1. Building Permits: Our journey towards obtaining those elusive building permits is progressing seamlessly, like a well-coordinated operation. With valuable feedback from the city in our hands, we are now on the verge of securing those coveted permits. To ensure a smooth process, we are closely collaborating with our financial partner to gather the essential $15K required for plan check fees. This financial support will serve as the catalyst that keeps the permit process running smoothly, ensuring we get the green light.
2. Final Map: We have received valuable input on the initial draft of our final plans. A synchronized team effort phase, where our legal experts, engineering experts, and joint venture consultants are all working together in perfect harmony. We are taking the feedback we've received and using it to enhance the plans to a higher level of excellence. Through this united effort, we are ensuring that the Final Plan meets all legal and technical standards, making it the absolute best it can be.
3. Finance: We have reached a significant financial milestone by successfully refinancing the Central loan. Our primary goal now is to secure a $500K Interest Reserve, which is crucial for efficiently managing interest payments and strengthening the financial stability and sustainability of our project. Our team is fully committed to achieving this vital objective.
4. Sales: We have devised an alternative strategy for selling this project, and we are actively searching for a qualified broker who can assist us in its sale. We are reaching out to multiple brokers and are considering listing it on MLS next month as part of our creative approach to finding the right buyer.