Mel Gregerson has posted about the cost per unit of some of the housing being built by non-profit agencies. He has quoted at total cost of $250,000 per unit as an example.
Here in Saint Paul, a developer has proposed that his Shepard-Davern development include 460 housing units (about 92 affordable), a 106 room hotel and 16,000 square feet of commercial space. The figures seem interesting. Total cost is $100 million, of which $16 million is to acquire and prepare the land, which leaves $84 million for all of the rest. Assuming that the hotel and commercial space account for $20 million (willing to hear from those who know how much these cost), that would leave $64 million for the 460 units. Average cost would be $139 thousand, with a spread based of the size and other amenities of the unit. The developer is asking for a $6.7 million subsidy for the 92 units, which works out to $72 thousand each. Bruce Gaarder Highland Park Saint Paul [EMAIL PROTECTED] _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
