MVCI Ko Olina Beach Club Phases 2-3 & IB

The Marriott Vacation Club Inc. (MVCI) Beachclub Phase 2-3 and 1B is the construction of the shell space for 190 timeshare units including completion of 90 timeshare units, and build-out of 7 timeshare units in the existing Phase 1 building. The project is located at Ko Olina on the Western end of Oahu approximately 20 miles from Honolulu, Hawaii. The original contract includes Phase 2 and Phase 1B with Phase 3 as an alternate to be added at a later date.

The building encloses approximately 382,000 square feet of timeshare unit and shell space. This building is connected to a 162 stall above grade parking structure all located on a 3.8 acre site. The foundation system is a blend of drilled caissons and pile caps with spread footings. All buildings are cast-in-place concrete structures with post tensioned elevated decks. The exterior wall system is EIFS on metal studs with a limited amount of stone facing in the entry area. The roofing system is primarily sloping metal roofing with a small amount of flat membrane roofing. Each unit is cooled by vertical fan coil units which are fed from the existing Phase 1 central plant. The Owner is furnishing a large amount of material including carpet, residential appliances, and most light fixtures.

Phase 2 is comprised of the construction of the building structure, shell space, parking structure and a portion of the landscaping improvements. This phase includes the complete build-out of 90 luxury timeshare units. The high-end finishes include granite countertops, ceramic tile bathrooms, beautiful wood doors, and plenty of millwork.

Phase 1B is the in-fill of loft space on the 12^th floor of the existing Phase 1 Building A with 7 timeshare units. The scope of work includes all tenant improvement type work to fully convert shell space into luxury living space.

Phase 3 was an alternate in Phase 2 base building contract; it was released for construction on November 23, 2004. This phase of work is for the tenant improvement construction of the remaining 100 timeshare units in the Phase 2 shell. The finishes for these units will be the same as those in Phase 2.

The overall schedule will have two milestone turnover dates. The base building Phase 2 contract is for 18.5 months and will turnover to the Owner on October 6, 2005. The Phase 3 substantial completion date is May 30, 2006.