A multi-generational Denver family owned an industrial site where they operated a battery service and distribution business for 60 years. They desired to convert their industrial property into a higher and better use to increase the asset’s net operating income. They hired Developco to lead the development of an apartment project with 128 units.
Project Highlights (To Date).
- Created comprehensive Schedule of Tasks leading to the Project Schedule
- Assembled Team of apartment experts to guide the strategic planning during schematic design.
- Created request for proposals (RFP’s) for the careful selection of architect and general contractor.
- Created Ideas Generation Strategy to mine ideas and best practices with the goal of setting the 20131 Bryant Street Apartments apart from other apartment projects in the trade area.
- Create Unique Selling Proposition for the 2031 Bryant Street location and trade area including Project Presentation for key stakeholders.
- Assembled Project Team including (due diligence subcontractors, engineers, architect, general contractor, lender candidates, etc).
- Performed Highest and Best Use study including office, medical office, retail, hotel and apartments.
- Obtained a Yield Study of the site in order to create initial proforma financial models.
- Obtained Market Study from third party MAI appraiser (Apartment Appraisers and Consultants).
- Sourced Lender Terms Sheets from lender candidates.
- Prepared Comparative Analysis between Conventional and FHA loan alternatives.
- Currently leading the effort to rezone the property from CMX5 to CMX8 including presenting to the Registered Neighborhood Organization (JPUN) and District 1 City of Denver Councilperson Rafael Espinoza.
- Created iterative Proforma Financial Model that estimates investment metrics including Yield on Cost, Cash Return on Initial Equity and on Invested Cash, Equity build-Up, and Internal Rate of Return.
- Performed Parking Study for neighborhood including comparable apartment projects.