Developing a 7 Story Apartment Building in Ann Arbor. Concern with cost of construction!

Asked by Jon, Los Angeles, CA Mon Apr 14, 2008

I am currently in the process of developing a 7 story apartment building in the Ann Arbor Area. My greatest concern was the cost of construction as the numerous quotes I have received seem off. What is the Avg cost per square foot? I have been told around 300 dollars per square foot, but believe it should be more in the 150-200 dollar range.

What are your thoughts on this cost of construction?

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Elizabeth Ti…, Agent, Detroit, MI
Mon Apr 14, 2008
I have worked on a lot of loft developments and condo developments in the Detroit area. What are you talking about? Hard costs, is it new construction or renovation? Not a lot of info to give you the right answer.
Web Reference:  http://www.lizindetroit.com
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Todd Lands, Agent, Saline, MI
Mon Apr 14, 2008
Ann Arbor has a lot of new apartment/student housing projects already. i do not want to rain on your parade , but I hope you have done your homework. I think your quote of $300 sq ft could be correct. You certainly should expect construction costs to be over $200/sq ft. as residential construction costs (wood framed) have been climbing over the $120/ sq ft for some time now. Of course to build a 7 story building you will be using steel structure so this quote of $300/ sq ft seems reasonable. If you told me you were looking at $400/ sq ft I would say it must have some gold plating, but $300 sounds good. Welcome to Ann Arbor & Good Luck.
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