Reality CheckThe Independent Professional Engineering firm, the General Contractor, all the independent sub-contractors, and Keller Williams Forward Living all provided to Altus early last week all the extensive inputs that make up the project proforma. The joint independent proforma has numerous tabs, hundreds of inputs and the high level summary is:
1.6 million total sellable floor space over 995 units.
Site Improvements: $10.76 Sq. Ft.
Construction costs
(verticals) including
GC fees $99.46 Sq. Ft.
Soft Costs $23.76 Sq. Ft.
Amenities $ 1.45 Sq. Ft. Total Costs $135.43 Sq. Ft.
Sales price based
on comps within 40
radius
$280.00 Sq. Ft Net per sq ft. $144.57 1.6 million X $144.57 $231 Million USD over 6 years. All inputs including lumber were priced at the peak 8 months ago, meaning our cost inputs are
10 to 40% higher than actual current costs so to stay conservative and avoid a haircut from Altus.
A normal builder would have $75,000 to $125,000 in lots cost per unit. Since GRB is the landowner we are not using a placecard holder for the land as we own the land debt-free.
Houses without our extensive amentities and that are not surrounded adjacent by three schools and 5 blocks from downtown are going for $250-$290 per square foot, especially in areas where we are taking customers from
Ignore the usually insane stupidity by BM and his new poster friend.
Altus will conduct an extensive audit of all of the input numbers and they have projects they audit that are similar large scale production homes in the outskirts of hot markets like Austin, Texas and Phoenix where the verticals are even cheaper at $85 per Sq. Ft.
JEFF CIACHURSKI
Chief Executive Officer
Greenbriar Capital Corp
Greenbriar Capital Holdco Inc
Greenbriar Capital (U.S.) LLC
Captiva Verde Wellness Corp
9 Landport
Newport Beach
California USA
92660
Direct: 949-903-5906
email: westernwind@shaw.ca
www.greenbriarcapitalcorp.ca
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