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VDG Victory on Leonard Project Update: May 2023

We are currently in month 19 of our Victory on Leonard 120-unit apartment construction schedule.

• The city has agreed to allow us to open the building floor-by-floor rather than one wing at a time. This will allow us to start moving tenants in in September to floors 3 and 4.

• We've made a lot of progress on drywall on floor 4, and are starting to close up floor 3 as well.

• Crews typically insulate and drywall a unit within a couple of hours, then move on to the next unit.

• We have finishers who come in right behind them and put on the rough coat then let it dry. The weather is perfect for drying right now.

• Exterior metal panels are almost complete and we're still wrapping some of the balconies.

• The Brick was delayed but will start going up this week. Bricking the exterior of the building will take 3 months.

• Our immediate challenge is to get another crew of carpenters in to speed up the trim, casework, and door/hardware installations. Those jobs take a lot of time and we'd like to have more people working on them.

• We're also prioritizing our mechanical work on section A because it needs to be completed before we can get occupancy.

• We'll start working on the model unit in June and have it ready by July for our leasing agents.

• We'll also start pouring gypcrete in the units to level the unit floors and give us a fire rating between floors.

• We'll start our elevator installation in early July.

• We have nine shaft walls in section A that go all the way through every floor.

• So far we have not had any bites from retail tenants. Katie Lovely and Chip Bowling from Bradley & Company are working on this, and we're confident they'll find us a suitable tenant. If anyone knows a Jimmie Johns franchisee, this would be a perfect location.

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