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Home My WebLink AboutEntrada Pre PID Bond Sale SummaryWESTLAKE ENTRADA PRE-PID BOND SALE SUMMARY 2014-12-15 PI D B UD G E T DET A I L S Phase I PID Budgets Improvement Project A: •$26,175,000 Total Issuance •Hard Costs: $18,009,400 •Bond Issue Costs & Reserves: •Cap I: $3,664,500 •Debt Service Reserve: $2,225,600 •Other Costs: $2,275,500 Future Potential Bond Issuances Improvement Project A (Deferred): East Residential (Service Area 3) •$3,400,000 Total Issuance •Hard Costs: $2,315,598 •Bond Issue Costs & Reserves •Cap I: $238,000 •Debt Service Reserves: $340,000 •Other Costs: $505,402 Improvement Project B: Future Parking Garage Reimbursement in Service Area 1 (Deferred Assessment) •$2,425,000 Total Issuance •Structured as a reimbursement PI D S ER V I C E ARE A S Common-to-All Service Area #2 (West Residential) Service Area #1 (Mixed-Use Village Core) Service Area #3 (East Residential) PI D A PP R A I S A L SUM M A R Y Appraisal Values •Total Values •As Developed Values •Methodology Parcel No. PID Appraisal Value Block Building Use Site Plan Designation Description 1 $ 750,000 A Commercial Corner Retail Bank 1 & Retail 2 $ 3,500,000 Q Office (Commercial) 6 Building Complex 2-acres Hillside Office Complex 3 $ 2,000,000 B Commercial Gas Pad Gymnastics / Dance Studios 4 $ 4,000,000 B Commercial Gas Pad Retail Shops & Stores 5 $ 2,000,000 B Office (Commercial) Gas Pad Administrative, Medical Office 6 $ 1,500,000 B Office (Commercial) Gas Pad D-13 Retail 7600 sqft 7 $ - B Public Gas Pad Parking Garage - 200 per floor, 5 floors 8 $ 500,000 B Commercial Gas Pad Bank 2 - Inline Gas Pad with 2 above 9 $ 1,350,000 C Commercial Coliseum Childrens Theater / Museum / Bakery 10 $ 1,600,000 C Hospitality (Commercial) 114 Boutique Hotel on the Hillside - 80 Villas 11 Single Building with 12 Condos on the .86 Acres C Public Coliseum Back of House for Coliseum - 4 stories $ 900,000 C 12 Condos Condo Residential Coliseum Condos 12 $ 725,000 C Commercial Waterfront Chapel Reception Hall - Trogir 13 Restaurant - Condos $ 2,300,000 C Commercial Waterfront Restaurants on the Water $ 600,000 C 9 condos Condo Residential 9 Condos over restaurants 14 $ 2,000,000 D Commercial Farmers Market Waterfront Retail 15 4 condos over Waterfront Retail $ 2,300,000 D Commercial Waterfront First Floor Retail $ 275,000 D 4 Condos Condo Residential Retail Harbor Residential 16 $ 925,000 D Institutional Waterfront Assisted Living 17 $ - D Office (Commercial) Waterfront Town Hall - TWO-Story Office 18 Waterfront Harbor Retail with 24 Condos above $ 1,600,000 D Commercial Waterfront Harbor Retail - First Floor Only $ 1,625,000 D 24 Condos Condo Residential Retail Harbor Residential 19 Single Building with 24 Condos on 1.79 Acres $ 2,000,000 D Commercial Waterfront Harbor Office Wrap - 48k sqft $ 2,350,000 D 24 Condos Condo Residential Harbor Wrap Condos 20 $ 1,100,000 F Commercial Plaza Nursing Building - First Floor Plaza Retail 21 $ 2,650,000 F Hospitality (Commercial) Plaza Hotel 1 on plaza 120 rooms 22 $ 2,650,000 D Hospitality (Commercial) Plaza Hotel 2 on plaza 120 rooms 23 $ 4,500,000 F Institutional Plaza Nursing - 193 Units at 1200 sqft 24 $ 195,000 I Office (Commercial) Corner Office Information Center 25 12 Resi Condos over Retail $ 1,500,000 N Commercial Corner Retail 18,000 sqft Retail $ 800,000 N 12 Condos Condo Residential Resi over Retail 26 6 condos over Retail $ 750,000 N Commercial Corner Retail D-13 Retail 1600 sqft $ 410,000 N 6 Condos Condo Residential Resi over Retail 27 12 Condos over Retail $ 1,700,000 N Commercial Corner Retail CVS $ 1,175,000 N 12 Condos Condo Residential Resi over Sprouts 28 $ 1,160,000 M Commercial Corner Retail Primrose 29 $ 2,050,000 A Commercial Corner Retail Retail 30 12 Condos In Bell Tower Complex $ 1,750,000 A Office (Commercial) Corner Office Bell Tower Office $ 880,000 A 12 Condos Condo Residential Bell Tower Condos 31 $ 1,500,000 R Office (Commercial) Internal Office Office Pad on SH 114 $ 59,570,000 ROW West Residential $ 18,500,000 West Residential East Residential $ 10,000,000 East Residential $ 88,070,000 Approved Development Plan: CUR R E N T COM M E R I C A L SAL E S AN D LO I ’ S List of all Commerical Contracts, LOI’s and Prospects: •Contracts: •Primrose •Tresor for Office/Condo Pad •WholeLife •Signed LOI’s for Pad Sales: •CVS on Davis-Solana Corner •Novo Group for Two Office Tracts on 114 •Interested Parties working with for Pad Sales: •Classic Wine Storage •ER Clinic on 114 •Metroplex Oral Surgery •Calais Custom Homes for Office Building •LOI’s and Interested Parties to lease space: •La Scala’s Pizza •Weinbarger’s Deli •Starbucks •Entrada Spirits Whole Life Photo Approved Development Plan showing all Commercial Contracts and LOI’s: Office & Commercial RES I D E N T I A L CON T R A C T S Residential Lot Contracts: •Have contracted a total of 56 Lots out of the 127 Lots in Phase I to local Custom Builders: •Tresor Custom Homes: •Southlake and Carillon Builders •Already working with Architect •Also purchasing office/condo pad •Builds in Granada as well •Veranda Designer Homes •Already working with Architect •Looking to bring daylight basements to community •Will build rest of Phase I ourselves with the EB-5 Revolver •$23m to spend annually •We will build all of the Trevi’s and most of the Casitas •Financial capability to build 12 Trevi’s at once, so people don’t live in a construction zone •Once PID bonds are sold, we will be emploring Eddie for the model home releases along Solana Boulevard Approved Development Plan showing all Commercial Contracts and LOI’s, with 3rd Party Residential Office & Commercial 3rd Party Residential 3rd Party EB -5 B US I N E S S PLA N EB-5 Loan Budget Project Construction Budget Square Feet Hotel 1 with podium parking $ 25,807,500 139,500 Town Hall $ 4,685,000 21,000 Hotel 2 with podium parking $ 29,972,000 126,000 Restaurants Phase I $ 6,873,500 29,500 Ampitheater $ 3,018,750 12,500 Chapel & Event Center $ 3,750,000 11,000 Homebuilding Revolver $ 22,356,000 60,000 Office/Warehouse with Parking $ 8,990,000 50,000 Retail Hard Corner $ 6,891,441 29,577 $ 112,341,191 479,077 Approved Development Plan showing all Commercial Contracts and LOI’s, 3rd Party Residential & EB-5 Funded Projects Office & Commercial 3rd Party Residential 3rd Party EB-5 Funded Projects SUM M A R Y Percentage of Project Under Contract and/or LOI: •Residential: •Tresor Custom Homes •Veranda Designer Homes •Windmiller (pending for 13-lot position) •Balance to be building using EB-5 Funding •Commercial: •Primrose •WholeLife •CVS •Novo •ER Clinic •Classic Wine Storage Percentage of Project to be constructed using EB-5: Hotel 1 with podium parking $ 25,807,500 139,500 Town Hall $ 4,685,000 21,000 Hotel 2 with podium parking $ 29,972,000 126,000 Restaurants Phase I $ 6,873,500 29,500 Ampitheater $ 3,018,750 12,500 Chapel & Event Center $ 3,750,000 11,000 Homebuilding Revolver $ 22,356,000 60,000 Office/Warehouse with Parking $ 8,990,000 50,000 Retail Hard Corner $ 6,891,441 29,577 WES T L A K E ENT R A D A PAR K I N G GAR A G E S Public Parking Garage Program for Entrada 48 Spaces Podium Parking 2015 (Privately Funded through EB-5) 160+/-Surface Parking (Privately Funded through EB-5 with HOT proposed Reimbursement) 440+/-Space Parking Garage (Privately Funded with EB-5 Bridge Funding, then reimbursed with Future PID Issuance for Service Area 1 only (5 years +/-) 320+/-Podium Parking (Privately Funded through EB-5 with HOT proposed Reimbursement) Hotel 1 140-Rooms 2016 Hotel 2 140-Rooms 2017 Potential Future Garage Privately Funded To Support Condo-Wrap Building with Retail First Floor Privately Funded (2018-2020)