BC Provincial Government Housing Policies 2023 - Page 18

chowhou · #**341** Posted **Jul 19, 2024, 7:39 PM**

Quote:

Originally Posted by LeftCoaster

Total dev costs under $1,000 PSF buildable is a very fair price. City did just fine here.

Yes and that's the right way to look at it. It seems like a decent enough deal for the money.

Changing City · #**342** Posted **Jul 19, 2024, 8:17 PM**

Quote:

Originally Posted by LeftCoaster

If it's $800,000 per door then they got a bunch of retail space for free. Great negotiation!

Total dev costs under $1,000 PSF buildable is a very fair price. City did just fine here.

The asking price for recently built retaíl space on Main Street seems to be north of $1,000 per sq ft, which would mean the 7,580 sq ft commercial unit should be worth at least $7.5m. If so, the 46 units at $31m would be under $700,000 per door.

logan5 · #**343** Posted **Jul 19, 2024, 8:27 PM**

Wouldn't it be more cost efficient for the City to build a rental building themselves on city owned land?

WarrenC12 · #**344** Posted **Jul 19, 2024, 8:41 PM**

Quote:

Originally Posted by logan5

Wouldn't it be more cost efficient for the City to build a rental building themselves on city owned land?

Compared to what? Buying this one turnkey?