The $71 million Herald Examiner Building development project in downtown Los Angeles consisted of the historic rehabilitation of the Herald Examiner building and developing two seven-story residential and mixed-used buildings on either side of the landmark building. The facilities included 391 residential apartments and 16,000 SF of retail space on the ground floor.
Spire’s consultants assisted the owner by developing a cost review report to provide an opinion of probable costs for the projects based on the then-current design. The cost review consisted of several elements like performing a conceptual level quantity takeoff for major project quantifiers (e.g., building gross square feet, units, site square feet, etc.). Spire also prepared an independent conceptual cost estimate based on these quantities, project information provided by the client (drawings, etc.), past cost models, and knowledge of the current construction market. Reconciling and comparing Spire’s cost estimate with the contractor’s project budgets and client’s design and construction cost summary, Spire delivered the cost review report. The final report included attachments summarizing our cost analysis and findings.
Based on the analysis, Spire concluded the contractor’s price was low given the market conditions at the time. However, the client’s adjustments brought the price into a reasonable and competitive range.
Spire Consulting Group specializes in construction cost estimating. Spire’s construction and engineering cost estimators provide our clients with detailed quantity takeoffs and pricing from a construction project’s conception phase to closeout as a specific service or part of overall construction management.
Spire maintains databases of historical and current local, national, and international construction and engineering cost figures, including labor, material, and equipment costs. Spire prepares cost estimates and verifies proposed construction costs at various stages throughout the construction process for worldwide projects. By identifying and analyzing the project’s scope, time, cost, quality, and performance, Spire develops an accurate assessment of how the construction process unfolds over its duration.