and talented than the actual developer, project architect and designers. They are mystified as to why certain de- sign decisions were made as their massive abilities have allowed them to amass a small fortune of $30,000 over 35 years of saving and investing but of course they are real estate experts. They say things like, “Why are the suites so small? They’re like shoe boxes. I couldn’t live in anything that small.” Of course, when asked about their budget, you realize it’s not actually about apartment size, rather it’s about their total lack of any money. Ap- parently, their awesome talents do not draw awesome salaries. In some way of course, this must be our failing for not devising a way to build something for nothing. Other buyers say things like, “I think there are too many glassy towers. I hate glassy towers, why do all develop- ers build glassy towers? Why can’t they be more original like in Paris without all the glass? Of course these same buyers don’t want to face north, because “light is very important to me” and did I say I want floor to ceiling win- dows because I need light or I’ll die. Now that you have sold enough suites, you now have to actually truly design it. This is the six to eight month odyssey known as “design drawings,” or DD, where con- sultants you work with try to actually deliver a reasonable replica to what was promised or sold. Your architect is resolutely holding on to his unrealistic vision while ‘value engineering’ is marginalizing the building largely because it took 12 months too long to sell and the architect is a dreamer. Next comes your construction financing. Just as you start to talk to banks, Minister Flaherty and company have pulled the rug from under your feet. He is of the opinion, due to his years of experience working in the development business, real estate, and banking, that there is a banking problem developing in the condo con- struction lending business. Apparently he too is now a real estate expert. He figures he needs to slow it down. So now construction financing has vanished and you now are standing alone with a $90M project and no lenders. No problem – just put your head down, stay positive, avoid a fiscal cliff, and all will be fine in time. Time. Time in the development business, is otherwise known as ‘the devil.’ Six months later, the lenders are back and you’ve got your financing. But you are now $750,000 over budget because of the unanticipated extra costs of your extension on your land loan and some nasty new extension fees. You’re going to need some more value-engineering. Finally, it’s time to build. God forbid that the construc- tion market is tight or all your costing projections will be wrong. You hope that the forming contractors aren’t cur- rently colluding. You continue away at reducing costs as your budget is still higher than your bank loan allows due to the delays and additional bank and consulting costs. Of course, now that you actually have your financing ap- proved, so does everyone else. Construction costs just 6 – Spring 2014 — The Canadian Design and Construction Report