1601 Wewatta Follow Up - Winpark
1601 Wewatta Garage Denver, CO
Attached are the insurance requirements for Ownership as I am not sure if these were in- cluded in the original RFP. Please let me know if there are any issues.
Winpark has always operated under Hines’ Insurance Standards and we will operate under the attached insurance requirements. Included on the pages that follow is a copy of our Certificate of Insurance. Monthly & Transient Revenue – Can you explain your assumptions on these two items (i.e. leasing assumptions, X amount of monthly parkers in 2015, average parkers per busi- ness day and average parkers per nights/weekends)? I may have missed this in the pro- posal but I would appreciate further explanation so I can understand your numbers bet- ter. Provided on the pages that follow you’ll find our assumptions for both monthly and transient parking. Our monthly parking projections assume both reserved and unreserved monthly parkers with rate escalations through the year. Our detailed transition revenue projections are broken out by month and include various rate types (incremental, early bird, weeknight, week- end, event, etc.). These projections include month by month fluctuation for weekdays/ weekends to provide more exact projections. Does WinPark have a preference on who they would like to use for valet services? Who would you recommend we use for 1601? I did not see a line item for Valet (I understand in the first year, but we will have valet in year 2+). Can you provide your estimates for valet revenue or is that built into the Transient revenue? We would manage the restaurant valet operation in-house. Included on the pages that follow is a stand alone budget for the valet services. Based on our projections this service will generate an additional $91,069 in Net Operating Income to 1601 Wewatta. These projections assume an average of 240 cars per week at a per car fee of $10.00 utilizing 2 valets attendants to manage the operation. Validation Revenue – I see that you have you have included a minimal amount of valida- tion revenue. Is this directed towards the minimal retail valet revenue we might be able to get in 2015? Could you explain the assumptions here as well? We projected no validations in 2015. Validations don’t appear until the second half of 2016 and they are related to tenant activity as the first office tenant moves in by August, 2016. This revenue was included in the transient line in FY 2016. I did not see information related to your proposed parking rates (I apologize if I missed it and if so, please direct me in the proposal to the appropriate section). Can you please pro- vide your ideas for proposed rates based on the market and your expertise (i.e. Monthly reserved, monthly unreserved, daily max, 15/20 min, early bird, nights, weekends)?
Please find on the pages that follow our proposed rate structure for both monthly and transient parking along with a competitive rate survey.
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