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Planning Dynamics report). Planning Dynamics estimated the
incremental cost of building the proposed atrium to be
approximately $9 million. Planning Dynamics estimated that
constructing the proposed atrium would increase the rental rate
for 2UBC by $2 a square foot, thereby increasing the value of
2UBC by approximately $7 million. Planning Dynamics estimated an
increased rental rate for the new office tower of $1 a square
foot, thereby increasing its value by approximately
$12.3 million, $3.5 million of which would inure to the benefit
of the Bank. Although Mr. Holtz believed that the proposed
atrium would enhance the value of 3UBC, he did not project any
increase in value to 3UBC in the Planning Dynamics report because
3UBC was wholly occupied by the Bank and was not considered as a
sale property for the Bank. Planning Dynamics calculated a value
over cost figure for constructing the proposed atrium of
approximately $1.5 million. Planning Dynamics also estimated a
net annual operating deficit of $100,000 a year, based on
projected revenues and expenses of $500,000 and $600,000,
respectively. In addition, the Planning Dynamics report stated:
As you know the design problem from the beginning
has been to “bring” the Lincoln Street site to
Broadway. This will allow the One United Bank Center
building to gain the benefits of a 100% corner location
in lieu of a secondary location. The main benefit is
higher rents as previously mentioned.
The unique architectural design of the Atrium
sensitively embraces Two United Bank Center and
continues to present this fine building to the 17th and
Broadway location. At the same time the Atrium creates
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