Issue link: http://e-delivery.uberflip.com/i/1512983
L A K E L A N D C O M M U N I T Y M A R K E T P L A C E 15 FUNDING SOURCES: JV/2nd MTG CONSTRUCTION LOAN Funds Requested: $3,600,000 $20,400,000 Term: 30 Months 15 months Fee: 2% Investment to Value: 63% 56% Investment to Cost: 80% 75% COSTS (Phase 1): • 90% of the Hard Costs to be under contract prior to the first construc on draw. • The costs include a Hard Costs Con ngency of 8.0% and So Costs of 10.3% • Full review to be completed by a Quan ty Surveyor • The gas bar and C-Store will con nue to operate. Income from has not been considered in the budget how- ever can be added to the con ngency for addi onal security. Land: $5,650,000 Hard Costs: $16,982,962 So Costs: $4,173,434 Total: $26,806,396 Round: $26,800,000 LAND DESCRIPTION: The land is located at 990 Lakeland Village Blvd., Sherwood Park, Alberta, covering 5.93 acres and zoned as C1 – Commu- nity Commercial. Currently, there's an exis ng Gas Bar, C-Store, and Restaurant on the site. While the Restaurant will be removed, the Gas Bar and C-Store will remain as part of Phase I. The site has necessary services, and addi onal exten- sions for these services will be included in the project budget. ZONING: The site is currently zoned C-1 Commercial, This does not specifically permit self-storage however, the developer has had discussions with the local planning authority and rezoning to C2-Commercial will be readily available. Timing is approximately 6 weeks and will be completed prior to funding. ARCHITECT: Kenneth R. Powley, b. arch, m. arch ENGINEERING CONSULTANT: TWS Engineering ENERGY CONSULTANT: GSS Integrated Energy GENERAL CONTRACTOR: LiTodd Developments (Oscar Venoasen) BUILDING CONSTRUCTION (Pre-Cast): Lafarge Canada JV OPPORTUNITY