Tuesday, May 16, 2023 - 11:00 am
Thank you for your continued patience while our contractor works on the estimated costs to restore Kahlua. As you might imagine, all the contractors (and subcontractors) are extremely busy because of the situation down there. We need to respect their time and efforts. We are in communication with our contractor regularly, if not daily, so we know our project is high on their priority list. We just have to wait it out.
You will recall that these estimates are critical to the possible options we have going forward. If we cannot restore the building (excluding the exterior amenities) for an amount which is less than 50% of the fair market value of the property, we won’t be able to rebuild on the ground floor. Obviously, that would be a major issue. So, until the contractor has received the final bids from the subcontractors and prepared a final estimate of our costs, we cannot make any major decisions about restoring the property. Like you, we hoped to have this information weeks ago. Please be patient while we all anxiously wait for this information together.
If you have any questions, please contact Debbie or me.