COURTYARD URBANIST · BRONZEVILLE · 9 OCTOBER 2026
Two-pass architectural and development review
Illustrative rents, $275/gross-sf enclosed construction, 65% loan-to-cost, 6.5% interest, 30-year amortization and 5.5% cap rate. Apartment areas are gross; no bay area or architectural-detail premium is priced.
A/B each have 52.5 ft of street frontage; D has 50 ft. C uses equal 50-ft corner legs before the chamfer: straight street runs approximately 35.86 + 35.86 ft, with a separate 20-ft chamfer. Street bars are 40 ft deep; the inward wing is 30 ft wide.
Four fronts currently use two shared stair/entry pairs. Make A/B and C/D identities clear, but obtain a fire-separation and exit-independence strategy before marketing them as separately commissionable buildings.
Eight ground homes drive material income. Fit the slab-on-grade accessible routes, entrance vestibules and service rooms first; an excluded-ground sensitivity shows how much underwriting depends on them.
Coverage is about 60.6%, above the earlier 50% design aim. Compare a shorter south wing and a lighter courtyard-facing facade against lost rentable area; do not claim the existing count can be retained automatically.
Each case starts from the same baseline. Cost targets are investigation thresholds, not contractor savings. “Remaining cost gap” retains the existing 1.20× NOI coverage, cash flow and value-at-cost checks.
| Scenario | Homes | DSCR | Remaining cost gap |
|---|---|---|---|
| Construction −10%Enclosed construction rate only; bid target, not assumed savings. | 35 | 0.94× | $2,731,673 |
| Construction −20%Enclosed construction rate only; all other inputs held fixed. | 35 | 1.04× | $1,513,753 |
| Market rents +10%Sensitivity only; needs comparables. Affordable rents stay fixed. | 35 | 0.97× | $2,635,429 |
| Cost −15% + market rents +10%Combined test, not a forecast or contractor quote. | 35 | 1.12× | $808,549 |
| No ground-floor rentGround homes excluded; baseline construction cost retained. This measures income at risk. | 27 | 0.62× | $6,577,988 |
| 10% affordable-home testRounded up to whole homes using existing placeholder rents; mix and City terms unverified. | 35 | 0.85× | $3,949,593 |
At 1.25× coverage of cash flow after replacement reserves and an 80% LTV ceiling, supported debt is $5,907,908. Additional equity or confirmed funding versus the present loan assumption is $2,947,987. This addresses debt sizing; it does not erase the cost-over-value gap or establish an investor return. It is a stabilized-property comparison, not a construction financing commitment.
Complete one repeatable ground and upper dwelling type per entrance group before increasing counts. Trace every home entry through a coat vestibule; bedrooms and the office must open from a real hall/recess. Fit the primary ensuite, smaller bedrooms, required bath count and usable courtyard-facing island kitchen/dining. The model verifies gross allowances, not these room relationships.
Verify independent exits, travel distances, enclosure/fire compartments, stair landings, clear door swings, accessible ground routes and grades. A drawn door is a location reservation; it does not certify a clear opening or a usable accessible route.
Ask a contractor to price a simple repeated structural/wet-stack grid first. Price bays, limestone, terracotta, quoins, cornices and gallery guards as separate alternates. Keep memorable detail at the entrances and corners while repeating ordinary windows and wall panels.
Keep sandbox and picnic tables visible from homes; maintain clear routes to all doors, refuse and alley. Develop drainage, winter maintenance, play surfacing, roots, soil volume and lighting. Furnishing footprints are checked against buildings; accessible maneuvering and continuous finished routes are not yet certified.
Underwrite the RFP affordability obligation and approved rent/utility schedule. Confirm construction-to-permanent financing, interest carry, fees, lease-up, insurance, taxes and reserves. The percentage soft-cost allowance must be replaced with a cost schedule, avoiding double counting.
Use the RFP land price. A discount is not automatic: the RFP describes exceptions tied to additional affordability or substantial public benefit. If considering City assistance, price any associated wage, procurement and participation requirements before counting a net subsidy benefit.
Obtain boundary/topographic survey, geotechnical and environmental information, utility capacities, comparable achieved rents/sales and at least two scoped contractor estimates. Neighboring heights are estimates; winter shadow checks are a design screen, not a certified daylight study.
Study ownership separately with saleable rather than gross area, buyer deposits, construction finance, shared-court easements, legal subdivision, association reserves and completion guarantees. Distinct facade colors do not create independent legal buildings or financeable parcels.
Geometry was checked against saved floor allocations, not a new survey. Ground/upper door schedules, opening ownership, opening collisions, model triangulation, courtyard objects, source assumptions and scenario arithmetic were reviewed. Unit room relationships remain only partially encoded. The existing shadow study retains approximate neighboring heights. Historical drawings and the separate October 7 workbook are snapshots; they do not automatically inherit this revision.