Current $/sf in Philadelphia

[Luis Marcelino]

Any thoughts on what you are all seeing right now for triplex new construction in the city? Any thoughts on the average $/sf. Construction includes full underground level. Lot is undeveloped at this time. 

[Rich O'Neill]

@Luis Marcelino I really don't like using a $/sf number ever if I can avoid it. Definitely not on a rehab. Makes a little more sense on a new construction but even then there's a lot of variability. Like in this case where the lot is undeveloped and you will need utility taps, vs. a tear down and rebuild. I prefer to break it down by "task" and add it up from there. Most of the "tasks" to consider here are the following: 

• Zoning/Permits- Biggest factor here is time/Architect and possibly engineers for underpinning. You will also likely need street/sidewalk closure permits at different points in the job
• Utility Taps- Water, Sprinkler, Sewer, Power, Gas, Cable (this is likely negligible as the cable company should do it for you)
• Excavation/Foundation- Are there buildings on either side? If so, you may need underpinning which is it's own can of worms, but not impossible. 
• Framing/Sheething
• Siding
• Windows
• Roof- Roof deck? If so, they are more expensive than a rubber or shingle roof
• Rough Electric- Include fire alarm system on a triplex
• Rough Plumbing- Including gas
• HVAC
• Sprinkler- needed for a triplex
• Drywall
• Trim
• Paint
• Tile
• Kitchens
• Appliances
• Plumbing finishes
• Electrical finishes
• Final Cleaning (negligible in the grand scheme)
• Landscaping/Hardscaping

There are some other smaller pieces that I left out, but these are the majors. I know it is a lot more work, but breaking it all down this way will get you a MUCH more accurate number than a /sqft number, especially considering each project is unique. 

Good luck and let me know if there is anything else I can do to help.