Ovation Development
Ovation Development
634 Webster Street, NW
Progress To Date: February 25, 2007
Since the last report there has been substantial progress on construction inside the building. In the basement, supply and waste lines have been laid, the ground has been leveled and graded and a layer of gravel has been placed over the soil. This week we will lay the vapor barrier over the gravel and pour the concrete floor. After the concrete is poured, we will complete construction of the rear foundation and wall and close in the downstairs area. The recent cold weather and snow has prevented us from digging the trench for the sewer and supply lines to the meter. We determined that the connections for the sewer and water supply are at the front property line, so we will NOT have to excavate the sidewalk or break the street.
On the first floor, we are still making adjustments to the floor plan to accommodate requisite plumbing, HVAC, and electrical installations. The main electric panels have been installed in the basement and 2nd floor levels. We are still dealing with PEPCO regarding their requirement that we move the service entry from the rear of the building to the front. Our front panel is installed, but PEPCO requires that we make our own arrangements to re-routing the service line. We are trying to figure out a way to avoid running the new line through the house. We must make a decision this week before we meet with PEPCO so that we can tell them where the line will go. We removed the old staircases to the basement and the second floor and have ordered new ones for installation this week.
The interior framing for the second floor is complete, so now that we know the final dimensions, we are ready to order windows, doors, appliances, and finishes for the unit. We have obtained estimates for the roof and are prepared to go forward when we are able to make another draw. Attached is a summary of the project expenses which shows about $11,000 on hand. We need funds for the roof, electrical service entry, windows in the next couple of weeks. At this stage we have 9 of the 10 equity shares distributed. Depending on what happens with the bank, we may have to sell the final share to equity funds to complete the project. Our plan is to pour the concrete floor for the basement and complete the interior framing on all three levels before we approach the bank for another draw. Once we have the complete framework for the units, we will start pre-sale marketing.
We filed the initial vacancy exemption form with the City to initiate the conversion process. When we receive the permission to convert and have final floor plans for the units, we will prepare the conversion documents and survey to establish the condominium regime.
Yours in the spirit,
Lou Steadwell
634 Webster Street, NW
Progress To Date: February 25, 2007
Since the last report there has been substantial progress on construction inside the building. In the basement, supply and waste lines have been laid, the ground has been leveled and graded and a layer of gravel has been placed over the soil. This week we will lay the vapor barrier over the gravel and pour the concrete floor. After the concrete is poured, we will complete construction of the rear foundation and wall and close in the downstairs area. The recent cold weather and snow has prevented us from digging the trench for the sewer and supply lines to the meter. We determined that the connections for the sewer and water supply are at the front property line, so we will NOT have to excavate the sidewalk or break the street.
On the first floor, we are still making adjustments to the floor plan to accommodate requisite plumbing, HVAC, and electrical installations. The main electric panels have been installed in the basement and 2nd floor levels. We are still dealing with PEPCO regarding their requirement that we move the service entry from the rear of the building to the front. Our front panel is installed, but PEPCO requires that we make our own arrangements to re-routing the service line. We are trying to figure out a way to avoid running the new line through the house. We must make a decision this week before we meet with PEPCO so that we can tell them where the line will go. We removed the old staircases to the basement and the second floor and have ordered new ones for installation this week.
The interior framing for the second floor is complete, so now that we know the final dimensions, we are ready to order windows, doors, appliances, and finishes for the unit. We have obtained estimates for the roof and are prepared to go forward when we are able to make another draw. Attached is a summary of the project expenses which shows about $11,000 on hand. We need funds for the roof, electrical service entry, windows in the next couple of weeks. At this stage we have 9 of the 10 equity shares distributed. Depending on what happens with the bank, we may have to sell the final share to equity funds to complete the project. Our plan is to pour the concrete floor for the basement and complete the interior framing on all three levels before we approach the bank for another draw. Once we have the complete framework for the units, we will start pre-sale marketing.
We filed the initial vacancy exemption form with the City to initiate the conversion process. When we receive the permission to convert and have final floor plans for the units, we will prepare the conversion documents and survey to establish the condominium regime.
Yours in the spirit,
Lou Steadwell
posted by Lou Steadwell | 12:40 PM
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