Downtown Cleaners (DC) operates a dry cleaning business. When the cleaners purchased their existing building they spent an additional $49,500 and purchased the empty lot next door. This lot is currently appraised at $62,500. DC is currently considering expanding their business and providing laundry services for dress shirts. The expansion would entail an addition to their existing facility which would be built on the adjacent lot. The expansion to the building will cost $114,900. DC currently has $14,500 worth of unused equipment which could be used in the new operation. In addition, DC would need to acquire an additional $96,000 of equipment. What is total initial cost of this project is estimated at?