Development UpdatesWe are working diligently toward closing on the equity and debt financing in March 2012. We have a very good development team, the primary players of which are as follows: (i) Developer – TBLF, LLC; (ii) Civil Engineer - Summit Consulting (Hillsborough); (iii) Architect – Tise-Kiester (Chapel Hill); (iv) General Contractor – KMW Builders (Greensboro); (v) Construction Lender – Carolina Bank (Greensboro); and (vi) Investor – RBC Capital Markets (Charlotte). Negotiating construction contracts, loan documents and equity documents is not the most exciting aspect of development, but nothing happens until it is done. Eno Haven We are slowly but surely leasing up Eno Haven. As of the end of September 2011, we have 47 very happy tenants, but we still need another 29 to become fully leased. With the fall weather, we plan to give the lawn a major treatment so that the residents can enjoy it more. Hampton Pointe We promised the Town of Hillsborough that we would perform a noise study and thereafter design the buildings and playground so that the residents would not be disturbed by the noise emanating from the traffic on I-85. Now that the noise study is complete, we are moving aggressively with our architects and engineers to complete our plans and specifications for the buildings and grounds. While the general public is unable to see any activity happening at the site, we are very busy working behind the scenes to finalize our design drawings so that our general contractor can bid out the project this fall. We expect to close on the land and commence construction in March 2012. The construction period will last for over a year, and we expect to commence pre-leasing apartments in February 2013 with the first move-ins set for June 2013. |
