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A developer owns a vacant site for which he recently paid $ 1 , 0 0 0 , 0 0 0 . He intends to

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 8.0% return $3,190,000 $2,740,000 $2,510,000 $2,860,000
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