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CONSTRUCTION THREAD: 98 East McBee

g-man430

By g-man430
in Greenville

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GVegasDude Crossroads

GVegasDude

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No one could have predicted the awful downturn of the financial markets. At the planning stage and the beginning of the construction, loans were much easier to obtain. It wasnt until around this time last year that the credit market collapsed. Believe me, these developers want this property to be built way more than any of us. As they always do, the credit markets will restrengthen, its just a matter of when. And when they do, we will have our hotel.

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gman430 Megalopolis

gman430

Posted
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No one could have predicted the awful downturn of the financial markets. At the planning stage and the beginning of the construction, loans were much easier to obtain. It wasnt until around this time last year that the credit market collapsed. Believe me, these developers want this property to be built way more than any of us. As they always do, the credit markets will restrengthen, its just a matter of when. And when they do, we will have our hotel.

That still doesn't answer the question as to why the developers started construction on this project without bank financing.

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Home Skillet Crossroads

Home Skillet

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That still doesn't answer the question as to why the developers started construction on this project without bank financing.

That was actually very common in the years prior to the current downturn. Financing was easy to get. In addition, large buildings are financed in phases (construction loans, etc) so that the final loan, in many cases, is not in place until the building is just about finished. Not out of the ordinary at all.

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gs3 Metropolitan Area

gs3

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I heard today that The Peacock "will not happen under Kent's leadership". When I responded that I was sad to hear it was dead, the person I was speaking to responded very slow and deliberately "that it would not happen under Kent's leadership". I got the feeling that other investors, developers may be interested, or that Kent may be trying to market the project to other developers. Didn't really get a clear answer. :dontknow:

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B&R Whistle-Stop

B&R

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With all the new hotels under construction or proposed downtown I wonder if the site would be better suited for a different use now. It is a good location with McBee Station down the road and new construction at Main and Broad and the proposed Washington Square a block the other way.

I would think a new developer would find the site interesting. Land has been acquired, the red tape and preliminaries taken care of and the existing construction suitable for different uses. And the city would probably be glad to approve most new plans in order to get something done.

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Greenville City

Greenville

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Maybe...

I've not been following things very closely for a while - has he been over to visit downtown Greenville yet?

Yes he has visited, and is supposedly "very encouraged" by the downtown Greenville market. From what I gathered, he is obtaining more information on various sites and is tentatively planning a development. Where or when that occurs is anyone's guess.

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DowntownCityGirl Whistle-Stop

DowntownCityGirl

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OK. So I'm genuinely curious to hear what people think and what people know:

The Peacock site has been sitting -- abandoned, in the center of the CBD, and looking awful (to put it mildly) -- for more than 6 months with no expectation from anyone that this project will ever go anywhere. What should happen with the property, how soon, and whose responsibility is it?

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gman430 Megalopolis

gman430

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OK. So I'm genuinely curious to hear what people think and what people know:

The Peacock site has been sitting -- abandoned, in the center of the CBD, and looking awful (to put it mildly) -- for more than 6 months with no expectation from anyone that this project will ever go anywhere. What should happen with the property, how soon, and whose responsibility is it?

The Peacock isn't alone. There are projects all over the country that are stalled right now from the Spire in Chicago to 210 Trade in Charlotte. Until the credit market unfreezes, the site will remain as it is currently. The only thing I see changing anytime soon is a wall going up around the site.

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Greenville City

Greenville

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:lol: nice one.

They said it'd be early 2009 before anything would happen, if anything. I guess we'll find out more then, but I'm guessing that we really won't...

I've just grown to be kind of indifferent about the Peacock...

Me too. I like the idea of having a five-star resort hotel in Greenville, and I like the idea of it being in the urban core. But the most recent design was a huge disappointment, and the way the owners have seemed so unprepared for a project of this scale has also been concerning. I realize that the credit market downturn was not their fault, but even at that it never really seemed like they were fully on top of things. I hope this project works out, but at this point I will be surprised if it ever does.

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erm1981 Hamlet

erm1981

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Me too. I like the idea of having a five-star resort hotel in Greenville, and I like the idea of it being in the urban core. But the most recent design was a huge disappointment, and the way the owners have seemed so unprepared for a project of this scale has also been concerning. I realize that the credit market downturn was not their fault, but even at that it never really seemed like they were fully on top of things. I hope this project works out, but at this point I will be surprised if it ever does.

If the peacock does not happen eventually then it would only take a day or two to get some big track hoes in there and tear it all back up to start all over again, unless the current base structure could carry the load of a taller building like the that was originally designed.

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Greenville City

Greenville

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Rumor has it that the Peacock is set to start again. A post by a member (g-man430) on another forum said "The return is near. Oh and John Ludwig bought a condo in it". He also posted the updated renderings. Can anyone confirm this rumor?

I think it was a feeble attempt at humor by g-man. There have been no indications that the Peacock Hotel is about to resume, and Ludwig is on trial for driving his Maserati into a house and killing someone.

I hope this project resumes soon, but based on what we have seen thus far I'm not sure the developers are in a position to make it happen as planned. I'm keeping my fingers crossed, though!

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Mr. Downtown Whistle-Stop

Mr. Downtown

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Sadly, this is just a rumor :( No financing is available at the current moment. John Ludwig did apparently buy a condo in the building, though. Did he jinx the project?!

I think that Gman is joking in this case, maybe June Fool's Day got the better of him. If he's not, how many times did he cry wolf about that damn Pinnacle building?

I have heard that the problem with the Peacock is that even before the "credit freeze," no bank in their right mind would take on this turkey, and the owners decided to back it with their own cash. If a bank won't finance a $60 million hotel, why would you start it out of pocket, especially if you've never run a hotel in your life before?

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GvilleSC Megalopolis

GvilleSC

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I think that Gman is joking in this case, maybe June Fool's Day got the better of him. If he's not, how many times did he cry wolf about that damn Pinnacle building?

I have heard that the problem with the Peacock is that even before the "credit freeze," no bank in their right mind would take on this turkey, and the owners decided to back it with their own cash. If a bank won't finance a $60 million hotel, why would you start it out of pocket, especially if you've never run a hotel in your life before?

I heard it stemmed from the amount of rock on the site. Originally they had all of the units sold, guaranteeing them "x" number of parking spaces. With the commencement of construction, they soon found out that they could not make enough space for all of the promised parking. So, buyers started backing out, and without the number of pre-sales they previously had, financing fell through. Just what I heard a couple of times from a few people...

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RestedTraveler Metropolis

RestedTraveler

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Damn that rock! :angry: What you heard could very well be right. I know the developers/builders in my own neighborhood were forced to raise the prices on all of their new construction homes because of the cost of blasting rock out of certain lots in the neighborhood...this was several years ago.

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apaladin Burg

apaladin

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I heard it stemmed from the amount of rock on the site. Originally they had all of the units sold, guaranteeing them "x" number of parking spaces. With the commencement of construction, they soon found out that they could not make enough space for all of the promised parking. So, buyers started backing out, and without the number of pre-sales they previously had, financing fell through. Just what I heard a couple of times from a few people...

I doubt this is true. If you look closely the underground parking is in place.

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