While the County's RFP provided meaningful cost savings to developers due to the transit-oriented nature of the development including diminished residential garage requirements. Complying with other RFP requirements was quite expensive. For example, renovation and relocation of the station that included improving the station's escalators, installing new flooring at the platforms, and "beautifying" the general area would cost $12.75 million according to Arnaud's architects and engineers. The 7.5 acrea site was located at the intersection of some of Miami's most exclusive neighborhoods - Coral Gables to the south, Coconut Grove to the east, and Downtown Miami to the north . The site was a surface parking lot for the Douglas Road Metrorail Station. The immediate vicinity was mostly transient, with good vehicular traffic but limited pedestrian circulation. There were three new residential projects with a total of 719 units in the pipeline for the area immediately surrounding the Development Site. Most of these projects were being developed by national merchant builders, backed by institutional capital partners. The zoning laws and regulations provided significant flexibility for the development team to determine the uses as they saw fit. The two main requirements that the team had to satisfy were: 1) A minimum development area of 467,104 sf and a maximum development area of 3,238,408 sf. AND 2) A maximum of 1,200 dwelling unitsb (including multifamily, micro-unit, con

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nd hotel uses, but not office nor retail). The only other boundary was a height limitation of 35 storiesc. 1 acre = 43,560 square feet. Typically, developers would also have to worry about limitations from the floor-to-area ratio ("FAR"), calculated by dividing a building's total floor area by the area of the land on which it is built. For simplicity, in this case an FAR of 10.0 can be assumed due to the fact that the restriction of the maximum number of units would be more likely to be the limiting factor rather than the overall square footage of the project. Furthermore, one should assume that the FAR is the same for all product types. Rental rates averaged around $2.70/sf/month and operating expenses for Class A apartment buildings averaged approximately $9,500 per unit per year. The apartments would be designed with 1, 2 & 3 bedroom options (on average, there would be 2.5 people per unit). Stabilized vacancy would be around 5%. Absorption for this product was expected to be strong and the average unit size would be 900 sf/ unit. Construction hard costs were expected at $230 per square foot and soft costs were forecast at 25% of hard costs. Class A Multifamily properties were currently trading at or below a 5.25% cap rate.d

What is the property value and construction cost ? In excel