HomeMy WebLinkAboutNorth Day Lot Employee Housing Soft Cost Detail Information 031808,~ Memorandum to File
March 2, 2009
Planner: Warren Campbell
The information contained in this file pertains to the
discussion which occurred regarding the collocation of a
transit center and employee housing on the North Day Lot.
After several design iterations and multiple public reviews it
was determined that the Town did not want to pursue
anything more than skier drop-off and employee housing on
the site, both of which were obligation of Vail resorts from
the Arabelle project. These items are included with the
approved plans for the North Day Lot simply to serve as a
history for future inquiries regarding the North Day Lot.
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North Day Lot Employee Housing
Soft Cost Detail Information
03-18-08
Soft Cost Bud~etin~:
In the budgeting of soft costs on projects in the planning stage certain assumptions are
made. Utilizing information from past and current projects as well as industry norms,
calculations are made based upon project hard cost, duration of development,
complexity of the project and risk. Below is a summary of the soft cost for the North Day
Lot Employee Housing Project without a transit center and with a transit center.
Soft costs
IrrHaise Project Management
Planryng, Design, & Engineering
Fees, Pemits, &Taxes
Slteuwrk & Utilities
Furriture, F~ures, & Equiprr~errt (FF&~
Landscape Constn.Ktion Costs
Fnariaal (Builders Fask & GL Insurance)
V~ranty ~ @ 0.75%
Leggy
Without Transit With Transit Delta
$ 280,517 $ 696,012 $ 415,495
$ 1,051,938 $ 1,972,033 $ 920,095
$ 350,646 $ 696,012 $ 345,366
$ 420,775 $ 1,267,278 $ 846,503
$ 280,517 $ 580,010 $ 299,493
$ 140,258 $ 246,320 $ 106,062
$ 561,033 $ 928,015 $ 366,982
$ 105,194 $ 174,003 $ 68,809
$ 300,000 $ 300,000
Variation Explanation
In House Project Management
o Delta: $415,495
o Reasons:
^ Increased project management workforce over both planning and
construction phases of the project with the need for project
management over an extended construction duration.
Planning Design and Engineering
o Delta: $920,095
o Reasons:
^ Increased consultant workload due to complexity of building.
Transportation center contains a significantly enhanced structural
system, mechanical system, and electrical system. The design of
these enhanced systems will be very costly. Building a Transit
center will require consultants not required for the "Employee-
Housing-Only" building.
• Fee, Permits, Taxes
o Delta: $345,366
o Reasons:
^ Taxes will increase proportionately with the increase in
construction cost. There will be significantly more spent of Fees,
Inspections and Permits as a result of the transportation center.
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• Sitework and Utilities:
o Delta: $846,053
o Reasons:
^ Significantly more work necessary for the civil portion of the
project if the transportation center is incorporated. The addition of
the transportation center transforms the project from one which
can subsist above grade to one which requires a subterranean
component. The foot print of the Transit Center causes additional
walls, utility relocation, grading and hardscape improvements.
• FFE
o Delta: $299,493
o Reasons:
^ Incremental increase due to the need for additional FFE to
accommodate transit facilities including waiting areas, and
bathrooms.
• Landscape Construction Cost
o Delta: $ 106,062
o Reasons:
^ Incremental increase due to the need for additional landscaping to
accommodate the transportation center
• Builders Risk and GL Insurance
o Delta: $366,982
o Reason:
^ Increase base on % of overall project hard cost
• Warranty Expense
o Delta: $68,809
o Reason:
• Increase base on % of overall project hard cost
• Legal
o Delta: $300,000
o Reason:
^ Increase based on the additional need for legal agreements and
support to facilitate all permitting and the creation of a lease for
the transportation center.
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