View Full Version : Dead projects or are they just sleeping?
logybogy November 26th, 2005, 12:29 AM List projects in this thread that have been approved and then..........nothing. There are a bunch I know.
So what's the hold up? Either sales aren't good, they can't get financing to start construction, they can't find contractors to do construction, or the project was never that serious to begin with. The intent might have been to flip the project to another developer with plans ready at a guaranteed profit after all the permits are complete.
Meepy November 26th, 2005, 12:32 AM Met3: Approved, Ready, Started.
Met3 Holdup: Foundation, there doing it very slowly....
nimbyhater November 26th, 2005, 01:28 AM lynx
The Mad Hatter!! November 26th, 2005, 01:40 AM lynx is dead and was never a serious project,when they valued the project at 300million i knew it was a joke,that project should cost somewhere between 2 and 3 billion
dave8721 November 26th, 2005, 02:45 AM Some others:
Beacon: On hold while they add properties and size to project.
Platinum on the Bay: ?, Maybe they want to work on one project at a time and will wait until Platinum 1 is complete??
Paramount Park: ?, Maybe they are waiting until Paramount Bay and Paramount Beach get a little farther along??
Skyline at MBV: ?, Maybe waiting until retail portion is complete??
ChuckScraperMiami#1 November 26th, 2005, 06:56 AM NIMBY :wave: and Mad Uptown Hatter :bowtie: , did'nt I say :speech: way back that there was something about this " Lynx " project :old: :ancient: that would be at least three years before they ever got anything started there, and now with Interest Rates rising at www.interest.com at NOW over 6 % and rising, I doubt now even after 3 years , this Lynx site will still be empty. :cheers:
p.s. :) and that Beacon Tower is a Joke , too, the sales people :baaa: there are form a different world, I believe their Marsians !!! :tyty:
The Mad Hatter!! November 26th, 2005, 07:04 PM Some others:
Beacon: On hold while they add properties and size to project.
Platinum on the Bay: ?, Maybe they want to work on one project at a time and will wait until Platinum 1 is complete??
Paramount Park: ?, Maybe they are waiting until Paramount Bay and Paramount Beach get a little farther along??
Skyline at MBV: ?, Maybe waiting until retail portion is complete??
well as you said beacon was redesigning there project so it makes sense,
platinum on the bay,seems to just to be waiting for platinum one to be done,which by the way is already topped out and is looking better than expected.paramount park i believe is waiting for paramount bay to start constuction,i believe they just got there construction permit approved this week. and skyline mbv wasn't suppose to be completed till 2007,which is why i believe it should be starting in the next few months.
another one which i was just reminded of was 1650biscayne or cardinal symphony, and also park lane but that project was being redesigned.
dave8721 December 8th, 2005, 11:48 PM Whatever happened to Portico?
The Mad Hatter!! December 9th, 2005, 12:02 AM its a rental,rentals are usually quite quiet projects,i dont expect to hear to much from them until rgiht before they begin construction.
dave8721 December 22nd, 2005, 06:11 PM I had wondered what had happened to this project:
http://www.miami.com/mld/miamiherald/business/13460771.htm
REAL ESTATEWestside Lofts condo files for bankruptcyProposed South Beach condominium Westside Lofts filed for bankruptcy in a bid to reorganize the troubled development.
BY MATTHEW HAGGMANmhaggman@MiamiHerald.com
A real estate development company whose investors include Major League Baseball players Edgar Renteria and Luis Castillo with plans to build a trendy five-story South Beach condominium has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Miami.
The move comes amid legal battles in Miami-Dade Circuit Court between the development company and its lender and general contractor. Eastern National Bank is seeking more than $2 million for an overdue construction loan and Diez Construction $200,506 for unpaid bills, according to court filings.
Developer Robert Thorne of Royal Bay Group headed up the development company called Westside Lofts LLC. Its investors include Minnesota Twins second baseman Castillo and Atlanta Braves shortstop Renteria. Both players are former Marlins.
Westside Lofts isn't the first of Thorne's projects to run into trouble. He is managing partner of the Chelsea, a proposed 30-unit condo in Miami Beach that is delayed, and the entire project is for sale.
Attorney John Kozyak filed papers late Tuesday on behalf of Westside Lofts LLC, seeking bankruptcy protection from creditors in a bid to reorganize the company. U.S. Bankruptcy Judge A. Jay Cristol is presiding over the case.
''Edgar Renteria invested $600,000 in one of the hottest real estate markets and persuaded his friend and former teammate to put up $430,000,'' said Kozyak. ``Construction was delayed, the construction loan matured, contractors and suppliers were owed money, yet only the second slab was poured for a five-story project. We need to find out what happened and turn this situation around.''
The troubled 15-unit condo at the corner of West Avenue and 14th Terrace has been stalled for many months, not only prompting legal action from its lender and builder but exasperating buyers who made deposits on units there.
''People were getting very upset,'' said Cara Mantovani, owner of Mantovani Real Estate in Key Biscayne, which previously sold Westside Lofts units but is no longer associated with the project.
``There is only so long you can tell people there is a project coming when the weeds are growing faster than the rebar is coming in.''
Thorne has now been replaced as the project's managing partner by Jeffrey Lane, who is also Renteria's baseball agent.
Lane couldn't be reached for comment.
Thorne -- who this year sold an interest in the Coconut Grove project, Lofts at Mayfair -- attributed Westside Loft's troubles to rising construction costs and the fact Eastern National insisted the project go forward even though construction costs hadn't been nailed down.
''When we got to the point the construction numbers were higher, we went back to the bank,'' Thorne said. ``We agreed to put up some more equity, but at the eleventh hour they backed out and doubled the amount of equity we had to put in. If not for that, the building would be up and done.''
Eastern National's attorney Geoffrey Travis, a partner with Shutts & Bowen, didn't return calls for comment.
In a twist, Thorne also insisted that he transferred his entire interest in Westside LLC to Renteria and Castillo earlier this year. His claim runs counter to Tuesday's bankruptcy filing, which lists Thorne with Castillo and Renteria as investors with more than a 5 percent stake in the company.
Asked Wednesday if he has a stake in Westside Lofts LLC, Thorne responded: ``I can't answer that question. It's a legal question.''
Neither baseball player could be reached for comment.
But bankruptcy attorney Kozyak said he was surprised that Thorne claims no ownership interest.
DShoost88 December 23rd, 2005, 11:28 PM Anyone know what the story is with Empire World Tower(s)? Approved? Planned? Proposed? What did the FAA say?
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