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Indian River County 1 Impact Fee Update Study <br />Building Cost Analysis <br />To determine the architectural, civil design, site improvement, construction, and FF&E costs <br />associated with building a new school in Indian River County, the following information was <br />evaluated: <br />• Recently built schools in Indian River County; <br />• Cost estimates included in the Educational Plant Survey; <br />• Insurance values of the existing schools; <br />• Cost related information provided by the Indian River County School District; and <br />• School cost information for 135 schools in other Florida counties. <br />The following paragraphs provide further detail on this research and analysis. <br />Construction Cost <br />The last schools built in Indian River County included the replacement of Vero Beach <br />Elementary School in 2012 and the construction of a new middle school (Storm Grove <br />Middle School) in 2009. The cost associated with these schools ranged from $156 per net <br />square foot for the elementary school to $241 per net square foot for the middle school, as <br />shown in Table G-2. In addition, the District's Educational Plant Survey includes several <br />school expansion projects. The estimated cost associated with these expansions ranges <br />from $228 per net square foot to $343 per net square foot. Discussions with the School <br />District confirmed that there were certain elements unique to the Storm Grove Middle <br />School, which resulted in higher cost and the additions tend to be more expensive than new <br />school construction. Finally, the insurance values of existing school buildings range from <br />approximately $145 per net square foot for elementary schools to $185 per net square foot <br />for high schools, with an average of $165 per net square foot for all traditional schools. <br />These figures are consistent with the construction costs observed in other jurisdictions. <br />Table G-3 summarizes data obtained from the Florida Department of Education for schools <br />built in 2011. As shown, the average construction cost is approximately $175 per net <br />square foot, with a range of $145 per net square foot for elementary schools to $200 per <br />net square foot for high schools. <br />Given this data and information, average construction costs of $145 per net square foot for <br />elementary schools, $175 per net square foot for middle schools, and $185 per net square <br />Tindale -Oliver & Associates, Inc. Indian River County <br />June 2014 <br />G-2 Impact Fee Update Study <br />