Just a fact that it takes a minimum of $1.25+ per square foot monthly to build and operate a market rate apartment development. The smaller the apartment, the greater psf cost to provide. The higher the finish and the greater the amenities, again higher psf costs are involved. The fewer the community incentives, once again results in higher psf. $1.50 psf for a studio would not surprise me.aknowledgeableperson wrote: I know I may not be current with rental rates but these seem to be rather high to me so feel free to correect - no harm.
http://www.kansascity.com/business/story/984097-p2.html
The concept calls for leaving the floor plan relatively unchanged but extensively remodeling the smaller apartments in the building to become studio-style apartments with some one-bedroom units. The studios would rent for $700 to $750 per month, with one-bedroom units going for $850 to $900.
And yes, obtaining financing in todays market condition will be interesting, but this developer sounds to have 30 years of experience and hopefully has good lending relationships.
I love the Pickwick and am waaayy behind this concept. 17,000 housing units needed - 289 in this project = 16,711 to go.