January Updates: ION Arts Progress
Hello all and welcome to 2022! We hope that everyone is having a good start to the New Year, we have a lot of updates to run through of the ION Arts building.
First off, we do want to apologize for the sparse communications. There is no excuse for our poor communications, but we are going to do better. COVID has had an impact on the lead time for us to get our construction financing, and unfortunately the closing date has gotten pushed back unexpectedly. We got caught up in these delays and as a result, our communications fell by the wayside. There is finally a light at the end of the tunnel, and the biggest hurdle we had to overcome to get to a closing date was for the lender to get on their closing attorney’s schedule. Because of this milestone, we’ve finally been finishing up the review process and will be closing on the loan this month. We have a closing date of January 19th, and once financing closes, we will be moving at a much faster pace to complete the project by the end of Q2/early Q3.
This is not meant to be an excuse for our lack of communication by any means, but at the very least we wanted to post the updates we should have provided. In order to better keep everyone updated, we will be providing at minimum monthly updates on the project, and we are putting together a final marketing package that will provide incentives for those who have reserved units early.
For other updates, here’s what else we have been up to and things to look out for:
We had a ground-breaking event for ION Arts back on October 30th with members of the College Park community in attendance, artists from around the metro, our capital partners and members of our team in attendance (video here). Citizen’s Trust announced their partnership with us to provide down-payment assistance of up to $10,000 for our buyers, and everyone staked shovels in the ground to celebrate this journey.
Additional demo has been completed to remove mechanical, electrical and plumbing systems throughout the ION Arts building.
We installed the new storm water infrastructure for the ION Arts building. This was a big step in the construction process as sitework can typically be a time consuming item.
We were able to secure additional parking for ION Arts residents in the form of street parking along Washington St. College Park.
We have a buyer’s workshop hosted in partnership with Citizen’s Trust being organized and scheduled for February. We will be sending more info on that in the coming weeks; this workshop will be tailored to first-time buyers and be an opportunity for buyers to interface and network with a mortgage provider.
Thank you all again for the patience you have had with us. We are truly grateful for your trust so far and excitement you've showed us for the project, and we are truly sorry if it feels like you've been taken for granted in any way. Though we’ve been moving at a snail’s pace the last couple months, we are finally starting to pick up steam and are excited for the journey to come!
- The ION Arts Team
