Geo-technical testing - project update #003

Last week we started testing where is the rock located below surface. Initial results with back hoe were positive - there is basically 2-3 foot of topsoil before the soil starts transitioning to limestone. There will be additional drilling done later to verify that the thickness of the topsoil and depth of limestone is uniform throughout the site. So it is a good news that we have rock close to the surface, so foundation will be directly on rock, but it is not too close, so we do not have to spend too much on removing rock from the site. I attached pictures of the first equipment we got on site. Next month there will be a drilling rig there.

2300, 2302 and 2304 Enfield Road project update #002

I tried to negotiate additional time extension for closing with the seller. She did not agree, as she thinks that current timeline is already very generous. And she is right. We can extend our closing till 6/15/15, which should be sufficient time for us to obtain all the required permits. The seller is responsible for getting the demolition permit, which is probably a few weeks away now. We will be filing a site permit in about 3 weeks and we are planning to get a building permit by 5/1/15.

I attached a proposed design prepared by our architect William Hodge. This is a preliminary the first draft. We have 36 two bedroom condos 908 square feet each with end value of $13m (32,688 square feet total floor area).

2300, 2302 and 2304 Enfield Road project update #001 - Mon 8/11/2014 9:47 PM

As promised I am writing the first monthly update for the project. The contract was signed on July 8^th, 2014. Earnest money were paid to Reliant Title Agency (see attached receipt). Cross Texas Land Services was appointed to do a land and trees survey and they have completed it today. William Lawrence Hodge from Ochona Development + Architecture LLC was appointed as our architect and after numerous meetings and drafts we came up with the attached draft layout of buildings and units. We will have to have half-level underground car garages and 3 levels of units above to avoid removing too many trees. I got a bid from a demolishing company (Southwest Destructors) and the seller is working on obtaining a demolishing permit.

BPO was completed by Drew Tate confirming my numbers for the finished product (see attached). I am still working on construction budget, but my next update will have a full feasibility study.