As we add more innovative offerings (in Portland, Miami and Long Beach), ongoing Small Change projects continue to race along. While the pandemic has had an impact on construction projects, slowing material deliveries, raising some costs, and by placing restrictions on how crews can work on site, our developers continue to make progress.
In Philadelphia, the mixed-use Golaski Labs, by Mosaic, has been delayed by about three to four months but the team is now excitedly working to move commercial tenants into their spaces in November and early December. And with the city expected to turn permanent power on at any moment, residential occupancy should also begin in November. Mosaic, in partnership with Shift Capital, has also just started site work at Sharswood, a landmark project both for the city and local community. Here, the pandemic has had a less fierce impact since the project was still in the planning and permitting phase. But by the time this sees ‘print’ the developers should have closed on all their financing, including support from a huge Opportunity Zone fund and even, wait for it, from the 76ers!
On the West Coast, Bungalow Gardens, the award-winning homeless housing project in Los Angeles, is all framed up, with roofs, windows and doors installed, and all utilities roughed in. The developer, RN-LA, believes they are on track for a May 2021 completion date. In the Great Lakes region, Innovation Homes in Chicago has provided a home for six new community building fellows, including artists, organizers, a student taking a service gap year, and a frontline healthcare worker. While rehab work continues on the properties already owned, construction permits have just been approved for 1400 West 72nd street.
In the wilds of upstate New York, Brooklyn Heights Farm is close to completion of the first or its manufactured homes – Salisbury House. Reed House is close behind, ready for groundbreaking. Barn Residence and Mountain View are sold and next in line for construction. And in New Orleans, Jonathan Tate sold the second Starter Home and and has wrapped up investor distributions with a handsome return of approximately 22% IRR %. Congratulations to Jonathan and all those who invested in the Starter Homes.
Finally, a big step forward for 3491 Benning, in the nation’s capital. Foundations are laid and they are going vertical with the structural steel. The developer hopes to have a Certificate of Occupancy for the base building in December of 2020, with tenant buildouts starting shortly afterwards.
Winter is coming, but we will have way more to share before 2021. Stay tuned!
Image courtesy of Bungalow Gardens