Triple J Enterprises president and chief operating officer Jeffrey B. Jones told Variety on Friday, “We are hoping that if everything goes well we’ll be able to break ground in 2012. But still a lot of details that need to be worked out.”
Blue Water Homes is Triple J’s and the CNMI’s second participation in the low income housing tax credit program of the federal government, with Sandy Beach Homes as the first.
Triple J Enterprises vice president for finance and administration and Blue Water Homes LLC representative Michael Sablan welcomes the good news that the Northern Marianas Housing Corp. board has recently approved their application for an identical housing project under the NNMHC-administered Low-Income Housing Tax Credit Program.
The NMHC board during its August board meeting approved the project for about $4 million in tax credit allocation per year for 10 years.
“The mechanics of the program allows us multiple years of funding,” he said.
He told Variety that the $30 million Blue Water Homes project will be identical to the $28.2 million Sandy Beach Homes in terms of amenities with emphasis on green technology.
He said they first looked into the project back in April.
The new project will be located 300 yards south of the Sandy Beach Homes in the vicinity of Chalan Kanoa Beach Club.
Sablan said they are eyeing four lots in the area and they have secured leases on three. He added that they are in the final negotiation with the fourth lot.
He said the projected area is about 5,000 square meters right on the beach.
“Blue Water Homes will be slightly larger than Sandy Beach Homes,” said Sablan adding that it will have 80 units of two, three, or four bedrooms while Sandy Beach Homes has 60 units.
“We are in the permitting stage and securing financing,” he said.
If they would be able to hurdle the permitting stage, he said they would proceed with completion of design and construction.
For Sablan, they are looking at project completion sometime in the third or fourth quarter of 2013.
Sandy Beach Homes held its topping off ceremony on Friday and open house last Saturday.
The housing project is looking at completing the project way ahead of schedule.
According to Black Construction vice president Leonard Kaae, the project is ahead of schedule for a project turnover date set for Dec. 15.
To meet schedule constraints, they used pre-stressed, pre-cast planks which created a greater value in time, Kaae told Variety.
“The use of pre-stressed planks proved essential and key to ensuring fast track performance and competitive advantage to winning the project,” he said.
