Quote:
Originally Posted by Tacheguy
because of the price or environmental issues? would you see around half a mill as a workable number?
once that lot is developed I worry about a lack of parking on Provencher. not enough side streets compared to corydon for example.
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Of course unknown environmental issues are always concerning to me given that the oil companies force you to indemnify them before they'll even accept an offer, but that wouldn't be my main concern here.
A) You're going to have a tough time getting residential at that spot. The businesses will fight you to the death in the interest of avoiding noise complaints and I would understand their position. And if you do, you're forced to put commercial at grade, which, yeah. That's a liability.
B) The density given the height restriction. The site may have some extensive clean up costs yet (and in that case you can apply to vary the density up another 25%), but lets assume that Shell has already handled it. You're talking about 18 units over two floors over 148' frontage. You'll get it, but it will be tight with your parking, so you'll have to vary that too. So lets take out the commercial space which we can generously assign at maybe $25K in land cost per door. I'd never pay that, but somebody might. That leaves $800K over 18 doors, so, almost $45K/door in land cost. On Provencher. In St. Boniface.
I wish somebody the best of luck making those numbers work.