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HOUSING DEVELOPMENT FEASIBILITY ANALYSIS AND PROPOSAL PORTLAND, OR

JACKIE DAVIS - FALL 2013 - PETER KEYES


TABLE OF CONTENTS SITE SELECTION & OBSERVATION SITE OWNERSHIP, MARKET & ZONING FINAL SELECTION & MARKET ANALYSIS SITE ANALYSIS & TYPOLOGY EVALUATION BUILDING DESIGN & CODE REVIEW DEVELOPMENT PROFORMA

Works Consulted: http://www.portlandmaps.com http://www.portlandoregon.gov/bps https://maps.google.com www.zillow.com Building Codes Illustrated - Francis Ching Images from Google.com & Google Street View


441 NE Brazee St - Google Maps

SITE SELECTION & OBSERVATION

1400 NW 12th Ave PEARL DISTRICT Urban Renewal River District The first site is in the Northwest Pearl district where a lot of new residences have gone up along with new amenities.The target market seems to be higher end working class or empty nesters. The site has proximity to Downtown, tanner spring park, the NW21st and 23rd commercial district. The site it self is already cleared and has great views of the Freemont bridge.

2 1 3

I started by finding three sites in rapidly developing areas throughout the city, each in different quadrants and neighborhoods. The diversity of the neighborhoods and the sites allowed me to see the wide range of markets and conditions in the city.

441 NE Brazee St ALBINA DISTRICT Urban Renewal Interstate Corridor District The second location is in the popular Albina district, filled with tons of local shops and businesses, which holds many community festivities and street fairs. The site is right off of MLK, a major commercial street with lots of traffic and visibility. It has

proximity to the Lloyd District, a working district, and Mississippi District, popular arts and food area, and Irving Park. The lot itself seems to be completely clear and has street frontage.

531 SE 14TH AVE BUCKMAN DISTRICT Urban Renewal Central East Side District

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The sites are all of varying sizes and urban densities. Each present unique challenges with zoning, lot restrictions and adjacencies. There are strong neighborhood character and assets to each, with different appeals to different markets.

JACKIE DAVIS - FALL 2013 - PETER KEYES

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The third site is in the Buckman neighborhood, split between industrial area and typical residential. It is a lot directly adjacent to Washington High school which is planned to be converted to a mixed use building and community center is proposed on the field next to it. The location is near the active Hawthorne Street. It currently is on a pedestrian street.


SITE OWNERSHIP, MARKET & ZONING 1

PEARL DISTRICT

2

ALBINA DISTRICT

3

BUCKMAN DISTRICT

Land: 0.2300 Acres 10,000Sq.Ft. Owner: HOYT STREET PROPERTIES LLC Market Value: $1,165,470.00 Assessed Value: $578,990.00

Land: 0.1400 Acres 6,250 Sq.Ft. Owner: BAILEYWICK PROPERTIES III LLC Market Value: $225,000.00 Assessed Value: $28,240.00

Land: 1.3100 acre 57,182sqft Owner: SCHOOL DISTRICT NO 1 Market Value $750,900.00 Assessed Value: n/a

51% Renters 60 % Families w/o Children 37% 40-64 Yrs. Old 85% White

64% Renters 38% Families w/o Children 41% 22-39 Yrs. Old 69% White

79% Renters 48% Families w/o Children 50% 22-39 88% White

Zoning: EXd EX (Central Employment) zone “This zone implements the Central Employment map designation of the Comprehensive Plan. The zone allows mixeduses and is intended for areas in the center of the City that have predominantly industrial type development. The intent of the zone is to allow industrial, business, and service uses which need a central location. Residential uses are allowed, but are are not intended to predominate or set development standards for other uses in the area. The development standards are intended to allow new development which is similar in character to existing development.”

Zoning: EXd EX (Central Employment) zone “This zone implements the Central Employment map designation of the Comprehensive Plan. The zone allows mixeduses and is intended for areas in the center of the City that have predominantly industrial type development. The intent of the zone is to allow industrial, business, and service uses which need a central location. Residential uses are allowed, but are are not intended to predominate or set development standards for other uses in the area. The development standards are intended to allow new development which is similar in character to existing development.”

Design (d) overlay zone “The Design Overlay Zone promotes the conservation, enhancement, and continued vitality of areas of the City with special scenic, architectural, or cultural value. This is achieved through the creation of design districts and applying the Design Overlay Zone as part of community planning projects, development of design guidelines for each district, and by requiring design review or compliance with the Community Design Standards. In addition, design review or compliance with the Community Design Standards ensures that certain types of infill development will be compatible with the neighborhood and enhance the area.”

NEXT TO!!!

Zoning: RH RH (High Density Residential) zone The RH zone is a high density multi-dwelling zone. Density is not regulated by a maximum number of units per acre. Rather, the maximum size of buildings and intensity of use is regulated by floor area ratio (FAR) limits and other site development standards. Generally the density will range from 80 to 125 units per acre. Allowed housing is characterized by medium to high height and a relatively high percentage of building coverage. The major types of new housing development will be low, medium, and high-rise apartments and condominiums. Generally, RH zones will be well served by transit facilities or be near areas with supportive commercial services.

JACKIE DAVIS - FALL 2013 - PETER KEYES

“R2 (Residential 2,000) zone The R2 zone is a low density multi-dwelling zone. It allows approximately 21.8 dwelling units per acre. Density may be as high as 32 units per acre if amenity bonus provisions are used. Allowed housing is characterized by one to three story buildings, but at a slightly larger amount of building coverage than the R3 zone. The major types of new development will be duplexes, townhouses, rowhouses and garden apartments. These housing types are intended to be compatible with adjacent houses. Generally, R2 zoning will be applied near Major City Traffic Streets, Neighborhood Collector and District Collector streets, and local streets adjacent to commercial areas and transit streets.”


FINAL SELECTION & MARKET ANALYSIS 531 SE 14TH AVE BUCKMAN DISTRICT Urban Renewal Central East Side District We would be targeting the urban transient hipsters with jobs throughout the city, who want to bike and have pets, and not be tied down.

I decided to pursue the Buckman site for it’s unique zoning and opprtunity to build high density residential at this turning point in the area. The project will contribute to the urban redevelopment happening through the Parks. While there are already some higher density historic buildings in the neighborhood, newer buildings are being constructed on Belmont and Hawthorne. Ideally the site would house a combination of 1-2 bedroom units, which are pet/bike friendly to accommodate the “Portland” demographic. The zoning requires a minimum of 1 unit per 1,000 sqft; that the building cover no more than 85% of the site, with a maximum building height of 100 ft.

JACKIE DAVIS - FALL 2013 - PETER KEYES

Comps: Rentable Multi-plex

Comps: New Apt Complex

Comps: Old Efficiency Apts

2522 SE Belmont St, Portland, OR For Sale: $315,000 Bedrooms:2 beds Bathrooms:2 baths Condo:2,085 sq ft Lot:871 sqft Year Built:1910 Last Sold:Jun 2006 for $306,000

2121 SE Belmont St, Portland, OR 97214 Varying floor plans & prices Bedrooms:1 bed Bathrooms:1 bath Apartment:806 sq ft Pets:Cats, dogs

1230 SE Morrison St, Portland, OR 97214 Rent Zestimate: $1,215/mo Bedrooms:1 bed Bathrooms:1 bath Multi Family:550 sq ft Lot:10,000 sqft Year Built:1913


SITE ANALYSIS & TYPOLOGY EVALUATION

TCUDORP LANOITACUDE KSEDOTUA PRODUCED NA YB DECUBY DOAN RP AUTODESK EDUCATIONAL PRODUCT

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

70’

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

37.5’

TCUDORP LANOITACUDE KSEDOTUA NA YB DECUDORP

TCUDO RP LANOITACUDE KSEDOTUA NA YB DECUDORP PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

200’

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

130’

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

200’

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

162.5’

The site has a few restrictions in planning out the typology that would best fit. On the west site, there is currently a building lining the lot line. This requires a sort of set back to allow for light and privacy. The southeastern corner has a house on in, that is not included in the tax. So, we do not want to encroach of over power their home. The RH zoning requires that the density produce a minimum of 1 unit per 1,000 acres. There are 57,000 acres on the site, which means we must meet a minimum of 57 units. There is also a 15% minimum landscaping requirement. Parking would be ideal for the amount of people that would be living here. The market, previously determined to be Yupsters or Yuples (22-39 year old white couples with job, renting, that have pets and no kids)

JACKIE DAVIS - FALL 2013 - PETER KEYES

Type: Rowhouse over flat # of Units: 20 townhomes + 20 flats = 40 total (does not meet min)

Type: Tenement Style Walk up # of Units: ~12 per floor 5 floors = 60 total

Access: Street front access for townhomes, interior courtyard access for flats.

Access: Shared entries off of street.

Parking: Street parking and small lot.

PROS: Individual Access Fits into the surrounding residential neighborhood context & scale Ideal life style of individual homes Lots of Outdoor space CONS: Does not meet min. Density Possibly not Ideal surrounding conditions Right now! Area needs further development

Parking: Street parking and small lot. Interior Bike room

PROS: Correct Density Larger unit Sizes Could relate to historic bldgs. context Pet friendly Ideal Units CONS: Not much outdoor space/access Possibly not enough parking Party walls/ Noise issues

Type: Double Loaded Cooridor Mixed Apt Units + town homes # of Units: ~12 per floor 7 floors = 84 total + 4 town homes + Commercial on G.F.

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

Access: Parking lot in back/ Central Core Circulation Parking: Parking lot in back. Interior Bike room PROS: More Units! Variety of Unit types/ Diversity in Complex Mixed Use Plenty of Parking CONS: Does not relate/ fit into context of the neighborhood. Out of Scale Parking takes away from street frontage


Building Type

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

BUILDING DESIGN & CODE REVIEW

2 - Double Loaded Corridor Buildings w/ central shared courtyard

200’

BY AN BYAUTODESK AN AUTODESK EDUCATIONAL EDUCATIONAL PRODUCT PRODUCT 4 Stories ~ 48’PRODUCED TallPRODUCED 130’ 200’ 37.5’ 70’ 162.5’

Type III - Mixed Construction Type via IBC allowable building height & stories per type

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT

Central elevators and end egress stairs

After looking at the typologies with respect to the target market, comps, and the income from units, I decided to do a combo design of the tenement style walk up and the double loaded corridor with ground floor condos.

14 - 1,600 sq.ft. Ground Floor Units 24- 1,600 sq.ft. Units 73~700 sq.ft. Units

Ground Floor

Second Floor

Green Space Egress Setbacks

While Type V would be ideal for a 4 story residential building in Portland, there is a height restriction of 40’ and 2 stories for that construction type. Type III instead would allow for a mixed construction system, partially fire rated. ATIONAL PRODUCT

The mix of unit sizes and possible ownership options allows for diverse attractions to the building increasing the chance of units being rented. The building size and scale does not overwhelm the neighborhood character.

JACKIE DAVIS - FALL 2013 - PETER KEYES

Third Floor

Fourth Floor


Jackie Davis DEVELOPMENT Housing‐ Keyes F13 PROFORMA Buckman Development Proforma 11/20/2013 73 units @ $1,600 38 units @ $2,800 700 sq ft 1600 sq ft $1,314,000.00 $1,276,800.00 INCOME ANALYSIS Total Rent Roll Vacancy Rate (5%) Operating Expenses (9%)? Property Tax Cash Flow‐ ADS Capitalization Value (6%)

Developing Building Cost Analysis Land Cost Hard Costs @ $150/sqft.  Soft Cost (25% hc) Total Development Cost Capitalization Value Profit

JACKIE DAVIS - FALL 2013 - PETER KEYES

$2,590,800.00 ‐$129,540.00 ‐$233,172.00 ‐$222,803.04 $2,005,284.96 $33,421,415.94

‐$750,900.00 ‐$14,595,000.00 ‐$3,648,750.00 ‐$18,994,650.00 $33,421,415.94 $14,426,765.94

Portland Housing Feasibility Analysis & Proposal  
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