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PRESENTATION
Detailed project timeline from pre-development to cooperative conversion
0:26:37
ยท
106 sec
The project follows a comprehensive timeline that outlines the various stages from pre-development through construction and eventual cooperative conversion.
- The sponsor designation process has already occurred, with West Harlem Group Assistance designated.
- The project is currently in the pre-development phase, with ongoing resident engagement.
- 94% of tenants have signed off on layouts, with 100% approval expected soon.
- All tenants are planned to be relocated by fall 2025.
- Construction is anticipated to take 24-30 months.
- During construction, the deed will be transferred to Restoring Communities as temporary owner.
- After construction, there will be a 9-12 month marketing and conversion process.
- The building will convert to a cooperative once vacant units have signed purchasers.
Regina Lovitt
0:26:37
I think this is the wrongs.
0:26:40
For a more granular development timeline for this project, the sponsor designation process has already occurred.
0:26:48
As mentioned previously, West Harlem Group Assistance has been designated.
0:26:52
We are currently in the predevelopment phase.
0:26:54
We have continuous engagement with the existing residents of the project.
0:26:58
The scope of work has been determined, and the budget and financing are currently in the works.
0:27:02
And we have 94% tenant sign off on layouts, and we plan to obtain 100% in the in the coming weeks.
0:27:08
We plan to have all tenants relocated by the fall of twenty twenty five.
0:27:12
We are anticipating that construction will take between twenty four and thirty months.
0:27:17
During that period, the deed of the buildings will be transferred from the city to restoring communities, the temporary owner of the buildings.
0:27:24
Then the construction loan will close, and construction will begin as soon as the tenants are relocated.
0:27:29
Tenants will attend previously mentioned co op homeownership trainings, and then the sponsor will engage an attorney to create an offering plan, which which is what allows us to convert the co op at the end of construction completion.
0:27:41
After construction finishes, we anticipate it will take nine and twelve months to go through the marketing and conversion process so that the tenants will be moved back into the buildings as soon as it's ready.
0:27:51
Once construction is completed and the existing residents are moved back to their rehab units, marketing for the vacant units will begin.
0:27:58
The building will convert to co op once those units have signed purchasers, at which point the deed will be transferred to the co op and the construction loan will be paid off at the co op conversion point by permanent financing.
0:28:10
Next slide, please.
0:28:14
Here, I'll pass it off to Donald Nodice of West Harlem Group Assistance Incorporated to speak about their organization and some project specifics on the following slides.
0:28:23
Thank you.