77 replies to this topic

[thecowgoesmoo]

I have a friend who bought one, she was told that building would start in March. After nothing happened at all she pulled out and several others are trying now too. It seems like the Indigo Hotel, which started after Zona, will be done before Zona even gets past the hole in the ground stage. Make that a hole in the ground breeding mosquitoes stage.

I wonder if they've gotten into financial troubles.

[thecowgoesmoo]

Update on ZL.

Construction is now to begin on September 16th. Talked to a few people that work in that building, AR seems to be running out of money. Janitorial services have been cut a bunch and many repairs and general maintenance are going unresolved....grass outside hasn't been trimmed in a while, 1 toilet has been out of order for well over a month, etc. Was downtown and heard that they might be changing contractors again.

Meanwhile the foundation for the building is a puddle of mud with several inches of water sitting there with some grass growing. Most of the fencing they put around it is falling down.

[jr7777]

Wow, it's sad to hear that. I didn't get a chance to check on this project when I was last home. I guess now I'm kind of glad I didn't.

[orulz]

So there's still absolutely nothing going on at this site. It's a giant mud puddle. Looked pretty deep, too.

[thecowgoesmoo]

orulz, on Sep 21 2009, 08:47 AM, said:

So there's still absolutely nothing going on at this site. It's a giant mud puddle. Looked pretty deep, too.

I know, I was down there this evening. Huge lake and little more.

Talked to someone who works in that building and they said that the gravel lot to the east of the lake (building site) was to be the staging area. I say "was" because they parked in that lot not too long ago and were told to move it as the AR people hadn't paid the rent on it and could no longer use it. The power drop in the lot for the construction trailer is gone. Considering that they were supposed to be gearing up to start construction in September one would think that they would have a staging area/site trailer already in place. There is nothing there, no sign of any work at all. I asked if they've seen anyone out there, they said nope.

I'm tempted to toss a mosquito puck in there so the things don't start breeding in there.

[thecowgoesmoo]

orulz, on Sep 21 2009, 08:47 AM, said:

So there's still absolutely nothing going on at this site. It's a giant mud puddle. Looked pretty deep, too.

In there yesterday...there is a horrible mold smell on the 2nd and 3rd floors. Really ripe. The lake in the lot is lowering a bit.

Apparently AR are working on some condos in Woodfin or something now.

[thecowgoesmoo]

News.....construction is to start in November. Last time it was September. Then March. Then October. I think they're waiting for the caps to melt so the area is ocean front. The way they're going it will be ocean front property before too long.

[thecowgoesmoo]

Never a dull moment on this one.

The dumpster for 162 was removed for non payment. The old printshop building next door (east of 162) that was supposedly to be bought by AR is how in the hands of the original owner, they've cleaned it up and are trying to rent it out. The gravel lot behind ZL (between it and the supplies place) is no longer available for AR use due to non payment (a clue since the staging stuff - trailer, drops, etc left a long time ago). Another building there that they supposedly had purchased is also back in the hands of the original owner. Original real estate agent on this one apparently has been dropped, was dropped months ago.

I think ZonaLofts is going to be renamed to ZonaPit, as that's what it is right now, a huge hole in the ground.

[thecowgoesmoo]

Lots of activity here over the past few days.

Some of the warehouse space in that area is now up for lease again. The gray building on the SE corner of Buxton/Collier Alley how has a "for lease" sign on it and some of the space on the north side of Buxton (just west of Dirty Jack's) is now up for lease. The lady who owns the building that was once a printer/wine shop (just east of 162 Coxe) is up for lease also.

[thecowgoesmoo]

Lots of activity between the banks and this one...I wonder if they've lost financing? Look at the Deeds site and the banks seem to be taking over.

[orulz]

I have a theory about this development. This is only speculation.

They rapidly sold out more than half of the units. Normally, that means construction can begin right away, but in Zona's case, the units that sold well were the cheap, small, low-floor ones, that therefore represented much less less than half of the total cost of construction. The low-floor units were so much cheaper than the upper floor units that it struck me that the developer was trying to subsidize the low prices for the lower-floor units with the higher prices of the upper-floor units and penthouses.

As for what this would accomplish:
(1) Sway public opinion: providing condos at a price point people can afford, therefore encounter less opposition.
(2) Can meet the lender's criteria of 50% sales very quickly.

However, perhaps the banks saw through this and never came through with a construction loan?

[thecowgoesmoo]

orulz, on 03 November 2009 - 12:37 PM, said:

However, perhaps the banks saw through this and never came through with a construction loan?

Good points indeed. A friend did some more searching, it looks like they took out a 3.2 mil loan and still owe the 3.2.....I can't believe that the 162 Coxe project cost 3.2, if so they got taken.

One thing that irked me about this project was that the design presented to council looked good....what was getting built was something totally different. Asheville needs to stop that, if you present building A then build it, not something stripped down and gutted.

[thecowgoesmoo]

A sign appeared east of the building site today....I guess they lost their permit that allowed them to close Collier Alley. I wonder what's next as the handicapped ramp into the building juts out into the alley.

[thecowgoesmoo]

It looks like Altura - who was working on Zona - is being circled by the vultures.
http://www.citizen-t...EWS01/301300033

[thecowgoesmoo]

thecowgoesmoo, on 30 January 2010 - 01:19 PM, said:

It looks like Altura - who was working on Zona - is being circled by the vultures.
http://www.citizen-t...EWS01/301300033

http://www.citizen-t...EWS01/100212038

WOODFIN — The company developing the upscale Altura community here has filed for Chapter 11bankruptcy, saying it has $40.6 million in debts.

The filing Monday allows Altura Communities LLC to stay in business while it reorganizes. It stops for now completion of the foreclosure sale of about 90 acres of its property that was the subject of an auction that began on the steps of the county courthouse Jan. 29, an official with related company Altura Global LLC said.

Several creditors have filed legal actions seeking collection of Altura Communities debt.

Altura Global CEO Frank Peterson said the company is “very confident” that it will get funding to continue development of the community, located about half a mile north of the Metropolitan Sewerage District treatment plant.

“Our funding will be in place in the next few weeks and we will begin to work through issues. We look forward to re-energizing the projects and creating a lot of new jobs for the local economy,” Peterson said.

Monday’s filing says Altura Communities had $6.5 million in income in 2007 and $3.7 million in 2008 and only $13,000 in assets. County tax records say Altura owns considerable acreage in the Altura development, which is planned to include about 200 acres.

[thecowgoesmoo]

Chrysler was posted today....unsafe for occupancy. The TCOs expired. The wooden stairs on the side (fire escape) have to go, the wooden handicapped ramp in the back is in violation and something else (I should have written it all down) is in poor condition. The zona lofts lot was posted too due to unsafe conditions - part of Banks St is eroding under the road, the "fix" but the developer was to make a 2x4 frame to hold the street up. Area under the slope into the building...handicapped ramp...is eroded heavily too. Oh, the other part of the building was that the 1st floor access for handicapped has to be paved instead of using a few pavers.

[thecowgoesmoo]

2nd noticed posted on the building yesterday. 60 days and the power is to be cut off. 1 occupant has already moved out and word is that the largest tennant there (3rd floor) is out in 2 weeks.

[thecowgoesmoo]

The 2nd floor group from UNCA moved out 5/17, the other 2nd floor occupant and the entire 3rd floor occupant left today. The only offices remaining are the engineering company on the first floor as well as the zona office in the 1st floor and the AR (zona) office on the 2nd floor. Phones for AR/Zona are no longer working.

You should see this building...it's a sad place. They ruined it. Used to have so much character, now it's an empty shell that was hacked together.