PHILADELPHIA | THE LAUREL @ 1911 Walnut | 604 FT | 48 FLOORS

[Zoot]

Originally Posted by Philly Fan

No, the $1.6 million estimate was only for environmental remediation (asbestos, lead, pigeon guano, and mold) of all 3 buildings, and was calculated by the engineering firm of Pennoni Associates:



http://hiddencityphila.org/2015/11/demolition-sought-for-1900-block-of-sansom-street/

The $15 million is the total construction cost estimate for reuse of the Warwick as 18 apartments, and was calculated by Intech Construction, and reviewed (and adjusted downward a bit) by International Consultants, Inc. (see page 2 and attachment for breakdown of estimated costs):

http://www.phila.gov/historical/Documents/RES-Const-Cost-Est-3-10-2016.pdf

Dude. We are saying the same thing. I was acknowledging that the $1.6MM was not the same scope as the $15MM. My point was that regardless of the amounts presented then or now, SLC knew what it was up against back when they were purchasing the properties. They had estimates and negotiated their purchase price based on the value of the properties. Given that they were historic, they must have run analysis on the feasibility that preserved and built their proposed project. They knew what they were getting into and got a discount because of it.

Btw, I am fine with them just saving the facades.