FAQs: Frequently Asked Questions

Why are the costs so much higher than what was originally estimated?

Post-Great Recession, the construction industry has experienced a major resurgence, particularly in the multi-family segment of the commercial real estate market.  Since 2012, construction costs have increased substantially due primarily to skilled labor shortages and increased material costs of carpentry, drywall, plumbing and electric. Contractor’s are having to pay up to retain quality local subcontractors and avoid the risk of subcontractor flight mid job. This construction market reality accounts for a significant portion of the cost increases.

Also, the scope increased with the approved changes to the South Phase site plan.  Further, the developer is including a higher quality of finishes in the residential units to compete with other high-end apartment products that are in the market now or becoming available in the near future.