Site/Building Updates

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• Electrical on floors 3-5 is now completed. As of Tuesday, stacks 1 and 2 have been energized. John has started testing the A/C’s and appliances, testing tv's, and replacing bulbs and batteries (floors 3-5)

• Power should be restored to floors 3-5 this week allowing for A/C to be energized

• Since work continues on floors 1 and 2, power will not be energized at this time

• Sheetrock should be delivered to the site by the end of February

• The Milestone study (now required every 10 years) identified some additional items for repair which is being addressed. This project is separate from the Hurricane repairs.  The majority of the affected areas are related to the age of the building and exposure to the Gulf/weather

• These repairs are primarily cosmetic (not structural) and will be fixed “before” they could become an issue down the road

• These are basically rusted rebar which has caused “pops & cracks” on the stucco walls, lanai ceilings, and walkway ceilings. To repair these areas, contractors will cut out the problem area, clean & treat the rebar and repair the area using concrete

• Velocity has identified the areas and will also inspect the rebar before the repairs are made. Velocity is the company conducting the Milestone inspection. It is not 100% clear at this point what, if any impact this could have on the overall timeline

• As was mentioned, the special exemption approval has been received from FMB.  The permit will be issued once the State approves the project.  This includes the grounds around the property:

• Pool, Pool Deck, Hot Tub, Shuffleboard Court, Sidewalks, Parking Lot, Maintenance Shed, Tiki Huts, Fencing: We can't work on any of these projects until we receive the State permit. We have picked out the pool and pool deck finishes, the pool and spa equipment, hired the shuffleboard company, we have the drawings for the shed. Once permits are issued, we are ready to go

• These permits with the exception of the Tiki Huts are now in the hands of the State of Florida for final approval (hopefully by the end of April)

• More info was needed on the Tiki Huts so that permit is pending.  This should not cause any delays as we should be able to open if the Tiki Huts are delayed more than expected

• Once the State approves the permits, a significant amount of work can take place and the trades will be very busy (Pool, Decking, Shuffleboard, Hot Tub, etc.)

• Our windows/doors for the lobby have arrived at the port of Miami. Delivery will hold off a couple of weeks until final framing is completed and inspected. The building will then be closed-up, enclosed & protected.

• Since work can not be done on the sidewalk until permit is finalized, a temporary ramp will be installed around the elevator so elevator demo can be completed. Hopes are that maybe the new elevator can be put in today.  The only outstanding item is a controller board that is on order

• We have not received an update on the overall timeline for opening of the resort.  Once we get a better handle on the State approvals, things will become more clear

• Tile for unit and lobby floors, balconies, and backsplashes has been picked out.. Cabinets for the 1st and 2nd floor units, lobby kitchen, and office are being built. Contractor for wi-fi/cable was out Tuesday

• We are finalizing the landscape plan.  Lightning protection is being installed on the roof

• Interior doors are ready to be installed after drywall goes up
   

• The Island is slowly turning the corner. New establishments are opening, several new houses completed and under construction, food trucks. The island is a busy place.
   

• It was reported this week on the local news, the FMB pier will now open in August 2027 with construction starting in 2026. Believe it or not, that is 1 year ahead of what was initially planned.

• Regards – KBC BOD