A developer plans to start construction of a building in one year if at that point rent levels make construction feasible. At that time the building will cost $$1,120,000$ to construct. During the first year after construction would take place, there is a $60$ percent chance that NOI will be $$159,000$ and a $40$ percent chance that the NOI will be $$79,800.$ In either case, NOI would be expected to increase at $2$ percent per year after the first year.

Required:

How much should the developer be willing to pay for the land if he wants a $12$ percent rate of return? $($Round your answer to the nearest whole dollar amount.$)$