Laserfiche WebLink
~, In ous' final analysis of the former design, it became clear that the building was inefficient <br />in its allocation of space, contained too much expansion space and construction costs <br />could not be reduced to an affordable level. Two of the most costly features of the old <br />design was the office structure spanning 160 feet over the transit mall and the two-story <br />underground parking structure. It is now believed that the old design would have <br />required a rental rate of at least $1.65/sf and may have had an actual construction cost as <br />high as $40 million. <br />Work has progressed steadily, but cautiously over the past 4 months. The county has <br />made it clear to all parties that we will not authorize final design work until a more <br />efficient design has been analyzed. In the last two months, at least 5 proformas have <br />been prepazed by our developers. Their analysis indicates that the county can construct <br />an office building containing 112,000 gsf for county offices of which 29,000 is expansion <br />space. The county's financing cost is estimated at $19 million and the rental rate is in the <br />$1.25 to $1.30 /sf range. The $1.30 rate will be used until such time as final design <br />drawings, construction and financing costs are known. The county is still evaluating the <br />number of parki.ng stalls required. The stall count under review ranges from 192 to 256. <br />The fum of C. Spencer Powell and Assoc. is conducting an analysis of our expansion <br />space and its impact on the Salem mazket. <br />