Granby Tower

[erdogs]

New mini-story in Virginia Business magazine, dated today:

http://www.virginiabusiness.com/edit/news/...1030_buzz.shtml

Sounds like good news, but we'll see.

Welcome to the forum, we can always use another set of eyes and ears, lol!

[vdogg]

Snorre...More of the same. Someone wake me up when they're driving piles, i'm going back to sleep.

edit: Almost forgot, welcome to the forum nedilly.

[Telmnstr]

New mini-story in Virginia Business magazine, dated today:

http://www.virginiabusiness.com/edit/news/...1030_buzz.shtml

Wow! Heya Ned, another name I recognize.

Good catch on the article.

(skeptic on)

It says they sold 5 more units, and it's still half sold. Wasn't it half sold before? If they are still selling units, that is impressive.

(skeptic off)

[erdogs]

Wow! Heya Ned, another name I recognize.

Good catch on the article.

(skeptic on)

It says they sold 5 more units, and it's still half sold. Wasn't it half sold before? If they are still selling units, that is impressive.

(skeptic off)

Half can be translated to 48-49% or 52-55%, it's not an exact percentage. Either way this project isn't dead yet. It might be on life support, but hopefully an infusion of cash will bring it back to life. I won't give up until Marathon does. Maybe that's how they got their name!

[Chesapeake Pirate]

We have no choice but to wait. If there truly is a new lender, we all know that some time is required to close a loan. Whether we all wish to spend the waiting time snoring, being skeptical, or practicing our CPR skills, that is up to us. We will not know anything for sure until they announce the new loan is closed and funding has been restored and workers return to the site. And I guess after that nothing will be completely assured until the spire goes on top of the building in a few years and we have accumulated a few thousand more posts of frustration and curiosity.

[stillill]

Hello All. Longtime lurker, first time poster. I don't know if it means anything, but the GT webcam is back up and running.

[vdogg]

It's been up and running. A recent article had reported erroneously that it had been taken off line, but I went to the site that day and it was up and running fine. I think some people have difficulty viewing it on their computers. I don't know if it's the particular browser they use or what the issue is.

[urbanfan]

It's been up and running. A recent article had reported erroneously that it had been taken off line, but I went to the site that day and it was up and running fine. I think some people have difficulty viewing it on their computers. I don't know if it's the particular browser they use or what the issue is.

It was definately down for about a week and a half a few weeks ago. But yes, it has been up and running for a few weeks now.

[ace707]

Construction workers began demolition of the abandoned law office building today. The land will likely be used to aid construction crews I assume.

[okinawatyphoon]

Construction workers began demolition of the abandoned law office building today. The land will likely be used to aid construction crews I assume.

That's good news, right? I'm just wondering why there's been a lack of response to this.

[vdogg]

Construction workers began demolition of the abandoned law office building today. The land will likely be used to aid construction crews I assume.

That land will be used for the Hampton Inn that is located at 120 w york which is currently working its way through the planning commission. It is the red brick building and has absolutely nothing to do with Granby Tower itself. The owners probably had already decided to perform demo on this site.

[mikeas]

That land will be used for the Holiday inn express that is located at 120 w york which is currently working its way through the planning commission. It is the red brick building and has absolutely nothing to do with Granby Tower itself. The owners probably had already decided to perform demo on this site.

I thought it was a Hampton Inn.

[vdogg]

I thought it was a Hampton Inn.

Hampton inn/Holiday inn, it's all the same to me. You are correct though, I should have said Hampton Inn.

[ace707]

Sorry to anybody for any misunderstanding on the demolition. I wasn't aware of a project on that land and just assumed it would be used by crews of GT for office trailers and to ease any anticipated logistical issues since the entire site for that project will be occupied for the project. Additionally I would to add that I hope these smaller hospitality facilities do not begin to overrun and therefore overall lower status for downtown hotels. A few are good but I hope we don't see a whole bunch of these in downtown and then start to look like the Greenbrier area. Full service hotels in downtown should be the highlight and primary choice for those staying downtown.

[vdogg]

I would to add that I hope these smaller hospitality facilities do not begin to overrun and therefore overall lower status for downtown hotels. A few are good but I hope we don't see a whole bunch of these in downtown and then start to look like the Greenbrier area. Full service hotels in downtown should be the highlight and primary choice for those staying downtown.

My sentiments exactly. This makes 3 of these types of hotels to get under construction downtown this year. I think that this is plenty. I would hate to see downtown start to look like Greenbriar.

[mikeas]

My sentiments exactly. This makes 3 of these types of hotels to get under construction downtown this year. I think that this is plenty. I would hate to see downtown start to look like Greenbriar.

I don't think it's going to look like Greenbriar at all. These hotels are on lots much smaller than anything in Greenbriar. Hopefully they will bring more people to the streets to support additional downtown business.

[Telmnstr]

That new hotel on the corner of Brambleton and Bousch ... it's going to fill in downtown quite a bit. I don't really feel it, but in the end they are free to do whatever.

There is also supposed to be a new apartment building near YMCA, is that taking the other grassy field or the YMCA parking lot?

Any predictions as to what will go on the Granby tower lot? Perhaps a courthouse?

[Sky06]

Any predictions as to what will go on the Granby tower lot? Perhaps a courthouse?

Granby Tower

[spiker3]

A month and a half later, and besides typical Marathon glass is half full bit quotes, there's still nothing progressing on this deal. Allegedly their new lender is lined up (top ten my @$$) but i maintain, they have nothing to lose and everything to gain by announcing their new lender and identity. This idea that we cant reveal details or anything until after close, given the poor decisions thus far, is lunacy. The idea that sales continue while construction stopped and their financing fell out is lunacy. And now with a 15 story building being built immediately beside, views from the tower are further impacted and blocked, cutting into any finacier's belief in this project, given the existing market and conditions. Additionally, if (and that's a BIG if) 50% of the units are sold, they're in the top and lower portions of the project (high dollar amount and bottom dollar amount) The middle of the tower, where a handful of units may have sold, are the majority of the units for sale, and the ones most impacted by the Hampton Inn (which will be completed long before GT ever is) This portion of units, in the $450K - $900K range, are the units across the region that are having the hardest time selling. The Hampton Inn project either way will impact the GT project, but given the events that have transpired with GT, could wind up being the death knell as well. I keep hoping against hope, but every day that passes without third party confirmed news (anything that comes out of Marathon/Gaddams mouth is worthless these days) just increases the odds of this project going forward in its existing form. Me personally, a perfect world would be Gaddams announcing his new partner/pockets which would immediately increase the viability and potential, followed by an announcement of price cutting due to market conditions as well as renegotiation with those who have already purchased the property. Those three things would boost this project from the current 30% chance of moving forward to 95% chance. In a perfect world....

[PeninsulaKiddo]

wow, it has been a really long time since I have thoroughly gone through these pages. A long long time.

Unfortunately, some 3 or 4 months later, I come back to find very little regarding GT has changed. My hopes still prevail, but are rather slight at this moment. I hope that it will go up and be a success, but I have very little faith in the 'viable financing' of it. I doubt very highly that this thing has "financing - credible financing - lined up and ready to go." It sounds like the propaganda coming out of North Korea or the Russian Federation: they paint a lovely picture of how great things are going, but to an unbiased external observer, they clearly have to start cleaning up house. (An extreme analogy, but it's sort of fair as well)

As for the new Hampton Inn - good for them. They can actually get their financing in order! Therefore, they deserve the right to build what they want (within regulations, laws, ordinances, etc.). To Hell with Granby Tower. I never thought I would ever say that, but it's true. At this point, my most optimistic hopes can only pray for a well-designed Hampton Inn that will add needed density to that portion of the skyline, and maybe - one day - Granby will grace the skyline as well. I won't be holding my breath for another 2+ years.

The same goes for Hilton, but thankfully that seems to at least have a credible degree of transparency? Sort of - again.

Whew! I will hopefully be on a little more than I have been thus-far this semester, and I look forward to more progress in the other projects in and around the region.

[Telmnstr]

I guess if you got a condo low enough facing directly into the AT&T building, one advantage is you could do balcony drive in moves... like this:

CAN'T TOUCH THIS!

[Glassoul]

I guess if you got a condo low enough facing directly into the AT&T building, one advantage is you could do balcony drive in moves... like this:

CAN'T TOUCH THIS!

We have a similar setup on one of the side of a residential high-rise located next to one of the buildings at my school, that basically just plays commercials targeting university students (cell-phone/service is the most popular), but the technology otherwise appears to be the same.

See You Februrary!

[lil-bear]

Has anyone noticed that Turner has painted their name on the side of the building on Granby Street right across Brambleton Ave. from the Granby Tower site? Seems to me that Turner is setting up shop in that building as their construction office for Granby Tower.

Makes me think that things are going to be OK!

[mikeas]

Has anyone noticed that Turner has painted their name on the side of the building on Granby Street right across Brambleton Ave. from the Granby Tower site? Seems to me that Turner is setting up shop in that building as their construction office for Granby Tower.

Makes me think that things are going to be OK!

It looks like they have cleaned up the inside of that building and put some new drywall up as well... I noticed they had been working on it a couple weeks ago when I parked over there.

[Telmnstr]

We have a similar setup on one of the side of a residential high-rise located next to one of the buildings at my school, that basically just plays commercials targeting university students (cell-phone/service is the most popular), but the technology otherwise appears to be the same.

See You Februrary!

Ah pretty wild! That was using a 1200 - 1500 lumen projector I got for $300 (0 hours on bulb) from feebay.

Back on track with the GT... with all the negativity from the people, it would seem to me there is a good chance Marathon would try to go through with it, even if it turns out to not work out financially.

(What do you think the profit margin would be for the project? I was trying to figure out the profit margin on the Rotunda. One of the apartment turned condo buildings near ghent (Ghent on the square?)... the value oft he biuldings was $7 mil to the city, but sales would appear to put income at around $14 mil... So that would be 40%+ profit after you slap on some lipstick).