I recently was working with the Colorado Coalition for the Homeless in Denver to provide objective third party opinion of estimated construction costs for an affordable housing project in Denver. We have had the pleasure to work on both market rate as well as affordable housing projects of a variety of sizes in the Denver/Metro area and as a result, have recent data on the costs for those projects.
Every project is unique and has with it a variety of cost driving program elements. Where housing can be as simple as a wood framed three story walk-up product, it can also be complicated in an urban infill site with need for podium structure, tight access and construction limitations. Also, programming can be very different where some projects have virtually no services or amenities and others may have extensive on-site services.
When we initially budget projects, we use RSMeans for background data, but we have found that this is not a panacea. Especially in areas where the housing boom has sharply increased construction costs and the shortage of skilled labor. So, we use historical data from our own past projects and extract from those the elements that are common to the proposed project. The ranges for this product are generally as follows. Please note that our construction costs do not distinguish between affordable and market rate housing as it is EVstudio’s philosophy that affordable housing should be every bit as high in quality and design than a market rate project. The data below includes very recent design and construction of over 800 units across 6 separate projects in the last year as well as familiarity with other like product. I am showing Suburban and Urban low and mid rise data in order to illustrate the spectrum of costs over product type.
- Suburban 2-3 story wood frame walk-up with surface parking, no amenities: $130/sq.ft.-$160/sq.ft.
- Suburban 2-3 story wood frame walk-up with surface parking with amenities: $140/sq.ft.-$170/sq.ft.
- Urban 2-3 story wood frame walk-up with surface parking with or without amenities: No Data – product not available
- Suburban 3-6 story wood frame with podium or wrap (parkade or core and shell mixed), no amenities: $150-$180/sq.ft.
- Suburban 3-6 story wood frame with podium or wrap (parkade or core and shell mixed) with amenities: $160-$190/sq.ft.
- Urban 3-6 story wood frame with podium (parkade or core and shell mixed), no amenities: $160-$190/sq.ft.
- Urban 3-6 story wood frame with podium (parkade or core and shell mixed) with amenities: $170-$200/sq.ft.
The ranges in cost within each category reflect density of units per square foot, level of finish and level of site or building complexity. Please note that this data is for general information only and not to be construed in any way as a bid for construction services or guarantee of any kind for the construction cost of any specific project. EVstudio provides Architecture and Engineering services and only a General Contractor can be bound to guarantees of construction cost.
So, for an example: a 6 story, 101 unit project with 5 stories of framing over 1 story concrete podium in a tight infill site. It has higher than average
density due to smaller units and it offers several sustainable design features. In addition, the program has extensive on-site services. As a result, I would classify the project as an Urban mid rise podium project with amenities and would expect the construction cost to fall within $170 and $200 per square foot.
EVstudio has expertise in the design of a wide array of Multifamily project types across the country. If you need assistance in programming your project to meet your budget or designing a project to meet the demands of your Pro Forma, that’s what we do. Give us a call at 303-670-7242 – We understand that a project only succeeds when the numbers work.