I have some amazing news. With gratitude to Hashem, we have simultaneously completed the purchase on the three property assemblages today, including one building and the two adjacent parcels, for the future YDLV campus. Funding for the $8 million project was successfully completed with a combination of cash and bank financing. We negotiated a $4.9 million dollar bank loan, and the balance of the $3.1 million dollar cash portion was attained through generous donations.
Our community is now the proud owner of a 5-acre campus which will have a generational impact on Jewish education here in Las Vegas. The current building, once renovated, can house up to 490 students. In phase two, we can build two to three more buildings including an indoor gym/kitchen and cafeteria, that can house up to 1,000 students.
The next step is doing design work and obtaining permits for renovating a 28,000-square-foot building. In addition, we will be applying for permits for an outdoor playground, for the pre-k school, as well as outdoor basketball courts, and other outdoor amenities. We are going to modify the building for classrooms and amenities such as two (one on each floor) assembly/cafeteria spaces that can hold 100 students at a time and a beautiful Beis Medrash. There is space for tutoring and therapy rooms, an administrative area, and teacher work spaces. We also have to modify some of the site work, including modifying the driveways to comply with the zoning requirements.
I anticipate the project will be ready for occupation in either August 2023 or January 2024. Currently, Verizon has a lease until August of 2023. We are in negotiations with them for early termination. If we can get them to move out early, I and my team can get the school ready for opening by August of 2023. If Verizon decides to stay until August of 2023, then I am confident that the school will be ready for an official opening by January 2024.
We are currently doing all the building design work, as well as the offsite engineering work and we will be ready to submit for permits by January 2023. My team and I will begin construction of the tenant improvement and onsite work by March or April 2023.
I would like to thank the Silver-Rothschild family and the Friedman family for their very gracious lead gifts which, together with other generous donors, enabled the down payment for the purchase. In addition, I would like to thank Rabbi Mandel who was assisting me and my team around the clock for the past year.
If you have any questions about our future plans, in terms of construction and time frames, please do not hesitate to contact me directly.
Jonathan Baktari MD
Chairman of the YDLV Acquisition and Development Committee
CEO of Omni Group Development
BaktariMD@OmniGroupNV.com
From the desk of the Chairman of the YDLV Acquisition and Development Committee Jonathan Baktari MD, CEO of www.usdrugtestcenters.com www.enationaltesting.com www.e7health.com jonathanbaktarimd.com
