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<br />V LAND IMPROVEMENT DIRECT COSTS
<br />SECTION V
<br />LAND IMPROVEMENT DIRECT
<br />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 />Apartment
<br />$543,225
<br />$305,475
<br />$472,900
<br />$1,321,600
<br />Commercial
<br />$101,850
<br />$0
<br />$0
<br />$101,850
<br />Hotel
<br />$68,775
<br />$0
<br />$0
<br />$68,775
<br />Congregate
<br />$36,725
<br />$0
<br />$0
<br />$36,725
<br />Amenity
<br />$275,500
<br />1 $30,000
<br />$299,000
<br />$604,500
<br />Total Site Preparation
<br />$1,026,075
<br />$335,475
<br />$771,900
<br />$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 />Apartment
<br />$664,000
<br />$376,000
<br />$580,000
<br />$1,620,000
<br />Commercial
<br />$124,000
<br />$0
<br />$0
<br />$124,000
<br />Hotel
<br />$84,000
<br />$0
<br />$0
<br />$84,000
<br />Congregate
<br />$44,000
<br />$0
<br />$0
<br />$44,000
<br />Amenity
<br />$356,000
<br />$40,000
<br />$388,000
<br />$784,000
<br />Total Rough Grading
<br />1 $1,272,000
<br />$416,000
<br />$968,000
<br />$2,656,000
<br />Related Bristol at 3600 South Bristol Street
<br />Land Residual Value Study Report
<br />Exhibit 10
<br />September 27, 2023
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