The subject is an old 65,000 square foot building on a 0.2944 acre site that sold 5 years ago for $1,700,000 and purchased again 2 years ago for $2,200,000. The current owner Mr. Plotkin, spent $500,000 removing asbestos and basically gutting the interior to shell condition. Next week, the subject will undergo a conversion that will cost $60 per square. Indirect costs will be 20% of direct and entrepreneurial incentive will be 35% of direct and indirect cost. The "as if vacant" land value is $150 per square and would require $200,000 for demolition costs. A property recently transacted at $34 per square foot and is in shell condition. However, the subject has significant higher conversion cost and this property is not considered comparable. What is the "As-Is" value of the subject property?