Even at just 20 years that amortizes to 10 million, assuming no inflation to costs for this parking lot. I have a very hard time believing that wouldn’t cover basic apartments.
FWIW, a check of extant multifamily housing for sale in that area shows about $200-$400K per unit.
So, building new would probably cost a little more, but I suppose low income housing could forego some common amenities. OTOH, low income housing projects in Los Angeles routinely exceed $600K per unit.
Even at just 20 years that amortizes to 10 million, assuming no inflation to costs for this parking lot. I have a very hard time believing that wouldn’t cover basic apartments.
FWIW, a check of extant multifamily housing for sale in that area shows about $200-$400K per unit.
So, building new would probably cost a little more, but I suppose low income housing could forego some common amenities. OTOH, low income housing projects in Los Angeles routinely exceed $600K per unit.
That is insane