Laserfiche WebLink
Second Phase: Visioning and Alternatives <br />Deliverables <br />Time Frame <br />Preferred (Development) Alternative will be identified. <br />Task 2.3: Feasibility Testing. SE will conduct a pro forma financial analysis to test the market <br />Development Feasibility <br />March 2016 <br />feasibility of up to three development options on opportunity sites identified as part of the planning <br />Analysis <br />process. VMWP, in coordination with R+A and the scenario analysis process, will create detailed <br />development project prototypes — including building characteristics such as square feet of use, <br />parking spaces, parking format, leasable area, gross development area, etc. Prototypes will be <br />indicative of opportunity sites found within the project area, with the intention of informing plan <br />policy and development standards. Based on these prototypes, SE will estimate construction costs <br />and attainable revenues. These estimates will be partly based on follow-up with developers <br />interviewed during the Market Demand Analysis. A static financial model will be used to compare <br />costs and capitalized project revenues in order to test sensitivity to variables such as building <br />heights, density, inclusion of affordable housing, and increasing/decreasing market rents/sales <br />prices. The sensitivity analysis will help clarify whether rents/values would need to increase to <br />create a feasible project, and to understand the likely timeframe within which the tested project(s) <br />would become feasible. The results will also be used to develop strategies and policies for <br />incentivizing housing construction and fulfillment of affordable housing needs. <br />Task 2.4: Photo -simulations, Massing Studies, and/or other Illustrative Graphics. Create photo- <br />Illustrative Graphics <br />March 2016 <br />simulations and visual massing for the preferred alternative. This task could occur at the <br />conclusion of the Visioning and Alternatives phase in order to summarize the preferred alternative <br />direction for the community or elected officials, or could occur as a more direct component of plan <br />development during Task 3.2. If City and Raimi + Associates mutually concur, detailed renderings <br />of preferred plan concepts or designs may alternatively be substituted for or combined with the <br />photo -simulations and massing studies at a level of effort not exceeding that established in the <br />project budget. <br />RAIMI + ASSOCIATES: BAY FAIR BART TRANSIT VILLAGE TOD SPECIFIC PLAN MAY 18, 2015 1 PAGE A-8 <br />