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Goler Heights

triadguy37

By triadguy37
in The NC Triad

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  • 2 weeks later...

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triadguy37 Whistle-Stop

triadguy37

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If I may ask, who told you this? If so, this is a real shame. :(
I was contacted by my realtor today. I had reserved a unit last spring and paid a deposit. My realtor said there were no specific details as to why they were abadoning the project other than i would receive a letter and my deposit back in a few weeks.
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triadguy37 Whistle-Stop

triadguy37

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I received a letter from Landex today who is the developer behind The Gallery Lofts and The Heights. The letter said that they were not able to obtain financing because of the lack of a certain amount of pre-sales. According to the letter it looks as if they are going to continue with the project and these are going to be Luxary Apartments rented out for 5 years and then sold as condos. The developer is going to take advantgage of the Historic tax credits on the property, rent them as apartments and then after he claims his tax credits which takes 5 years, he will then sell them. I also received received a SASE to return for a complete refund of my deposit so it is official.

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JerseyBoy Burg

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I'm sorry for you that it didn't work out, though it is good they will continue on with the project instead of scrapping it entirely.

Are you going to continue house-hunting downtown? I recall you were looking at some units in West End Village but were disappointed with the quality of them.

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triadguy37 Whistle-Stop

triadguy37

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I'm sorry for you that it didn't work out, though it is good they will continue on with the project instead of scrapping it entirely.

Are you going to continue house-hunting downtown? I recall you were looking at some units in West End Village but were disappointed with the quality of them.

I might consider Salem Place Townhomes if there are any still available in May. Right now I have signed a lease through May in Greensboro. I sold my townhome in Southside last May and then signed the contract on The Gallery. Your right, I did not like the quality of WEV.
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JerseyBoy Burg

JerseyBoy

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35.jpg

Goler in Trouble?

A little late on posting this, but I think it is still relevant:

http://journalnow.com/servlet/Satellite?pa...d=1173355053364

Goler asked the city council for another loan on Saturday (3-22-08) so that it can build the $35 million 4-story mixed-use project across from the cheap townhomes on Chestnut. Their claim was that if they didn't get the loan then they would default on an already outstanding debt of $700,000, that is from the city as well.

http://journalnow.com/servlet/Satellite?pa...d=1173355081553

On Monday (3-24-08), the city council voted unanimously to give Goler the loan they requested.

The city-council was put into a tight position by Goler, in my opinion. I believe this is where the old saying "damned if you do, damned if you don't" comes in. The city has now increased its chances of not getting paid back, pending whether this new centerpiece project is a success or not. If they had not given the money, they would have lost the money they loaned to Goler and, this is just my opinion, there would have been an uproar from citizens living in this area for giving money to 'white collar' projects such as the ballpark, PTRP, and Civic Plaza, but not to them.

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triadguy37 Whistle-Stop

triadguy37

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yes, someone please take updated pics!!!

I can't believe that Jerseyboy has not been all over this...He usually keeps up with things going on downtown. There was an entire crew at The Gallery today and the building has been fenced off. There are crews working on the Hanes building as well.

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twincity Burg

twincity

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Goler AME unveiled renderings for their new sanctuary and ministry headquarters on Aug. 15. A groundbreaking date was also announced at that time, along with the renaming of 7th St. in honor of Rev. James Hunt by Mayor Joines. The historic sanctuary will be transformed into a cultural arts center that will house various performing arts groups! The church's 3 building campus should form a nice urban block in the developing Goler neighborhood.

WSTB forum member posted this rendering.

http://gallery.me.com/bapeters#100097/SNC00036&bgcolor=black

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