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VDG Victory on Leonard Project Update: April 2023

We are currently in month 18 of our Victory on Leonard 120-unit apartment construction schedule.

• Fire suppression lines are going in on schedule. The hard-steel pipes are connected to the main water line and inserted in the ceiling. This is a critical path item that must be completed prior to city inspections

• Plumbing is continuing in section A and B.

• Insulation is going in and the building is dry inside.

• Exterior brick will start next month once it stops snowing. It should move pretty quickly.

• Exterior metal panels are almost complete. You can see that 25% of the balconies are fully paneled on all sides and look great.

• Electricians are moving quickly.

• HVAC is still working through the delays caused by the city. Now that we have resolution on the city's issues with our shaft walls, we need to play catch-up, and this requires more labor. We're addressing this issue, but labor is still in short supply and this will cause delays and it looks like we won't be able to open all at once in August like we'd hoped.

• If this is the case, our preferred solution will be to phase our openings to allow for Section A floors 3 & 4 to open in August, followed by floors 1 & 2, and then section B by late October.

• This will require buy-in by the city, which we are currently seeking.

• Despite all this, we're still currently within our budget.

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