New development in Wallingford

[Jenny Tsen]

My company is looking to buy this property in Wallingford area looking at Lake Union. The offer price is almost $4.8MM. We have already gotten our feasibility study on the property. It’s in a C1-40M zone, lot size is 12010 sf. Per the feasibility study, we should have 33018 sf for condo sale, 39011 sf total building area and 17000 sf underground parking for 41 stalls and 1 elevator. The site has a side on a steep slope hazardous zone, I got an estimated quote for building retainer on that side for $350K. But, I feel the land price is still too high. Any thoughts? And would you recommend wood frame or Type II structure? And for an average of $900/sf for selling price in that area, how much do you think my construction cost should run for that quality grade? Thanks