F11 Apartments

By: Blake Sonuga
January 8, 2019, 6:50 pm PST.

Development Profile:
Project name:  F11 Apartments
Project address:  812 Park Boulevard
Owner/Developer: The Richman Group
Downtown neighborhood: East Village
Market: Mixed-use development (Multifamily residential and commercial)

Building specifications and figures:
Current status: Under Construction.
story low-rise (85 ft. tall)
137,511 sq. ft. above grade sq. ft. of building.
99 residential units (37 studio units, 11 one bed, 51 two bed)
104 total parking spaces
4,254 sq. ft. common outdoor space
5644 sq ft. ground floor retail space
LEED certification: Pending

Economic impact:
$776,772
development impact fee (DIF). Funding share for new parks, fire station, and traffic circulation improvement in Downtown.
Approximately 107 construction jobs and 27 permanent jobs created.
DoInclusionary housing ordinance fee, in lieu of providing affordable units: $1,008,687

Building efficiency:
Solar PV System
5 electric automobile charging stations
Energy star appliances
Photocell lighting for exterior
Low flow faucets, shower heads, and faucets
Green cleaning program
Smoke-free public spaces

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Park and Market

By: Blake Sonuga
January 3, 2019, 11:00pm PST.

Development Profile:
Project name: Park and Market
Project address:  601 11th Avenue (Tower)
660 Park Boulevard (Office low-rise)

Owner/Developer: Holland Partner Group
Downtown neighborhood: East Village
Market: Mixed-use development (Multifamily residential and commercial)

Building specifications and figures:
Current status: Under Construction.
34 story high-rise. (370 ft.)
426 residential units. (85 affordable rental units)
5600 sq ft. amenity space, green space, swimming pool.
8500 sq ft. movie courtyard, linear amphitheater, and outdoor venue space.
14,600 sq. ft. of street-level commercial space.
LEED certification: Pending.

Project financing structure
$277 MM
total cost to develop.
Capital source for construction:
Tax-exempt bonds: $216,500,000|78%
NASH/Holland equity: $60,950,000|22%
Capital source upon completion:
Tax-exempt bonds: $216,500,000|78%
Low income housing credits: $16,794,000|6.1%
Sales proceeds from office space $37,359,000|13.5%
NASH/Holland equity: $6,797,000|2.4%

Economic Impact:
Approximately 600 construction jobs and 185 permanent jobs created.
Downtown public facilities financing plan: $4,000,000 development impact fees. Funding share for new parks, fire station, and traffic circulation improvement in Downtown.
Annual gross property and sales tax generation of $550,000