November 16, 2005

1. REcreate Jennifer Balkcom, Tim Johnson, Scott Nguyen, Alison Novak, Arvind Pai November 16, 2005

2. Agenda • Introduction • Regulatory Processes • Site Capacity & Design Elements • Financial Feasibility • Conclusion

3. Introduction 505 Congress St. T Multi-Family For-Rent On-Demand Office

4. Regulatory Processes • Governing Zoning • Article 27P: South Boston Interim Overlay Planning District • Supersedes Article 42E – Harborpark Fort Pointe Waterfront District • Article 80: BRA Review • Large Project Review • Scoping Determination Will Determine Reports Required • Boston Civic Design Commission

5. Large Project Review Timeline

6. Regulatory Processes • Challenges: • EPA & HUD standards • Fee schedule • Potential off-site mitigation to offset high site coverage ratio • Strategies: • Foster relationships with relevant BRA staff and neighborhood groups • Look to comparable projects

7. Site Capacity & Design Elements • 30,435 SF; FAR=4; Max Ht=150’ • Open Space requirement • 50% in zoning code, with built-in flexibility • 70% reasonable IAW Boston Redevelopment Authority • Considerable flexibility in IPOD zoning: • Development envelope dependent on Large Project Review Process • Design guidelines are not set in stone (i.e. parking, façade, setbacks, buffers)

8. Site Capacity & Design Elements • Concessions: • Affordable Housing – 10% • Included in Financials • Open Space Requirement – 50% • Currently at 26% open space, but considering creating/improving off-site open ‘green’ spaces • Negotiable • Street Improvements • Anticipate improving pedestrian access/experience and crosswalks to site and vehicular ingress/egress

9. Site Capacity & Design Elements • Land use allotment: • Total built area: 121,740 based on FAR of 4.0. 85% efficiency implies Net Rentable Area 103,500 SF • Floor Plate = 23,400 SF Gross • Residential = 7 x 14,050 SF Gross • Uses in Net Square Footage: • Residential: 83,589 SF (110 units) • On-Demand Office: 19,190 SF • Common Facilities: 18,240 SF • Mechanical: 5,000 SF • Underground Parking: 23,450 SF • Open Space: 7,035 SF (on-site)

10. Concept

11. Floor Plan Design

12. Street-Level View

13. Financial Feasibility Analysis • Property Assumptions • Development Assumptions • Financial Assumptions • Feasibility Analysis

14. Financial Feasibility Analysis • Property Assumptions • Fixed Office, Affordable Apartment and Parking Rents • Vacancy Rates from Market Analysis

15. Financial Feasibility Analysis • Feasibility Assumptions • Construction Cost Estimates come from USGBC and a large commercial contractor • Includes conservative 10% premium for Green Building

16. Financial Feasibility Analysis

17. Financial Feasibility Analysis

18. Conclusion • Timeline & Fees for Permitting • Creative Design Solutions • Green Design  Value • Attention to Context  Public Support • Next Steps: Detailing Construction Costs, Structuring the Deal, Design & FAR alternatives 505 Congress Street is a viable project

19. Questions

20. REcreate Jennifer Balkcom, Tim Johnson, Scott Nguyen, Alison Novak, Arvind Pai November 16, 2005

21. RECREATE

22. Site Capacity & Design Elements

23. Site Capacity & Design Elements • Site description: • “Football shaped” • Greatest depth 100’ • Adjacent Central Artery (I-90) tunnel • Vent Building • High traffic flow surrounding site

24. Site Capacity & Design Elements • Site Inventory: • Necessary utility & sewer infrastructure access on site • Minimal impact on existing traffic flows • Excellent access to T • Minimal pre-construction site preparation

25. Financial Feasibility Analysis • Development Assumptions • Construction Costs are outside the scope of this analysis