1) What are the results of the RFP process? How many proposals did you get? What are they looking like?
Currently there is one proposal from the submissions, which is looking favorable. We are now negotiating with the organization to ensure that our needs are met and each detail has been defined to avoid surprises later. We are currently in confidential discussions with them to see if we can reach initial agreement that would satisfy the needs of the community.
2) Is the vision for Eesti Maja Tulevik looking attainable? If not, what are the compromises that will be required?
Yes. It is looking attainable. As mentioned we are still in the midst of negotiating the specifics and at this juncture it is unknown what we will need to compromise on. The main unknown variable is obtainable zoning for our property. The zoning affects the profitability the property and therefore affects our bottom line.
3) What are the current unknowns and issues in the process that need to be resolved?
Zoning and density are yet to be resolved.
4) What are the current estimated timelines to tenant move out date?
It is too early to be sure of these timelines. The goal for completing Eesti Maja is 2018. We expect tenants will have to move out of the building for 1-2 years.
5) Will the redevelopment be able to provide sustainable financing for the Estonian House? How much of this financing is projected to come from Estonian tenants? Will Eesti koolid and other organizations be required to pay rent?
Yes it is foreseen that all tenants will be required to pay some amount of rent. The EM must be financially sustainable. Eesti Maja will give Estonian organizations the best discount it can afford while maintaining its financial sustainability. Our goal is to build a space that is affordable, attractive and supports all the Estonian organizations.
As you can see there are a lot of questions that it is too early to be able to answer accurately. We would love to have clarity and be able to tell everyone specifics but unfortunately these types of negotiations and processes take time to do them right. We will tell you as much as we can when we know it. Thank you for your patience. We are also very excited and want to know the answers to everything but are similarly forced to follow the standard process and will only find out as more details are confirmed.
We look forward to your questions. Please submit them and we will include the most popular questions and answers in our next article.
