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ATELIER 105

Execution Schedule & Site-Prep Brief

Confidential Memorandum
1. Executive Summary & Critical Path
The Atelier 105 development program is structured around a highly compressed, de-risked 20-month lifecycle. The primary risk vector for South Florida horizontal development—entitlement and zoning delays—has been entirely neutralized prior to closing.
By securing the 105th Street ROW vacation and advancing preliminary zoning through a City-Backed Fast Track, the Sponsor has bypassed standard municipal bottlenecks. This allows initial LP and Senior capital to be immediately deployed into value-creating site work on Day 1 rather than being trapped in open-ended holding costs.
2. Phase 1: Horizontal & Site Prep (Mos 1–2)
The first 60 days of the project are dedicated to aggressive site preparation and infrastructure stabilization, leveraging the expedited status of the Master Permit.
  • Expedited Master Permitting: Immediate utilization of the pre-negotiated fast track to secure final stamped approvals.
  • DERM Sign-off: Prioritized environmental clearance to allow for uninterrupted earthwork.
  • Marine Infrastructure: Initial staging for the seawall and deeded boat slip infrastructure, running concurrently with standard site prep.
Strategic Advantage: Compressing the horizontal phase into a 60-day window massively de-risks the capital stack, protecting the project's IRR from the erosive effects of early-stage timeline slippage.
3. Phase 2: Vertical Construction (Mos 3–16)
Upon completion of the horizontal pad, vertical construction of the 15 luxury townhomes will commence.
  • Cost Containment: Hard costs are locked in at a modeled $370/SF, insulating the equity from localized volatility.
  • Milestone Deposits: Staged deposit collections will be utilized to validate market demand and offset capitalized interest requirements where applicable.
  • Standardized Plans: The uniform 3-Story + Roof Terrace layout allows trades to move sequentially through the site without re-tooling.
4. Phase 3: Initial Delivery & Closeout (Mos 16–20)
The final 120 days of the development cycle are focused on aggressive debt retirement and capital return.
  • Month 16 (Initial Delivery): Securing the Temporary Certificate of Occupancy (TCO) triggers immediate closing of presold units. All initial revenue is routed to payoff the 75% LTC Senior Debt facility.
  • Months 17–20 (Final Closeout): Remaining inventory transitions to standard retail market sales, targeting the established $925/SF exit valuation. Once the senior facility is retired, the waterfall activates for the LP.