My wife, daughter and I went down into the pit today to look at the progress. It is so rewarding to see physical work being done after almost two years of dreaming and looking at drawings. We feel very blessed to have the opportunity to do this project and we can’t wait to share the finished building with the community. All of that said I had to chuckle a bit when I reflected on how much time and money we have spent so far to basically have a large hole in the ground. For the moment the project is the definition of a money pit :-).
We are now the proud owners of dirt :-).
Today Five Parks Lot One, LLC was started. We will use this LLC to purchase and develop the land and building.
Today we hired Sessions to be our project architecture firm.
We selected MDH Law Group to partner with during the project for any real estate legal questions and needs.
After months of thinking, research, working with the sellers agent (Fran Schneider), and waiting to see if the HOA was going to buy the land, which they did not, we finally signed a land purchase agreement! Here we go.
After thinking about our crazy idea a bit more I decided to ask my very good friend Kenny Lombardi, who does a lot of development and is the owner of Center Land Properties, for his thoughts on what we were considering. Kenny had tons of technical advice and recommended several people and companies to work with on a project like this. Kenny also confirmed that the idea is crazy.
So back in 2007 I remember thinking the piece of land for sale in the Village of Five Parks in Arvada Colorado, where we lived, would be a very cool piece of land to develop. The lot was situated in the middle of the neighborhood just east of the depot and north of the amphitheater. There were already mixed use buildings around it with commercial/retail on the first floor and apartments/condos on the second floor. I figured that whoever built up this piece of land would do something similar and would have a great building to lease. At the time I did not think much about considering a project like this as we were getting ready to move to England. When we got back in 2010 we returned to our home in the Village of Five Parks and I remember noticing that the land was still for sale, but I was working through my future employment plans and we were still not in a place to consider a project like this.
This month as I passed this same piece of land for the hundredth time I thought to myself that if someone put a rooftop deck on the building it would be amazing. Then it dawned on me. What if we bought the land and constructed a building with commercial on the first floor that we would lease, a second and third floor residence, and a rooftop deck for the residence. Today I brought up the concept to my wife who thought I was crazy, as always, but we agreed to start investigating the idea.