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ANCHORPOINT
Matt Curtin Project ManagerMaster of Urban PlanningHarvard GSD
Victoria DeVeauBachelor of Science in ArchitectureWentworth Institute of Technology
Nicolas PérezBachelor of Science in ArchitectureWentworth Institute of Technology
Brandon WilksBachelor of ArtsHarvard College
Christian CarboneBachelor of ArtsHarvard College
Elizabeth HauverBachelor of Science in ArchitectureWentworth Institute of Technology
Kevin SymcoxMaster of Urban PlanningHarvard GSD
Jeffry EsquivelMaster of Public AdministrationHarvard Kennedy School
TEAMMEMBERS
Professor Ann Borst Faculty AdvisorWentworth Institute of TechnologyProfessor of Architecture
Michelle Apigian Design AdvisorIcon ArchitectureAssociate & Sustainability Leader
Peter Hollands Finance AdvisorBoston Private Community Investment Senior Vice President, Community Reinvestment Commercial Lender
AHDCADVISORS
Special thanks to:Kristin Carlson SponsorHarborlight Community PartnersSenior Project Manager, Real Estate Development
Andrew DeFranza SponsorHarborlight Community PartnersExecutive Director
HARBORLIGHTSTAFF
Special thanks to:Russell QueenFamily Promise, Director
Edward MarchantHarvard GSD, Department of Urban Planning & Design, LecturerHarvard KSG, Adjunct Lecturer in Public Policy
OTHERACKNOWLEDGMENTS
HARBORLIGHT: MISSION & OBJECTIVES
• Beverly based, Baptist affi liated developer and property manger on the North Shore
• Existing portfolio of 400 affordable units, primarily senior housing
• 99% of Harborlight residents are below the North Shore’s median income
This development is intended to serve:
• Low-income Families
• Formerly homeless
• North Shore residents at the deepest affordability tier possible
family renters paying30-50% AMI on
housing
family renters paying+50% AMI on housing
family renters payingunder 30% AMI on housing
non-elderly households spending30-50% of income on housing
non-elderly house-holds spendingunder 30% of income on housing
non-elderly house-holds spending50% + of income on housing
HO
USIN
G BU
RDENED FAMILIES
-
ggggggggngnngin
HO
USIN
G BU
RDENED NON-ELDERLY
HOUSING NEED IN BEVERLY
61affordable
homes
AFFORDABLE 50% AMI
AFFO
RDAB
LE 6
0% A
MI
SEC
TIO
N 8
Aff ordable to 50% AMI households12 one-bedroom13 two-bedroom13 three-bedroom
Section 85 one-bedroom5 two-bedroom
5 three-bedroom
Aff ordable to 60% AMI households4 two-bedroom4 three-bedroom
• 60% AMI: 38 units
• 50% AMI: 15 units
• 30% AMI: 8 units
TARGETED INCOME TIERS
Beverly
Boston
SITE
Beverly Hospital
BeverlyHigh
School
CummingsBusinessCenter
CentralBusinessDistrict
BeverlyDepot
• Beverly is a high opportunity, affl uent community
• Close proximity to Beverly’s employment, commercial, and educational centers
• Site is serviced by an MBTA bus route and is less than 1 mile from the Newburyport/Rockport commuter rail
NEIGHBORHOOD CONTEXT
SITE CONTEXT
61units of family housing
63,700 GSFof building space
92parking spaces
1,300 NSF of community space
DESIGN
00
Out site plan maintains the existing tree canopy at the intersection of Sohier
and Tozier Roads.
The building’s orientation allows full
access to an existing easement that bisects
the site.
A present entry point to the site is maintained.
Our plan adds one additional point of
entry to the new development.
An existing housing complex is adjacent to the site.
0’
100’
SITE PLAN
DESIGN PROCESS
• Anchor Point was driven by the idea of a simple metal wire, malleable but strong
• Core design challenge is a utility easement bifurcating the site
• Circular design incorporates the easement as a green community space
ENVIRONMENTAL DESIGN: PASSIVE HEATING AND COOLING
ENVIRONMENTAL DESIGN:
GREEN ROOFS
7:22 PM
June 214:08 AM
2:00 PM
W
S
E
N
4:10 PM
December 21
7:11 AM
1:00 PM
W
S
E
N
• Anchor Point is oriented specifi cally to ensure maximum desired sun coverage across the site
• Architectural elements are employed in the areas where sun exposure is less favorable.
ENVIRONMENTAL DESIGN:SOLAR ORIENTATION
FLOOR PLAN:FLOOR 1
Floor 3Floor 2
FLOOR PLAN: FLOORS 2 & 3
Common AreaThe Blue Room
The second-fl oor rooftop has a raised-bed plotted community garden with a striking view of Beverly.
Residents will be able to grow fresh vegetables, fruits, and fl owers.
Rooftop GardensLarge, multi-purpose common space capable of hosting: • Tutoring partnerships with students at Beverly HS • Family movie night• Play area with visibility into the interior courtyard
PROGRAMMING
The glass skybridge provides a marquee reading and social space.
Quiet activities such as reading, studying, and quiet socializing are encouraged in an architecturally stunning room.
SkybridgeThe Light Room
Anchor Point includes multiple outside areas for child’s play and adult socializing:
• Rooftop balconies with lawn chairs for relaxation in the fresh air with great views of downtown Beverly
• For the children, Anchor Point’s interior courtyard provides a protected place for play, safe from the arterial roadways which bound the site
Outdoors
PROGRAMMING
RESIDENT SERVICE COORDINATOR
Resident Services Coordinator is funded through Anchor Point’s operations. The RSC:
• Provides general case management and referral services
• Promotes success of the Housing First model
• Establishes linkages with community agencies and service providers
• Educates residents on service availability, application procedures, client rights, and provides advocacy as appropriate
• Works with Harborlight’s property management team to identify residents in need of assistance
• Coordinates programming for residents designed to promote community, wellness and sustainability
PROGRAMMING
Total Unit SF
Acquistion $3,050,000 | $50,000 | $47.88
Hard Cost $9,681,956 | $158,721 | $126.00
Soft Cost $1,466,673 | $24,044 | $23.02
Con. Loan Int. $584,913 | $9,589 | $9.18
Oper. Cont. $634,213 | $10,397 | $9.96
Dev. Fee $1,525,854 | $25,014 | $23.95
TDC $16,943,609 | $277,764 | $265.97
Total $/unit % of TDC
3,050,000 50,000 18.0%9,681,956 158,721 57.1%
458,683 7,519 2.7%1,007,989 16,524 5.9%
584,913 9,589 3.5%634,213 10,397 3.7%
1,525,854 25,014 9.0%16,943,609 277,764 100.0%
Construction Permanent
1,424,858 9,499,0500 2,556,231
4,128,845 0Construction Loan (value of tax credits) 7,835,933
0 3,509,4501,525,854 228,878
350,000Beverly Affordable Housing Trust Fund 150,000
150,000500,000
2,028,120 0
16,943,609 16,943,609
0 0
FUNDING SOURCES
DEVELOPMENT BUDGET
HOME Bridge Loan
Total Available FundsSources & Uses - (Gap) / Surplus
AcquisitionConstruction Costs + SiteworkArchitecture & EngineeringAdditional Soft CostsCon. Loan InterestOperating ContingencyDevelopment Overhead & FeeTotal Development Budget
Federal LIHTC Syndication ProceedsState LIHTC Syndication ProceedsConstruction Loan (value of project)
1st MortgageDeferred Developer Fee & OverheadMass Affordable Housing Trust Fund Loan
Beverly Community Preservation Fund
Income Budget Total / Unit
Gross Potential Rent 861,832 14,128(Vacancy) 5.0% (42,787) (701)(Bad Debt) 0.5% (4,279) (70)Effective Rental Income 814,767 13,357(OPEX + Reserve) (516,572) (8,468)NOI 298,194 4,888(Debt Service) (259,299) (4,251)Before Tax Cash Flow 38,895 638
PROPERTY ASSUMPTIONS
BUDGET & FINANCING