This project in Santa Monica is expected to cost more than $1 million per affordable housing unit... on free city-owned land la.urbanize.city/post/plans-aff…
Hard costs aren't too outrageous (for prevailing wage) at $875 per net residential rentable / $622 per gross above ground Why are soft costs $267k per-unit though???
@CohenSite Is it a LIHTC deal? Those make all their money from fees so it probably makes sense?
@CohenSite How many more units could they squeeze on to the lot if they built using single stair?
@CohenSite That's terrible. Would love to have bid this. I could do it for likely $80k a unit or less.
@CohenSite Affordable housing should cost a lot.. using highest quality/standards … you want them to last 100 plus years and have as little capital need and maintenance as possible
@CohenSite Good reason to simply upzone the entire state in one go
@CohenSite jfc "EAH hopes to begin applying for funding in March 2026 for the project, with the aim of commencing work in early 2028. That would pave the way for construction to be completed by 2030."
@CohenSite Subterranean parking for 116 spaces AND ground floor retail on top. Nix those and then what the per unit TDC looks like.