356 Cypress Ave is located on one 10,001 sqft parcel in San Jose. The lot is zoning approved to build 4 small single family homes in a court-home configuration. The project is a short distance from Hwy 280, 880, Santana Row and Valley Fair Mall. The project comes under the jurisdiction of the City of San Jose for planning and building department approvals.
The proposed new homes will be detached two-story single family homes designed for the tech professionals looking for their first or second home. We believe that the demand for this type of home will remain strong in the foreseeable future based on the housing inventory, the lot's proximity to night life, entertainment, shopping and most importantly, to major employment centers in the South Bay like Apple, Google, LinkedIn and Amazon. The construction cost for this type of home is considerably lower, and we are able to acquire it at a great price. Lastly, the plans are zoning approved by city council which substantially reduce the risk of the project.
Three of the four homes are in non-contingent contracts, and we are pushing hard to get the last home sold. The long pole in the project continues to be PG&E as we are awaiting final installation of electrical and meter set for all four homes. We have escalated to and are working with a senior project coordinator to ensure this gets completed as soon as possible.
We are currently awaiting PG&E approval prior to backfilling the trench down the middle of the driveway. PG&E timeline is currently the longpole in the project. The interiors are nearing completion with the finishing touches underway.
The four homes are now in the final stages on the interior with primarily punch-list items remaining. On the exterior, we are working on utilities and will then lay pavers for the driveway and complete the landscaping.
The homes are now almost complete. The majority of the work that remains is related to the utilities and the site work. We are currently working to grade the site and to begin PG&E work. We are also waiting on the scheduling of SJ Water to install permanent water service for the four homes and irrigation. Currently, San Jose Water and PG&E are the long pole in the completion of the project followed by occupancy and closing of three of the four homes.
On the exterior, paint is complete on two of the four homes, along with gutters and windows/doors having been installed. On the interior, cabinets and counters are installed and all tile work is now complete.
Upcoming taks are interior paint getting completed followed by flooring installation. We are about to begin site work including site concrete, utilities and drive way.
Our target date to close escrow is late April. The long poles remaining to complete on this timeline is PG&E and San Jose Water
The windows have been installed and the building paper/lath has been installed. On the interior, the rough-in of the mechanical, electrical, and plumbing have just completed. We are awaiting the installation of insulation prior to installing drywall.
Roofing is now complete and the windows and doors are installed. The mechanical, electrical, and plumbing rough-in work will be complete in the next couple weeks. The exterior lath and interior drywall will be worked on after rough-in is complete.
Roof trusses are installed and the sheathing is nearly complete. The rough-in for mechanical, electrical and plumbing is now underway.
The four units have now been sheathed, interior stairs have been built, and we will begin installing roof trusses next week. Once roof truss installation is complete, we will sheath, install windows and doors, followed by completing rough-in of mechanical, electrical, and plumbing.
The framing of all the walls are complete and we are pushing the delivery date of the trusses in attempt to have them installed next week. As soon as we are fully framed, we will be sheathing the roof and completing rough-in of mechanical, electrical, and plumbing.
Framing for the first floor is making progress. We are still aiming to have the first floor framed next week and will soon after begin framing for the second floor. As our update indicated earlier this week, we are in contract on one of the four homes. We are actively marketing the remaining three.
The four foundations and garage slabs are now poured. The framing crew is now working to layout walls. The objective is to have first floor walls standing 10/24. We are also working closely with the listing agent on the property. We are excited by the early interest we have, and with disclosures now complete, will begin accepting offers.
Ahead of our projected schedule, we are on pace to pour the house slabs this week. We will then pour the garage slabs followed closely by the commencement of framing.
Underslab plumbing is now complete. Base rock and waterproofing is making progress and we are currently a few weeks away from pouring the slabs.
The other listings can be found under 358, 360, and 362 Cypress.
We have some great early interest that we are hoping will cultivate over the coming months. Regarding the construction, foundation layout is in progress and will be working on plumbing and electrical trenching next week.
The site is currently being prepared for concrete work. We are working with the General Contractor to tabulate bids from Subcontractors. In addition, we are working with the Architect and Structural Engineer to make multiple plan modifications that were discovered as Value Engineering options during the bidding process.
Grading work is currently in progress and should be wrapping up shortly. Starting next week, our goal will be to have the concrete contractor begin work on forming the four slabs.
Demolition is complete and we are importing soil to begin rough grading. Rough grading and subsurface preparation will take place all of next week.
Demolition is complete. This coming week, we will be pulling the Building Permit and beginning rough grading. The marketing material is complete and can be viewed here: https://www.arondevelopers.com/properties/360-s-cypress-avenue. We will be working closely with the listing agent over the coming weeks to prepare a go-to-market strategy.
We are waiting on Public Works approval prior to pulling the building permit. All material selections have been finalized with our Interior Designer and Listing Agent. Next week we will start to produce renderings in preparation to bring the homes to MLS for presale.
We resubmitted the Final Parcel Map to Public Works last week and are eagerly awaiting their review. Public Works will be the last department to sign off. Finish material selections are almost complete and will be reviewed with the listing agent mid-June so we can start interior renderings and complete disclosures in preparation to list the homes.
Site remediation is complete, site staging is complete, and finish material selection is in full swing in preparation to break ground. We are still waiting on Public Works approval as the last stage to being able to pull the building permit.
We have received approval from the Building department at the City of San Jose and are currently just waiting on Public Works, Planning and paying fees before we can pull the building permit. Remediation, fencing, and temporary utilities and facilities were mobilized on-site this past week in preparation to begin construction as soon as the building permit is approved.
We have received City of San Jose's comments and responded to them. We have resubmitted and are awaiting comments.
We have almost completed responding to the City of San Jose's Building comments. We are aiming to resubmit early next week. Contractors are bidding on the project and we are working to finalize interior finishes.
We received the Building Department comments back from the City of San Jose and are currently working with our consultants to address. We are still waiting on comments from the other departments. We have made good progress on addressing their concerns to date and are hopeful to resubmit as soon as we have all comments back.
We are eagerly waiting to receive first round comments on our building submission by the end of this week.
We have also submitted for the final parcel map approval and recording with public works.
In the meantime, our team is working to prepare the material selections for the interiors so we can hit the ground running with marketing material.
We are currently preparing for Public Hearing that will take place January 25th. We have finalized the Architectural Plans and have submitted the full building package for review with the City of San Jose.
We heard from the City of San Jose and have Public Hearing scheduled for January 25, 2017. We are currently working to reach out to neighbors and prepare presentation material, including exterior renderings. Our team has been preparing all building submission material in parallel.
We received comments back from Public Works and have been in close communication with our assigned Planner. Our next milestone will be to complete design development and to be put on the schedule for Public Hearing. We have also completed updating our exterior elevations and have finalized the floor plans. Both our listing agent and our contractor have been very active in this effort in order to keep a close eye on the return on investment.
As we wait for City of San Jose comments back, we have finalized the floor plans and our Architect is currently working to revise the exterior elevations. We are also making great progress bidding the project out to Contractors.
Our team is currently reviewing the floor plan and elevations in order to best capture the buyer pool we are looking for. We are also working with contractors currently to value engineer the design, while still in design development phase, in order to come up with the most optimized plan prior to even breaking ground.
We have submitted our response to the first round of comments this week to the City of San Jose.
We are happy to announce that we have closed purchase escrow on 356 Cypress. We will be submitting response to 1st round of comment to the city next week.
We are currently waiting on receiving first round feedback from public works, fire department, planning and other agencies. We expect to receive this feedback by mid October. We negotiated with the seller to extend the close of escrow date on the purchase of this property to October 14, 2016. We have the capital lined up to close the escrow on time.
We submitted tentative map application and Planning Development permit application. We will get first round of feedback in 30 days. We are working on securing acquisition loan for the project. The purchase contract will tentatively close by end of this month.
Our architect has finished a first draft of the proposed plan. We will submit the plans for plan development permit as well as tentative parcel map approval to City of San Jose next week.