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P i k e P l a c e M a r k e t , P C - 1 N o r t h W R C P r o j e c t U p d a t e F e b r u a r y 5 , 2 0 1 3 Agenda: 1. recap concept design + coordination efforts with Waterfront team 2. review typical project schedule 3. review the

  1. P i k e P l a c e M a r k e t , P C - 1 N o r t h W R C P r o j e c t U p d a t e F e b r u a r y 5 , 2 0 1 3

  2. Agenda: 1. recap concept design + coordination efforts with Waterfront team 2. review typical project schedule 3. review the PC1-N schedule 4. Proforma validation with the Seneca Group

  3. PC1-N Concept Design

  4. JCFO Analysis of PC1-N Concept Design

  5. Shared Design Objectives for PC1-N and OLW: 1) reduce the scale of the structural wall on the west side of the site and re-introduce potential for a slope for steps, public art, children’s playscapes , and other treatments to integrate PC-1 N with the Overlook Walk 2) explore ways to widen the public space along the west side of PC-1 N , connections from Victor Steinbrueck Park, and connections from Western to the Overlook Walk 3) integrate Miller Hull’s concept for a public roof on the PC-1 N building that connects the Desimone Bridge into the overall public space concept 4) add more green areas to the public spaces designed for PC-1 N, incorporating features from the Overlook Walk 5) explore ways to refine the Overlook Walk in response to the emerging PC-1 N design, including potentially raising slightly the overall grade of the ramp or lifting the platform around the train overlook to relate more to the public spaces on the PC-1 N

  6. Green roofs as possible Hardscape/Landscape relationship from OLW brought into PC1-N 5% ramps in lieu of steps Wall hidden by play space and landscape Play spaces reintroduced and expanded ‘Bosque’ of trees reintroduced MH Concept Development

  7. 30’ 26’ 26’ 16’ 100’ 18’ 18’ 26’ 16’ 12’ PC1-N Concept Refinements—November

  8. 42’ 16’ 10’ 16’ 30’ Market Level—November

  9. View from Pike and Virginia

  10. Reconfigured Stair and Breezeway at Western Ave

  11. Connections to VS Park and Western Ave

  12. View to the West from the Desimone Bridge

  14. Building Plans

  15. Building Plans

  16. Building Plans

  17. Concept Development—November

  18. Approval of MACC owner approval owner approval owner approval cost estimate cost estimate cost estimate GC selection NTP for G.C. Construction Pre-Design Schematic Design Construction Documents Design Development • develop program • general building • building systems • construction details layout • concept design to • coordination of • detailed coordination validate program and • identify building primary systems of building systems site systems • draft specifications • final specifications • develop site plan & • materials & • finalize material, utilities finishes finishes & colors • primary building • bidding documents materials development permit building permit building permit submit for site Design Review submit for released Typical Project Schedule

  19. Pike Place Market PC1-N Timeline FINANCIAL ANALYSIS Approval of Consulting Contract so that Pro Forma Baseline can be started based on Conceptual Design SCHEMATIC DESIGN STARTS MOU APPROVAL Next phase of Miller Hull work to PDA COUNCIL DEVELOPMENT include refinement of Concept PDA Council Approved AGREEMENT Design and Schematic Design MOU with Full Council Approves City of Seattle DESIGN DEVELOPMENT Development Agreement GC/CM SELECTION Miller Hull DD for Begin process for Substructure and Parking selection GC/CM January 2013 February 2013 April 2013 May 2013 June 2013 July 2013 September 2013 MUP/ENVIRONMENTAL REVIEW MOU APPROVAL CITY Approval from City COUNCIL City Council Approves MOU, WSDOT CONTRACT access to City matching funds up Execution of WSDOT parking to $1M in 2013 mitigation contract and access to portion of $5M in funding

  20. Pike Place Market PC1-N Timeline DESIGN DEVELOPMENT Miller Hull DD for retail, restaurant, housing and PC1-N CONSTRUCTION ENDS PC1-N CONSTRUCTION STARTS public space End date no later than 2016 Start date no later then June, 2014 COMMITTED DOLLARS $1M (PDA) $1M (City of Seattle) $730K (State Parking Mitigation) October 2013 October 2013 December 2013 June 2014 2015 2016 2016-2018 DEVELOPMENT VIADUCT COMES DOWN, AGREEMENT 2016 Approval of Development Central Waterfront Agreement by City Council Construction Underway

  21. 21 Pike Place Market PC1-N Development

  22. Objectives and Process Overview Advisory Services Project Management Establish Goals Secure Project Synthesize Data Manage Design & Objectives Financing Outcome: Perform Facilitate Quantitative & Oversee Move-In and Create Scenarios Lease/ Qualitative Construction Start Up Build/Buy Analysis Obtain Support Identify Assemble Team Entitlement and Transaction Space Needs Permit 22

  23. Financial Analysis PIKE PLACE MARKET PDA PC1-NORTH FINANCIAL ANALYSIS - FORMAT FOR DYNAMIC MODEL February 5, 2013 CONSTRUCTION OPERATIONS TIME 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- 1. TOTAL PROJECT COST XX,XXX XX,XXX 2. SOURCES OF FUNDS XX,XXX XX,XXX 3. CASH FLOW BEFORE DEBT (XXX) (XXX) XXX XXX XXX XXX XXX XXX XXX XXX XXX 4. RESIDUAL VALUE (if applicable) XX,XXX ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- 5. UNLEVERAGED CASH FLOW (XXX) (XXX) XXX XXX XXX XXX XXX XXX XXX XX,XXX 6. DEBT SERVICE (XXX) (XXX) XXX XXX XXX XXX XXX XXX XXX XX,XXX ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- 7. CASH FLOW AFTER DEBT (XXX) (XXX) XXX XXX XXX XXX XXX XXX XXX XX,XXX 8. DECISION-MAKING CRITERION X,XXX (NPV, IRR, etc.) 23

  24. Summary of Seneca Scope 1. BASELINE FINANCIAL MODEL (February 2013) a. Estimate Total Project Cost (1) Construction (2) Design & permitting (3) Other “Soft” costs b. Identify Anticipated Sources of Funds (1) City (2) State (3) Project c. Calculate Project Cash Flows Over Time (1) Formulate assumptions (2) Build dynamic financial model (3) Compute decision-making criterion or criteria d. Meet with PPMPDA groups to discuss assumptions and results. e. Prepare a narrative description of the Baseline assumptions and results. 24

  25. Summary of Seneca Scope 2. SENSITIVITY ANALYSIS (March 2013) a. Identify “what if” scenarios to test with the financial model. b. Modify the financial model for the various scenarios. c. Meet with PPMPDA groups to discuss assumptions and results. d. Prepare a narrative description of the Sensitivity Analysis assumptions and results. 25

  26. P i k e P l a c e M a r k e t , P C - 1 N o r t h W R C P r o j e c t U p d a t e F e b r u a r y 5 , 2 0 1 3

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