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MainPlace Mall <br />Net Fiscal Impact and Economic Analysis <br />December 2018 <br />Page 20 of 33 <br />4.0 Construction Period <br />4.1 Construction Period Overview and Cost Estimation <br />Construction of the Project is expected to take place in two major phases. Under the first phase, <br />the Developer expects 1,250 residential units, 400 hotel units, 40,000 SF of now retail space, <br />105,000 SF within former Nordstrom, 100,000 SF of space for "edu-tainment", and 1,650 garage <br />parking spaces to be completed. <br />The second phase of construction, which will bring the project to full buildout totals, is expected <br />to add an additional 650 residential units, 750,000 SF of office space, and an additional 2,900 <br />garage parking spaces. Kosmont has organized this report to illustrate Phase 1 elements of the <br />Project, as well as its final Full Buiidout. <br />The estimated costs for the Full Project are approximately $1.42 billion, including soft and hard <br />costs. At an approximate total of $730 million, Phase 1 elements of the Project are expected to <br />encompass a little more than half of full buildout development costs, summarized in Exhibit 4.1. <br />Development costs displayed In Exhibit 4.1 do not include land, Land acquisition costs are not <br />referenced in the cost estimates, as they do not impact the fiscal calculations, as title is already <br />vested under the Developer's name and no near -term re -assessment is expected. <br />Exhibit 4.1.1: Development Cost Estimate <br />Development Costs (Soft + Hard) <br />Phase 1 $729,800,000 <br />Full Buildout $1,421,400,000 <br />The analyses, projections, assumptions, and any examples presented herein are for <br />illustrative purposes and are not guarantee of actual and/or future results. Tax analyses <br />komalla.„are projections only. Actual results may differ from those expresser) in this analysis. <br />75D-555 <br />