Vacant Land Palooza ~ New Construction Costs Philadelphia

[Alex Capozzolo]

Does anyone have experience with new construction in Philadelphia building on Vacant Lots? 

What is your estimated new construction cost of a SFH, or Duplex, or Triplex?

What is your MAO for Vacant Lots to still make your numbers work?

Are we all missing an opportunity with the 43,000 Vacant Lots in Philly ? Would love to hear any successes or failure stories of poeple who have bought vacant land and built successfully on it. 

[Mayer M.]

@Alex Capozzolo

I’ve learnt it’s really tough to use an accurate cost per square foot number. For example, I’m doing three side by side duplexes and it’s costing me $135 psf, but I had to spend an extra $10k per foundation because of bad soil, and the smaller the property the higher the cost psf

I’m working on a 28 unit with elevator, demo required, green roof, and it’ll cost me around the same psf as the duplexes.

I’m doing three side by side triplexes which are full renovations, basement digout, all new facades, and that’s costing me about $106 psf for construction

Non of these numbers include architecture, geotech, MEPS, environmental, utility plan, or finance costs