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The Montage on Lake Avenue?


MAntoniazzi

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  • 2 weeks later...

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Is this thing going to go up or what? They "broke ground" almost a month ago and nothing has happened since. There are trailers on site, but there doesn't appear to be much activity.

That doesn't mean too much. They broke ground on the VA hospital last week and have no intention to start construction until after the new year. The gold shovels don't necessarily signal the start of construction.

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  • 2 weeks later...

The rumor is that the Montage met with their financiers a few weeks back after the "groundbreaking". No news is bad news in this case. But let's remain positive.

well, here's my assessment...

I know that Solaire is mostly sold out-- in the 95% range. 55W will be 1/2 hotel and those unit may not even hit the market for at least another year. Dynetech I was told had great occupancy-- not sure about the percentage. Vue, looks fuller and fuller all the time. 101 Eola has many units occupied- you can see them from Summerlin at night lit up. As for Kodsi's buildings, don't know enough about them. Camden might be the weak link. Paramount- do not know.

I bet the financers look at the vacancy rate and trends with area apts. and condos that can be put up for rent to balance the odds there will be demand when the Montage opens. With that in mind, there is a positive trend in downtown for this to happen-- especially when the Montage will realistically open in 2 years.

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  • 1 month later...
  • 1 month later...

What is GAI?

Don't we have anyone on the site that can snoop around and get the info on Montage?

What a boost for downtown if a project started !!

I am totally drawing a blank on which thread a bunch of pics were recently posted on this thing... it's a 6-7 story office bldg. going near WFTV on South St. near Summerlin... looks kind of like OUC... Ustler is doing it and I think B&G is building it.

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^^

yeah... an article in the OBJ or CFB last week said that GAI was 30-60 days out b/c of financing issues.

I'm still wondering what the status with Montage is b/c they said that Feb. '09 was supposed to be the actual start of construction date.

In the article about Ustler and GAI, he seemed to indicate that not much was coming out of the ground anytime soon (other than GAI of course). If a developer is saying that, my guess is it could be a while.

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something tells me that with 55W going rental, as well as portions of Paramount and 101 Eola, Montage might not get built... unless the renters market in downtown is in fact that strong...

The scenario that you outlined is 100% correct. The Montage will not go vertical in 09'. This is information directly from the horse's mouth.

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The scenario that you outlined is 100% correct. The Montage will not go vertical in 09'. This is information directly from the horse's mouth.

I hate it when I'm right...

the only plus side is that with 55W going rental, the probability that Hilton CSS goes vertical should increase substantially.

BTW, good to hear from you O'Native!

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^^

per O'Native, we saw this sign of the Montage apocalypse a couple of days ago... it's funny... the condo market crashes, and it starts to affect the rental market. I bet Montage people were waiting to see how bad it was getting before they finally pulled the plug. I guess the post-Verde people did something similar...

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Thanks for the shout out my friend, it's good to see some familiar guys keeping the Orlando boards going.

Times certainly are tough though. The little birdie tells me things have been pretty grim in the Montage camp for a while now. There was a lot of speculation that the construction costs were going to dip to a point that was low enough to make this project (and many others) a reality. Unfortunately the projects that were already completed started to have problems and the s*** just trickled down hill. Sad really.

In the end nobody knows whats going to happen. Some trends are pointing towards a possible increase in the commercial market while other, more conservative forecasts, are predicting more of the same. In my opnion I lean towards the latter. Fact is, until we find a way to get the credit flowing again nothing is going to happen with large capital projects, not commercial and certainly not residential. GAI and The Events Center will be the only projects to go vertical in 09'

This city needs rail and it needs it now.

(Sorry for the minor rant, haven't posted in a while)

(Sorry for the downer also)

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Thanks for the shout out my friend, it's good to see some familiar guys keeping the Orlando boards going.

Times certainly are tough though. The little birdie tells me things have been pretty grim in the Montage camp for a while now. There was a lot of speculation that the construction costs were going to dip to a point that was low enough to make this project (and many others) a reality. Unfortunately the projects that were already completed started to have problems and the s*** just trickled down hill. Sad really.

In the end nobody knows whats going to happen. Some trends are pointing towards a possible increase in the commercial market while other, more conservative forecasts, are predicting more of the same. In my opnion I lean towards the latter. Fact is, until we find a way to get the credit flowing again nothing is going to happen with large capital projects, not commercial and certainly not residential. GAI and The Events Center will be the only projects to go vertical in 09'

This city needs rail and it needs it now.

(Sorry for the minor rant, haven't posted in a while)

(Sorry for the downer also)

I totally agree with you.

CRT will jump start things around town development-wise during this downturn and could smoothen the transition for when things pick back up again. The Peabody people were saying that this is the time to build, b/c construction prices have dipped. what's unfortunate was situations like Verde which looked promising but all the delays strung it out long enough to be negatively affected by rising construction costs.

As an aside, I still think the CSS Hilton will go up now that it will not have any competition across the street. And if CRT does come, and so far, Mica's office tells me good things, then I think that will also jump start that project as well-- they'll be able to market to tourists flying into OIA ala the bus to the Sand Lake Station which will be built.

the key is of course the lenders lending...

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On the other hand consider this:

The show will go on, if for no other reason, there were plenty of developers that were locked and loaded prior to the economy taking a nose dive when it did. Many of us are hoping things start to improve by 2010, this would lead me to believe that while we wait for these lead times in the industry, developers will have a strong emphasis to hit the ground running. In the meantime this means that all of us in the construction industry will continue to look at how we design and engineer these buildings to further make them more affordable. No matter how tough things get one thing is for sure and that is, people will continue to need housing.

We'll be alright. I was talking to a very accomplished gentlemen the other day, with confidence and no hesitation he said, "i've seen this happen five times in my life...none of them killed me".

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