What to expect re: costs of feasibility study?
I'm trying to evaluate a historic property for development, but don't have a lot of experience in commercial real estate. Having run my own very rough numbers, my sense is that the next step is to get an architect to run a more detailed feasibility study before I start talking to investors or a GC. Can anyone give me insight into how to evaluate the cost estimates I get from architects for that study? I appreciate any help you can provide.
[{"id": "cpqt94h", "text": "If you can try to find a architect that also works for a developer/building company.  They can help more here.  \n\nWhen I've gotten architectural feasibility studies in the past outside of some very rough 'here is a huge range, we make no guarantees just basically an opinion' type thing they don't have costs.  The goal of the architectural feasibility study is to determine what has to be done so you can get it bid.\n\n--edit-- also try to find one that has done work there and is familiar with historic properties if this is in a historic district.  Architects are typically more about bringing properties up to code etc.  If they aren't familiar with the historical requirements that can be a problem if the property requires a lot of rehab that will be subject to historic review.  You might try scheduling a meeting with the historic preservation officer too.  That is probably free and he can tell you lots about what to expect", "replies": [], "depth": 1}, {"id": "cpqtnt6", "text": "Are you trying to determine the highest and best use of the property and/or whether your intended use is feasible, or are you trying to get construction cost numbers? There are companies that specialize in feasibility studies, and a good appraiser should be able to help with this as well. \n\nFor the latter (especially on larger projects), I have found that it is generally better to get precon services from an experienced GC, and have them in the room when talking with an architect - the more value engineering you can do on the front end will save you a lot of time and drawing on the back end.", "replies": [], "depth": 1}, {"id": "cprqezj", "text": "Never let an architect or engineer be the lead guy on your project.  It only gets you into trouble.  If you don't have the experience, team up with someone who does until you have the experience.  ", "replies": [], "depth": 1}]