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.<br/><br/> 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.
Aron Developers Inc. is a technology driven Real Estate Development company. We started in 2013 with the mission to revolutionize real estate development by using best in class software tools or build our own software tools in the four core areas of our business - acquisition/diligence, capital formation, operations and sales.
We had a meeting with Public Works in regards to our revised site layout which was extremely productive. We also had all other departments there who were able to give valuable insights on ensuring our submission is complete. We are working with our architect, civil and landscape to prepare our third submission to the city next week.
We have completed our revised architectural site plan in tight coordination with the City of Fremont, planning staff. We will be working with our Civil Engineer to revise their plan in order to review with Public Works prior to working on design development on the rest of the drawings. Due to the change we are making of attaching the units into 3 buildings, we will avoid having to go to City Council.
On Central Ave, we received clarity on the two open items that came out of our meeting with planning last week. Great news is we do have planning staff support for a reduced setback along Argyle, which is significant for achieving the unit sizes we would like to along that frontage. We received our updated site plan and CAD files from our Architect today (see attached), and are going out to consultants for revisions on civil and landscaping in order to resubmit as early as possible in January. Once submitted, we will be driving full speed ahead to achieve planning staff full support in order to schedule for planning commission hearing.
On Central Ave, we have made several significant updates to the site plan based on planning feedback. Most notably, in order to avoid city council review, we are attaching the units in 3 separate clusters of homes. There will be two triplexes and one fourplex. We are meeting with engineering in order to implement any final changes before our final submission.
Based on our revised plans, we are seeking planning staff support in order to move ahead to planning commission hearing.
We are working closely with the city of Fremont to gain clarity on their second round comments. We have a meeting with staff on Wednesday of this week where we will be presenting the deviations which we are requesting in attempt to get their blessing. We will be presenting multiple options to increase our chances of getting a very direction from the city.
We are preparing for the follow-up meeting with Planning and Public Works. By working closely with the plan reviewers, we are hoping to help minimize future critics. There have been many staff changes on our project which has led to some inconsistencies in feedback that we are hoping to gain clarity on prior to this third submission.
We had two meetings with Planning and Engineering this week. We are working through response to their comments right now. They have concern over the Right of Way area and also the deviation between buildings we are requesting to keep them as duets.
We had a meeting today with staff to discuss project status and design elements. As a result of the meeting, we are making minor architectural changes to the elevations, changing the front door locations on the units so they face Central Ave, and also working to change the colors of materials. We will be having a following up meeting next week with the Engineering and Planning staff prior to resubmitting our plans.
We are still waiting on the comments that were due to us from the city of Fremont on Oct 18. At this point City of Fremont is 2 weeks late in responding back to us from their commitment. We are repeatedly reaching out to them via phone calls, emails as well as in person visits and trying to receive the comments ASAP.
We are expecting to hear comments on our last submission by end of day today. We are not expecting any major surprizes and should be able to move to the next round shortly thereafter.
We are still waiting on receiving feedback from the City of Fremont. Our expectation is to receive it sometime next week.
We are waiting on the City for the feedback at this time. We are working on exterior renderings. Also selecting structrual engineer for the project.
The team submitted the 2nd round planning submission set this week. We are now waiting on the feedback which should take about 30 days. The team will internally work on renderings and budgets.
Over the last several weeks, the team has iterated over different layouts of the project and finally the team is ready to submit a version of plans to the project that meets the requirements of various agencies. We expect the submittal to be early next week.
All of our consultants are busy completing the formal submission sets and we expect to submit for the 2nd round of review by end of next week.
We are still waiting on Public Works review of our submittal addressing their previous comments. In anticipation of positive outcome as well as in order to move the process forward as quickly as possible, we have authorized all the consultants to prepare the formal submital set.
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.