how much does it cost to build an acre or 2 acre plaza on fairly decent land in or around houston? What would be the total cost? of course there are alot of variables, but an average place. Thinkin about it cuz my gf's parents want to invest in something and thought this was would be a great idea.
Millions of dollars. If they are even remotely serious, they need to get contractor's out to the area and get an estimate. Too expensive not to get a professional hypothetical before starting.
For the building and a reasonable amount of parking(excl. furniture, fixtures, professional fees, landscaping), you can estimate it as such: Per foot, the building, if its like a shopping center style, will run around $50-$60/ft. If you want to go office building type, its more like $80 ft. Depends on number of floors, etc. Like they said, too many variables, but at least the above numbers can let you ball park construction costs.
You also need to be very careful. Houston has a glut of the following according to a couple of precinct commisioners that I've been around lately. Apartment space Retail space Office Space There has been a building boom in many areas of Houston and those spaces have seen a dramatic over-supply in the last year. Apartments especially. One was telling me that Houston has a horrible apartment vacancy percentage right now, but apartment builders keep throwing up buildings because they get low construction loan rates. They then have to dump rents at rock bottom prices. The same is happening in retail and office space right now. You need to be extremely careful before investing in something like this. You need to know the location is good, that the area is in need of the space, and that the construction is done correctly.
Just a guess - $ 65.00/sq.ft. for bldg and $ 5.00/sq/ft. for parking, improved. Depends on what where how much of course.
