Chair Louis questions applicant on construction timeline and client intent to develop
Louis asks when construction would start and how long it would take. Cozen estimates 2027 start assuming ULURP approval and DOB drawings, with architect Magarino estimating 12-15 months given the existing structure. Louis asks if the client intends to develop or resell; Cozen confirms the client fully intends to develop.
When do you anticipate starting construction and how long do you anticipate the construction to take?
So in an ideal circumstance, 2027.
Construction commencement that assumes approval of the ULERP as well as the preparation of building buildings, DOB drawings.
Given that we're in July, it's fair to say 2027 is a fair assessment.
Given that, and I can turn this over to Julio to weigh in, I believe the construction timeframe would be truncated given the
the limited demolition required here, no excavation required here.
So there are significant construction benefits to repurposing the existing building, including the podium that can assist with, you know, getting this to market as quickly as possible.
That's correct.
I think construction.
On a building this size could be 18 to 24 months, being that a third of the building already exists.
It could be probably within 12 months to 15.
Does your client want to continue to develop or resell?
Our client fully intends to develop this property.
Okay.