1225 East Pender Street, Vancouver
We are pleased to provide you with the following update regarding the progress of NationWide Self Storage Trust (“NationWide I”) and its building project at 1223 East Pender Street, Vancouver (the “Pender Property”).
Development Application Status
As previously reported, NationWide I has engaged CTA Design Group to provide both architectural and engineering services to the Pender Property.
CTA Design is experienced in designing and engineering multi-level urban self-storage buildings and they have made application and payment to the City of Vancouver for our development permit.
To date, the development application is still under review by city staff, advisory panels and committees. We believe that we are approximately 2 months behind our original timing estimate due to the City of Vancouver implementing new and more detailed review processes. That said, we remain in line with our original construction budget.
Building Contractor Selection
We are also pleased to report that our building project managers at BTY Group will commence the tendering process over the next couple of weeks and hopes to be able to recommend a contractor for the Pender Property by December.
Beginning with site acquisition, BTY Group has been providing project management services for the Pender Property that will continue to do so throughout the duration of the project though to occupancy. Subject to permit approvals, construction is anticipated to commence in Spring 2018 and will continue until Fall/Winter 2018.
We have every confidence that BTY Group will provide strong third-party objectivity in securing and administering the best contractors for the job!
Don’t Miss Our Updates
We are pleased to announce that we have launched a new Pender Property Overview page on our website where you will find all relevant project details, the latest investor updates and our latest architectural drawings and building pictures.
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The information provided is general in nature and is provided with the understanding that it may not be considered tax, legal, accounting or professional advice. There can be no assurance that investments will perform as forecasted or be of the quality anticipated. There are tax risks associated with an investment. The content of this page is for information only and does not constitute an offer to sell or an advertisement, solicitation, or recommendation to buy securities. Nothing on these pages constitutes investment, legal or tax advice, nor was it prepared in consideration of the investment objectives, financial situation, particular needs or any specific recipient. Qualified investors should read the relevant Offering Memorandum carefully and consult with their tax and investment advisors before making an investment decision.