Total project cost

Sample

Every dollar of the budget, line by line, per unit and per gross SF.Model v1, worked example, no edits

Sample deal. Lines are the worked example's stated budget; edits save in this browser.

Total project cost: $52,189,000; $260,945 per unit, $164.35 per gross SF
Land · of total: 3.8%; $2,000,000, $10,000 per unit
Hard costs · of total: 79.5%; $41,488,510, $207,443 per unit, with contingency
Soft and other costs · of total: 16.7%; $8,700,490, $43,502 per unit. Soft, developer fee and financing.

Land$2,000,0003.8%
Hard costs$41,488,51079.5%
Soft costs$4,212,7738.1%
Developer fee$2,040,0003.9%
Financing$2,447,7174.7%

Total project cost$52,189,000100.0%

The budget, line by line

The pro forma's Budget tab, line by line. Select the pencil beside an amount to change it; open hard costs for the leveled bid by trade.

Land$2,000,000

Land$2,000,000
3.8% of total, $10,000 per unit, $6.30 per GSF
Month 0, at closing.Model
Subtotal, land$2,000,0003.8%, $10,000 per unit, $6.30 per GSF

Hard costs$41,488,510

$41,000,000
78.6% of total, $205,000 per unit, $129.12 per GSF
Over construction, back-loaded. Open for the leveled bid by trade.Model
- Sitework$1,225,8492.3%, $6,129 per unit, $3.86 per GSF, Leveled bid split, Div 31, 32, 33
- Concrete$5,427,11510.4%, $27,136 per unit, $17.09 per GSF, Leveled bid split, Div 03, 04
- Framing and carpentry$7,060,78013.5%, $35,304 per unit, $22.24 per GSF, Leveled bid split, Div 05, 06
- Roofing and envelope$3,757,2487.2%, $18,786 per unit, $11.83 per GSF, Leveled bid split, Div 07
- Doors and windows$2,066,0644.0%, $10,330 per unit, $6.51 per GSF, Leveled bid split, Div 08
- Finishes$5,050,0269.7%, $25,250 per unit, $15.90 per GSF, Leveled bid split, Div 09
- Specialties, equipment and elevators$1,810,2543.5%, $9,051 per unit, $5.70 per GSF, Leveled bid split, Div 10, 11, 12; Div 14
- MEP: plumbing, HVAC and electrical$10,133,94919.4%, $50,670 per unit, $31.91 per GSF, Leveled bid split, Div 21, 22; Div 23; Div 26, 27, 28
- General conditions$2,454,3874.7%, $12,272 per unit, $7.73 per GSF, Leveled bid split, Div 01
- Contractor fee, insurance and bond$2,014,3283.9%, $10,072 per unit, $6.34 per GSF, Leveled bid split, No CSI division
Hard cost contingency$488,510
0.9% of total, $2,443 per unit, $1.54 per GSF
Months 8 to 24.Model
Subtotal, hard costs$41,488,51079.5%, $207,443 per unit, $130.65 per GSF

Soft costs$4,212,773

Architecture & engineering$1,221,000
2.3% of total, $6,105 per unit, $3.85 per GSF
Months 1 to 8.Model
$1,600,000
3.1% of total, $8,000 per unit, $5.04 per GSF
Months 1 to 6.Model
City fees
- SAC (sewer availability charge)$397,6000.8%, $1,988 per unit, $1.25 per GSF, City fees, Met Council, published schedule
- WAC (water availability charge)$128,0000.2%, $640 per unit, $0.40 per GSF, City fees, City, published schedule
- Park dedication$300,0000.6%, $1,500 per unit, $0.94 per GSF, City fees, City, published schedule
- Trunk area charge$20,0000.0%, $100 per unit, $0.06 per GSF, City fees, City, sample
- Building permit$190,0000.4%, $950 per unit, $0.60 per GSF, City fees, City, sample
- Plan review$45,0000.1%, $225 per unit, $0.14 per GSF, City fees, City, sample
- Other city and government, not itemized$519,4001.0%, $2,597 per unit, $1.64 per GSF, Model remainder
Legal, title, closing$212,403
0.4% of total, $1,062 per unit, $0.67 per GSF
Month 0, at closing.Model
Title and closing$163,855
0.3% of total, $819 per unit, $0.52 per GSF
Month 0, at closing.Model
Marketing & lease-up costs$250,000
0.5% of total, $1,250 per unit, $0.79 per GSF
Months 18 to 24.Model
FF&E / amenities$375,000
0.7% of total, $1,875 per unit, $1.18 per GSF
Months 18 to 24.Model
Taxes & insurance during construction$289,648
0.6% of total, $1,448 per unit, $0.91 per GSF
Months 20 to 24.Model
Operating / lease-up reserve$100,868
0.2% of total, $504 per unit, $0.32 per GSF
Held for lease-up.Model
Subtotal, soft costs$4,212,7738.1%, $21,064 per unit, $13.27 per GSF

Developer fee$2,040,000

Developer fee$2,040,000
3.9% of total, $10,200 per unit, $6.42 per GSF
Over construction.Model
Subtotal, developer fee$2,040,0003.9%, $10,200 per unit, $6.42 per GSF

Financing$2,447,717

Interest reserve (budgeted)$2,193,302
4.2% of total, $10,967 per unit, $6.91 per GSF
Capitalized through month 24.Model
Construction loan origination fee$254,415
0.5% of total, $1,272 per unit, $0.80 per GSF
Month 0, at closing.Model
Subtotal, financing$2,447,7174.7%, $12,239 per unit, $7.71 per GSF

Total project cost$52,189,000100.0%, $260,945 per unit, $164.35 per GSF

Line	Amount	Per unit	Per GSF	Of total	Source
Land
LandMonth 0, at closing	$2,000,000	$10,000	$6.30	3.8%	Model
Subtotal, land	$2,000,000	$10,000	$6.30	3.8%
Hard costs
Over construction, back-loaded. Open for the leveled bid by trade	$41,000,000	$205,000	$129.12	78.6%	Model
SiteworkDiv 31, 32, 33	$1,225,849	$6,129	$3.86	2.3%	Leveled bid split
ConcreteDiv 03, 04	$5,427,115	$27,136	$17.09	10.4%	Leveled bid split
Framing and carpentryDiv 05, 06	$7,060,780	$35,304	$22.24	13.5%	Leveled bid split
Roofing and envelopeDiv 07	$3,757,248	$18,786	$11.83	7.2%	Leveled bid split
Doors and windowsDiv 08	$2,066,064	$10,330	$6.51	4.0%	Leveled bid split
FinishesDiv 09	$5,050,026	$25,250	$15.90	9.7%	Leveled bid split
Specialties, equipment and elevatorsDiv 10, 11, 12; Div 14	$1,810,254	$9,051	$5.70	3.5%	Leveled bid split
MEP: plumbing, HVAC and electricalDiv 21, 22; Div 23; Div 26, 27, 28	$10,133,949	$50,670	$31.91	19.4%	Leveled bid split
General conditionsDiv 01	$2,454,387	$12,272	$7.73	4.7%	Leveled bid split
Contractor fee, insurance and bondNo CSI division	$2,014,328	$10,072	$6.34	3.9%	Leveled bid split
Hard cost contingencyMonths 8 to 24	$488,510	$2,443	$1.54	0.9%	Model
Subtotal, hard costs	$41,488,510	$207,443	$130.65	79.5%
Soft costs
Architecture & engineeringMonths 1 to 8	$1,221,000	$6,105	$3.85	2.3%	Model
Months 1 to 6. City fees	$1,600,000	$8,000	$5.04	3.1%	Model
SAC (sewer availability charge)Met Council, published schedule	$397,600	$1,988	$1.25	0.8%	City fees
WAC (water availability charge)City, published schedule	$128,000	$640	$0.40	0.2%	City fees
Park dedicationCity, published schedule	$300,000	$1,500	$0.94	0.6%	City fees
Trunk area chargeCity, sample	$20,000	$100	$0.06	0.0%	City fees
Building permitCity, sample	$190,000	$950	$0.60	0.4%	City fees
Plan reviewCity, sample	$45,000	$225	$0.14	0.1%	City fees
Other city and government, not itemized	$519,400	$2,597	$1.64	1.0%	Model remainder
Legal, title, closingMonth 0, at closing	$212,403	$1,062	$0.67	0.4%	Model
Title and closingMonth 0, at closing	$163,855	$819	$0.52	0.3%	Model
Marketing & lease-up costsMonths 18 to 24	$250,000	$1,250	$0.79	0.5%	Model
FF&E / amenitiesMonths 18 to 24	$375,000	$1,875	$1.18	0.7%	Model
Taxes & insurance during constructionMonths 20 to 24	$289,648	$1,448	$0.91	0.6%	Model
Operating / lease-up reserveHeld for lease-up	$100,868	$504	$0.32	0.2%	Model
Subtotal, soft costs	$4,212,773	$21,064	$13.27	8.1%
Developer fee
Developer feeOver construction	$2,040,000	$10,200	$6.42	3.9%	Model
Subtotal, developer fee	$2,040,000	$10,200	$6.42	3.9%
Financing
Interest reserve (budgeted)Capitalized through month 24	$2,193,302	$10,967	$6.91	4.2%	Model
Construction loan origination feeMonth 0, at closing	$254,415	$1,272	$0.80	0.5%	Model
Subtotal, financing	$2,447,717	$12,239	$7.71	4.7%
Total project cost	$52,189,000	$260,945	$164.35	100.0%	Model

Where the detail lines come from

Lines and names follow the pro forma's Budget tab. Model: the worked example's stated line. Entered: a value saved in this browser.
Hard costs are one total. Opening the line shows it split in the proportions of the low leveled bid, Prairie Contractors, whose comparable total is $44,092,922 ($3,092,922 over the line).
St. Louis Park fee rows on this building come to $1,080,600; the rest of the model's $1,600,000 line is not itemized.
Title and closing, marketing, FF&E and the origination fee split uses-table lines by stated sample shares; see the model reconciliation.
Per gross SF on 317,543 gross SF, the building program's area for 4 over 1.

Sources and uses

Both sides tie to the model's total project cost.

Equity
Amount
$18,266,779
Of total
35.0%
Construction loan
65.0% loan to cost, stated
Amount
$33,922,000
Of total
65.0%
TIF and grants
None in the model
Amount
$0
Of total
0.0%
Unfunded, model rounding seam
Stated equity plus loan against stated cost
Amount
$221
Of total
0.0%
Total sources
Amount
$52,189,000
Of total
100.0%

Sources	Amount	Of total
Equity	$18,266,779	35.0%
Construction loan65.0% loan to cost, stated	$33,922,000	65.0%
TIF and grantsNone in the model	$0	0.0%
Unfunded, model rounding seamStated equity plus loan against stated cost	$221	0.0%
Total sources	$52,189,000	100.0%

Land
Amount
$2,000,000
Of total
3.8%
Hard costs
Amount
$41,488,510
Of total
79.5%
Soft costs
Amount
$4,212,773
Of total
8.1%
Developer fee
Amount
$2,040,000
Of total
3.9%
Financing
Amount
$2,447,717
Of total
4.7%
Total uses
Amount
$52,189,000
Of total
100.0%

Uses	Amount	Of total
Land	$2,000,000	3.8%
Hard costs	$41,488,510	79.5%
Soft costs	$4,212,773	8.1%
Developer fee	$2,040,000	3.9%
Financing	$2,447,717	4.7%
Total uses	$52,189,000	100.0%