Residences
Lease, furnished, 44 units.
Studio
$1,958
$1,958
1BR
$2,420
$2,420
1BR+
$2,650
$2,650
2BR
$3,455
$3,455
Average $2,556/mo.
500 LLC
Vasari Finance
500 S Dubuque · Iowa City · Review draft
As of Sunday, August 23, 2026
Locked calls
Decisions
These are the working numbers. Do not swap in a later pack without saying so.
Membership
44 residents + 300 outside = 344 working cap.
Price still $100–150/mo placeholder.
Only locked structure: two-tier — all-access vs gym + hot.
Opening
August 2027.
Precast late September 2026 — cannot move.
Envelope January 27, 2027. Substantial completion August 13, 2027.
Park@201
201 E Washington, Ped Mall — the showroom until 500 opens.
Sell leases + memberships from 201. Drink-lab wall as display.
No juice warehouse. No SKUs in 201.
When cash counts
Cash from units, club, and café starts August 2027.
Anything collected before then is a deposit, not revenue. Founding 300 / waitlist is not 2026 income.
Café
Working number: $600–800k/year beverage-only at L1 open.
CPG can/bottle line is a separate P&L.
Control budget for the bank
Jim’s June 3 pack: TDC $21,528,907 · Hodge $15,238,097.
Do not show Control Budget v7 $21.91M as the control. $20M is an internal stretch to monitor, not the bank number.
Spendable
Cash
Spendable now
$2,549,270.92
West Bank •7671
$1,977,620.35
Mercury •2404
$571,650.57
After Hodge #5 (pro forma)
$1,648,286.92
#5 is dated August 10, 2026 and is unpaid — not in Actual.
Citi •2773
−$1,892.63
Chase CSR •7466
−$14,628.15
Do not use the books total cash of $2,349,270.92. That figure includes a −$200k transfer-clearing artifact.
June 3 pack · what Jim already has
Actual vs Forecast vs Budget
Budget is the June 3, 2026 pack. Actual is cash out. Forecast is estimate-at-completion — it stays at Jim’s budget unless we have a new number. Variance is Forecast minus Budget.
Budget
$21,528,907
What the bank already has.
Actual
$2,057,926.96
Cash out to date. 9.6% used.
Forecast
$21,528,907
Still Jim’s number. Variance $0.
Variance
$0
Remaining to spend
$19,470,980.04
Used
9.6%
| Category | Subcategory | Budget | Actual | Forecast | Variance | Remaining | % Used |
|---|---|---|---|---|---|---|---|
| Construction (GC scope) | $15,238,097 | $15,238,097 | |||||
| Construction (GC) | Hodge Construction Contract | $15,238,097 | $469,715 | $15,238,097 | $0 | $14,768,382 | 3.1% |
| Owner direct | $1,900,000 | $1,900,000 | |||||
| Commercial buildout | L1 Wellness Buildout | $1,000,000 | $0 | $1,000,000 | $0 | $1,000,000 | |
| FF&E | FF&E | $500,000 | $0 | $500,000 | $0 | $500,000 | |
| Appliances | Appliances | $300,000 | $0 | $300,000 | $0 | $300,000 | |
| Job trailer | Job Trailer | $100,000 | $0 | $100,000 | $0 | $100,000 | |
| Other hard costs | $247,458 | $247,458 | |||||
| Demolition | CML Drywall demo | $25,000 | $3,000 | $25,000 | $0 | $22,000 | 12.0% |
| Insurance | Auto-Owners Insurance | $115,723 | $2,172 | $115,723 | $0 | $113,551 | 1.9% |
| Permits | City permits | $60,000 | $0 | $60,000 | $0 | $60,000 | |
| Testing | Terracon | $46,735 | $18,800 | $46,735 | $0 | $27,935 | 40.2% |
| Soft costs | $1,943,352 | $1,943,352 | |||||
| Architects / consultants | Architects/Consultants TOTAL | $679,000 | $657,464 | $679,000 | $0 | $21,536 | 96.8% |
| Olson Kundig — actual $390,151 | $390,151 | ||||||
| Slingshot — actual $237,653 · forecast $254,108.56 (invoice #019 $16,455.56 in forecast only) | $237,653 | $254,108.56 | |||||
| SPX — $14,000 | $14,000 | ||||||
| Chuck Marie — $15,660 | $15,660 | ||||||
| Structural | KPFF Structural | $60,000 | $0 | $60,000 | $0 | $60,000 | |
| MEP | KF Engineering MEP | $75,000 | $7,200 | $75,000 | $0 | $67,800 | 9.6% |
| Civil | McClure Civil | $50,000 | $30,525 | $50,000 | $0 | $19,475 | 61.1% |
| Legal | Bradley & Riley Legal | $60,000 | $4,527 | $60,000 | $0 | $55,473 | 7.5% |
| Marketing | Marketing TOTAL | $200,000 | $17,854 | $200,000 | $0 | $182,146 | 8.9% |
| Misc soft | Misc Soft TOTAL | $569,000 | $57,956 | $569,000 | $0 | $511,044 | 10.2% |
| Pre-opening | PennLan leasing office | $15,000 | $4,268.96 | $15,000 | $0 | $10,731.04 | 28.5% |
| Bank fees | Bank fees | $5,000 | $189 | $5,000 | $0 | $4,811 | 3.8% |
| Interest | Construction interest | $295,352 | $0 | $295,352 | $0 | $295,352 | |
| Other / land / dev fee | $2,200,000 | $2,200,000 | |||||
| Land | Land | $800,000 | $784,256 | $800,000 | $0 | $15,744 | 98.0% |
| Dev fee | Summer LLC dev fee (non-cash) | $400,000 | $0 | $400,000 | $0 | $400,000 | |
| Contingency | Contingency | $1,000,000 | $0 | $1,000,000 | $0 | $1,000,000 | |
| Grand total | $21,528,907 | $2,057,926.96 | $21,528,907 | $0 | $19,470,980.04 | 9.6% | |
Forecast stays at the June 3 control unless a change order or a new invoice lands. Slingshot #019 is the one forecast-only item in Architects/Consultants.
GC · stay at June control until a change order
Hodge draws
Contract $15,238,097 (June control). Paid #1–#4 = $469,715. Billed through #5 = $1,370,699. Remaining on contract after billed = $13,867,398.
#1–#4
Paid to Hodge
$469,715
In Actual
Sources & uses
Capital
Debt
West Bank note $15,958,000
5.50% fixed · 5-year · 18-month draw
Matures July 2031
Equity
Committed ~$6.0M (ops).
June pack cap table commitment $5,585,000.
TDC control $21,528,907.
Drive
Documents
Sheets first. Folders next. Named files that have IDs are linked; the rest are in Drive/Finance/Invoices and are listed by name only.
Working sheets
Folders
Olson Kundig invoices
Also in Drive / Finance / Invoices
- Hodge pay apps 1–5
- GC agreement
- Lien waivers
- Olson Kundig
- McClure
- KF
- Terramade
- Terracon
- AlphaGraphics
- Creative Planning
- Bradley & Riley