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SKYE Condominiums and Hyatt Place Hotel


monsoon

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I think the ship has sailed already on profitability. I think Verna is just trying to break even and save face. It certainly isn't funding his retirement.

Then again, there are a lot of units up on MLS for a very high price. Perhaps if he or his delegates can get this finished and sell those units at a good price, then it will have been worth it.

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I beleive the Catalyst Condos will be finish before the Park.

Now this is interesting. Catalyst vs. the Park: which will be completed first? This seems even more interesting than the completion of the Vue vs. 210 Trade.

My bets are on the Catalyst. Not being flippant, I seriously do believe Catalyst will be moving people in before the Park~

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In my opinion we have a choice when it comes to condos. On one hand 300 South Tryon offers a delayed start. On the other hand the Park offers a delayed finish.

Not to take away from the Park - they did offer a delayed start for half a decade; I think this project was initially announced c.a. A.D. 2000 give or take a year.

Then we have the other projects that just don't know when to slow down :-).

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  • 3 weeks later...

The inserted magazine in the CBJ has an article on the Park and Verna. I've already tossed it, but here are some points from the article for those without access to it.

- The first residents will begin to move in this summer, namely the penthouse units (they will complete units from top to bottom).

- They gave the owners an options to upgrade their condo units with 3000 choices provided by some company that will do the upfits (I forget the name of that company).

- All of the units will be fitted with fiber-optic technology that supposedly add $10k to the value of each unit.

- They had enough pre-sales where they should have been able to start the building roughly on time for the original plan, but financing completely dried up after 9/11 and the mini-recession that followed. Afterward was a series of battles to keep their contracts and regain financing after the inflation of construction costs.

- They still need to sell ~14 units to be sold out.

- The building is supposedly over-engineered. ( I assume they aren't including the plastic facade in that statement.)

- Verna is in retirement, but visits the Park site multiple times per week. It is the final episode of his career, and he is determined to get it done.

After reading the article, I do actually get the sense that everything will continue moving and eventually be completed. I tend to believe their estimation that some units will be completed in the summer. It doesn't seem that they are that far away from completing some units that they couldn't do it in 4-6 months.

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Ever since the blue line started operating I've taken it to and from the 3rd street station, and while waiting for my train I have tried to observe any activity at the Park on a daily basis. I have NEVER seen ANYONE in that building. To say it's going at a snail's pace is an understatement.

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Ever since the blue line started operating I've taken it to and from the 3rd street station, and while waiting for my train I have tried to observe any activity at the Park on a daily basis. I have NEVER seen ANYONE in that building. To say it's going at a snail's pace is an understatement.

The side facing the Light Rail is all porches except a living room sized sliver of wall on both ends of the building. In other words, of course you haven't seen anyone working. I've observed this building closely from the sides and I often see the construction lifts moving up and down. I don't think this building is moving that slowly. On a side note I saw a smart car parked in Park Parking Deck the other day, Verna's perhaps?

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^Even aside from the movement of (or lack of) workers, I have seen NO difference to that side of the Park. I have not seen a single change to that entire side of the building. I even tried to pick out some finer details to see if they'd change over time, and they haven't. I'm just not seeing any progress whatsoever.

But hey, they say it'll get done. Fair enough. Let's see it happen.

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^Even aside from the movement of (or lack of) workers, I have seen NO difference to that side of the Park. I have not seen a single change to that entire side of the building. I even tried to pick out some finer details to see if they'd change over time, and they haven't. I'm just not seeing any progress whatsoever.

But hey, they say it'll get done. Fair enough. Let's see it happen.

According to the news section on the website http://www.theparkcondos.com, this side of the condo tower will not see much change as so little work needs to be done to it unlike the other side which is mostly actual surface of supposedly coat stucco. If you look at the floorplans 2/3 of the rear is porches, aka open space.

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There still needs to be stucco put on the wall of the parking deck on that side, and in a lot of the wall behind the decks. Perhaps it is weatherproofed and they are able to just do it as part of completing each condo with a small contractor team or something.

The saga of the Park is an odd one to watch, to be sure. I'm still amazed they are where they are, so I somewhat am confident they'll make it. Slow going is an understatement, though.

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According to the news section on the website http://www.theparkcondos.com, this side of the condo tower will not see much change as so little work needs to be done to it unlike the other side which is mostly actual surface of supposedly coat stucco. If you look at the floorplans 2/3 of the rear is porches, aka open space.
And the last update to news section of that site was December 24, 2007.
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I find it interesting that in the same CBJ where the article was posted about the Park finishing by summer, there is a lawsuit posted by Southern Steel (go to the back). There have also been liens against the property posted in previous CBJs as well. With pending liens and lawsuits and the fact that no one ever sees anyone working anymore, it would seem pretty optimistic to finish by summer or at all.

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http://www.charlotte.com/business/columnis...ory/545950.html

I'm pretty sure Doug is referring to us, when he mentions skyline watchers not seeing any progress :). But Verna should be ashamed of himself for telling a journalist at CBJ that they'll have condos ready by Summer, when now he is saying it 'could be finished by fall'. Wow does he continue to burn the last shred of credibility he has.

What in the world could he be saying about a positive announcement on May 1. "Hey, everybody, the Park is now Under Construction! Yippie!!!" ?

It does seem odd that after being so close that something will not happen to complete the project at some point, but the delays are just ridiculous. Sadly, it probably isn't the fault of the project, per se, in this economy, as many financiers are just keeping their money these days.

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