20160678 Ver 1_More Info Received_20160909

Strickland, Bev
From: Justin Milstein <[e-mail]>
Sent: Friday, September 09, 2016 4:19 PM
To: Smith, Cherri L
Cc: Scott Mitchell
Subject: Green Level Estates - Additional Information Response
Cherri,
Attached is the our response for the additional information request for Green Level Estates. Please let us know if you
have any questions or concerns.
Sincerely,
Justin Milstein, SSIT
Environmental Scientist I
Soil Scientist in Training
TIMMONS GROUP I www.timmons.com
5410 Trinity Rd, Suite 102 1 Raleigh, NC 27607
Office: 919.866.4508 1 Fax: [phone]
[e-mail]
Your Vision Achieved Through Ours
To send me files greater than 20MB click here.
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TIMMONS GROUP
YOUR VISION ACMEVED THROUGH OURS.
September 9, 2016
Ms. Cherri Smith
NC Dept. of Environmental Quality
401 & Buffer Permitting Unit
512 N. Salisbury Street
Raleigh, North Carolina 27604
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RE: Green Level Estates - DWR Response Letter
Green Level West Road, Apex, Wake County, North Carolina
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Dear Ms. Smith:
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This letter is a follow up from our meeting at your office last Friday morning, and is intended to
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address your concerns regarding the 0.221 acres of proposed permanent wetland impact due to
lot fill for Green Level Estates. As discussed at our meeting, multiple road and lot configurations
were explored for this site, and the current site plan was selected because it allowed for a lot
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yield that resulted in an economically viable subdivision, while minimizing and avoiding impacts
to jurisdictional features to the maximum extent practicable.
The site is under very strict development constraints mandated by the Town of Apex. The Town
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of Apex does not allow lots to be recorded in the 100 year FEMA mapped floodplain, which
heavily influenced the current site plan. Additionally, all of the lots between Green Level West
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Road and the proposed wetland impact area are designed with minimum lot depths to
accommodate reasonably sized homes and rear yards. Shrinking these lots below their current
sizes would render them unviable in the market. Even if proposed grading on the rear of lots
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13-15 was reduced in an effort to reduce wetland losses, the likelihood of these "saved"
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wetlands never being disturbed by future homeowners is small at best. The remaining wetlands
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on this property will be protected by the neighborhood HOA. The Corps of Engineers agrees
with this reasoning as illustrated by their issuance of a General Permit Verification on July 28,
2016.
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During our meeting, you requested financial data to support the developer's need for all of the
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proposed lots. Included with this letter is a graphical competitive pricing analysis for this
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subdivision and a letter from Drees Homes, stating the need for all 29 lots to make this
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subdivision viable. The option of dropping a single lot, to reduce impacts is not a feasible
option, as the direct financial impact will be a loss of $247,142.85. The loss of a single lot would
force the remaining lots to incur the above cost, which will ultimately force these homes to be
priced even further above their competitors in this market. This data clearly illustrates there is
no way to reduce the number of lots in the subdivision, while also maintaining a viable
development.
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If you have any questions, please do not hesitate to call me (919-866-4508;
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[e-mail]) or Scott Mitchell at (919-866-4952 or
[e-mail].)
Respectfully Submitted,
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Justin Milstein, SSIT
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Environmental Scientist
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To Whom It May Concern; September 8, 2016
To address the possible loss of a lot at Green Level Estates:
The loss of even one lot at Green Level Estates would cause the project to become non-viable
and cost prohibitive to move forward. First of all there is the direct impact of the costs
associated with just that single lot which are as follows:
Raw Lot Land Cost: -$113,000
Development & Municipal Fees: -$60,000
Developer (3rd Party) markup: -$74,142.85
Total Direct Financial Impact: -$247,142.85
In summary the total direct impact of just a single lot being removed from the project is nearly
a quarter of a million dollars.
The greater impact to the project however would be the impact of having to spread the above
referenced loss over the cost/value of the other lots in the community. If we were forced to
lose a single lot the additional costs associated with that lot would have to be absorbed into the
other lots in the community, which there would only be 28 remaining. By doing so, we would
have to increase the individual lot costs of the remaining lots by nearly $9,000 ($8,826,53 to be
exact), which in turn would raise the finished homes costs by $12,000 - $15,000 per home. This
project is already poised at the top of the market in this submarket and cannot afford to take
an additional financial hit. The attached/associated graph and competitive pricing analysis show
the top of the market position we are already taking without any additional financial impact.
Drees Homes would not be able to move forward with this project provided any additional
financial burden were to arise.
qau2
incer
n T. Smith
Drees Homes
Land Acquisition & Development Manager

Drees Homes - Green Level Estates Competitive Analysis (Drees = Dark Green Line with Squares)
The Drees Company Price -Value Analvsis Date 9/7/2016
Markham Yates
Base
Model House Square
Base
Name Style
Footage
Price Adjust
Adj Price
Bldr DREES
Markham Yates
118
1 Ashville
3437
624200
624200
2 Sinclair
3612
625600
625600
3 Langdon
3850
647900
647900
4 Pembroke
3949
647000
647000
5 Hartwicke
4216
661200
661200
Bldr Ashton Woods
Braemore
Square
Footage
I Base
Price
26
1 Wesley 1
3376
573490
(18,000)
555490
2 Chessington
3626
556490
-18000
538490
3 Berkshire 1
3843
603490
-18000
585490
4 Hastings
4067
628490
-18000
610490
5 Jefferson
4494
648490
-18000
630490
61 Greenwood
1 4919
679490
-180001
661490
71 1
1 1
1
01
0
8
3957
587990
0
0
$/sf
18:
17:
161
16'
15
171
15:
15
15
14,
131
Model
Name
House
Style
Square
Footage
I Base
Price
Adjust
Adj Price
Bldr Emerald Homes
Southerlyn
574250
14
1 Beckett
3145
584999
(10,400)
574599
2 Isabel
3176
542990
-10400
532590
3 Ashley
3199
545990
-10400
535590
4 Kendrick
3250
540990
-104001
530590
5 Jenna
3487
560990
-10400
550590
6 Perrin
3513
567990
-10400
557590
7 Hampton
3957
587990
-10400
577590
8
i
0
0
0
Bldr NV Homes
Saxonbury
Square
Footage
19
1 Remington Place
3613
590000
(15,750)
574250
2 Gabrielle
2480
3823
630000
-15750
614250
3 Pinehurst
1
4254
625000
-15750
609250
4 Regents Park
4281
670000
-15750
654250
5 Clifton Park
4885
709000
-15750
693250
61
1
1
01
0
71
1
1
0
0
8
4350
518250
0
0
Price - Value Graph UNADJUSTED
710,000
690,000
Square
Footage
Base
Price
Adjust
Adj Price
Bldr Level Homes
Cove at Westhigh
9
670,000
650,000
2480
459900
4,350
464250
2 Braemar
2567
499900
630,000
610,000
504250
3 Goodman
2731
479900
4350
484250
4 Avondale
2863
487900
43501
50
5 Fitzgerald
2924
490900
4350
590,000
6 Balmoral
2927
499900
4350
504250
7 Edinburgh
3427
570,000
4350
518250
8
i
0
0
550,000
530,000
510,000
570,000
490,000
470,000
450,000
2,200
2,700 3,200 3,700 4,200 4,700 5,200
-DREES Markham Yates 18 ter -Ashton Woods Braemore 26 -Emerald Homes Southerlyn 14
-NV Homes Sax. nbu y 19 -Level Homes Cove at Westhigh 9 -Bldr F F Name##
-Bldr G G Name##-Bld,HH Name##
Base
$/sf
18i
17
17
16i
16
16'.
14'
16.
16
14'
15'
14.
Model
Name
House
Style
Square
Footage
Base
Price
Adjust
Adj Price
Bldr Level Homes
Cove at Westhigh
9
1 Sterling
2480
459900
4,350
464250
2 Braemar
2567
499900
4350
504250
3 Goodman
2731
479900
4350
484250
4 Avondale
2863
487900
43501
50
5 Fitzgerald
2924
490900
4350
495250
6 Balmoral
2927
499900
4350
504250
7 Edinburgh
3427
513900
4350
518250
8
i
0
0
Base
$/sf
18:
19!
17E
171
16!
17
15(
Model
Name
House Square Base
Style Footage Price Adjust Adj Price
Bldr BldrG
GName ##
©111111111111111111111111111111111111111111111111111111111111111111111�111111111111�
0 0
©_---1111�1111�
0 0
3
0 0
©-1111111--1111
1111
5
0 0
----1111�1111�
0 0
7
0 0
Base
$/sf
18:
19!
17E
171
16!
17
15(
Model
Name
House Square Base
Style Footage Price Adjust Adj Price
Bldr BldrG
GName ##
1
0 0
2
0 0
3
0 0
4 1
1 1 1 0 0
5
0 0
6
0 0
7
0 0
8
0 0
Price - Value Graph ADJUSTED
©----�IIIIIIIIIIIIIIIII�
©-111---111111111111
690,000
111111-111111111111-111111111111
11-100
670,000
Price - Value Graph ADJUSTED
710,000
690,000
11-100
670,000
650,000
630,000
610,000
590,000
570,000
550,000
530,000
510,000
490,000
470,000
450,000
2,200
2,700 3,200 3,700 4,200 4,700 5,200
-DREES Markham Yates 18 -Ashton Woads Braemore 26 +Emerald Homes Southerly. 14 NV Homes S ---bury 19
-L.v 1Homes Coveat Westhigh9-BldrFFName##-BIdrGGName##-BldrHH Name##
Base
$/sf