2175 Market Street
2175 Market Street is an 80,000-square foot residential and mixed-use building located at the crossroads of three of San Francisco’s most popular neighborhoods: the Castro, Duboce Triangle, and Mission. Once complete, the 6-story building will include 88 residential units, rooftop deck, courtyard, and 7,935-square feet of retail space on the ground floor. Spire’s consultants assisted the developer by completing a cost review of the contractor’s Guaranteed Maximum Price (GMP) Cost Breakdown. This analysis included: performing quantity takeoff for major project quantifiers (e.g., building gross square feet, units, site square feet, etc.); preparing an independent cost estimate based on these quantities reviewing project information provided by Client (drawings, schedule, change orders, etc.); reviewing past cost models and knowledge of the current construction market; reconciling and comparing Spire’s cost estimate with the contractor’s GMP Cost Breakdown; and developing a Cost Review Report summarizing Spire’s analysis and findings. As a result of the analysis, Spire found the contractor’s direct costs to be within 2% of Spire’s estimate and total construction cost to be within 6%. Therefore, Spire’s consultants concluded the contractor’s price was reasonable and competitive in the marketplace at the time.