MHamilton_Capstone Paper_Final.pdf - Appendix A Title Page of Thesis Development Feasibility Anacostia A Thesis Submitted in Partial Fulfillment of the

MHamilton_Capstone Paper_Final.pdf - Appendix A Title Page...

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Appendix A:Title Page of Thesis Development Feasibility: Anacostia A Thesis Submitted in Partial Fulfillment of the Requirements For the Degree of Masters of Professional Studies In Real Estate By Marshall Hamilton Master of Real Estate School of Continuing Studies Georgetown University Date: 12/2/2016 Word Count: 14060 Turnitin Comparison Score: 11%
D e v e l o p m e n t F e a s i b i l i t y :A n a c o s t i a | 2 1TABLE OF CONTENTS2Table of Figures ................................................................................................33Introduction ......................................................................................................54Background Information ...................................................................................95The Opportunity .............................................................................................125.1Public Outcry Over District Neglect .........................................................135.2Improving Demographics ........................................................................155.3New Demand Drivers ..............................................................................176What Will It Take? ..........................................................................................216.1Problem Statement .................................................................................216.2Justification Problem is Currently Unresolved ........................................216.3The Benefit of Solving This Problem .......................................................257The Major Problem Facing Anacostia Development ......................................268Inspiring Development ...................................................................................298.1The Profit RequirementBalancing Risk and Reward ............................298.2Creating A DestinationOvercoming The River Barrier .........................319Testing The WatersThe Gateway to Anacostia ...........................................359.1Introduction to the Property ...................................................................359.2Highest and Best Use Analysis.................................................................379.3Development Narrative ...........................................................................419.4Pro Forma Analysis ..................................................................................459.5Sensitivity Analysis ..................................................................................489.6Key Assumptions .....................................................................................509.6.1Residential Rental Rates ....................................................................509.6.2Rental Concessions............................................................................529.6.3Expense Assumptions........................................................................539.6.4Parking Variance ................................................................................549.7Project Risks ............................................................................................559.7.1Risks of Real Estate Ownership .........................................................559.7.2Operational Risks ..............................................................................569.7.3Leasing Risks ......................................................................................569.7.4Environmental Risk............................................................................579.7.5Interest Rate and Debt Financing Risk ..............................................589.8Developer IncentiveWaterfall Structure .............................................599.9Viability/Conclusion ................................................................................6010Conclusions .....................................................................................................6110.1Concluding Synopsis on Inspiring Development in Anacostia ................6110.2Support Provided by The Gateway Flats Proposal ..................................6210.3Moving ForwardFuture Research ........................................................6311Works Cited ....................................................................................................6512Appendices .....................................................................................................6712.1Appendix A Development Budget ........................................................67
D e v e l o p m e n t F e a s i b i l i t y :A n a c o s t i a | 3 12.2Appendix B Residential Pro Forma .......................................................6812.3Appendix C Retail Pro Forma................................................................7012.4Appendix D Consolidated Pro Forma ...................................................7212.5Appendix E Key Assumptions ...............................................................7412.5.1Building Information .......................................................................7412.5.2Rental Assumptions.........................................................................7412.5.3Expense Assumptions......................................................................7512.5.4Operating Assumptions ...................................................................7512.5.5Financing Parameters ......................................................................7612.5.6Reversion/Valuation Assumptions ..................................................7612.5.7Misc. Other Assumptions ................................................................7612.6Appendix F Conceptual Renderings .....................................................772TABLE OF FIGURESFigure 3.1 - District Map Highlighting Wards 7 and 8 .............................................5Figure 3.2 - DC Tenement Housing Circa 1935 .......................................................7Figure 5.1 - Residents Gather in Front of the Collapsed 1909 MLK Building........14Figure 5.2 - Anacostia Population as a Function of Time .....................................16Figure 5.3 - Percentage of Anacostia Residents with a High School Education ... 16Figure 5.4 - St. Elizabeth's Campus Master Plan (2012) .......................................17Figure 5.5 - St. Elizabeth's Campus Rendering ......................................................18Figure 5.6 - The Washington Navy Yard ................................................................19Figure 5.7 - 11th Street Bridge Park Rendering ....................................................19Figure 5.8 New Demand Drivers by Location.....................................................20Figure 6.1 - Number of Grocery Stores per Resident Population .........................22Figure 6.2 - Number of Grocery Stores by Ward ..................................................22Figure 6.3 - Map of Grocery Store Locations by Ward .........................................23Figure 6.4 - New Construction in the District .......................................................24Figure 6.5 - Distribution of Rental Rates in the District with Respect to Time .....25Figure 6.6

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