2019 3rd Quarter Development Update
Our targeted Health & Wellness/Medical tenant mix for the lower commercial levels, which is also consistent with the historical use of the existing (former Medical Arts) building, is yielding very significant interest. We have sold 3 commercial units, and our listing agent Colliers is engaged with several serious prospects. Now that the buildings are nearing completion and fixturing timelines are apparent, interest in the commercial space is intensifying.
Suites are sold out, except for a handful retained, with a significant equity gain expected for purchasers upon occupancy, due to our early pre-sale program and ensuing general market price increase.
Existing (North) building:
Delivery of windows (delayed due to aluminum curtainwall fabrication bottlenecks) is now well underway. Annex building addition structure is complete. Electrical, plumbing, fire systems complete.
New (South) building:
Structure complete, all concrete poured, crane being removed. Framing of suites 90% complete. Electrical, plumbing, fire systems well in progress. Electrical Unit substation in place. Roof complete with planters and landscaping/rooftop elements underway. Commercial canopy complete.
Construction financing is running seamlessly.
The Wade is on budget and, due to curtainwall delivery delays, scheduled for a March 2020 occupancy permit. The project’s financial profile and projected profitability remains unchanged
Edited by Moxuz, 15 October 2019 - 10:30 AM.