Well, it has been a month or since the last update, and we still don’t have good news to report. We have submitted LOIs for multiple properties and without any success. We found one property that the owner was open to working with us, but when he received multiple offers asking for less “free rent” and without the need to get a city approval for the project, his financial interests won over his personal interests. I will be recommending to the Board that we need to review the current financial model and decide if revisions are necessary to address this hyper-active market.
Although a bit discouraged, I am still optimistic that we can find a suitable property. Like I mentioned in the last post, we just need to be patient. Expect another update after the next Board meeting on Oct 27. Any thoughts or suggestions are welcome (email@example.com).