Since April, we have been working diligently on our business plan and moving this exciting development project forward. We welcome our Junior partners, and with their loans, we have covered off the initial soft costs needed for our project.
We also qualified for financing and bought the first of our 9 properties, 6469 Ford Road. This property was an estate sale and was the first one scheduled for a quick closing. This property is in our Phase 4 & 5 plans, so we will rent the house on the property until we are ready to build. We have received a lot of rental interest since posting it a few days ago. We will have three properties closing in July and two more closing in August.
We have been working closely with a Mortgage broker to complete the funding on these next properties and everything is on track as planned.
We are currently organizing our complete site plan and working closely with the city planners to maximize our development. All zoning applications have been submitted and are waiting on municipal approvals.
We have focused our development on constructing apartments only. As a result of COVID19, we are moving away from any commercial space provided we can with zoning, and, also decided on more apartments versus town houses. Currently we have planned for 568 doors in our new budgets – this may change depending on the zoning applications submitted. We are researching what the demand and needs of the municipality are for size of units. What are the current demands and in 5 years from now, how much might this change? We are considering adding some 200 sq. ft. Nano units. Although small, they seem very popular as the rental costs start at only $600 per month making it much more affordable for seniors and singles.
We are just putting our final touches on the marketing website for rental interest. We will be sure to share the link with you in the next newsletter once it is completed.