Development GSF Hard Costs
WSO,
I am curious to see what other developers are receiving for pricing of high-rise class A multifamily projects. We are currently seeing $270/GSF including the buildout of an automated parking garage.
Thanks!
My firm builds type V - 3/4 stories with all surface parking. Depending on what our unit mix and layout is we typically assume $145-$155/ GSF
This seems crazy cheap. What’s your /unit or /RSF and what market?
Yeah, surface parked apartments have awesome economics.
cost/ unit ranges from 300k-450k
we typically stick with smaller infill projects. 10-100 units. Southern California
Were vertically integrated so there's a lot of wiggle room when it comes to GC costs
$150/gsf seems wildly cheap even for surface parked, are we working with recent numbers? Thats the pricing I was working with last December.
Yep that's what we u/w to. One of our projects in construction currently budget has direct/ vertical const at $122/ GSF
We're budgeting $250/ft. for a 12 story 350 unit class A multifamily building with 3 floors below grade parking.
Not to be "that guy" but it's also very market dependent. What market are you in?
In NYC I've been seeing ~$425/GSF for similar projects before contingencies, insurance, etc.
NYC - $350-375/SF for block & plank multifamily. $375/SF+ for poured in place.
Suburban NJ/NY - $250/SF for stick built on slab on grade.
Really market and product dependent...do you need to use union labor? Does it get cold in the winter? How much structured parking are you building? Average unit size? Are you building elevators? How large is your amenity space? Etc. etc. etc.
With all that said, it's hard for me in my market (Midwest) to find any product that I can build for much less than $150/GSF right now. The more complicated the product, or if I need to build with union, starts to push that up quickly and dramatically.
I have never been able to get automated parking to pencil, I know it’s double the cost and the hope is that you get double the spaces in the same space, is that true?
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