By: Blake Sonuga
January 4, 2019, 7:47 pm PST.
Project name: 11th and Broadway (Pinnacle towers)
Project address: 1100 Eleventh Avenue
Owner/Developer: Pinnacle International
Downtown neighborhood: East Village
Market: Mixed-use development (Multifamily residential and commercial)
Building specifications and figures:
Current status: Under Construction.
Tower 1: 307 residential units|31 stories (310 ft.)
Tower 2: 309 residential units|32 stories (319 ft.)
39 total affordable rental units.
10,630 sq ft. amenity space, green space, swimming pool.
11,361 sq. ft. of street-level commercial space.
40,000 sq ft. lot size
LEED certification: Pending
Source: Martinez + Cutri Corporation.
Projected construction costs: tower 2
$97,614,718 total cost to develop tower 2.
Land cost: $2,740,000
Hard and Soft construction cost: $75,576,521 ($242,232 per-unit)
Parking garage: $13,387,500 ($37,500 per-space)
Financing cost: $5,910,697 (insterest /fees)
Tower 1 costs are approximately similar to tower 2.
Total approximate cost for tower 1 and tower 2: $195,229,436
Source: The London Group Realty Advisors