Peninsula Proposal
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Transcript of Peninsula Proposal
Real Estate Development Professor Daniel Elan
The Peninsula Proposal
CJones Development: Andrew Katz, David Lawrence, Leon Toulon, Ying Wang, Anthony Zak
CJones Development 1
EXECUTIVE SUMMARY
Columbus is a growing market with a total population of 1.5 million with average per capita personal
income $28,601 about 1.5% above the national average of $28,184. Downtown Columbus is the largest
real estate submarket in the city. The Franklinton Peninsula, a large mixed-‐use development project is
located near COSI and Vets Memorial. This piece of land is close to green river frontage and has bridge
access. Our primary project is a 150,000 square feet Marriott Hotel located between W Broad St and
Rush Alley, within Franklinton neighborhood. Also included in the project site will be a 60,000 square
foot commercial strip center, a 5,000 square foot Chase Bank, and a 5,000 square foot Chick-‐Fil-‐A on one
of the pads. This will be Phase I of the Peninsula development. Phase II will begin no earlier than 5 years
after the commencement date of Phase I. Phase II will aim to further develop the entire site with the
addition of residential properties and a multi-‐level parking structure, as well as further
commercialization.
Site uses for our project include commercial and open space/recreational structures. For the purposes of
this development, the hotel will sit on the northeast corner of our site, and all financials and specifics of
this report will pertain to that development alone. The northeast portion of the site will involve the
development of a 150,000 square foot Marriott Courtyard Hotel with its own dedicated parking lot.
Elsewhere on the site (see attachment A) will be a 60,000 square foot strip center, a 5,000 square foot
bank, and a 5,000 square foot Dave and Busters.
The development planned in our short-‐term includes design features, which will help modernize the
area and impact, draw of traffic into the area for our largely commercial tenants. By cleaning up the area
to the south of our development, it will create a buffer for our project, which limits the impact of the
train running through our project area.
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The construction period will end in 2016 and the project will be operated for 15 years and sold in 2031
at a cap rate of 10.0%. The project financing will be acquired from equity investors, a construction loan
and a permanent loan. The construction loan and permanent loan make up 70% of total costs and the
investors will pay the other 30% in the form of equity. The project is likely to generate a NPV of
$41,522,370 and 45% leveraged IRR using the discount rate of 7%.
In terms of zoning, this site is assumed to lie within the zoning areas for downtown Columbus, falling
under the regulations for chapter 33 section 59. While there are certain development scenarios that
may require a certificate of appropriateness or are prohibited entirely, our proposed project does not
fall into either category. For parking, we must abide by the City of Columbus Code 3312, which details
how parking may be accessed and the dimensions of the parking stalls. According to the minimum
parking requirements for hotels of one spot per guest room, the hotel will require at least 211 spaces.
Considering the dimensions of each spot, it can be concluded that the parking lot for the hotel will
measure approximately 34,182 square feet.
MARKET ANALYSIS
Demographics & Economy
Columbus city (MSA) has experienced a growth of $114,257 million of GDP with nearly 787,033
population and an unemployment rate of 4.0% compared with 4.8% for Ohio and 5.6% for the U.S 1. The
site area (43215) population is totally 12,410, approximately 52.8% male (6,549) and 47.2% female
(5,861) with the median age being 30.8 years. In terms of ethnicity consisting of 79.13% white (9,715),
12.9% black (1,597), 3.8% Asian (473), and 3% Hispanic (373). The economy in downtown area keeps
consistently growing that the median household income is $44,985 and the mean household income is
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$70,142 2.
Real Estate market
With the growth of economy, the housing sales home values in the specific project area are typically
valued at approximately $332,000 ($215 Per SF) whereas Commercial property values average $754,500
($107 Per SF). There are a total of 5,109 housing units with 738 new housing units increasing from 2012
in downtown area. In the commercial market, the vacancy rate of office market is around 13.2% with
the $18.43 rental rate, which has $2 to $3 premiums over lease rates in other area. On the supply side,
there are 280,000 square feet under construction 3. On the other hand, the retail rental is $12 square
feet with a vacancy of 5.66% in a market radius of sites like Gay Street, Capitol Square and Third & Main
Streets 4.
The most notable surrounding use in the area is the COSI museum next door. In 2012, COSI drew
627,833 visitors, compared with 7,196,543 visitors to attractions in 2013. In addition, the number of
convention center events reached over 300 events and more than 1 million attendance. These drive the
demand of the hotel market in Columbus especially in site area. The Columbus hotel market is broken
up into 5 submarkets including Airport, Downtown, rural/small town, Dublin/I-‐270 West and
Worthington/I-‐270 North. The hotel ADR and RevPAR are around $113 and $72 per room per night for
Columbus area, which is the highest in the 5 submarkets. There are around 15 hotels in downtown area
with 68% occupancy rate, which include 6 four-‐star and 9 three-‐star hotels 5. The occupancy improved
around 4.2% rate due to limited new supply and strong demand growth in Columbus especially in
downtown area. The project is likely to generate a maximum efficiency 6.
Amenities, Access & Infrastructure
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The available amenities of the region are comprised of residential, a pool, parking, a laundry and a dryer.
For the access part, directly east of COSI is the Scioto River, and east of the river is the downtown area
of Columbus. Downtown is accessed from our site by three different bridges. The area directly across
the river is known as the Capital Crossroads Special Improvement District (CCSID), a conglomerate of
commercial and residential properties in the core of downtown Columbus. East of the CCSID lies the
Discover Special Improvement District (DSID), a walk-‐able mixed use neighborhood. Our site could draw
from both of these nearby districts.
In terms of access, state highway 315 is located in close proximity to the site, with entrances to
Interstate 70 just south, and Interstate 670 just to the north. From these access points, daily average
traffic counts of nearby exits (in vehicles) gives us 64,250 for I-‐70 to US40 W Broad St. exit and 96,400
for the 315 to US40 W Broad St exit.
As one of the infrastructure facilities, Bicycle Share, in partnership with the City of Columbus with CoGo
bike share system is located in Downtown District. In addition, ODOT continues the construction on
rebuilding Interstates 70 and 71 on the edges of downtown that will connect downtown directly to
Mound Street. Columbus will also build a new bridge to connect the Scioto Mile and Downtown to COSI
and the Franklinton neighborhood. There are use green rooftops and large green public area to reduce
the heat island effect.
Site Uses, Square Feet and Required Parking
Commercial
There will be a 211 guest room hotel on the site’s main strip, which we plan on being an anchor of
business for the area as a go-‐between between OSU’s campus and downtown Columbus, with easy
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access to both downtown and Campus/Short North areas but with more affordable rates to draw in
customers similar to the Harper Court Developments in Chicago. Other commercial land uses would
include a proposed strip mall and the proposed pads for a bank and a standalone restaurant. The bank
would sit on 5,000 square feet with 12 parking spots. The restaurant will be placed on 5,000 square feet
with 15 parking spots. The strip center will sit on 60,000 sq. ft. with 85 parking spots.
Open Space/ Recreation
Open space/recreational space would be a proposed park of over 170,000 sq. ft. located below the
southwest event center. (Comparable to Goodale Park behind German Village-‐ will provide useful buffer
between railroad and development similar to highway buffer effect of the park).
DESIGN
Surrounding Buildings
There are not many surrounding buildings in the project area aside from Spaghetti Warehouse, some
residential houses, The Columbus Idea Foundry, Franklin Country Veterans Services, Veteran memorial
and Museum, COSI and the downtown building group on the other side of the river.
Street layout & Building Layout
(See attachment A: Sketchup completed analysis)
Land Uses
We propose a strip center to be built on the northern part of our site, up against Broad Street and
wrapping down Belle Street (Giving multiple points of entrance will increase traffic). Parking will be
available in front of the center. Further south within the site, we propose our anchor tenant, the
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Courtyard Hotel. We also plan to use the most southern pad to build a standalone restaurant (Dave and
Busters). There will also be a park located below the event center in the northwest corner.
Landscaping
New green parkland can be built in the project area creating large green space. More trails and bike
paths will be completed to connect the downtown/metropolitan areas in central Columbus.
Infrastructure
1. Genoa Park – ongoing development competition in the area
2. Railway – rail transit runs through our site
3. New Bridge – being built near the development area, increases traffic through our site
Architectural Plans
The Courtyard hotel will envelop a contemporary style, with a modern twist. The strip center we
envision will have a modern and clean design, as its location on Broad Street will be imperative for
drawing consumers. The proposed bank would have a modernist, simplistic design, which blends in well
with area buildings also to be constructed. The strip center will be comparable to the Arlington strip
center in Upper Arlington in terms of tenant projections. The style of the park will be family oriented,
complete with children’s play sets and attractive landscaping. We are attempting to limit high levels of
variance in the area; Columbus tends to have excellent flow of neighborhoods between areas.
Density and Massing
We predict our site to be relatively dense, but with plenty of space for parking and amenities allotted so
that it will not feel cramped. Currently, there is very little density in the area. There will be large parking
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lots in order to accommodate this high density of the strip center and all around the hotel complex.
Design Influences
Our design influences include current projects such as the Gateway Center, Arlington Center, and
planned development of 14th-‐17th street on High Street. Also, design specs for Courtyard Hotels are
fairly boilerplate, and can be counted as influential on overall design of our project.
CONSTRUCTION
Schedule
The construction operations phase of our hotel is anticipated to last approximately around 20 months
beginning Fall 2015. Each step of the process is broken down individually with an estimated amount of
days each step will require.
1 Demolition 8-1-15 8-25-15 242 Form Foundations 8-25-15 9-24-15 303 Foundation Utilities 9-24-15 10-15-15 214 Building Constrcution 10-16-15 8-11-16 3005 Install Doors and Windows 8-12-16 10-15-16 646 Interior Finishes 10-16-16 12-20-16 657 Painting 12-21-16 1-31-17 418 Fixtures 2-1-17 2-15-17 149 Equipment 2-16-17 3-15-17 27# Clean up 3-16-17 3-31-17 15
Total days 601Total Months 20
Tasks Start EndDuration
(Days)
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Construction Costs
The land use of our hotel is around 150,000 square feet with 211 parking spaces. The unit mix of our 211
guest rooms are the typical unit mix are 67% of King room, 30% of Queen and 3% of King Suite “A”.
Construction costs of a hotel include hard costs and soft costs of guestrooms and public space. Because
hotel is a functional building to serve guests, its costs include concrete, foundations, masonry, flooring
and HVACetc.
Hotel Construction Costs Total sqft 150000 Room 211 Parking spot 211
Building Structure Total $ per sqft Concrete $1,272,501 $8.48 Foundations $678,631 $4.52 Masonry $2,867,474 $19.12 General trades $7,024,837 $46.83 Painting $139,106 $0.93 Flooring $309,826 $2.07 Casework $635,460 $4.24 Door Hardware $246,596 $1.64 Kitchen Equipment $444,190 $2.96
Jan to JuneAug Sep Oct Nov Dec2015
Jul Aug Sep Oct Nov2016
Dec Jan Feb Mar2017
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Plumbing $877,314 $5.85 Fire Protection $219,724 $1.46 HVAC $637,009 $4.25 Techology $420,479 $2.80 Voice & Data $154,913 $1.03
Parking Space Outdoor Parking $844,000 $4,000.00
Total construction cost estimated $16,772,059
Contract Type
As developers on this project, CJones Development, Inc. will pursue a cost-‐plus incentive agreement
with our contractors. This type of contract is where the contractor will be incentivized for the timely
construction and quality of work throughout the project. This seems to be the best type of contract
considering the large size of our project and its lengthy time frame.
Specific Technologies of Project
Due to our project’s proximity to a river, it will be important to manage storm water in such a way that
our building’s development will not push water into the river at a rate that could cause flooding
(especially because we will be building with mostly non-‐porous materials such as cement and asphalt),
and to do so in a ‘green’ manner will help if we wish to get our development LEED certified. Examples of
technology that could be used to counter the increased runoff from our development include using
parts of the courtyard area as a rain garden, impressed into the ground to increase retention. Another
green technology that can be used is a “buffer zone” next to the river of trees and plants, which will
absorb some of the chemicals from our site’s future runoff such as lawn care chemicals7.
FINANCIAL ANALYSIS
Project Lifetime Costs
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Our Marriott Courtyard Hotel in the detail area will have a parking lot of 211 spots on this prime spot
right off of Broad Street. Using building journal.com’s construction cost estimator, we found that our
hotel excluding parking space will cost an estimated $107 per square foot ($15,928,059/150,000 sqft).
Thus total costs for this project are projected to $20,084,950 including $16,724,500 hard costs with
contingency and $1,672,450 soft costs with contingency over the upcoming 15-‐year period. The hotel
will also charge franchising fees of $92,500 assuming it is a Marriott Courtyard hotel.
Sources and Uses
The development sources and uses of funds are presented as below:
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Revenue Streams
Revenue for this project streams directly from room rentals (excluding food & beverage incomes). See
the chart below for projected revenues from these rentals.
Courtyard-‐style Hotel High-‐End Rooms 211 Average Vacancy Rate/Nigh 68% Average Booked/Night 144 Average Room Cost/Night $182.00 Average Revenue/Night $25776.00 Days Per Year 365 Projected Yearly Gross Revenue $9,408,240.00
ASSUMPTIONS
Inflation Factor 2%Revnue Growth 2%
Expense Inflation Rate 1%Occupancy Rate 68%
Cap Rate 10.0%
RENTAL REVENUES EXPENSESAverage Daily Rate Admin & General 28%
Room Mix ADR #Room % Room Sales & labor 30%King $179.00 141 67% Marketing 3%
Queen $169.00 63 30% Management Fee 2.50%Suite $199.00 6 3% Food & Beverage 5%
Average Daily Room Rate $182 Telecommunications 3%Total Room 211 Insurance 1.5%
Tota Sqaure feet 150,000 Property Tax 2.80%Franchise Fees $92,500
OTHER REVENUESFood & Beverage POR 20% Other revenues (Amenities) 10%Telecomunication POR 4%
CJones Development 12
Financial Analysis from 2015-‐2019
Hotel Development Pro Forma (BUSFIN 4413)
Year 0 1 2 3factors 2015-2016 2017 2018 2019
AssumptionsInflation Factor 2%
Expense Inflation Rate 1%Total Room 211
Rooms Completed 0 211 211 211Tota Sqaure feet 150,000Occupancy Rate 68% 68% 68% 68%
Cap Rate 7.3%Average Daily Room Rate $182
Parking space lot 211Cost per spot $4,000
Construction Loan Balance $0Revenues
Gross Revenue $0 $9,722,004 $9,916,444 $10,114,773Food and Beverage Revenue 20% $0 $1,487,467 $1,547,560 $1,610,082
Telecommunication 4% $0 $396,658 $412,683 $429,355Other revenues 10% $991,644 $1,031,707 $1,073,388Total Revenues $0 $12,597,773 $11,876,687 $12,154,210
Operating ExpensesAdmin & General 28.0% $0 $2,749,383 $2,832,414 $2,917,953
Sales & Labor 30.0% $0 $2,945,767 $3,034,729 $3,126,378Marketing 3.0% $0 $381,713 $363,462 $375,675
Management Fee 2.5% $0 $314,944 $296,917 $303,855Food and Beverage 4.5% $0 $437,490 $446,240 $455,165Telecommunication 3.0% $0 $44,624 $46,427 $48,302
Franchise Fees $92,500 $0 $92,500 $92,500 $92,500Insurance 1.5% $0 $145,830 $148,747 $151,722
Total Expenses $7,112,251 $7,261,436 $7,471,550
Net Operating Income Before Tax $0 $5,485,522 $4,615,251 $4,682,660Real Estate Tax 2.80% $0 $153,595 $129,227 $131,114
Net Operating Income $0 $5,331,927 $4,486,024 $4,551,545
Development CostsDevelopment Costs $19,240,950 $19,240,950 $0 $0 $0
Parking space $4,000.00 $844,000 $0 $0 $0Total Development Costs $20,084,950 $0 $0 $0
Annual Cash FlowNet Operating Income $0 $5,331,927 $4,486,024 $4,551,545
ResaleTotal Development Costs $20,084,950 $0 $0 $0
Dvelopment financing $14,059,465 $0 $0 $0Construction Debt Service ($843,568) $0 $0 $0Permanent Loan Payment $0 ($1,884,255) ($1,854,964) ($1,824,429)
Net Cash Flow without financing ($20,084,950) $5,331,927 $4,486,024 $4,551,545Net Cash Flow with financing ($6,869,053) $3,447,672 $2,631,059 $2,727,117
Discount Rate 7.00%Net Present Value $41,522,370unleveraged IRR Before Taxes 45%
CJones Development 13
Financial Analysis from 2020-‐2025
Hotel Development Pro Forma (BUSFIN 4413)
Yearfactors
AssumptionsInflation Factor 2%
Expense Inflation Rate 1%Total Room 211
Rooms CompletedTota Sqaure feet 150,000Occupancy Rate 68%
Cap Rate 7.3%Average Daily Room Rate $182
Parking space lot 211Cost per spot $4,000
Construction Loan Balance $0Revenues
Gross RevenueFood and Beverage Revenue 20%
Telecommunication 4%Other revenues 10%Total Revenues
Operating ExpensesAdmin & General 28.0%
Sales & Labor 30.0%Marketing 3.0%
Management Fee 2.5%Food and Beverage 4.5%Telecommunication 3.0%
Franchise Fees $92,500Insurance 1.5%
Total Expenses
Net Operating Income Before TaxReal Estate Tax 2.80%
Net Operating Income
Development CostsDevelopment Costs $19,240,950
Parking space $4,000.00Total Development Costs
Annual Cash FlowNet Operating Income
ResaleTotal Development Costs
Dvelopment financingConstruction Debt ServicePermanent Loan Payment
Net Cash Flow without financingNet Cash Flow with financing
Discount Rate 7.00%Net Present Value $41,522,370unleveraged IRR Before Taxes 45%
Hotel Development Pro Forma (BUSFIN 4413)
4 5 6 7 8 92020 2021 2022 2023 2024 2025
211 211 211 211 211 211
68% 68% 68% 68% 68% 68%
$10,317,068 $10,523,410 $10,733,878 $10,948,555 $11,167,527 $11,390,877$1,675,129 $1,742,804 $1,813,213 $1,886,467 $1,962,681 $2,041,973
$446,701 $464,748 $483,524 $503,058 $523,381 $544,526$1,116,753 $1,161,869 $1,208,809 $1,257,645 $1,308,454 $1,361,315
$12,438,898 $12,730,962 $13,030,615 $13,338,081 $13,653,589 $13,977,376
$3,006,075 $3,096,859 $3,190,384 $3,286,733 $3,385,993 $3,488,250$3,220,795 $3,318,063 $3,418,268 $3,521,500 $3,627,849 $3,737,410
$388,319 $401,411 $414,968 $429,007 $443,546 $458,606$310,972 $318,274 $325,765 $333,452 $341,340 $349,434$464,268 $473,553 $483,025 $492,685 $502,539 $512,589
$50,254 $52,284 $54,396 $56,594 $58,880 $61,259$92,500 $92,500 $92,500 $92,500 $92,500 $92,500
$154,756 $157,851 $161,008 $164,228 $167,513 $170,863$7,687,939 $7,910,795 $8,140,314 $8,376,700 $8,620,160 $8,870,912
$4,750,959 $4,820,166 $4,890,301 $4,961,381 $5,033,429 $5,106,464$133,027 $134,965 $136,928 $138,919 $140,936 $142,981
$4,617,932 $4,685,202 $4,753,372 $4,822,462 $4,892,493 $4,963,483
$0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0
$4,617,932 $4,685,202 $4,753,372 $4,822,462 $4,892,493 $4,963,483
$0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0
($1,792,595) ($1,759,408) ($1,724,811) ($1,688,744) ($1,651,143) ($1,611,945)$4,617,932 $4,685,202 $4,753,372 $4,822,462 $4,892,493 $4,963,483$2,825,337 $2,925,794 $3,028,561 $3,133,719 $3,241,349 $3,351,538
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Financial Analysis from 2025-‐2031
Hotel Development Pro Forma (BUSFIN 4413)
Yearfactors
AssumptionsInflation Factor 2%
Expense Inflation Rate 1%Total Room 211
Rooms CompletedTota Sqaure feet 150,000Occupancy Rate 68%
Cap Rate 7.3%Average Daily Room Rate $182
Parking space lot 211Cost per spot $4,000
Construction Loan Balance $0Revenues
Gross RevenueFood and Beverage Revenue 20%
Telecommunication 4%Other revenues 10%Total Revenues
Operating ExpensesAdmin & General 28.0%
Sales & Labor 30.0%Marketing 3.0%
Management Fee 2.5%Food and Beverage 4.5%Telecommunication 3.0%
Franchise Fees $92,500Insurance 1.5%
Total Expenses
Net Operating Income Before TaxReal Estate Tax 2.80%
Net Operating Income
Development CostsDevelopment Costs $19,240,950
Parking space $4,000.00Total Development Costs
Annual Cash FlowNet Operating Income
ResaleTotal Development Costs
Dvelopment financingConstruction Debt ServicePermanent Loan Payment
Net Cash Flow without financingNet Cash Flow with financing
Discount Rate 7.00%Net Present Value $41,522,370unleveraged IRR Before Taxes 45%
Hotel Development Pro Forma (BUSFIN 4413)
10 11 12 13 14 152026 2027 2028 2029 2030 2031
211 211 211 211 211 211
68% 68% 68% 68% 68% 68%
$11,618,695 $11,851,069 $12,088,090 $12,329,852 $12,576,449 $12,827,978$2,124,469 $2,210,297 $2,299,593 $2,392,497 $2,489,154 $2,589,715
$566,525 $589,413 $613,225 $637,999 $663,774 $690,591$1,416,312 $1,473,531 $1,533,062 $1,594,998 $1,659,436 $1,726,477
$14,309,688 $14,650,778 $15,000,908 $15,360,348 $15,729,377 $16,108,284
$3,593,595 $3,702,121 $3,813,925 $3,929,106 $4,047,765 $4,170,007$3,850,280 $3,966,559 $4,086,349 $4,209,756 $4,336,891 $4,467,865
$474,204 $490,362 $507,102 $524,445 $542,415 $561,037$357,742 $366,269 $375,023 $384,009 $393,234 $402,707$522,841 $533,298 $543,964 $554,843 $565,940 $577,259
$63,734 $66,309 $68,988 $71,775 $74,675 $77,691$92,500 $92,500 $92,500 $92,500 $92,500 $92,500
$174,280 $177,766 $181,321 $184,948 $188,647 $192,420$9,129,177 $9,395,185 $9,669,172 $9,951,382 $10,242,067 $10,541,486
$5,180,511 $5,255,593 $5,331,736 $5,408,965 $5,487,309 $5,566,797$145,054 $147,157 $149,289 $151,451 $153,645 $155,870
$5,035,457 $5,108,437 $5,182,447 $5,257,514 $5,333,665 $5,410,927
$0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0
$5,035,457 $5,108,437 $5,182,447 $5,257,514 $5,333,665 $5,410,927$74,633,477
$0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0
($1,571,081) ($1,528,480) ($1,484,068) ($1,437,769) ($1,389,503) ($15,448,968)$5,035,457 $5,108,437 $5,182,447 $5,257,514 $5,333,665 $80,044,404$3,464,376 $3,579,957 $3,698,379 $3,819,745 $3,944,162 $64,595,437
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PUBLIC ASPECTS
Zoning
This site is assumed to lie within the zoning areas for downtown Columbus, falling under the regulations
for chapter 33 section 59. This means that the downtown commission will be responsible reviewing all
designs and public plans as well as hearing all appeals. We will also propose a conceptual review before
the commission prior to presenting our full application, in order to build good will and confirm our
direction is aligned with that of the commission. The commission will issue a certificate of
appropriateness for encroachments and easements as necessary if the guidelines are met; internal
construction does not require a certificate of appropriateness. The uses necessary for our project are
not classified as prohibited, nor do they require a certificate of appropriateness. These restricted uses
can be found here13.
Parking Requirements
The downtown parking should fit in the zoning plan and the required design standard. These
requirements can be found within the City of Columbus Code 3312. On the side of design standard, a
parking space shall be a rectangular area of not less than nine feet by 18 feet. It shall be accessible from
a street, alley, or maneuvering area and designed for parking a motor vehicle. For the access of the
building, a pedestrian walkway shall be provided along the front of a commercial building that contains
multiple tenants.
The minimum number of parking spaces:
LAND USE SPACE MINIMUM SPACE MAXIMUM BIKE PARKING Hotel or motel 1 per guest room NA Yes Rooming house 1:400 sf NA Yes Apartment hotel 1:400 sf NA Yes And the minimum numbers of loading spaces required for commercial building under 10,000 sqft is
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none; 10,000 sqft~75,000 sqft is one space; 75,000~150,000 sqft is two spaces, 150,000~300,000 sqft is
three spaces.
Design Guidelines
Our hotel will have 211 guest rooms, meaning we must have a minimum of 211 parking spots available.
Considering our need of 211 parking spots, this would require approximately 34,182 square feet
available for a parking lot.
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Attachments: A:
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Reference: Market Analysis 1http://columbusregion.com/Columbus/media/Columbus/PDFs/Factbook%20and%20Investor%20Directory/Columbus-‐Region-‐Factbook-‐Reduced.pdf 2http://downtowncolumbus.com/docs/default-‐source/retail/ccsid-‐2014-‐year-‐end-‐report_web.pdf?sfvrsn=0 3 http://factfinder2.census.gov/faces/nav/jsf/pages/index.xhtml
4http://www.ohiorealestate.org/images/11.5.13%20Documents/MulfifamilyMarketOverview/RetailMarketOverview.pdf
5Tripadvisors 6https://prezi.com/jdqhrs4pe0up/copy-‐of-‐columbus-‐trends-‐2013-‐us-‐hotel-‐market-‐connections/ Construction 7http://www.dnrec.delaware.gov/swc/Drainage/Documents/Sediment%20and%20Stormwater%20Program/Green%20Technology%20BMPs/Green%20Technology.pdf Financing 8tytraveler.boardingarea.com/2014/07/15/average-‐hotel-‐rates-‐for-‐hilton-‐and-‐marriott-‐brands/
9http://buildingjournal.com/construction-‐estimating.html
10http://www.marriott.com/Multimedia/PDF/Hotel_development/CourtyardProtoModelTrifold.pdf
11Property Management Class (for parking lot info) We used these sources to come up with our potential costs and to help facilitate our pro forma. Design 12https://www.municode.com/library/oh/columbus/codes/code_of_ordinances?nodeId=TIT33ZOCO_CH3359DODI Zoning 13(https://www.municode.com/library/oh/columbus/codes/code_of_ordinances?searchRequest=%7B%22searchText%22:%22chapter%2033%22,%22pageNum%22:1,%22resultsPerPage%22:25,%22booleanSearch%22:false,%22stemming%22:true,%22fuzzy%22:false,%22synonym%22:false,%22contentTypes%22:%5B%22CODES%22%5D,%22productIds%22:%5B%5D%7D&nodeId=TIT33ZOCO_CH3359DODI)