Submitted by Eric Moschopedis on behalf of Planning & Development
Hi everyone,
Just an update on how things are going at Planning and Development.
So far this year we have made some significant progress. We have been having weekly meetings with Lee from Boundary Design and Leighton from Urban Matters.
This month we received two draft documents from Altus. Altus have been contracted by Boundary Design to cost our development and appraise the value of our assets and land. We have been going through these documents carefully with Lee from Boundary Design.
The first of these documents was the land appraisal. The appraisal gives us three figures: The unencumbered land value, the encumbered land value and the as improved value. To break these down, the unencumbered value is how much the land is worth as an undeveloped empty plot, the encumbered value is that same value but encumbered by Sunnyhill’s lease until 2039 and the as improved value is the “as is” value of Sunnyhill as an existing housing development. This document will be crucial in our land purchase negotiations with the City.
The second document was a draft Class C cost estimate for both the new build and the renovation of the existing units. The designs for the new build and the re-cladding are not finalized but this estimate gives us a good idea of what is attainable for Sunnyhill. This estimate when finalized will also be used in our negotiations with the City.
We will be working on finalizing these documents in the coming weeks. Our main priority is the land purchase, everything hinges on this. We have been working on a package to present to the City to get the best deal for us. Once we have an acceptable offer from the City, we will then be able to come up with an affordable budget for our developments.
Boundary design has also been working with Dialog , a company who specialize in sustainable and net zero building designs to make sure that our plans meet the sustainability targets required by our funding partners.
Once things warm up a bit, we will have a geotechnical survey performed possibly including some borehole drilling to assess the site for development.