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Fully Approved Multi-Family Residential Development (Construction Ready)
Luxury Condominiums on the Pacific Ocean
Crescent City, California
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www. coastanorte.com
VISION at 200 A Street
Crescent City
CRESCENT CITY is located on
Hwy 101 on the beautiful Northern
California coast about 356 miles
north of San Francisco, and about 20
miles south of the Oregon border.
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7*4*0/�BU�����"�4USFFU is planned to be the most luxurious high end residential project on the Northern California Coast. The architectural design is one that respects the coastal / nautical history of Crescent City, while providing a warm and inviting sense of place. Exciting entry features and gathering places combined with richly appointed one, two and three bedroom condominium and townhouse units provide a wealth of opportunities for residents and visitors to enjoy the project amenities and coastal beauty of this area.
The project’s environmentally sensitive landscaping works in harmonious transition to the rugged coast line. The landscaping frames a “North Coast” structure that incorporates shale stone elements, glass railed balconies, and weather resistant materials on a wood framed structure that will accommodate 3� residential units. The three story project will be anchored by a single story on grade concrete parking structure that will allow the project to remain in compliance with the 35 foot height limit along with providing an environmentally sensitive way to offer secure onsite parking.
Each unit will enjoy the warmth of an energy efficient fire place, their choice of quality carpet, flooring options, beautiful cabinetry, crown molding, quality appliances, and granite counter tops in a design that will allow a seamless flow from great room to kitchen, bedrooms and patio. The projects design allows twenty five units to have spectacular ocean / beach views and ten units to have harbor / mountain views (five units will have both). A sales office, fitness room, spa, commons room, outside gathering areas, and pedestrian trails will also be included in the project.
7*4*0/�at 200 A Street, located adjacent to the 0DFBO�'SPOU�-PEHF at the Pacific Ocean.
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www. coastanorte.com
VISION at 200 A Street
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Development Summary:
5IJT�QSPKFDU�IBT�BO�BDUJWF� California Coastal Commission approved Coastal Development Permit for the construction of the 7*4*0/�BU�����"�4USFFU Condominiums a 3� unit condominium project, parking structure, associated site improvements and coastal access amenities (the “Development”).
The Development is within the coastal zone, along the ocean shoreline within the incorporated limits of the City of Crescent city, located PO�UIF�CFBDI�at 200 A Street, between 2nd & 3rd Streets approximately 1,000 feet northeast of the “historic” Battery Point Lighthouse on the former site of the Del Norte community Health Clinic.
The Development involves redeveloping the site of a former medical clinic complex with 3�-unit condominium complex. The total area proposes structural improvements be developed on a 1.24 acre site contained in a 30,568 sq. ft. building envelope, extending to a height of 32 feet, containing approximately 70,612 sq. ft. of occupied floor-area on two floors above a 62-space, enclosed, ground-level parking facility. Exterior improvements would include curb, gutters and sidewalks along the parcels street frontages, a two space exterior parking lot and public-accessible access facilities, including trail connections to the adjoining beach and elevated view platform.
The development site is located on a parcel along the City’s open ocean shoreline at a relatively low elevation in the range of 20 to 24 feet above mean sea level. The former medical clinic building and paved off-street parking areas, shall be demolished prior to construction of the Development.
The development site has a history of public use access the adjoining beach across its southern parking lot. The Development has proposed the dedication and construction of a paved, twenty-foot-wide, vertical access easement across the southern side of the lot, and the construction of a publicly accessible, coastal viewing platform on the northwestern portion of the development site.
To prevent impacts to the adjacent environmentally sensitive areas, the Development has been designed to provide the LCP-mandated 50-foot buffer between site improvements and the intertidal wetland reaches along the adjoining upper beach areas. In addition, the project includes the restoration / replacement of non-ESHA marine riparian vegetated areas associated with the construction of the proposed viewing platform.
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Offering Summary:
The Property is described as 200 A Street, Crescent City, California, Del Norte County, California, APN 118-020-34.
The Offering consists of a fully approved “permit ready”, thirty-TFWFO unit, residential condominium project situated on approximately 1.24 acres of land which a portion thereof is partially improved with an unoccupied 11,000 sq. ft. commercial building and approximately 17,000 sq. ft. parking field.
Offering Includes:
U Land 1.24 acres
U Coastal Development Permit
U City Permits (ready to pull)
U Design Review Approval
U Completed Construction Documents (Architecture)
U Sewer & Water Facilities Credits
U No Traffic Mitigation Fees
U DRE Approvals
U Approved Direct Beach Access
U Approved View Platform
U 3D Modeling of Project & Units
U Operational Marketing Website (www.coastanorte.com)
U Search Engine Optimization
U On-going Marketing (Buyer Reservations)
U Potential 45L Federal Tax Credit ($76,000.)
U Potential FEMA HMGP Grant (up to 75% cost to build parking structure)
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Entitlement Summary:
(Crescent City Planning Commission, 12/13/2007 Staff Report)
5he Crescent City approved the application for Coastal Development Permit # CDP07-06, Use Permit # UP07-02 and Architectural Review #ARO7-11, subject to certain conditions of approval.
General Plan Land Use: Current: Medical Related, ResidentialPending: Visitor & Local Commercial
The Crescent City general Plan land use designation adopted by the City council in 2001 is Visitor & Local commercial (“VLC”). However, at the time of the application, this designation had not yet been approved by the California Coastal Commission under a Local Coastal Plan Amendment. The final draft of which was submitted to the Coastal commission in 2004. Therefore the applicable land use designation, determined by Cresent City, is consistent with the applied for use.
Crescent City is finalizing a new LCP (Local Coastal Plan) with the California Coastal Commission the development “approvals” which shall “grandfather” 7*4*0/�BU�����"�4USFFU as a legal non-conforming use.
(Notice of Intent to Issue Permit, 4/19/2010 Commission Staff Report)
On November 4, 2009, the California Coastal Commission approved Coastal development Permit No. A-1-CRC-08-004, requested by Development Consultants, Inc. for the purpose of approving for development the 7*4*0/�BU�����"�4USFFU Condominiums a 38 unit condominium project, parking structure, associated site improvements and coastal access amenities, subject to certain conditions of approval.
Assignment: The permit may be assigned to any qualified person, provided the assignee files with the Coastal commission an affidavit accepting all terms and conditions of the permit.
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The following reports, studies, pland and budgets are available for review. As follows.
U Phase 1 Report
U Geotechnical Report
U Asbestos Report
U Hazards Disclosure Report
U Biological Assessment Report
U Wetland Delineation Report
U ESHA (Environmentally Sensitive Habitat Area) Delineation
U Topographic Survey
U Visual Resources Impact Analysis
U Sea Level Trends Analysis
U Tsunami Inundation Analysis
U Tsunami Mitigation / Evacuation Plan
U ALTA Survey
U Development Easements
U STWPP (Storm Water Prevention Plan)
U USGB (U.S. Green Building Council) Certification pending
U Tentative and Final Subdivision Map
U Condominium Plan
U Structural Plans
U Architectural Plans
U Landscape Plans
U Mechanical Plans
U Electrical Plans
U Plumbing Plans
U Interior Design Plans
U Project Renderings
U Aerial Photo Library
U 3D Modeling of Project & Units
U DRE Budget
U DRE Filing Fees
U DRE Approved “Sales Agreement”
U DRE Approved “Reservation Form”
U DRE Approved “Grant Deed”
U DRE Approved “CC&R’s”
U DRE Approved “HOA Bylaws”
U Preliminary Title Report
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Product Overview:
The architecture includes eleven different floor-plan designs, six of which offer “modified” floor-plan layouts. The four townhome floor-plan designs incorporate two-story layouts and will be considered the “premium” units in the Development. Below is a summary of the floor-plans offered, and the total unit counts per plan.
UNIT TYPE SQ. FT. BED BATH UNIT COUNT
Plan 1 983 1 1 1Plan 1m 1,076 1 1 1Plan 2 1,041 1 1 1Plan 2m 1,123 1 1 1Plan 3 1,156 2 2 2Plan 3m 1,237 2 2 2Plan 4 1,168 2 2 2Plan 5 1,282 2 2 1�Plan 6 1,341 2 2 1Plan 6m 1,448 2 2 1Plan 7 1,345 2 2 2Plan 8 1,496 2 2 2Plan 9 1,504 3 2 2Plan 10 1,848 2 2.5 1Plan 10m 1,930 2 2.5 1Plan 11 2,166 2 2.5 1Plan 11m 2,277 3 2.5 1
Total Units 3�
The following is a list of features and lifestyle amenities to be included and / or available to the residents.
U Private Decks / Patios
U Fireplaces
U Storage Units
U Energy Efficient Appliances
U Hardwood, or Tile Floors, Stainless Steel Appliances, Crown Molding
U Two-Story Community Lobby with Seating area and Fireplace
U Fitness Facility
U Game / TV Community Room
U Elevator Access
U Covered Secured Parking
U Coastal Trails and Direct Beach Access
U Unobstructed Ocean, Lighthouse, Bay and Mountain Views
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Current Marketing & Market Overview:
The %evelopment commenced a pre�construction marketing effort in late fall of 2010. The pre-construction marketing involves a residential unit reservation procedure. At the end of 2010, approximately UIJSUFFO�units XFSF�reserved, with reservation deposit, under the authorization granted by the California DRE Preliminary Public Report (the “Pink Report”).
Collateral marketing materials have been prepared to support the preconstruction marketing effort��IUUQT���XXX�DPODJFSHFBVDUJPOT�DPN�BVDUJPOT�DPTUB�OPSUF�����BTUSFFU�DSFTDFOU�DJUZ�DBMJGPSOJB������
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3rd Floor_________2nd Floor
20 ___1
21 ___2
22 ___3
23 ___4
24 ___524 ___5 25 ___
6 26 ___7
27 ___8
28 ___9
29 ___10
30 ___11
31 ___12
32 ___13
33 ___14
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35 ___16
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37 ___18
39 ___19
Crescent City Condominum Development Proforma
October 10, 2016
DEVELOPMENT PROFORMA200 A, Street, Crescent City, CA
Total Land Area - AcresTotal Land Area - S.F. 54,000Total BuildableCoverage
I. LAND Size (sf) Cost/sf Total Cost
Land Cost 54,000 $13.89 $750,000
TOTAL LAND COST $750,000
II. ON/OFF SITE IMPROVEMENTS Size (sf) Cost/sf Total Cost
On-Site Improvement Costs 54,000 $3.50 $189,000Off Site Improvement Cost 15,000 $2.00 $30,000
TOTAL SITE IMPROVEMENT COST $219,000
III. HARD BUILDING COSTSize (sf Cost/sf Total Cost
Building 73,600 $110.00 $4,856,448Parking structure 26,004 $25.00 $1,452,444
TOTAL BUILDING COST 99,604 $6,308,892
IV. IMPROVEMENT ALLOWANCE
Size (sf Cost/sf Total CostInterior Improvments 73,600 $35.00 $2,576,000
TOTAL TI ALLOWANCE 73,600 $2,576,000
SUB-TOTAL LAND, SITES AND BUILDING $9,853,892
V. INDIRECT COSTS
Escrow and Title $5,400Permits and Fees $85,000Sewer & Water fee $300,882Phase I; Environmental $1,800Traffic Study $0Property Taxes $8,500Real Estate CommissionsCommission $453,750 37 2.50% $419,719Sales staff $95,000Legal - Tenant $55,000Development Fee $0Insurance During Construction $25,000
OLD comps | Market has improved since 2016
Crescent City Condominum Development Proforma
October 10, 2016Architect & Engineering Architecture $25,000 Civil Engineering $15,000 Soils Report $5,000 Staking $5,000 Misc $35,000
Total A & E $85,000Appraisal $5,500Misc. $20,000
TOTAL INDIRECT COSTS $1,106,801
SUB-TOTAL LAND, SITE, BLDGS & INDIRECT COSTS $10,960,693
VI. FINANCINGConstruction Financing
Loan Amount $8,768,554Loan Fees 0.25% $0Interest During Construction
Interest Rate 3.50% Months 12 Percent 65.00% $0Misc Fees TOTAL FINANCING $0
VII. CONTINGENCY
TOTAL DEVELOPMENT COSTS $10,960,693
VIII. INCOME ANALYSIS
Income Summary Units Sales price Gross Sales Inc.
One Bedroom 4 $300,000 $1,200,000Two Bedroom 30 $500,000 $15,000,000Post construction sales 3 $650,000 $1,950,000Sale Upgrade Packages 37 $15,000 $555,000Parking Sales 14 $5,000 $70,000Storage Sales 22 $2,500 $55,000
Total 37 $508,919 $18,830,000
Sales Proceeds $18,830,000Total cost $10,960,693
Net Profit $7,869,307
Equity investment (20% of cost) $2,192,139
ROI 358.98%