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23
<br /> SECTION V
<br />LAND IMPROVEMENT DIRECT
<br />COSTS
<br />
<br />
<br />
<br />Related Bristol at 3600 South Bristol Street September 27, 2023
<br />Land Residual Value Study Report
<br />
<br />www.FinanceDTA.com
<br />V LAND IMPROVEMENT DIRECT COSTS
<br />Land improvement direct costs include site preparation, rough grading, erosion and dust
<br />control, storm drain systems, sanitary sewer systems, potable water, non-potable water,
<br />street improvements, dry utilities, fencing and walls, landscaping, common costs,
<br />Project-wide amenities, parking, repairs for bond release, reimbursements, and the lot
<br />improvement direct contingency.
<br />A Site Preparation
<br />The site preparation cost includes the demolition of existing on-site structures. This is often
<br />a difficult category to budget since the third-party contractors often offset the demo costs
<br />with revenues generated from sale of reclaimed material, such as copper wiring, asphalt,
<br />concrete, etc. Without having a third-party contractor bid, we estimated that the net costs
<br />of demo would be about $50,000 per acre.
<br />Table 26: Site Preparation Costs
<br />Site Preparation Phase 1 Phase 2 Phase 3 Total
<br />Apartment $543,225 $305,475 $472,900 $1,321,600
<br />Commercial $101,850 $0 $0 $101,850
<br />Hotel $68,775 $0 $0 $68,775
<br />Congregate $36,725 $0 $0 $36,725
<br />Amenity $275,500 $30,000 $299,000 $604,500
<br />Total Site Preparation $1,026,075 $335,475 $771,900 $2,133,450
<br />B Rough Grading
<br />Absent geotechnical information, we assumed that the entire Project site would need to be
<br />regraded. We estimated this would require 10 feet of removal and replacement.
<br />Table 27: Grading Costs
<br />Rough Grading Phase 1 Phase 2 Phase 3 Total
<br />Apartment $664,000 $376,000 $580,000 $1,620,000
<br />Commercial $124,000 $0 $0 $124,000
<br />Hotel $84,000 $0 $0 $84,000
<br />Congregate $44,000 $0 $0 $44,000
<br />Amenity $356,000 $40,000 $388,000 $784,000
<br />Total Rough Grading $1,272,000 $416,000 $968,000 $2,656,000
<br />
<br />Exhibit 10
<br />
<br />
<br />City Council 22 – 508 9/17/2024
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