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CRE development costs.
We just acquired a fairly new shopping center in Florida. The center has an extra 20 acres of greenfield zoned for additional retail.
We know there is pent up leasing demand, but not sure what is current development costs as we haven’t built a thing since before Covid.
Anyone can shed a light as to what is the current per square foot average these days?
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Recommend you have your Engineer do cost estimates. Depending on building types it could be one or 2x difference. Our building cost went up 80% from pre covid.
If you're talking 20 acres, just the outside will run you a lot.
Driveways, entrances and parking- $2mm.
Turn signals? or turn out lanes or cross overs- $130,000; ?????
Fire hydrants- $200,000. Our district requires 300 foot coverage or actual reach (not as the crow flies) from the hydrant.
Landscape-
Storm pond or Storm sewer or both-
Sewer-
Electric- say $700,000
Fiberoptics- $100,000
Parking Painting and lights- $150,000
Etc.
Etc.
To many variables to make information useful.