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184 <br /> <br />form of ownership for the project as well as weakness in the <br />current rental market. <br /> <br />ANALYSIS AND COMPARISON <br />REPLACEMENT COSTS <br /> <br />OF PRESERVATION AND <br /> <br />The following analysis has been prepared pursuant to the statutory <br />requirements concerning local cost estimates for the production of <br />new rental housing comparable in size and rent levels to replace at <br />risk affordable units. Santa Ana lacks abundant vacant land <br />suitable for residential development as it is over 97 percent built <br />out. This condition requires that new residential development in <br />the city be primarily focused on a mixture of duplexes and iow <br />density residential development. The following are cost estimates, <br />excluding land, for the development of duplexes for a range of unit <br />configurations: <br /> <br />DUPLEX - 2 Studio Apartments $103,150 <br /> @ 540 square feet <br /> <br />DUPLEX - 2 One Bedroom Apartments 128,850 <br /> @ 660 square feet <br /> <br />DUPLEX - 2 Two Bedroom Apartments 191,295 <br /> with 1.5 bathrooms <br /> @ 1,022 square feet <br /> <br />DUPLEX - 2 Three Bedroom Apartments 223,035 <br /> with 2 bathrooms <br /> @ 1,206 square feet <br /> <br />These cost estimates are based on recent development expenses for <br />comparable projects. An aggregate estimate of the total cost <br />excluding land, for the production of new rental housing to replace <br />the inventory of at risk affordable units is as follows: <br /> <br />Planning Period of July 1, 1989 through June 30, 1994 <br /> <br />423 One Bedroom Apartments $27,251,775 <br />56 Two Bedroom Apartments 5,356,260 <br /> 32 Three Bedroom Apartments 3,568,560 <br /> <br />TOTAL <br /> <br />$36,176,595 <br /> <br />6 <br /> <br /> <br />