Development Standard Soft Cost % Questions

[Colton T.]

Good afternoon, 

I've received a bid for a new construction project (roughly 100 units Multi-Family in suburban DFW) on free and clear land.  I had a number in my mind prior to beginning the work on bidding / planning and when I received this bid, it immediately felt too high.  But this is new territory for me. I want to know what your experience is with soft costs on these new MF developments and if these percentages seemed to be on point, better than expected or too high. Here they are:

Developer's Fee: 4.4% of entire project cost.

Architecture / Engineering Fees: 2% of entire project cost.

Contractor fee: 2% of entire project cost.

HUD Consulting fee: .8% of entire project cost.

Altogether, these fees are just under 10% of the entire cost of the project, which sort of blew my mind, but maybe it's standard. 

The projected costs of this new build would put my stabilized Cap Rate at 4.9%, COC at 6.5%, which doesn't have me jumping out of my seat. But... if it's standard, it's standard. Just another Tuesday or run for the hills?

Thanks for much for your input!

Colton