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Total building size, commercial space and parking is 1,172,500 sf
<br />
<br /> Using 20% of the total site (525,000 sf) for landscaping, drive access, walkways etc.,
<br /> leaves an available site size to construct the buildings of 420,000 sf (525,000 sf X .8).
<br /> Dividing the total square footage of buildings by the available land to build, indicates
<br /> that most of the building site (420,000 sf used for the buildings) would have to be
<br /> covered with a solid three story building.
<br />
<br /> Because none of the existing buildings could be modified tO a three story structure, the
<br /> existing buildings would have to be removed. The following calculations show the
<br /> possible cash layout excluding demolition, required to meet this FAR requirement.
<br />
<br /> 525,000 sfofbuilding ~ $125/sf= $65,625,000
<br /> 1,850 parking space ~ $15,000/sp=$27,750,000
<br /> TOTAL= $93,375,000
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<br />FAR of .5 - An additional 137,500sfwould have to be built, more than doubling the size of the size of
<br /> the project. The additional size is more square feet than the Home Depot building.
<br />
<br /> Parking at 3.5 cars/I,000 sf of building would require 925 parking spaces at 350sf/
<br /> space equals 322,000 sf
<br />
<br /> Total building size, commercial space and parking is 584,500 sf
<br />
<br /> In this scenario, the most cost effective way to develop is to retain the existing
<br /> buildings. The original buildings needs 125,000 sf of land, the new 137,500 building
<br /> could be constructed in two stories (most economical), thus using 69,000 sf of land.
<br /> Parking is divided into 250 surface spaces and a two-story parking structure for the
<br /> additional 675 parking spaces, using 205,625 sf. Total land area required is 400,000 sf
<br /> or slightly less than 80% of the site. The remainder would be used for landscaping,
<br /> drive access, walkways etc. Under this scenario 60% of the site would be covered with
<br /> structures (either buildings or parking structures)
<br />
<br /> Because none of the existing buildings could be modified to a three story structure, the
<br /> existing buildings would have to be removed. The following calculations show the
<br /> possible cash layout includes renovation of the existing buildings (to reflect the quality,
<br /> o_f the new buildings) required to meet this FAR requirement.
<br />
<br /> 125,000 sfofbuilding ~ $50/sf= $6,250,000
<br /> 137,500 sf of building ~$125/sf=$17,187,500
<br /> 675 parking space ~ $15,000/sp=$10,125,000
<br /> TOTAL= $33,562,500
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