Conceptual Area & Budget Worksheet Please note these budgets are drawn from historic data and extrapolations from similar projects and are not be construed as formal estimate of construction cost; this is provided as a way of evaluating the building efficiencies and illustrate the challenges faced in reuse of the Building. I t confirms that $40+ million is probably a good starting point for full renovation. It illustrates how important the tax credits and other incentives are to developers in closing the substantial “gap” in a project proforma of any type. See BOE Architects estimates for school rehab assumptions, which ranged from $45-70 million.
RESIDENTIAL
Schenley High School Vision Plan RESIDENTIAL RENTALS OPTION: Tax Credits; Auditorium remains/W/INCUBATOR/LEARNING CTR Building Area (approx)
(GSF)
(USF)
1BR
2BR
Subbasement
25,000
12,000
0
-
-
Basement
66,430
55,000
0
-
-
Ground Floor
66,430
55,000
0
First Floor
56,580
32,800
Second Floor
56,580
Third Floor
56,580 327,600
Totals
Construction System
Add Auditorium
PFAFFMANN + ASSOCIATES 7/9/12
12,000 55,000
16
2
8,900
23
2
32,800
4,500
24
2
32,800
4,500
24
2
220,400
17,900
87
Total USF
238,300
Area basis
95
Unit Budget
Class/Workshop
8
25,000
92,000
TOTAL units
Budget
Site Work (Parking & LA)
100,000
$
15,000
$
1,875,000
Demolition/Asbestos
327,600
$
20.00
$
6,552,000
Shell/core
327,600
$
35.00
$
11,466,000
Apartment GC
220,400
$
25.00
$
5,510,000
Electric
238,300
$
15.00
$
3,574,500
HVAC
238,300
$
20.00
$
4,766,000
Plumbing
220,400
$
10.00
$
2,204,000
Fire protection
327,600
$
2.50
$
819,000
125 parking spaces (75 grade/50 on deck)
Corridors elevators common space
Assume gas fired heat pump w/HRC 800 fixture units Fully sprinkler
$ 34,891,500
Base Design & Construction Costs
CM/GC Fee (5%)
$
1,744,575
Contingency (10%)
$
3,489,150
Soft Costs (10%)
$
3,489,150
$
$ 43,614,375
459,099
limit on State Tax 20% Credit $500,000 Fed Tax credit: 20%
OFFICE
Schenley High School Vision Plan SINGLE OCCUPANT OFFICE W/INCUBATOR/LEARNING CTR (TAX CREDITS IF AUDITORIUM REMAINS) Building Area (approx)
(GSF)
(USF)
Subbasement
25,000
-
Basement
66,430
-
Ground Floor
66,430
23,400
First Floor
56,580
32,800
8,900
Second Floor
56,580
32,800
8,900
Third Floor
56,580
32,800
8,900
327,600
121,800
26,700
Totals
PFAFFMANN + ASSOCIATES 7/9/12
Add Auditorium
1
Class/Workshop
0
12,000
0
55,000
0
25,000
148,500
92,000
240,500 -
Construction System
Area basis
Unit Budget
Budget
Site Work (Parking & LA)
100,000
$
15,000.00
$
1,875,000
Demolition/Asbestos
327,600
$
20.00
$
6,552,000
Shell/core
327,600
$
45.00
$
14,742,000
Electric
240,500
$
15.00
$
3,607,500
HVAC
240,500
$
20.00
$
4,810,000
Assume gas fired heat pump w/HRC
Plumbing
240,500
$
7.00
$
1,683,500
100 FU
Fire protection
320,000
$
3.00
$
960,000
$
98.76
$
32,355,000
Contractors Fee (5%)
$
1,617,750
Contingency (10%)
$
3,235,500
Soft Costs (10%)
$
3,235,500
$
$
40,443,750
$/GSF:
Base Design & Construction Costs
$/USF:
272
125 parking spaces (75 grade/50 on deck)
Corridors elevators common space
Fully sprinkler