Current Replacement Value (CRV)

Current Replacement Value (CRV) is computed by multiplying the replacement cost per square foot (SF) of the building times the gross square footage of the building. Please note that the CRV for existing buildings is determined using standard real estate valuation methods for replacement of the building and does not include: demolition costs of existing structures, site work and excavation, land, landscaping, parking, furnishings, phone and utility installation, or development fees. However, these items must be taken into account when estimating the overall development and construction costs of new or replacement facilities.