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