Navigating the Regulatory Seas:
With the introduction of the new CBC code, we find ourselves in the midst of a creative process, carefully sculpting our architectural blueprints to harmonize with the latest regulatory landscape. These adjustments are the vital strokes on our canvas as we journey toward securing the elusive building permit.
Two Paths, One Vision:
Option 1 - The Sales Quest:
In this scenario, we embark on an intriguing voyage, contemplating the sale of our project through a high-profile listing on the MLS. A mere month ago, we tested the market's waters by presenting it as an apartment haven, but the response was quieter than anticipated. As a result, we've transformed the project into a condominium gem, priced at $6.5 million. However, the market's applause remains muted. Hence, we're actively searching for a different maestro, one who can conduct a swift sale, possibly by reevaluating the listing price.
Option 2 - The Construction Symphony:
Should the first option remain an unsolved riddle, our contingency plan leads us to embark on the grand construction phase. Our goal is to commence the construction spectacle by year's end. This phase embodies our unwavering dedication to the project's lasting success, requiring nothing less than a masterful composition of detailed planning and flawless execution.
1. Building Permit Issuance: With the introduction of the new CBC code, we are currently in the process of making necessary adjustments to our drawings to ensure they align with the updated regulations. These modifications are a crucial step in our journey towards reapplying for permit authorization.
2. Sales: Our strategy revolves around two alternatives:
Option 1 - Sale:
In this scenario, we are actively exploring the potential of selling the project through a listing on the MLS. Approximately a month ago, we initially tested the market by offering it as an apartment development. However, the response fell short of our expectations. Consequently, we have repositioned the project as a condo development with a price tag of $6.5 million. Despite this adjustment, we have not yet received any offers from the market. As a result, we are actively seeking a different broker who can expedite the sale, possibly at a reduced listing price.
Option 2 - Construction:
In the event that the sale option doesn't come to fruition, we have a plan in place to proceed with the construction of the project. Our goal is to kickstart construction by the end of this year. This phase underscores our unwavering commitment to the project's long-term success and involves meticulous planning and execution.
Here is the MLS Listing and screenshots.