How much does it cost to build an apartment building?

What does it cost to build an apartment building? There are a huge number of variables in such a question. For one thing, apartments come as low-rise, mid-rise and high-rise. For the purpose of this discussion we will look at the mid-rise buildings with five or more units in each. According to the U.S. Energy Information Administration, the size of the average apartment is 861 square feet which assumes a "footprint" of approximately 24'x35'.

The building of single mid-rise complex would never be a "DIY" project and usually requires a knowledgeable contractor, an architect, a team of subcontractors, and cooperative owner to get the job done in a calendar year.

For the building of an apartment building with twelve units, the typical costs include:

What is included:

The basic structure of this building would be best if left in an uncomplicated "four square" design. Most owners rely on both an architect and a contractor, and the architect will require approximately 10 - 17% of the total building budget;

Costs to build an apartment building may vary depending on the state or city. To get free estimates from local contractors, please indicate yours.

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Cost to build an apartment building | Estimates and Prices at Fixr.com

Last October, we reported on the progress of seven high-rise apartment buildings under construction in downtown Chicago. At the time we issued that report, the shiny new Lexington Park high-rise condominium project was just that: a condominium project. But now it's going rental, which means the numbers have changed. This year and next, eight new towers will add nearly 3,150 apartment units to the market. The census folks say Chicago is shrinking, but it sure doesn't feel that way to us here at domu, particularly considering that so many other apartment developments are queued up and fixin to move forward.

In addition to the eight projects coming soon, site preparation is now underway for two new apartment towers (360 West Hubbard and 200 East Illinois), while still two others appear to be in the final stages of planning and approval (73 East Lake and 410 East Grand). Then theres three more that have been credibly proposed, but which remain a long way away. (Many other projects have been bandied about, but none of these seem, at least to us, either credible or imminent enough to merit discussion at this point.)

So heres our peek at whats in the pipeline for Chicago renters.

Completed And Nearly Ready For Renters

Already Under Construction

Site Preparation Underway

So Close You Can Taste It

Proposed, But Still A Long Way Off

The Whole Ball Of Wax

See the rest here:
Apartment Projects Under Construction: Update

An apartment (in American English) or flat in British English is a self-contained housing unit (a type of residential real estate) that occupies only part of a building. Such a building may be called an apartment building, apartment house (in American English), block of flats, tower block, high-rise or, occasionally mansion block (in British English), especially if it consists of many apartments for rent. In Scotland it is often called a tenement, which has a pejorative connotation elsewhere. Apartments may be owned by an owner/occupier by leasehold tenure or rented by tenants (two types of housing tenure).

The term apartment is favored in North America (although flat is used in the case of a unit which is part of a house containing two or three units, typically one to a floor), whereas the term flat is commonly, but not exclusively, used in the United Kingdom, Ireland, Singapore, Hong Kong and most Commonwealth nations.

In Malaysian English, flat often denotes a housing block of lesser quality meant for lower-income groups, while apartment is more generic and may also include luxury condominiums. This usage has also been appearing in British English where apartment is used to denote expensive 'flats' in exclusive and expensive residential areas in, for example, parts of London such as Belgravia and Hampstead.

In Australian English, the term flat was traditionally used, but the term apartment is also frequently used, as is "unit," short for "home unit".

Tenement law refers to the feudal basis of permanent property such as land or rents. It may be found combined as in "Messuage or Tenement" to encompass all the land, buildings and other assets of a property.

In the United States, some apartment-dwellers own their own apartments, either as co-ops, in which the residents own shares of a corporation that owns the building or development; or in condominiums, whose residents own their apartments and share ownership of the public spaces. Most apartments are in buildings designed for the purpose, but large older houses are sometimes divided into apartments. The word apartment denotes a residential unit or section in a building. In some locations, particularly the United States, the word connotes a rental unit owned by the building owner, and is not typically used for a condominium.

In the UK, some flat owners own shares in the company that owns the freehold of the building as well as holding the flat under a lease. This is commonly known as a "share of freehold" flat. The freehold company has the right to collect annual ground rents from each of the flat owners in the building. The freeholder can also develop or sell the building, subject to the usual planning and restrictions that might apply.

In some countries the word unit is a more general term referring to both apartments and rental business suites. The word is generally used only in the context of a specific building; e.g., "This building has three units" or "I'm going to rent a unit in this building", but not "I'm going to rent a unit somewhere." In Australia, a unit refers to flats, apartments or even semi-detached houses. Some buildings can be characterized as mixed use buildings, meaning part of the building is for commercial, business, or office use, usually on the first floor or first couple of floors, and there are one or more apartments in the rest of the building, usually on the upper floors.

Apartments can be classified into several types. In North America the typical terms are a studio, efficiency or bachelor apartment (bedsit in the UK). These all tend to be the smallest apartments with the cheapest rents in a given area. This kind of apartment usually consists mainly of a large room which is the living, dining and bedroom combined. There are usually kitchen facilities as part of this central room, but the bathroom is a separate, smaller room.

Moving up from the bachelors/efficiencies are one-bedroom apartments, in which one bedroom is separate from the rest of the apartment. Then there are two-bedroom, three-bedroom, etc. apartments (Apartments with more than three bedrooms are rare). Small apartments often have only one entrance.

Link:
Apartment - Wikipedia, the free encyclopedia

Apartment Building Construction in Chicago
My quick thoughts on the rental market in Chicago. Why is there so much money flowing into high rise apartments in Chicago? What does it mean for renters? Wh...

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Apartment Building Construction in Chicago - Video

Finney Crossing apartment building construction video 30
Finney Crossing Apartments construction progress as of 11/9/2012. The parking lot paving is now complete. The builders are beginning to install sheetrock and insulation. Our model units are scheduled to be open on Janauary 1.From:Scott RieleyViews:0 0ratingsTime:00:55More inPeople Blogs

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