Introduction and Executive summary - Essay Example

However, the architectural marvels and the grounds of the park fell into a state of disrepair in the eighties of the past century. The existing state of affairs has forced the authorities to have a relook at the best way to utilise the space. The site is optimally suitable for mixed use development of utilities/ structures type that can stand on their own but will undoubtedly benefit from the other product types within the development. Thus, the development team has arrived at the conclusion that the construction of office tower surrounded by smaller buildings housing a myriad of different retail uses and restaurants would utilise the site in the best possible way.

Also minimum alterations would be done to some of the existing paths and walkways that contribute greatly to the overall character. Overall structure is planned in such a way so that the office building, which will be the centrepiece of the construction, would be placed in the centre so as to pull people inside. As per our estimates, mixed use development of the site would cost $79,905,200. While construction of residential structures would cost around $20,067,000, construction of office/hotel and industrial/retail structures and industrial/retail structure would cost around $74,000,000 and $21,990,600 respectively.

Above incurred expenditure is forecasted to deliver an income of $18,301,356 / year. From residential structures alone the income is pegged at around $ 16,463,928. Income from office/hotel is forecasted at around $13,247,600 while that from industry/retail is estimated to be around $4,789,828. Utopia Development is keen to develop this site since its development coincides with the company’s aim of promoting the overall usability and utility of specific areas while also retaining its historical flavour.

Utopia Development not only has the will and experience to do