE/RESIDENTIAL LEVEL
Page 190
Page 191
Page 192
Page 193
Page 194
Page 195
Page 196
Page 197
Page 198
Page 199
Page 200
Data Sources and Definitions
Sources for global and domestic data refer to historical data. The source for all forecast data,
unless otherwise stated, is R.L. Schout and Associates.
Domestic Data
Trade by country: IMF, Direction of Trade Statistics Yearbook
US$ GDP: IFS; local currency GDP converted to US $’s at annual average market
exchange rate.
US$ GDP at PPP: IFS; R.L. Schout; local currency GDP converted to US dollars at estimated
annual average of consumer products PPP
Population and Growth: Celade
General Government Debt: includes debt of the non-financial and financial public sectors
Lending Rate: Average rate charged by commercial banks on non-preferential loans. The rate is
weighted by loan amounts.
Deposit Rate: Average rate weighted by deposit amount on 30- to 59-day time deposits.
Inflation: IFS; derived from consumer price index (CPA), 2000=100.
Balance of Payments: IFS
Long-term External Debt: World Bank, Global Development Finance; year-end medium-and
long-term publicly guaranteed and non-guaranteed debt outstanding with an original maturity in
excess of one year, plus arrears and year-end IMF debt outstanding.
Total External Debt: Sum of long-term debt, short-term debt and arrears.
Total debt service: World Bank, Global Development Finance; principal repayments made
against long-term debt, plus interest payments and IMF charges paid against total external debt.
Debt-service Ratio: Ratio of total debt service paid to exports of goods and services.
Page 202
Abbreviations
Celade: Centro Latinoamericano de Demografía
IFS: International Financial Statistics
PPP: Purchasing power parity; average ratio of Dominican Republic prices to US prices.
Other Sources:
CIA, World Factbook; Heritage Foundation, Index of Economic Freedom; IMF: Annual Report of
Foreign Exchange Restrictions; International Institute for Management Development; World
Competitiveness Yearbook; International Labor Organization, Labor Statistics Yearbook World
Bank; World Development Indicators.
US Department of Commerce: Survey of Current Business: Trade Data, Payment and
Investment Data. The World Bank: Latin America and the Caribbean Region; Financial Services
Liberalization and Trade in Latin America and the Caribbean.
Page 203

mega centro - tenant listing by category

Transcription

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