Imagine village II continues to move ahead at a great pace and we are 52% complete! Please see our progress in the photos attached. We are right on schedule but we are still lacking the electrical meters that will be required to deliver electricity to the units in the building. If we get them by the end of April we will finish on time but if they come later than that we will be delayed in getting our final sign offs. All positive thoughts are appreciated as we wait for the world supply to right itself.
Check out some additional photos of Imagine Village II below!
Sun Commons continues to make strides and then be delayed on the utility front. LADWP has begun connecting wires but with the weather they have crews getting pulled for emergencies throughout the City. Our Fire Hydrant can’t be installed until we dry out and the Gas Company is late getting their permits. But our sidewalks are poured, our street trees are going in and the work on the Penny Lane side is nearing completion.
We have begun our lease up process. At this time, we expect to be further delayed in moving people into the building. In our next update we should have a better feel on the occupancy date.
Check out some additional photos of Sun Commons below!
The Rigby made a point score appeal to the CA Dept of Housing & Community Development. We should hear about awards in mid January. We will also hear about our Project Based Voucher application award in mid January. If these are both successful then we will apply for tax credits and tax exempt bonds in late May and still hope to close and begin construction by the end of 2023.
The Main applied for Project Based Vouchers in November and we should hear about that award in mid January. This development will apply for County housing loan funds in April and we expect to know if we were successful by July. This project also needs State funding. That application will likely come out around June 2023. Once we are awarded all of these funds we can apply for tax credits and tax exempt bonds in early to mid 2024 and close and begin construction by the end of 2024.
We continue to look for new developments and are chasing site in Downey, Rosemead and Pasadena currently.
