HIA Update-July 3, 2020
This Week at a Glance
Construction Loan Funding for HIA
We are scheduled to close on the construction loan funding early next week, perhaps even on Monday, July 6th.
Questions Regarding Timing of Upfront HIA Payments and Final Amounts
There have been many questions regarding when homeowners will receive notification of their ability to pay their HIA responsibility upfront and final amounts. More information will be forthcoming on this as we get nearer to completing the project and securing the City’s final funding commitment. That will not occur until November at the earliest. We will be providing additional information on the timing of this to homeowners as we receive it along with more detailed information on the final interest rate and final total payment amounts.
Construction Notifications and Work Disruptions
We are working diligently to keep everyone informed as much as possible of changing events regarding water shut-offs, parking relocations, disruptions and other information regarding the HIA project. As with any significant rehabilitation project and 50-year-old buildings, unforeseen items arise. We understand that these disruptions are inconvenient and, in some cases, significantly disruptive. We apologize for this and we encourage homeowners to notify the office in the event of an emergency and please notify FS Residential and Board Members with other questions and concerns so that we may try to work through challenges and issues as we are able to the best of our ability. I want to again thank homeowners for all of their patience during this very unusual and challenging period.
We have had numerous inquiries regarding many items related to the in-unit cabinet work. We are working through all of these inquiries and will continue to get back to homeowners with more information, including elevation drawings (simulated in-unit graphics for a better visual depiction), additional information on cost estimates, timeline for meetings with Gittleman on cabinet work, options for customization and other items. Meetings with Gittleman were delayed significantly due to COVID. Gittleman is focusing on meetings with each owner in the stacks according to the stack schedule shown below. ‘08/’09 unit owners are completing their meetings. Next will be ’07 owners in the 400 Building, followed by ‘01/’06 owners in the 410 Building should be scheduled soon. ’10 stack does not have cabinets.
Stack Sequence CHANGE for 400 Building
After verifying the pipe configurations of the return mains above the ceilings of the 23rd floor of the 400 building, Gilbert Mechanical recommends adjusting the sequence of work in stacks to reduce the number of full-building water shutoffs. This adjustment in sequence has the added benefit of working on the stacks that are S, and W facing. These stacks are the warmest and have the highest rate of unit failures. We appreciate the flexibility of residents in the 400 building to eliminate water shut offs for the entire building. The 410 Building schedule remains the same.