^^^ Perhaps they could strike a deal with the owners of the old Aon offices down the street to use that massive garage to additional capacity (valet or whatever), it's only like 3 blocks away.
Though I would prefer a garage on one of the huge parking lots to the east of there to the parking lots that are there now. It would really knock down the pressures that make the other lots in the area so appealing to their owners. Make parking cheaper and less profitable and you'll see some of those parking lots redevelop.
Originally Posted by aic4ever
From the general size of it and reviews online about the plumbing and mold, I'd bet you're at least 100% off in terms of how much would need to be put into the place to fix it up.
Yeah, I just threw that number out there without really thinking about it. However, it is definitely a gut job. The spec sheet I have on the property shows the average unit size is about 300 SF which is insane. Guess how many units are in the building? 376, now that's density.
You'd have to blast out AT LEAST every other wall though it would probably be easier just to take it down to the structure and start over from the concrete. However, even if we were to assume a high end renovation at like $75/SF I'm only getting around $10,000,000 in renovation costs:
The total square footage of the building is 112,423 SF so if we multiply that by $75/SF we get just under $8,500,000 and if we estimate $100/SF its still only $11,250,000...
I could be completely off in my estimates, but I doubt a reasonably high end residential build out is going to venture much beyond $100/SF unless you start getting into slathering the interior in stone and ultra high end finishes (Viking Appliances and the likes)...