Hudson’s Site Connie Rizzolo Brown Mary Cay Lancaster Lesa Rozmarek Ryan Grabow.

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Presentation transcript:

Hudson’s Site Connie Rizzolo Brown Mary Cay Lancaster Lesa Rozmarek Ryan Grabow

Objectives  Site  Previous presentation  New uses  Sociographics  Economics / Proforma

Downtown Detroit  Heart of the CBD.  Higher residential density desired.  Large proportion of office commuters.  Potential connection to People Mover.

Previous Presentation  Grocery  Residential  Phased approach

Feedback  Consider:  Sociographic data  Educational use  Careful of market saturation

Sociographic Information  Existing market perceived as trendy adults.  Next life stage is starting a family.  Mainstream market deterred by lack of supporting services.  Underserved market in Detroit.  Provide downtown option to suburbs. Source: Adapted from Strategic Marketing & Research, Inc for Detroit Metro Visitors and Convention Bureau

Education Use

Grocery Economics  A stand alone single floor grocery store would not be sufficient to cover site rental costs.  Security issues and inefficient loading are anticipated challenges.  Grocery is likely to be a strong component in a mixed-use strategy. DescriptionValue Weekly Sales per Sq. Ft.$11.77 Annual Sales per Sq. Ft.$ Rent as percent of Sales3.18% Annual Sq.Ft. Rental (Avg.)$19.46 Annual Sq. Ft. Site Rent$

Education Economics  Construction is frequently funded separately from operations.  After school programming can provide additional revenue.  Tenant volunteering and teacher apartment accommodations can help reduce costs. DescriptionValue Public (State $ per student) $7,475 (Wayne Co.) Private (Tuition $ per student) $4,000-15,000 Rent as percent of “Sales”5.45% Rent per Student$ Sq. Ft. per Student (100) Annual Rent per Sq. Ft.$4.07 Annual Sq. Ft. Site Rent$25.00

Residential Economics  Placing residential above improves:  Higher views improves rent values.  100 feet is above most adjacent buildings.  240 feet are skyline views above Compuware.  Security  Differentiation DescriptionValue Monthly rent per Sq. Ft.$0.80 – 1.40 Annual rent per Sq. Ft.$ Annual Sq.Ft. Rental (Avg.)$19.46 Annual Sq. Ft. Site Rent$25.00

Effect of Site Rent  Annual values indicated.  Construction cost assumed at $160 per square foot.  0% down, 5-10% Interest, 30 years.  Assumes every square foot is leasable.  Actual income lower. Retail Taubman Retail Grocery Office Educational Residential  Single floor construction leaves no profit after site rent and construction expenses.  10+ story office works, but lacks market.  Grocery-Educational-Residential has profit potential once loan is paid; however, the land is leased not owned.

Synergistic Uses  Simultaneous development of market, amenities, and demand.  Grocery benefits from both onsite residences and parent pick-up of children.  Grocery and quality schools are required to attract more mainstream and luxury tenants. Grocery EducationalResidential