FAQs: Frequently Asked Questions
How have the South Phase deadlines changed and why should the City agree to move them?
The deadline for beginning construction of the South Phase has changed to reflect the staging of construction.
The Club Phase must be complete to enable commencement of the South Phase construction and it has the net effect of extending the overall duration from 12 months to 14 months. Accordingly, the commencement date for South Phase construction has moved from 90 days after closing on the South Phase land to 425 days after closing. The deadline for the completion of the South Phase moved from 3 years after closing on the South Phase land to 4 years after the closing.
Because these deadlines are tied to the South Phase land closing, if both phases are financed together, the South Phase commencement deadline really needs to move out to allow the Developer to build the Club Phase first and then build the South Phase starting 14 months later. Similarly, the South Phase deadline for completion is also a date that is measured from the land closing – and that completion date would move out by 12 months (not the full 14 months that we would move the start date).