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CONSTRUCTION THREAD: Pinnacle on Main

RestedTraveler

By RestedTraveler
in Greenville

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distortedlogic Town

distortedlogic

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Doesn't sound like this will start anytime soon then. If they have only sold one in 15 months, it suggests a serious problem with the philosophy of this building. I am surprised the one committment has not backed out or bought somewhere else by now. This one may fall into the abyss with others that have gotten away around here. :( You guys should read back through some of the old posts this thread, about how much excitement there was about this project this time last year, and how we thought it would start anyday during the fall. Based on this information, I don't think we should hold our breath on this one. Hopefully some of the other projects will pan out. <_<

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goodbye Metropolitan Area

goodbye

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Its just 2 commitments.Somebody take one for the team and buy them.RT any interest.

Okay, I'll drop $1.8 million on the big one tomorrow then. :lol:

I wonder if there will be plans for any new highrises with "affordable" residential units in the downtown area. This would not be a terrible waste of land, considering the apparent demand for high quality downtown living. Anything built in this category should not be too affordable though, since we don't want another Towers East or Scott Towers that close to the main attractions, if possible.

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GvilleSC Megalopolis

GvilleSC

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Okay, I'll drop $1.8 million on the big one tomorrow then. :lol:

I wonder if there will be plans for any new highrises with "affordable" residential units in the downtown area. This would not be a terrible waste of land, considering the apparent demand for high quality downtown living. Anything built in this category should not be too affordable though, since we don't want another Towers East or Scott Towers that close to the main attractions, if possible.

If it came down to it, I wouldn't mind seeing this project scrapped for now and any commitments and momentum be put behind the new state's tallest. Although, something does need to take the place of that parking lot where the Pinnacle shall sit. But, if they can BOTH happen at the same time and not affect the other, then go for it! :whistling:

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charlie swords Whistle-Stop

charlie swords

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maybe if they subdivided the units, making more units at a little bit of lower price people would be more motivated. I know the Riverhouse was quite pricey but still sold, same thing with the larger units in The Terrace. I think when you get over the million mark you scare off people-even though they will pay $800,000 instead.

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vicupstate Metropolitan Area

vicupstate

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The Park Place (across from Wachovia Place) project sold it's most expensive units (four of them, around 1.2 mm each) first. It would seem that the Pinnacle would have an advantage over those, since it has the great views and a penthouse fitness facility. Go figure.

I have to say, I don't think this one will make it out of the ground either. I thought someone said early on that the Pinnacle units were not sold 'finished', meaning that the buyers have to spend out of pocket for flooring, cabinets,etc. If true, that might have been the flaw. That works in some areas like Miami, but that doesn't sound like something Gville would buy into.

One a more positive note, The Bookends on McBee is down to three available units (per the website). Maybe the Peacock announcement will spur the remainder to sell, and they can move forwaard with the Washington Street side.

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distortedlogic Town

distortedlogic

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i'm having my doubt's about camperdown as well. sorry to be such as pessimist. i hope i am proven wrong. oops wrong thread. sorry.

That makes two of us. Unfortunately, neither of theses projects are marketed to the average person around here, which makes them much more difficult to sell. The Peacock announcement will also comptete with these two, as all of it's 12 condos will be around 1 million. So in this respect, the Peacock will hurt both the Pinnacle and the Camperdown. We have all talked about not understanding the thought process on these; too high of a price, not having an auction, etc. I would hate to lose these two projects, they would really help Gville, and give it major pushes in the direction of going to the next level. But every month that passes with no sales or groundbreakings, they come closer to never happening. Eventually, the "commitments" will buy elsewhere, and then that will be the end. I think someone said a few months ago the Camperdown had half it's units sold. If that was the case, they should have started construction then. They would undoubtedly have gotten a few more if a shovel had made an appearance. I am not sure what kind of advertisement these developers are using, but I never see anything about them. Not in the paper, not in the real estate guides, not on the radio, nothing. There used to be a commercial for the Camperdown, but I haven't heard it in months. I think these announcements may unfortunately go the way of the previous ones for the gateway site, or the way of TAFAB. I too do not want to sound too pessimistic, but I think realistically, there just aren't enough people around here willing and able to afford condos at these prices. Like others have said before, there is a demand, but the prices have to be right. By the current status of these projects, the prices seem to be way off. Still, I suppose there is some hope, Bob Ellis said the new possible tower would change the scope of Pinnacle a little, maybe he realized it wasn't going to happen without some tweaking. We will see what happens and what doesn't. But with Gville's track recoerd on getting certain DT projects (namely major office/residential towers) off of the drawing boards, it doesn't look promisinf for these parcells of land. Anyone else wonder about the Riverplace Phase 3 that got the go ahead last fall, or the hotel announcement by city hall that was supposed to be decided by the end of May? What about the new federal Courthouse with no start date in sight or mind? I gues I am just getting frustrated, but it is enough to drive a UPer nuts :wacko:

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vicupstate Metropolitan Area

vicupstate

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Distortedlogic's logic is pretty sound. But the Federal Courthouse is a different animal. It will happen, but it will take awhile. These Fed Courthouses take years, no matter where they are. A close friend of mine that works for an SC congressman had to deal with the one in Cola., and it was the bane of his existence for about a decade.

I also think that just in general, whenever you are marketing to the $1mm plus market, the buyers are just really demanding and picky and take their time. I think the "5-Star" status of the Peacock will likely attract the buyers that otherwise might go to these other projects.

It is a long and arduous process to get a large project like this start though, we may be letting our patience or lack thereof get ahead of us. That's the bad thing about urban projects. They have to pre-sell based off of renderings, while a massive surbanban neighborhood can just start a couple of houses on one cul-de-sac. They can start small, these type projects can't do that.

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goodbye Metropolitan Area

goodbye

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Thanks for the article, DT-Gville!

This is definitely a national phenomena. Miami and South Florida have been hit especially hard. They have an entire thread dedicated to the "Condo Graveyard" for dead or cancelled projects there now. :blink:

It is definitely proof that the economy can shift dramatically in a short time and what is hot today could easily become a sweet memory by tomorrow. :( Thanks for the link to the article, DT-Gville. :thumbsup:

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Dale City

Dale

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Thanks for the article, DT-Gville!

This is definitely a national phenomena. Miami and South Florida have been hit especially hard. They have an entire thread dedicated to the "Condo Graveyard" for dead or cancelled projects there now. :blink:

For perspective, there are over 400 highrises announced for Miami. So the real story is the comparative fews that have been cancelled to date.

But we all know bad news sells. ;)

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deltad22 Whistle-Stop

deltad22

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For perspective, there are over 400 highrises announced for Miami. So the real story is the comparative fews that have been cancelled to date.

But we all know bad news sells. ;)

I just checked the Pinnacle on Main website and it has been updated. Check it out, it says that construction will start third quarter 06-07. Can someone else please check this so I can confirm im not seeing things.

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GvilleSC Megalopolis

GvilleSC

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I just checked the Pinnacle on Main website and it has been updated. Check it out, it says that construction will start third quarter 06-07. Can someone else please check this so I can confirm im not seeing things.

You're not seeing things!!!! :thumbsup:

So, that means that this month or next we should see a crane!?

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