CE $60631-$ Feasibility Study Design and Estimate

Page limit: $10$ pages for the body of the report. However, you may include additional pages as an

appendix, i$.$e$.$ the design layout of each of the alternatives.

Feasibility Estimate Assignment

An important developer client calls you on the phone and asks you to do a feasibility estimate to

evaluate financial feasibility of a development project that she has in mind. She owns the two pieces

of property in downtown South Bend shown below. She plans to develop both pieces of property into

paid parking facilities. One will be a long$-$term lease facility for commuters and the other will be an

hourly facility for non$-$commuters. The hourly facility will require an attendant to be on$-$site from

$4$:$00$AM to $8$:$00$PM and will include a small convenience store which per city code must have free off$-$

street parking.

NOTRE DAME STREET

She intends to build a multi$-$story parking structure on one lot and a surface level parking lot on the other.

She needs your help investigating two alternatives:

Alternative $1$:

a$.$ A single parking structure that can park at least $200$ cars ON ONE OF THE LOTS. The code limits

these facilities to $4$ stories and must meet the dimensions specified in the South Bend Parking Code

including provision of handicapped parking stalls. The expected monthly rental rate is $$\frac{95}{m}$ont$\frac{h}{s}$tall.

A consultant advised her that the vacancy rate for this usage is approximately $8\%.$

PLUS

b$.$ A single story wood frame with brick veneer convenience store building with a $1-$hour rated safe ON

THE OTHER LOT. The store would be about $5000SF$ and generate $$11,\frac{000\mathrm{.}00}{?}$ month in net after$-$tax

revenue including the cost of the attendant who doubles as the parking lot attendant. The remainder of

the property would be fenced for a commercial hourly parking lot with an average $16-$hour vacancyrate of $35\%.$ Spaces rent for $$\frac{1\mathrm{.}50}{?}$ hour for each space. The off$-$street parking for the store and the

hourly parking lot must also meet the dimensions specified in the South Bend Parking Code including

provision of handicapped parking stalls.

Alternative $2$:

Alternative $1$ with the store being replaced with a small building with a restroom for the parking

lot attendant. The building should be big enough for a double$-$pedestal desk, a filing cabinet and a

chair plus a toilet and sink in the restroom. The restroom should be accessible from the outside by

the users of the parking lot. It should be heated and air$-$conditioned. Alternative $2$ revenues would

solely be from short and long$-$term parking. The cost for attendants is $$2,\frac{000}{m}$onth.

Planned Design Approach:

The store building's front will utilize store$-$front glass door and window panels and any

exterior wall surface that does not face the alley must be covered with brick veneer.

Access to the alley is available for Lot $A$ if needed to optimize traffic flow in and out of the

hourly parking facility. The convenience store must front Notre Dame Street. Lot B cannot

use the alley for either entry or exit.

The City requires a parking structure design where the entry point is located at least $200$ feet

away from an intersection of city streets and an exit point must be greater than $125$ feet from

any intersection. Entry or exit from an alley is not restricted.

Building Code Design Constraints

Buildings:

The city has set$-$back requirements and requires on$-$property, off$-$street parking space based on the gross

floor space in the building in accordance with South Bend Code $($attached$).$

Off$-$street parking must enter and exit at a point that is at least $70$ feet from the intersection of city streets.

Parking Structures:

Comply with the Americans with Disabilities Act... i$.$e$.$ elevators, ramps, designated parking, widths of

sidewalks and pedestrian lanes inside the structure.

Minimum of two stairwells in the structure.

Lighted at all times

Security cameras recorded and monitored $24-$hours per day

Emergency public telephone on each floor.

Commercial Surface Level Parking Lots:

One $50-$foot high street light per every $5000$ square feet of pavement.

Access into and out of the lot must be from the street.

The entire lot will be surrounded by an $8-$foot chain link fence with at least two gates. The fence must be

set back from the alley and street by $6$ feet and from the sides by $3$ feet.

Any other information that you believe you need to complete this study will not be forthcoming.

Therefore, make the appropriate assumptions and document them in your report. Complete a feasibility

estimate $($rough order of magnitude $=\frac{+}{-}30\%)$ for each alternative. She wants to make sure that her

benefits are greater than her costs on an annual basis. Her required rate of return on the capital investment

is