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Block 33 & Block 49 PGP Between SW Bond & Moody Avenues VALUATION INC North Macadam District in Portland, Oregon

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Block 33 & Block 49 PGP Between SW Bond & Moody Avenues VALUATION INC North Macadam District in Portland, Oregon TWO COMMERCIAL PROPER'I'IES Block 33 & Block 49 PGP Between SW Bond & Moody Avenues VALUATION INC North Macadam District in Portland, Oregon Mr. Karl ~inkels~iel Associate Project Coordinator Portland Development Commission 222 NW 5th Avenue Portland, OR 97209 PREPAREDBY John D. lngle Todd S. Liebow, MA1 PGP VALUATIONINC 1 10 SW Yamhill, Suite 200 Portland, Oregon 97204-3024 (503) 226-0983 Portland - Seattle - Sun Diego Sacramento - Vancouver August 14,2006 PGP VALUATION INC Mr. Karl Dinkelspiel Associate Project Coordinator Portland Development Commission 222 NW 5+hAvenue Portland, OR 97209 RE: TWO COMMERCIAL PROPERTIES Block 33 & Block 49 Acquisitions Between SW Bond & Moody Avenues North Macadam District in Portland, Oregon Dear Mr. Dinkelspiel: Per your request, we have appraised the two captioned properties using generally accepted appraisal principles and practices. This is a Complete Appraisal presented in a Summary report format. This type of appraisal report is intended to comply with the report requirements set forth under Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the Appraisal Foundation and the Appraisal Institute, Title XI of the Financial Institutions Reforms, Recovery, and Enforcement Act (FIRREA). This report is considered a Complete Appraisal presented in a Summary Report format. The subject of this report consists of two separate vacant properties (land only) located at the south end of the rapidly developing South Waterfront District and south of the Portland Central Business District. This district is located between the 1-5 Freeway and the Willamette River and is also referred to as North Macadam. This vast area was formerly utilized as heavy industrial land, but is now transitioning into a high density commercial extension of downtown Portland. New streets and infrastructure are being installed and significant development is taking place. A streetcar light-rail system will eventually reach into the area and an aerial tram will provide access to the Oregon Health and Science University (OHSU) campus on Marquam Hill to the west. 1 10 SW Yamhill Street. Suite 200 Portland. OR 97204 503.226.0983 503.273.4273 facsimile Real Estate Appraisers and Consultants OFFICES IN CALIFORNIA, OREGON 81 WASHINGTON Mr. Karl Dinkelspiel August 14,2006 Portland Development Commission Page 2 A complex series of agreements governs much of the development taking place in the Central District of the North Macadam Urban Renewal Area (NMURA). Parties to this agreement include the Portland Development Commission (PDC), OHSU, and North Macadam Investors (NMI). A portion of the Development Agreement (DA) also outlines obligations in which PDC, OHSU and NMI have agreed to construct various improvements including a 6-story parking garage, a number of affordable housing units, and office and retail space on Block 33. A recent property transaction transferred development rights to OHSU to construct a parking garage on Block 33, with NMI retaining the air rights above the parking garage. NMI has submitted a proposal to PDC for consideration that would include purchase of Block 33 air rights, as well as the fee simple ownership of Block 49 as "development ready". PGP Valuation Inc has been retained by the client (PDC) to provide a valuation of Block 49 and the air rights above Block 33 in response to the NMI proposal. Block 33 is several blocks west of the river between SW Macadam and Moody Avenues with SW Curry Street to the north and Gaines Street to the south. This large, rectangular shaped site has 91,976 square feet, according to a March 2004 survey. 'The site is zoned Central Commercial; the base FAR is 6-to-1; and, the maximum height is 250 feet. Under the South Waterfront Central District Phase I Development Agreement, Block 33 was designated for mixed-use development with a large parking garage, ground floor retail, office space and a significant affordable housing component. Development of this property will be phased. Phase I is expected to be a 6-story parking garage with ground floor retail, office and townhome residences on the upper levels. Structural enhancements sufficient to support the planned construction of residential towers above (Phase 2) will be needed significantly adding to the cost of the garage. Phase 2 will also require an increase in development density up to the maximum level of 9-to-1 FAR. This site has several issues affecting its value. We have been asked to estimate the Market Value of the "Air Rights" under a restricted scenario which considers its planned use (parking garage, affordable housing). We also have valued the separate components between the Base Development Rights and the additional Air Rights related to the future hi-rise residential tower development plan. Based upon our investigation and analysis of available information, the market value of the property under the requested scenario is: BLOCK 33 Market Value Scenario Date of Value Value Value of Air/Development Rights over Base 6:l FAR: April 29, 2006 $1,743,000 O 2006 PGP VALUATION INC Mr. Karl Dinkelspiel August 14, 2006 Portland Development Commission Page 3 Extraordinary assumptions made for valuing Block 33 are: 1. The valuation assumes the property is ready-to-develop and that surrounding streets and utility infrastructure are nearing completion. In addition, we assume the parking garage will be completed by 201 0 based on conversations with PDC staff. 2. As either a market or affordable project, the valuation assumes the base 6:l FAR density and the additional 3:l density rights (up to 9:l maximum) will be available. 3. The analysis further assumes the Portland Development Commission (PDC] will commit to funding the cost of structural enhancement of the Phase I parking garage in order to accommodate future hi-rise housing development (market or affordable). 4. Please note, the known LIDS for this property will total up to $312,206. This has not been deducted from the concluded value recognizing that costs are likely to increase beyond this initial estimate. 5. If ultimate development on the site does not reach the indicated FAR levels above, we assume that development density will be either transferred or sold for use on another nearby site in the district. BLOCK49 - NORTHMACADAM DISTRICT Block 49 is located approximately 1,000 feet southeast of Block 33 and is a level, square shaped site with an estimated 38,768 square feet of land area, according to Multnomah County records. However, the PDC will be purchasing an approximate 44,000 square foot parcel due to the realignment of SW Lowell Street to the north. The zoning and FAR characteristics are the same as Block 33 including the 50% potential increase above the base FAR and maximum height levels. The immediate property boundaries are SW Lowell, future SW Bond, SW Bancroft and SW Moody. Future development is likely to be a mixed-use high-rise office and parking project. Two major issues impacting the value of Block 49 include the cost of redeveloping the surrounding streets and infrastructure, I-ID and other special assessments. However, North Macadam Investors are responsible for these costs allowing the Portland Development Commission to acquire a "development ready" site per the pending sales agreement. Based upon our investigation and analysis of available information, the market value of the property (without adjustment for public infrastructure contribution] under the requested scenario is: BLOCK 49 Market Value Scenario Date of Value Value "As Is" Fee Simple Market Value Land Only April 29, 2006 $4,490,000 ("Development Ready") O 2006 PGP VALUATION INC Mr. Karl Dinkelspiel August 14,2006 Portland Development Commission Page 4 Extraordinary assumptions made for valuing Block 49 are: 1. We assume a site size of 44,000 SF, due to the realignment of SW Lowell Street to the north based on discussions with PDC staff. 2. The analysis assumes that Block 49 is development-ready. The North Macadam Investors (NMI) are responsible for most of the cost of making the site development ready. The site development cost budget has been estimated by NMI at $3.7 million in total for Blocks 46 and 49 (subject). 3. We assume that the total site construction budget includes all cost categories necessary for making the site development ready including: elevating the levels of all surrounding streets, remediation of any environmental issues, constructing and realigning new storm drains, completing Moody Avenue from Abernathy to Bancroft Street, re-paving Bancroft Street to Bond Avenue, LID Assessments for the Streetcar & Tram, cost contingencies, an adequate Profit component for contractors and a developer fee. 4. We also assume that the cost for elevating, extending and developing SW Bond Avenue will be paid by the City of Portland. 5. We assume a base development densitylfloor area ratio (FAR] of 264,000 SF or 6-to-1 FAR plus the potential for added bonus densities. 6. Please note, the estimated I-ID assessments are included in the Construction budget (see assumpl~ions7). The values reported herein are also subject to the typical Assumptions and Limiting Conditions presented on page 14. O 2006 PGP VALUATION INC Mr. Karl Dinkelspiel August 14,2006 Portland Development Corr~mission Page 5 This report was prepared by the undersigned. If any questions arise concerning this report, please do not hesitate to contact us. Sincerely, PGP VALUATION INC. John D. lngle OR State Certified General Appraiser No. COO0628 Todd S. Liebow, MA1 OR
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