Working on the PUD…The plan for the PUD is actually quite simple. Build one 63 unit apartment. Once it’s full, start on another. The PUD will allow for a maximum number of housing units on the site which is near 49 acres. It may take 10 years or longer for the town of Alexandria, MN to expand to this capacity, but this development is geared towards a longer vision in the needs of people for their housing wishes.
Each building will be named after a stone. Some of the names on the slate are: The Fieldstone, The Granite, The Shale Stone, The Limestone, The Siltstone, The Sunstone, The Moonstone, The Diamond, The Ruby, The Sandstone…you get the idea.
Currently we do not have a general contractor hired. That is the next item on our agenda. We have architectural, engineering and surveying hired. We need to get going on the general contractor…maybe have that done by next week.
Then of course financing…we are considering giving up some of our interest into a LLP. A Limited Liability Partnership would allow other investors to partake in this project. The returns are generally very good, you can go and kick the tires…unlike Wall Street investments and it’s real estate. Anyway, no decisions have been made, only thoughts at the moment.