Lakeside Apartments Phase II
A four-story wood-frame apartment building over a one-level post-tensioned concrete podium, with 186 units across eleven plan types, a leasing office, fitness center and structured parking for 214 cars. The developer's general contractor engaged LEEDS for a GMP-level estimate because the Phase I budget had run over on framing and finishes.
Location
Denver, CO
Size
186 units, 212,000 SF
Estimated value
$47.5M
Estimate turnaround
8 business days
Scope estimated
What we measured and priced
- 4,600 CY of concrete in the post-tensioned podium deck, columns, shear walls and footings with 380 tons of rebar and 34 tons of PT tendon
- 1.9 million board feet of dimensional lumber, 318,000 SF of sheathing and 2,860 engineered floor trusses
- 212,000 SF of exterior envelope in fiber cement lap, stucco and metal panel with 1,240 vinyl windows
- 58,000 SF of TPO roofing and 4,200 LF of parapet coping
- 1.46 million SF of drywall including 2-hour corridor and party walls and 186 unit sound assemblies
- 186 kitchens and 262 bathrooms with quartz counters, LVP flooring and 1,820 plumbing fixtures
- 186 PTAC and split-system units, 4 corridor makeup air units and 2 traction elevators
- 3,000 A service with 190 meters, 5,600 light fixtures and fire alarm across 4 residential floors and the garage
- 3.1 acres of site utilities, pavement, a detention pond and 42,000 SF of landscape
The estimating challenge
Phase I had finished 9% over its framing and interior finish budgets, and the owner wanted to know whether Phase II would repeat the overrun before signing a GMP. The drawings reused the Phase I plan types with revised unit mix, a longer podium and a different exterior skin, so Phase I actuals could not be scaled directly. Lumber pricing was moving weekly, the podium included post-tensioned work few local framers would price, and the contractor needed the estimate structured by plan type so marketing could test unit mix changes.
The result
LEEDS built a unit-by-plan-type cost model with a full lumber takeoff at 8% waste, reconciled every division against Phase I actuals, and isolated the three items that had driven the earlier overrun: corridor sound assemblies, window flashing details and finish upgrades added after buyout. The GMP was set at $47.5M, about 3% under the owner's pro forma. Through buyout the contractor landed within 1.1% of our estimate, and the value engineering log we issued with the estimate saved roughly $640,000 in framing and envelope revisions.
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