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I would really love for this to happen but $1,000,000 will not even come close to covering start up costs…
The building will go for 300,000 – 1,000,000…
BUT
The amount of renovation needed to even be deemed livable by the city would easily be $10 – $15 per sq ft. Which quick math on 2.5 million square feet is at least 25 million. We’re talking new electrical,plumbing, hvac (this building is to 1930s code). And you haven’t even sub divided it yet. To make it remotely comfortable: over 100 million.
For reference:
Right now it costs 2 million a year just to keep it secure and warm enough not to be destroyed in the winter.
It’s estimated that just to tear it down it would cost over 100 million (because it’s over a highway and next to the river)
Cheap Tract housing (like cookie cutter sub divisions) have building costs of about $40 sq ft (not including land or labor).
So….
Maybe raise $100 per sq ft (for rehab, materials, and labor) and you could raise 250 million and people would be looking at nice 3 bedroom condos in the south loop for 150,000 – which would still be a steal.
Good luck though!
