Tuesday, January 4, 2011

Update on CityMarket at O

2011 is the year for CityMarket at O and we have begun construction. We have been doing exploratory borings and soil studies related to Metro and foundation design. Most of the work so far is being done during off hours so as not to interfere with Giant.

As you may have heard from HUD Deputy Secretary Sims at the groundbreaking, we are using HUD financing for the construction loan. We have received permission from HUD that has allowed us to start with fa├žade support and work to secure the market structure. We will be picking up our permit for this work in late January and starting work shortly thereafter.

We have been working closely with HUD on our 220 financing but the process is taking time and patience. Concurrently, we have significantly advanced our drawings and have begun the District’s permitting process for the project. If HUD processing remains on schedule, we hope to begun excavation as soon as we close our loan this summer.