RED I - PLEASANT GROVE
INVESTOR UPDATE | SEPTEMBER 2025
Thank you for your continued partnership in the PG Development project. We are excited to report significant momentum since our July update, with horizontal improvements now actively underway following full city approval. The project team has also completed value engineering enhancements to our house plans, increasing unit sizes to over 2,000 square feet per unit while maintaining our focus on cost-effective, high-quality construction that maximizes investment returns.
Your ongoing support has enabled us to maintain project momentum and make strategic improvements that we believe will enhance the overall project value. We remain committed to transparent communication and provide this detailed progress update as we advance toward our construction phase.
The on-site project team worked through unjustified backfill soil requirements from on-site Pleasant Grove City inspectors. The soil on site meets backfill and compaction requirements—saving hundreds of thousands in unnecessary project costs to remove existing and ship in new material. This resulted in several weeks of delays but has been resolved.
KEY ACCOMPLISHMENTS
RECENT
Full city approval received
All municipal requirements satisfied, clearing the path for construction activities.
Horizontal improvements commenced
Site work is actively underway with our experienced infrastructure contractor partner.
Value engineering completed
House plans have been optimized to increase unit sizes to over 2,000 square feet while maintaining cost efficiency.
Construction timeline finalized
Detailed project schedule updated with our general contractor and builder partner.
PRIMARY FOCUS AREAS
CURRENT
Sewer infrastructure completion
Sewer work is progressing well and is expected to be completed within the next couple of weeks.
Water infrastructure transition
Following sewer completion, the team will immediately transition to water infrastructure installation.
Weather-dependent site finishing
Weather permitting, curb and gutter installation could be completed in February, positioning us for vertical construction.
Vertical construction readiness
All preparations advancing to enable potential start of twin home construction in mid to late February.
MAJOR MILESTONES
NEXT
Sewer work completion: Next couple of weeks
Water infrastructure installation: Following sewer completion
Curb and gutter installation: February 2026 (weather permitting)
Vertical construction commencement: Q2 of 2026
First units available: Q3 2026
LOOKING FORWARD
The project team continues to maintain strong execution momentum as we progress through the horizontal improvements phase. Sewer infrastructure work is tracking well and should be completed within the next couple of weeks, at which point the team will transition immediately to water infrastructure installation.
Weather conditions will play a key role in our timeline over the coming weeks. If conditions cooperate, we anticipate completing curb and gutter installation in February, which would position us to potentially begin vertical construction of the twin homes in Q2, 2026.
We are now anticipating the completion of our first units in in 3rd Quarter 2026. As always, we remain committed to efficient project execution and will continue providing regular updates on our progress.
This update reflects project status as of December 2025. For specific questions or additional information, please contact the project management team.
Project Photos
