A developer owns a vacant site for which he recently paid $$1,000,000.$ He intends to develop a $15,000$ sq$.$ ft$.$ building which will cost a total of $$110$ per sq$.ft.$

to build $($hard and soft costs excluding land$).$ What will the value of the property have to be $($rounded to the nearest $$10,000)$ once it is completed and leased if

the developer's investors require an $8\mathrm{.}0\%$ return

$$2,740,000$

$$2,510,000$

$$2,860,000$

$$3,190,000$A developer owns a vacant site for which he recently paid $$1,000,000.$ He intends to develop a $15,000$ sq$.$ ft$.$ building which will cost a total of $$110$ per sq$.$ ft$.$ to build $($hard and soft costs excluding land$).$ What will the value of the property have to be $($rounded to the nearest $$10,000)$ once it is completed and leased if the developer's investors require an $8\mathrm{.}0\%$ return $$3,190,000$ $$2,740,000$ $$2,510,000$ $$2,860,000$