No sense in rushing

I figure even if I get things worked out with our modular builder I won't have a home until late August at BEST, and the last thing I want is a home that hits the market at the wrong time. So, we decided that it would be best to move forward with a February/March 2007 delivery to hit the market at the best time. This allows me lots of time to work out our construction loan, get our website functional and create a real demand for EcoUrban Homes. Wish me luck!

Two more lots

Closed on 3103-3105 Magnolia today. Great location, but awkward parcel size. Our plan is to build two historic units to complement our modern display home on Pennsylvania.

Total parcel count = 15

Time to start making some tough choices

I imagine I could have built 10 of these homes with a hammer myself by now, but we are committed to the process and the building system approach. I am just amazed how clueless the front office of almos every modular builders I have attempted to work with are at moving custom designs from ideas on paper to homes on land. Advanced Building Concepts continues to work hard, but I'm not convinced they can even deliver and Contempri just won't get back to me. Am I missing something here?

Greening the Heartland

I presented a "poster" at the Greening the Heartland conference in Kansas City recently and was really encouraged by the reaction to our building plan and design. The conference wasn't overly technical and there was a lot of preaching to the choir, but I think most of left with some great distributor contacts and the knowledge that we are not alone in our effort to green up homes across America.

Still Looking for Modular Builder...

Advanced Building Concepts just is unable to figure out a flat roof and they are really bad about communication. I've deceided to open up my call list again and Contempri Homes in Pinckneyville might just be getting a call.

Land and more land...

EcoUrban closed a big parcel of land today located on the corner of Arsenal and Minnesota. We hope this will be the future of home of 10-12 new green homes and we hope to build on the momentum of the neighborhood with so many other projects in development.

Green, Green and more Green

We have committed to the USGBC to build our homes under the LEED for Homes certification program and I attended the training in Grand Rapids, Michigan to register EcoUrban Homes as a builder in the pilot program. While I imagine I could have viewed the powerpoint presentation from St. Louis it was worthwhile to explore a new city and share with the other 15 or so attendees the spirit of green building. More details later.

Stopped in Action

I guess according to my original timeline I should be delivering the first modules today on their foundations. However, the reality is that modular manufacturers just don't get it - and we are heading to Linton, Indiana tomorrow to "tour" Advance Building Concepts factory and hopefully kiss enough ass for them to finally get them to committ to building our homes.

We selected a General Contractor back in February (or I should say they selected us as the only contractor to submit a bid) and we have been adjusting our design and floor plans ever since to hit our $100/sq. ft. target. Right now we are at $180/ft.

I'm not sure what else I can be in action on. I've pulled together the land for up to 12 homes to be built at a cost of around $125K after some unexpected commissions - and am working on an additional 4 lots that would come with some unwanted buildings. The architect seems to be pushing our project around meetings that are spaced out by days and weeks at times and I still don't have a firm grasp on when I should (if at all) pull the trigger.

I know that there is more to be done (Public Service Commission Issues, tax issues, LRA issues, marketing, etc.) but I just feel stopped in action. Perhaps after this weekend in New Orleans I'll find some new inspiration.

Bad News Comes in Pairs

We were just a few days from putting the seal on the construction drawings when we got two days of bad news. First our prospective modular manufacturer got a big order from Jefferson Parish, Louisiana and pushed off our timeline by two months. Then our regional sewer district passed regulations prohibiting bathrooms in basements without proper pumps to get water and sewage up to a newly required 1st floor waste lateral. Just another day trying to build modular.

Construction Timeline

Depending on how our land acquisition goes this next month, I would like to work out a plan to get our construction documents to the manufacturer by January 15, 2006, with hopes of getting our prototype on foundation by March 15th.

Marine Villa Environment

E-mail from Craig Schmid on 11/8/05:

Basically, we are looking for excellent quality housing (mostly rehab), single-family detached homes (unless converting four families to two families), homeowner occupied, three-sides of brick with masonry rear, basement, compatible with the historic architecture (no modernism, cubism, etc.), meeting the urban model of garages in rear, and selling for a minimum price range of $150,000 to $200,000.

In the 20th Ward (other than in Benton Park West) you should be talking with Sam Green, CDA housing analyst, at (314) 622-3400 (ext. 232) or greens@stlouiscity.com. Sam and JoAnn work very well together.

Thanks.

Craig Schmid

Infill Development Details

Who are the Buyer’s:
College educated couples (married, unmarried living together) transitioning from first or second jobs out of college into a more permanent position or having successfully launched their own business. Also, could be an empty-nester couple looking for good city living or divorced professional looking to start over. Emphasis on young architects and design professionals. The big issue is someone who wants a yard and doesn’t want a condo fee and likes the idea of working in a community garden and volunteering at the senior center across the street.

Price Range:
$169900 @ 1258 sq. feet without a garage and $189900 with garage and $189900 @ 1440 sq. feet (involves stretching house approx. 6 more feet) without a garage and $209,900 with garage. We would like to push this upward by at least $10,000 through our marketing and promotion of the area, which will not only get everyone on our side in the neighborhood but will lead prospective homeowners to our development(s) by directing a significant portion of our efforts to pumping up Benton Park West.

Size of Home:
1258 up to 1440 square feet

Check out http://www.mayorslay.com/polls/090805squarefeetresults.asp which provides data on a group of participants who responded to a survery about home size and city living.

Neighborhood Preservation Tax Credit

Neighborhood Preservation Act

The deadline for the 2006 tax credit application will be November 18, 2005.

This act authorizes state tax credits for residential rehabilitation and construction costs for properties located in distressed communities* or defined census blocks.

Purpose
To provide an incentive for the rehabilitation or construction of owner-occupied homes in certain areas of the state.

Authorization
Sections 135.475 to 135.487, RSMo

How The Program Works
The Department of Economic Development (DED) issues state tax credits to a homeowner who rehabilitates a home or to a homeowner or developer that constructs a new home for owner-occupancy in certain areas of the state.

Eligible Areas
“Qualifying areas,” include “distressed communities,” as defined in 135.530, RSMo, and areas with a median household income of less than 70% of the median household income for the applicable MSA or non-MSA. “Eligible areas,” with a median household income of 70% to 89% of the median household income for the applicable MSA or non-MSA.

NEW CONSTRUCTION

Eligible Area

For new construction in the state of Missouri under this category, the following must apply:

The newly constructed residence must be replacing a residence that is equal to or more than forty years of age and is demolished for the purposes of constructing a replacement residence.

The residence is constructed on vacant property, which has been classified (for tax purposes) for not less than forty continuous years as residential, utility, commercial, railroad, or other real property.

If in a metropolitan statistical area or non-metropolitan statistical area, the property must be in a United States census block group which has a median household income of less than ninety percent (90%) but greater than or equal to seventy percent (70%) of the median household income for the metropolitan statistical area in which the census block group is located.

There is no minimum cost that you must incur for new construction. The maximum tax credit amount is $25,000 in any 10-year period. For example, if you spend $25,000 to construct your home, you could receive a $3,750 tax credit [$25,000 x 15% = $3,750]. NOTE: (You may be eligible to reapply continuously until you reach the $25,000 maximum tax credit amount if your “new construction” has not been completed and you have incurred additional construction expenses.)

Qualifying (Distressed Community) Area

If doing new construction in the state of Missouri under this category, the following must apply:

The land must have been vacant for at least two years and is or was occupied by a structure condemned by the local entity.

If in a metropolitan statistical area or non-metropolitan statistical area, the property must be in a United States census block group, which has a median household income of less than seventy percent (70%).

A message from JoAnn Vatcha regarding Housing Corporation Meeting

Thank you for coming to the Benton Park West Housing Corporation last night. I am very excited about the energy angle, affordability and bold design of the product, and I hope we can work together to make it happen. I will be out of town the next few days, but when I return on Tuesday, I'll call to set up a meeting to discuss this further.

Step One: Start Blog

So here it is. Possibly the first real estate development project ever supported by an online blog. I hope that as we continue to move forward with this project we can find a way to support our efforts and our ideas through informal communication as we foster an environment of thoughtful creativity and critique. Meetings will always be a necessary part of any project - but late-night and early morning brainstorms, hair-brained ideas and rants need a place to be heard. Hopefully this can be our space.