I got a call from a property owner who wants to maximize the return on his 2 properties which are side by side on two seperate lots. They are located on prime land in downtown Ottawa. There have been many highrises going up in the immediate area over the last few years and I believe this property is ideally located and suited for a conversion project to new condos. (ie: have existing -rundown- buildings tore down and new condos built). The exit strategy would be to refinance or outright sell on completion.
The other option is to increase the buildings` value with renos / upgrades and increase rents as work progresses. My questions vary in quantity and significance but all I want to do is introduce the zoning/usage convertion idea to him for now.
The existing zoning only allows 4 floors above grade but with a good architectual design by someone in the know, an application for rezoning could be submitted. (other buildings ranging between 6 and 20 stories have been erected in the area)
MY QUESTION: Can anyone tell me the cost per square foot of having condos built. Based a lot size of 7000 square feet and using only 5000 sq ft. of the property for the actual building, I`m guessing that the building could be designed with 4 (or more) floors of maybe 4 units per floor.
I realize the scope of the project would involve lengthy discussions and costly measures but I just want to let my potential investor know of this options.
Any feedback would be greatly appreciated.
Thanks to all who respond.
The other option is to increase the buildings` value with renos / upgrades and increase rents as work progresses. My questions vary in quantity and significance but all I want to do is introduce the zoning/usage convertion idea to him for now.
The existing zoning only allows 4 floors above grade but with a good architectual design by someone in the know, an application for rezoning could be submitted. (other buildings ranging between 6 and 20 stories have been erected in the area)
MY QUESTION: Can anyone tell me the cost per square foot of having condos built. Based a lot size of 7000 square feet and using only 5000 sq ft. of the property for the actual building, I`m guessing that the building could be designed with 4 (or more) floors of maybe 4 units per floor.
I realize the scope of the project would involve lengthy discussions and costly measures but I just want to let my potential investor know of this options.
Any feedback would be greatly appreciated.
Thanks to all who respond.