SR-302-003 (2)
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ADDENDUM TO AGENDA ITEM llC
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SEP 2 2 1981
Santa Monica, California, September 22, 1981
302--&703
TO. Mayor and City Council
FROM. City Staff
SUBJECT: Proposed Mixed-Use Multiservice Center
Staff has prepared another case example for the proposed mixed-use Multiservice
Center. It maintains the same office and commercial space as the Case I example,
and increases the number of housing units from twenty-four (24) to thirty-six (36).
It would still be feasible to keep the structure at four stories above grade,
although it may be advantageous to allow for a four or five story approach from
the standpoint of design. This example, Case II I, also entails a reduction in
parking attributable to the housing. It provides one parking spaee for every
four one-bedroom apartment, and one parking space for each two-bedroom apartment,
CASE III
Building Areas
o Multiservice Center
o Commercial Area
o Housing Units (36)
18 l-br. units
18 2-br. units
o Parking (142 spaces)
TOTAL
13,000 square feet
5,000 square feet
11,394 square feet
15,534 square feet
56,800 square feet
101,728 square feet
Cost Estimate
o Multiservice and Commercial
18,000 square feet € $60 psf
$1,080,000
o Housing
27,468 square feet @ $60 psf
$1,648,080
o Subterranean Parking
56,800 square feet @ $20 psf
$\,136,000
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o Site -Jork
S 10<9,000
TOTAL CONSTRUCTION COST:
$3,964,080
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Mayor and City Council
-2-
September 22, 1981
Projected Revenues
o Office Space (Multiservice Agencies)
9,750 square feet Net Rentable Area
@ $.75 psf
$ 87,750
o Commercial Space
4,000 square feet Net Rentable Area
$ 60,000
o Housing
18 l-br, Apts, @ $327/mo,
18 2-br, Apts, @ $386/mo.
GROSS REVENUES:
S 70,632
$ 83,376
$301,758
Operating Expenses
Office and Commercial
13,750 square feet @ $2.52/sq.ft./yr.
($ 34,650)
Housing
Vacancies @ 3%/yr.
Operating Expenses and Reserves @
$1 ,400/uni t/yr.
($ 4,620)
($ 50,400)
$212,088
NET REVENUES:
Summary
Development Budgeted/Available Funds Projected Net
Component Cost Funds Needed Revenues
S $ $ $
o Multiservice 1,080,000 550,000 530,000 113,100
Office and
Commercial
o Housing 1,648,080 -0- I ,648,080 98,988
o Parking 1,136,000 1,000,000 136,000 unknown
o Site Wo rk 100,000 -0- 100,000 N.A.
TOTAL $3,964,080 $1,550,000 $2,414,080 $212,088
Prepared by: Mindy Leiterman
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