Legacy Crossing Land Cost Analysis

I did some photography looking at the site, and started thinking about the visual impact and potential of building massing, but concluded that I need to work more on the business model first.

One issue to understand is the contribution of the land cost to the project costs. The variables I have thought about considering are:

• Net usable site (after dedicating land for the Almon St extension ROW
• Net buildable site (after further deducting space inevitably lost to external circulation)
• Gross Built space, after allowing for required parking. Parking could be under the building (at the cost of ground floor space and higher construction costs), but I don't know how to assess this yet.
  
• Number of floors. The Overlay zone says minimum height 2 stories, and seems to say maximum height of 5 stories (but might be leaving open greater height with setbacks on upper stories)

Below is the spreadsheet I made with these variables. The Overlay Zone sets out the parking requirements, but its hard to estimate the parking without more detail of the program, so I took a guess.

What I see is that it takes quite intense development to get the land cost down below $10/sqft.

There are a couple commercial properties for sale in Moscow CBD right now with asking prices of about $100/sqft (land + structure). Construction costs run well over $90/sqft so there is something I'm missing or this land is greatly overpriced.

Site size (sqft)	184020
Net after ROW (sqft)	134014
Assumed Useable Footprint	90%
Net Footprint (sqft)	120613
Lost to public circulation	13401
Gross Built Footprint (not lost to parking)	60%
Numb Floors	4
Gross Built Space (SqFt)	361839
Land Cost	$3,000,000
Land Cost/sqft built	$10.36

Developing in Legacy Crossing

Last spring I posted some thoughts on alternative ways to develop in Moscow's Legacy Crossing area. I continue to mull those ideas over and have taken a few minutes to explore with my banker and Moscow Community Development the south-western parcel. The image (click to enlarge) has two colors of site boundaries, red the recorded property lines and yellow the ideas of Moscow Community Development for street alignments.

The parcel has a long creek frontage (actual creek ROW is owned by University of Idaho. Its access is on the skinny end (NW) along College street. The proposed street would provide access along most of the long north-eastern side. The FEMA flood plain map 1600900002 shows this parcel is above the 100 year flood, were areas just to the North and NW are in the flood plain.

Moscow is in the process of updating its Comprehensive Plan and Chapter 5, Public Utilities, has two maps of interest. The first shows storm water constraints along 6th st, but not in the area of the parcel.

The second shows sanitary sewer constraints


The question arising in the sewer map is what route might the City choose for improving the sanitary sewer capacity? I need to learn the current alignment of the sewers in this area, but given that the site has historically (100 years) been railroad and grain elevators its unlikely that the current alignment lies in this area. However, a future alignment down the proposed street is a possibility.

Moscow Valley Transit provides fixed route service passing the site on 8th and south of the site in Sweet Ave.

"The city earned an Idaho Rural Community Development Block Grant to extend fiber optic connectivity into Alturas Technology Park. The Moscow Fiber Project creates a citywide fiber optic network, using as a nucleus the existing Avista fiber network, which serves many public entities including the city, Moscow School District, Gritman Medical Center, Alturas Technology Park, University of Idaho, Latah County, State of Idaho and potentially many other entities both public and private." http://www.matr.net/article-26796.html This network must pass close to the site as Gritman is to the north and the new fiber was laid along the bike path beginning to the east of Main St on the south side of the creek. The Business Incubator south of the site on Sweet Ave also has high speed network access, probably provided from University of Idaho.