Cohousing-L Mailing List: Land cost per unit for senior cohousing

[Dennis Jay (dennisjay]

Greenhouse is a forming senior cohousing group in Annapolis, Md. We  
propose 32 units on a 2.3 acre site, of which only 3/4 of an acre is  
useable because of environmental constraints.

Because of its proximity to Washington, D.C., there has been only a  
modest decrease in property values here. This is a great sustainable  
site with transit, shops and services a short walk away, but the  
property is very expensive. Land cost at $51,300 per unit is roughly  
double the recommended 15% ratio for cohousing, and we are currently  
negotiating with the owner to avoid a further increase to $62,500 per  
unit. And because this is senior cohousing, our units are smaller than  
usual, averaging just 682 square feet.

Preliminary cost estimates are as follows:

Studio — size: 504 sf — land cost range: $138,000 to $152,000

1 BR — size: 672 sf — land cost range: $184,128 to $204,288

2 BR — size: 756 sf — land cost range: $207,144 to $229,824

2 BR+ — size: 1008 sf — land cost range: $276,192 to $304,416

Prices so not include common house outfitting.

We would appreciate any comments on the feasibility of these prices —  
good, bad or indifferent.

Many thanks,

Bob Corbett
Dennis Jay

Greenhouse Cohousing
Annapolis, Md.