Marina Bay Company purchased a lot in Kentucky 6 years ago at a cost of $600,000. Today, that lot has a market value of $800,000. At the time of the purchase, the company spent $25,000 to paint the lot and another $25,000 to install storm drains. The company now wants to build a new facility on that site. The building cost is estimated at $1.25 million. What amount should be used as the initial cash outflow for this project?