We are working to sell the property with a proposal for high-density Senior Living or Affordable Housing project. We'll keep you posted with any major developments.
46 Apartments & 5,000 sq.ft. commercial @ 1495 Winchester Blvd San Jose
Four story mixed-use building with subterranean parking, ground floor retail space, and 46 apartments above.
We are working to sell the property with a proposal for high-density Senior Living or Affordable Housing project. We'll keep you posted with any major developments.
We are working on the designs for the 100-unit affordable housing project on this site and exploring with a few affordable developers and will formally bring the site to market with the prelim designs.
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The property is on market and we are soliciting offers so as to exit as soon as we secure a financially viable deal. Meanwhile we are also Exploring to consider reentitlemts of the project as a affordable housing project to substantially increase the value. |
The property is on market and we are soliciting offers so as to exit as soon as we secure a financially viable deal.
Meanwhile we are also Exploring to consider reentitlemts of the project as a affordable housing project to substantially increase the value.
Sale Update:
Sale Update:
Sale Update:
Sale Update:
Securing Building Permit:
We are actively working on revising our project drawings to seamlessly align with the recently updated California Building Code of 2022.
Sale Update:
We have signed the listing agreement with Marcus & Millichap for the Sale of the project. Marcus & Millichap listed the project in the second week of January and they have been actively marketing through their Email Campaigns and broker outreach.
Here are the listing links for different platforms:
Marcus & Millichap: Listing Link
Crexi: Listing Link
Loopnet: Listing Link
Feedback and update from the broker:
Our broker updated that 15-20 groups downloaded the OM and they are talking to a few of the groups. These groups still are in the process of underwriting and but not much concrete as of now
Marcus & Millichap also sent this deal to Affordable Housing groups from their database, they got feedback from these groups that affordable housing is not going to qualify for this lot.
Obtaining Approval:
Our current focus is on meticulously revising our project drawings to seamlessly align with the recently updated California Building Code of 2022. This phase is of paramount importance, as strict adherence to the code's provisions is imperative to secure approval for our construction project.
Decision-making between Sale and Construction:
We are currently deeply involved in a comprehensive exploration of two promising avenues for our project.
Option 1 - Sale:
An active collaboration with reputable brokers is underway, with the aim of streamlining the process of selling the land.
Option 2 - Construction:
In the event that the sale does not materialize, we are thoroughly prepared to initiate the construction phase. Our plans are meticulously finalized, and our objective is to break ground and commence construction in the coming year.
Obtaining Approval:
Our current focus is on meticulously revising our project drawings to seamlessly align with the recently updated California Building Code of 2022. This phase is of paramount importance, as strict adherence to the code's provisions is imperative to secure approval for our construction project.
Decision-making between Sale and Construction:
We are currently deeply involved in a comprehensive exploration of two promising avenues for our project.
Option 1 - Sale:
An active collaboration with reputable brokers is underway, with the aim of streamlining the process of selling the land.
Option 2 - Construction:
In the event that the sale does not materialize, we are thoroughly prepared to initiate the construction phase. Our plans are meticulously finalized, and our objective is to break ground and commence construction in the coming year.
Obtaining Approval:
Our current focus is on meticulously revising our project drawings to seamlessly align with the recently updated California Building Code of 2022. This phase is of paramount importance, as strict adherence to the code's provisions is imperative to secure approval for our construction project.
Decision-making between Sale and Construction:
We are currently deeply involved in a comprehensive exploration of two promising avenues for our project.
Option 1 - Sale:
An active collaboration with reputable brokers is underway, with the aim of streamlining the process of selling the land.
Option 2 - Construction:
In the event that the sale does not materialize, we are thoroughly prepared to initiate the construction phase. Our plans are meticulously finalized, and our objective is to break ground and commence construction in the coming year.
Securing Approval:
Our current emphasis is on revising our project drawings to align seamlessly with the recently updated California Building Code of 2022. This phase holds significant importance, given the imperative need for strict adherence to the code's provisions to obtain approval for our construction project.
Decision-making between Sale and Construction:
We are presently engaged in a thorough exploration of two promising avenues for our project.
Option 1 - Sale:
An active collaboration with reputable brokers is in progress, aiming to streamline the process of selling the land.
Option 2 - Construction:
In the event that the sale does not materialize, we are thoroughly prepared to initiate the construction phase. Our plans are meticulously finalized, and our objective is to break ground and commence construction in the coming year.
Securing Approval:
Our current emphasis is on revising our project drawings to align seamlessly with the recently updated California Building Code of 2022. This phase holds significant importance, given the imperative need for strict adherence to the code's provisions to obtain approval for our construction project.
Decision-making between Sale and Construction:
We are presently engaged in a thorough exploration of two promising avenues for our project.
Option 1 - Sale:
An active collaboration with reputable brokers is in progress, aiming to streamline the process of selling the land.
Option 2 - Construction:
In the event that the sale does not materialize, we are thoroughly prepared to initiate the construction phase. Our plans are meticulously finalized, and our objective is to break ground and commence construction in the coming year.
Obtaining Approval:
Our current focus involves revising our project drawings to align with the recently updated California Building Code of 2022. This phase is pivotal, as strict adherence to the code's provisions is imperative to secure approval for our construction project.
Decision between Sale and Construction:
We are presently exploring two promising avenues for our project.
Option 1 - Sale:
Active collaboration with brokers is underway to expedite the process of selling the land.
Option 2 - Construction:
Should the sale not materialize, we are well-prepared to initiate the construction phase. Our plans are finalized, and our goal is to break ground and commence construction early next year.
Obtaining Approval:
We are currently in the process of revising our project drawings to align with the recently updated California Building Code of 2022. This phase is crucial, as strict adherence to the code's provisions is essential to secure approval for our construction project.
Decision between Sale and Construction:
We are currently exploring two promising avenues for our project.
Option 1 - Sale:
We are actively collaborating with brokers to facilitate a swift land sale.
Option 2 - Construction:
In the event that a sale does not materialize, we are well-prepared to initiate the construction phase. Our plans are ready, and we aim to break ground and commence construction early next year.
Getting Permission:
We are currently revising our project drawings to align with the updated California Building Code of 2022. This stage is critical, as it is essential to strictly adhere to the code's provisions to secure approval for our construction project.
Getting Permission:
We are updating our project drawings to conform to the revised California Building Code of 2022. This is a crucial phase as strict adherence to the code's provisions is imperative for obtaining approval for our construction project.
Rest assured, we are strategically positioned with adaptable solutions to maximize the potential success of our project, ensuring a prosperous outcome for all stakeholders.
Getting Permission:
We are currently in the process of revising our project drawings to align with the updated California Building Code. This is a critical step as we must adhere to the code's stipulations in order to receive approval for our construction project.
Sell or Build:
We have two potential avenues for our project:
Option 1 - Sale:
We are actively seeking a highly qualified individual to assist us in selling the property. We are in discussions with various individuals who could be the most suitable candidate for this role. Our objective is to achieve a swift property sale.
Option 2 - Construction:
In the event that the property cannot be sold as initially intended, there is no need for concern. We have a well-defined plan for proceeding with the construction phase of the project. Our goal is to commence construction by the year's end.
Getting Permission:
We're currently making changes to our project drawings to match the new California Building Code. This is important because we need to meet the code's requirements to get the green light for our building project.
Selling or Building:
We have two ways to go about our project:
Option 1 - Selling:
We're actively looking for a super-qualified person to help us sell the property. We're talking to different people who could be the best fit for this job. The goal is to sell the property as quickly as possible.
Option 2 - Building:
If we can't sell the property as planned, don't worry. We have a clear plan for moving ahead with the construction part of the project. Our aim is to start building by the end of this year.
Permit Authorization Process: We are presently in the process of revising our project drawings to align with the updated California Building Code (CBC) in order to obtain the required building permit.
Sales Strategy: Our sales strategy involves two potential paths:
Option 1 - Sale:
We are actively in the process of identifying a highly qualified broker. We are conducting interviews with brokers to select the most capable professional who can facilitate the prompt sale of the property.
Option 2 - Construction:
In the event that the sale option does not materialize, we have a well-defined plan to move forward with the project's construction. Our objective is to initiate construction by the end of this year.
Permit Authorization Process: We are currently in the process of adjusting our project drawings to comply with the updated CBC code, as we aim to secure the necessary building permit.
Sales Strategy: Our strategy involves two potential avenues:
Option 1 - Sale:
Initially, we tested the market about a month ago as an apartment development, but the response was below our expectations. Consequently, we have repositioned the project as a condo development with a price tag of $6.5 million. However, we have yet to receive any offers from the market. As a result, we are actively searching for a different broker who can expedite the sale, potentially at a lower listing price.
Option 2 - Construction:
If the sale option doesn't materialize, we have a plan in place to proceed with the project's construction. Our aim is to commence construction by the end of this year.
Here is the MLS Listing and screenshots.
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.
1. Building Permit Issuance: As new CBC code is introduced, we are working on modifications to our drawings to align with the new regulations before we apply for permit authorization again.
2. Sales:
Our strategy revolves around two options:
Option 1 - Sale:
In this option, we are actively exploring the possibility of selling the project as listed on the MLS. We tested the market by listing it as an apartment development a month ago, but we didn't receive response as expected, so now we have listed it as a condo development with a sale price of $6.5M. Despite listing the project at $6.5 million, we haven't received any offers from the market. Therefore, we are actively searching for a different broker who can assist us in selling the project promptly, possibly at a reduced listing price.
Option 2 - Construction:
However, in the event that the sale doesn't materialize, we have a plan to proceed with the construction of the project. Our target is to commence construction by the end of this year. This phase signifies our commitment to the project's long-term success and entails careful planning and execution.
Here is the MLS Listing and screenshots.
1. Building Permit Issuance: Due to the introduction of the new CBC code, we will need to make certain modifications to our drawings to align with the revised regulations before reapplying for permit authorization.
2. Apartment to Condo Conversion: Working with the lenders to provide the essential city expenses for the approved Tentative Map.
3. Sales:
Currently, our strategy revolves around two options:
Option 1 - Sale:
In this option, we are actively exploring the possibility of selling the project as listed on the MLS. We tested the market by listing it as an apartment development a month ago, but we didn't receive response as expected, so now we have listed it as a condo development. If a successful sale is achieved, we will conclude the investment phase and promptly distribute the returns to all our valued investors. We anticipate that this sale process could take approximately 3-4 months to finalize.
Option 2 - Construction:
However, in the event that the sale doesn't materialize, we have a plan to proceed with the construction of the project. Our target is to commence construction by the end of this year. This phase signifies our commitment to the project's long-term success and entails careful planning and execution.
Here is the MLS Listing and screenshots.
1. Building Permit Issuance: The granting of the construction permit is presently on hold until we obtain the necessary funds for the project, given that the fee required surpasses $1.3 million. Furthermore, considering the introduction of the new CBC code, we will need to make certain modifications to our drawings to align with the revised regulations before reapplying for permit authorization.
2. Apartment to Condo Conversion: At the moment, we are engaged in working with the lenders to provide the essential city expenses for the approved T-Map.
3. Sales: We put up the Winchester property for sale on the Multiple Listing Service (MLS). We expect to receive offers throughout this week. Here is the MLS listing.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs, hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: The issuance of the building permit is currently suspended until we secure the construction funds, as the required fee exceeds $1.3 million. Additionally, with the availability of the new CBC code, we will have to make some adjustments to our drawings to meet the updated standards and then reapply for permit approval.
2. Apartment to Condo Conversion: We are currently in the process of collaborating with the lenders to cover the city costs necessary for the approved T-Map.
3. Sales: We listed the Winchester property for sale on MLS (Multiple Listing Service). We are anticipating receiving some offers during this week. Here is the MLS listing.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs, hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: The building permit is still on hold until we raise construction fund because the fee is more than $1.3 million. As the new CBC code becomes available, we will need to revise a few drawings to satisfy the new standards and reapply for permit approval.
2. Apartment to Condo Conversion: We are still working with the lenders to pay the city costs required for the already approved T-Map.
3. Sales: Last week of June, we listed Winchester property for sale on MLS. We have setup call for offer due date on 28th July and we are hoping to receive some offers in this week. Here is the MLS listing.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs, hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: The building permit continues to be on hold until we have construction funding as over $1.3M fee needs to be paid. As the new CBC code is released, we need to update few drawings to meet the new requirements & resubmit to obtain permit.
2. Apartment to Condo Conversion: We continue to work with the lenders to pay the city fees required for the already reviewed T-Map to be approved.
3. Sales: We had listed the Winchester property for Sale on MLS last week. We have started to receive good Interest for the property from the market. We are optimistic to sell it as soon as possible at a financially viable pricing.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs, hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
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1. Building Permit Issuance: The building permit will be on hold until we have construction funding. We will be prepared to obtain the permit and begin construction as soon as the necessary finances are available. 2. Apartment to Condo Conversion: We continue to work with the lenders to pay the city fees required for the already reviewed T-Map to be approved. 3. Sales: We have successfully listed the Winchester property for Sale on MLS last week. We have started to receive good Interest for the property from the market. We are optimistic to sell it as soon as possible at a financially viable pricing. Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years |
1. Building Permit Issuance: The building permit will be on hold until we have construction funding. We will be prepared to obtain the permit and begin construction as soon as the necessary finances are available.
2. Apartment to Condo Conversion: We continue to work with the lenders to pay the city fees required for the already reviewed T-Map to be approved.
3. Sales: We are planning to list WInchester for Sale on MLS next week. We have signed the listing agreement with one of the brokers. We are expecting to receive Interest for the property and Sell it as soon as possible at a financially viable pricing.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: The building permit will be on hold until we have construction funding. We will be prepared to obtain the permit and begin construction as soon as the necessary finances are available.
2. Apartment to Condo Conversion: We continue to work with the lenders to pay the city fees required for the already reviewed T-Map to be approved.
3. Sales: We have Interested Buyers for the property and are connecting with them to sell the project.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: The building permit will be on hold until we have construction funding. We will be prepared to obtain the permit and begin construction as soon as the necessary finances are available.
2. Apartment to Condo Conversion: We continue to work with the lenders to pay the city fees required for the already reviewed T-Map to be approved.
3. Sales: We have Interested Buyers for the property and are connecting with them to sell the project.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: The Building permit is on hold untill we recieve Funding for Construction. Once the required funds are in place, we will be ready to pull the permit and start building.
2. Apartment to Condo Conversion: We continue working with the lenders for the Payment of city fees which is necessary for Approval of the T-Map which is already reviewed.
3. Sales: We have Interested Buyers for the property and are connecting with them to sell the project.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: We've delayed issuing the building permit until we can get funding for the construction. Once the required funds is in place, we will be ready to pull the permit and start building.
2. Apartment to Condo Conversion: The T-map is fully reviewed however, the payment of city fees is pending which is necessary for approval for which we continue working with the lenders
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: Until we can obtain money for the construction, we have put the issuance of the building permit on hold. We will be prepared to pull the permit and begin construction once the necessary funding is in place.
2. Apartment to Condo Conversion: The T-map is fully reviewed however, the payment of city fees is pending which is necessary for approval for which we continue working with the lenders
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: The Building Permit Issuance is on hold until we are able to secure financing for the construction. Once financing is in place, we shall be ready to pull the Permit and start Construction on site.
2. Apartment to Condo Conversion: The T-map is fully reviewed however, the payment of city fees is pending which is necessary for approval for which we continue working with the lenders
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: Until we can obtain Funds for the construction, we have put the issuance of the building permit on hold. We will be prepared to pull the permit and begin construction once the necessary funding is in place.
2. Apartment to Condo Conversion: The T-map is fully reviewed however, the payment of city fees is pending which is necessary for approval for which we continue working with the lenders.
3. Sales: We are in contact with NO. of interested buyers for the project, the propoerty is fetching good value owing to its great location in the heart of the city of San jose
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: The Building Permit Issuance is on hold until we are able to secure financing for the construction. Once financing is in place, we shall be ready to pull the Permit and start Construction on site.
Conversion: The T-map is fully reviewed however, the payment of city fees is pending which is necessary for approval for which we continue working with the lenders.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: The Building Permit Issuance is on hold until we are able to secure financing for the construction. Once financing is in place, we shall be ready to pull the Permit and start Construction on site.
Conversion: The T-map is fully reviewed however, the payment of city fees is pending which is necessary for approval for which we continue working with the lenders.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: We have recieved the School fee from the city and continue to work with SJ water and our Civil Engineer to get the public works approval. The fee payment is on hold till the construction financing is put in place.
Conversion: The T-map is fully reviewed however, the payment of city fees is pending which is necessary for approval for which we continue working with the lenders.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance:As per the comments of SJ Water, we revised and resubmitted our Civil plans to the PWD and expect approval in 2-3 weeks. We continue to follow up closely with the city to receive the fee details for pulling the Building permit.
Conversion: We have received comments on the T-map and resubmitted the project on the portal. However, the payment of city fees is pending which is mandatory for approval for which we are working with the lenders.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance:As per the comments of SJ Water, we revised and resubmitted our Civil plans to the PWD and expect approval in 2-3 weeks. We continue to follow up closely with the city to receive the fee details for pulling the Building permit.
2. Apartment to Condo Conversion: This is still on Hold as the Map approval is subjected to payment of fee & we are working with lenders.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance:The city got back to us with status regarding the remaining items of issuance of Building Permit.
i) School Impact fees Payment.
ii) Calculation of Building Permit Fee.
iii) Approval of Utility plan from SJ water.
Additionally we are working with PG&E to revise the joint trench plans .
2. Apartment to Condo Conversion: This is still on Hold as the Map approval is subjected to payment of fee & we are working with lenders.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance:Due to ii health , the Building officer was not available for call this week & we continue to follow-up with the City to expedite issuance & provide final fee details
2. Apartment to Condo Conversion: This is still on Hold as the Map approval is subjected to payment of fee & we are working with lenders.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: We are still awaiting fee details for pulling Building Permits and following up with the Building officials regulary for the same. Upon payment of all fees, the permits are expected to be issued in 2-3 weeks.
2. Apartment to Condo Conversion: This is still on Hold as the Map approval is subjected to payment of fee & we are working with lenders.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: We are still awaiting fee details for pulling Building Permits and following up with the Building officials regulary for the same. Upon payment of all fees, the permits are expected to be issued in 2-3 weeks.
2. Apartment to Condo Conversion: This is still on Hold as the Map approval is subjected to payment of fee & we are working with lenders.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: There is delay in response from the City staff due to Holidays. We are still awaiting fee detailsfor pulling Building Permits. Upon payment of all fees, the permits are expected to be issued in 2-3 weeks.
2. Apartment to Condo Conversion: This is still on Hold as the Map approval is subjected to payment of fee & we are working with lenders.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: We are still awaiting response from the City for fee details/ complete documentation for pulling Building Permits. Upon payment of all fees, the permits are expected to be issued early next year.
2. Apartment to Condo Conversion: This is still on Hold as the Map approval is subjected to payment of fee & we are working with lenders.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years
1. Building Permit Issuance: We are still awaiting response from the City for fee details/ complete documentation for pulling Building Permits.
2. Apartment to Condo Conversion: This is still on Hold as the Map approval is subjected to payment of fee & we are working with lenders.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: The Structural set is all approved & we are working with the City to complete documentation for pulling Building Permits.
2. Apartment to Condo Conversion: The Condo Map is submitted to the City & its approval is subjected to payment of fee which is on Hold as we are working with Lenders.
3.Finance- We are working with a lender on the financing of the project and are awaiting appraisal to come in by the next week, after which we anticipate to close the loan in next 4-6 weeks.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: The Structural set is under review & once the plans are approved, we need to pay all city fees in order to pull the Building Permits. It is expected in next 4-5 weeks.
2. Apartment to Condo Conversion: The Condo Map is submitted to the City & its approval is subjected to payment of fee which is on Hold as we are working with Lenders.
3.Finance- We are working with a lender on the financing of the project and are awaiting appraisal to come in by the next week, after which we anticipate to close the loan in next 4-6 weeks.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: As planned, we have resubmitted the updated Structural Engineering set to comply with our steel manufacturing standards to the City of San jose. Once the plans are approved & fees paid, we can pull the permits.
2. Apartment to Condo Conversion: The Condo Map is submitted to the City & application for Special Use permit is also submitted. Expect the Map approvals in next 4-6 weeks.
3.Finance- We are working with a lender on the financing of the project and are awaiting appraisal to come in by the next week, after which we anticipate to close the loan in next 4-6 weeks.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: As planned, we have resubmitted the updated Structural Engineering set to comply with our steel manufacturing standards to the City of San jose. Once the plans are approved & fees paid, we can pull the permits.
2. Apartment to Condo Conversion: The Condo Map is submitted to the City & application for Special Use permit is also submitted. Expect the Map approvals in next 4-6 weeks.
3.Finance- We are working with a lender on the financing of the project and are awaiting appraisal to come in by the next week, after which we anticipate to close the loan in next 4-6 weeks.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: We are on track to re-submit the Structural set by end of the month. Once the plans are approved & fees paid, we can pull the permits.
2. Apartment to Condo Conversion: The Condo Map is submitted to the City & application for Special Use permit is also submitted. Expect the Map approvals in next 4-6 weeks.
3.Finance- We are working with 2 different lenders on the financing of the project and are awaiting appraisal to come in by the next 2-3 weeks, after which we anticipate to close the loan in 4-5 weeks.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: Due to the introduction of the new CBC code, we will need to make certain modifications to our drawings to align with the revised regulations before reapplying for permit authorization.
2. Sales:
Currently, our strategy revolves around two options:
Option 1 - Sale:
In this option, we are actively exploring the possibility of selling the project as listed on the MLS. We tested the market by listing it as an apartment development a month ago, but we didn't receive response as expected, so now we have listed it as a condo development with a sale price of $6.5M. If a successful sale is achieved, we will conclude the investment phase and promptly distribute the returns to all our valued investors. We anticipate that this sale process could take approximately 3-4 months to finalize. We are actively looking for another broker who can help us to sell this project quickly.
Option 2 - Construction:
However, in the event that the sale doesn't materialize, we have a plan to proceed with the construction of the project. Our target is to commence construction by the end of this year. This phase signifies our commitment to the project's long-term success and entails careful planning and execution.
Here is the MLS Listing and screenshots.
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1. Building Permit Issuance: We are working with City to get revised building permit fees estimates and looking forward to submitting the re-engineered Structural Set with DCI Engineers to the City in next 2-3 weeks. Once the plans are approved & fees paid, we can pull the permits. We have also received Electrical Approved Plans from the PG&E. 2. Apartment to Condo Conversion: The Tentative Map is approved by the City & the Draft Condo plans are ready. We are working on finalizing the CC&Rs and sbmitting the set to the City for approval b end of this month. 3.Finance- We are working with 2 different lenders on the financing of the project and are awaiting appraisal to come in by the next 4 weeks, after which we anticipate to close the loan in 4-5 weeks. Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years. |
1. Building Permit Issuance: We continue to work with our Structural Engineers to resubmit the Set by end of this month.
2. Apartment to Condo Conversion: The Tentative Map & Tract Map were submitted to the City last month & expect approval next week. Next, we would submit the Condo Map & CC&Rs.
3.Finance- We are working with some new sources to close as soon as possible, also meanwhile expecting the Condo conversion approval which will make financing on the project quicker. We anticipate next 6-8 weeks to close the financing which would also mark the end of phase 1 of the project.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: We are working with our Structural Engineers to resubmit the Set along with the other comments that we recieved from the city.
2. Apartment to Condo Conversion: The condo Map conversion was submitted and we expect to hear back from the city by Mid August.
3.Finance- We have been working with 2 lenders on the construction financing of the project and were in the final stages of the loan but due to the volatility in market and interest rate changes the deal did not fall through. We are working with some new sources to close as soon as possible, also meanwhile expecting the Condo conversion approval which will make financing on the project quicker. We anticipate next 6-8 weeks to close the financing which would also mark the end of phase 1 of the project.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: We are working with our Structural Engineers to resubmit the Set.
2. Apartment to Condo Conversion: In order to raise finance, we have decided to convert the apartment project into Condo. We have already submitted T-Map to the City on June 30th and expect feedback within 30days.
3.Finance- We have been working with 2 lenders on the construction financing of the project and were in the final stages of the loan but due to the volatility in market and interest rate changes the deal did not fall through. We are working with some new sources to close as soon as possible, also menwhile expecting the Condo conversion approval which will make financing on the project quicker. We anticipate next 7-9 weeks to close the financing which would also mark the end of phase 1 of the project.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: We are working with our Structural Engineers to resubmit the Set.
2. Apartment to Condo Conversion: In order to raise finance, we have decided to convert the apartment project into Condo. We have already submitted T-Map to the City on June 30th and expect feedback within 30days.
3.Finance- We have been working with 2 lenders on the construction financing of the project and were in the final stages of the loan but due to the volatility in market and interest rate changes the deal did not fall through. We are working with some new sources to close as soon as possible, also menwhile expecting the Condo conversion approval which will make financing on the project quicker. We anticipate next 7-9 weeks to close the financing which would also mark the end of phase 1 of the project.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: We have received the comments from the City and our team is working on addressing the comments.
2. Apartment to Condo Conversion: In order to raise finance, we have decided to convert the apartment project into Condo. We have already submitted T-Map to the City on June 30th and expect feedback within 30days.
3.Finance- We have been working with 2 lenders on the construction financing of the project and were in the final stages of the loan but due to the volatility in market and interest rate changes the deal did not fall through. We are working with some new sources to close as soon as possible. We anticipate next 7-9 weeks to close the financing which would also mark the end of phase 1 of the project.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: We have received the comments from the City and our team is working on addressing the comments.
2. Apartment to Condo Conversion: In order to raise finance, we have decided to convert the apartment project into Condo. We have already submitted T-Map to the City on June 30th and expect feedback within 30days.
3.Finance- We have been working with 2 lenders on the construction financing of the project and were in the final stages of the loan but due to the volatility in market and interest rate changes the deal did not fall through. We are working with some new sources to close as soon as possible. We anticipate next 7-9 weeks to close the financing which would also mark the end of phase 1 of the project.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Building Permit Issuance: Our revised Structural drawin set intake is complete and we look forward to first round of comments to be received by end of the month. Upon approval of the revised set, we can pull the Building permits to strart construction.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Utilities: We have already completed the City Pole Inspection and have also got the PG&E temporary power construction date. We are also working on the PG&E pole wiring date which is expected mostly in the next week.
2. Building Permit Issuance: We have made the payment for citation with the city- Code Enforcement Department and are expecting to clear all the balance City fees & pull building permits and start foundation excavation work in next 6-8 weeks.
3. Finance: The appraisal was due this week, however the appraiser is taking to review and we are expecting it to be there by Friday post which we are expecting to close the construction financing in next 20 days.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualised Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. Utilities: We continue to follow-up with PG&E for the JT Approval. Also, we are planning on erecting 2 temporary power poles on the site as we anticipate start of construction soon. We have also working with other utility companies like SJ Water, AT&T for approvals.
2. Building Permit Issuance: Upon completion of this raise, we will clear all the balance City fees & pull building permits and start foundation excavation work.
3. Finance: The appraisal is expected to arrive by 10th of March post which we are expecting to close the construction financing in next 20 days.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualised Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 4-5 weeks to fund the soft costs ,hurry up as its already 40% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
1. PG&E: PG&E has been slow on closing the Electrical contract on this project, We have once again re-submitted set, post building approval & working with PG&E representative for the JT Approval.
2. Finance: As previously informed, we have already ordered an appraisal which is expected to arrive within 6 weeks post which we can secure financing in the next 15 days.
3. Building Permit: Upon completion of new raise, we expect to clear all the balance City fees & pull building permits and start foundation excavation work.
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As the last remaining item, we look forward to pay the City permit fees, bonds, Park in-lieu fees to get the Building Permit issued & break the grounds for construction. We are working with lenders & are reviewing quotes & timelines for appraisal of the current property. Looking forward to order an appraisal by next week which is expected to arrive within 6 weeks post which we can secure financing in the next 15days. Invest Now and reserve your space as we expect to raise $1M of preferred equity in the next 4-6 weeks to fund the balance soft costs. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow for the coming 15-30 years. |
As a milestone, we have received full Building Permit Plans Approval from the City! We are now required to pay the City permit fees, bonds, Park in-lieu fees to get the Building Permit issued & break the grounds for construction.
We are currently working with lenders in securing the most cost optimized available source of debt for construction. Also, we expect to raise around $1M of preferred equity in the next 4-6 weeks to fund the balance soft costs.
As we are close to pulling the Foundation only and building permits our Livio Building Systems team is performing clash detections,quantity calculation and IFC sets preparation to ensure error free construction of this mega project which will be built with our LGS pre-fabricated panels
We are constantly pushing PG&E for the JT design and approval on Underground transformer so that the Building set can be re-submitted to the City.
The Grading and Drainage, Improvements & Foundation Only are all approved by the City. We look forward to starting constuction, once park-inlieu, school fees, utilities fees & shoring bonds which is approx. over $1M are fully paid to the City.
1. Building Permit Issuance: We have submitted the plans to the city and have recieved some intake comments for few more deetails which we expect to be resolved last week.
3. Finance: We are working with the lender to get the terms finalized for the loan and are also working with them on the due diligence items. Also we are getting the estimate of Cash to close from the lenders for which we are raising the below funds in the form of Preferred Equity.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
We continue to follow-up with PG&E on the Electrical Set & approval on Underground transformer so that we can re-submit the Building set to the City for approval.
The Grading & Drainage, Improvement & Foundation Only Permits are all approved by the City & look forward to start construction, once park-inlieu, school fees, utilities fees & shoring bonds which is in tune of over $1M are fully paid to the City.
We received the Backflow Prevention Device Approval letter from SJ Water this week & are following up with PG&E to provide us with Electric Drawing Set. We had earlier received Gas Approved Set from PG&E.
The Grading & Drainage, Improvement & Foundation Only Permits are all approved by the City & look forward to start construction, once park-inlieu, school fees, utilities fees & shoring bonds which is in tune of over $1M are fully paid to the City.
The Grading, Improvement & Shoring plans are all approved by the City & look forward to pulling Foundation Only Permit to start construction, once park-inlieu, school fees, utilities fees & shoring bonds which is in tune of over $1M are fully paid to the City.
We further expect to receive Building permit plans approval by end of next month.
As mentioned last week, we continue to follow-up with SJ Water to get the required approval letters for plumbing plans and re-submit Building set set to the City by end of this month.
The Grading, Improvement & Shoring plans are all approved by the City & look forward to pulling Foundation Only Permit once all Permitting fees, park-inlieu, school fees, utilities fees & shoring bonds are fully paid to the City.
The Building Permit Set is now mostly Approved by the City with only last 2 minor comments in Plumbing Drawings. We are working with our MEP Engineer & SJ Water to get the required details and re-submit set to the City by end of this month. The Grading, Improvement & Shoring plans are all approved by the City & look forward to pulling Foundation Only Permit once all Permitting fees, park-inlieu, school fees, utilities fees & shoring bonds are fully paid to the City.
1. Building Permit Issuance: We are preparing for the resubmission of the structural permit set by this month end meanwhile we are working on the funds side to pull the permits from the City.
3. Finance: We are working with the lender to get the terms finalized for the loan and are also working with them on the due diligence items. Also we are getting the estimate of Cash to close from the lenders for which we are raising the below funds in the form of Preferred Equity.
Invest Now and book your spot as we plan to raise $1M of preferred equity in the next 1-2 weeks to fund the soft costs ,hurry up as its already 75% filled. This Preferred Equity series of investment will fetch you 15% annualized Preferred Return on Investment plus 10% of the net cashflow divided pro rata for the coming 15-30 years.
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The Last Preferred Equity raise on this mega-project is closing soon. Book your spot by clicking now on the "Invest Now" button. We have received & compiled the updated MEP Plans & re-submitted the Building permit set for the final approval last week. The Grading, Improvement & Shoring plans are all approved by the City & we can pull Foundation Only Permit once all Permitting fees, park-inlieu, school fees, utilities fees & shoring bonds are fully paid to the City. |
The Last Preferred Equity raise on this mega-project is closing soon. Book your spot by clicking now on the "Invest Now" button.
We are currently working on making minor changes to mechanical plans in Trash collection rooms as per instructions from the city in Building Permit set. We can pull Foundation Only Permits in next 3 weeks and start full fledged construction on site once all Permitting fees, park-inlieu & shoring bonds are paid to the City.
The 1M Preferred Equity raise is filling up quickly and only a few seats remaining! Visit the offering page to reserve your spot by clicking the "Invest Now" button.
We can pull both Foundation Only & Building Permits in next 4-6 weeks and start full fledged construction on site once all Permitting fees, park-inlieu & shoring bonds are paid to the City.
We just filled in 300k out of the 1M raise! Visit the offering page here in order to reserve the final spot by clicking the "Invest Now" button, or immediately call Kirti at (650) 567-4701!
This project- 1495 Winchester is located in the heart of the recently adopted South Winchester Urban Village in the city of San Jose.As approved, it's a 70000 sq ft, 4-story mixed use building with 46 residential units and a 4500sq ft retail space.As a recap, we have already demolished the site, the Foundation Permit is ready to be pulled by the end of this month & we also have the Building Permit package submitted to the City.
The status on current building permit are:
Permit Status: 1. Encroachment Permit (Shoring): Permit Approved. $100K to be paid for Issuance
Currently, we are raising this additional $ 1M of preferred equity, bringing the total preferred equity contribution to $3.5M. . Please follow THIS LINK in order to reserve one of these few remaining spots in the raise by clicking the "Invest Now" button.
Offerings
Investment Summary
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Offering Type |
Preferred Equity |
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Funding Goal |
1,000,000 |
|
Minimum Investment |
$50,000 |
|
Term |
Phase 1: 3 months Phase 2: 18 months |
|
Annualized Interest |
Phase 1: 10% Phase 2: 12% |
|
Equity Share |
10% |
This opportunity is about to fill out fast, so be sure to Click here in order to "Invest Now" and reserve your space in the offering. Please also feel free to reach out to us directly with any questions you have by responding to this email or giving us a call at (650) 567-4701.
Looking forward to connecting with you soon!
Thanks,
Kirti Agarwal,
Cell : (650) 567-4701
300k out of the 1M Preferred Equity raise is filled already! Visit the offering page to reserve the final spot by clicking the "Invest Now" button.
Upon completion of raise we can clear the balance permit fees to pull the Encroachment permit (for Shoring) , Foundation Only Permit for start of construction works on site.
We are extremely excited to bring out the news on Winchester that we are 6 weeks away from final building permits and have the site already demolished(pictures attached), the Foundation Permit shall be ready to be pulled by the end of this month & have the Building Permit package submitted to the City. Here we provide you an exciting opportunity to invest with us! Visit the offering page here in order to reserve the final spot by clicking the "Invest Now" button, or immediately call Kirti at (650) 567-4701!
As a recap, we have the site already demolished, the Foundation Permit shall be ready to be pulled by the end of this month & have the Building Permit package submitted to the City.1495 Winchester is located in the heart of the recently adopted South Winchester Urban Village in the city of San Jose.A 70000sqt project which is a 4-STORY MIXED USE BUILDING (46 RESIDENTIAL UNITS)- (1.5 Basement + 1 Floor Retail & Parking + 3 Floors Residential )with a 32939 SQ.FT- RESIDENTIAL , 3054 SQ.FT CORRIDOR, 1773 SQ.FT AMENITIES, 4575 SQ.FT RETAIL AND 29495 SQ.FT GARAGE.
The status on current building permit are:
Permit Status: 1. Encroachment Permit (Shoring): Permit Approved. $100K to be paid for Issuance
Currently, we are raising this additional $ 1M of preferred equity, bringing the total preferred equity contribution to $3.5M. . Please follow THIS LINK in order to reserve one of these few remaining spots in the raise by clicking the "Invest Now" button.
Offerings
Investment Summary
|
Offering Type |
Preferred Equity |
|
Funding Goal |
1,000,000 |
|
Minimum Investment |
$50,000 |
|
Term |
Phase 1: 3 months Phase 2: 18 months |
|
Annualized Interest |
Phase 1: upto 12% Phase 2: 12% |
|
Equity Share |
10% |
This opportunity is about to fill out fast, so be sure to Click here in order to "Invest Now" and reserve your space in the offering. Please also feel free to reach out to us directly with any questions you have by responding to this email or giving us a call at (650) 567-4701.
Looking forward to connecting with you soon!
Thanks,
Kirti Agarwal,
Cell : (650) 567-4701
We are pleased to launch Preferred Equity investment options for our project. A 1M raise for the project - fetching high returns, Click Here to know more!
This raise is required to pay the remaining permit fees for obtaining the Foundation only Permit to break the ground as we look forward to starting construction of foundation / basement in next 2-3 months. We are also on track for the Building Permit Set#2 submission to the City as all comments have been closed this week. We are aslo working on obtaining bids from sub-contractors for various major activities like Waterproofing, elevator, finishing, MEP etc.
We have completed the Bonding requirements & notarised Construction agreements with the City. We are getting our building plans reviewed with the city building officers to ensure compliance to all comments prior to former submission No. 2 to the City next week. We are also on track to receive the Foundation Only Permits upon payment of all permit & City fees for which we are actively raising money.
We have received the City-Developer construction agreement which we look forward to signing and notarizing and submitting to the city. We have also received performance,warranty, material and labour bonds from the city which we need to file, along with paying for the pending permit fees to pull the foundation only permit after which we can break the ground to start excavation work at site.
The city engineer is working on providing the construction agreement and bonds and we look forward to paying the final review and permit fees in order to pull the foundation only permit.
We will be soon rolling out an all new investing opportunity for our investors. The Re-submission package number 2 is compiled and is being reviewd internally and we look forward to submit the same to the city next week. We are also working on scheduling the demolition inspection on site.
We are looking ahead to secure some funds to meet the upcoming permits related fees. We have installed surveillance camera at the site and working to install temporarily power force. We are also coordinating with PG&E to close the contract on electrical, design and engineering this month.
The demolition work has been completed at site and we are working with the city to schedule inspection. The building permit resubmission track , we are working closely with our consultant to address the comments received till date.
As informed last week, we are still following up for the planner feedback on the building permit submission. The demolition work has started and we are expecting to complete it by next week. Further we will pursue the pooling of foundation only permit and start escalation and shoring work.
We are only pending feedback from building and structural department for our building permit submittal, which is expected by mid of july since they are pretty packed up. We continue to coordinate with our consultants to address the comments received so far. We have also been able to finalise subcontractors for some of the major trades and we are mobilising machineries on site to start breaking the ground.
This week we have completed site preparation activities(tree protection, fencing, garbage clearance and sign board installation etc.) prior to start of the plan of demolition next week. Also, we have received feedback from majority of the departments for our building permit submittal.
Last few seats remaining for the Preferred Equity Raise, only $ 500K left Invest Now
As Informed last week, we are ready to break ground this week and we have also cleared the abandoned vehicles on site, which means we are all set to start the demolition work very soon. We are in talk with some contractors as we are working on hiring the best contractor for grading, foundation and shoring work.
Last few seats remaining for the Preferred Equity Raise, only $ 500K left Invest Now
We received the Towing Permit from SJPD & cleared the abandoned vehicles on site ensuring a safe neighborhood to the community. We plan to break the ground next week and mobilizing our resources. Currently, we are raising an additional $ 500K of preferred equity, bringing the total preferred equity contribution to $3M to fund the final phase of Soft Costs & City fees for this Mega-Mixed Use Project.
We are extremely excited to share that we have opened another Preferred equity investment opportunity ! Visit the offering page here in order to reserve the final spot by clicking the "Invest Now" button, or immediately call Kirti at (650) 567-4701!
As a recap, we have the Demolition permit issued, the Foundation Permit shall be ready to be pulled by the end of this month & have the Building Permit package submitted to the City.1495 Winchester is located in the heart of the recently adopted South Winchester Urban Village in the city of San Jose. The large corner parcel is currently utilized to operate a commercial business, but due to the newly adopted village plan, is zoned for up to 95 units per acre. The site is located just Northeast of downtown Campbell and 1.5 miles South of Santana Row. The proposed project will be a five-story mixed-use building of roughly 65,000 square feet with subterranean parking, roughly 19,000 square feet of retail and office space , plus 46 one and two bedroom apartments above.
Currently, we are raising this additional $ 500K of preferred equity, bringing the total preferred equity contribution to $3M. We were anticipating this need for equity which is why it has been captured in the proforma from the beginning of the raise. We have started considering the offers of Debt by different lenders and will be securing it in the coming months for starting construction with a full pace and to complete the project on time. We are raising the $ 500K to fund the soft costs and city fees on the project.
Again, we currently have $2.5M out of the $3M raised, meaning that we have an additional $500k available for investment. Please follow THIS LINK in order to reserve one of these few remaining spots in the raise by clicking the "Invest Now" button.
Refer and Earn
Thanks for being a part of the Aron - Investors family. Just as you have supported us and helped us grow over the years, we continue to seek your support as we have started an exciting program for you to earn a passive income on your active investment on any of our projects as a “Refer and earn” program. Refer us to your friends and family that may be interested in investing in this opportunity. If your referral turns into a qualified investor by investing the minimum amount, you earn $ 3000 or 5% of the invested amount(whichever is higher) on every investor that you bring to the table, we will pay you an extra referral bonus at the time of investment return !
Offerings
Investment Summary
|
Offering Type |
Preferred Equity |
|
Funding Goal |
$500,000 |
|
Minimum Investment |
$50,000 |
|
Term |
Phase 1: 3 months Phase 2: 18 months |
|
Annualized Interest |
Phase 1: upto 10% Phase 2: 12% |
|
Equity Share |
10% |
This opportunity is about to fill out fast, so be sure to Click here in order to "Invest Now" and reserve your space in the offering. Please also feel free to reach out to us directly with any questions you have by responding to this email or giving us a call at (650) 567-4701.
Looking forward to connecting with you soon!
Thanks,
Kirti Agarwal,
Cell : (650) 567-4701
This week we submitted the required documents to the City of San Jose Public Works department to issue the Bonding papers & fees details for issuance of the Foundation Only Permit. We look forward to get the site Clearance for starting demolition by mid of this month.
We have the Demolition permit issued, the Foundation Permit shall be ready to be pulled early next month & have the Building Permit package submitted to the City. We are now working with lenders on construction financing & raising equity in up-coming weeks. We are closely following-up with SJ PD for scheduling the Site clearance inspection at the earliest which will enable us to begin demolition.
As planned, Building Permit package was submitted to the City which is a major milestone for the project. We are working as expeditiously as possible with the Public Works department for issuance of the Foundation Only Permit and SJPD for scheduling Site inspection to tow away all abandoned cars on the property which will enable us to begin demolition.
Our complete Building Permit package#1 intake meeting is scheduled for Tuesday, next week. We are also working with the Public Works department to complete all formalities prior to issuance of the Foundation Only Permit.
We received a go-ahead from the City of San Jose to submit our complete Building Permit package#1 as our Foundation Only Permit is set to be approved soon from the Public Works Department. We plan to submit the same by next week and on-track to Demolish the existing structure later this month & start construction.
We have received our Encroachment Permit and submitted successfully our response for environmental approval to the city & look forward to receiving the last approval on our Foundation Only Permit set from the Public Works Department.
We received approval on our Electrical Package from City & look forward to receiving the last approval on our Grading & Drainage Permit set from Public Works Department. This week we also worked on improving the Site security & following up with SJ PD for clearing the site to start with demolition work.
We have filed an official complaint with SJ PD for the clearance of site (Homeless people), so that we can start the demolition work at the earliest. As informed last week there are only two items pending to receive approval on our Foundation Only Permit - Electrical Review and Public Works Review.
We have successfully re-submitted the Grading & Drainage Package to the City which is a pre-requirement to receiving the Foundation only permit which is expected this month. Also we are on track to Demolish the existing structure and awaiting Site Clearance from SJ PD.
As informed last week, we have successfully closed all outstanding comments on the Foundation Only Permit, we are also on track to re-submit Grading & Drainage permit package. Also look forward to finalising Demolition Contract & breaking grounds.
We have received few comments from the City Electric Plans reviewer which we are working to close at the earliest in order to receive final Foundation Only Permit approval. Also, we are on following-up with our Civil Engineer & Shoring Consultants to re-submit Grading & Drainage permit package this month.
As informed last week, we have received the Demolition Permit and look forward to clear the site and break grounds this month. Also, we received approval from Building Department for our Foundation Only Permit are following with the City of San Jose for final permit. As per instructions from the City, we are on-track to submit the Full Building permit set after Foundation Only permit is received.
We have received minor feedback on the Grading & Drainage permit this week & working with our Civil Engineers to address them at the earliest. As a milestone, with support from the Office of Vice mayor we have been able to pull expedited Demolition Permit and look forward to breaking ground this month.
As informed last week, we are awaiting approval on our Grading & Drainage Package and Foundation-Only permit submission to the City. We have also obtained the J# look forward to receiving Demolition Permit. Also, as informed by the City Permit Technician, the Building Permit submission can be logged in after approval of Foundation Only permit.
We have compiled the Full Building Package & on track to submit the same by this end of month. We are looking forward to receiving the approval on our Grading & Drainage Package and Foundation-Only permit submission to the City. We have also applied for the J# as our Demolition Permit Application is under process with the City.
We have successfully re-submitted the Foundation only package to the city this week. We are working closely with our consultants & various agencies for Full Building Permit Package submission to the City in 2 weeks. Also, we have re-submitted the Grading & Drainage Package to the City. We are following up with the office of Vice Mayor for expedited Demolition Permit.
We received approval from the SJ Fire Department on our Fire Calculations this week helping us further expedite our resubmission to the City for Foundation Only permit. We are on-track for completing the Full Building Permit Package to the City by mid of this month. Also, we are working on finalizing interiors & preparing awesome 3D renders for the grand project.
This week we received minor comments from SJ Fire Department on our Foundation Only Permit package and are working with our architect on the re-submission of Foundation Only Permit. We are also pushing the Office of Mayor & City on issuing us an early demolition permit. We are waiting on inputs from PG&E for completing the Full Building Permit Package & submitting the same to the City early next month.
As informed last week, we are working meticulously with all our consultants on the re-submission of Foundation Only Permit. We are also on track to submitting the Full Building Permit Package to the City this month-end for review and following-up with PG&E for project designs & estimation.
We are excited to share some additional 3D renderings of the project.
We received the feedback on our Foundation Only Permit this week and working with our consultants to address the minor comments received from Architectural & MEP Packages. We are also looking forward to submitting the Full Building Permit Package to the City this month-end for review.
We developed amazing 3D renderings of the grand project that were just completed that we are excited to share.
We are looking forward to receiving approval on our Foundation Only Permit this month and working meticulously with all our consultants on compiling the Full Building Permit Package which is also planned to be submitted to the City this month for review. We are also working on finalising interior finishes & developing 3D renderings of the project.
We received the last set of comments from the City of San Jose this week on the off-site Improvement Plans package. We are preparing the responses to MMRP to record the environmental approval for the project. Also, we are looking forward to receiving feedback on our Foundation Only Permit by mid of Jan and hope to begin with Demolition work soon thereafter.
As a milestone, we have successfully re-submitted our Foundation only Permit and the Grading & Drainage Permit application to the City this week and expect feedback by mid-January next year. Also, we are working closely with our Consultants to compile & submit the full building package early next year.
Also, following up with the Community Development Office to receive an expedited demolition permit.
We received feedback from City on our first Public Street Improvement Plans submitted this week and will be working closely with our Civil Engineers to address the comments. We are also close to re-submit our full Foundation-Only Permit Package. Also, following up with the Vice Mayor's office to receive an expedited demolition permit.
We are on track to submit our MEP Package to the City and working meticulously with all our consultants to close all comments on the Foundation-Only permit. We are also looking forward to receiving feedback from City on our Public Street Improvement Plans next week. We are also close to finalizing consultants that are required in order to submit our first full building permit package.
We are also working with the Vice Mayor's office and with the Planning Department in order to receive an expedited demolition permit.
This week we have successfully submitted our Structural package to the city as part of Foundation Only Permit re-submission & working closely with our consultants to complete full Building Package. Also, we are on track to get the Environmental Approval for the project and are also in talks with the Office of Vice Mayor to provide an exception & help us pull the Demolition Permit at the earliest.
We have completed the Site Construction Fencing and are working closely with our consultants on re-submitting for our Foundation Only Permit and the full Building Package. Also, following up with PG&E and City Planners on early resolution of queries. We are also in talks with the Office of Vice Mayor to provide an exception & help us pull the Demolition Permit at the earliest.
As informed last week, we are working with our consultants on Structural & Architectural Package comments received last week and on-track to re-submit the packages for our Foundation Only Permit.
We have on-board Shoring & Trash management design consultants to complete with the Building Package. The Site fencing & screening to begin next week on Monday.
We have received the comments on Structural & Architectural Packages this week and working meticulously with our consultants to re-submit the packages for our Foundation Only Permit and following up with PG&E for design & engineering. We are also working on hiring Consultants for full Building Package Submission.
As announced last week, we continue to received comments from the City on our Foundation Permit Submission and we are working closely with all our consultants to address them & prepare for the first full Building Package Submission. The 3D interior renderings for common spaces are in progress.
We have received comments from multiple departments on our Foundation Permit Submission. We are also working on the first round of Building Submission with our Architect. The 3D interior renderings are also in progress and we are working on designing the common spaces.
We have received the first round comments for the Building submission and already working on it with our consultants. We are awaiting comments for our Foundation Only permit and working on hiring Waterproofing, Building maintenance & other consultants for the full package.
We are currently awaiting our first round of comments for our foundation only building permit. We are also working on putting the first of our temporary facilities in place in preparation for demolition.
We have submitted our foundation only permit package and are currently working with Public Works on the Grading and Drainage Plans and also with PG&E on seeking approved Engineered drawings from them. We are simultaneously working to model the entire structure, mechanical, electrical, plumbing, and architecture so we can, as early as possible, identify constructability concerns.
We are currently awaiting comments back from the City of San Jose on our Building Permit application. We had submitted our foundation only permit. In the meantime, we are working on our submission for the rest of the structure and also working on our grading and drainage permit.
We have submitted our building permit package to the City of San Jose. The grading and drainage permit submission is currently underway. Also, the demolition permit is being prepared for submission. In priority, we are working to onboard remaining consultants are making simultaneous efforts to receive construction costing.
We are preparing to submit our first building submission set next week. We have a preliminary intake meeting with our building reviewer set for next week. In order to optimize the rental value, we made some small adjustments to the floor plans.
The team is making strides towards submitting the building permit submission set in the next couple of weeks. We are eager to complete further design development and also begin efforts to be able to prepare for demolition and site work.
We are tracking toward our Foundation Only Building Permit application submission for the beginning of September. Our grading and drainage permit application is currently being revised and we are preparing to submit our second submission. On a day-in and day-out basis, coordination between all disciplines is taking place.
We are working on coordinating all disciplines for our Foundation Only permit submission. We are also working to resubmit our Grading and Drainage application. Due to the underground parking, shoring will be required to be engineered as a part of the grading plans which we are working on right now. The goal will be to submit the Foundation Only permit towards the beginning of September.
We are preparing for our building permit submission. All disciplines have completed their first round of design development and we are currently coordinating the drawing sets. We had a pre-intake meeting with the building department this past week where we set clear parameters for expectations for the upcoming submittal. We are targeting a date in beginning of September for our foundation only permit submission.
Mechanical, Electrical, Plumbing, Structural, and Architectural disciplines have completed their design development packages and we are currently going through and coordinating the drawing sets. We had a preliminary intake meeting with City of San Jose to clarify pre-requisites and are excited to submit our Foundation permit in beginning part of September.
We are actively working to complete our first design development set by the end of this week for review by the entire team. We are working on the landscape, structural, civil, utility, mechanical, electrical, plumbing, and architectural drawings. Our grading and drainage application is currently under review.
This week we had our first full design review with the entire team including Plumbing, Electrical, Mechanical, Structural, Civil, Landscape, and Architecture. We are targeting a building submission towards the end of the month. Our grading and drainage plans are under review and we anticipate receiving comments in the next couple weeks. Our MEP team is working towards coordination with the Utility Departments and our internal team is also working on bidding the highest risk trades to subcontractors.
We had a very productive week kicking off the design development for our 46 unit apartment project with approximately 5,000sqft of retail space. Decisions along with progress will be progressing quickly over the next month as we prepare to submit the Building Permit set to the City of San Jose. We are actively coordinating between Mechanical, Electrical, Plumbing, and Structural.
This past week, we signed our Mechanical, Electrical, Plumbing and Energy consultants on board and next week will be conducting our design development kick-off meeting.
We are working to finalize our mechanical, electrical, and plumbing consultants. We kicked off design coordination with architectural and structural and are working toward submitting to the Building Department. We are also awaiting feedback from the City of San Jose on our Grading and Drainage permit application.
We are working to finalize our mechanical, electrical, and plumbing consultants. We kicked off design coordination with architectural and structural and are working toward submitting to the Building Department. We are also awaiting feedback from the City of San Jose on our Grading and Drainage permit application.
We have signed on our structural engineer who had our first meeting with the light gauge steel manufacturer. We also conducted interviews for our mechanical, electrical, and plumbing contractors. We have started to begin 3D model coordination. Our grading and drainage plans are also under review by the City of San Jose.
We have submitted our Grading and Drainage plans to Public Works for review. We have also completed the 3D model review and are currently working to develop the model to include the major building elements. The Building Submission set is making progress and we hope to be able to submit next month.
We are currently working to finalize our Design Development team while moving full steam ahead on submitting on off-site and on-site grading and drainage plans. Our priorities are to onboard mechanical, electrical, and plumbing in that order to have a better understanding of construction costs associated with these major trades but also to finalize the design for permitting purposes.
Now that we have Planning Approval, we are working full steam ahead on preparing for our Building Permit submission. We are scheduling a call with the City of San Jose to review building permit submission requirements. We are also working to cost out the highest price tag scopes of work on the project.
On Wednesday of this week, we passed the largest milestone to date on Winchester. We officially have Planning entitlement. We are currently preparing for our building submission and just submitted our onsite and offsite grading and drainage plans. Over the next week, our focus will be making progress towards having our first round ready to submit.
We are scheduled for our Planning Directors Hearing next Wednesday. We are on the agenda as a consent item. Because we are on the consent calendar, we will only be obligated to defend the project should someone oppose it. That presentation would happen in the same meeting itself. The Director at that junction has the ultimate say in the fate of the project. Simultaneous efforts are being made towards signing contracts with consultants that will be required for building permit submission. We are also working on finalizing our grading and drainage permit application.
We are currently on schedule for April 29th Planning Directors Hearing. Concurrent to finalizing presentation material, we are working on preparing for our Building Permit submission.
We are currently working with the City of San Jose Planning department on finalizing our documentation in preparation for the April 29th Planning Directors Hearing. The meeting will be taking place over Zoom and we are hopeful that our working leading up to this, will lead to an approval.
We received the news last week that we are still on for April 29th Planning Directors Hearing. The hearing will take place over video-conference. We are working to clarify remaining small concerns for Planning in preparation for the hearing and simultaneous to that working with our consultants to submit our Building Permit set.
We have provided the City of San Jose with the required documentation they have requested in the preparation for our Planning Directors hearing. It has yet to be determined how they will be conducting hearing given the extension of the shelter in place. As soon as we have an update we will inform our investor and network base.
We are currently on schedule for Planning Director's Hearing on April 29th. As of this moment, we have not been told that our date has shifted due to the City of San Jose shut down as of right now. We have revised the plans to reflect no re-zoning in order to avoid having to go to City Council hearing. Over the coming weeks, we are also hoping to make significant progress towards a Building Permit submission.
The Negative Declaration has been recorded for our Environmental Review. We have been given a date of end of April for our Planning Directors Hearing pending submittal and review of minor correct items from our Planner. We are working on making corrections and preparing for building permit application.
We received the news yesterday that by making minor modifications to the parking, we will be able to expedite the project approval cycle. Instead of going through both Planning Commission and City Council, we may, pending final authorization from the City of San Jose, be permitted to only be heard at Planning Director Hearing which would save significant time in the entitlement process. We are working with the City and our consultants to finalize the course of action.
We are currently awaiting our Planning Commission date from the City of San Jose. The CEQA process along with Negative Declaration has been prepared. We have provided our Planner with the necessary information she needs in order to prepare the agenda.
Our CEQA Environmental Review was completed this Thursday. We did not receive any major comments. We are working to quickly implement feedback and provide back to the City of San Jose for use in Public Hearing.
The circulation period for our CEQA Initial Study is set to be completed next Thursday. To date, we have received only one formal response to which we have already replied. Concurrent to awaiting for the public review, we are working with our Planner to satisfy her remaining comments.
The circulation period for our Environmental clearance is underway. There is a 20-day public noticing period that is required prior to being heard at Planning Commission or moving forward with Building Permit applications.
On Winchester we have completed our environmental review with the city and have been granted a negative decleration paving the way for setting our city council hearing. We now are working with planning staff to prepare materials for the presentation and set our hearing date.
Conditions of approval of initial study are circulating next week starting Tuesday. We are simultaneously working with planning staff trying to get as soon as possible public hearing dates.
The city of San Jose has completed their edits of the CEQA document and we are awaiting public works approval to complete the environmental review process. We expect to receive this early next week. We will then get on schedule for our city council hearing.
Planning staff has returned from vacation and are completing their final CEQA review. This will be circulated, and revised if neccessary based on their comments, before the process is complete and we can schedule our Planning Commission hearing.
Planning staff was off the last couple weeks due to the Holidays but we are eager to learn the status of our CEQA document. We have been told that we can expect to hear about our expected circulation date when they return from break. After circulation, there is a revision time, followed by being put on Planning Commission schedule.
We are still awaiting the environmental review to complete. They have told us that we can expect for review to be completed mid-January. We will be working with our Councilmember and our assigned Planner to try to push the project through in order to be heard at the Planning Commission as soon as possible.
On Winchester, the City of San Jose confirmed today that they will incorporate all necessary changes to our Initial Study. This will eliminates any future review cycle. They anticipate sending for public circulation early next year. Upon completion of the 20-day review period, we will need to incorporate any changes prior to being put on Planning Commission.
On Winchester, we resubmitted our initial study for environmental review to the city and they will be completing their review over the next few weeks. We are pushing hard to stay on our schedule for planning commission early next year.
In the meantime, we are sending out bid packages to collect proposals from various trades across the project.
We are working with the council member staff and planning to complete the environmetal clearance process. This is preventing us from being put on Planning Commission agenda. We hope to have this turned out within the next few weeks.
We are working to complete the CEQA process with the City of San Jose. While there is steady progress, environmental clearance has been very challenging. We are having to redo the Air Quality and Noise study and will be pushing hard this week.
On 1495 Winchester we have a meeting next Tuesday with planning staff to discuss the timing of our planning commission hearing. We also are working with the environmental department to ensure that all of our CEQA documentation is prepared for the hearing.
We are working on Design Development with both the structural engineer and the mechanical, electrical, and plumbing designers. We are eager to receive our Initial Study approval to be put on Planning Commission agenda.
Our environmental consultant is still waiting on City of San Jose Environmental Department to send their comments. Our consultant will turn around promptly back to City and at that point City should be able to start the initial study process which is a pre-condition to being put on planning commission agenda.
We are getting final comments on screen check copies. We were told they were sent to the consultant today. We will be re-submittig the final copy early next week and were promised a quick turn around by the city.
The environmental department is requesting another edit to the initial study report. Our consultant is working on revising it and submitting it next week. Envionmental clearance continues to be the last item preventing us from being put on the planing commission/city council's agenda for approval
We are waiting on the environmental department for their approval of impact of eliminating office story from the project and bringing residential units lower and closer to the retail floor. We are expecting to receive approval next week which will enable City to start Initial Study to be circulated.
The team made some excellent progress this week with receiving conditions of approval from Environmental dept at San Jose and promtly turning it around. We are now waiting for Initial Study to be circulated.
We learnt that the TDM plan is approved. We recently had our project reassigned to a different Environmental Planner who will be sending the conditions of approval hopefully next week. At that point the CEQA documents will be circulated. And upon that, we will be put on Planning Commission agenda.
We are currently working with City Council Member's staff and Environmental Department to get the project be put on planning commission agenda. The City is telling us they are busy and the earliest we might be on Planning Commission Agenda is November. We are trying to push hard to be on Agenda sooner.
The project is fully submitted to City of San Jose. We are waiting on couple of approvals before Planning Staff can put us on Planning commission agenda.
The project is fully submitted and the Planner is waiting on 2 internal reviews before we can be put on the agenda for public review / planning commission a. Traffic Demand Management plan b. Environmental Report.
We submitted the final set of plans to the City of San Jose. Now we are waiting on them to schedule us for the Planning Commission and Public Hearing.
We completed photo simulations of the final design of the building. THese will be used for both CEQA and Planning Department purpose as we prepare for Planning Commission and public hearing.
Architect has completed incorporating Renderings and TDM plans into submittal set for the final review of City Planning Staff and to be sent to Planning Commission and City Council Agenda. It will be submitted early next week and we will work with City to get it on agenda ASAP.
We updated the design to change few elements on the exterior of the building. We also added providing a ride share spot on thep property for a service like GetAround and also shared bike service e.g. Lime. We have support from City of San Jose Staff as well as from Vice Mayor's / Council Member.
We are working to satisfy the City Council Member and Vice Mayor's concern of addressing traffic congestion issues. We have reached out to rideshare programs - Lime to incorporate bike sharing and GetAround to provide a parking spot for car share services.
Met with Vice Mayor's staff in order to receive their support in the upcoming City Council meeting. Agreed to making two minor exterior facade enhancements to improve the aesthetics based on their feedback.
We now have support from the Council Member on the Traffic Demand Management (TDM) plan.
We have been working with the vice mayor's office to get the support for the project in its current state. Also the City Staff is wrapping up the review of environmental report that was submitted. We are trying to be on schedule for August.
In response to our 4 story revision that we had submitted to city a few weeks ago, we have recieved all clear from Public works. There are a few clarifications and comments on the elevation we recieved and we are working on making those changes and re-submit by next week.
We completed our analysis and intelligence on the possibility of adding a residential floor and therefore more apartments, however we believe this would cause an year of schedule slip and bring lot more uncertainity to the project. Hence we are going forward with the existing project of 46 apartments and 1 story of retail with 1 story of underground parking.
The project is submitted to the city and we are waiting on unofficial support from the city council member's office for the project as it is.
We worked with our council member's office to explore the possibility of adding more apartments on the project by adding a floor back to the property. This will increase the profitability of the project.
We worked with our architect to add 4 more parking spots to the plan in order to get closer to City of San Jose's demand to improve our TDM plan. We are submitting those changes to city today. We are also working on getting support for our TDM plan from our City Council Member ahead of the Planning Commission and City Council meetings.
Yesterday, we submitted the plans to the City of San Jose for the revised project with no office floor and elimination of 1.5 floors of underground parking.
We are negotiating with city on their demand to provide subsidized public transit passes by offering to create 3-4 more parking spots.
We are workin with our consultants to submit the revised plan to all the various agencies in the City of San Jose. We are pushing hard and hope to be able to submit next week.
We have reviewed the revised project with the City of San Jose Planning Department and have support from them for the new project. We are targeting a formal submission to all government departments within next 2 weeks.
The team is working on the revised submital set for the new building design. We expect to finalize the plan and re-submit in 3 weeks.
As a reminder, in the revised plans, there will be elimination of the earlier required office space, as well as the associated parking. This will cut down 1.5 stories of underground parking. Due to this change, project will be delayed by roughly 6 months. However, in our judgment it is the right thing to do because it cuts down the construction cost, and timeline significantly. Also, it eliminates the risk associated with renting out office spaces. The office space included about 12,000sqft. Eliminating 12,000sqft will bring out commercial square fotage to approximately 8,000sqft, or 60% lower than our previous plan.The residentials units will remain three stories bringing the total building to 1 retail/active use commercial space with 3 levels, 46 units, of apartment above.
We are submitting to City of San Jose for the 4th round of Planning/Review sign off on Monday. We also wanted to let you know that there has been a major change in City of San Jose's Winchester Urban Village Plan which could result in significant cost savings. There is a chance that we can eliminate the entire office floor and associated 60 parking spots or so and hence not just reducing the construction cost but also reducing the pressure to rent out the commercial office spaces. We will keep you posted!
We are currently on course for Planning Commission hearing in June. In order for that we are submitting 4th round for final sign off from all agencies. We are starting structural engineering and bid out process for construction.
We are working on parallel tracks in order to get to Planning Commission. Environmental clearance is required and we are working on turning around the last draft prior to public circulation period. In addition, we are working to incorporate any remaining feedback from Public Works or Planning prior to the hearing to ensure we are going in with full staff support.
Our community hearing was this past week and overall went well. This is the first milestone in being heard at Planning Commission. We are currently working to incorporate small pieces of feedback from the community and working to get Environmental approval in order to be put on the Commission agenda.
On Winchester, we have received our final round of feedback as it relates to the planning process. We will be working over the coming weeks to incorporate the planning departments recomendations so as to put us in the strongest position possible heading into our community meeting (March 4), as well as planning commission and city council hearings.
We are now on what we hope to be our final round of feedback from the San Jose Planning Department. We will be hosting our official Community Meeting in early March and will quickly after that be heard at Planning Commission. Once we have Planning Commission approval, we will be put on the agenda for City Council.
We have submitted our second round submission to the city based on the feedback we received from our first submission. We are going back out for hard bids based on revised construction numbers and optimizing the building design. We still have a ways to go before reaching planning commission meeting and public hearing.
The environmental review is making progress with the City of San Jose and we are currently exploring the most efficient parking design. We are working to complete the analysis prior to re-submitting to the City of San Jose.
We have received the first round of feedback from Planning. The largest items are related to setbacks and parking requirements. We are working with our consultants to address all items and will be submitting back to Planning by the end of the month.
Last week, we received comments back from the City of San Jose. We have a meeting set with Planning Staff for next Thursday in order to discuss our project design in order for our design team to have the best understanding of what City of San Jose is looking for in our next round of submissions. In the meantime, we are working to finalize our design development consultants and selection of general contractor.
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