380 and 380R Dwight Street

Transcription

3.4
380/380R
Dwight St.
Part A: Overview
Building Overview
Property Overview
Regulatory Context
Existing Conditions
Part B: Approach
Possible Uses
First Phase Occupancy:
380R Dwight
380 Dwight
Part C: Development Scenarios
380R Dwight
Building Areas
Phasing Strategy
380 Dwight
Building Areas
Phasing Strategy
Part D: Pro Formas
380R Dwight
380 Dwight
McCabe Enterprises
Holyoke
157
158
Holyoke | 380 / 380R Dwight Street
McCabe Enterprises
Part A: Overview
380 & 380R Dwight Street
Image from the Massachusetts
Historical Commission Archives
Building Overview
The Hampden Paper Company was constructed between 18711872. The paper company manufactured fine writing paper
there, which continued after the plant was purchased in 1899
by American Writing Paper.
The Hampden complex consists of two long multi-story structures, connecting multi-floor bridge buildings, and a number
of smaller out-buildings. Total floor area of the study buildings
is estimated at approximately 130,500sf. This figure is an estimate, as little documentation on the buildings was available.
On the northern end of 380 Dwight sits a smaller structure
which housed hydroelectric power generation facilities. On the
southern edge of the First Level Canal, the original water wheel
which powered the eastern leg of the paper mill complex still
remains in the sub-basement of 380R Dwight.
Of architectural note is the upper level structural system in both
buildings where clear spans are created by hanging floor framing
from the roof. In 380R, the third floor is free of columns as
the ceiling (attic floor level) is hung from the heavy-timber roof
framing. In the attic level the rafters and floor support tie rods
closely line the exterior walls, leaving a large central clear space
McCabe Enterprises
Property Location
159
property overview
approx. 20ft wide down the center of the building. At 380 Dwight, a similar structural system is used
to support both the second and third floor framing. The second floor ceiling/ third floor and the third
floor ceiling/ attic floor are free of columns or obstructions (with the exception of the tie rods) as
the floors are hung from the roof framing. In the attic level the rafters and floor support tie rods are
close to the exterior walls, leaving a clear space approx. 10-15ft wide down the center of the building.
First Canal
Dwight Street
A
B
D
C
Second Canal
380 DWIGHT STREET: ESTIMATED BUILDING AREAS (sf)1
Bsmnt
10,000
First
Second
Third
10,000
10,000
10,000
Building B
9,500
9,500
9,500
Building C
12,000
12,000
12,000
Building D
4,000
Building A
Attic
Subtotal
10,000
28,500
12,000
Totals
50,000
78,500
48,000
4,000
52,000
130,500
1 Note: Building areas are approximate as accurate plans of the buildings were not
available. Areas have been approximated based on available Sanborn Map information provided by the City of Holyoke.
160
McCabe Enterprises
Regulatory Context
The 380 and 380R Dwight Street property consists of two parcels which each have frontage
onto the canal system and are zoned IG-General Industry. 380 and 380R Dwight Street
are situated in two overlay zoning districts, namely the Arts and Industry Overlay District
(AIOD) and the Downtown Smart Growth Zoning Overlay (40R) District.
The AIOD overlay district seeks to encourage reuse, redevelopment and revitalization of historic mill structures along the canals in Holyoke’s traditional city center. Existing permitted
uses in the underlying district, in this case the IG-General Industry zone, continue to be
allowed as of right, along with multifamily dwellings by renovation of an existing building;
live-work space; and arts-related uses, such as photographic studios, crafts, dance, performing
arts, advertising, theater, film or video production, galleries, or auctions, for example.
The Downtown Smart Growth Zoning Overlay District also seeks to encourage mixed-use development, redevelopment and adaptive re-use of existing structures. Mixed-use development
is allowed as-of-right at this site. The Downtown Smart Growth Zoning Overlay (40R) District requires twenty percent of new housing units be affordable. Rents for affordable housing
in Holyoke are comparable to market rate rents. The regulations enable the Planning Board
to grant relief from the affordable housing requirement, if needed. The City’s intent is to encourage a diversity of housing types and opportunities for a mix of incomes in the Downtown.
Permitted uses in the IG-General Industry zone include manufacturing, wholesale, warehousing, parking, indoor commercial recreation, retail, personal services, business or professional
offices, banks, financial services, restaurants, cultural services, non-exempt educational services, child care, and convenience stores.
Parking requirements for residential uses in the AIOD
is one unit per residential unit. There are no parking requirements for other uses, including commercial uses,
within the AIOD. Adequate parking to meet market,
patron and tenant needs will still need to be provided.
IG
386 and 386R Dwight Street are outside the flood
plain according to FEMA (Federal Emergency Management Agency). There are no known wetlands or
protected vegetation or wildlife in the vicinity of this
site. The flood plain map for this area can be found in
the Appendix.
The 386 and 386R Dwight Street buildings are not
presently listed on the National Register of Historic
Places. However, the properties have been inventoried.
They have the potential to be listed on the National
Register. In addition, the properties are directly adjacent to the Holyoke Canal System National Register
District.
Holyoke Zoning Map
McCabe Enterprises
161
As a consequence, any assistance using state or federal funds, including historic tax credits, will
trigger review by the Massachusetts Historical Commission (MHC) so that the renovation and
rehabilitation work is consistent with the historic architectural character of the buildings as
well as assuring that there is no adverse effect on adjacent Canal System District. Consultation
with MHC at the outset is typically more cost effective, particularly if use of the 20% historic
tax credit is anticipated. MHC and the National Park Service must certify all 20% historic tax
credit projects. Although use of the 10% federal historic tax credit does not require certification, any state or federal assistance does require MHC consultation.
IG
Holyoke Zoning Map
162
McCabe Enterprises
existing conditions: 380R Dwight
380R DWIGHT STREET: GALLERY 380 BUILDING
General
The Gallery 380 Building consists of two distinct building sections. A large brick mill building
"Building A" constructed perpendicular to the First Level Canal and a second smaller brick building
"Building B" which is connected by bridge structures to the Canal Gallery, "Building C", to the south.
Building A: This building was constructed as a mill building with waterwheel in the basement to
harness power from the First Level Canal. It consists of three floors, an occupiable attic level, and a
basement which is exposed on the southern end of the building. The exposed portion of the basement has windows providing very good light levels within.
Building B: This addition to Building A is a lower three-story structure. This later addition has a flat
roof, as compared to the pitched roof of the main building. The basement level of Building B is fully
exposed and gets ample sunlight; there is a first and second floor above the basement.
Basement
The basement of Building A is generally in good condition. A new mechanical unit and ducts are
stored here. At the northern end of the building the basement slopes down to a water wheel room,
formerly used to generate power for the mill. The wheel mechanism is still present. A portion of the
basement in Building B currently is dug up for access to the common water main for repairs. Areas
of this basement have left-over forms, pits and chemicals from a former rubber casting company
that occupied the space. There is an area of standing water from an upper level leak. (Water is
entering the building from rapidly melting snow and rain outside.)
First
Floor
There is some minor wall damage on the northeast corner of Building A from an upper level/ roof
leak. There are a few existing portions in Building A. There are no signs of major structural problems
to address. The second floor of building B is in good condition with the exception of a water leak
from above in the southwest corner of the building.
Second
Floor
The second floor of Building A is in good condition. There are existing partitions that will need to
be removed; trash will need to be cleared from spaces. There are a few windows on the northwest
that have been bricked up and could be re-opened again. In Building B, the second floor had been
cleared and art studio spaces were built of particle board on wood stud. Spaces have toilets and
small kitchenette units. There is a broken window which is part of the source of water below in one
of the rooms on the south side.
Third
Floor
The third floor of Building A has been completely cleared. The floor above is hung from the roof
framing allowing for an uninterrupted space, save for a new freight elevator shaft. Replacement
windows have been installed throughout this floor. There are a few windows on the northwest that
have been bricked up and could be re-opened again. The wood ceiling is in excellent condition.
The stair to the attic will need replacement. An area of 1,000 - 2,000 sf at the northeast corner of
the building is in need of repair. A window is missing and water has been entering the building. The
brick is in need of repair as well as floor and ceiling framing.
Attic/ Roof
Stairs &
Elevators
Conditions in the attic were not clear as the space was unlit. Framing for roof and floor lined the
exterior walls leaving ample space down the middle of the building. Original windows have been
infilled and reduced to small vent windows, and will need to be re-opened and replaced.
A new freight elevator in a concrete block shaft has been constructed in Building A. Building B has
a temporary stock lift mechanism between the basement and first floor. Building plans were not
available, and it is unclear the total number of stairwells in the building. One stair on the northwest
corner of the building was used for the walk-through, along with a second stair in the southeast
corner of the building. Stairs are usable, but in need of some repairs.
Exterior
Brick on northeast corner and on entire length of west wall is in need of repair/ repointing. Other
brick is in generally ok condition.
Systems
There is a new mechanical unit in the basement of Building A, ready for installation. There is currently electric service to the building, however the panel was not reviewed during the walk through.
It is assumed that some upgrades will be required as part of any redevelopment.
The building has sprinklers and the system is believed to be functional. Size of piping may not
meet current code standards; current coverage may not be adequate. Currently all buildings (A-D)
share water service. As part of upgrades to the system, new service for the sprinkler system for
both buildings should be planned.
Structural
Columns, beams and floor framing appeared generally sound despite some areas of pooled water/
damage. There is little or no evidence of changes to the basic floor plates or construction. Building
A is heavy timber, wood frame with wood columns and beams. The third floor is free of columns as
the ceiling, or floor of the attic level, is hung from the roof framing. In the attic level the rafters and
floor support tie rods are close to the exterior walls, leaving a clear space approx. 20ft wide down
the center of the building. Building B is primarily heavy timber wood frame. The structure is post
and beam, no hung floors are present.
McCabe Enterprises
163
380R Dwight Street
Northwest elevation.
Southwest elevation.
Alley between 380 and 380R Dwight, facing southwest.
164
McCabe Enterprises
380R Dwight ground floor spaces.
McCabe Enterprises
165
380R Dwight Street
Right: northeast
elevation.
Below: building “B”
interior spaces.
166
McCabe Enterprises
All images: building “A” third floor and
attic spaces.
McCabe Enterprises
167
existing conditions: 380 Dwight
380 DWIGHT STREET: CANAL GALLERY BUILDING
General
The Gallery 380 Building consists of two distinct building sections. A large brick mill building"Building C" constructed parallel to the Second Level Canal and a single-story brick building "Building B" at the western end. Until recently, the building had been occupied by small
businesses, artists and craftspeople. Businesses ranged from woodworking, to ceramics, to
motorcycle repair, to an on-line marketing/web firm.
Building C: This building was constructed as a mill building and consists of three floors and an
occupiable attic level.
Building D: This building is a one-story addition at the south side of Building C.
First Floor
The first floor of Buildings C & D were almost fully occupied until recently, mainly with small
businesses and workshops. Egress corridors and exits should be reviewed. A gallery occupied
a space at the east end of the first floor; the primary feature of this space are arched brick
vaults and access to the canal. In the center of the building is a mechanical area; equipment
appears fairly recent and very well maintained.
Second Floor
The second floor of Building C is also built out as individual work studios. A fair amount of
trash and furniture from previous tenants remains and will need to be cleared from spaces.
The second floor on the east end above the gallery has been built-out as a multi-room office
space for an advertising company. Egress passages and exits will need to be reviewed, and a
new stairwell may need to be added.
Third Floor
Attic / Roof
Stairs &
Elevators
The third floor of Building C is also built out as individual work studios. The third floor, along
with the attic, is hung from the roof structure. A large percentage of the partitions on this
floor do not meet code standards and will need to be removed and reconstructed. Egress
passages and exits will need to be reviewed, and a new stairwell may need to be added.
The attic level is being used for storage for antiques and other items. There are a few small
roof leaks evident; measures are being taken to contain these leaks. Similar to the Gallery 380,
the attic floor is hung from the roof rafters with tie rods; in this case however, the third floor
framing is likewise hung from the roof structure, eliminating columns and creating a fairly clear
span (with the exception of the tie rods at regular intervals.)
Elevators will need to be removed and reconstructed: new rated shafts will need to be built
and new cabs installed. Additional rated egress stairwells are needed.
Exterior
Brick is generally in good condition with the exception of the northwest wall which is in need
of repair/ repointing. A large portion of the windows are single-pane and will need to be upgraded over time or as part of a larger redevelopment.
Systems
Mechanical systems appear to be new or in good condition.
There is currently electric service to the building, however the panel was not reviewed during
the walk through. It is assumed that some upgrades will be required as part of any redevelopment.
The building has sprinklers and the system is believed to be functional. Size of piping may not
meet current code standards; current coverage may not be adequate. Currently all buildings
(A-D) share water service. As part of upgrades to the system, new service for the sprinkler
system for both buildings should be planned. With multiple owners of the building complex,
a formal arrangement regarding utilities is recommended, or investment in separation of the
utilities and utility feeds for each building.
Structural
168
Columns, beams and floor framing appeared generally sound. Changes to the basic floor
plates or framing is minimal. The first floor ceiling/ second floor is framed with heavy timber,
wood columns and beams. The second floor ceiling/ third floor and the third floor ceiling/ attic floor are free of columns as the floors are hung from the roof framing. In the attic level the
rafters and floor support tie rods are close to the exterior walls, leaving a clear space approx.
10-15ft wide down the center of the building.
McCabe Enterprises
380 Dwight Street
Above: northwest
elevation.
Below: building “D”
southwest elevation.
McCabe Enterprises
169
380 Dwight Street
Top & middle: ground
level spaces - “The
Canal Gallery”
Bottom: ground floor
studio spaces.
170
McCabe Enterprises
All: Stairwell with freight lift
and upper level studio spaces.
McCabe Enterprises
171
380 Dwight Street
All: structural details showing floors supported
by tie-rods from roof structure.
172
McCabe Enterprises
Part B: Approach
380 and 380 R Dwight Street
The mill complex at 380 and 380R Dwight Street consists of four buildings and two owners.
Within the complex there are shared water and sewer utilities. Each owner owns two buildings. The complex is situated between the first and second canals. 380R has no direct street
frontage but has frontage access directly on the Canalwalk. 380 Dwight Building C is accessed
from Dwight Street, and the buildings border the second canal.
A financial feasibility analysis of the entire complex was prepared using a full redevelopment
model, with all work done at the outset. Expenses and revenue streams were segregated as to
each respective owner. The traditional approach to development even with significant financial
assistance using state and federal historic tax credits and New Markets Tax Credits required
a significant amount of owner equity appears unworkable given the current market rents in
Holyoke, which are quite low. This pro forma can be found at the end of the pro forma section.
possible uses
A second approach was developed to enable a phased incremental redevelopment. This approach differs from a sweat equity approach, in that many initial investments are of the scale
and nature requiring professional contractors to undertake the work in a commercial setting.
Hence, this approach is termed the Incremental Hybrid Approach. The initial work focuses
building stabilization and life safety code compliance. Building stabilization entails making
the building envelope and roof water tight, roof and cornice repairs and elimination of leaks
around window areas. Life safety code compliance addresses access issues, fire safety, sprinkler
systems. The Incremental Hybrid Approach enables a phasing-in of additional improvements,
tenant finishes and interior partitions based on market conditions and rental demand.
380R DWIGHT STREET & 380 DWIGHT STREET
Live-work
Loft
Floors could be developed incrementally as live-work lofts. An egress corridor connecting stairs
and elevator, and unit demising walls will need to be constructed. Lofts would essentially be
'vanilla boxes' with minimal infrastructure. A kitchen and bathroom will be provided along with a
hook-up/ stubs for installation of laundry or slop sinks. These are intended as live-work lofts and
plumbing for slop sink should anticipate use by painters, potters, etc. Base levels of lighting and
junction boxes at ceiling for installing additional lighting should be provided. Fan coil radiation
units with a roof mounted condenser is envisioned for loft units to allow for zoning heat by individual units.
Office
Office use leasing will require restrooms on each floor. Floors should also be equipped with small
kitchenettes. Floors will be leased to a single tenant or subdivided. If subdivided, a rated egress
corridor will be constructed along with demising walls between tenant spaces.
Manufacturing
and Light
Industrial
Floors or portions of floors could be leased to light manufacturing type uses. Potential upgrades
to utilities and mechanical, electrical, and plumbing services may be required to accommodate
this type of use. Restrooms would need to be installed along with demising walls and rated
egress corridors.
McCabe Enterprises
173
first phase occupancy: 380R Dwight
First Canal
Dwight Street
A
B
D
C
Second Canal
380R Dwight Street
Applying the Incremental Hybrid Approach to 380R Dwight Street, the focus is on the Building B which is on the Canalwalk. A separate set of cost estimates using the building stabilization approach was prepared for 380R Dwight Street. Leasing the first floor to a small offices
and studios is the basis for the revenue stream projection. 380R Dwight Street could benefit
from re-branding itself with an address on the Canalwalk, perhaps 280 Canalwalk. This would
capitalize on a major new amenity and attraction in downtown Holyoke, and create a “front
door” for the property.
380R Dwight Street
First Phase
Approach
174
Building A will be stabilized per the Phase 1 scope, Building B will be mothballed. The
buildings are currently separated by a masonry wall; there are door/ corridor connections
on each floor that will need to have a fire separation created. The main building (Building
A) is a 10,000sf footprint/ 50,000sf structure and the western addition (Building B) is a
9,500sf footprint/ 28,000sf structure.
McCabe Enterprises
380R Dwight Street: Buildings A & B
first phase
Dwight St
A
C
B
B
Se
co
Ca nd
nal
D
Left, 380R Dwight entry from the Canalwalk.
Below, interior of first floor, northeast side.
McCabe Enterprises
175
first phase occupancy: 380 Dwight
380 Dwight Street
First Phase
Approach
The renovations and code upgrades needed over the vast building area (48,000 sf),
makes redevelopment of the majority of 380 Dwight costly and difficult to phase. The
recommended first phase of work for 380 Dwight is renovation of Building D, which could
be broken out as a single leased area or possibly broken out as a separate condo. Building D is a one-story structure of approximately 4,000 sf.
Building D appears to be separated from Building C by a masonry wall. Depending on the
approach taken with Building D (rental or ownership), some additional separation, such
as blocking in an existing doorway between buildings may be needed. Building D will require complete rehabilitation. It will need to either be separately metered or have its own
utilities in place. For purposes of this estimate, the latter is used as the basis for costs.
Use
Renovation of Building D would allow for continued use of a portion of the building while
planning for the larger Building C. Its small scale, location along the canal, and proximity
to Dwight Street and the Canalwalk make it a potential location for an active use that is
accessible by the public.
The recommendation for Building D is that the current Canal Gallery in Building C be
relocated to Building D and that it be operated in a similar fashion. In this way, the social
and arts-related functions can continue to be a part of the Dwight Street area. Relocating
the gallery here would also allow for possible incorporation of antique/art/ object sales
out of the space which could be used as a means over time for clearing out items stored
in Building C.
380 Dwight Street: Buildings C & D
Dwight St
A
C
B
B
Se
co
Ca nd
nal
D
first phase
176
McCabe Enterprises
380 Dwight first phase
The large floor plate and the numerous code upgrades needed throughout pose a significant
challenge for redevelopment of the Canal Gallery Building at 380 Dwight Street (Buildings C
& D on the diagram). Given this challenge, the recommended approach for the first phase is
to redevelop Building D, the one-story portion of the structure along the canal edge. Building
D can easily be broken out from the main building in terms of access and building systems,
and at 4,000 sf, the initial redevelopment cost is financeable. This approach will allow for continued occupation and business operations while planning for the complex refurbishment and
redevelopment of the larger building is undertaken.
As part of the redevelopment process, a number of ownership structures could be considered
as a means for planning for eventual improvement of Building C:
•
Building D could be separated from Building C as a single lease area.
•
Buildings C & D could be broken into a commercial condominium and Building D
could be a single condo unit.
Building “D” at rear of 380 Dwight.
McCabe Enterprises
177
•
Buildings C & D could be separated into two distinct buildings along the existing
party-wall with individual ownership structures.
The recommended approach to planning for mechanical, electrical, plumbing and fire protection systems in Phase 1, is to provide for independent building systems for Building D so that
any of the above structures could be implemented. In addition to key systems improvements
needed to separate Building D from Building C, upgrades to egress routes would be required.
Building D currently has two exterior exits that are independent from Building C - one that
exits onto the canal and one that exits onto the alley way between 380 and 380R Dwight. In
creating an independent building area, upgrades to doors and door hardware, along with construction of a stair and ramp will be required to make these exits viable means of egress from
the space.
First Phase Uses
The 4,000 sf footprint of the one-story building would lend itself to a number of potential
uses in keeping with the vision of the Canal Gallery (which occupied the northern end of
Building C). Additionally, the tall ceiling height (approx. 15 feet) of this structure would also
be appropriate for a public use such as a gallery. In fulfilling on the role of the Canal Gallery,
while planning for the main building is undertaken, Building D could:
•
serve as a center for the arts community to meet and share ideas;
•
contribute to the growth of the Canalwalk by providing a publicly accessible destination;
•
provide for potential art gallery, antique shop and place for urban curiosities.
As a gallery/ retail space, Building D could feature locally made art and craft items. Establishing this as a primary use for the space would have the added benefit of providing a highly
visible and publicly accessible place from which to sell items currently stored on the upper and
attic floors of Building C, thereby helping to move Building C improvements forward.
178
McCabe Enterprises
380 Dwight first phase scope
Building C
not included in phase 1 scope
Building D
1 floor x 4,000sf/ floor = approx 4,000sf
Total
4,000sf
380 DWIGHT STREET - BUILDING D
STABILIZATION
Demolition
Clear existing unoccupied spaces of all miscellaneous furniture, materials and other trash left by
previous tenants.
Remove all existing partitions, lofts, floors and casework. Remove any wiring within partitions.
Remove exterior windows and doors.
Building Envelope
Roof
Patch roof as required. Minor repairs are needed across building where there are active leaks (assume 5-10% of total area).
Windows
Install new insulated glass, double hung windows (4 each) and new vent-type windows (4 each)
with divided panes to match existing window profiles.
Egress
Replace existing egress doors (two pairs of doors). Doors will require egress hardware and proper
door closers. Due to elevation differences between interior and exterior, on the canal side (southeast) a new interior stair, landing and rail is required at the egress door; on the northwest side of the
building, a new exterior landing and stair is required for egress.
Walls
Patch/ repair brick where damage has occurred due to leaks.
Floors
Sand and provide new polyurethane finish.
Safety
Fire protection
Test existing sprinkler systems and repair as needed. Currently it is assumed that systems are fully
functional. Size of piping may not meet current code standards; current coverage may not be
adequate. Currently all buildings (A-D) share water service. As part of upgrades to the system, new
service for the sprinkler system for both buildings should be planned.
Separate sprinklers from Building C; provide new control panel and sprinkler main; upgrade existing sprinkler pipes and heads to current code standards as required. Currently it is assumed that
existing systems are fully functional, but that size of piping and current sprinkler coverage may not
be adequate for current code standards. Currently all buildings (A-D) share water service. As part of
upgrades to the system, new service for the sprinkler system for Building D should be planned.
Upgrades to existing smoke detectors, alarms and egress signage throughout.
Utility Improvements
Water main
repairs
Currently water/ sewer service is shared by all buildings – A, B, C and D – as they were originally
constructed under the same ownership. Prior to completion of any repair work, a shared utility maintenance structure should be established among ownership. Once an agreement is in place, any
necessary repairs to building utilities that might impact fire safety should be made.
McCabe Enterprises
179
380 DWIGHT STREET - BUILDING D
Electrical
Install new electrical panel and dedicated electrical service for Building D.
Install new fluorescent lighting throughout.
HVAC
Install new dedicated gas heating unit in Building D as needed.
Interior Build-out
Restrooms
Current extent of plumbing in the space is unknown. It is assumed that the space will function as
both a gallery and as a meeting/ gathering space, which would require 2 restrooms. Cost assumption includes installation of two complete ADA compliant restrooms (one men’s, one women’s) in
the space.
Install utility/ maintenance sink.
Kitchenette
Provide new kitchenette in space (including sink, refrigerator, dishwasher and 6 ft of counter with
base cabinets.
Finishes
Only restroom partitions and one utility closet will be constructed. All other partitions will be the
responsibility of the new tenant or condo owner.
New paint for interior walls throughout (exterior walls and restroom walls) and paint for the ceiling
throughout are included in the cost estimate.
180
McCabe Enterprises
phasing strategy: 380 R Dwight
Part C: Development Scenarios
380R DWIGHT STREET: BUILDING AREAS (sf)
Building A
(4 floors+attic) x 10,000sf/ floor = approx 50,000sf
Building B
3 floors x 9,500sf/ floor = approx 28,500sf
Total
Top left: waterworks in
basement level along First
Canal. Top right: northwest elevation along First
Canal.
78,000sf
STABILIZATION
Building Envelope / Stabilization
Roof
Patch roof as required. Minor repairs are needed across building (assume 5% of total area).
At northern corner at the canal, repair to roof, parapet, cap and flashing needed where water damage present inside (assume 2,000sf roof area).
Windows
Board any broken or missing windows to ensure safety and provide weather protection.
Walls, floors
Patch/ repair brick where damage has occurred due to upper level leaks. Assume 2 locations of 1,500 sf and 1 location of 2,000sf floor area.
Safety
Fire protection
The building has sprinklers and the system is believed to be functional. Size of piping may
not meet current code standards; current coverage may not be adequate. Currently all
buildings (A-D) share water service. As part of upgrades to the system, new service for the
sprinkler system for all buildings should be planned.
Install new smoke detectors, alarms and egress signage throughout.
Water main repairs
Currently water/ sewer service is shared by both the Canal Gallery building and the Gallery
380 building as they were originally constructed under the same ownership. Prior to completion of any repair work, a shared utility maintenance structure should be established
among ownership. Once an agreement is in place, any necessary repairs to building utilities
that might impact fire safety should be made.
Electrical
Installation of minimum light fixtures required for safety/ security purposes.
McCabe Enterprises
181
phasing strategy: 380R Dwight
PRE-DEVELOPMENT
Demolition
Trash removal
Clear spaces of all miscellaneous furniture, materials and other trash.
Demolition
Full demolition of interior spaces required prior to redevelopment. Approximately 50% of
the building currently has existing partitions that would need to be cleared.
Presence of hazardous materials may need to be assessed and removals made as part of
the scope of demolition. Asbestos pipe insulation, oil/ petroleum and other chemical contaminants may be present in small to moderate quantities.
Building Envelope / General Construction
Roof
At the time of redevelopment a new roof system that meets current energy code requirements would need to be installed. Current roof framing is assumed to be sufficient and
structural upgrades to roof framing are not anticipated.
Windows
New double-hung, double-pane insulated windows all floors except the fourth floor of the
northern building where new windows have already been installed.
Walls
Patch, point and repair brick exterior walls. Moderate repair on east and north walls; extensive patching/ repairs to west wall.
Moderate repairs to interior of brick walls where water damage has caused cracking.
Stairs
New egress stairs will need to be constructed. Estimate 3 stairwells.
Safety
Fire Protection
Upgrades to existing sprinkler system will be required for occupancy, including addition of
new lines and heads.
Water / sewer
separation
As part of future development, separation of water/ sewer among properties should be
considered.
Electric
Upgrades to electrical service, panels and metering anticipated for redevelopment. New
wiring throughout building also anticipated. New lighting throughout will be required.
Provision for telecommunications, high-speed internet and cable service to the building will
need to be made.
Mechanical
A new mechanical unit is on site and can be installed. Capacity for system is not known, but
it is assumed that it is sufficient for Building A needs. Assume costs for separate system for
Building B. Complete installation needed including ductwork and controls.
Renewable Energy
Solar
The large expanses of roof area provide an opportunity for solar panel installation as part
of a future development scenario. Consideration of the benefits of solar panels (financial
and environmental) need to be balanced with the benefits and potential use of historic tax
credits.
Water wheel
At the northern canal (First Level Canal) the basement of the Gallery 380 Building still has
the building's original water wheel. Significant reconstruction would be required to install a
functional wheel, but could be considered as a renewable energy option. If a net-zero development were desired, this would be a potential option.
The MA Clean Energy Center is currently soliciting grant requests for hydro-power from
existing facilities on a rolling basis through 12/31/2014.
182
McCabe Enterprises
phasing strategy: 380 Dwight
Northwest elevation.
380 DWIGHT STREET: BUILDING AREAS (sf)
Building C
(3 floors+attic) x 12,000sf/ floor = approx 48,000sf
Building D
1 floor x 4,000sf/ floor = approx 4,000sf
Total
78,000sf
STABILIZATION
Building Envelope / Stabilization
Roof
Patch roof as required. Minor repairs are needed across building where there are active leaks
(assume 5-10% of total area).
Windows
Board any broken or missing windows to ensure safety and provide weather protection.
Walls, floors
Patch/ repair brick where damage has occurred due to upper level leaks. (Only minor repairs at this time.)
Safety
Fire protection
Test existing sprinkler systems and repair as needed. Currently it is assumed that systems
are fully functional. Size of piping may not meet current code standards; current coverage
may not be adequate. Currently all buildings (A-D) share water service. As part of upgrades
to the system, new service for the sprinkler system for all buildings should be planned.
Upgrades to existing smoke detectors, alarms and egress signage throughout.
Clear furnishings, storage items, trash and other debris from all paths of egress.
Water main
repairs
Currently water/ sewer service is shared by both the Canal Gallery building and the Gallery
380 building as they were originally constructed under the same ownership. Prior to completion of any repair work, a shared utility maintenance structure should be established
among ownership. Once an agreement is in place, any necessary repairs to building utilities
that might impact fire safety should be made.
Electrical
Installation of minimum light fixtures required for safety/ security purposes.
McCabe Enterprises
183
phasing strategy: 380 Dwight
PRE-DEVELOPMENT
Demolition
Trash removal
Clear existing unoccupied spaces of all miscellaneous furniture, materials and other trash
left by previous tenants.
Demolition
Partial demolition of interior spaces required for redevelopment as part of life-safety upgrades and as part of any change in tenants. Approximately 50% of the current partitions in
the building would need to be cleared and rebuilt to meet code requirements.
Presence of hazardous materials may need to be assessed and removals made as part of
the scope of demolition. Asbestos pipe insulation, oil/ petroleum and other chemical contaminants may be present in small quantities.
Building Envelope / General Construction
Roof
At the time of redevelopment a new roof system that meets current energy code requirements would need to be installed. Current roof framing is assumed to be sufficient and
structural upgrades to roof framing are not anticipated.
Windows
New double-hung, double-pane insulated windows all floors except the fourth floor of the
northern building where new windows have already been installed.
Walls
Patch, point and repair brick exterior walls. Moderate repair on courtyard, south and west
walls; extensive patching/ repairs to north wall.
Moderate repairs to interior of brick walls where water damage has caused cracking.
Modifications to existing corridors to meet code requirements for egress will be required.
Reconfiguration of corridors and demising walls on some levels may be required. Approximately 50% of the current partitions may need to be cleared and rebuilt to meet code
requirements.
Stairs
New egress stairs will need to be constructed. Estimate 2-3 new stairwells.
Safety
Fire Protection
Upgrades to existing sprinkler system will be required for occupancy, including addition of
new lines and heads.
Water / sewer
separation
As part of future development, separation of water/ sewer among properties should be
considered.
Electric
Upgrades to electrical service, panels and metering are needed for occupancy of the building. Electrical needs include new conduit, outlets and lighting throughout.
Upgrades to telecommunications, high-speed internet and cable service to the building will
need to be made.
Mechanical
Mechanical systems are present and fully operational. Systems appear to be fairly recent
and are well maintained.
Renewable Energy
Solar
184
The large expanses of roof area provide an opportunity for solar panel installation as part
of a future development scenario. Consideration of the benefits of solar panels (financial
and environmental) need to be balanced with the benefits and potential use of historic tax
credits.
McCabe Enterprises
Part D: Pro Formas
380 R Pro Forma
The Incremental Hybrid Approach for 380R Dwight Street focuses on Building A. The Incremental Hybrid Approach focuses on stabilizing the building and making it weather tight and
life safety code compliance. Rental income for office and studio space for only one floor of
Building A, 10,000 SF, is projected. The office market in downtown Holyoke is soft. Today’s
office rental rates in downtown are $12.00/SF, with a range of $5.00 to $14.00. Since Building A does not have street frontage, projected office rents are pegged at $10.00 SF, which is
below existing rates for newly upgraded office properties. With rebranding this Building A to
a Canalwalk address along with building stabilization and improvements, a higher rent may
be generated.
As part of the feasibility analysis, sensitivity to interest rates were assessed. A conventional loan
at 5% with a 30 year amortization period was tested, as well as a lower interest rate at 4.25%
again with a 30 year amortization period. Both approaches yielded a positive result generating a net positive cash flow after debt service and operating expenses of $15,000 to $18,000
annually, much of which could be reinvested in the property enabling additional portions of
the building to be eventually leased and income generating. The owners’ equity requirement
is 10%, which requires approximately a $70,000 reinvestment by the owner. A summary table
comparing the conventional and low-interest approach is on the following page.
In addition, to advancing redevelopment using the Incremental Hybrid Approach, Building
A had a dormant waterwheel that once was the source of power for this facility. The Massachusetts Clean Energy Center, www.masscec.com, has a current grant solicitation for now
through December 31, 2014 for hydropower facilities. Private entities are eligible to apply,
and there must be an increase in power utilization. Grants are available for feasibility, as well
as capital and construction costs. This may be an opportunity to re-activate the waterwheel and
to further “green” the 380R building, enhancing the attractiveness of the space to tenants and
lowering long-term operating costs.
McCabe Enterprises
185
274-276 High Street – Incremental Hybrid Scenario
Option
Financing Tool
Base Stabilization
Conventional
Financing
Total Hard & Soft Costs
Total Permanent Financing Need
$
$
Interest Rate
Net Operating Income
656,116
$
698,447
$
5.00%
$
656,116
695,225
4.25%
64,818
$
64,818
Loan Amount
$
628,602
$
625,703
Annual Debt Service
$
49,782
$
46,495
Debt Service Cost Per SF of Leased Area
$
4.98
$
4.65
Debt Service Cost Per Building SF
$
1.00
$
0.93
Funds Available Annually for Reinvestment in
Bldg. Improvements
$
15,036
Owner's Equity
186
Low Interest
Loan Financing
$
69,845
McCabe Enterprises
$
$
18,323
69,523
380R Building D - First Phase Pro Forma
The pro forma analysis for the 380 Dwight Street building (Buildings C and D) using a traditional full development methodology found that market rate rents in Holyoke do not support
traditional full development approach to total redevelopment of the 52,000 SF building.
The recommended first phase approach then, was developed to encourage more immediate
development of a portion of 380 Dwight Street. This approach calls for separating the two
buildings into separate condominiums, which would enable different or same ownership of
each structure as previously described. The initial redevelopment work starts with basic stabilization of the 4,000 SF Building D for relocation of the Canal Gallery. The pro forma for the
basic stabilization approach addresses improvements to tighten the basic building envelope –
roof, parapets, windows, and walls, as well as life safety measures. The specific work entailed in
the incremental hybrid approach is detailed in the scope of work found on the preceding pages.
The hard costs of stabilizing Building D are estimated to be $413,269, with an additional add
alternate of $70,000 for a heating system (if warranted).
The pro forma analysis for Building D using the incremental hybrid approach identified a
financing gap of $235,000 with a low-interest rate scenario of 4¼% and a rent structure of
$5.50 per SF. Higher interest rates for lending widen the financing gap. The low rent rate is
based on the rate for industrial space in Holyoke, which is lower than retail or office uses. The
lower rent can be justified by the rear building location, lack of street frontage, and use as a
gallery (typically a low-rent retail use). In addition, although Building D is faces the canal, it
does not have frontage on the CanalWalk. The $235,000 financing gap constitutes just over
half the costs in the incremental hybrid approach.
Due to the large financing gap, an ultra-basic approach was developed with a two-step approach to stabilizing Building D. The phasing of stabilization costs is shown on the next page
380R Building D - First Phase Scope
Cost estimates were prepared by Project Management & Cost. See detailed estimate in the
Appendix to this report.
The staircase line item entails providing stairs to the 2 means of ingress and egress to Building
D. One of the entrances needs to also be handicap accessible per ADA and Massachusetts
Access Board regulations. The ADA-compliant entrance is scheduled for construction in the
Ultra-Basic approach in the short-term. This can be done if there is also access through Building C to Building. Otherwise, this expense needs to be moved into the immediate time period.
The Canal Gallery is a place of public accommodation and requires a safe means of ingress and
egress.
The Design & Pricing Contingency is 15% of hard costs in the Basic Stabilization and Shortterm phase of the Ultra-Basic Approach. The Design and Pricing Contingency was reduced to
10% for the Immediate phase of the Ultra-Basic Approach.
McCabe Enterprises
187
BUILDING D: First Phase
Incremental Hybrid
Stabilization
Approach
Building D Expense
Exterior Closure
(Walls, Windows, Doors)
Roofing
Interior Construction
Ultra-Basic Approach
Immediate
50,920
12,000
8,000
8,000
Short-Term
6,200
Staircases
32,000
6,200
7,000
25,000
40,000
Interior Finishes
26,000
Plumbing
84,000
44,000
Fire Protection
38,000
38,000
31,000
31,000
Electrical
Equipment
26,000
2,700
Haz Mat Removals
(Bldg Elements (Demolition)
SUB-TOTALS
General Conditions
8.00%
Bonds
38,920
2,700
16,000
15,000
1,000
294,820
155,000
139,820
23,586
12,400
11,186
0.65%
1,916
1,008
909
Insurance
1.25%
3,685
1,938
1,748
Permit
1.00%
2,948
1,550
1,398
Overhead & Fee
5%
14,741
7,750
6,991
Design & Pricing
Contingency
15%
44,223
15,500
20,973
385,919
195,145
183,024
TOTALS
Note: if a new mechanical system is to be installed in the immediate or short-term,
an additional cost of approximately $70,000 should be planned.
It is anticipated that basic life safety improvements and stabilization of the building envelope
for Building D will not require the services of an engineer or architect, thereby eliminating this
soft cost. However, a small amount is included for the services of a code consultant to assure
compliance with all life safety and building codes for the desired re-use of Building. D. It is
assumed that a seasoned, experienced licensed general contractor will be used who will incorporate project management services as part of the construction costs. Such an experienced
licensed general contractor should be able to address the construction issues of Building D in
the Ultra-Basic approach.
The cost of taxes is assumed to be ten percent of the existing tax bill for 380 Dwight. Building
D is eight percent of the overall area of the two buildings.
The improvements using Ultra Basic Approach pro forma for the Immediate phase can be
financed using a low-interest rate scenario at 4.25% and a $5.25 per SF rent. The pro forma
requires an owner’s equity of $20,000 and use of the 10% federal historic building tax credit.
There is a small financing gap of $12,548 with rents at $5.25 per SF. The financing gap is
188
McCabe Enterprises
reduced to $2,987 if the rental rate is raised to $5.50/SF. This financing gap could be closed by
additional owner equity or a municipal assistance program, funded perhaps with CDBG funds
through a grant or short-term loan. Services of a code consultant or some life safety code
assistance could perhaps be provided as part of closing the financing gap for the Immediate
phase of the Ultra Basic Approach.
The Ultra Basic Approach does generate an annual positive cash flow of $3,000 in the low
interest rate loan scenario after debt service and operating expenses with $5.25 rent rates. This
cash flow could secure a short-term secondary note with CDBG funds perhaps to close the financing gap in the Immediate phase, or be used for incremental and continued improvements
identified in the Short-term Ultra Basic Approach.
A conventional rate loan at a 5% interest rate over 30 years was also analyzed using the Ultra-Basic Immediate Phase costs with $5.25 per SF rents. The financing gap is larger with a
conventional rate loan amounting to $25,348, after use of the 10% federal historic tax credit
for rehabilitation of older properties. The gap is reduced to $16,378 if a higher rent of $5.50/
SF is used.
In summary, to move the renovation and re-use of Building D forward, a low-interest loan for
thirty years using the Ultra-Basic Immediate phase at $5.25 is the most promising path. This
requires a $20,000 owner’s equity, and generates a positive cash flow of approximately $3,000
annually that could be used for continued investment in the necessary improvements outlined
in the Ultra-Basic Short-term work scope.
McCabe Enterprises
189
190
McCabe Enterprises
Site
Land Area
Building Footprint SF
Floors
Buildings
SF per floor & building
A 380 R Dwight
B 380 R Dwight
Bsmt
84,506
16,000
19,500
3
4
10,000
C 380 Dwight
D 380 Dwight
Assessed Valuation
Land
Building
Extra Features
Total
total
380 Dwight
380 R Dwight
1
Phase 1
Stabilization of basic building
envelope and life safety code
compliance for a portion of
380R Dwight
Conventional
Incremental Hybrid
Approach
2nd Floor
3rd Floor
1st Floor
10000
10000
10,000
9500
9500
9,500
12,000
12,000
12,000
Attic
Total
10000 50,000
28,500
12,000 48,000
4,000
4,000
380Dwight
$40,400
$176,600
$
$
380R Dwight
$
33,200
$
197,800
$
217,000 $
231,000
Hard Costs
Acquisition
Site Work
Construction Hard Costs
General Conditions, Bonds, Insurance, Overhead
Escalation
Permits
Demolition
Hazardous Materials/Abatement
Tenant Improvements
Furniture, Fixtures & Equipment
Design & Pricing Contingency
LEED Premium (not applied)
GrossLeasableSpace
52,000 380Dwight
78,500 380R Dwight
130,500 total
380 Dwight
$
$
$
$
0.06 $
$
$
$
$
$
$
3% $
-
SUB-TOTAL HARD COSTS
$
-
$
596,272
$
596,272
5.00%
1.50%
3.50%
1.00%
0.25%
0.00%
Soft Cost Contingency
5.00% $
-
$
2,850
$
2,850
SUB-TOTAL SOFT COSTS
$
-
$
59,844
$
59,844
Total Hard & Soft Costs, before Financing Costs
$
-
$
656,116
$
656,116
380 R
Total
$
21,250 $
$
6,375 $
$
14,875 $
$
4,250 $
$
1,063 $
$
$
$
9,182 $
425,000
63,326
25,500
4,671
77,775
-
Soft Costs
Arch'l & Engineering
Other Consultants
Project Management
Legal
Utilities
Marketing
Real Estate Taxes
McCabe Enterprises
380 Dwight
$
$
$
$
$
$
$
-
380 R
Total
$
- $
$
- $
$ 425,000 $
$
63,326 $
$
25,500 $
$
4,671 $
$
- $
$
- $
$
- $
$
- $
$
77,775 $
$
- $
21,250
6,375
14,875
4,250
1,063
9,182
191
Site
Land Area
Floors
Buildings
84,506
16,000
19,500
3
4
Loan Financing Costs
Legal, Escrow, Title
Loan Fees
Appraisal
Interest Construction Loan
12 months
Permanent Financing Need
total
380 Dwight
380 R Dwight
5.0%
1
Phase 1
380R Dwight
380 Dwight
$
1% $
$
$
$
-
Conventional
Incremental Hybrid
Approach
380 R
Total
$
10,000 $
$
6,323 $
$
5,000 $
$
21,007 $
$ 698,447 $
10,000
6,323
5,000
21,007
698,447
Initial Operating Income for 380 R Dwight following Base Stabilization
Use
Basement
First Floor
2nd Floor
3rd Floor
Attic
Office/Studios
Units/ SF
10,000
Average
Annual Rent
$
$
$
$
$
$
10.00
-
Sub-Total
7.5% Discount for Vacancies
Effective Gross Income
Expenses
Maintenance
Taxes
Utilities
Management
Amortization Period
Interest Rate
Debt Service Constant
192
7.50% $
$
10%
7.5%
2.5%
Financing
Debt Service Coverage
Amount Available for Debt Service
Maximum Loan at Debt Service Constant
Actual Loan
Annual Debt Service Payment
$
$
$
$
$
$
$
Annual
Gross
Income
100,000
100,000
(7,500)
92,500
380R Dwight
$
9,250
$
9,182
$
6,938
$
2,313
$
64,818
Total
$
$
$
$
$
380R Dwight
1.25
$
$
$
$
51,854
785,670
628,602
49,782
9,250
9,182
6,938
2,313
64,818
Total
$
$
$
51,854
785,670
$
49,782
30 years
5.00%
6.600%
McCabe Enterprises
Site
Land Area
Floors
Buildings
84,506
16,000
19,500
3
4
total
380 Dwight
380 R Dwight
1
Phase 1
380R Dwight
Cash Flow -- Year One
380R Dwight
Annual Debt Service
Surplus/deficit
Year 1 Return on Equity
$
$
$
$
92,500
64,818
49,782
15,036
Conventional
Incremental Hybrid
Approach
Total
$
$
$
$
92,500
64,818
49,782
15,036
21.5%
SOURCES & RETURNS
Conventional Loan
Equity Requirement
380R Dwight
$ 628,602
$
69,845 Owners' Equity Contribution
Sub-Total
$
Sources to be Identified
$
698,447
-
State Abandoned Building Tax Deduction
10% deduction of renovation costs
or corporate MA income. Variable
Tax Rate of Owner.
Surplus funds for continued annual improvements
McCabe Enterprises
$
15,036
193
Site
Land Area
Floors
Buildings
A 380 R Dwight
B 380 R Dwight
Bsmt
84,506
16,000
19,500
3
4
10,000
C 380 Dwight
D 380 Dwight
Assessed Valuation
Land
Building
Extra Features
Total
total
380 Dwight
380 R Dwight
1
Phase 1
380R Dwight
Low Interest
Incremental Hybrid
Approach
2nd Floor
3rd Floor
1st Floor
10000
10000
10,000
9500
9500
9,500
12,000
12,000
12,000
Attic
Total
10000 50,000
28,500
12,000 48,000
4,000
4,000
380Dwight
$40,400
$176,600
$
$
380R Dwight
$
33,200
$
197,800
$
217,000 $
231,000
Hard Costs
Acquisition*
Site Work
Escalation
Permits
Demolition
Tenant Improvements
GrossLeasableSpace
52,000 380Dwight
78,500 380R Dwight
130,500 total
380R Dwight
$
$
$ 425,000
$
63,326
$
25,500
$
4,671
$
$
$
$
$
77,775
$
-
0.06
3%
$
Soft Costs
Other Consultants
Project Management
Legal
Utilities
Marketing
Real Estate Taxes
5.00%
1.50%
3.50%
1.00%
0.25%
0.00%
5.00%
-
Total
$
$
$
$
$
$
$
$
$
$
$
$
425,000
63,326
25,500
4,671
77,775
-
596,272
$
596,272
380R Dwight
$
21,250
$
6,375
$
14,875
$
4,250
$
1,063
$
$
9,182
$
$
$
$
$
$
$
Total
21,250
6,375
14,875
4,250
1,063
9,182
$
$
2,850
$
2,850
$
59,844
$
59,844
$
656,116
$
656,116
194
McCabe Enterprises
Site
Land Area
Floors
Buildings
84,506
16,000
19,500
3
4
Loan Fees
Appraisal
12 months
total
380 Dwight
380 R Dwight
1
Phase 1
380R Dwight
380R Dwight
$
10,000
$
6,291
$
5,000
$
17,818
$ 695,225
1%
4.25%
Low Interest
Incremental Hybrid
Approach
$
$
$
$
$
Total
10,000
6,291
5,000
17,818
695,225
Initial Operating Income for 380 R Dwight following Base Stabilization
Units/ SF
Basement
First Floor
2nd Floor
3rd Floor
Attic
10,000
Average
Annual Rent
Annual Gross
Income
$
$
$
$
$
$
$
$
$
$
$
$
$
10.00
-
Sub-Total
Expenses
Maintenance
Taxes
Utilities
Management
McCabe Enterprises
(7,500)
92,500
10%
7.5%
2.5%
Financing
Actual Loan
Amortization Period
Interest Rate
7.50% $
$
100,000
100,000
380R Dwight
$
9,250
$
9,182
$
6,938
$
2,313
$
64,818
Total
$
$
$
$
$
380R Dwight
1.25
$
$
$
$
51,854
837,439
625,703
46,495
9,250
9,182
6,938
2,313
64,818
Total
$
$
$
51,854
837,439
$
46,495
30 years
4.25%
6.192%
195
Site
Land Area
Floors
Buildings
84,506
16,000
19,500
3
4
total
380 Dwight
380 R Dwight
1
Phase 1
380R Dwight
380R Dwight
Annual Debt Service
Surplus/deficit
$
$
$
$
92,500
64,818
46,495
18,323
Low Interest
Incremental Hybrid
Approach
Total
$
$
$
$
92,500
64,818
46,495
18,323
26.4%
SOURCES & RETURNS
Conventional Loan
Equity Requirement
380R Dwight
$ 625,703
$
Sub-Total
$
$
695,225
-
State Abandoned Building Tax Deduction
10% deduction of renovation costs
or corporate MA income. Variable
Tax Rate of Owner.
196
$
18,323
McCabe Enterprises
Site
Land Area
380 Dwight Street Building D
84,506
4,000
Floors
total
380 Dwight
Building D
1
1
Buildings
D 380 Dwight
Bsmt
Assessed Valuation
Land
Building
Extra Features
Total
380Dwight
$40,400
$176,600
$
2nd Floor
1st Floor
1
Ultra Basic Immediate
Stabilization of ultra basic
building envelope and life
safety code compliance for a
portion of 380R Dwight,
Building D to be completed
with a short-term phase.
Conventional
Approach
3rd Floor
Attic
Total
4,000
4,000
$
380R Dwight
$
33,200
$
197,800
$
217,000 $
231,000
Hard Costs
Acquisition*
Site Work
Escalation
Permits
Demolition
Tenant Improvements
4,000 380R Dwight
52,000 total
380 Dwight Building D
$
$
$
155,500
$
23,095
0.06 $
9,330
$
1,550
$
$
$
$
$
15,550
3% $
-
Soft Costs
Other Consultants
Project Management
Legal
Utilities
Marketing
Real Estate Taxes
GrossLeasableSpace
48,000 380Dwight
$
1.50%
1.00%
0.25%
0.00%
205,025
$
Total
$
$
$
$
$
$
$
$
$
$
$
$
-
$
Total
$
$
$
$
2,679 $
$
$
$
$
$
1,786 $
$
$
893 $
$
$
$
$
$
863 $
9,182 $
155,500
23,095
9,330
1,550
15,550
205,025
2,679
1,786
893
10,045
5.00% $
311
$
459
$
770
$
6,531
$
9,641
$
16,173
$
211,556
$
9,641
$
221,198
McCabe Enterprises
197
Site
Land Area
84,506
4,000
Floors
total
380 Dwight
Building D
1
1
Buildings
Loan Fees
Appraisal
12 months
5.0%
1
$
10,000
1% $
2,251
$
3,000
$
7,027
$
233,834
Conventional
Approach
Total
$
$
$
$
$
10,000
2,251
3,000
7,027
233,834
Initial Operating Income for 380 Dwight Building D following Ultra Basic Immediate Phase
Units/ SF
Basement
First Floor
4,000
Average
Annual Rent
Annual Gross
Income
$
$
$
$
$
$
$
5.50
-
Sub-Total
7.50% $
$
Expenses
Maintenance
Taxes
Utilities
Management
Annual Debt Service
Surplus/deficit
198
(1,650)
20,350
10% $
2,035.00
$
863
7.5% $
1,526
2.5% $
509
$
15,417
Financing
Actual Loan
Amortization Period
Interest Rate
22,000
22,000
Total
$
$
$
$
$
Total
1.25
$
12,334
$186,878
12,334
$
$
$
$
2,035
863
1,526
509
15,417
-
$
$
$
12,334
186,878
$
12,334
$
$
$
$
Total
20,350
15,417
12,334
3,083
30 years
5.00%
6.600%
$
20,350
$
15,417
12,334
$
3,083
15.4%
McCabe Enterprises
Site
Land Area
Floors
Buildings
84,506
4,000
total
380 Dwight
Building D
1
1
1
Conventional
Approach
SOURCES & RETURNS
Conventional Loan
Equity Requirement
$
$
186,878
Sub-Total
$
206,878
$
26,956
Federal 10% Historic Tax Credit (non-certified)
$
10,578 Valued at .5 of credit value; More advantageous for
owner to take advantage of credit, if feasible, in lieu of
selling credit.
Municipal Assistance or Add'l Owners Equity
$
16,378
$
3,083
McCabe Enterprises
199
Site
Land Area
380 Dwight Street -- Building D
49,223 total
4,000 380 Dwight
Building D
Floors
1
1
Buildings
D 380 Dwight
Bsmt
Assessed Valuation
Land
Building
Extra Features
Total
380Dwight
$40,400
$176,600
$
D only
2nd Floor
1st Floor
3rd Floor
Attic
Total
4,000
$
GrossLeasableSpace
48,000 380DwightBldg.C
4,000 380DwightBldg.D
52,000 total
217,000
Code Consultant
$
$
$
155,500
$
23,095
$
9,330
$
1,550
$
$
$
$
$
15,550
$
$
0.00%
1.50%
0.00%
1.00%
0.50%
0.00%
205,025
$
380 Dwight
380 R
$
$
$
2,679 $
$
$
$
1,786 $
$
893 $
$
$
$
863
Total
$
$
$
$
$
$
$
$
$
$
$
$
-
-
$
Total
$
$
$
$
$
$
$
155,500
23,095
9,330
1,550
15,550
205,025
2,679
1,786
893
863
5.00% $
311
$
-
$
311
8.0% $
6,531
$
-
$
6,531
$
211,556
$
-
$
211,556
200
Low Interest
Approach
4,000
Hard Costs
Acquisition
None assumed
Site Work
Escalation
0.06
Permits
Demolition
not included
Tenant Improvements
10%
3%
Soft Costs
Other Consultants
Project Management
Legal
Utilities
Marketing
Real Estate Taxes
1
Phase 1
McCabe Enterprises
Site
Land Area
49,223 total
4,000 380 Dwight
Building D
Floors
1
1
Buildings
Loan Fees
Appraisal
18 months
D only
4.25%
1
Phase 1
$
10,000
1% $
2,240
$
3,000
$
5,960
$
232,756
Low Interest
Approach
Total
$
$
$
$
$
10,000
2,240
3,000
5,960
232,756
Initial Operating Income for 380 Dwight Building D following Ultra- Basic Immediate Phase
Units/ SF
Basement
First Floor
4,000
Average
Annual Rent
Annual Gross
Income
$
$
$
$
$
$
$
5.25
-
Sub-Total
7.50% $
$
Expenses
Maintenance
Taxes
Utilities
Management
Sub-total Operating Expenses
Annual Debt Service
Surplus/deficit
McCabe Enterprises
(1,575)
19,425
10% $
1,943
$
863
7.5% $
1,457
2.5% $
486
$
4,748
$
14,677
Financing
Actual Loan
Amortization Period
Interest Rate
21,000
21,000
Total
$
$
$
$
$
$
Total
1.25
$
$
11,742
$189,631
189,631
11,742
$
$
$
$
1,943
863
1,457
486
4,748
14,677
-
$
$
$
11,742
189,631
$
11,742
$
$
$
$
Total
19,425
14,677
11,742
2,935
30 years
4.25%
6.192%
$
19,425
$
14,677 $
$
11,742 $
$
2,935 $
-
14.7%
201
Site
Land Area
Floors
Buildings
49,223 total
4,000 380 Dwight
Building D
1
1
D only
Phase 1
1
Low Interest
Approach
SOURCES & RETURNS
Conventional Loan
Equity Requirement
$
$
189,631
Sub-Total
$
209,631
$
23,125
10% federal Historic Tax Credit (non-certified)
$
10,578 Valued at .5 of credit value; More
advantageous for owner to take advantage
of credit, if feasible, in lieu of selling credit.
CDBG Assistance; Other Municipal Assistance; or
Additional Equity
$
12,548
$
2,935
202
McCabe Enterprises
Site
Land Area
49,223 total
4,000 380 Dwight
Building D
Floors
1
1
Buildings
D 380 Dwight
Bsmt
Assessed Valuation
Land
Building
Extra Features
Total
380Dwight
$40,400
$176,600
$
D only
2nd Floor
1st Floor
3rd Floor
Attic
Total
4,000
4,000
$
GrossLeasableSpace
48,000 380DwightBldg.C
4,000 380DwightBldg.D
52,000 total
217,000
Code Consultant
$
$
$
294,820
$
43,928
$
17,689
$
3,240
$
$
$
$
$
53,952
$
$
0.00%
1.50%
0.00%
1.00%
0.50%
0.00%
413,629
$
380 Dwight
380 R
$
$
$
5,081 $
$
$
$
3,387 $
$
1,694 $
$
$
$
863
Total
$
$
$
$
$
$
$
$
$
$
$
$
-
-
$
Total
$
$
$
$
$
$
$
294,820
43,928
17,689
3,240
53,952
413,629
5,081
3,387
1,694
863
5.00% $
551
$
-
$
551
8.0% $
11,576
$
-
$
11,576
$
425,205
$
-
$
425,205
McCabe Enterprises
Low Interest
Incremental Hybrid
Approach
Hard Costs
Acquisition*
None assumed
Site Work
Escalation
0.06
Permits
Demolition
not included
Tenant Improvements
3%
Soft Costs
Other Consultants
Project Management
Legal
Utilities
Marketing
Real Estate Taxes
1
Phase 1
compliance for Building D.
203
Site
Land Area
49,223 total
4,000 380 Dwight
Building D
Floors
1
1
Buildings
Loan Fees
Appraisal
18 months
1
Phase 1
Low Interest
Incremental Hybrid
Approach
D only
4.25%
$
10,000
1% $
4,383
$
3,000
$
11,633
$
454,221
Total
$
$
$
$
$
10,000
4,383
3,000
11,633
454,221
Initial Operating Income for 380 Dwight Building D following Base Stabilization
Units/ SF
Basement
First Floor
4,000
Average
Annual Rent
Annual Gross
Income
$
$
$
$
$
$
$
5.50
-
Sub-Total
Expenses
Maintenance
Taxes
Utilities
Management
Sub-total Operating Expenses
Financing
Actual Loan
Amortization Period
Interest Rate
204
30 years
4.25%
6.192%
7.50% $
$
22,000
22,000
(1,650)
20,350
10% $
2,035
$
863
7.5% $
1,526
2.5% $
509
$
4,933
$
15,417
Total
$
$
$
$
$
$
Total
1.25
$
$
12,334
$199,192
408,799
12,334
$
$
$
$
2,035
863
1,526
509
4,933
15,417
-
$
$
$
12,334
199,192
$
12,334
The amount of the required loan significantly
exceeds the prospective net operating income,
based on $5.50 SF gross rental income.
McCabe Enterprises
Site
Land Area
Floors
Buildings
49,223 total
4,000 380 Dwight
Building D
1
1
1
Phase 1
Low Interest
Incremental Hybrid
Approach
D only
Annual Debt Service
Surplus/deficit
$
20,350
$
15,417 $
$
12,334 $
$
3,083 $
-
$
$
$
$
Total
20,350
15,417
12,334
3,083
SOURCES & RETURNS
Conventional Loan
Equity Requirement
$
$
199,192
Sub-Total
$
219,192
$
235,030
$
McCabe Enterprises
-
205
Site
Land Area
Floors
Buildings
A 380 R Dwight
B 380 R Dwight
Bsmt
84,506
16,000
19,500
3
4
total
380 Dwight
380 R Dwight
2
Full Development
2nd Floor
3rd Floor
1st Floor
10000
10000
10,000
9500
9500
9,500
12,000
12,000
12,000
10,000
C 380 Dwight
D 380 Dwight
Assessed Valuation
Land
Building
Extra Features
Total
Phase 1
Attic
Total
10000 50,000
28,500
12,000 48,000
4,000
4,000
380Dwight
$40,400
$176,600
$
$
380R Dwight
$
33,200
$
197,800
$
217,000 $
231,000
Hard Costs
Acquisition*
Site Work
General Conditions, Bonds,Insurance, Overhead
Escalation
Permits
Demolition
Tenant Improvements
GrossLeasableSpace
52,000 380Dwight
78,500 380R Dwight
130,500 total
380 Dwight
380R Dwight
$
$
$
$
$ 2,966,600 $ 4,486,250
$
442,024 $ 668,452
0.06 $
177,996 $ 269,175
$
32,603 $
49,304
$
$
$
$
$
$
$
$
$
542,883 $ 820,977
3% $
$
-
$
4,162,106
$ 6,294,158
$
$
$
$
$
$
$
$
$
$
$
$
7,452,850
1,110,476
447,171
81,907
1,363,860
-
$
10,456,264
$
$
$
$
$
$
$
Total
540,332
111,793
372,643
74,529
18,632
74,529
35,616
Soft Costs
Other Consultants
Project Management
Legal
Utilities
Marketing
Real Estate Taxes
7.25%
1.50%
5.00%
1.00%
0.25%
1.00%
5.00% $
24,595
$
36,808
$
61,404
$
516,503
$
772,973
$
1,289,476
$
4,678,609
$ 7,067,131
$
11,745,740
206
380 Dwight
380R Dwight
$
215,079 $ 325,253
$
44,499 $
67,294
$
148,330 $ 224,313
$
29,666 $
44,863
$
7,417 $
11,216
$
29,666 $
44,863
$
17,252 $
18,365
Total
McCabe Enterprises
Site
Land Area
Floors
Buildings
Loan Fees
Appraisal
84,506
16,000
19,500
3
4
total
380 Dwight
380 R Dwight
24 months
5.0%
Phase 1
2
Full Development
380 Dwight
380 R
Total
$
10,000 $
10,000 $
20,000
1% $ 42,779.18 $ 64,200.51 $
106,980
$
5,000 $
5,000 $
10,000
$
100,812 $ 110,893 $
211,706
$ 4,837,200 $ 7,257,225 $
12,094,425
Operating Income for 380 Dwight
380 Dwight
Units/ SF
First Floor -- Canal Gallery
1st Flr: Ofc/Mfg: Maker Space
2nd Flr: Live/Work Lofts
3rd Flr: Live/Work Lofts
Attic: Live Work Lofts
3000
10000
10000
10000
8000
Average
Annual Rent
Annual Gross
Income
$
$
$
$
$
$
$
$
$
$
$
$
$
2.00
7.50
13.85
13.85
10.00
-
Sub-Total
Effective Gross Income for 380 Dwight
10.00% $
$
6,000
75,000
138,500
138,500
80,000
438,000
(43,800)
394,200
Operating Income for 380 R Dwight
380 R Dwight
Units/ SF
Basement
First Floor -- 380 Gallery
1st Flr:- Ofc/Mfg: Maker Space
2nd Flr: Live/Work Lofts
3rd Flr: Live/Work Lofts
Attic: Live Work Lofts
Sub-Total
Effective Gross Income for 380 Dwight
Expenses
Maintenance
Taxes
Utilities
Management
McCabe Enterprises
10000
1500
19500
19500
19500
10000
Average
Annual Rent
Annual Gross
Income
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2.00
5.00
10.00
13.85
13.85
13.85
-
10.00% $
$
20,000
7,500
195,000
270,075
270,075
138,500
881,150
(43,800)
837,350
380 Dwight 380R Dwight
10% $
39,420 $
83,735
$
8,626 $
9,182
7.5% $
29,565 $
62,801
2.5% $
9,855 $
20,934
$
306,734 $ 660,698
$
$
$
$
$
Total
123,155
17,808
92,366
30,789
967,432
207
Site
Land Area
Floors
Buildings
84,506
16,000
19,500
3
4
total
380 Dwight
380 R Dwight
Financing
Amount of Loan at Debt Service Constant
Amortization Period
Interest Rate
Annual Debt Service
Surplus/deficit
Phase 1
2
Full Development
380 Dwight
380R Dwight
1.25
$
245,387
$3,809,180
245,387
$ 528,558
$8,204,877
528,558
Total
$
$
$
$
773,946
12,014,058
773,946
$
$
$
$
Total
1,231,550
967,432
773,946
193,486
30 years
5.00%
6.442%
$
$
$
$
380 Dwight
394,200
306,734
245,387
61,347
12.3%
380R Dwight
$
837,350
$
660,698
528,558
$
132,140
17.6%
SOURCES & RETURNS
New Market Tax Credits
$
1,550,000
$
2,650,000 $3 M & $5M NMTC alloc. sold at $.55/$1 of
Historic Tax Credits -- Federal
$
551,441
$
827,324 20% of HRTC eligible basis sold at $.60 of
credit less add'l legal ($100,000)
equity per $1 of credit
State Historic Tax Credits
$
600,000
$
600,000 Allocation of $1,000,000/ea anticipated at
$0.6 per $1 of credit
Equity Requirement
$
500,000
$750,000 Private Equity or Community Investment
Grant for Equity
8,204,877 Conventional Financing, 5% at 30 years
Permanent Loan
$
3,809,180
$
Sub-Total
$
7,010,621
$ 13,032,201
$
2,173,421
$
8,195,001
Stronger rent structure is required to support redevelopment. Phased
redevelopment by building for 380 R would enable a smaller discrete
project, that could be more viable.
208
McCabe Enterprises
A
appendix
McCabe Enterprises
A1
HUD Lead-Based Paint Fact Sheet
A2
Flood Plain Map
A3.1
Cost Estimate: 106-120 High Street
A3.2
Cost Estimate: 276 High Street
A3.3
Cost Estimate: 200 Race Street
A3.4
Cost Estimate: 380/ 380R Dwight Street
A.4
Pro Forma Definitions
Holyoke
209
A1 HUD Lead-Based Paint Fact Sheet
210
Holyoke
McCabe Enterprises
A1 HUD Lead-Based Paint Fact Sheet
McCabe Enterprises
Holyoke
211
212
Holyoke
McCabe Enterprises
A2
McCabe Enterprises
flood
plain
map
Holyoke
213
214
Holyoke
McCabe Enterprises
FIRM Map with Study Building Locations Identified
study building
106-120 High
274 High
380/380R Dwight
200 Race
McCabe Enterprises
Holyoke
215
Holyoke | Appendix
McCabe Enterprises
A3.4
cost
estimate
380/ 380R
Dwight Street
McCabe Enterprises
Holyoke | Appendix
295
Holyoke | Appendix
McCabe Enterprises
Feasibility Submission
Holyoke; 386 Dwight Street Building
PHASE 1 Stabilization
Holyoke, MA
Prepared for:
McCabe Enterprises
April 7, 2014
07-Apr-14
Holyoke, MA
MAIN CONSTRUCTION COST SUMMARY
Gross Floor
Area
$/sf
Estimated
Construction Cost
GALLERY 380 BUILDING STABILIZATION
BUILDING 380 STABILIZATION BUILDING A ONLY
50,000
$8.50
$425,000
BUILDING 380 STABILIZATION BUILDING B ONLY (Mothballing no work
assumed)
28,000
$0.00
$0
SITEWORK - No Work Assumed
NIC
HAZMAT REMOVALS
SUB-TOTAL
50,000
$8.50
NIC
$425,000
GENERAL CONDITIONS
BONDS
INSURANCE
PERMIT
8%
0.65%
1.25%
1.00%
$34,000
$2,763
$5,313
$4,671
OVERHEAD AND FEE
ESCALATION TO MID-POINT (assumed 2
years)
5%
6.00%
$21,250
$25,500
15%
$77,775
DESIGN AND PRICING CONTINGENCY
TOTAL OF ALL CONSTRUCTION - GALLERY 380
STABILIZATION
Summary
50,000
Page 2
$11.93
$596,272
PMC - Project Management Cost
07-Apr-14
Holyoke, MA
These Feasibility Construction cost estimates were produced from drawings, outline specifications and other documentation
prepared by McCabe Enterprises and their design team dated March, 2014. Design and engineering changes occurring subsequent
to the issue of these documents have not been incorporated in this estimate.
This estimate includes all direct construction costs, general contractor’s overhead and profit and design contingency. Cost escalation
assumes start dates indicated.
Bidding conditions are expected to be public bidding under Chapter 149 of the Massachusetts General Laws to pre-qualified general
contractors, and pre-qualified sub-contractors, open specifications for materials and manufactures.
The estimate is based on prevailing wage rates for construction in this market and represents a reasonable opinion of cost. It is not a
prediction of the successful bid from a contractor as bids will vary due to fluctuating market conditions, errors and omissions,
proprietary specifications, lack or surplus of bidders, perception of risk, etc. Consequently the estimate is expected to fall within the
range of bids from a number of competitive contractors or subcontractors, however we do not warrant that bids or negotiated prices will
not vary from the final construction cost estimate.
ITEMS NOT CONSIDERED IN THIS ESTIMATE
Items not included in this estimate are:
All professional fees and insurance
Building Permit costs
Land acquisition, feasibility, and financing costs
All Furnishings, Fixtures and Equipment
Items identified in the design as Not In Contract (NIC)
Items identified in the design as by others
Owner supplied and/or installed items (e.g. draperies, furniture and equipment)
Rock excavation; special foundations (unless indicated by design engineers)
Utility company back charges, including work required off-site
Work to City streets and sidewalks, (except as noted in this estimate)
Summary
Page 3
Holyoke, MA
07-Apr-14
GFA
BUILDING SYSTEM
CONSTRUCTION COST SUMMARY
SUB-TOTAL
GALLERY 380 STABILIZATION
A10 FOUNDATIONS
A1010
Standard Foundations
A1020
Special Foundations
A1030
Lowest Floor Construction
A20
B10
B20
B30
C10
C20
C30
D10
D20
D30
TOTAL
$/SF
50,000
%
$0
$0
$0
$0
$0.00
0.0%
BASEMENT CONSTRUCTION
A2010
Basement Excavation
A2020
Basement Walls
$0
$0
$0
$0.00
0.0%
SUPERSTRUCTURE
B1010
Upper Floor Construction
B1020
Roof Construction
$0
$0
$0
$0.00
0.0%
EXTERIOR CLOSURE
B2010
Exterior Walls
B2020
Windows
B2030
Exterior Doors
$105,000
$5,000
$0
$110,000
$2.20
25.9%
ROOFING
B3010
Roof Coverings
B3020
Roof Openings
$70,000
$0
$70,000
$1.40
16.5%
$0
$0
$7,500
$7,500
$0.15
1.8%
STAIRCASES
C2010
Stair Construction
C2020
Stair Finishes
$0
$0
$0
$0.00
0.0%
INTERIOR FINISHES
C3010
Wall Finishes
C3020
Floor Finishes
C3030
Ceiling Finishes
$0
$0
$0
$0
$0.00
0.0%
CONVEYING SYSTEMS
D1010
Elevator
$0
$0
$0.00
0.0%
PLUMBING
D20
Plumbing
$0
$0
$0.00
0.0%
HVAC
D30
$0
$0
$0.00
0.0%
INTERIOR CONSTRUCTION
C1010
Partitions
C1020
Interior Doors
C1030
Specialties/Millwork
HVAC
Holyoke 386 Dwight Street Estimate PH1 Only
Page 4
Holyoke, MA
07-Apr-14
BUILDING SYSTEM
GFA
SUB-TOTAL
D40 FIRE PROTECTION
D40
Fire Protection
D50
E10
E20
F10
F20
TOTAL
$/SF
50,000
%
$0
$0
$0.00
0.0%
$237,500
$237,500
$4.75
55.9%
$0
$0
$0.00
0.0%
FURNISHINGS
E2010
Fixed Furnishings
E2020
Movable Furnishings
$0
NIC
$0
$0.00
0.0%
SPECIAL CONSTRUCTION
F10
Special Construction
$0
$0
$0.00
0.0%
HAZMAT REMOVALS
F2010
Building Elements Demolition
F2020
Hazardous Components Abatement
$0
$0
$0
$0.00
0.0%
$425,000
$8.50
100.0%
ELECTRICAL
D5010
New Electrical Systems
EQUIPMENT
E10
Equipment
TOTAL DIRECT COST (Trade Costs)
Page 5
Holyoke, MA
07-Apr-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
50,000
TOTAL
COST
1
GROSS FLOOR AREA CALCULATION
2
3
4
BLDG A
BLDG B
10,000
10,000 NIC
10,000 NIC
10,000 NIC
10,000
Basement
1st Floor
2nd Floor
3rd Floor
Attic
5
6
7
8
9
10
TOTAL GROSS FLOOR AREA (GFA)
50,000 sf
11
12
13
A10
FOUNDATIONS
14
15
16
A1010 STANDARD FOUNDATIONS
No Work in this section
17
SUBTOTAL
-
18
19
A1020 SPECIAL FOUNDATIONS
20
21
SUBTOTAL
22
23
A1030 LOWEST FLOOR CONSTRUCTION
24
25
SUBTOTAL
26
27
TOTAL - FOUNDATIONS
28
29
30
A20
31
32
A2010 BASEMENT EXCAVATION
33
34
SUBTOTAL
35
36
A2020 BASEMENT WALLS
37
38
SUBTOTAL
39
40
TOTAL - BASEMENT CONSTRUCTION
41
42
43
B10
SUPERSTRUCTURE
44
45
B1010 FLOOR CONSTRUCTION
46
47
SUBTOTAL
48
49
B1020 ROOF CONSTRUCTION
50
51
SUBTOTAL
52
53
TOTAL - SUPERSTRUCTURE
54
55
56
B20
EXTERIOR CLOSURE
57
58
B2010 EXTERIOR WALLS
Page 6
Holyoke, MA
07-Apr-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
50,000
TOTAL
COST
59
Patch/ repair brick where damage has occurred due to
upper level leaks. Assume 2 locations of 1,500 sf and 1
location of 2,000sf floor area.
60
SUBTOTAL
3,000
sf
35.00
105,000
$105,000
61
62
B2020 WINDOWS
63
Board any broken or missing windows to ensure safety
and provide weather protection.
64
SUBTOTAL
1
ls
5,000.00
5,000
$5,000
65
66
67
B2030 EXTERIOR DOORS
68
SUBTOTAL
-
69
70
TOTAL - EXTERIOR CLOSURE
$110,000
71
72
73
B30
ROOFING
74
75
76
77
B3010 ROOF COVERINGS
Flat roofing
Patch roof as required. Minor repairs are needed
across building (assume 5% of total area).
78
At northern corner at the canal, repair to roof, parapet,
cap and flashing needed where water damage present
inside (assume 2,000sf roof area).
79
SUBTOTAL
500
sf
20.00
10,000
2,000
sf
30.00
60,000
$70,000
80
81
82
B3020 ROOF OPENINGS
83
SUBTOTAL
84
85
86
87
88
TOTAL - ROOFING
C10
$70,000
89
90
91
C1010 PARTITIONS
92
SUBTOTAL
93
94
95
C1020 INTERIOR DOORS
96
SUBTOTAL
97
98
99
C1030 SPECIALTIES / MILLWORK
Egress signage
100
50,000
SUBTOTAL
gfa
0.15
7,500
$7,500
101
102
TOTAL - INTERIOR CONSTRUCTION
$7,500
103
104
105
C20
STAIRCASES
106
107
108
109
C2010 STAIR CONSTRUCTION
SUBTOTAL
110
111
112
113
C2020 STAIR FINISHES
SUBTOTAL
114
115
TOTAL - STAIRCASES
116
Page 7
Holyoke, MA
07-Apr-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
50,000
TOTAL
COST
117
118
C30
INTERIOR FINISHES
119
120
121
C3010 WALL FINISHES
122
SUBTOTAL
123
124
125
C3020 FLOOR FINISHES
126
SUBTOTAL
127
128
C3030 CEILING FINISHES
129
130
SUBTOTAL
131
132
TOTAL - INTERIOR FINISHES
133
134
135
D10
CONVEYING SYSTEMS
136
137
138
139
D1010 ELEVATOR
SUBTOTAL
140
141
TOTAL - CONVEYING SYSTEMS
142
143
144
D20
PLUMBING
D20
PLUMBING, GENERALLY
145
146
147
148
SUBTOTAL
149
150
TOTAL - PLUMBING
151
152
153
D30
HVAC
D30
HVAC, GENERALLY
154
155
156
157
SUBTOTAL
158
159
TOTAL - HVAC
160
161
162
D40
FIRE PROTECTION
D40
FIRE PROTECTION, GENERALLY
Existing sprinkler system to remain
163
164
165
166
New water service
167
SUBTOTAL
50,000
1
gfa
ls
4.00
NIC
30,000.00
NIC
168
169
TOTAL - FIRE PROTECTION
170
171
172
D50
ELECTRICAL
173
174
175
D5010 ELECTRICAL SYSTEMS
New smoke detectors
50,000
gfa
0.25
12,500
176
New fire alarm system
50,000
gfa
2.50
125,000
177
Minimal lighting
50,000
gfa
2.00
100,000
178
SUBTOTAL
$237,500
179
180
Page 8
Holyoke, MA
07-Apr-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
50,000
TOTAL
COST
181
TOTAL - ELECTRICAL
$237,500
182
183
184
E10
EQUIPMENT
E10
EQUIPMENT, GENERALLY
185
186
187
188
SUBTOTAL
189
190
TOTAL - EQUIPMENT
191
192
193
E20
FURNISHINGS
194
195
196
E2010 FIXED FURNISHINGS
197
SUBTOTAL
198
199
200
E2020 MOVABLE FURNISHINGS
All movable furnishings to be provided and installed
by owner
201
SUBTOTAL
NIC
202
203
TOTAL - FURNISHINGS
204
205
206
F10
F10
SUBTOTAL
207
208
209
210
211
TOTAL - SPECIAL CONSTRUCTION
212
213
214
F20
SELECTIVE BUILDING DEMOLITION
215
216
F2010 BUILDING ELEMENTS DEMOLITION
217
218
SUBTOTAL
219
220
221
222
F2020 HAZARDOUS COMPONENTS ABATEMENT
Excluded
SUBTOTAL
See Summary
223
224
TOTAL - SELECTIVE BUILDING DEMOLITION
Page 9
PHASE 1 Stabilization Building D
Holyoke, MA
Prepared for:
McCabe Enterprises
June 12, 2014
12-Jun-14
Holyoke, MA
Gross Floor
Area
$/sf
Estimated
Construction Cost
4,000
BUILDING D 380 STABILIZATION
$73.71
$294,820
NIC
HAZMAT REMOVALS
SUB-TOTAL
4,000
$73.71
NIC
$294,820
GENERAL CONDITIONS
BONDS
INSURANCE
PERMIT
8%
0.65%
1.25%
1.00%
$23,586
$1,916
$3,685
$3,240
OVERHEAD AND FEE
years)
5%
6.00%
$14,741
$17,689
15%
$53,952
BUILDING D STABILIZATION
4,000
ADD Alternate for new heating system
Summary
$103.41
ADD
Page 2
$413,629
$70,000
12-Jun-14
Holyoke, MA
prepared by McCabe Enterprises and their design team dated June, 2014. Design and engineering changes occurring subsequent
Summary
Page 3
Holyoke, MA
12-Jun-14
GFA
BUILDING SYSTEM
SUB-TOTAL
GALLERY 380 STABILIZATION BUILDING D
A10 FOUNDATIONS
A1010
A1020
Special Foundations
A1030
A20
B10
B20
B30
C10
C20
C30
D10
D20
D30
TOTAL
$/SF
4,000
%
$0
$0
$0
$0
$0.00
0.0%
A2010
Basement Excavation
A2020
Basement Walls
$0
$0
$0
$0.00
0.0%
SUPERSTRUCTURE
B1010
B1020
Roof Construction
$0
$0
$0
$0.00
0.0%
EXTERIOR CLOSURE
B2010
Exterior Walls
B2020
Windows
B2030
Exterior Doors
$25,000
$13,920
$12,000
$50,920
$12.73
17.3%
ROOFING
B3010
Roof Coverings
B3020
Roof Openings
$8,000
$0
$8,000
$2.00
2.7%
C1010
Partitions
C1020
Interior Doors
C1030
$2,000
$0
$4,200
$6,200
$1.55
2.1%
STAIRCASES
C2010
Stair Construction
C2020
Stair Finishes
$32,000
$0
$32,000
$8.00
10.9%
INTERIOR FINISHES
C3010
Wall Finishes
C3020
Floor Finishes
C3030
Ceiling Finishes
$10,000
$16,000
$0
$26,000
$6.50
8.8%
$0
$0
$0.00
0.0%
$84,000
$84,000
$21.00
28.5%
$0
$0
$0.00
0.0%
CONVEYING SYSTEMS
D1010
Elevator
PLUMBING
D20
Plumbing
HVAC
D30
HVAC
Holyoke 380 Dwight Street Estimate PH1 Building D
Page 4
Holyoke, MA
12-Jun-14
BUILDING SYSTEM
GFA
SUB-TOTAL
D40 FIRE PROTECTION
D40
Fire Protection
D50
E10
E20
F10
F20
TOTAL
$/SF
4,000
%
$38,000
$38,000
$9.50
12.9%
$31,000
$31,000
$7.75
10.5%
$2,700
$2,700
$0.68
0.9%
FURNISHINGS
E2010
Fixed Furnishings
E2020
Movable Furnishings
$0
NIC
$0
$0.00
0.0%
F10
$0
$0
$0.00
0.0%
$16,000
$0
$16,000
$4.00
5.4%
$294,820
$73.71
100.0%
ELECTRICAL
D5010
EQUIPMENT
E10
Equipment
HAZMAT REMOVALS
F2010
F2020
Page 5
Holyoke, MA
12-Jun-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
4,000
TOTAL
COST
1
2
4,000 sf
3
4
5
A10
FOUNDATIONS
6
7
8
9
SUBTOTAL
-
10
11
12
13
SUBTOTAL
14
15
16
17
SUBTOTAL
18
19
TOTAL - FOUNDATIONS
20
21
22
A20
23
24
25
26
SUBTOTAL
27
28
29
30
SUBTOTAL
31
32
33
34
35
B10
SUPERSTRUCTURE
36
37
38
39
SUBTOTAL
40
41
42
43
SUBTOTAL
44
45
46
47
48
B20
EXTERIOR CLOSURE
49
50
51
upper level leaks.
52
SUBTOTAL
1
ls
25,000.00
25,000
$25,000
53
54
B2020 WINDOWS
Page 6
Holyoke, MA
12-Jun-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
4,000
TOTAL
COST
55
Install new insulated glass, double hung windows (4
each) and new vent-type windows (4 each) with
divided panes to match existing window profiles.
56
SUBTOTAL
1
ls
13,920.00
13,920
$13,920
57
58
59
Replace existing egress doors
60
SUBTOTAL
2
pr
6,000.00
12,000
12,000
61
62
$50,920
63
64
65
B30
ROOFING
66
67
68
69
Flat roofing
70
400
sf
20.00
8,000
SUBTOTAL
$8,000
71
72
73
B3020 ROOF OPENINGS
74
SUBTOTAL
75
76
77
78
79
TOTAL - ROOFING
C10
$8,000
80
81
82
C1010 PARTITIONS
Utility closet
83
1
loc
2,000.00
2,000
SUBTOTAL
$2,000
84
85
86
87
SUBTOTAL
88
89
90
Kitchenette casework
91
Egress signage
92
SUBTOTAL
6
4,000
lf
gfa
600.00
3,600
0.15
600
$4,200
93
94
$6,200
95
96
97
C20
STAIRCASES
98
99
100
New egress stair and landing
101
New exterior stair and landing for egress door
102
SUBTOTAL
1
flt
25,000.00
25,000
1
flt
7,000.00
7,000
$32,000
103
104
105
106
SUBTOTAL
107
108
TOTAL - STAIRCASES
$32,000
109
110
111
C30
INTERIOR FINISHES
112
113
114
115
C3010 WALL FINISHES
Painting throughout
4,000
SUBTOTAL
gfa
2.50
10,000
$10,000
Page 7
Holyoke, MA
12-Jun-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
4,000
TOTAL
COST
116
117
118
Sand and polyurethane wood floors
119
4,000
sf
4.00
16,000
SUBTOTAL
$16,000
120
121
122
123
SUBTOTAL
124
125
$26,000
126
127
128
D10
CONVEYING SYSTEMS
129
130
131
132
D1010 ELEVATOR
SUBTOTAL
133
134
135
136
137
D20
PLUMBING
D20
PLUMBING, GENERALLY
138
139
140
New ADA compliant restroom; complete
2
rms
40,000.00
80,000
141
Kitchenette sink
1
fxt
4,000.00
4,000
142
SUBTOTAL
$84,000
143
144
TOTAL - PLUMBING
$84,000
145
146
147
D30
HVAC
D30
HVAC, GENERALLY
148
149
150
151
SUBTOTAL
152
153
TOTAL - HVAC
154
155
156
D40
FIRE PROTECTION
D40
159
Existing sprinkler system to remain; repair and
upgrade as needed
160
New water service
161
SUBTOTAL
157
158
4,000
1
gfa
ls
2.00
8,000
30,000.00
30,000
$38,000
162
163
$38,000
164
165
166
D50
ELECTRICAL
167
168
169
New smoke detectors
4,000
gfa
0.25
1,000
170
4,000
gfa
2.50
10,000
171
New lighting
4,000
gfa
5.00
20,000
172
SUBTOTAL
$31,000
173
174
175
TOTAL - ELECTRICAL
$31,000
176
177
Page 8
Holyoke, MA
12-Jun-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
4,000
TOTAL
COST
178
E10
EQUIPMENT
179
180
E10
181
Dishwasher
1
ea
1,500.00
1,500
182
Refrigerator
1
ea
1,200.00
1,200
183
SUBTOTAL
$2,700
184
185
TOTAL - EQUIPMENT
$2,700
186
187
188
E20
FURNISHINGS
189
190
191
192
SUBTOTAL
193
194
195
by owner
196
SUBTOTAL
NIC
197
198
TOTAL - FURNISHINGS
199
200
201
F10
F10
SUBTOTAL
202
203
204
205
206
207
208
209
F20
210
211
212
Clear furniture etc
4,000
gfa
0.50
2,000
213
Remove all existing partitions, lofts, floors and
casework. Remove any wiring within partitions.
4,000
gfa
3.00
12,000
214
Remove exterior windows and doors
2,000.00
2,000
215
SUBTOTAL
1
ls
$16,000
216
217
218
219
Excluded
SUBTOTAL
See Summary
220
221
$16,000
Page 9
Buildings A,B, C and D
Holyoke, MA
Prepared for:
McCabe Enterprises
March 16, 2014
16-Mar-14
Holyoke, MA
Gross Floor
Area
$/sf
Estimated
Construction Cost
78,500
BUILDING 380 STABILIZATION
$8.21
$644,150
NIC
HAZMAT REMOVALS
SUB-TOTAL
78,500
$8.21
NIC
$644,150
GENERAL CONDITIONS
BONDS
INSURANCE
PERMIT
8%
0.65%
1.25%
1.00%
$51,532
$4,187
$8,052
$7,079
OVERHEAD AND FEE
years)
5%
6.00%
$32,208
$38,649
15%
$117,879
STABILIZATION
78,500
$11.51
$903,736
78,500
$57.15
$4,486,250
GALLERY 380 BUILDING PRE-DEVELOPMENT
BUILDING 380 PRE-DEVELOPMENT
SITEWORK
NIC
HAZMAT REMOVALS
SUB-TOTAL
78,500
$57.15
NIC
$4,486,250
GENERAL CONDITIONS
BONDS
INSURANCE
PERMIT
8%
0.65%
1.25%
1.00%
$358,900
$29,161
$56,078
$49,304
OVERHEAD AND FEE
years)
5%
6.00%
$224,313
$269,175
15%
$820,977
78,500
TOTAL OF ALL CONSTRUCTION - GALLERY 360 PREDEVELOPMENT
Summary
Page 2
$80.18
$6,294,158
16-Mar-14
Holyoke, MA
CANAL GALLERY BUILDING STABILIZATION
52,000
CANAL BUILDING STABILIZATION
$7.57
$393,800
NIC
HAZMAT REMOVALS
SUB-TOTAL
52,000
$7.57
NIC
$393,800
GENERAL CONDITIONS
BONDS
INSURANCE
PERMIT
8%
0.65%
1.25%
1.00%
$31,504
$2,560
$4,923
$4,328
OVERHEAD AND FEE
years)
5%
6.00%
$19,690
$23,628
15%
$72,065
52,000
TOTAL OF ALL CONSTRUCTION - CANAL GALLERY
STABILIZATION
$10.62
$552,498
$57.05
$2,966,600
CANAL GALLERY BUILDING PRE-DEVELOPMENT
52,000
CANAL BUILDING PRE-DEVELOPMENT
SITEWORK
NIC
HAZMAT REMOVALS
SUB-TOTAL
52,000
$57.05
NIC
$2,966,600
GENERAL CONDITIONS
BONDS
INSURANCE
PERMIT
8%
0.65%
1.25%
1.00%
$237,328
$19,283
$37,083
$32,603
OVERHEAD AND FEE
years)
5%
6.00%
$148,330
$177,996
15%
$542,883
TOTAL OF ALL CONSTRUCTION - CANAL GALLERY PREDEVELOPMENT
Summary
Page 3
52,000
$80.04
$4,162,106
16-Mar-14
Holyoke, MA
prepared by McCabe Enterprises and their design team dated March, 2014. Design and engineering changes occurring subsequent
Summary
Page 4
Holyoke, MA
16-Mar-14
GFA
BUILDING SYSTEM
SUB-TOTAL
A10 FOUNDATIONS
A1010
A1020
Special Foundations
A1030
A20
B10
B20
B30
C10
C20
C30
D10
D20
D30
TOTAL
$/SF
78,500
%
$0
$0
$0
$0
$0.00
0.0%
A2010
Basement Excavation
A2020
Basement Walls
$0
$0
$0
$0.00
0.0%
SUPERSTRUCTURE
B1010
B1020
Roof Construction
$0
$0
$0
$0.00
0.0%
EXTERIOR CLOSURE
B2010
Exterior Walls
B2020
Windows
B2030
Exterior Doors
$175,000
$5,000
$0
$180,000
$2.29
27.9%
ROOFING
B3010
Roof Coverings
B3020
Roof Openings
$79,500
$0
$79,500
$1.01
12.3%
$0
$0
$11,775
$11,775
$0.15
1.8%
STAIRCASES
C2010
Stair Construction
C2020
Stair Finishes
$0
$0
$0
$0.00
0.0%
INTERIOR FINISHES
C3010
Wall Finishes
C3020
Floor Finishes
C3030
Ceiling Finishes
$0
$0
$0
$0
$0.00
0.0%
CONVEYING SYSTEMS
D1010
Elevator
$0
$0
$0.00
0.0%
PLUMBING
D20
Plumbing
$0
$0
$0.00
0.0%
HVAC
D30
$0
$0
$0.00
0.0%
C1010
Partitions
C1020
Interior Doors
C1030
HVAC
Holyoke 386 Dwight Street Estimate
Page 5
Holyoke, MA
16-Mar-14
BUILDING SYSTEM
GFA
SUB-TOTAL
D40 FIRE PROTECTION
D40
Fire Protection
D50
E10
E20
F10
F20
TOTAL
$/SF
78,500
%
$0
$0
$0.00
0.0%
$372,875
$372,875
$4.75
57.9%
$0
$0
$0.00
0.0%
FURNISHINGS
E2010
Fixed Furnishings
E2020
Movable Furnishings
$0
NIC
$0
$0.00
0.0%
F10
$0
$0
$0.00
0.0%
HAZMAT REMOVALS
F2010
F2020
$0
$0
$0
$0.00
0.0%
$644,150
$8.21
100.0%
ELECTRICAL
D5010
EQUIPMENT
E10
Equipment
Page 6
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
78,500
TOTAL
COST
1
2
3
4
BLDG A
BLDG B
10,000
10,000
9,500
10,000
9,500
10,000
9,500
10,000
Basement
1st Floor
2nd Floor
3rd Floor
Attic
5
6
7
8
9
10
78,500 sf
11
12
13
A10
FOUNDATIONS
14
15
16
17
SUBTOTAL
-
18
19
20
21
SUBTOTAL
22
23
24
25
SUBTOTAL
26
27
TOTAL - FOUNDATIONS
28
29
30
A20
31
32
33
34
SUBTOTAL
35
36
37
38
SUBTOTAL
39
40
41
42
43
B10
SUPERSTRUCTURE
44
45
46
47
SUBTOTAL
48
49
50
51
SUBTOTAL
52
53
54
55
56
B20
EXTERIOR CLOSURE
57
58
Page 7
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
78,500
TOTAL
COST
59
upper level leaks. Assume 2 locations of 1,500 sf and 1
location of 2,000sf floor area.
60
SUBTOTAL
5,000
sf
35.00
175,000
$175,000
61
62
B2020 WINDOWS
63
64
SUBTOTAL
1
ls
5,000.00
5,000
$5,000
65
66
67
68
SUBTOTAL
-
69
70
$180,000
71
72
73
B30
ROOFING
74
75
76
77
Flat roofing
78
At northern corner at the canal, repair to roof, parapet,
cap and flashing needed where water damage present
inside (assume 2,000sf roof area).
79
SUBTOTAL
975
sf
20.00
19,500
2,000
sf
30.00
60,000
$79,500
80
81
82
B3020 ROOF OPENINGS
83
SUBTOTAL
84
85
86
87
88
TOTAL - ROOFING
C10
$79,500
89
90
91
C1010 PARTITIONS
92
SUBTOTAL
93
94
95
96
SUBTOTAL
97
98
99
Egress signage
100
78,500
SUBTOTAL
gfa
0.15
11,775
$11,775
101
102
$11,775
103
104
105
C20
STAIRCASES
106
107
108
109
SUBTOTAL
110
111
112
113
SUBTOTAL
114
115
TOTAL - STAIRCASES
116
Page 8
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
78,500
TOTAL
COST
117
118
C30
INTERIOR FINISHES
119
120
121
C3010 WALL FINISHES
122
SUBTOTAL
123
124
125
126
SUBTOTAL
127
128
129
130
SUBTOTAL
131
132
133
134
135
D10
CONVEYING SYSTEMS
136
137
138
139
D1010 ELEVATOR
SUBTOTAL
140
141
142
143
144
D20
PLUMBING
D20
PLUMBING, GENERALLY
145
146
147
148
SUBTOTAL
149
150
TOTAL - PLUMBING
151
152
153
D30
HVAC
D30
HVAC, GENERALLY
154
155
156
157
SUBTOTAL
158
159
TOTAL - HVAC
160
161
162
D40
FIRE PROTECTION
D40
Existing sprinkler system to remain
163
164
165
166
New water service
167
SUBTOTAL
78,500
1
gfa
ls
4.00
NIC
30,000.00
NIC
168
169
170
171
172
D50
ELECTRICAL
173
174
175
New smoke detectors
78,500
gfa
0.25
19,625
176
78,500
gfa
2.50
196,250
177
Minimal lighting
78,500
gfa
2.00
157,000
178
SUBTOTAL
$372,875
179
180
Page 9
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
78,500
TOTAL
COST
181
TOTAL - ELECTRICAL
$372,875
182
183
184
E10
EQUIPMENT
E10
185
186
187
188
SUBTOTAL
189
190
TOTAL - EQUIPMENT
191
192
193
E20
FURNISHINGS
194
195
196
197
SUBTOTAL
198
199
200
by owner
201
SUBTOTAL
NIC
202
203
TOTAL - FURNISHINGS
204
205
206
F10
F10
SUBTOTAL
207
208
209
210
211
212
213
214
F20
215
216
217
218
SUBTOTAL
219
220
221
222
Excluded
SUBTOTAL
See Summary
223
224
Page 10
Holyoke, MA
16-Mar-14
GFA
BUILDING SYSTEM
SUB-TOTAL
GALLERY 380 PRE-DEVELOPMENT WORK
A10 FOUNDATIONS
A1010
A1020
Special Foundations
A1030
A20
B10
B20
B30
C10
C20
C30
D10
D20
D30
TOTAL
$/SF
78,500
%
$0
$0
$0
$0
$0.00
0.0%
A2010
Basement Excavation
A2020
Basement Walls
$0
$0
$0
$0.00
0.0%
SUPERSTRUCTURE
B1010
B1020
Roof Construction
$0
$0
$0
$0.00
0.0%
EXTERIOR CLOSURE
B2010
Exterior Walls
B2020
Windows
B2030
Exterior Doors
$521,000
$590,000
$0
$1,111,000
$14.15
24.8%
ROOFING
B3010
Roof Coverings
B3020
Roof Openings
$312,000
$0
$312,000
$3.97
7.0%
C1010
Partitions
C1020
Interior Doors
C1030
$231,000
$0
$0
$231,000
$2.94
5.1%
STAIRCASES
C2010
Stair Construction
C2020
Stair Finishes
$300,000
$108,000
$408,000
$5.20
9.1%
INTERIOR FINISHES
C3010
Wall Finishes
C3020
Floor Finishes
C3030
Ceiling Finishes
$0
$0
$0
$0
$0.00
0.0%
CONVEYING SYSTEMS
D1010
Elevator
$0
$0
$0.00
0.0%
PLUMBING
D20
Plumbing
$0
$0
$0.00
0.0%
$942,000
$942,000
$12.00
21.0%
HVAC
D30
HVAC
Page 11
Holyoke, MA
16-Mar-14
BUILDING SYSTEM
GFA
SUB-TOTAL
D40 FIRE PROTECTION
D40
Fire Protection
D50
E10
E20
F10
F20
TOTAL
$/SF
78,500
%
$187,000
$187,000
$2.38
4.2%
$667,250
$667,250
$8.50
14.9%
$0
$0
$0.00
0.0%
FURNISHINGS
E2010
Fixed Furnishings
E2020
Movable Furnishings
$0
NIC
$0
$0.00
0.0%
F10
$0
$0
$0.00
0.0%
$314,000
$314,000
$628,000
$8.00
14.0%
$4,486,250
$57.15
100.0%
ELECTRICAL
D5010
EQUIPMENT
E10
Equipment
HAZMAT REMOVALS
F2010
F2020
Page 12
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
78,500
TOTAL
COST
1
2
3
4
BLDG A
BLDG B
10,000
10,000
9,500
10,000
9,500
10,000
9,500
10,000
Basement
1st Floor
2nd Floor
3rd Floor
Attic
5
6
7
8
9
10
78,500 sf
11
12
13
A10
FOUNDATIONS
14
15
16
17
SUBTOTAL
-
18
19
20
21
SUBTOTAL
22
23
24
25
SUBTOTAL
26
27
TOTAL - FOUNDATIONS
28
29
30
A20
31
32
33
34
SUBTOTAL
35
36
37
38
SUBTOTAL
39
40
41
42
43
B10
SUPERSTRUCTURE
44
45
46
47
SUBTOTAL
48
49
50
51
SUBTOTAL
52
53
54
55
56
B20
EXTERIOR CLOSURE
57
58
Page 13
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
78,500
TOTAL
COST
59
Patch, point and repair brick exterior walls. Moderate
repair on east and north walls; extensive patching/
repairs to west wall.
60
Moderate repairs to interior of brick walls where water
damage has caused cracking.
61
SUBTOTAL
78,500
sf
6.00
471,000
1
ls
50,000.00
50,000
$521,000
62
63
B2020 WINDOWS
64
New double-hung, double-pane insulated windows all
floors except the fourth floor of the northern building
where new windows have already been installed.
65
SUBTOTAL
59,000
sf
10.00
590,000
$590,000
66
67
68
69
SUBTOTAL
-
70
71
$1,111,000
72
73
74
B30
ROOFING
75
76
77
78
Flat roofing
At the time of redevelopment a new roof system that
meets current energy code requirements would need
to be installed. Current roof framing is assumed to be
sufficient and structural upgrades to roof framing are
not anticipated.
79
19,500
sf
16.00
312,000
SUBTOTAL
$312,000
80
81
82
B3020 ROOF OPENINGS
83
SUBTOTAL
84
85
86
87
88
TOTAL - ROOFING
C10
$312,000
89
90
91
C1010 PARTITIONS
New walls at stairwells
92
10,500
sf
22.00
231,000
SUBTOTAL
$231,000
93
94
95
96
SUBTOTAL
97
98
99
100
SUBTOTAL
101
102
$231,000
103
104
105
C20
STAIRCASES
106
107
108
109
New stairwells
12
flts
25,000.00
300,000
SUBTOTAL
$300,000
110
111
112
New stairwell finishes
12
Page 14
flts
9,000.00
108,000
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
78,500
TOTAL
COST
113
SUBTOTAL
$108,000
114
115
TOTAL - STAIRCASES
$408,000
116
117
118
C30
INTERIOR FINISHES
119
120
121
C3010 WALL FINISHES
122
SUBTOTAL
123
124
125
126
SUBTOTAL
127
128
129
130
SUBTOTAL
131
132
133
134
135
D10
CONVEYING SYSTEMS
136
137
138
139
D1010 ELEVATOR
SUBTOTAL
140
141
142
143
144
D20
PLUMBING
D20
PLUMBING, GENERALLY
145
146
147
148
SUBTOTAL
149
150
TOTAL - PLUMBING
151
152
153
D30
HVAC
D30
HVAC, GENERALLY
Core and shell HVAC upgrades
154
155
156
157
78,500
gfa
12.00
942,000
SUBTOTAL
158
159
$942,000
TOTAL - HVAC
$942,000
160
161
162
D40
FIRE PROTECTION
D40
Modify Existing sprinkler system
163
164
165
166
New water service
167
SUBTOTAL
78,500
1
gfa
ls
2.00
157,000
30,000.00
30,000
$187,000
168
169
$187,000
170
171
172
D50
ELECTRICAL
173
174
175
176
New power and distribution
Upgrade core and shell lighting
78,500
gfa
5.00
392,500
78,500
gfa
2.00
157,000
Page 15
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
78,500
TOTAL
COST
177
Tele/Date upgrades
178
SUBTOTAL
78,500
gfa
1.50
117,750
$667,250
179
180
181
TOTAL - ELECTRICAL
$667,250
182
183
184
E10
EQUIPMENT
E10
185
186
187
188
SUBTOTAL
189
190
TOTAL - EQUIPMENT
191
192
193
E20
FURNISHINGS
194
195
196
197
SUBTOTAL
198
199
200
by owner
201
SUBTOTAL
NIC
202
203
TOTAL - FURNISHINGS
204
205
206
F10
F10
SUBTOTAL
207
208
209
210
211
212
213
214
F20
215
216
217
218
219
Clear spaces of all miscellaneous furniture, materials
and other trash.
Full demolition of interior spaces required prior to
redevelopment. Approximately 50% of the building
currently has existing partitions that would need to be
cleared.
78,500
gfa
1.00
78,500
78,500
gfa
3.00
235,500
SUBTOTAL
$314,000
220
221
222
223
Hazardous materials will need to be removed as part of
the scope of demolition. Asbestos pipe insulation, oil/
petroleum and other chemical contaminants may be
present in small to moderate quantities.
78,500
SUBTOTAL
gfa
4.00
314,000
$314,000
224
225
$628,000
Page 16
Holyoke, MA
16-Mar-14
GFA
BUILDING SYSTEM
SUB-TOTAL
CANAL GALLERY STABILIZATION
A10 FOUNDATIONS
A1010
A1020
Special Foundations
A1030
A20
B10
B20
B30
C10
C20
C30
D10
D20
D30
TOTAL
$/SF
52,000
%
$0
$0
$0
$0
$0.00
0.0%
A2010
Basement Excavation
A2020
Basement Walls
$0
$0
$0
$0.00
0.0%
SUPERSTRUCTURE
B1010
B1020
Roof Construction
$0
$0
$0
$0.00
0.0%
EXTERIOR CLOSURE
B2010
Exterior Walls
B2020
Windows
B2030
Exterior Doors
$50,000
$5,000
$0
$55,000
$1.06
14.0%
ROOFING
B3010
Roof Coverings
B3020
Roof Openings
$32,000
$0
$32,000
$0.62
8.1%
$0
$0
$7,800
$7,800
$0.15
2.0%
STAIRCASES
C2010
Stair Construction
C2020
Stair Finishes
$0
$0
$0
$0.00
0.0%
INTERIOR FINISHES
C3010
Wall Finishes
C3020
Floor Finishes
C3030
Ceiling Finishes
$0
$0
$0
$0
$0.00
0.0%
CONVEYING SYSTEMS
D1010
Elevator
$0
$0
$0.00
0.0%
PLUMBING
D20
Plumbing
$0
$0
$0.00
0.0%
HVAC
D30
$0
$0
$0.00
0.0%
C1010
Partitions
C1020
Interior Doors
C1030
HVAC
Page 17
Holyoke, MA
16-Mar-14
BUILDING SYSTEM
GFA
SUB-TOTAL
D40 FIRE PROTECTION
D40
Fire Protection
D50
E10
E20
F10
F20
TOTAL
$/SF
52,000
%
$52,000
$52,000
$1.00
13.2%
$247,000
$247,000
$4.75
62.7%
$0
$0
$0.00
0.0%
FURNISHINGS
E2010
Fixed Furnishings
E2020
Movable Furnishings
$0
NIC
$0
$0.00
0.0%
F10
$0
$0
$0.00
0.0%
HAZMAT REMOVALS
F2010
F2020
$0
$0
$0
$0.00
0.0%
$393,800
$7.57
100.0%
ELECTRICAL
D5010
EQUIPMENT
E10
Equipment
Page 18
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
52,000
TOTAL
COST
1
2
3
4
BLDG C
BLDG D
12,000
4,000
12,000
12,000
12,000
1st Floor
2nd Floor
3rd Floor
Attic
5
6
7
8
9
52,000 sf
10
11
12
A10
FOUNDATIONS
13
14
15
16
SUBTOTAL
-
17
18
19
20
SUBTOTAL
21
22
23
24
SUBTOTAL
25
26
TOTAL - FOUNDATIONS
27
28
29
A20
30
31
32
33
SUBTOTAL
34
35
36
37
SUBTOTAL
38
39
40
41
42
B10
SUPERSTRUCTURE
43
44
45
46
SUBTOTAL
47
48
49
50
SUBTOTAL
51
52
53
54
55
B20
EXTERIOR CLOSURE
56
57
Page 19
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
52,000
TOTAL
COST
58
upper level leaks. Assume minor work
59
SUBTOTAL
1
ls
50,000.00
50,000
$50,000
60
61
B2020 WINDOWS
62
63
SUBTOTAL
1
ls
5,000.00
5,000
$5,000
64
65
66
67
SUBTOTAL
-
68
69
$55,000
70
71
72
B30
ROOFING
73
74
75
76
Flat roofing
77
1,600
sf
20.00
32,000
SUBTOTAL
$32,000
78
79
80
B3020 ROOF OPENINGS
81
SUBTOTAL
82
83
84
85
86
TOTAL - ROOFING
C10
$32,000
87
88
89
C1010 PARTITIONS
90
SUBTOTAL
91
92
93
94
SUBTOTAL
95
96
97
Egress signage
98
52,000
SUBTOTAL
gfa
0.15
7,800
$7,800
99
100
$7,800
101
102
103
C20
STAIRCASES
104
105
106
107
SUBTOTAL
108
109
110
111
SUBTOTAL
112
113
TOTAL - STAIRCASES
114
115
116
C30
INTERIOR FINISHES
117
118
C3010 WALL FINISHES
Page 20
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
52,000
TOTAL
COST
119
120
SUBTOTAL
121
122
123
124
SUBTOTAL
125
126
127
128
SUBTOTAL
129
130
131
132
133
D10
CONVEYING SYSTEMS
134
135
136
137
D1010 ELEVATOR
SUBTOTAL
138
139
140
141
142
D20
PLUMBING
D20
PLUMBING, GENERALLY
143
144
145
146
SUBTOTAL
147
148
TOTAL - PLUMBING
149
150
151
D30
HVAC
D30
HVAC, GENERALLY
152
153
154
155
SUBTOTAL
156
157
TOTAL - HVAC
158
159
160
D40
FIRE PROTECTION
D40
Existing sprinkler system; test and repair
161
162
163
164
New water service
165
SUBTOTAL
52,000
1
gfa
ls
1.00
52,000
30,000.00
NIC
$52,000
166
167
$52,000
168
169
170
D50
ELECTRICAL
171
172
173
New smoke detectors
52,000
gfa
0.25
13,000
52,000
gfa
2.50
130,000
Minimal lighting
52,000
gfa
2.00
104,000
174
175
176
SUBTOTAL
$247,000
177
178
179
TOTAL - ELECTRICAL
$247,000
180
181
182
E10
EQUIPMENT
Page 21
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
52,000
TOTAL
COST
183
184
E10
185
186
SUBTOTAL
187
188
TOTAL - EQUIPMENT
189
190
191
E20
FURNISHINGS
192
193
194
195
SUBTOTAL
196
197
198
by owner
199
SUBTOTAL
NIC
200
201
TOTAL - FURNISHINGS
202
203
204
F10
F10
SUBTOTAL
205
206
207
208
209
210
211
212
F20
213
214
215
216
SUBTOTAL
217
218
219
220
Excluded
SUBTOTAL
See Summary
221
222
Page 22
Holyoke, MA
16-Mar-14
GFA
BUILDING SYSTEM
SUB-TOTAL
CANAL GALLERY PRE-DEVELOPMENT WORK
A10 FOUNDATIONS
A1010
A1020
Special Foundations
A1030
A20
B10
B20
B30
C10
C20
C30
D10
D20
D30
TOTAL
$/SF
52,000
%
$0
$0
$0
$0
$0.00
0.0%
A2010
Basement Excavation
A2020
Basement Walls
$0
$0
$0
$0.00
0.0%
SUPERSTRUCTURE
B1010
B1020
Roof Construction
$0
$0
$0
$0.00
0.0%
EXTERIOR CLOSURE
B2010
Exterior Walls
B2020
Windows
B2030
Exterior Doors
$342,000
$520,000
$0
$862,000
$16.58
29.1%
ROOFING
B3010
Roof Coverings
B3020
Roof Openings
$256,000
$0
$256,000
$4.92
8.6%
C1010
Partitions
C1020
Interior Doors
C1030
$554,600
$0
$0
$554,600
$10.67
18.7%
STAIRCASES
C2010
Stair Construction
C2020
Stair Finishes
$225,000
$81,000
$306,000
$5.88
10.3%
INTERIOR FINISHES
C3010
Wall Finishes
C3020
Floor Finishes
C3030
Ceiling Finishes
$0
$0
$0
$0
$0.00
0.0%
CONVEYING SYSTEMS
D1010
Elevator
$0
$0
$0.00
0.0%
PLUMBING
D20
Plumbing
$0
$0
$0.00
0.0%
HVAC
D30
$0
$0
$0.00
0.0%
HVAC
Page 23
Holyoke, MA
16-Mar-14
BUILDING SYSTEM
GFA
SUB-TOTAL
D40 FIRE PROTECTION
D40
Fire Protection
D50
E10
E20
F10
F20
TOTAL
$/SF
52,000
%
$130,000
$130,000
$2.50
4.4%
$442,000
$442,000
$8.50
14.9%
$0
$0
$0.00
0.0%
FURNISHINGS
E2010
Fixed Furnishings
E2020
Movable Furnishings
$0
NIC
$0
$0.00
0.0%
F10
$0
$0
$0.00
0.0%
$208,000
$208,000
$416,000
$8.00
14.0%
$2,966,600
$57.05
100.0%
ELECTRICAL
D5010
EQUIPMENT
E10
Equipment
HAZMAT REMOVALS
F2010
F2020
Page 24
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
52,000
TOTAL
COST
1
2
3
4
BLDG C
BLDG D
12,000
4,000
12,000
12,000
12,000
1st Floor
2nd Floor
3rd Floor
Attic
5
6
7
8
9
52,000 sf
10
11
12
A10
FOUNDATIONS
13
14
15
16
SUBTOTAL
-
17
18
19
20
SUBTOTAL
21
22
23
24
SUBTOTAL
25
26
TOTAL - FOUNDATIONS
27
28
29
A20
30
31
32
33
SUBTOTAL
34
35
36
37
SUBTOTAL
38
39
40
41
42
B10
SUPERSTRUCTURE
43
44
45
46
SUBTOTAL
47
48
49
50
SUBTOTAL
51
52
53
54
55
B20
EXTERIOR CLOSURE
56
57
Page 25
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
52,000
TOTAL
COST
58
Patch, point and repair brick exterior walls. Moderate
repair on courtyard, south and west walls; extensive
patching/ repairs to north wall.
59
Moderate repairs to interior of brick walls where water
damage has caused cracking.
60
SUBTOTAL
52,000
sf
6.00
312,000
1
ls
30,000.00
30,000
$342,000
61
62
B2020 WINDOWS
63
New double-hung, double-pane insulated windows all
floors
64
SUBTOTAL
52,000
sf
10.00
520,000
$520,000
65
66
67
68
SUBTOTAL
-
69
70
$862,000
71
72
73
B30
ROOFING
74
75
76
77
Flat roofing
At the time of redevelopment a new roof system that
meets current energy code requirements would need
to be installed. Current roof framing is assumed to be
sufficient and structural upgrades to roof framing are
not anticipated.
78
16,000
sf
16.00
256,000
SUBTOTAL
$256,000
79
80
81
B3020 ROOF OPENINGS
82
SUBTOTAL
83
84
85
86
87
TOTAL - ROOFING
C10
$256,000
88
89
90
C1010 PARTITIONS
Modifications to existing corridors to meet code
requirements for egress will be required.
Reconfiguration of corridors and demising walls on
some levels may be required. Approximately 50% of
the current partitions may need to be cleared and
rebuilt to meet code requirements.
91
New walls at stairwells
92
SUBTOTAL
52,000
6,300
gfa
8.00
416,000
sf
22.00
138,600
$554,600
93
94
95
96
SUBTOTAL
97
98
99
100
SUBTOTAL
101
102
$554,600
103
104
105
C20
STAIRCASES
106
107
108
New stairwells
9
Page 26
flts
25,000.00
225,000
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
52,000
TOTAL
COST
109
SUBTOTAL
$225,000
110
111
112
New stairwell finishes
113
9
flts
9,000.00
81,000
SUBTOTAL
$81,000
114
115
TOTAL - STAIRCASES
$306,000
116
117
118
C30
INTERIOR FINISHES
119
120
121
C3010 WALL FINISHES
122
SUBTOTAL
123
124
125
126
SUBTOTAL
127
128
129
130
SUBTOTAL
131
132
133
134
135
D10
CONVEYING SYSTEMS
136
137
138
139
D1010 ELEVATOR
SUBTOTAL
140
141
142
143
144
D20
PLUMBING
D20
PLUMBING, GENERALLY
145
146
147
148
SUBTOTAL
149
150
TOTAL - PLUMBING
151
152
153
D30
HVAC
D30
HVAC, GENERALLY
Core and shell HVAC upgrades
154
155
156
157
52,000
gfa
12.00
NIC
52,000
gfa
2.50
130,000
SUBTOTAL
158
159
TOTAL - HVAC
160
161
162
D40
FIRE PROTECTION
D40
Upgrade Existing sprinkler system
163
164
165
166
SUBTOTAL
$130,000
167
168
$130,000
169
170
171
D50
ELECTRICAL
172
173
Page 27
Holyoke, MA
16-Mar-14
GFA
CSI
CODE
DESCRIPTION
QTY
UNIT
UNIT
COST
EST'D
COST
SUB
TOTAL
52,000
TOTAL
COST
174
New power and distribution
52,000
gfa
5.00
260,000
175
Upgrade core and shell lighting
52,000
gfa
2.00
104,000
176
Tele/Date upgrades
52,000
gfa
1.50
78,000
177
SUBTOTAL
$442,000
178
179
180
TOTAL - ELECTRICAL
$442,000
181
182
183
E10
EQUIPMENT
E10
184
185
186
187
SUBTOTAL
188
189
TOTAL - EQUIPMENT
190
191
192
E20
FURNISHINGS
193
194
195
196
SUBTOTAL
197
198
199
by owner
200
SUBTOTAL
NIC
201
202
TOTAL - FURNISHINGS
203
204
205
F10
F10
SUBTOTAL
206
207
208
209
210
211
212
213
F20
214
215
216
217
218
Clear spaces of all miscellaneous furniture, materials
and other trash.
Full demolition of interior spaces required prior to
redevelopment. Approximately 50% of the building
currently has existing partitions that would need to be
cleared.
52,000
gfa
1.00
52,000
52,000
gfa
3.00
156,000
SUBTOTAL
$208,000
219
220
221
222
Hazardous materials will need to be removed as part of
the scope of demolition. Asbestos pipe insulation, oil/
petroleum and other chemical contaminants may be
present in small to moderate quantities.
52,000
SUBTOTAL
gfa
4.00
208,000
$208,000
223
224
$416,000
Page 28
A4
pro forma
definitions
McCabe Enterprises
Holyoke | Appendix
343
Notes on Financing –
Definitions, Terms, Sources
Hard Costs. Hard Costs encompass the costs of rehabilitation, construction, site work, selective (where needed), fixtures and equipment, hard cost contingency.
Construction Costs. Construction costs have been estimated by Project Management & Cost,
a leading cost estimating firm with experience in experience estimating both private and public sector vertical construction, including rehabilitation. Construction costs are based on
the conceptual plans contained in this report and include direct construction costs, general
contractor’s overhead and profit and a design contingency. Costs have been escalated to the
mid-point of a two-year period, assuming that it will take one-to-two years to ready the project
for rehabilitation. The cost estimate represents a reasonable opinion of cost.
Demolition. Interior gutting, as needed, is included in the construction cost estimate. No
building demolition is required in the projects.
Tenant Improvements. No costs were attributed as part of the redevelopment and rehabilitation to tenant improvement and fit-out. The cost of tenant fit-out will be determined on
a case-by-case basis and dependent upon the unique needs of each tenant. Tenant improvements are supplemental.
Furniture, Fixtures and Equipment. Fixtures and equipment for commercial bathrooms
and for requisite plumbing and fixtures for residential housing units have been budgeted and
described in the scope for each scenario.
Hard Cost Contingency. The hard cost contingency is budgeted at 10% of conceptual construction cost estimate.
Soft Costs
Architectural & Engineering. Architectural and engineering costs have been budgeted at
7.5% of construction costs, unless otherwise noted.
Other Consultants. Other consultants could include a surveyor, preservation consultant,
code consultant, energy consultant, Licensed Site Professional, development or financing consultants. The exact constellation of consultant team will depend upon the specifics of each
building. Costs are anticipated to be approximately 1.5% of construction costs.
Project Management. To successfully coordinate all project elements from design to final
completion of renovation and rehabilitation, 5% of the construction budget has been allocated
to project management services.
Legal fees. Legal services will be needed throughout the development process for contracts,
construction, permitting land acquisition, review of easements, loan and financing documents,
344
Holyoke | Appendix
McCabe Enterprises
etc. One percent of construction costs have been allocated for legal services. In the event that
the developer selects to use New Markets Tax Credits or historic tax credits, additional legal
expenditures may likely be required.
Permit fees. Fees for building permits, gas, plumbing, wiring, site plan and zoning review will
be necessary for the project to proceed with municipal and governmental approvals. Permit
fees are included in the construction budget, and thus are zero percent in this soft cost budget.
Insurance. The contractor’s cost of insurance has been included construction hard costs budget. The property owner/developer should also retain insurance on the property during the
course of development. As such, one-half of one percent (0.5%) has been budgeted for insurance costs.
Developer’s Fee. It is typical for a developer to derive a fee for their contribution in managing
and assembling the project. Although developers’ fees can range from one to five percent of
construction costs, a modest 1.5% is used in the pro forma. Although developer’s fees are
standard, this cost has not be included in the pro forma analyses for base stabilization scenario
under the Incremental Hybrid approach.
Utilities. The cost of utilities, heat, electric, water and sewer, for the building during the anticipated two year development and rehabilitation period are budgeted at one-half of one percent
(0.5%) of construction costs.
Soft Cost Contingency. A contingency for soft costs is budgeted at one percent of construction costs. The soft cost contingency is approximately 5.6% of all soft costs.
Marketing. As part of the redevelopment process, marketing costs to attract tenants should be
anticipated. One percent of construction costs is budgeted for marketing expenses.
Real Estate Taxes. The cost of real estate taxes includes two years of projected real estate taxes
and all outstanding taxes.
Operating Revenue Sources
Rental Income
The major source of operating funds for each building will be rental income based on the
desired mix of uses for each scenario. We spoke to property owners and downtown tenants
regarding current rents in downtown Holyoke and reviewed the current asking prices on available properties. Projected rents are somewhat higher than current 2014 rents, since it will likely
be two years before these properties will be ready for occupancy and leasing.
Several scenarios include residential housing and live/work space. For purpose of analysis, it
is assumed that these units will be market rate rental housing. Rental housing is the only type
of multi-family housing currently being financed in today’s marketplace. Thus, scenarios with
residential condominium development were not prepared. Market rate housing and affordable
housing rents using HUD’s FMR (Fair Market Rents) rents are similar. Thus, the pro formas
focus on the feasibility of market rate housing.
McCabe Enterprises
Holyoke | Appendix
345
Monthly residential rents do not cover the cost of parking. Two properties intensively studied
do not have land to provide parking. Tenants with cars or the developer would need to assume
an additional $20 to $40 per month above apartment rents for parking. All properties are
served by bus and are within two-and-one-half blocks of the Holyoke multi-modal transportation center with PVTA (Pioneer Valley Transit Authority) buses serving Holyoke and nearby
communities as well as inner-city bus service offered by Peter Pan. Inner city passenger train
service by Amtrak is in the planning stages, with a planned stop in Downtown Holyoke within
walking distance of the properties. Moreover, the City of Holyoke’s vision is for a walkable
center city. The City is making steady progress towards pedestrian improvements to enhance
walkability, most notably the Canalwalk. Thus, the pro formas for building rehabilitation do
not incorporate the cost of parking.
The pro forma analyses in this report are based on the following triple net commercial rents
and residential rents as follows.
Housing. The variation in monthly housing rental rates is attributable to the variation in the
size of the unit.
Live-Work. Live-work space is priced on a per net SF basis.
SRECS
In addition to the typical rental income for commercial and residential tenants, each scenario
includes revenue from SRECS. SRECS stands for Solar Renewable Energy Certificate. Massachusetts has created a program where there is a market subsidy for the generation of solar
energy which provides a tradable certificate, called an SREC that represents the clean energy
benefits generated from a solar electric system, based on the number of 1000 kilowatt hours
generated by the system. The amount of projected electricity at each location as to kilowatt
hours was estimated based on the Massachusetts climate and the available roof top for solar.
The value of SRECS was estimated at the minimum established base price per Massachusetts
regulation.
Several of the buildings studied are multi-storied with flat roof tops that have very good sun
exposure, which makes them ideal candidates for solar energy production. In two of the cases,
construction of new roof systems is anticipated facilitating the deployment of photo voltaic
panels for solar energy production. It is anticipated that photo voltaic systems can be installed
on the roofs of each building with appropriate rooftop setbacks so that the solar panels are not
visible from the street. Although there are federal tax credits for installation of renewable energy, the value of these credits was not factored into the pro forma. The availability of federal
solar tax credits expire December 31, 2016 and provide a 30% investment tax credit on allowable costs. Solar tax credits and SRECs could contribute towards a stronger revenue stream.
Operating Expenses
Since these buildings are principally commercial in nature, it is assumed that tenants will be
paying triple net leases (NNN), meaning the tenant will be responsible for payment of real estate taxes, building insurance and maintenance. Since leases are a negotiation between a land-
346
Holyoke | Appendix
McCabe Enterprises
lord and tenant, funds were nonetheless budgeted for maintenance and utilities, in the event
of a vacancy or lease negotiation where the developer assumes some of the maintenance costs
and uses a double-net (NN) lease instead. In residential leases, the landlord typically assumes
payment of the taxes, common area utilities and general maintenance. Funds for operating
expenses inclusive of maintenance costs, utilities, management fees, as well as a pro-rata share
of real estate taxes attributable to the residential component are budgeted.
Financing
At the core of each financial scenario is a conventional market-rate financing component based
on an interest rate of 5% for permanent financing (5.5% for construction loans) with a thirty
year amortization schedule, and a minimum of ten percent equity, plus existing equity in
the land and building. Twenty percent equity is the preferred standard by lenders. Property
owners and developers may need to augment the equity levels noted in the pro formas. It is
anticipated that some projects may utilize New Markets Tax Credits for additional equity or
private partners.
In each case, the revenue stream generated by the existing competitive rents in Downtown
Holyoke today do not generate sufficient revenue so that a project can rely solely on conventional bank financing. The pro formas contained within this report illustrate what could
happen to “make the deal” work for each property.
Historic Tax Credits. In all cases it is assumed that the property owner/developer will make
full utilization of both state and federal historic tax credits. Each building is over fifty years
old and has played an important role in Holyoke’s history as one of America’s first planned
industrial cities. The properties are either in a National Register Historic District, or adjacent
to an existing district. Each building should be listed individually on the National Register
of Historic Places, or at minimum determined to be eligible by the Massachusetts Historical
Commission (MHC), to facilitate use of the historic tax credits. Use of historic tax credits
requires that the building be renovated in accordance with the Secretary of Interior’s Standards
for the Treatment of Historic Properties.
The specific value of historic tax credits may vary. The value of the federal historic tax credits
assumes sale of historic tax credits to support the project based on 20% of the eligible basis
for each project valued at sixty cents per $1.00 of credit. The amount of federal historic tax
credits are automatic based on eligible expenses for a certified project done in accordance with
the Secretary of Interior’s Standards.
The amount of state historic tax credits is based on a competitive application to the MHC for
use on income-producing property, up to 20% of the cost of certified rehabilitation expenditures for state income tax credits. These properties are all projected to undertake substantial
rehabilitation activities, which will exceed 25% of the property owner’s adjusted basis within
a twenty-four month period, a program requirement. The Massachusetts State Historic Tax
Credit program is a pilot program funded through 2017. Although it is not required for a
property to be listed on the National Register of Historic Places, it must be deemed eligible
for listing by MHC in order to use the tax credits. A small award of state historic tax credits is
included in each pro forma.
McCabe Enterprises
Holyoke | Appendix
347
New Markets Tax Credits. The New Markets Tax Credit (NMTC) program provides tax
credits for the construction and redevelopment of commercial, industrial or mixed-use properties in eligible census tracts. The federal government with the NMTC program is seeking to
encourage the private sector to invest in lower income communities so as to spur revitalization
and job creation. Although complex, NMTC are a very flexible tool and can be used for either debt or equity financing for a real estate project. The additional cost of legal services has
been factored in each analysis. Prospective users of NMTC can contact an entity that has an
allocation of NMTC credits. The allocatee becomes a lender/business partner in the project.
Allocatees receiving NMTC in recent rounds in Massachusetts include Massachusetts Housing
Investment Corporation (MHIC), Boston Community Capital, MassDevelopment as well
as others. Several national entities have substantial NMTC allocations that can be used in
Massachusetts, as well.
Additional Funding Sources. In some cases, additional funds will be required to enable the
redevelopment of each of these properties. Specific funding depends in part on the public
benefits of the project and the desired final use. The City of Holyoke receives an annual appropriation of Community Development Block Grant (CDBG) funds. CDBG is a potential
source of strategic funding on a limited basis. Holyoke tens to use CDBG funds for community services assisting the City’s very poor.
Holyoke Gas and Electric have incentives for energy conservation and can be a partner in redevelopment and rehabilitation. The Massachusetts Clean Energy Center can also be a resource.
348
Holyoke | Appendix
McCabe Enterprises
McCabe
Enterprises
About theTeam
McCabe Enterprises provides strategic solutions in public financing, community planning and
economic development to public and private sector clients with innovative and award-winning
work. A wholly woman-owned consulting firm founded by Kathleen McCabe, AICP, EDP
in 1990, McCabe Enterprises works with clients to develop customized solutions addressing
the unique needs of each client and community. Our approach encompasses planning and
economic analysis, financing, community consultation, with a focus on implementation. Our
work includes market analysis, feasibility studies, downtown revitalization, public funding,
urban renewal, neighborhood planning, industrial retention and redevelopment.
McCabe Enterprises can be reached at [email protected] or 617 469-9444.
McCabe Enterprises team members on the MassDevelopment Holyoke Consultancy include
Kathleen McCabe, AICP, EDP and:
Jennifer Mecca, RA, is an architect and experienced urban designer with downtown, and
neighborhood revitalization and redevelopment projects, including work with Boston Main
Streets and Waterfront Square in Revere. Jennifer has been the urban designer for several redevelopment projects, in both urban settings and new development, in Massachusetts, New
York, Virginia and Florida. She brings a breadth of redevelopment experience and work to
enable communities to understand proposed redevelopment projects and their impacts.
Peter Bradley, LEED AP, is the principal and founder of Project Management & Cost, a cost
estimating and project management firm. PM&C offers a full range of cost estimating, cost
and project management services to building owners, real estate developers, architects, and
financial institutions.
McCabe Enterprises
Holyoke | Appendix
349
Holyoke
Building Redevelopment Studies
Prepared for:
The City of Holyoke, MA
& MassDevelopment
June 2014
McCabe Enterprises
McCabe Enterprises | 12 Primrose St. Boston, MA 02131
617.469.9444 | www.plan-do.com

380 and 380R Dwight Street

Transcription

Similar documents

This is what a college should look like.

24.99 - Magic Springs

Order Form - Tiger Baby

Click Here - Heritage Enterprises

Newsletter March 2009 - Vanderbilt Beach and Harbour Club

Full PDF - Cocalico Builders Ltd

try it free* rebate

2006 Pre-Orientation Slide Show

Washington Bank Caucus - North Carolina Bankers Association