Condo Development in Nashville, TN - First time developer
I am a relative newcomer to the commercial development world, but an opportunity to build a 50-75 (possibly more) unit condominium complex has come across my desk, and I am looking for more information.
Background info - I am a friend of the landowner, and we are planning to JV the project, so land cost won't be a factor. That being said, the land is valued at just over one million dollars. The land has already been surveyed, and utilities are right on the property line (flat, no water features, not in a flood zone). I've already spoken to city officials, and they are pushing for a development on this property. I have a GC and architecture firm in mind, but I want to gather more information before I bring it to their attention. The area is just now starting to be developed, but new condos in the vicinity are going for around $250-$270/sqft.
Excluding land cost, what would a typical construction cost run on a square foot basis?
What would initial plans cost for the development?
What is the average construction timeframe for a project like this (starting from when we first break ground)?
Any other useful information would be much appreciated.