SKYE Condominiums and Hyatt Place Hotel

[dubone]

and why the hell are they still claiming that "Phase Two To Be Release [sic]".

That is just ridiculous.

[ElricSeven]

and why the hell are they still claiming that "Phase Two To Be Release [sic]".

That is just ridiculous.

<{POST_SNAPBACK}>

I think this is a healthy sign, though, that people are being selective about where they purchase their units. It has to be a building that represents what they're looking for - not just any square footage - thereby ensuring a healthy resale market. If this was Miami or NYC, the building would be sold out in ten seconds with people bidding up the prices through the roof.

Calm, calculated, deliberate purchases will ensure that we get the best buildings and product, not a bunch of unsellable units clogging the market on resale by speculators.

[UptownGrrl]

Anyone see the article from the June 2005 issue of Business North Carolina? Talks all about the surge in uptown condos. In a paragraph concerning The Park: "Verna says The Park would have sold out [last summer] had he not halted preselling. He figured prices would rise, and the have - about $50,000 per unit".

I was curious about his decision to "halt" pre-sales and wonder if that was really him doing the halting, or just spin on what was actually a market reaction out of his control. I can't believe they would give up on a pre-sold out building if they really had the opportunity to have one. I guess the argument was that he'd "take them off the market" long enough to then raise the price $50K. He basically just told the rest of his remaining potential customers that they're a bunch of suckers. That certainly doesn't make me want to go right out and buy one. Just seems he has a different story or excuse every time he passes a time-marker without any actual progress.

[bbolton]

Anyone see the article from the June 2005 issue of Business North Carolina? Talks all about the surge in uptown condos. In a paragraph concerning The Park: "Verna says The Park would have sold out [last summer] had he not halted preselling. He figured prices would rise, and the have - about $50,000 per unit".

I was curious about his decision to "halt" pre-sales and wonder if that was really him doing the halting, or just spin on what was actually a market reaction out of his control. I can't believe they would give up on a pre-sold out building if they really had the opportunity to have one. I guess the argument was that he'd "take them off the market" long enough to then raise the price $50K. He basically just told the rest of his remaining potential customers that they're a bunch of suckers. That certainly doesn't make me want to go right out and buy one. Just seems he has a different story or excuse every time he passes a time-marker without any actual progress.

<{POST_SNAPBACK}>

I live at the Arlington and was happy to get in at pre-sale. His agenda makes sence, but the park would be 5th on my list behind epicenter, vue, the ave., 615 Morehead...you get the idea...Your right...He let his potential's know..suckers..it's not really all that compared to the other condo's (I still Like the Arlington best..bias) and 50K+ more...i'm putting that into a beach house (down payment)..Thanks for the heads up..I had a friend looking at that place..i'll let em know.

[ElricSeven]

Anyone see the article from the June 2005 issue of Business North Carolina? Talks all about the surge in uptown condos. In a paragraph concerning The Park: "Verna says The Park would have sold out [last summer] had he not halted preselling. He figured prices would rise, and the have - about $50,000 per unit".

I was curious about his decision to "halt" pre-sales and wonder if that was really him doing the halting, or just spin on what was actually a market reaction out of his control. I can't believe they would give up on a pre-sold out building if they really had the opportunity to have one. I guess the argument was that he'd "take them off the market" long enough to then raise the price $50K. He basically just told the rest of his remaining potential customers that they're a bunch of suckers. That certainly doesn't make me want to go right out and buy one. Just seems he has a different story or excuse every time he passes a time-marker without any actual progress.

<{POST_SNAPBACK}>

Why halt it? Why not just do another building? You're right, it doesn't make any sense.

[atlrvr]

I'm sure because his numbers no longer work.....steel and concrete prices have soared, the city is sending him through the ringer on some design issues, there are carrying costs......

He probably needs that extra $1M or so now.......regardless, I give this almost no chance of happening anytime in the near future.

[ElricSeven]

"Verna, who said he expects to secure financing for the project within about two weeks, was inspired by San Francisco's posh Fairmont Hotel."

http://www.charlotte.com/mld/charlotte/business/11896823.htm

Is that for the first phase or the second phase. They should put "financing obtained in record time" on the website.

[A2]

Could this really be true. I just read the article in the Charlotte Observor stating that the Park is still "a go"

Verna...said he expects to secure financing for the project within about two weeks.

If this is the case the only condos we would be waiting on would be The Renwick and the Vue (which is definately going to happen, just not for a few more months)

WOW !!! THIS WOULD BE GREAT NEWS !!!

B)

MOD EDIT: keep news content out of posts, even short quotes should be used sparingly.

[UptownGrrl]

Verna, who said he expects to secure financing for the project within about two weeks...

<{POST_SNAPBACK}>

I think he's been expecting to secure financing for about the last five or six years. Sounds like the same spin from him -- something is always supposed to happen in two weeks or so that will allow him to move forward.

[A2]

I think he's been expecting to secure financing for about the last five or six years. Sounds like the same spin from him -- something is always supposed to happen in two weeks or so that will allow him to move forward.

<{POST_SNAPBACK}>

hahaha. This is true.

[ElricSeven]

Could this really be true. I just read the article in the Charlotte Observor stating that the Park is still "a go"

If this is the case the only condos we would be waiting on would be The Renwick and the Vue (which is definately going to happen, just not for a few more months)

WOW !!! THIS WOULD BE GREAT NEWS !!!

B)

MOD EDIT: keep news content out of posts, even short quotes should be used sparingly.

<{POST_SNAPBACK}>

Silly intellectual property.

[dubone]

[A2]

Could this really be true. I just read the article in the Charlotte Observor stating that the Park is still "a go"

If this is the case the only condos we would be waiting on would be The Renwick and the Vue (which is definately going to happen, just not for a few more months)

WOW !!! THIS WOULD BE GREAT NEWS !!!

B)

MOD EDIT: keep news content out of posts, even short quotes should be used sparingly.

<{POST_SNAPBACK}>

thinks for the check dubone..

sorry bout' that.

[dubone]

I think he's been expecting to secure financing for about the last five or six years. Sounds like the same spin from him -- something is always supposed to happen in two weeks or so that will allow him to move forward.

<{POST_SNAPBACK}>

i agree, and why would verna announce it if the papers hadn't been signed... just seems like PR or spin... if he so close to getting financing, then sign the dang papers and announce it at that point.

I've been thinking a bit about the park, and i think its biggest flaw is that he was so tied to the existing parking deck. When he built the parking deck a while ago, he made it strong enough for a tower, and the dream has followed since then. But he is so closely tied to keeping that original structure, that i think many aspects of the tower design have been compromised. The footprint is extremely small. As a result of the small footprint, not only must the parking aspect of the project be in the same vertical stack as the residential, but to get enough parking, there must be a lot of parking floors. This causes a lot of inconvenience for residents, as people must drive around and around for 10 stories to get to their parking space. But it also means that the only place for the amenities is on the top of the whole building, rather than on top of a short parking section as is the case for all the other resi towers u/c or proposed. The small footprint also means that to get reasonably sized units, they must be 2 stories with internal stairs. While these are cool and interesting, the stairs lead to much higher cost per sq foot than if there were enough space for flats.

It seems to me that if he had just bought the adjacent lot, and built a new tower there, he could have used his original deck as the foundation for more parking floors, but he could have put all the amenities on top of it, and then had a much less expensive residential tower.

It just seems that by restricting himself to the tiny 23k sf lot with the old parking deck, that everything just got to be too expensive to compete with the other projects. And who knows, maybe Brevard St Assocs who owns the vacant land on the rest of that block will build their own high rise project that completely blocks The Park's view.

[A2]

i agree, and why would verna announce it if the papers hadn't been signed... just seems like PR or spin... if he so close to getting financing, then sign the dang papers and announce it at that point.

I've been thinking a bit about the park, and i think its biggest flaw is that he was so tied to the existing parking deck.

[ElricSeven]

That is an interesting viewpoint dubone. I have oftern wondered how Verna could pull this thing off. We are talking about a very small footprint. It just does not all come together for me either. I do not care either way. I am sure this is just another PR spin to keep the public's interest up. But for some reason I have this gut feeling this cat might actually come through this time.  I have not put any faith in this deal actually happening since it was announced, and for what it's worth had wrote it off. But if he really does come through we would be 6 of 7 on our residential list for uptown. That would be pretty sweet.

<{POST_SNAPBACK}>

Amidst all this drama and delays, you've got to admire Furman who just keeps trucking along with nary a hiccup, meeting deadlines and promises, rolling out project after project of increasing complexity.

I think he's the bomb.

[cinco]

Amidst all this drama and delays, you've got to admire Furman who just keeps trucking along with nary a hiccup, meeting deadlines and promises, rolling out project after project of increasing complexity.

I think he's the bomb.

<{POST_SNAPBACK}>

indeed.

[dubone]

i agree... Furman has a golden touch in this city. his designs are cool, and are exactly what people want, even the seeming compromises like no conventional ovens or only half-walls between the bedroom and living s and other stuff like that are cool with people.

I hope furman keeps going. I think he can squeeze out 2 or 3 more blocks out of first ward, 2 or 3 blocks out of 3rd Ward around the park, and i'm sure the county will bend over backwards to give him 2nd ward.

I'm not even joking about this, i think a street should be named after him in downtown charlotte. Perhaps Garden District Dr could be Furman St... or as they reconnect the grid in 2nd and 1st wards, perhaps a street could be named for him.

[SmellyCat]

Well they've already named a university after him

[rockhilljames]

Gotta say I'm really cheering for Verna. Considering his lack of experience, the unexpected competition he's faced, and the alternatives he could have pursued for the site I don't see how you could cheer against him.

If he succeeds (and no, I don't see it happening either) it would be a great story for Charlotte, and a residential tower in an area that could badly use a catalyst.

If anything, you have to admire his dream. I daresay any of us that had the means would try to do the same thing.

I also have to give him props for dreaming of condo towers long before other proposals came onto the market. Although he doesn't have the resources or experience of Furman, he's still a visionary.

[dubone]

i agree. I wish him well. But the fact that he hasn't made any major changes to his project to make it work in the 5 or more years since this has been on MLS almost makes me wonder if he is just being casual about it.

He could have had a the rending digitized for one... think about how much better all of us addicts think of projects once we get a computer rendering . I'm sure customers are the same way. Give us some shiny blue-glowing glass on the rendering and this project could be under construction in weeks .

[Norm2]

Kinda funny.....the condo tower, at least on paper, that started charlotte's condo boom, may never get built.....lol

[jb4563]

Well, park condo website states Phase 1 will begin in June 2005 and Phase 2 will begin in August.

Anyone have any updates (inside) on this project?

The more and more this is delayed...the more and more it makes me this project is a scam. I would be ticked off if I had bought into this project and condos announced 4 or 5 years after this project are going up.

[dubone]

those dates have been up there for a few months. this project is definitely not a scam, but i'm pretty sure it is going to have a lot of trouble getting off the ground. i don't know if verna was spinning or not when he says he stopped sales in order to take advantage of higher pricing... but it seems that with all the increased supply since then, he isn't going to get the price he wants for that design.

[jb4563]

those dates have been up there for a few months.  this project is definitely not a scam, but i'm pretty sure it is going to have a lot of trouble getting off the ground.  i don't know if verna was spinning or not when he says he stopped sales in order to take advantage of higher pricing... but it seems that with all the increased supply since then, he isn't going to get the price he wants for that design.

<{POST_SNAPBACK}>

I just think there is something awfully fishy about this project.

I guess soon people will want to start getting out of their contracts to go get a condo in one of the other buildings.