Project: 10 Units @ 4170 Central, Fremont

Overview

Lot Size
19461 sqft
This common equity raise is for the acquisition, entitlement and build out of our new development in Fremont, CA (4158 & 4170 Central Ave.), which is comprised of 10 3-story townhomes in the heart of Fremont. The project consists of two separate parcels, each with a single family house on it, which we are stitching into one buildable site to take advantage of the higher density allowed by their zoning designations. The site is located on Central Avenue, one block off of Fremont Boulevard and less than half a mile from the Centerville Station, which services Amtrak's Capitol Corridor and the Altamont Corridor Express commuter rail. The property is also located about 1 mile from The Crossroads Shopping Center, one of the largest in the city, as well as 2 miles from Bart.

We have completed our initial due diligence on the project and are now moving forward to submit our full planning and building applications and close escrow by the end of May. Each of the units will be roughly 1800 square feet with a two car attached garage as well as 4 beds/3 baths. The term of this investment is roughly 24 months, in which time we will entitle, build out, and sell all 10 homes.


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We have been working with the city planner to get their buy in on whether the project should be submitted as planned development or as existing zoning with a variance. We are also waiting on feedback on public works.
 

We have been waiting on the City Public Works official to confirm that our design changes to address their comments are satisfactory. We are following up with them and hoping to meet with them early next week along with Head of Planning at Fremont to ensure their support for the project.

 


The team met with City Planning Staff, received the feedback and the feedback was incorporated by architect and civil engineers. We are waiting on another review from Public Works early next week (who has already provided extensive feedback earlier and we have incorporated it already). We are hoping for a quick approval and if that happens, our team will quickly formalize the documents and submit for a formal review, round #2. 


Our architect and civil engineering team has worked to incorporate all the feedback so far from City Public Works staff and have sent it back to them for review. We also are trying to setup a meeting with Head Planner early next week to make sure we have their feedback or hear any concerns from them on the latest version of the plans.


The engineering team is working is close loop with the City Staff to ensure the comments from 1st round are addressed completely and to the satisfiction of City Staff. We are targetting to do a formal resubmission for round 2 by end of next week.


We received comments from various agencies at City of Fremont. The biggest concerns came from Public Works who requested larger setbacks from the streets. Our architect has already provided a revision to the concerned person and we are working diligently to address Public Works concern before we submit formally to all agencies.


The team met with the assigned Planner  for the project. Currently the City Staff is reviewing the submitted plans and will provide feedback on 19th. There is a meeting setup for July 19th at City of Fremont to review the comments.


We got our planner assigned to the project and the project review is scheduled to be completed by july 19.  we are also scheduling a meeting with the assigned planner next week to get early feedback.


We are still awaiting the planner to be assigned and recieve first round comments in 3-4 weeks.


We got  the updated plans from the Civil Engineer and we completed the submition to the City of Fremont.

We are waiting for the feedback from the city within 30 days.


Team is ready with the submittal to the city of Fremont. We will be submitting on Monday.


We received the exterior elevations and plans from architect and provided feedback. The team is working hard to meet the June 14th deadline to submit first round planning submission to the City of Fremont.


Today, we completed the purchase of the two parcels for our Fremont project. We also hired the civil engineer and the team is on track to submit the first round of submission to planning department in June.


Our architect has put together the site plans, floor plans and elevations. The team is reviewing and will provide feedback shortly. Also the civil, landscape and other consultants are working on their parts for the first round planning submission. We are targeting to submit in the next 4 weeks.

 


Topographic Survey was completed on the property and the architectural work is beginning.

We are working on hiring the Civil Engineer and other Consultants.

 


We have signed the architechtural as well as topographic survey contracts. The topographic survey has been schedulued for next week

We are working on closing the purchase escrow on 5/30 and are working on raising the capital in fund 2. We are also finalizing the lender for the 1st loan on the property.


We are at the last stages of our diligence and have removed all the contingencies on the project. We are also about to finalize an architect for the project and expect to do our first submittal of the 10 unit plan  to the planning department in 6 weeks.


We have met with the planning staff and various govt. agencies at the City of Fremont and have strengthened the possibility of 10 homes project on the site. We also eliminated the risk of the site being historical, hence the structures can be demolished. Currently  we are focusing on finalizing the architect at which point we will go full speed ahead with putting together the planning submission set.

Stay tuned!!