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Redevelopment of the Har Mar Apartments Site
<br />General Site Information
<br />Estimated Land Square Footage235,224Units in Rehabilitation Phase103
<br />Existing Buildings - Footprint27,630Units in New Construction Phase50
<br />New Building - Foot Print20,000Total Housing Units when complete153
<br />Land Coverage Ratio20.25%Total Acres5.25
<br />Existing Housing Units120
<br />Housing Units
<br />Unit DetailRehabilitationNew ConstructionTotal
<br />One BR6 6
<br />Rent Level $400
<br />One BR30 30
<br />Rent Level $635
<br />One BR37 37
<br />Rent Level $750
<br />Two BR1820 38
<br />Rent Level $800$800
<br />Two BR1220 32
<br />Rent Level $950$970
<br />Three BR 6 6
<br />Rent Level $950
<br />Three BR 4 4
<br />Rent Level $1,050
<br />*Affordability calculated based on 1.5 persons per each bedroom within a unit. Income and wages based on full time worker.
<br />Estimated Project CostsRehabilitation New ConstructionTotal Amoun t
<br />Purchase/Acquisition/Real Estate:
<br />Hard Construction:
<br />Construction Contingency
<br />Environmental - (investigation, remediation, etc)
<br />Fees (Architect, Engineering, Legal, Financing, Title, Consultants,Etc.)
<br />Other Soft Costs (ConstInterest, Holding, Marketing, Taxes, Etc.)
<br />Initial Operating & Replacement Reserves
<br />Total
<br />Per Unit Costs
<br />Proposed Sources (Estimated)Rehabilitation New Construction
<br />Estimated Mortgage Amount
<br />Developer Equity/Deferred Dev Fees$33,909$33,909
<br />Tax Credit Equity
<br />City of Roseville
<br />Tax Increment Financing
<br />HRA Funds
<br />Ramsey County
<br />Minnesota Housing Finance Agency
<br />Metropolitan Council
<br />MN Green Communities
<br />Corporations/Businesses
<br />Foundations/Other
<br />Total Proposed Sources
<br />Gap or Surplus
<br />$14.16
<br />$19.63
<br />$11.78
<br />$4.25
<br />$7.08
<br />$8.50
<br />$8.50
<br />$10.20
<br />$9.81
<br />$23.55
<br />These units would be affordable for families
<br />earning no more than:
<br />$16.99
<br />$17.00
<br />$20.39
<br />$35,350
<br />Annual Hourly Wage 1 Hourly Wage
<br />$8.50 $17,670
<br />$29,450
<br />$35,340
<br />$4,374,000
<br />$42,420
<br />$40,825
<br />$48,990
<br />$1,102,000$5,476,000
<br />$5,193,071$6,978,425$12,171,496
<br />$411,046$277,137$688,183
<br />$63,000$6,000$69,000
<br />$1,764,407$1,868,471$3,632,878
<br />$381,000$133,000$514,000
<br />$356,000$200,000$556,000
<br />$12,542,524$10,565,033$23,107,557
<br />$121,772$211,301
<br />Total Amount Per Unit
<br />$222
<br />$4,498,855$2,108,309$6,607,165$43,184
<br />$6,956,000$7,181,916$14,137,916$92,405
<br />$0$600,000$600,000$3,922
<br />$350,000$0$350,000$2,288
<br />$550,000$53,776$603,776$3,946
<br />$0$300,000$300,000$1,961
<br />$0$300,000$300,000$1,961
<br />$130,000$0$130,000$850
<br />$23,760$11,032$34,792$227
<br />$23,107,558$151,030
<br />$0$10,000$10,000$65
<br />$12,542,524$10,565,034
<br />$0$0
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