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Grandview Heights/Coose Hollow Condo Complex

Mith242

By Mith242
in Northwest Arkansas

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Mith242 Gigalopolis

Mith242

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from the article ...

Doug Szenher, program coordinator for the Arkansas Department of Environmental Air Quality public outreach and assistance, said the developers have not outlined an irrigation system for the facility and have not provided financial assurance that the developers can finance the irrigation system for the next five years.

Szenher said E&S Development and Properties was notified of the needed additions about one month ago and "the ball is now in their court."

and ...

Nicky Dou, owner and principal broker for Element Realty, the exclusive listing agency for the condos, said developers have not secured funding but are working with an out-of-state bank to finance the venture.

Dou said she had been told that bank officials were waiting on the sale of additional condominiums so that half the apartments were sold before they provided funding for the next portion of the project.

in the current credit/real estate climate -- nationally and in the Northwest Arkansas market -- it should be no surprise a bank would hold funds until half the first phase of the project is sold. as it should be no surprise with the incredible disturbance to the landscape up there that the DEQ would want to know it would be maintained. I believe they need to sell five more condos to reach 50, so they're not far off.

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Mith242 Gigalopolis

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the building permit is tied to the financing though, and the financing is tied to the condo sales. they can't show proof of financing to the state until they sell the condos. Once they sell the condos, they'll get the financing and therefore the building permit.
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KJW Burg

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Okay so you and Nicky Dou must have inside info. I have to admit I'm quite surprised that they've already nearly sold 50 of those high-priced getaways. There must be no shortage of wealthy folks coming to this area. Everyone knows noone can profit from building affordable housing so why not just build luxury housing for the rich. Every day I see more and more homeless people on the streets of NWA and it's only going to get worse.
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masons_dad1 Town

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MasonsDad, again...when I talked with the project manager of Grandview Heights while we were waiting on our vehicles at Norm the Tire man - he said that there's been a lot of interest from folks who normally might have been searching for or have already owned beachfront condos on the lower Atlantic coast or Gulf of Mexico. He said that with hurricane-related insurance costs either skyrocketing or worse, insurance being unavailable for those type of properties people are looking for a safer (or cheaper) American "waterfront" investment, and these fit the bill. Perhaps he was pulling my leg but he seemed adamant about that point.
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KJW Burg

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I would have to guess that most of the people buying the condos on Beaver Lake are executives for some of the many Wal-Mart vendors who would rather stay in a "beach front" condo than in a "street front" hotel during their visits to NWA. One vendor could buy a condo or two and just lend them out to their executives who visit Bentonville to deal with Wal-Mart.

But maybe you're right and Beaver Lake is just becoming a more desirable alternative to beach front condos on the Atlantic or Gulf. :rolleyes:

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Mith242 Gigalopolis

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I've been seeing new info about this but kept forgetting to mention it. Supposedly a new state law is holding up construction. E&S Development has to show the state financial assurance for the sewage systems before work can begin. This was mentioned I believe in one of the articles linked to this topic but I wanted to specify this particular info.

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Mith242 Gigalopolis

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Despite all the assurances that there aren't any financial problems, it's looking more and more like there is. According to Arkansas Business some of the contractors have yet to be paid and have even filed a lien against the developers. This is almost starting to sound a bit like some of the Barber Group developments. We'll have to see if even one of the towers gets built let alone all three that were originally planned. Who knows maybe things will eventually work out, but I'm beginning to wonder. Here's a link to the whole article.

http://www.arkansasbusiness.com/article.as...11920&cID=h

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masons_dad1 Town

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I don't know about any financial troubles this developer is having, but they're putting on a tour of interior replicas of GH condos at the Rogers Airport. I believe its by invitation only, but it sounds interesting. If they're having financial problems they sure know how to disguise it.

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KJW Burg

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I don't know about any financial troubles this developer is having, but they're putting on a tour of interior replicas of GH condos at the Rogers Airport. I believe its by invitation only, but it sounds interesting. If they're having financial problems they sure know how to disguise it.
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Mith242 Gigalopolis

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I was just wondering where things stood with this development. Thanks for the update. I'm getting the impression they'll only manage to get one tower done. Maybe the other towers could be done one day but I have a feeling it will be a number of years in the future. Still just getting the first tower might be a bit of a challenge. They've sold 40 and now have to sell another 40. Seems like that could take a little while in itself.

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Mith242 Gigalopolis

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I was expecting to see a little on this here. Right as I was leaving out of town last week I heard just a little about some new info on this development. Anyway I've pieced together that now they're considering building a 5 or 6 story hotel instead. I don't think anything has been decided yet, but it sounds like they're having problems and are now looking into other options. I'm not sure if this hotel would include some condos, or if they've given up on the condos or what. Supposedly they were finally about to pay off one of the contractors that was owed money. But I never heard how that went.

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masons_dad1 Town

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I was expecting to see a little on this here. Right as I was leaving out of town last week I heard just a little about some new info on this development. Anyway I've pieced together that now they're considering building a 5 or 6 story hotel instead. I don't think anything has been decided yet, but it sounds like they're having problems and are now looking into other options. I'm not sure if this hotel would include some condos, or if they've given up on the condos or what. Supposedly they were finally about to pay off one of the contractors that was owed money. But I never heard how that went.
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Aporkalypse City

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I was expecting to see a little on this here. Right as I was leaving out of town last week I heard just a little about some new info on this development. Anyway I've pieced together that now they're considering building a 5 or 6 story hotel instead. I don't think anything has been decided yet, but it sounds like they're having problems and are now looking into other options. I'm not sure if this hotel would include some condos, or if they've given up on the condos or what. Supposedly they were finally about to pay off one of the contractors that was owed money. But I never heard how that went.
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cowbreath Hamlet

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I noticed someone mentioned the developer being Eliot Spitzer from NY; just wanted to clarify - this is not the Governor Elect, same name, different Eliot.

Sales are going great, we actually have a few people interested in entire floors. I am happy to see you all so interested in Grandview, it is going to be an amazing project! We are all very excited about it.

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thewizard16 Hamlet

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I'm wondering what happened to all the people who've pre-bought or committed to condos at this point. Now that they're not even considering building condos (from the sound of it) it's odd that nothing's been mentioned of the people who were buying into condos if there are any of them left.

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Mith242 Gigalopolis

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I'm wondering what happened to all the people who've pre-bought or committed to condos at this point. Now that they're not even considering building condos (from the sound of it) it's odd that nothing's been mentioned of the people who were buying into condos if there are any of them left.
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Mith242 Gigalopolis

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Well it's pretty much official, this development in it's original form is dead. The land has been auctioned off and the original developers still owe quite a bit of money, including to the two groups that bought the land. While there can still be some sort of development here, it's rather doubtful it will be anything like the original plans. And it's also unlikely that it will be anything big like the condo complex.

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