A 63 unit, mid-rise building in Sacramento with ground floor commercial space by David Baker. Built for $162 a square foot, which is a very good price. In Boston, I think that translates into about $225 a foot, which isn't too bad. The new building going up next to my office costs about $1000 a square foot.
But construction costs are only a small part of the story when it comes to urban real estate development. The thing I'm most interested in is this: How long did it take to plan and permit this building? According to the article in Architectural Record that featured this project, the start date was 2007--just in time for the recession. Even though things slowed down everywhere, how many single family homes were built in Texas and Florida during that same period?
I admire urban infill, but I'm frustrated by the regulatory timeline that is imposed on good ideas. Where is Robert Moses? What would he do today?
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