Valuation of work Complete
Carriage Lane, Retirement Residence,
801 Vancouver Street, Creston, BC
prepared for
Carevest Capital Inc.
710-1055 West Georgia Street
Vancouver, BC V6E 3R5
Attention: Mr. Jeevan Khunkhun, MBA Vice President, Lending
&
Chaplin West Ventures
#1603 - 100 West Pender Street
Vancouver, BC V6B 1R8
Attention: Mr. Michael Chaplin
October 10, 2007
CONTENTS OF THIS REPORT
Cover Letter
Appendix 1 - Photographs
Appendix 2 - Stantec Consulting Ltd. Report June 20, 2007
1519 Eighth Avenue, New Westminster, British Columbia, Canada V3M 2S5
Tel: (604) 522-4332 Fax: (604) 522-4302 E-mail: info@costex.ca
Web page: www.costex.ca
October 10, 2007
Our File: 24030
Carevest Capital Inc.
710-1055 West Georgia Street
Vancouver, BC V6E 3R5
Attention: Mr. Jeevan Khunkhun, MBA Vice President, Lending
Chaplin West Ventures
#1603 - 100 West Pender Street
Vancouver, BC V6B 1R8
Attention: Mr. Michael Chaplin
Dear Sirs:
Re:
Valuation of Site Improvement
Carriage Lane, Retirement Residence,
801 Vancouver Street, Creston , B.C.
Lot1, District 525, Kootenay District Plan 68799
Engagement
We were asked by Mr. Michael Chaplin to review documents relating to the above project
and to prepare a valuation of the improvements currently exiting on the project site according
to the documents and our experience.
Methodology
In arriving at the opinions expressed herein the writer examined all of the documents listed
and referenced herein. We have measured the building areas from the drawings listed herein
and analysed the project budget using these measured quantities and the budget provided.
All measurement has been done in accordance with the Method of Measurement of
Construction Works, 7th edition and Elemental Cost Analysis and Measurement of Buildings
by Area and Volume, 3rd edition both published by the Canadian Institute of Quantity
1519 Eighth Avene, New Westminster, British Columbia, Canada V3M 2S5
Tel: (604) 522-4332 Fax: (604) 522-4302 Email: info@costex.ca
Web page: www.costex.ca
October 10, 2007
Our File: 24030
Re:
Valuation of Site Improvement
Carriage Lane, Retirement Residence,
801 Vancouver Street, Creston , B.C.
Lot1, District 525, Kootenay District Plan 68799
Surveyors.
The writer also conducted a site inspection of the property on July 31, 2007. Photographs
taken at that time are included herein at Appendix 1.
Performance of Review
All documentation review and analysis was performed by Evan B. Stregger PQS(F), AScT,
C.Arb., CSC, the person responsible for the analysis and opinions expressed herein.
Project Description
The proposed project consists of 84 apartment units in a 3 storey wood frame building
constructed over a concrete parking garage and amenity area. Approximately 1/3 of the main
floor is slab on grade, the balance being over the concrete parking garage and amenity area.
Detailed project areas are as follows:
square footage
Units
1
Level 1 Parking
2
Level 1 Amenity
16,100
3
Main Floor
28,100
23
4
Second Floor
27,900
26
5
Third Floor
27,800
26
6
Fourth Floor
9,900
9
Gross Floor Area
9,300
119,100
Page -2-
84
October 10, 2007
Our File: 24030
Re:
Valuation of Site Improvement
Carriage Lane, Retirement Residence,
801 Vancouver Street, Creston , B.C.
Lot1, District 525, Kootenay District Plan 68799
Referenced Documents
Drawings/Specifications
• Architectural drawings prepared by Thorkelsson Fry Architectural Associates
• Structural Drawings prepared by MSS Engineering Ltd.
• Mechanical Drawings prepared by Nova Engineering Ltd.
• Electrical Drawings prepared by Emco Engineering Ltd.
• Site Survey prepared by Griffiths Surveys, R Griffiths Land Surveying Inc.
Reports
•
Project Inspection report prepared by Stantec Consulting Ltd. Dated June 20,
2007
Work in Place
As of July 31, 2007 the following work was observed to be in place;
a. All concrete footings
b. Concrete walls and columns
c. All precast concrete slab sections, grouted in to place but not filled or topped.
d. Exterior waterproofing of concrete walls and backfill of same.
e. Interior backfill for slab on grade
f. Underground plumbing rough-in
g. Hydraulic elevator sleeves
h. Sanitary sewer connection and manhole
Status of the Project
The concrete parking structure and amenity area is in place with no serous deficiencies as
described in the report by Stantec (attached).
Value of work in Place
Based on Stantec’s report, the photographs and our experience we have calculated that the
work currently in place, after allowances for anticipated remedial work to be $2,439,000.
This value does not include land value.
Page -3-
October 10, 2007
Our File: 24030
Re:
Valuation of Site Improvement
Carriage Lane, Retirement Residence,
801 Vancouver Street, Creston , B.C.
Lot1, District 525, Kootenay District Plan 68799
The above value can be summarized as follows:
PROJECT SUMMARY
SOFT COST
HARD COST
$ 96,000
$ 2,343,000
TOTAL VALUE COMPLETE$ 2,439,000
HARD COST
1000 GENERAL REQUIREMENTS
$
31,000
General site overhead to complete works to date
2000EARTHWORK
$ 350,000
Excavation, backfill & perimeter drainage; main sanitary
sewer for lot in front of complex, storm sewer main.
3000CONCRETE
$ 1,588,000
All footings and walls below grade, supply and installation of
precast slab panels, reinforcing steel.
4000MASONRY
$
0
none
5000METALS
$
10,000
embedded metals for setting of precast
7000THERMAL & MOISTURE PROTECTION
$ 10,000
Waterproofing of below grade walls
14000CONVEYING SYSTEMS
$ 26,000
Drilling of piston shaft for 2 elevators.
15000MECHANICAL
$ 140,000
Underground rough-in, underground piping for Make-up air
16000ELECTRICAL
$ 55,000
Electrical work embedded in concrete walls
SUB-TOTAL
$ 2,210,000
17000CONSTRUCTION MANAGER'S FEE 6%
$ 133,000
Based on value of work in place
TOTAL HARD COSTS
$ 2,343,000
SOFT COST
18000 CONSULTANTS
$ 96,000
Cost to prepare initial design drawings to achieve progress as
shown in phonographs..
TOTAL SOFT COST $ 96,000
TOTAL PROJECT$ 2,439,000
Page -4-
October 10, 2007
Our File: 24030
Re:
Valuation of Site Improvement
Carriage Lane, Retirement Residence,
801 Vancouver Street, Creston , B.C.
Lot1, District 525, Kootenay District Plan 68799
If you have any questions or require further information please contact me at your convenience.
Yours truly
Costex
Management Inc.
per
Evan B. Stregger, PQS(F), AScT, C.Arb, GSC
file: project value r1.wpd
encl.
Page -5-
Appendix 1
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Stantec Consulting Ltd.
400 - 1620 Dickson Avenue, Kelowna, BC V1Y 9Y2
June 20, 2007
File: 1121 40074
Chaplin West Ventures
1603 - 100 West Pender
Vancouver, BC
V6B 1R8
Attention:
Michael Chaplin
Dear Mr. Chaplin
Reference 801 Vancouver Street, Creston, BC
On June 19, 2007 Lorne Lapham, P.Eng. of Stantec Consulting Ltd. visited the Cedarbrooke site and
reviewed the structural condition of the existing works.
The structure presently consists of a U shaped site wrapping around a house on the north side. The site is
overgrown with an average of one metre high weeds, which are slightly sparse due to growing in structural fill.
The structural fill soils seemed firm and fairly well drained. There is fair amount of moisture in the soils
contained within the lower level as there has not been enough hot weather to dry out the snowmelt yet.
Virtually all the footings and concrete walls have been placed, except for the strip and grade wall at the
dinning area. The main columns and beams supporting the upper levels are completed. The pre-cast hollow
core planks have all been installed. The grouting between the pre-cast planks was started and was roughly
one half complete when work was stopped on the site. Formwork had been placed for the concrete topping
pour that would have completed the main concrete work on site. The form work is now badly weathered and
needs to be replaced. With care, the snap ties and wedges used to hold the edge formwork could be reused.
North east wing:
The footings and grade walls of this area have been completed. Some walls are completely buried, while
others require additional backfill. The foundation drains are placed, buried and the cleanouts are still capped.
The in ground plumbing drains are placed but missing caps and may be partly disturbed. The anchor bolts for
the wood frame construction are installed but a few have been damaged or bent. A partly buried sheet metal
duct is still capped securely. Little work remains to get this area ready for slab-on-grade placement.
South central wing:
The pre-cast hollow core planks are in fairly good shape with virtually no cracking or spalling. The lower floor
concrete walls, columns, and beams show no significant signs of distress. The elevator pit is full of water and
debris. This is good,as it shows the pit is sealed and the debris prevents ice damage during freeze-up. There
are numerous buried plumbing lines and ducts evident at the lower level, though many show some signs of
disturbance.
ebs c:\documents and settings\all users\a - costex project files\24000 projects\24030 carrige lane creston 801 vancouver street\srtuctural_ review_letter.doc
June 20, 2007
Michael Chaplin
Page 2 of 2
Reference: Reference 801 Vancouver Street, Creston, BC
North west wing:
The pre-cast hollow core planks are in fairly good shape with a few hairline cracks along the rib lines and no
spalling. The lower floor concrete walls, columns, and beams show no significant signs of distress. The south
connection of the parkade beam to the wall and dinning area beam shows some cracks due to thermal
stresses from being exposed to several seasons unprotected. These cracks should not cause any significant
structural concerns. There are also some small cracks below the windows in the parkade area along the west
face. There are numerous buried plumbing lines visible at the lower level and some show some signs of
disturbance.
Conclusions:
The original concrete works are still in quite good condition. The most difficult task to re-utilize this site may
be removal of the weeds without damaging the concrete. If the installed plumbing could be used basically as
is, then only about one months work should be required to complete the concrete works for the project with a
reasonably sized crew.
Recommended tasks required to reutilize the existing concrete works;
•
Remove weeds and other debris from site.
•
Remove remaining formwork placed for topping, maintaining snap-ties for reuse
•
Pressure wash pre-cast planks and exposed rebar to remove any loose or weak surface materials
•
Repair or rework any required underground services and piping
•
Re coat the exposed foundation damp proofing
•
Perform final grading for slab-on-grades
•
Re-form second floor concrete topping
•
Install missing rebar for topping and hollow core connections
•
Repair or replace damaged anchor bolts
•
Continue with normal construction to building completion.
Sincerely,
STANTEC CONSULTING LTD.
Lorne Lapham, P.Eng.
Senior Structural Engineer
Tel: (250) 470-4496
Fax: (250) 860-3367
Lorne.Lapham@stantec.com