KN Jewelers purchased some land four years ago at a cost of $218,000. They spent $45,000 to raze the old building and clear the lot. Today, the lot is valued at $237,000 and produces an annual income of $22,000 from its use as a parking lot. KN has drawn plans to construct a new retail store on this land. The lot preparation costs will be $28,000 and the building will cost $229,500. What is the initial cost of this project?