This common equity raise is for the acquisition, entitlement and build out of our new development in Sunnyvale, CA (475 N. Fair Oaks Ave. & 585 and 595 Columbia Ave.), which is comprised of 18 3-story townhomes in the heart of Sunnyvale. The project consists of three separate parcels, each of them with multiple units, which we are stitching together into one buildable site to take advantage of the higher density allowed by their zoning designations. The site is located on the corner of Fair Oaks Ave. and Columbia Ave. which is right off of Maude Ave. and just across 101 from the Sunnyvale Google, Amazon, Lockeed Martin Campuses, among others. The property is also located 1 mile from Downtown Sunnyvale and the Sunnyvale Caltrain Station!
We have completed our due diligence on the project and have removed contingencies on all three parcels. We have an extended close of escrow on all three properties, so are now moving full speed ahead to complete entitlements, receive our building permits and break ground on construction. Each of the units will be roughly 1900 square feet with a two car attached garage, 4 beds/3 baths, as well as a roof top deck! The term of this investment is roughly 24 months, in which time we will entitle, build out, and sell all 18 homes.
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We had a meeting with different departments and agencies and had a sucessful outcome that we were able to find a site plan with the possibility of not comprimising a unit on the project. We have submitted into the city and are waiting on their feedback.
This week we completed another quick iteration with the City on the Site Plan. The architect made several changes to the site plan to address the concerns of the City Planner as well as Waste Management. We provided the revision to the City and received their comments. Unfortuantely, city is still pushing back on our design.
We have an in-person meeting scheduled with the City Staff on Monday and we are hoping to come to a resolution.
Earlier this week, we met with City Planning Staff to discuss their feedback on trash enclosure, street curb cut locations, amongst few other issues. Today afternoon, we received feedback from city pushing back on our proposal and asking us to reduce the unit count from 18 to 17. We are planning to pushing back and try to find other solutions to address City's concerns.
There has been several iterations over last couple weeks with Waste Management Department about the size,location of trash and recycle contrainers and serviceability of them by Waste Management Department. The team is working hard to get the buy in from City of Sunnyvale while balancing several other constraints. We will continue to work internally as well as with City Staff next week to arrive to an acceptable resolution.
The architect has completed a revision to the Site Plan that was needed to address Waste Managment's requirements and we are waiting on feedback from City. Upon the satisfaction of that department, our team will revise the plans and resubmit formally for round 2. Target is end of next week.
Our architect incorporated the feedback from various agencies and sent a revision back to City. The agency with most concern was Waste Management and at the moment we are still negotiating an acceptable solution for the Waste Management department. Early next week, we will turn around to the City again and try to get the buy in from the Waste Management. At that point, our consultants can submit to all agencies for round 2 of planning.
Our team met with several agencies at City of Sunnyvale yesterday and reviewed the first round of comments that were provided to us. Based on the feedback, we are having to adjust the site plan to accomodate the needs of the Waste Management Department. We expect to resubmit plans to the city in next 2 weeks.
City of Sunnyvale provided feedback after their review on Wednesday. We are working with consultants to review and turn around the comments within next 2 weeks.
We are waiting on citys comments on July 3rd. At that point we will work with our consultants to incorporate the feedback and re-sumbit to the city within 2 weeks.
City of Sunnyvale has set the review and comments date to be July 3rd. We are scheduling our consultants to promtly incorporate the feedback and re-submit to the city within 2 weeks.
The City assigned us a Planner. We are waiting on City of Sunnyvale for the feedback. The Planning Review Committee date is set to July 3.
City of Sunnyvale assigned us the planner for the project and set a feedback date for July 3rd. We are trying to work with city to move in the date to June 19th. Otherwise, we will need to wait till July 3rd for their feedback.
Yesterday, we submitted the project application for the 18 home project to the Planning Department at City of Sunnyvale. This was a major milestone with several consultants working hard to meet the date and our operations team tightly coordinating the submittal.
We are now waiting for the formal feedback from various agencies at City of Sunnyvale and are expecting it in mid of June.
We are getting all set to submit the first round planning submission to City of Sunnyvale tomorrow Friday 5/24/19. We have set this target date a month ago and it was an aggressive goal requiring multiple consultants to do their parts on time while closely coordinating their work with each other. We are happy that team was able to pull it off. The team is working on submitting some technical reports over the next few days. We will be waiting on City of Sunnyvale feedback on our submission.
We are getting ready to submit the first round planning submission to City of Sunnyvale. All consultants are busy wrapping up their respective pieces. Please see attached elevations for the buildings.
We are getting ready to submit the plans to city of Sunnyvale planning department on May 24th. We are completing technical studies currently.
We iterated the site plans and the unit layouts with the architect a few times and have provided the updated the site plan and the building layouts to the Civil Engineer, Landscape Designer and other Consultants. Every resource is working on their respective pieces for a target submittal date of May 31st The floor plans are finalized and units will have the following:
2 car attached garage, 1 large den with a half Bath on the 1st floor.
Large living area and Kitchen with a half Bathon the 2nd floor .
3 Bedrooms and 2 full Baths on the 3rd floor.
Roof top deck.
We are proposing 18 home project in Sunnyvale - 3 stories with attached 2 car garages, 4 bed, 3.5 bath and roof-top decks (preliminary site plan attached): We have hired the Architect, Civil Engineer and a Landscape Architect for this project. We are also working diligently with several consultants to put together the 1st round planning submission by end of May.