to pull back the curtain a little bit. We're
buying this from another developer who has lost
it. A multi -state developer, not a nationwide
publicly traded company, but not small potatoes
either. And he had partially started 15. The
density for 79 is approved. 15 of the 31 are
halfway built. It's five acres total. The zoning
is there, but the map is not. So we're kind of
picking up there. Real bills, real decisions.
You see the finished houses and we uncover the
steps it took to get there. I'm Christa here
with Michael and this is Trust the Past has podcast
where we talk construction, real estate and development.
We pull back the curtain on the new home industry,
the real estate market and the trends shaping
it all. Discover the stories, insights and expertise
behind building a new home. In today's episode
we introduce a major next chapter for Trust Home
Builders as we prepare to move into our first
multi -family and town home development. We share
how the latest downtown project found us and
what it means to step into a partially built
site. We also uncover how we're reimagining the
product, the buyers that we're designing for
and how flexibility, design and smart decision
making allows small teams like us to take on
big projects like this. So, if you're buying,
selling, building, or just curious, this one's
for you. Let's jump in. Welcome back to Trust
the Process, the podcast where we chat about
the construction industry, real estate, new homes,
and everything happening in the housing market.
So welcome back, Michael, and welcome back to
all of you. Thanks for being here. We're going
to talk today about, for those of you who follow
often, we've dribbled a little bit of information
about some of the new projects that we have upcoming
this year and some of the land that we have and
things that are changing. We are including some
multifamily to our repertoire. So that's one
of the things that's changing. We're going to
continue doing our luxury homes. We love the
custom world. We love that buyer. But just adding
something a little bit different. in a multifamily
world and as home prices go up and you know it
gets harder and harder for people to get into
the housing market feels like the right time
to incorporate some sort of a multifamily product
type that will allow a little bit lower price
point with the trust flair of course so yeah
that's what we are starting into and so with
that I'm really excited about the multifamily
because as as you know I come from a builder
that did multifamily and so from the marketing
and sales perspective I feel like I'm excited
to be in that world. And prior to that, when
I was with homes .com, I was an ad executive
for homes .com back maybe 10, 15, I don't know,
12, 13, 14, that window in there. And my book
of business was in the multifamily sector. So
it was condo, town, home, apartment, all rent.
And so I managed their online and digital. services
and actually at the time we were in print, I
guess that kind of dates me. We were still in,
remember you could go to the grocery store and
you could grab the book and so yes I created
those ads and then you know we would track and
run the analytics on their accounts and it was
really still just kind of fine -tuning that whole
website thing when digital marketing was still
in its infancy. There's a language that you speak
to that multi -family buyer and so going back
into that world kind of touches my roots a little
bit in a way that is fun for me. I love the custom
homes and I love that demographic too, but something
nostalgic about circling back on multifamily
and getting to do that again. So that will be
fun for me. And with that, there's a lot of,
I mean, I know for you, Michael, this is a world
that trust has not been in before. So I'm sure
there's a lot of trepidation and the way that
we've acquired this parcel is unique in itself.
So would love to hear more about how We got into
it, where we're going with it, your thoughts,
feelings, some of the hurdles and obstacles that
we may or are already facing in taking over a
project that once belonged to somebody else.
So tell us more about it. Well, I want to start
with... Thankfully, you're comfortable because
I'm terrified. I didn't say comfortable. I said
excited. Excited, okay. Okay, that's true. Not
necessarily the same, but ready, ready for it.
I mean, you know, come what may, it's happening.
So I'm ready to embrace it. It's like how they
say the opposite of love is indifference, not
hate. It's like, okay, the opposite, terrified,
is not exciting. So yeah, we've, this project
found us. that being said, I've wanted to venture
into this space for some time. And I wanted to
see what we could do as a company, bringing our
flair, which is a lot. I love the way you use
that word, our flair to different price points.
And this is a great opportunity to do that. It's
also a really unique project in the downtown
sec in downtown area of Las Vegas. So it's a
very unique buyer. It's not a dime a dozen buyer.
It's not. somebody who, uh, stumbled upon it.
It's probably somebody who is seeking it out.
So therefore even more reason for it to be a
builder like us who's going to build a compelling
product because some of these buyers may, may
materialize, meaning they weren't going to buy
anything anyway, but they were renting a luxury
high rise or renting a luxury apartment or whatever,
wanting that downtown lifestyle. And now they'll
consider buying. They weren't going to buy it
because previously It was a home in the suburbs,
25 miles from anything they want to live near
or work or their friends or their walkability.
And it's a new product and something compelling
to push them to say, I am going to stretch and
look at buying something in the area. Our nearest
competitors are no one. Uh, the only other housing
stock is are either other similar town homes,
but there's not many, and some very old Vegas
Rambler homes that are in disrepair. It's a challenge
zip code, real estate -wise. The sales comps
are definitely not in our favor. But the sales
comps are nothing like what we're going to be
putting out. Beyond that, you have the mid -rise
and luxury apartment market if you're looking
at housing at large. So that is our buyer. There
might be some out -of -state people who are drawn
to downtown Las Vegas as a vacation home. I'm
not ruling out that we could have a decent amount
of retirees who are going to be splitting their
time between townhome here and a... their main
home in Santa Barbara or wherever, San Diego,
and they want something in Vegas for tax reasons,
but if they're going to be here, they want to
have something close to the strip, and they want
to be close to the airport, you could probably
take the monorail and a $10 Uber and be from
the airport to this house. So there's an appeal,
and we have to make a product compelling to get
those people to say, oh, we always rent a house
here, we always rent a hotel here, let's own
our own place and keep it stocked with... our
stuff and have our, you know, we come here often
enough that we can do that. We have a light point
about who that is. So often when you're talking
multifamily, you're thinking of an entry level
buyer because they're buying a product type that
probably gets them into the market for the first
time. That's not necessarily going to be our
demographic here. I don't think I mean that's
not to say we won't have any of that, but I don't
think that's who we're going to have primarily.
Oftentimes it's a lifestyle choice more so than
it is, you know, a product type. They want to
be in that area. They want that minimal lifestyle.
Like you said, they're only here part time. They
want it as a vacation property. So I think, I
think we're going to be talking to a very different
audience than the typical multifamily product
type. That's a great point. So town homes generally
resonate with the entry level, someone afraid.
So either upsizing or downsizing. And low maintenance
cost is a big portion of it. And a lot of what
buys town homes are divorced couples who sell
their main home and each buy townhouses. I mean,
that's kind of generally who are attracted to
townhouses. And that's a different demographic
than what I think we're going to get in this
area. We will get some of it, but I'm... Purely
spiring from the hip here. I'm thinking when
we left our walk at the site on Tuesday I'm thinking
it's probably only gonna be about 30 % will be
that entry level Driven by cost driven by homeowner.
The idea of homeownership is so exciting These
might be third homes second homes. This might
be the fifth home they've purchased, but maybe
it's a primary residence Move up move out that
type of thing Therefore we have to make our product
offering from the ground up fit that demographic
that goes down to the floor plans and everything.
And we'll have to research it entirely, right?
We're going to want to be completely informed.
I don't want to enter into this without any absolutes
about who's going to be buying. So more market
research, more research into demographic and
that type, the product type, the location, the
place, you know, I mean, all of those pieces.
And that's work that you and I will dive into
over the next few. weeks. It's coming quickly.
It's coming more quickly than I imagined. So
I was going to say two months, but I don't know
if we have months on this one. Well, so to pull
back the curtain a little bit, we're buying this
from another developer who has lost it. A multi
-state developer, not a nationwide publicly traded
company, but not small potatoes either. And he
had partially started 15. The density for 79
is approved. 31 are parceled and recorded as
map. They have their own parcel number, their
own address. 15 of the 31 are halfway built.
The back parcel, so it's five acres total. The
back parcel is 48. The zoning is there, but the
map is not. So we're kind of picking up there.
Our first goal is to close on the property, which
will be imminently and getting the permits reactivated.
Also working on that as well. If all of that
goes according to plan, Some of these are going
to be hitting the market in spring. Some of those
partially built units we can finish very quickly.
They're maybe eight week start to finish. We've
got other things that are going to slow us up.
The Envy energy power plan, things like that,
getting all the utility work done. So we might
have to slow roll it a little bit. I hope not
too much. I don't want to have completed homes
sitting there, like sitting ducks without any
power or running on temp power. We can't sell
them like that anyway. I'm assuming all the other
point of connections are there because you can't
really. pour your slabs until the sewer connections
area, water supply lines are there. So I'm imagining
we're going to be good to go on that. Really
just power and the permitting. And to give some
context, when you drive down that street, they
look like homes on this street. I mean, we're
not buying dirt. This is a project that's already
well underway. There are some buildings that
are stuck out. Garage doors are on. And I mean,
they look like dwellings. Six of the 15 look
done from the outside, if not for the lack of
the street curb gutter driveways and landscaping.
They look like homes. I mean, and inside they've
been a little bit of vandalism, but nothing that...
We haven't handled in the past and I mean, we'll
get it up to shape quickly. Like I said, we'll
probably be limited by the utilities and the
connections there versus the homes themselves.
So we'll, we're hitting the ground running and
we're trying to get back to a rock home and then
yeah, we'll remove anything that's damaged and
we're going to end up rewiring and repiping the
homes, which we would have likely wanted to do
anyway. They have been sitting for about 18 months.
So. there's a lot of things that we're going
to want to do. I'm replacing a good amount of
the windows, especially the operable windows,
just because I want them to be new and feel like
they're buying a new construction home. So that's
kind of where we're at with it. And we're going
to probably just finish the 15 that are there.
I'm stuck with the footprints of those homes
for the remaining 16. And the plat map is already
kind of drawn for their back 48. So all that
is to say is that I'm pretty stuck with the footprints
for the four floor plans that the original developer
had devised, but I'm not going to stick with
those floor plans. We're going to create four
new floor plans. We'll finish out the 15 and
then we'll create four new floor plans. They're
going to be very similar. There's small footprint
townhomes. There's only so much I can do with
them, but I've got some ideas. Square footage
isn't bad on them. They're all really, I mean,
Yeah, 18 to 22. That's a really good square footage
to work with. It's a single family home square
footage, yeah. I mean, they just happen to be
connected. They're well used, high ceilings,
comfortable spaces. They're nothing that we can't
make fantastic. We can play with some ceiling
heights and we can get creative with the floor
plans. Maybe some live on the third floor versus
all the... Currently they all have like a mezzanine
level living space So the first floor is a garage
some sort of flex space in a bedroom the middle
floor the mezzanine level is all great room,
communal space, and then the third floor's owner
suite and other secondary bedrooms. So we're
going to get really creative with them and I'm
going to flip some around. That was fun. We almost
stood there the other day together as a team
and we're standing there talking about it and
some of that stuff that you're saying, you know,
what if this were on the third floor? What if
we were on the first floor? How could we recon?
So it was fun. It's fun to be able to reimagine
the spaces in real time. I know it will make
them great. That'd be amazing. Yeah. I mean,
we'll be stuck with the confines of the footprints,
but That's only the footprint. We can do a lot.
There's so much we can do between here and there.
So let's pretend the main footprint. Minus the
garage is like 600 square feet. The second level
is a thousand to play with or 800. And then you
got another 800. You can see how you can get
really creative in those spaces with windows
and ceiling heights. Even just standing there,
we started getting creative on the one shower.
Like it has an oversized shower. Why wouldn't
we turn this into a wet room and put a bathtub
in there and put it, you know, I mean, it's just
re -imagining some of the spaces, even within
the walls that are already existing. Right. Just
with what we have. It's just fun to, to re -
imagine. I agree. I'm excited for it. I'm terrified.
We'll get everything get a lot more clarity in
the next two to three weeks. We've gotten a lot
of clarity in the last four to five weeks. We've
been on the project originally back in September,
and then we thought we lost it to a nationwide
home builder. So they came back to us. Uh, which
either means that nationwide home builder didn't
want it or didn't perform for whatever reason.
So doesn't bode well, but should we be scared?
Yeah, I was just crossed my mind. I just think
they weren't up for the challenge. Yeah. You
know, a nationwide home builder for us to control
79 lots in one tract is I don't want to say once
in a lifetime, because it's probably now going
to unlock a lot more. But it's something that
we couldn't say no on. Whereas they're used to
controlling 80 to 150 parcel individual building
lots. And that's new for us. It's nothing I've
ever done. Yes. And it's a unique. demographic.
They kind of stuck with those footprints, stuck
with the 15, where they're going to demo those
15 and start with their own product. I mean,
there's just so many unanswered questions that
they probably had that I was willing to take
care of. And they probably just wanted the land,
really. They wanted the land and the entitlements.
They wanted the land, the location. Right. And
the entitlements that came along with it, all
the zoning. And it's on its surface a killer
deal. And I'm sure there's going to be some unknowns
that are going to make it. a maiming deal, maybe
not a killer deal, but I still think there's
enough wiggle room in the margins because of
the way we're purchasing it that for a builder
like us to take on this large of an undertaking,
it'll be nice to have that cushion. because there's
going to be things we run into that we didn't
foresee or things that I didn't realize how fast
could spiral when you're doing 79 versus we do
four or five or six at a time, or just it's different
scale that I'm not used to or we're not used
to as a company. But that being said, I'm lucky.
Different scale and a different build style.
It's definitely a different build style. Even
just the timelines are all going to be shuffled
from what were typical timelines in our custom
product type. you know, from the ground up, even
though we're a little bit further along in this,
because we're taking it over, just the build
alone is going to be different than what it would
be on a single family. It's going to be like
how we've been building out of South Shore for
six years. It's going to be like that. It's going
to be something we're building out. I'm thinking
conservatively three years, because that's probably
right around 25 to 30 units sold per year, which
is a pretty healthy sales base. Even a nationwide
builder would probably not go much faster than
that. So I'm seeing a world where it's four years
by the time we're building out the last few units.
And by then the Bullet train could be in, I think
they're saying 2028 or 2029. I mean, we're or
at least where's that station? Well, imminently,
it's going to be in the south part of town. But
I think there's a plan to connect it via light
rail to downtown. But we'll see that only makes
sense to have it. Yeah, that's a gift for Las
Vegas at Brightline Come. If we can't finish
the thought and get a light rail system like
the Bart, like the Bay Area Transport that runs
in the middle of the median. If we can't come
up with something like that, then that's kind
of a failing on our side. We as a city are a
metro area, but it crosses a lot of jurisdictions.
We've grown to the capacity. We need more than
just that monorail down the strip. There needs
to be a better central transport system within
the city. Agreed. It'll be nice to go from, I
think, LA, Rancho Cucamonga, and then maybe somewhere
in Hispania and then Las Vegas. So it's gonna
have quite a few stops and it's Brightline's
building it. So anyone who's curious can look
up Brightline's rail and it's already under construction.
I mean, there was a world where they thought
it was going to finish by the Olympics in LA,
2028. And I don't know if we're gonna make that,
but they were definitely hoping, cause it'll
be huge. But you realize that when you're spanning
three to four years of market, what we're selling
in phase one for 470s might be 570s or 600s by
the time we're out of there. So that is also
exciting. And there's also nothing stopping us
from, okay, we designed a couple of floor plans
and let's recycle them. Let's change them. I
mean, we have 26 other lots left. We're not stuck
with those floor plans. If the needs change and
the market changes, we can always kind of zig
and zag and make a different product offering.
Exactly. Exactly, because we own the land. We
own the land. Whatever we decide, we might get
halfway through the project and realize that
we've had 100 people walk through the door who
asked for XYZ. Because of our size, we can flip
on a dime and now create that XYZ to serve the
need that's being requested out there. That's
really fun. It does lend itself to a really open
-ended opportunity. I agree. I'm very thrilled
not to overuse the word excited. I'm very, very
excited. Because there's still a creative aspect
to it, but there's also the scale that I've always
wanted to accomplish. And I didn't think was
possible in this decade. I thought maybe that
was like, you know, in the 2030s that I could
grow the company to that level where we have
control over entire tracks. And oddly enough,
another townhouse project found us that is a
ground up project about Five miles away. Two
more. Two more. Once for sure. You open yourself
up to new ideas and all of a sudden... I couldn't
believe it. I could not believe it when it came
my way. Okay, yes, we will do it and we're doing
it as a joint venture and they've signed their
joint venture documents as of... Yesterday morning,
so it is happening. That's another 24 most likely
Units and that will be the entry level that will
be price point all the way just based on where
it is it's also in a little bit of a challenge
zip code, but It's an established zip code. There's
a lot of housing stock there, which means there's
a lot of population in that land and not a lot
of land so it's another info project which seems
to be our specialty and Well, yeah, we'll we'll
do the best we can within the confines and I
know that price is going to be a huge you know,
motivator for people in that area because they
are going to be probably 90 % first time home
buyers. And if they aren't, they're probably
a really different project. Right. Could be an
older, you know, person who wants to sell their
high maintenance home. There's always that possibility,
but I guess they weren't low. Yeah. No yard.
They don't want the pool. They don't want, you
know, they want a simple lifestyle or snowbirds
who are really here a portion of the year or
probably less of that, that parcel. But, you
know, it's funny, my, the Last company that I
was with, we had primarily a first time buyer
profile and we had an 84 year old woman who bought
her first home. her first home ever. I mean,
the celebration that we had with this woman was
so fun. I mean, we celebrate, you always celebrate
purchases with anybody, but there's something
really unique and special about a first time
homebuyer. But that first time homebuyer profile
is not just young anymore. It's, you know, and
it has pushed further and further back. It used
to be kind of that 25 to 28, 23 to 28. Now, really,
it's 34 to 40, right? I mean, it's not If you
pull the median, it's in your late 30s. Statistically,
you're most likely to buy your first home in
your late 30s, which is not a good sign for the
overall... It's indicative of the market, right?
It's where the world has pushed prices that people
just can't get in any earlier. In Sunbelt cities
and desirable cities, I mean, if you're in an
exurb of... a city in Ohio, maybe that's not
the case. I know I'm from upstate New York and
all my cousins owned houses by the time they
were 24 years old because they were all under
$200 ,000 and they still are, by the way. 15
years later, they're homes of value, you know,
10 % maybe. And what we see in two years, you
know, they see in 20 years. So, but that's...
It's also a function of where we live. I mean,
Las Vegas is not a cheap city anymore. The last
10 years, I don't think it's been a cheap city
for probably 10 years. For certainly the last
four years and five years. We've outpaced some
Inland Empire cities in California. We've outpaced
some Northern California exurbs. We've become
a... City in our own right in terms of sales
price and the population and amenities So I guess
there's no reason why we would expect homeownership
to be any better than the national averages That's
true. That's true So when you say first -time
homebuyer, we're you know, what that's a really
broad spectrum of people. Sometimes they're waiting
until you know, maybe they've gone to college
and they're waiting until they get that promotion
or the next new job, or they're waiting until
they have a partner in a dual income household
or whatever it might be. But that's 24 homes
that will be a pretty diverse opportunity of
people to sell to. It will. I mean, it's definitely
something that we'll have to phase in as well,
you know, with demand. No one's going further
out because it is stilter. Yes. I did have a
meeting with my engineering firm. yesterday,
and believe it or not, there's a world where
we have a map recorded by the end of this year.
Wow. Okay. Because the owners I JV'd with did
all the zoning change. So all I have to do is
do the drainage, hydrology studies, things like
that, water network analysis, traffic, lay out
the map. Zoning's approved. So we're in the fun
part now where we get to... And I get creative
so believe it or not it it will be started Finished
and closed out probably before maybe even phase
one the first 31 of downtown is Because the way
the buildings are it's only three buildings of
it's like a ten seven and seven So I can only
goes quick. Yeah, I can only phase it so much.
I can probably do seven then ten then seven Probably
an 18 month project So yeah We'll see. Sounds
big, but it is kind of a get in and get out.
I'm targeting like 370s, 400s, you know, that's
kind of, I don't think we'll get much more than
$400 ,000 out of even a big model, even if we
went to a three story concept and a couple of
them. And they're smaller. They are smaller.
24 foot, you know, square foot pads. You're really
a narrow home. And so our square footage on those
will be significantly less than they are on the
downtown project. Correct. Yeah. We're probably
looking at... you know, versus 1800, we're looking
at more like 1300 square feet of livable. 1213,
which is, you know, build a great home in that
11 to 1400 square foot space. And if we can deliver
something that's $150 ,000 below the median sales
price for the county and it's new construction,
that's exciting. I'd be pretty proud of that
if we can do it. I mean, we'll see how our build
comes coming, but yeah, well, I think we can
get there. I'm not... Super worried about that
because I know where we can make adjustments
I don't want to say cuts but make adjustments
to our product offering will still probably be
better than Where a big production builder would
be in that price point. I'll still opt for an
extra $300 worth of baseboards. So they have
five inch baseboards versus two inch. Yeah, I
just know how I am It'll come out of the margin
it won't come to the cell it won't be trickled
up to the sales price It'll just come out of
the margin. I know I know I know how I am So
it'll be a compelling product for what it is
That's exciting. And like you said, it's something
to be proud of, to be able to put something in
the marketplace that's going to be attainable
for people who maybe didn't think they could
afford a home. It's a passion of mine. I've put
it out in the world a year and I've always wanted
to do it when I got into home building, but I
put it out, wish cast it into the universe that
I want to do more attainable product. And these
projects have found me. including our Western
Nargos. Now, again, they're twice the median
average, twice the median sales price, but that's,
we're used to building four to six times the
median sales price. And although I love that
space, I'm tired of buying $60 ,000 worth of
appliances for one house. It's going to be kind
of nice to say, oh, $60 ,000 bought the whole
phase if we're doing a phase of 10 or 20. Very
different. So that's what we have going on and
we're teasing it a little bit now and you know,
stay tuned for more We'll definitely have more
developments, especially once we officially own
it. It is ours It's under contract and it's just
got we got some hurdles to jump through logistically
and legally and nothing that should Throw a major
wrench in it, but it's just going through the
motions of that. Meanwhile, we're doing all of
our backend stuff to limit our downtime as soon
as we do own it, as soon as we start paying interest,
trying to limit our downtime on that as well.
Had a meeting out there earlier this week with
all of our subcontractors, just kind of getting
them on board. This is what the electrical looks
like, this is what it's going to need so that
you can start collecting pricing, make sure that
everybody has the time in their schedules and
the labor available to be ready to hit the ground
as soon as we sign to own it. Yeah, because there
are things that... Right. There are things that
we can do before our first permit. We can clean
up the site. We can get rid of anything that's
damaged. There's a lot of things we can do. We
can do demo. We can't do any demo. We can do
demo because of what we're doing. We're not taking
down entire structures. We're just removing damaged
drywall and leaving, you know, cutting access
points for wiring and piping and all those things
we can do. And it's been an abandoned site. So
there's just leaves and there's trash that's
blown down the street and all of that kind of
stuff. And we've, you know, already got somebody
who's going out to just do that part. But even
just that is going to be a huge improvement.
Agreed. Yeah, I'm excited. Just makes it feel
alive when it's not covered in weeds or tumbleweeds
and trash. Right. Yeah, and we'll have hiccups
and we'll have drama and we're going to have
great security as downtown. I mean, we're going
to have great security, especially until the
first few residents start moving in. We're going
to have great security down there just to make
sure we're covered. And construction sites notoriously
have things that walk off. They do. It's just
part of it. That's factored into the margin as
well. Right. It is. Yeah, exactly. It is. It
doesn't matter where you're building. Construction
site, you know, people want the copper, people
want the appliances. So having security on site
is... really the only way to, you don't lose
the quantity of inventory. Right, right. There's
a lot of management that comes with that. Right
timing things, right timing appliances and securing
the houses and more onsite project management.
And we're used to kind of having a little bit
of a laissez -faire management style with some
of our guard gated communities where we just
know that now shoot the front door. I mean, I
shouldn't say this, but a couple of our houses
out. I'm going to say everything. We're going
to get the addresses and everything. They weren't
even locked for a month. What are you going to
say? They weren't even locked for a month. They
should probably lock these houses at the end
of the day. They're fully done houses. Jeez.
I know. We got a lazy, right? Not lazy, but complacent.
Yeah, you know that you have guard gated. And
out there, obviously, we're not only guard gated,
but patrolled. And the patrol knows us. And so
they're watching our homes a little bit more
carefully. So it really isn't completely unattended.
But as soon as some of those finishes and things
start going into it, it's time to secure them
up. It's just a new consideration. But in this
case, we'll have to do it far sooner. Oh, for
sure. Yeah. And because it's been abandoned,
you and I know what's out there, but even you
guys can imagine people have tried to make it
a comfortable place for them when... Some of
our first buyers, yeah. Exactly. Staying rent
-free. Right. Yeah. So yeah, a little cleanup
and a little start over on some of them, but
it will be... will be a fun challenge. And the
whole team is excited. I know you are, and obviously
you can hear that I am, but the whole team is
excited to get started on it. I don't think one
person has said - Even our vendors, our contract,
everybody. Everybody's excited. Yeah, everybody
is. Yes, our vendors were excited when they were
there. And yes, so we've definitely got the support.
Yeah. It'll be a good one. Hopefully the market's
excited. Yeah. Yeah. Yeah. And we'll keep you
guys updated. Obviously, it's going to be taking
up a lot of our bandwidth and a lot of our time
and energy. And so conversations and new topics
and things will come up regularly. So you can
expect to hear a lot more about it as time goes.
So this is just the first of many conversations
we will be having about this project and other
townhome projects that may come to us in the
future. Thanks for your time, Michael. Thank
you for your knowledge. Appreciate it. And thank
you guys for being here, and we will see you
on the next episode of Trust the Process podcast.
Until then, be well. Bye -bye.