Retail Strip Mall Development

[Gene H.]

Hello - wanted to get some basic input on estimated costs for retail strip mall development costs with the following preliminary details:

-Area: Seattle / Tacoma area, suburb with ~35k traffic counts past the lot

-Land Size: 1.3 acres

-Building sq ft: ~12,000

-# of tenants/spaces: 6-8

-Land shape: Sligltly sloped

What I'd like help with is to understand the major costs associated with such a development. I'm new to this but from my research and from speaking with people, I was able to come up with the following estimate:

Land Acquisition: 1,260,000

Site Improvements: 200,000 (i've heard that site improvements for raw/undeveloped land will cost you around 100k-150k per acre - not sure if this is accurate)

A&E Fees: 150,000 - 200,000 (6% of total project cost)

Building Permits: 50,000 (not sure if i'm close to being accurate)

Construction Costs: 1,800,000 (150 sq ft) for a fully built out multi tenant building / 1,200,000 (100 sq ft) for non built out multi tenant building

Total Cost: 2.9 million / 3.5 million (fully built out)

Am I on the right track in assessing costs here? Are there any major ommissions from a cost perspective?

Would appreciate any input. Thank you very much!