Lagunitas | Promontory Project

PROMONTORY OFFICE PARK

Project Description and Product

	Promontory Office Park, located at Boardwalk and Landings (just east of the post office), includes five office buildings, three of which have been built. Promontory Office Park is a successful office park, which our company planned, received approvals for and has built out with the exception of two offices. It is covenant-controlled, with an Office Owner Association handling all management and maintenance. Strict design, signage and parking requirements are in place, as well as the usual covenant provisions. One lot will accommodate an office building of 8,080 square feet and the other will accommodate one of 6,200 square feet. Each office building is designed to be sold as an entire building, or as up to four office condominiums.

Ownership and Project Status

	Lagunitas Promontory, Inc. holds fee simple ownership to the property. The project’s status is that three of the five approved office buildings have been constructed and sold, while the remaining two are being aggressively and creatively marketed and sold by our marketing-sales team.

Market

	The primary market is office owner-users who wish to own their own office and build equity instead of renting. Historically investors have been a secondary market. Promontory Office Park is four blocks from Harmony Road, the major city entry arterial, which provides easy access to I-25, Loveland, Windsor, Greeley and Denver.

Plan

	Our plan is to build and sell office buildings on each of these lots. We historically have pre-sold at least half of a building before starting construction. Because we have constructed 16 office buildings over the last seven years, we are able to build an office building very quickly, in about four months from contract signing.

Schedule

	Our schedule is right now, that is to have our marketing-sales team continue to aggressively and creatively market and sell these offices. Our goal is to complete this project within two years or less.