The Place at Channelside

[dudeintampa]

Hi all. Does anyone know what is going on with The Place at Channelside? I've got a friend who bought there that is awfully peeved about the construction not starting. According to what he was originally told for a start date, they are now over 9 months behind...

Everytime he calls the developer or talks to one of their agents, he keeps getting the run-around about how they are starting "next week" (they've been saying that for the last 3 months!). He was originally going to buy at Grand Central, but he instead went with The Place due to their completion date being alot sooner (plus some other things, like the finish quality that was represented).

I've posted before on a different forum site, but with no luck. Just trying to help a friend though. I can't blame him or any others who bought there, especially if interest rates jump up after the original expected completion dates...

Does anyone here have any insight as to what the heck is going on with The Place?

Thanks!

[hjack]

Is it possible that poor sales are slowing down the project? There are a ton of condos for sale downtown but the prices are far from competitive.

hjack

[blah509]

Is it possible that poor sales are slowing down the project? There are a ton of condos for sale downtown but the prices are far from competitive.

hjack

<{POST_SNAPBACK}>

Actually I remember they were having trouble with getting approval for their stage two. I believe it may have been too tall (go figure with all the 40 story towers going in around them).

g

[JoseGaspar]

I don't think it's poor sales (they were reporting over 90% sold) nor Phase 2 (they rescinded the proposal a couple months ago and changed that phase to match the rest of the project).

You could always blame the city for moving too slow in issuing permits, etc. but that doesn't explain why Ventana and Grand Central were able to get going months ago, while the Place site still remains strangely silent.

I live in the Channel area, so I'll do some checking.

[dan494949]

I would also think that it could be construction cost. I know that the new spikes are taking effect (Concrete & Steel). I know many developers that are going back to the drawing board because the building cost have changed significantly from when projects were proposed to when projects are slated to break ground.

[dudeintampa]

I would also think that it could  be construction cost.  I know that the new spikes are taking effect (Concrete & Steel).  I know many developers that are going back to the drawing board because the building cost have changed significantly from when projects were proposed to when projects are slated to break ground.

<{POST_SNAPBACK}>

That's what I was thinking too... An article was just published today that quotes, Fida Sirdar, The Place's developer, saying that their construction costs have gone up $16,000,000 in the past year. The article also claims he will be asking for another rezoning "this fall" to add more height (and units).

How much longer can they delay construction? It's just crazy to think that they hadn't signed contracts with their contractor before selling the entire place out.

[dan494949]

Yes, I heard that also. He probably wants to add more units to compensate for the construction spike. You are right, that is the ideal situation, but sometimes banks require contracts and deposits before closing on a construction loan. In order to do that, you have to set prices and take contracts so that you can meet your sales requirements that the banks seek. These increases in prices are happening every 3 months. So it is very difficult to lock prices, sale the units, contract the GC, etc...By the time you start your sales to the time you get your loan, many things can happen. They can delay the process as long as they need to make their numbers work. They will not build something unless they can make thier numbers work.

That's what I was thinking too...

[hjack]

"These increases in prices are happening every 3 months."

I can attest to that. I was interested in a home that was $720 G in December, $840 G in March, $920 G in June, and now (July) they don't even bother advertise their prices.

hjack

[JoseGaspar]

Looks like the Place is finally preparing for demolition. They've put up a barrier of red tape around the warehouses, and looks like they've been cleaning out the interiors as well.

A former sales agent for the Place told me the some of their most recent sales were going for upwards of $400 a square foot!

This will be a really nice addition to the Channel District.

[Channelside]

Pictures of current construction that are updated weekly can be found in the Real Estate section of Spam

Another idiot spammer bites the dust

[blah509]

Pictures of current construction that are updated weekly can be found in the Real Estate section of Spam

Another idiot spammer bites the dust 

<{POST_SNAPBACK}>

ha ha

[TampaRE]

On my way home yesterday, I passed by The Place at Channelside. The Sales building and its surrounding has been completely demolished. Nothing but dirt to start the construction.

[JoseGaspar]

Looks a lot different, huh? It came down relatively quickly. I hope this is a sign that they are picking up the pace. It seems like it took them forever to get to this point (at least compared with other comparable projects in the Channel District).