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Recent Acquisition and <br />Rehabilitation Project <br />HOUSING RESOURCES <br />New Construction <br />The second option is to replace at -risk affordable units with new housing. <br />Replacing an affordable project typically involves new construction. The project <br />would require finding suitable sites zoned for multiple - family uses, purchasing <br />available vacant or underutilized land, negotiating with a developer, funding the <br />project, and managing other costs associated with building new housing. Table C- <br />10 shows that the replacement cost of all 880 units ranges from $165- $240million. <br />Table C -11 <br />rreservauon wraiegy: <br />uonsiruci new units <br />Senior Affordable <br />Project Details <br />Housing Project <br />Family Projects <br />Total <br />Number of At -Risk <br />3 projects <br />11 projects <br />14 projects <br />Projects and Units <br />594 units <br />286 units <br />880units <br />Construction Cost per <br />$148,500 — $214,500 <br />— <br />Dwelling Unit <br />Land Needed at 30 <br />17.9 acres <br />8.8 acres <br />26.7 acres <br />Units per Acre <br />Land Costs at $30— <br />$23.3 million <br />$11.5 million <br />$34.8 million <br />$45 per Square Foot <br />to $35.0 million <br />to $17.2 million <br />to $52.2 million <br />Incidental Costs <br />10% <br />10% <br />1 10% <br />Total Costs <br />$111.5 million <br />$53.9 million <br />$165.4 million <br />to $162.4 million <br />I to $78.5 million <br />to $240.9 million <br />Sources: Construction cost estimate and City surveys <br />Acquisition and /or Rehabilitation <br />In recent years, Santa Ana has pursued a proactive strategy of acquiring and <br />rehabilitating apartments to eliminate blighted conditions, improve the health <br />and safety of the units, and stabilize surrounding neighborhoods. Four recent <br />examples are the Minnie Street, Ross and Durant, Sixth Street, and Townsend <br />and Raitt projects. The rehabilitation work costs between $55,000 and $85,000 per <br />unit. However, if unit reconfiguration is required (e.g., combining studios into <br />family units), the cost could range from $75,000 to $120,000 per unit. <br />Table C -11 estimates the costs of acquisition and rehabilitation of apartments. <br />The 880 units of affordable senior and family apartment units are anticipated to <br />cost approximately $48 to $74 million to rehabilitate, preserve, and extend <br />affordability controls. If acquisition and rehabilitation are required, the total cost <br />would increase to between $65 and $105 million. <br />JAA <br />C -44 CITY OF SANTA ANA GENERAL PLAN HOUSING ELEMENT <br />