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Granby Tower

brikkman

By brikkman
in Norfolk

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spiker3 Hamlet

spiker3

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Also, from the article vdogg posted from wavy tonight...

But jammed in between the sounds of progress is silence. At Granby Tower, that's deafening to Charles Windley.

"I'm 65. I don't have forever anymore, you know." Windley's future home is still rubble.

He believes it will be built one day, but he's not waiting for the welcome mat. "I have given up, you know, living there. I've been shopping for another place, there is no other place that's similiar to that," he says.

The city's hands are tied, they don't own the land and any kickbacks come after the tower is built says Winn. "The subsidy really comes on the back. It doesn't come out of the city...it's in the form of a bond and when it's finished it's paid for in part with the taxes they generate."

While Granby's future remains in question, Windley will hang onto his waterfront view a little longer and the city of Norfolk will keep hammering away.

The Wachovia Center will cost taxpayers more than $8-million dollars, but the city expects a $3- million a year return once it's completed.

Our calls to Marathon Development were not returned. Norfolk Mayor Paul Fraim says he has not heard anything about their financing situation in three weeks.

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spiker3 Hamlet

spiker3

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Maybe not necessarily falling through, but certainly not lined up or locked in as we believed during the State of the City from Fraim.

But, since then Buddy Gadams with Marathon Development said he's been working to get a lender.

On Wednesday, Gadams, who is in Atlanta for business had this to say about the project.

"Marathon Development remains completely committed to the Granby Tower project. In spite of the challenging credit markets, we are encouraged by the number of financial lenders who are currently engaged in working with us to fund the project. We remain confident the funds will soon be in place for the construction of Granby Tower."

To m that still means we ain't got the money. It's almost as if Gadams seems to be waiting for the markets to turn so he can get financing...except who knows when that might be. Still kind of a fluff piece though, lacking real or credible information.

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spiker3 Hamlet

spiker3

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Purchasers Sue Granby Tower

Couple seeking refund of their deposit and the company refused. This was the other shoe to drop after Turner and other companies filed liens, would prospective residents ride it out or get fed up. I wouldn't be surprised to see this turn into a small class action against Marathon, with dozen or two clients to get their deposits back. More bad news for this project unfortunately, at this point any loss of clients and their deposits is another step backwards...

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Telmnstr Burg

Telmnstr

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I'm willing to bet this isn't the first case of people asking for their money back on GT. I bet it's just the first to make the news. This is no different than many condo projects all across the USA. There are projects that carry Trump's name that are in the same situation. I wonder if the money is in escrow or if it was spent on the project?

I wonder how many people bought to flip. I've only heard of one case so far. There was a 1 year pause clause in the agreement for GT so that speculators wouldn't interfere with the builder's sales of units (It was standard during the mania).

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vdogg Megalopolis

vdogg

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Smaller Granby Tower?

I think this is mostly speculation!

If anything, they should replace some condos with more office space....

It's speculation by the news media and I can't even believe they pushed that article because there is no basis in fact. The tower, in fact, has already been reduced. They decided to change some space to office months ago and reduced the condos to 302. Plus, at the very end of the article they put this quote, "NewsChannel three spoke with Buddy Gadams, the CEO of Marathon Development. Gadam's is the developer of Granby Tower and he said there have been no changes to the plan."

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vdogg Megalopolis

vdogg

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Bottom line. It should be a tower or nothing at all. If he can't make it work then he should sell it to a developer who can. If this thing is gonna be reduced down to the size of a 388 Boush, then I see no reason not to let the feds build there instead. Also, the mayor may have been speculating based on the result for Fort Norfolk Plaza, which was reported on that same day.

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lil-bear Burg

lil-bear

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* crickets & tumbleweeds *

OK, things are getting eerily quiet with this project.

The only thing that might keep this project alive is by replacing some residentail with office space.

I'm really surprized that things haven't imploded yet! :unsure:

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spiker3 Hamlet

spiker3

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* crickets & tumbleweeds *

OK, things are getting eerily quiet with this project.

The only thing that might keep this project alive is by replacing some residentail with office space.

I'm really surprized that things haven't imploded yet! :unsure:

The only thing that might keep this project alive right now is replacing Marathon and Buddy with true big project developers. They'd have to cut the project in half, retail and residential especially, to keep it alive if Marathon is insisting on taking the lead. It just won't be done with an unproven developer at the helm.

And depending on your definition of imploded, you could argue that things already have...

lawsuits, leins, torrents of bad publicity, repeated false starts, phony ground-breaking, losing financing at least three times....maybe implosion might be a little strong but this project has been anything but quiet, it would make sense for it to just fade away quietly into the night, unfortunately

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vdogg Megalopolis

vdogg

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Man, and I thought there was something new in here, lol. I would prefer to keep this thread quiet unless there is any actual news to report. No need to keep bumping it unless something noteworthy has happened.

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Telmnstr Burg

Telmnstr

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Coming back from lunch we were at the light on Granby street, and I noticed a UPS man actually delivered packages to the Turner construction office. There were two boxes, and someone actually answered the door. I wonder what their take is on putting an office there to support the Granby Tower project then turning around and having to go after them.

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