24844 Malibu Rd. Updates

Special Offer 1 - $5K Bonus*

For all new offers over $50K, you will receive a $5K bonus towards a future Belwood Investment Trust Deed.*

Special Offer 2 - $10K Bonus*

For all new offers over $100K, you will receive a $10K bonus towards a future Belwood Investment Trust Deed

The Phase 1 permitting process is rolling along with the City of Malibu and our hope is to still have permits in mid to late November. We plan to mobilize on site for construction by then to get going on layout.

The bidding process is rolling right along and we are planning to place our order for doors and windows by the end of next week. We then plan to have decided on all of our subcontractors by the end of the following week.

A meeting was convened to discuss the current status of open permits. The restoration permit has been on hold since we received comments from the Malibu Building and Safety and Environmental Health departments in April and May. We anticipate a response to these comments will take up to three weeks, commencing on October 7. Following submission, the City of Malibu typically requires 2 to 4 weeks to issue a "Ready to Issue" (RTI) status or provide additional plan check comments.

To enhance the permitting process, we have engaged a new firm, with the Phase I permit expected to be secured between mid to late November. Additionally, we have contracted another firm to expedite the process with the City of Malibu, leveraging their familiarity with the project. Coordination efforts for the Phase II plan check documents are also underway.

Bidding and subcontractor coordination are progressing as scheduled, with a comprehensive bid and timeline expected by the end of October. This timeline will facilitate the commencement of construction as soon as the necessary permits are obtained. In the meantime, the construction team is preparing a standalone pricing package for long lead-time items, such as doors and windows, to ensure that shop drawings and procurement can proceed without delays.