Lake House - Ivanhoe Village

[AmIReal]

3 hours ago, sethM said:

Does this mean they aren’t expecting Lake House to be complete for another year? I was thinking Q1 20. 

I'm not familiar with their overall construction plan, but I assume this late '20 timeline is only applicable to this retail spot. It would not be unusual for the residential portion to open in early '20 and the rest of the building open later.

[IAmFloridaBorn]

[sethM]

Looks like they’re 98% finished hauling in the concrete “bricks.” Just a few more parts to go on the right hand side and then they have to finish the pool deck area. Should certainly be done with that in February. I’m guessing they’ll be complete by the end of the year, there’s still a lot of build out to go but they’ve been cruising along pretty quickly. 

It’s surprising that I still haven’t seen any sort of website/facebook/twitter/instagram pop up yet. The Yard had theirs in full swing way before they were anywhere close to being completed. 

[popsiclebrandon]

2 hours ago, sethM said:

Looks like they’re 98% finished hauling in the concrete “bricks.” Just a few more parts to go on the right hand side and then they have to finish the pool deck area. Should certainly be done with that in February. I’m guessing they’ll be complete by the end of the year, there’s still a lot of build out to go but they’ve been cruising along pretty quickly. 

It’s surprising that I still haven’t seen any sort of website/facebook/twitter/instagram pop up yet. The Yard had theirs in full swing way before they were anywhere close to being completed. 

I was looking the other day for anything on this project and its just completely quiet. Guess this is what happens when people who never run a project post-construction do this. They should def be pre-leasing soon you'd think. The Yard started like 6-8 months out.

[jack]

1 hour ago, popsiclebrandon said:

I was looking the other day for anything on this project and its just completely quiet. Guess this is what happens when people who never run a project post-construction do this. They should def be pre-leasing soon you'd think. The Yard started like 6-8 months out.

When do people move into the Yard? 8 months is a waste of money.  And the guy running that was the MD for a long time at two of the top two firms in the country. 

[AmIReal]

1 hour ago, popsiclebrandon said:

They should def be pre-leasing soon you'd think.

At least they're hyping the coming restaurant.

https://www.orlandoweekly.com/Blogs/archives/2020/01/28/upscale-restaurant-the-pinery-will-open-at-ivanhoe-villages-lake-house-apartments-this-fall?utm_source=featurefollow&utm_medium=home&utm_campaign=hpfeatures&utm_content=HomeTopFeature

 

[sethM]

Since I posted a comment the other day with speculation about when they’d be done moving in the large concrete bricks I can now update that with confirmation that their plan is to have the crane out by next Wednesday. 

I’ll be interested to see how fast they go from having the crane out to getting the rest of it done. At this rate they’ll be open before The Yard (joking, but really, a few more delays on The Yard and this place will beat it). 

[sethM]

I walked by at lunch time and they had one more piece on concrete to put in to complete the pool deck and then a few pieces remaining on the right side vertical textured wall bit. Amazing that this was just flat land less than a year ago. 

[sethM]

The crane is gone, paint is going on, and you can even see drywall in some of the apartments. There was a recent Bungalow FB video where they mention the first move ins happening in later July and being fully complete this year. At their current pace I can believe it. 

[spenser1058]

More pics from The Daily City:

https://www.thedailycity.com/post/lake-house-ivanhoe-village

[IAmFloridaBorn]

Edited May 9, 2020 by IAmFloridaBorn

[nite owℓ]

12 minutes ago, IAmFloridaBorn said:

 

 

Kinda bugs me that the towers are not mirror images of each other.

[sethM]

With Sette not reopening at their current spot on the corner of Virginia and Orange but saying they want to continue in the future I have to think the second restaurant space at Lake House would be absolutely perfect for them. 

[dcluley98]

I really like this building.  It was very well done and constructed quickly with pre-cast concrete system but doesn't "look" like a precast building necessarily. Subtle design touches to make it look original and art-deco theme.  Pretty cool how they could design a building with pre-cast that looks and functions much better than the cookie-cutter residential box with a visor that we normally see in Orlando. 

[popsiclebrandon]

This building is really nice. Would be nice to see them start pre-leasing soon. Assume they are skittish now with The Yard dropping prices every day and not want to compete a little against themselves.

 

1 hour ago, sethM said:

With Sette not reopening at their current spot on the corner of Virginia and Orange but saying they want to continue in the future I have to think the second restaurant space at Lake House would be absolutely perfect for them. 

Unless the landlord did something to void the lease first they aren't re-opening Sette anywhere and might lose Sevenbites too. Those personal guarantees are nasty when the landlord knows you have means from other businesses and they can show injury because their sale fell through. There will have to be some bankruptcy/re-org happening there to survive. Doesn't sound good.

[prahaboheme]

20 minutes ago, dcluley98 said:

I really like this building.  It was very well done and constructed quickly with pre-cast concrete system but doesn't "look" like a precast building necessarily. Subtle design touches to make it look original and art-deco theme.  Pretty cool how they could design a building with pre-cast that looks and functions much better than the cookie-cutter residential box with a visor that we normally see in Orlando. 

I may be relocating back to Orlando and this building is definitely an option. 

[sethM]

25 minutes ago, popsiclebrandon said:

Unless the landlord did something to void the lease first they aren't re-opening Sette anywhere and might lose Sevenbites too. Those personal guarantees are nasty when the landlord knows you have means from other businesses and they can show injury because their sale fell through. There will have to be some bankruptcy/re-org happening there to survive. Doesn't sound good.

Really it'd all depend on how their lease was setup and when it expires. Do you have background info on the lease or their current situation?

[popsiclebrandon]

1 hour ago, sethM said:

Really it'd all depend on how their lease was setup and when it expires. Do you have background info on the lease or their current situation?

No nothing specific to their lease but I haven't seen a landlord do a lease without a personal guarantee since the recession 10 years ago. It just would depend on who defaulted first and I assume they have a failure to open clause like most leases do that probably put them in default. Its messed up but if a landlord wants to suck they could ruin them or anyone else. I hate the personal guarantees and almost all leases are slanted towards landlords. Its not an ideal system and maybe this coming vacancy will even things up a little bit.

[sethM]

19 hours ago, popsiclebrandon said:

No nothing specific to their lease but I haven't seen a landlord do a lease without a personal guarantee since the recession 10 years ago. It just would depend on who defaulted first and I assume they have a failure to open clause like most leases do that probably put them in default. Its messed up but if a landlord wants to suck they could ruin them or anyone else. I hate the personal guarantees and almost all leases are slanted towards landlords. Its not an ideal system and maybe this coming vacancy will even things up a little bit.

That's interesting on the personal guarantee, I did some googling and figured out why that'd implicate the other businesses. -- Perhaps they only had a 18 month lease or some way to get out without huge penalities? If I was putting a business in that location I'd sure want something like that in there considering how many businesses had failed in the location. I'm totally spit balling here but it seems like they'd try to make it work if they're still on the line for a ton of rent payments instead of closing up shop. 

[popsiclebrandon]

46 minutes ago, sethM said:

That's interesting on the personal guarantee, I did some googling and figured out why that'd implicate the other businesses. -- Perhaps they only had a 18 month lease or some way to get out without huge penalities? If I was putting a business in that location I'd sure want something like that in there considering how many businesses had failed in the location. I'm totally spit balling here but it seems like they'd try to make it work if they're still on the line for a ton of rent payments instead of closing up shop. 

Most landlords don't go after people as they are usually pretty poor after a failure.  Like personally I figure if I have to close everything down I'm screwed and there won't be anything to take. I almost signed a lease on Orange with a landlord and he made it clear he would come after any default fully and was a lawyer so I pulled out of that deal quickly.

Its a tough business and hopefully they sell the building and leave them alone and we keep Sevenbites.

[nite owℓ]

1 hour ago, popsiclebrandon said:

Most landlords don't go after people as they are usually pretty poor after a failure.  Like personally I figure if I have to close everything down I'm screwed and there won't be anything to take. I almost signed a lease on Orange with a landlord and he made it clear he would come after any default fully and was a lawyer so I pulled out of that deal quickly.

Its a tough business and hopefully they sell the building and leave them alone and we keep Sevenbites.

Interesting. Aren't commercial landlords checking for personal assets during the screening process for the personal guarantee? If there is nothing to go after that means the personal guarantee was just a meaningless piece of paper - in name only.

[JFW657]

16 minutes ago, nite owℓ said:

Interesting. Aren't commercial landlords checking for personal assets during the screening process for the personal guarantee? If there is nothing to go after that means the personal guarantee was just a meaningless piece of paper - in name only.

Pretty sure they can place liens on future income. 

[sethM]

21 minutes ago, nite owℓ said:

Interesting. Aren't commercial landlords checking for personal assets during the screening process for the personal guarantee? If there is nothing to go after that means the personal guarantee was just a meaningless piece of paper - in name only.

That was my thought, if Sette defaults then Sette goes bankrupt and that's that. However the personal guarantee is exactly that, personal. If Sette defaults on the loan they can also go bankrupt, but the landlord can still go after the individuals who signed the lease. 

I get it in some respects, but it's also completely wild in other respects. 

[nite owℓ]

21 minutes ago, JFW657 said:

Pretty sure they can place liens on future income. 

Damn. Might as well purchase your own commercial space if you can afford to. If at all possible, I'd personally look for live/work properties that way I'd get the tax write offs for the business portion, homestead exemption, and protection from losing my primary residence if sh.t ever hit the fan. I've only seen one building that meets that criteria, located on E Washington St: https://www.realtor.com/realestateandhomes-detail/888-E-Washington-St_Orlando_FL_32801_M55289-24452#photo0. I know it's not for everyone, but I would love to own that unit & get passive income from the small commercial space on the ground floor.

[orlandouprise]

On 5/9/2020 at 2:06 PM, prahaboheme said:

I may be relocating back to Orlando and this building is definitely an option. 

Welcome home Praha, I would definitely look at the Yard if I were looking for a new place. Imo, there is no other building like it in ORL. Love that design style.