Cohousing-L Mailing List: Looking for partners

[carol braford (braford]

Dear Cohousers,

 

As you may know, we have been working for several years now to establish a
cohousing community in St. Louis.  We have a great site in the heart of a
booming area and plans for a 44-unit Metro Cohousing community, plus sites
for two more communities in the future.

 

Close to a million dollars has been invested in the project already, and
over five million in a combination of tax credits, grants and no interest,
second mortgage assistance for income qualified buyers is solidly pledged to
the overall project.  We've closed on a loan to build out a model unit and
marketing office, and we expect to get construction financing soon, once we
reach 70% presold on the first phase.  

 

Our challenge is that our core group is still pretty small, so we are
considering how we could broaden our market by physically separating the
project into a smaller cohousing community and a 10-unit condo project. 

 

At the same time, some developers say that because of the huge subsidies we
have secured and the rapidly appreciating values in our area, we are sitting
on a gold mine.  We recently received an offer from an investment group who
would pre-purchase all our unreserved units, secure construction financing
on a per unit basis and hire our company to build out the project.

 

The offer is tempting because it would greatly reduce our risk and let us
move forward quickly.  The downside, of course, is that it could result in
higher prices for the end buyers and buyers who have only a marginal
commitment to being active members in a cohousing community.

 

We are looking for partners with more of a track record who are also
sympathetic to creating community and using green methods and materials, who
might be better equipped to carry the project a little longer until we have
adequate presales, and who could help us secure conventional construction
financing; we still have a couple prospects who are taking a serious look,
but we don't know yet if we can count on them.

 

Do you have any other suggestions on how to jumpstart this project?  Are you
interested in a great deal on a cohousing home before we start construction
and raise prices after the first of the year?  Do you want to be our partner
or do you know someone who might?

 

Carol  & Tom Braford

Metro Cohousing at Culver Way

St. Louis, MO

Families and individuals enjoying shared responsibility

Creating a community that is vital, ecological and safe!

314-534-4780

www.CulverWayCohousing.com