Casa De La Fuentes 335 W. Carrillo St. & 922 Castillo St. Downtown worker housing Casa De La Fuentes 335 W. Carrillo St. & 922 Castillo St. Downtown worker.

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Presentation transcript:

Casa De La Fuentes 335 W. Carrillo St. & 922 Castillo St. Downtown worker housing Casa De La Fuentes 335 W. Carrillo St. & 922 Castillo St. Downtown worker housing

Downtown vacant drive-thru bank building w/ adjacent vacant lot behind. Zoning: C-2/R-3 Lot area: 33,750 sq. ft approx. ¾ of 1 acre Base zoning allows for 18 one bedroom units 121% Density increase requested H.A. constructed 42 units (18 studios and 24 one bedroom units) Also, 53 parking spaces required. H.A. granted parking modification to only provide 42 spaces due to downtown worker occupancy and small unit sizes.`

Project Budget A.SITE ACQUISITION $790,000 B.SOFT COSTS Developer Overhead & Project Management 40,000 Architect, Landscape Arch, Engineers, Soils & Survey 255,000 Legal & Accounting 10,000 Appraisal 5,500 City, School & Other Fees 84,000 Title, Escrow, Recording & Insurance 10,000 Misc. 23,000 TOTAL SOFT COSTS $427,500 C.CONSTRUCTION FINANCING $86,100 D.CONSTRUCTIONCONTRACT $3,989,637 E.CONTINGENCY $200,000 F.TOTAL PROJECT COSTS $5,492,737 OR $130,780 PER UNIT

Project Funding Sources HA Tax-Exempt Note $3,000,000 RDA Deferred Loan $1,811,200 HA Cash/Equity $ 681,537 Total Project Cost = $5,492,737