Monroe Block Development

[Richard]

They just came out with a new rendering and details about the phasing. So, there had to be an official rendering before this. I thought this was it.

BTW, what's up with the phasing description. If you have a Phase One, then the next step is Phase Two. If you have a Phase A, then the next step is Phase B. How is it that Gilbert and company are saying Phase A1 and Phase A2 and then a Phase B? Just seems like there shouldn't be a Phase A2 if you have a Phase B. So this new Monroe Block development should go from Phases 1,2, and 3 or Phases A, B, and C.

They are subsets of the base phase.

For instance -Phase 1A would be the design of the 1st Phase then it gets broken down from there 1B the implementation of the project,what it’s going to take to hire the workforce,break ground,get everything in place Phase 2 which would be actually starting the work or breaking ground.
Phase 2A digging the dirt out etc.

Its an organization chart for complex projects that breaks down each step of each phase.

It helps keep projects on track with deadlines,while one crew is dealing with Phase 2B another is dealing with Phase 2C so you do not lose forward momentum.

Its more critical now with supply shortages,you do not want to have a crew sitting around on payroll waiting for anything.

Looks like the way they are structuring it is to complete within a specific time frame and try and remove the costly delay aspect.

Anything construction related,time is money,the more things drag out the more expensive it gets,most construction loans are progress based.

You get X amount of money as you complete each phase or each subset of each phase,the bank sends their people out to check it out and if it is okay,they cut the check for the next phase.

There is a lot of money in each phase that has to be paid out,normally contractors and suppliers.

You saw the flip side of that with the recent lawsuit by the architect against a developer for non payment,structured loans keeps people paid.

In the late 80s Du Pont built a massive development in downtown Orlando,probably twice the size of this.

Thousands of contractors never got paid,many killed themselves,Du Pont just claimed bankruptcy and everybody got screwed,millions and millions.

Structured like this one,contractors and suppliers are more comfortable working with the developers because they know they will get paid,sometimes if a project gets screwy the bank will take it over and complete it.

Even if you are the bank,you still have to follow the rules,you cannot just reach in the till and pull out money for a project,even Mr Gilbert has to follow the procedures,probably saves a lot of pain when bending over to pick up the soap if you get caught.