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. The six-story building includes 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 a 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
  • 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.