Good afternoon everyone and thanks for your continuing strong interest and support for Newbury. I am writing to update you on our progress.
1) In the coming weeks, we will begin finalizing Letters of Intent for the majority of retail space available within Newbury Market. Many of you have asked when we will be able to begin making announcements for who will be making Newbury Market their new home. We remain committed and confident we will be able to do so in the Spring. I know that this process can be frustrating but we appreciate your patience and understanding. The typical model would be to “name drop” and announce names in advance of the final terms and business deals being agreed upon. While its not sexy, we prefer to underpromise, overdeliver and communicate when we have something of value to say. I assure you, this approach in our business is a particular challenge.
2) We continue to do exceptionally well with residential sales. Since last speaking with you last year, we have sold 4 more Park Homes and 3 more Cottage Homes. Additionally, 2 more persons who purchased closed on their homes in Newbury the beginning of the New Year. S & A, the builder of the Carriage Homes, will begin construction of their model home this week.
3) Please look for the updated web site in the coming weeks as well. We are making it easier for everyone to connect with us and purchase a home: www.newburymarket.com
4) We will be holding a VIP Event the first part of March for the unveiling of Heartland’s Park model within Newbury and to release Phase Two of the residential neighborhood. We intend to hold a great catered dinner that evening and share the plan, street layout and home site designs with those who are interested. Please contact us soon if you are interested, as we have a great deal of interest in not only attending this event but in reserving one of the lots in Phase Two. For those not familiar with Newbury, Phase Two will hold the largest lots within the new residential neighborhood, possess some of the flattest lots and there are only 15 home sites available.
5) We recently completed some important construction milestones within the project. The road and shoulder widening along the western side of Presto Sygan Road is completed. When the weather breaks, the other side of the road and restoration of the creek will begin. If you have not been by the site lately, the guiderail up the hill was installed this week and looks great. When the weather breaks, we will be back at completing the movement of the surcharges on the market site. These oversized piles of dirt are creating the necessary compaction on each building pad to ready these sites for their new retail tenants.
6) Look soon for the installation of street lights and for the announcement on availability to see all of Newbury’s new model homes.
7) Based upon feedback from our buyers and prospects, we are introducing a new townhome product to achieve a price that reflects the needs of the marketplace while still achieving the commitment to Newbury’s quality architectural standard. Look for this information soon on our website.
8) We continue to work hard to finalize the financing for the 247 unit market rate rental community that will be built as a part of Newbury. Look for news later this year for our plans to begin construction later this year.
Again, thank you everyone for your continued interest and support and I look forward to updating you further on our progress in the coming year. Happy New Year!
Brett A. Malky
EQA Landmark Communities