Solicitation for a Feasibility Study for Cherry Creek Apartments LLC Overview For the Library Assignment, you will create a feasibility and constructability document to present to the stakeholders of the Cherry Creek LLC group. This group is a consortium of real estate investors/developers who have decided to build a project in South-Western Florida, approximately 5 miles north of the city of Naples Florida. Cherry Creek seeks to construct apartment luxury homes across the country in prime locations adjacent to “up and coming” clean cities, with a stable and growing professional base. The group has built 9 complexes over the last 12 years. These projects are well planned, gated rental communities with pool; club house; tennis courts; tot lots and basketball court. The use of green belts is a required feature along with landscaping to buffer on visual lines from the 2 streets that border the parcel. The city has also stipulated that there shall be a parking space for each unit, plus 20 spare spaces for visitors. Cherry Creek constructs these complexes using outside architects, outside general contractors and outside construction management consultants. Scope of Study The stakeholder association (Cherry Creek LLC) has asked you to come up with a feasibility study for the construction of 100-unit luxury apartment homes in the Naples, Florida area. They request the basic building architecture to be 10 units per building. Cherry Creek has spent 2 years getting this parcel re-zoned for multifamily use, but to this date, has only acquired the Zoning approval and the Environmental wetlands & land use permit which is on file with the county and State. Land desсrіption The parcel is mostly all green meadow land with natural rolling small hills and a creek in the center Natural stands of trees remain and are in good health, furthermore the parcel has been “scrubbed of all exotic vegetation” and the spread of these wild plants are contained. A natural drainage system is/has been developed by nature over the years and 2 small lagoons are located across the property. The elevation of the property is 20 ft above mean sea level, which is 4 feet higher than most of Naples This parcel is bordered by another meadow on the north side separated by trees On the east and west side of the parcel, are asphalt roads used by the neighboring subdivisions for communal travel. The south side is a 15-acre parcel “up for sale” but no contract yet, and has been listed for over a year. Preliminary topographic studies performed show that a net import of fill will be needed to balance the site after clear and grub operations are complete. It is estimated that 5,000 CY of clean sand/fill will need to be brought in at $9.00/yd. in-place It is also estimated that 1500 CY of topsoil will need to be imported at $15.00 CY Preliminary soil bearing capacity is 2200 PSF Hydro-studies show a water table at 10 feet, with 10 gpm well head flow rate on a 2 inch pipe. The top 2 feet of soil is comprised of sand and loamy sand with native vegetation The next 6 to 8 feet down is calcified coral known as lime rock Under that lies the water table The lagoons have capacity to accept more water , but a retention pond may be needed. The Buildings In the solicitation, Cherry Creek has stipulated that 100 units are to be built in a 10 building configuration around/ adjacent to the 2 lagoons on the 22 acre site. Each building shall have 4 single bedrooms; 4 double bedrooms, and finally 2 three bedroom units per building. They request that the building conform to the 2021 Florida Building Code which was amended after many hurricanes damaged Florida buildings throughout the State. Exterior design intent Requires the use of reinforced CMU block wall, or (C-I-P walls), light-gauge steel trusses are to be used on the roof ILO of wood trusses. Brick wainscoting or synthetic stone may be used as an appearance enhancer on the exterior. The roof composition is to have 3-tab, Class A fire, dimensional asphalt shingles, or to substitute, the more costly light-weight concrete barrel shaped tile roof system. (No clay tile). Minimize the use of wood for fire and wind rating. Interior design intent Each unit will consist of a kitchen with bar-top; dishwasher; range/oven and microwave. The unit will also have ample closet space, utility closet and entry closet. The unit will have a general apartment design layout, with bedrooms and family room, but will include a kitchenette for dining, a laundry room closet for “two side by side” washer dryers, and a balcony on each unit. Extra storage is provided in a weatherproof closet on the balcony. The 2 and 3 units will have fireplaces and are located on the first and second level. Each unit has A/C and a small mechanical room with water heater and air handler. The units are fully carpeted with tile flooring in the bathroom and stone floor in the kitchen. The counter-tops are Corian brand and are colored to match the units. The single bedroom has one bath, the double bedroom has 2 baths and the three bedroom has 2 baths and a powder room. No other special design requirements have been given to the developer since the “LLC partnership” wants to see what the developer can come up with, given the requirements in the solicitation… Required Deliverables (what needs to be included in your study/document): Abstract section in the paper describing the needs of the stakeholder. Introduction section (executive summary) describing the building area and components. Demand analysis giving Metro Area statistics showing occupancy rates, and lease costs per s.f. Building layout with site plan Rough order of magnitude (ROM) estimate on the total soft and hard costs (Direct and indirect) to construct the project. Architectural narrative including constructability analysis Risk Analysis Schedule **This paper must include a cover sheet; table of contents, and appendices if necessary. Students are free to use some “artistic license,,” and make assumptions on the perceived needs of the LLC based on market conditions. This is a feasibility paper and nothing is standardized, except for the given requirements. Feel free to expand on this design and create a nice well planned community. No dollar value cap has been given by Cherry Creek LLC, and the developer is free to use any strategy it feels is appropriate to get the units leased up within a one year period.
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