Construction Well Underway at Collinson Rise
Excavation work is complete, the crane base was formed and poured, and the crane set up, shoring is complete, and the foundation footing and some walls have been started. The project is well underway with 12% of the total work now completed. Click below to follow along on the progress and see current photos from the work site.
Updated Construction Trackers will be available every four to six months and we look forward to sharing more progress reports as the project moves towards construction completion.
First Occupancy Granted at the Five Bridges Development Project
We are excited to announce that the Five Bridges Development Project has received its initial occupancy permit and has started closing condo sales, which are beginning to pay down the construction loan.
We appreciate the response from investors in this project in regard to the option of rolling over the investment towards sharing the rental income portion of the building going forward. We will have the final steps for the rollover ready to complete in October.
Now that the condo sales are closing and the final floors are being completed for occupancy, we can forecast that the final profit payouts for Five Bridges investors will be ready for payout in the new year, after last expenses have been all accounted for.
We will provide a further update late in October regarding the timing of the return of principal for those not rolling over, as principal will start to become available once the construction loan has been fully paid off from the condo sales.
Glenlake Highview in Queue for Development Permit with Traffic Plan Resolved and Approved
The final step before Development Permit approval could be issued by the City of Langford was acceptance of the traffic engineer’s report and proposed road improvements by the province’s Ministry of Transportation.
This week, Langford’s Engineering Department approved the final amended traffic report and sent approval to the Planning Department to allow the development permit to be issued. We look forward to updating everyone once the permit approval is in hand.
Financing Approval at Saanich Ridge
We are excited to announce that we have received financing approval for the last 52 houses which will be built as a rental community at Saanich Ridge. With another home sale closing in August, we are underway with more construction on the homes which will be sold individually, as well.
We plan to complete servicing for the last ten lots for individual home sales at the same time that we complete the land servicing for the 52 rental homes. Once the servicing is done in the New Year, along with interest rates coming back down again, we hope to sell out the remaining homes.
We look forward to providing an update to those investors in Saanich Ridge who have confirmed their intention to roll over into Housing Yield Units and will be sharing more details on that final step in October.
Sincerely,
The North American Home Finance Team.
