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SKYE Condominiums and Hyatt Place Hotel

monsoon

By monsoon
in Charlotte

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CharlotteXgeneration Crossroads

CharlotteXgeneration

Posted
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It will be interesting to see when they re-open the Sales Office given the fact that contracts are up they will not have the amount of units pre-sold to get a loan. It is a shame that they are attempting to through something together to get them to a loan closing just to have future setbacks. This project has been out there for over 4 years, this last time 1 year and a half and they feel people think the construction phase will go smoothly?

The cost of the project and its profit margins must have dwindled over this amount of time that they probably can't keep the project at its original specifications.

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Southernyank Hamlet

Southernyank

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I saw over a thousand and some pages today, which included several engineering and architectural plans, and permits, for The Park today. I will say that I think this project is a go.

Did you notice any major differences in the architecture or was everything basically the same?

Are they planning on re-doing the facade on the parking garage any time soon?

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Norm2 Burg

Norm2

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Not sure, but I did notice that they were going to be using a lot of masonry I think. tons and tons of details on counters and sinks and a whole lot of specifications for just about everything, even mixing cement and upfitting the parking deck. Did not see any solid start dates or anything though.

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stateman99 Whistle-Stop

stateman99

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I was just at a party and talking to someone who works for The Charlotte Business journal. She told me that as far as the Park is concerned, she is still kind of iffy. I am not trying to act like she knows all, and take it for what it is worth, but she sounded pretty confident of this. I see her a lot so i will try and get more info as it comes.

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monsoon Gigalopolis

monsoon

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...... and my folks in the planning department have told me this project is dead, dead, dead.

So, what's the deal?

The developer of The Park, Pete Verna, says in today's paper that first occupancy will occur in July 2007, and the project will be finished by Dec. 2007. He says the project finally got the OK from lenders because he brought in a co-developer from Dallas. He plans to sell them for around $400/sq ft which seems to be a bit pricey to me in the realities of this new market (much more competition now).

He says a sign will go up on Monday. "The Park Condos Are Now Under Construction". I am sure you uptown peeps will go look for it. :lol:

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dubone Megalopolis

dubone

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80/107 units is pretty much what they've been saying for ages. I wonder if that means that they didn't end up losing any of their contracts after all. Perhaps this building permit and contruction work to upfit of the parking deck is enough to lock in those people.

I also think that this will dramatically improve consumer confidence for this project. 27 units isn't that much, I don't think, especially if the project completion date is known and believable. I'm not so sure on the price, but good luck to him.

Hopefully the lenders are comfortable with just the 80 units and construction can continue anyway. Once he begins construction up beyond the deck, I think that will be enough to get the last set of units sold.

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monsoon Gigalopolis

monsoon

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Its rather interesting. I've known a couple of people that looked at buying in the Park something like 4-5 years ago. At the time they were quoted about $250/sq ft which was exceedingly high for CLT at the time. If he sold that many units, I am not sure how now he can say the units are going to average $400/sq ft. (not counting the pent house)

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downtownliving Crossroads

downtownliving

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80/107 units is pretty much what they've been saying for ages. I wonder if that means that they didn't end up losing any of their contracts after all. Perhaps this building permit and contruction work to upfit of the parking deck is enough to lock in those people.

I also think that this will dramatically improve consumer confidence for this project. 27 units isn't that much, I don't think, especially if the project completion date is known and believable. I'm not so sure on the price, but good luck to him.

Hopefully the lenders are comfortable with just the 80 units and construction can continue anyway. Once he begins construction up beyond the deck, I think that will be enough to get the last set of units sold.

No one can get out of the project now that they have the building permit. Pete is holding everyone to their contracts.

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downtownliving Crossroads

downtownliving

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Oh my gosh this is going up. I can't believe either that it will be the same project. :P There are new people involved and I just can't see them having the money. When the park started they were asking for 10% of the sales price as a deposit. This is where they are getting a lot of capital. They already collected 5% and now that they have the permit, they can ask for the other 5%. So I guess they are probably still trying to get enough money for it.

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monsoon Gigalopolis

monsoon

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A2 tells me that the sign is up. He's all wired about it, and he had missed out on all the information posted here :).

Well I have no sympathy for him since he is a well paid Charlotte urbanite. :P Why don't you guys rag him about getting an el cheapo internet service so he can keep up on the news?

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init.five Crossroads

init.five

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No one can get out of the project now that they have the building permit. Pete is holding everyone to their contracts.

Who defines construction? A piece of paper at the entrance? The history of this project has been delays after more delays. All Pete has is a plumbing permit. The value listed is 7 mil, the Park sure costs more than 7 mil to build.

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stateman99 Whistle-Stop

stateman99

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Who defines construction? A piece of paper at the entrance? The history of this project has been delays after more delays. All Pete has is a plumbing permit. The value listed is 7 mil, the Park sure costs more than 7 mil to build.

It is more than a plumbing permit. Plumbing, electrical, and I think it covers fixing the parking deck or something. Does anyone have anymore info on this. It is like a $30 million project.

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