Our first Temporary Certificate of Occupancy (TCO) is within reach. The office and residential buildings currently under construction in the North parcel, are slated to be substantially complete in June 2020. Reaching this point in the development process is a major milestone for the project. A TCO enables us to begin interior tenant improvements in the commercial spaces. Once those office and retail spaces are completed, the first phase of the project will no longer be a construction site, but rather a fully functional commercial center. We anticipate to “Go Live” in the north parcel by the end of this year.
While obtaining our TCO for the North parcel is very much the focus at this point, we continue to push the balance of the project in order to achieve our ultimate goal of being 100% done by August 2022. The Central parcel has already begun. We have reached the first elevated deck of this structure. The Central parcel consists of two levels of commercial space with 5 levels of parking and a rooftop amenities deck above. It connects the North parcel to the South parcel. It has a unique shape and presents numerous logistical challenges that make an already complex project even more challenging. The tentative completion date for the Central parcel is May of 2021.
The third and final phase of the project (South parcel), will begin within 30 days. South parcel is another Class “A” office building, a 242 room / 4.5 star Loews Hotel, with a shared parking podium. Pre-construction planning is ongoing and foundation contractors are on standby waiting for the issuance of our last master building permits. Construction of the “Galiano Residences” will also begin soon. We plan on expediting the work on these smaller buildings in order to finish them concurrently with each of the parcels. There will be a point in time this summer where all parcels will be under construction at the same time.
As you can imagine this is an intense process that requires a great deal of focus and planning. So far we have met all of our intermediate milestones and have no doubt that this dream will become a reality soon. “Plan the work and work the Plan”.