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.