pages: CityCouncil/2010-11-16.pdf, 20
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CityCouncil | 2010-11-16 | 20 | The Housing Department Executive Director gave a brief presentation. In response to Commissioner Gilmore's inquiry regarding when the development partner would be locked, the Housing Department Executive Director stated the CIC would enter into an Exclusive Negotiating Agreement (ENA) and Development and Disposition Agreement (DDA) to tie down the deal prior to being notified of the funding. Speaker: Robb Ratto, PSBA. Commissioner deHaan inquired currently, how many units are at the Islander Motel. The Housing Department Executive Director responded the Islander Motel has 62 units; stated one unit is occupied by the resident manager; the building has another structure in back which has been converted to seven units. Commissioner deHaan inquired how many units are proposed. The Housing Department Executive Director responded approximately 60 units; stated an architectural study would need to be done to determine the exact number. Commissioner deHaan inquired what would be the cost for renovation, to which the Housing Department Executive Director responded $75,000 per unit. Commissioner deHaan inquired what would be the square footage of a unit. The Housing Department Executive Director responded approximately 468 square feet; stated the units would be studio-size apartments. Commissioner Gilmore stated the total cost would be $4.5 million. The Housing Department Executive Director stated the approximate cost for the total project, including hard and soft costs, would be approximately $16 million, which would be $270,000 per unit; costs are on the high side but are within today's construction costs. Chair Johnson inquired whether costs are consistent with other projects. The Housing Department Executive Director responded in the affirmative; stated the Breakers at Bayport and Shinsei Gardens were much higher but the square footage is greater. Chair Johnson inquired what was the per unit cost for the Shinsei Gardens units, to which the Housing Department Executive Director responded between $300,000 and $400,000; the units are approximately 1,000 square feet. Special Joint Meeting Alameda City Council, Alameda Reuse and Redevelopment Authority and 5 Community Improvement Commission November 16, 2010 | CityCouncil/2010-11-16.pdf |