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<br /> <br /> <br /> <br />2. Construction costs are significantly understated. <br /> <br />Ώ One BIA member is currently developing three affordable housing rental projects with <br />significantly higher construction costs -rate prototype projects. <br /> <br />o Avg. construction costs: $317/gsf$43/gsf HIGHER-rate prototype <br />project <br /> <br />o Avg. TDC: $521/gsf $120/gsf HIGHER -rate prototype project <br /> <br />Ώ New ground-up market-rate projects will require much higher hard costs when compared to <br /> example affordable projects in order to achieve the rent premiums garnered by 4-star (and <br /> <br /> <br />o d costs are significantly understated. <br /> <br />Ώ Furthermore, due to the spike in construction costs, the cost estimates that <br />receiving today are significantly higher than those received from contractors 6-12 months ago. <br /> <br />3. Parking costs are potentially/likely understated. <br /> <br />Ώ <br />parking code. <br /> <br />Ώ <br />surface, below-grade. <br /> <br />Ώ Givconservative parking requirements, parking is a significant driver of hard costs. <br /> <br />Ώ <br />. <br /> <br />4. Efficiency factor is overstated <br /> <br />Ώ KMA assumed an efficiency factor (NRSF / Gross Building Area) of 85%, which is too high and <br />not realistically achievable. <br /> <br />Ώ An efficiency factor of 75-80% is more appropriate. <br /> <br />Ώ s well as the <br />supportable in-lieu fee. <br /> <br /> <br /> <br /> <br /> <br /> <br />