We are very excited to announce we are 30-60 days from completion of our first adaptive re-use project. Using a 203k FHA loan we are converting our duplex into a 4 plex of our own design. The new four-plex will feature solar power for the entire building, loaner bikes and e-cargo bikes for the tenants, gardens so we can grow our own vegetables, and large rooftop decks.
I have personally be working on getting this designed and through San Diego development services the last year and a half. It has not been easy, but I am learning the process so the next project will go faster and smoother. I am very proud to be so close to completion of this first community. I have learned a ton through build out of the additions to the duplex to fourplex project on Felton Street.
If my proforma and numbers are close, this project should let us live in the 2bed room 2 bath with a roof top deck and my company offices close to mortgage free! We should also be able to refinance all our initial money and some equity out so that the company is capitalized and ready for the next project almost immediately. Our goal is to build out 100’s of boutique solar powered, bike-centric, infill apartment communities in the next 20-30 years. Perhaps beginning to sell every other development as affordable housing if we are still enjoying the process and feel like we are making a difference.
Hopefully this will be a nice way to provide much needed additional infill housing. While also giving a nice gift back to the world in the form of solar powered housing!
We hope you enjoy the process and learn from our hard work!