Cohousing-L Mailing List: Re: Forming Group needs help

[Ann Zabaldo (zabaldo]

Maggie --

Are you working w/ any cohousing or other housing professionals?  A  
marketing, sales or outreach professional?

You've posted here before about this Catch-22 situation.  Without  
good deal more information on the financing of the project it is hard  
to advise you on how to proceed.

One thing I can say is that w/ so much money invested and time  
running out, if you haven't done so, hiring a professional to help  
you navigate this "bump" is crucial.

Do you need referrals?


Best --

Ann Zabaldo
Principal, The Cohousing Collaborative
Cohousing Consultant
--Takoma Village
--Eastern Village
--Baltimore City
--Annapolis
--Concord Village

“The Road to Enlightenment is Long and Difficult...
So Bring Cookies and a Magazine.”

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FAX 202 291 8594

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Washington, DC 20012-1945




On Oct 5, 2006, at 1:51 PM, maggiedutton wrote:

> This message below is posted on behalf of a forming group in  
> Nanaimo, a
> gorgeous city on Vancouver Island, British Columbia, Canada.   
> Maggie Dutton
>
> We Need Your Help!
>
> Without five to seven new members invested in Pacific Gardens by  
> December
> 21, 2006, the project risks folding.
>
> Not only will the dream of a green cohousing community in Nanaimo  
> die but
> many investors and owners risk the loss of all or some of their  
> investments,
> over $800,000 to date – not a good thing for us or the cohousing  
> world in
> general.
>
> In retrospect we could have, and probably should have, done some  
> things
> differently but we’ve successfully danced our way through a maze of
> rezoning, consultants, city requirements, design limitations, and  
> more, only
> to be thwarted by a lack of committed members.
>
> We’re now ready to start building but without 17 owners, we will  
> not be able
> to secure construction financing. We keep hearing from prospective  
> members
> that they will commit when construction starts – a classic Catch-22
> situation. Unfortunately, the maxim “build it and they will come”  
> is most
> certainly true but lenders don’t operate on the basis of that  
> philosophy.
>
> In August we announced the birth of our “Parachute Strategy,” an  
> approach
> whereby new members could join Pacific Gardens without the risk  
> that present
> owners and investors have incurred. Shares and shareholder loans  
> would be
> held in trust until construction financing was secured and the  
> building
> phase guaranteed. This offered what we thought was a great, risk-free
> invitation to those teetering on the fence. Unfortunately, it  
> hasn’t as yet
> had the results we’d hoped for.
>
> We offer a profitable opportunity for those who might wish to  
> purchase a
> unit for investment or rental purposes complete with a list of  
> responsible
> community-minded folks who would love to rent it.
>
> We are so close – but after years of effort, many owners at Pacific  
> Gardens
> have reached their saturation point, both from a financial and time
> commitment. We see the emergence of for-profit green communities in  
> Victoria
> – how long before our idea is turned into a for-profit building?
>
> How can you help? Maybe you know someone who’s looking for a cohousing
> community or who wants to live on Vancouver Island.  Invest in us,  
> talk
> incessantly about us, send us your ideas – tell us what are we  
> doing wrong
> (or right), offer solutions, feedback – anything you think might help.
> Thank you.
> Judy Delogne
> on behalf of Pacific Gardens Cohousing Community
>
>
>
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