Dear Agoura and Lindero Associates Investors:
We are still working on our website, but wanted to give you an update in the interim. We have closed escrow and with our construction plans now solidified, we are starting the renovation of Lindero Canyon Creative Campus, or LC3 for short.
To ensure we're not overbuilding for the market, we've divided the work into two phases. The first will be a transformation of the majority of the exterior of the building into a new contemporary office building (new metal roof, operable windows, walkways, landscaping along Agoura Road and the entrances to the building, new corner canopies). We will also renovate the lobby and the two atriums into modern gathering spaces for the tenants. We are also renovating a vacant 2,500 sq. ft. suite into a "spec suite" which we will furnish like a model home to give tenants a clear understanding of what creative office space is. The total cost of this work is slightly over $1 million, and it will take approximately three months to complete. The architectural design work has been done by one of our investors, Victoria Yust and Ian MacIlvaine from Tierra Sol Y Mar. The construction work is being done by another one of our investors, Ron Poulson Associates. Not only do they have an excellent reputation for quality workmanship at a reasonable cost, they're located less than a mile from the property.
This phase I work will enable us to generate significant leasing, without overspending. Then, once we've confirmed we're meeting our projections, we can proceed with the balance of the remodel and releasing.
We've been hard at work on our marketing materials with our listing brokers, Michael Slater and Tom Dwyer at CBRE (they're investors, too!). Our new lease sign is up, and we're circulating our new leasing brochure. Our marketing partner, iStreem Media just completed our promotional video for the project— take a look!
In the next week or so, we will mail you executed copies of your Subscription Agreements as well as fully executed copies of the Operating Agreement for the LLC. There were a few last minute changes, as one investor changed his ownership structure, and one of our existing tenants wanted to invest in the project (we welcome David Jaffe from OnQ Financial).
Please let me know if you have any questions.
All the best,
Lawry
