THE WOLDSON TOWERS

TA B L E O F C O N T E X T

SITE AREA
1100 AND 1101 WESTERN AVENUE

WATERFRONTS POINTS OF
INTEREST
-

Port of Seattle
Colman Dock
Seattle Aquarium
Bell Harbor

Century Link Field

King St. Station
Benaroya Hall
Pike Place Market

HOTEL SUPPLY
Current Room Supply and Pipeline

Unconfirmed

Planning

Final Planning

In Construction

HISTORIC SUPPLY OF HOTELS

Historic Supply

Hotels

Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

Pipeline Projects
Final
In
Plannin Plannin Unconf
Constr.
g
g
rmed

Upper Upscale

22

22

22

22

22

22

35

39

40

40

39

41

Upscale
Upper
Midscale

45

52

56

56

55

56

Midscale

38

34

28

28

30

32

Economy

57

58

58

58

58

56

Independent

126

126

128

128

129

129

Total

327

335

336

336

337

340

Luxury

13

11

17

WOLDSON TOWERS
West Tower 1101 Western
Ave

25 high-end Condos
with rooftop terraces
on top floor
Luxury Hotel with 164
units
Ground Floor: 27,000
sf of Retail
196 parking spaces

East Tower - 1100 Western

Ave

Luxury Hotel with 70

units
19 Affordable Condo
untis
292 parking spaces
114 public day-use

Bicycle Parking 50
spots

LAYOUT OF EAST TOWER

(1100 WESTERN AVE)

Hotel
Total Rentable sq./ft.: 70,034

38 foot setback

Total Rentable sq./ft.: 10,005

Affordable Condo

Parking
Total sq./ft.: 72,300

Underground Parking

Total sq./ft.: 15,339

LAYOUT OF WEST TOWER

Condos

Total

(1101 WESTERN AVE)

Rentable

Sq./ft.: 38,126

Hotel
Total Rentable Sq./ft.: 164,237
28 foot Setback

Parking
Retail
Underground Parking

Total sq./ft.: 37,393

Total rentable sq./ft.: 27,185
Total sq./ft.: 21,140

Development Budget
Summary:
Site Acquisition Cost Or
NPV of Lease

$
25,000,000.00

Hard (Construction) Costs

$
135,351,880.07

(including escalation,

contingency & Tenant Improvements)

Soft (Indirect Development) Costs

(all remaining development

Total Unlevered
Development Costs

$
19,639,159.95

14.5%

costs EXCEPT financing costs)

$
179,991,040.02

Financing Costs

(all interest, points & fees on construction-

related financing)

Total Levered
Development Costs

0.0%

$
179,991,040.02

Development
Costs

CASE Competition
Statistics
Mea
n

Min.

Retail

Gross

Effici
ency

Net

Dwellin
g
Units /

Hard
Costs

Sq.Ft.

Sq.Ft.

Parking
Spaces

($/
SF )

Max.

Hard
Cost

Hard
Cost

Escalati Conting
on
ency

Hard Costs ( $ / SF )

Constru
Leasin
Tenant
ction
g
Comm
Duratio Improv
ission
n
ements
s
( month
s)

($/
SF )

($/
SF )

Office

33,981

20.0
27,185
%

125.00

100.00

115.00

0.0% 1.0%

24

130.00

$
4.00

Multi-Family
Apartments (Rental)
Market
Affordable
Condominiums (For
Sale)

0.0%

0.0% 0.0%

24

Market
Affordable

Hotel

Parking

0.0%

Open Space

0.0%

Infrastructure
Improvements
(streets, etc.)

47,658
12,506

20.0
38,126
%

25

20.0
10,005
%

19

270.00
$

230.00

195.00

24

0.0% 0.0%

24

0.0% 1.0%

24

0.0% 1.0%

24

308.00
$

0.0% 0.0%
-

280.00
$

315.00
$

210.00

240.00

Revenues & Expenses From Operations & Sale

CASE Competition Statistics
Min.

Mean

Max.
Year of

Avera
ge

Proje
cted

Annua
l

Reve
nue

Annual

Reven
ue

Grow
th

Expenses

$
65.00

$
80.00

$
95.00

0.0%

0.0%

$ / SF

0.0%

$/
Unit

$ / SF

0.0%

$/
Unit

$ / SF

$
80.00

Average Annual Revenue

$ / SF

$
(3.80)

Sale

Cap Rate
Used

Proje
cted

(After

to
Estimate
Future

Expe
nse

Constru
ction

Sale
Proceeds

Cost
s of

(if
Grow Complet
applicable Sale
th
ion)
)

0.0% 2020

7.00%

2.0
0%

0.0% 2020

7.00%

2.0
0%

0.0% 2020

7.00%

2.0
0%

0.0% 2020

7.00%

2.0
0%

PROJECT CAPITALIZATION AND RETURN

Total

Developme
nt
Cost Minus
Stabilize
First
Total
d
Allocated
Cost

Year
of

Project
-

Project
NOI

of
Stabil (Excludi
Residentia
ized
ng Net
l
Condomini
ums

CASE Competition Statistics

Stabiliz
ed

Rent Condomi Returnal

nium
on-

Oper
Sales
(if
ation Revenue
applicable)
s
s)

Cost

Min.

Mean

Max.

Unleve
red
IRR

78.6%

Net
Sales

Allocate
d

Revenu
es

Reside
ntial

Cost of

From

Condo
minium

Condom Condom
iniums
iniums

Project-Level Unlevered IRR

20.3%

24.6%

70.5%

76.7%

Cost

(if
(if
(if
applicab applicab applica
le)
le)
ble)

29.5%

Intra-Venture Unlevered IRRs

A-Team

Total

Residen Residen Returntial

tial
on-

Level

$
$
2,01
162,435,9
29,938, 42.1% 24.6%
8
96
755

83.8%

$
$
17,555, 56,222, 31.2%
044
920

CONCLUSION