University Enrichment TownCenterfiog.usf.edu/cred/data/tb-2016/university-enrichment-towncenter.pdfPeople in this area go other places for grocery shopping !! • Project location

University Enrichment TownCenter

University Enrichment GroupMichael Binafegha, Gerald Abdulwasi, Kofi Hunt,

Joell Ilesanmi, Bomin Koh

University Enrichment TownCenter is a project seeking 1.5 million, that seeks to improve distress neighborhoods, to leave an indelible mark on rehabilitating the community through commercial retail business opportunity and apartment living. Our purpose is to impact the social and economic climate, and to be the front runner catalyst spearheading transformation and change in the impoverished neighborhoods throughout Tampa and other cities.

Store Wireless RX

Elevator

Coin Laundry

Apts

Parking Garage

Lifestyle Center Model

Location: Temple Crest, Tampa, FL

• Population : 7,578 • 5-minute from Busch Gardens• 10-minute from University of

South Florida• 23% below poverty level• 11% unemployment• Median household Income

• $30,000 to $40,000• Owner occupied household:

48% below national average

Median household income in 2013:

Temple Crest: $29,387 Tampa: $40,649

2-mile radius

2-mile Radius Area Demographic

People in this area go other places for grocery shopping !!

• Project location• 8612 N 40th St.,

Tampa, FL 33604

• Number of household 25,000• Median income $40,649• Aggregated income $938,001,231• Average grocery related expenditure $234,500,307• Aggregated grocery store revenue $108 mil• Grocery Store Leakage $124 mil

Increasing Demand for Housing

• Under construction for Fall 2016 move-in

• Uncommon (14202 N. 42nd Street Tampa, FL 33613)

• 161-unit• 6-story apartment• 2-, 3-, and 4-

bedroom units

Increasing Demand for Housing

• Under construction for Fall 2016 move-in

• IQ (12702 Bruce B Downs Blvd, Tampa, FL, 33612)

• Number of grocery stores: 16

• 8 Dollar store• 3 Superette• 5 Supermarket

- 2 Publix- 2 Winn Dixie- 1 Al Aqsa

Existing Grocery Stores

Development Scheme/Site Plan

Current Plan • Gallery now existing• Lot area: 45,000 sqft• 3 stores of 1,500 sqft planned• 1 anchor store 2,000 sqft• Parking: an obstacle from expansion

Future Plan

Mixed Use Development• First floor – Parking Garage• Second floor- Commercial Retail Businesses• Third floor- Apartment Living

Development Scheme/Site Plan

Store Wireless RX

Elevator

Coin Laundry

Apts

Parking Garage

• 3-story building• Residential: 5 one-bedroom apts & 3 two-bedroom apts• Commercial: 3 1,000 sqft stores & 1 2,000 sqft store

• Current Zoning: Commercial General (CG)

• No environmental constraints• Community-wide support for the project

Best Businesses Report of Tampa, 33604• The types of businesses that consumers are leaving an area to find• Blue bars: the business types relatively scarce in the area

Best Businesses Report of Tampa, 33604

• Orange bars: the business types relatively plentiful in the area there are existing competitors

Community Impact

*How many people will be employed? Construction Will Create: 17.5 total jobs = 10.2 direct jobs + another 7.4 indirect jobsNew Businesses will create: 14 permanent jobs

*How much money will be spent on goods and services other than construction?

The construction will create an additional $1,155,452 of output through indirect and induced activities

*How much money will the new apartment tenants likely spend in the area?Average Monthly Disposable Salary $2,373.33 X 11 = $313,275 Annually of additional potential spending in the area

Threats and Challenges

Development Budget PROJECT:NUMBER OF UNITS: 12 TOTAL COST PER UNIT: 125,000

ITEM COST % TOTAL Depreciable Non-Depr. Historic RTC LIHTC 4% LIHTC 9%ACQUISITIONLand Acquisition 267,487 17.83% 267,487CONSTRUCTIONNew Construction 1,003,076 66.87% 1,003,076 1,003,076 1,003,076Tap & Impact Fees 24,074 1.60% 24,074 24,074 24,074 24,074Permits 20,062 1.34% 20,062 20,062 20,062 20,062Other 33,436 2.23% 33,436 33,436 33,436 33,436PROFESSIONAL FEESSurvey 3,344 0.22% 3,344 3,344 3,344 3,344Architect & Engineer 12,706 0.85% 12,706 12,706 12,706 12,706Real Estate Attorney 4,681 0.31% 4,681 4,681 4,681 4,681Consultant 6,018 0.40% 6,018 6,018 6,018 6,018Developer Fee 10,432 0.70% 10,432 10,432 10,432 10,432Market Study 1,003 0.07% 1,003 1,003 1,003 1,003CONSTRUCTION FINANCEConstr. Loan Interest 100,308 6.69% 100,308 100,308 100,308 100,308Constr. Loan Fee 3,344 0.22% 3,344 3,344 3,344 3,344Constr. Origination 10,031 0.67% 10,031 10,031 10,031 10,031DEVELOPMENT COST 1,500,000 100.00% 1,232,513 267,487 229,437 1,232,513 1,232,513

University Enrichment Towncenter

Unit Type # Units Mo. Rent Ann. RentOne-bedroom apartment 5 800.00 48,000Two-bedroom apartment 3 1,200.00 43,200TOTAL 8 91,200

Pro FormaResidential Rents

Commercial Rents

Residential Income 91,200Commercial Income 75,000TOTAL INCOME 166,200

Total Income

Operating Expenses

Commercial Assumptions

Residential Assumptions

PercentRent Inc./Year 3%Op. Cost Inc./Year 5%Vac. Year 1 5%Vac. Year 2 5%Vac. Year 3 & Future 5%Other Income Increase 3%Weighted Op. Exp. 5%

Description Leaseable SF $/SF/Year Annual Rent1,000 15.00 15,000

Wireless Cell Phone 1,000 15.00 15,000Fresh Produce Groceries 1,000 15.00 15,000Coin Laundry 2,000 15.00 30,000Total Commercial 5,000 75,000

Pharmacy

PercentRent Inc./Year 3%Op Cost Inc./Year 5%Vac. Year 1 5%Vac. Year 2 5%Vac. Year 3 & Future 5%

TOTAL Per UnitManagement Fee 17,040 1,420 10.8%Advertise/Market 3,408 284 Percent of EGILegal 5,112 426Administrative 8,520 710Utilities 3,408 284Trash 1,704 142Maintenance/Repairs 5,112 426Grounds 0 0Real Estate Property Tax 8,520 710Insurance 3,408 284Other 11,928 994Total Operating Expenses 68,160 5,680 41.01%Replacement Reserves 0 0 Percent of RevenueOther/ Mortgage 69,600 5,800Total Operating Exp. and Res 137,760 11,480 82.89%

Percent of Revenue

University Enrichment TownCenter Group is proud and pleased to have MyTampaBayLending to be apart of the funding of this project. We congratulate and welcome their commitment to our team as we press on to new experiences and new horizons.

Collaboration

Thank You!

Questions? Comments?