Comment 59808

By F.Ward Cleat (anonymous) | Posted February 15, 2011 at 13:24:56

A few posters here have suggested the adaptive reuse of this building is not financially viable. I find those assumptions troubling, given the fact that the developer proposed a 120 unit condo development in 2003 with a $9.6 million pricetag. Even with inflation factored in at 3% over 8 years the same project is $11 million give or take. That's less than a $100k per unit. The question is, 'what's the expected profit margin?'
If one were to design and build the existing structure to meet today's building code, 'what would that cost?' No one has ever suggested the structure is not sound and a basic knowledge of building construction would prove the opposite is true. The adaptive reuse of this building has its challenges but I'am sure Vrancor has talented people working on their behave who can design and build a signature development without destroying the heritage that the 'Federal Building' possesses.

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