thatguy

He is not in compliance to the points the NPS set forth for the tax credit. He started building before the finalized the review and the final draft had a ton of changes. Changes he did not have in his build. So he had to spend more money to correct the compliance issue. Who is the idiot developer? It is soely his fault for any issues that have developed. Is this his first development, cause he sure acts like he does not know what he is doing and lost a ton of money in the process. Heck the John Marshall developer may have seemed like an idiot because the building sat empty for many years and had a few false starts, but he was smart enough to stop and restart when funding was sound...and the john marshall is his first. How can this guy, French, pass himself off as real when everything shows to the contrary. Seems his answer for every mistake he made is to ask for a foreclosure in his favor or to have a contract redone into his favor. the guy can not take fault for anything he signed.

If this is permitted to proceed, expect a strong effort of resistance from the people who currently fish there. This site should be protected as one of Richmond's historic fishing spots.

Funny you would post that right after I heard something to the contrary...lol Heard third party through one of the Goodstein people, that they would love to dump the land and would take any reasonable offer on the properties. Guess it will be a while. Why doesn't the style or Richbiz sense do a follow up and see what is going on. We know the RTD won't until someone else does.

Granted, if the market was any different and the same with the lending community, something would be built by somebody. However, given the current environment, that property will sit empty for a while. I'd be curious what the asking price for the property is? Are they asking too much since they have spent a "boat load" on it already?

Any truth to the rumor they are looking to sell the property and bail out on the development?

I just went by the project and noticed that the project's billboards have been altered. Looks like someone intentionally spry painted over certain words on all the info boards. I think it was the part describing how many sqf of office, condos etc. Can anyone remember what was painted over? Not a good sign regardless. Although at this point we all have written this one off....for now.

Agreed!

The market does not allow. Otherwise we would be talking how fast they are building Centennial, versus talking about when they are oing to build.

Interesting about the Hilton. I had heard they were leaving the condos as a cold dark shell and were not presellng any. Were they putting finishings in?

Hilton miller and Rhoads are not even building out the condo units due to the market. They have not even built their sales center and they have financing. Centennial has no financing, so how are they expected to hit presale numbers to satisfy the banks? Even the JM is going lease not buy to get their project to the market...we hope.

Here is a key difference..."The top six floors are residential condos that have already been pre-sold to the developer's families." They spent their own $ to make sure they would hit their presale numbers. Not many developers would do that. A promising outlook though, can't deny that....

my guess is ( from their website) and I know he is local..." Stephen J. Staats, the Managing Partner for the Goodstein Organization of Richmond, has more than 30 years in the Real Estate Development and Construction industries."

now it makes sense to me. I was having trouble following your post as to what was or should be going on. Thanks and I agree. They are floundering, but the project has meat.

Boy do you flip flop. You are saying in one post it will not happen. In another post you say it will. You always seem to be around their lawyers and then down play your entire post. What do you know and what are you just guessing on by picking random thoughts?

This post is your most intelligent post yet ( no offense intended, you have plenty of great post) I think you hit it right on the head...the RTD has not picked up on it...why?

I heard the same thing about "damage". I also found it interesting that it was to the building that was the furthest away and the ones closer had NO damage. Not to mention that the demo done to separate the buildings was done by hand. Once they were separated, then the equipment was used. Then consider this was a guy who was very demanding about the project and was holding out for more money and he has the building furthest away. If the others do not sell, Centennial was never going to buy his. I think it is sour grapes on his part and he is still looking for some "payday".

Washington Nationals. great article about their new stadium, $611 million! It has everything, but "There is one drawback. Parking around the stadium is almost non-existent". How can they make that work, yet every option for a new Stadium here has been shot down do to the same reason? Many cities have downtown stadiums that are successful without parking, yet we doom it to failure do to no parking. Are we smarter or just dumb3r?

Word on the street is that they plan to start work on the sales center in about 1 month.

I agree.

Spot on, I agree.

My issue is not "can it be done", cause it can...but at what cost savings when compared to tearing it down and building new? There is not a lot of money in credits sitting in that building when looking at the $ of the entire project. They are not saving anything. The effort of "beefing" up the footings and structure is greater than starting new.

Are we to believe that those footings and steel structure were designed years ago to support a 30 story building? If we don't believe that, then "no", that building will not be incorporated into the new build. They were most likely told that to keep the rumors to a minimum. To follow their logic of that building staying then they are filling in the hole from the demo cause when they build they are not going to excavate to build up. The building will sit on top of the ground and will not have a basement or subfloors...

Could be used as parking for the sales office/model. Then dug up when they tear down the remaining building for construction....when they begin

What ever happen to this?

We said it here before that construction would not begin anytime soon. That was the whole reason they lefy the corner building on 6th...for the sales office. Why would they leave it if they were going to build...it is not staying. We also said they did not have a final lending package backed. No surprises here...everything is falling into place. The only exception was the deal between "lawyers" in a bar that sold the building to Jemal...what ever happen to that