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Old 09-02-2009, 06:36 AM
 
4,010 posts, read 8,923,688 times
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Indeed. This is for his personal property that I spoke about above. And is taking place long after The Park was foreclosed on. The only recourse the contractors and others have now is to go after him personally. He has shielded his only significant asset left, his home in Myers Park, due to a quirk in the bankruptcy law.
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Old 09-02-2009, 06:59 AM
 
332 posts, read 866,131 times
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I could see Trump buying this property.
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Old 09-02-2009, 07:26 AM
 
Location: Matthews, NC
14,693 posts, read 23,071,063 times
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Maybe they were just collecting up equipment but there were workers out there today.
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Old 09-02-2009, 07:35 AM
 
Location: Dublin, OH
2,365 posts, read 3,411,572 times
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These developers must be really f'ng stupid...2 things, 1. Why build a condo tower in Charlotte that charges $500K for a tiny condo when people can buy a 3,000+ Sq ft home w/ a yard in great new subdivisions...no one in their right mind would do that if you ask me....2nd and this is the same w/ 210 Trade and The Park, why not have all the money it will take to build these highrises avail already instead of having to finance them...Wachovia didn't have to stop building their new tower (now bought by Duke Energy) b/c they had set aside everything they needed for it...same w/ Bank of America w/ their new tower going up by the Ritz Carlton...same w/ Novare Group w/ The Catalyst....to me, it makes no sense to put these big high rises up, if you don't have the money on hand to do it...now Charlotte has 3 eyesores...The Park (which will need a lot of work b/c it's been exposed to the elements for nearly 2 yrs), 210 Trade (which thankfully didn't go vertical all that much, but you can see metal sticking up above The EpiCentre where it is to be placed), and now an 80+% finished Vue which is very close to being topped out already and will stick out like a very sore thumb if it doesn't get finished for years like The Park...thank god, the other projects of condo towers like One Charlotte, Encore, Wachovia Condo Tower, 300 S Tryon, 587 N Tryon, 7th Street Green, & Twelve Charlotte, along w/ Trump's project never got off the ground b/c then it would really look bad...I can't believe anyone in Charlotte thought that Uptown needed this many condos.
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Old 09-02-2009, 07:36 AM
 
4,010 posts, read 8,923,688 times
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Quote:
Originally Posted by eccentricbeethoven View Post
I could see Trump buying this property.
Trump has made some bad decisions in his time, i.e. Trump Airlines, but I think even he has better sense than this at this point. I might be wrong, but the basic problem The Vue has is availability of buyers. They have been at the 50% mark for a very long time which means they either are not selling this place now given the amount of time they have been taking contracts, or they can't keep the ones they have. This is a big big issue for a bank that has a construction loan on the place. I would be very surprised if they have been able to hold on to everyone who initially signed up.

We don't know the details because none are forthcoming, but stopping the tower at this point, with so much already sunk into it, is very serious business. If the contractors leave, they can't just turn it back on later. Those contractors are going to move to other projects and won't be available for work. Oh and there is the minor issue of not having been paid for 3 months worth of work.

Given that we are getting "no comment" from those who would know, and no denials there is not a problem, then this tells me, there are some bad bad problems.

BTW, according to the news, there are a average of 500 people working on that building each day.
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Old 09-02-2009, 07:46 AM
 
Location: Dublin, OH
2,365 posts, read 3,411,572 times
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Quote:
Originally Posted by lumbollo View Post
Trump has made some bad decisions in his time, i.e. Trump Airlines, but I think even he has better sense than this at this point. I might be wrong, but the basic problem The Vue has is availability of buyers. They have been at the 50% mark for a very long time which means they either are not selling this place now given the amount of time they have been taking contracts, or they can't keep the ones they have. This is a big big issue for a bank that has a construction loan on the place. I would be very surprised if they have been able to hold on to everyone who initially signed up.

We don't know the details because none are forthcoming, but stopping the tower at this point, with so much already sunk into it, is very serious business. If the contractors leave, they can't just turn it back on later. Those contractors are going to move to other projects and won't be available for work. Oh and there is the minor issue of not having been paid for 3 months worth of work.

Given that we are getting "no comment" from those who would know, and no denials there is not a problem, then this tells me, there are some bad bad problems.

BTW, according to the news, there are a average of 500 people working on that building each day.
Which could very well mean 500 more people filing for unemployment in this area...they won't find many people willing to fork over $500K for a 1200 sq ft 2 bedroom condo...they priced this place entirely too high for Charlotte...maybe it would have worked in NYC of Chicago, but not here...
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Old 09-02-2009, 08:05 AM
 
Location: NE Charlotte, NC (University City)
1,894 posts, read 5,725,143 times
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Not that I agree with the price, but the Park Condos have one of the best views of the city if you ask me. Since they're offset a few blocks from the center, you can actually see the whole skyline from any of the north-facing windows.

As far as equipment left on site at the Park Condos, there's not a thing left in that building. It's nothing but a skeleton. So any activity you see there is either safety inspections or people gearing up for new work. It is the opinion of many folks in the know that the building is dangerously close to needing to be demolished and started over due to weathering on unfinished core components.

Although, as I type this, I remembered that the thread was originally about The Vue...so I digress.
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Old 10-05-2009, 04:12 PM
 
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The news is reporting that someone has coughed some cash and construction is going to resume on this building. I'm am wondering if the taxpayer isn't going to be bilked for this somehow.
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Old 10-05-2009, 04:19 PM
 
Location: North Carolina
6,772 posts, read 11,865,604 times
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Quote:
Originally Posted by lumbollo View Post
Yes I have heard about the economy. It sucks. If you let the Charlotte Observer do your thinking for you, you stand to get burnt by it like the people who have paid into these buildings.
Didn't you use the Observer as your reference in your OP? Irony.
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Old 10-05-2009, 04:32 PM
 
4,010 posts, read 8,923,688 times
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Quote:
Originally Posted by sophialee View Post
Didn't you use the Observer as your reference in your OP? Irony.
I did, but I also said "according to them". I recommend that you might want to go look up what this means before making some kind of declaration of victory this topic has been... well.... irrelevant. In terms of "thinking" this is what is really ironic.
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