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CONSTRUCTION THREAD: 98 East McBee


g-man430

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^^^Yes, it would have to go before the DPC again. That is one of the many things that make me believe what MITP heard from Bob was false, but I can't be sure until I get an email back from somebody involved with the project.

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Basically what the DPC saw and passed, they have to build according to those plans. Any changes to the design, height, etc. has to go before the committee again before being approved.

SO, if they aren't done, then they'll go before them next week? Complying with what he heard about two weeks? :unsure:

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One more thing he told me, that I didn't think at time was important is that [and I quote] "they are

going back to a design from three years ago"

If that is the case, then I would think that they are totally starting over on the project. They would have to get new DPC approval, re-market the project, and hopefully convince the original purchasers of the condos to stay on board. I'm sure the cost of the condos will go down somewhat, but would new financing have to be agreed to with the bank(s) involved?

So many complications would exist, it seems. I truly hope this isn't true...

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If that is the case, then I would think that they are totally starting over on the project. They would have to get new DPC approval, re-market the project, and hopefully convince the original purchasers of the condos to stay on board. I'm sure the cost of the condos will go down somewhat, but would new financing have to be agreed to with the bank(s) involved?

So many complications would exist, it seems. I truly hope this isn't true...

This seems very odd considering every one of the condos sold. What better situation could a developer be in than to have every condo sell? From what I heard, these sold quickly because of the strong selling point of the views and the height. If this is all true, I'd think there are some highly unhappy condo owners......doesn't seem legal either.....how could you sell someone a 12th floor condo, then go back to them and tell them they'll be on floor 7. :dontknow:

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Btoy is right, they aren't sold yet, most likely merely reserved at this point.

The only way I can see that a smaller project could start in a week or two, is if the 'old' design from years ago had been approved by DPC at that time. Even so, there might be an 'expiration' of that approval if it has been that long ago.

It does seem odd that the condos would be scratched if they were already spoken for. This is very strange, indeed. Perhaps the Hotel has pulled out and the condos are staying.

Regardless, it is disappointing news.

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It does seem odd that the condos would be scratched if they were already spoken for. This is very strange, indeed. Perhaps the Hotel has pulled out and the condos are staying.

If the hotel were removed though, it would be highly odd. It wasn't a franchise or chain that would just pull out. It was to be an independent local hotel run by the same developer as the condos. This isn't adding up at all.

I'll hold out and hope for the best until I hear some firm info from the developer and/or city.

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THey wouldn't have actually sold anything yet. They would have commitments to purchase condos, but they would net have actually sold till consturction was complete.

If they weren't actually sold yet then why does the website say they were?

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It just the way it is done by some. Some people say sold some might say reserved or under contract. But you can not close on real estate that does not exsist and no bank is going to make a lone on something that they can't forclose on.

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It would make far more sense for the condos to have been scrapped than the hotel. The hotel was the main reason for the project to begin with, the condos were kind of a bonus, whose selling points were being attatched to the 5 star hotel with great views. Plus, there wouldn't be seven remaining floors for the condos (if the hotel part were scraped), unless some were added, but then the selling points for the condos would be gone anyway. So, doing away with the condos would make sense for the seven story and the no parking deck part. However, I can't imagine why they would be scrapped, especially if 100% were reserved. That is the part that doesn't add up. I can't imagine they would be cancelled just to make construction cheaper and easier, wasn't a loan already secured before they broke ground? Also, the reduction of the project would take quite a bit of the allure out of the hotel part, which was much of what was supposed to make it so special. Still, if it has been reduced to 7 floors, it could still be what, 120 ft tall (considering it was supposed to be about 240 for 13 floors)? It would still help to add some low to midrise density. But I am not sure this type of change won't kill the whole project. Wouldn't it really suck if neither the Pinnacle nor the Peacock happen? :scared:

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