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Legacy Building in Fayetteville

Mith242

By Mith242
in Northwest Arkansas

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thewizard16 Hamlet

thewizard16

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http://www.nwaonline.net/articles/2008/02/...izlascosues.txt

Just over $473,000 to a drywall company. Where the hell did the money borrowed to build this place go? Obviously some money at some point went to pay on the loan, but it looks like barely any of the big subcontractors on the project have been paid for their work.

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mzweig Hamlet

mzweig

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http://www.nwaonline.net/articles/2008/02/...izlascosues.txt

Just over $473,000 to a drywall company. Where the hell did the money borrowed to build this place go? Obviously some money at some point went to pay on the loan, but it looks like barely any of the big subcontractors on the project have been paid for their work.

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andrewjensen Whistle-Stop

andrewjensen

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by my count, there's around $1.5M to $2M in liens against the Legacy. And Legacy National Bank has foreclosed on two loans with principal and interest due of $18.1M. The loans totalled $19.4M initially.

Precept, $509K

Lasco Drywall, $473K (they filed liens against the seven condo owners as well)

Johnson Mechanical, $260K

RGC Glass, $124K (first to file foreclosure proceeding against Legacy)

Harness Roofing, $121K (they have combined their claim with Johnson)

Loyola Custom Finishes, Metro Builders Suppy and another company that provided site cleanup services are all owed somewhere between $23K and $90K I believe.

Barber did get the World Granite lien of $392K tossed out because the contractor didn't follow the law for filing a lien (didn't provide 10-days notice, didn't install materials in the building). They have agreed to mediation on the $500K contract World Granite had with Barber.

Also, Barber recently paid off his $660K construction mortgage on his house from Chambers (I didn't see a Porche in his personal property records, they do have a Lexus Roadster though), and I noticed in the mortgage reports that Aaron Osborn got a $10M loan from Chambers in January. Osborn is Barber's new partner on Bellafont, which explains why we have seen some construction activity over there again lately.

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cocothief Hamlet

cocothief

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Also, Barber recently paid off his $660K construction mortgage on his house from Chambers (I didn't see a Porche in his personal property records, they do have a Lexus Roadster though), and I noticed in the mortgage reports that Aaron Osborn got a $10M loan from Chambers in January. Osborn is Barber's new partner on Bellafont, which explains why we have seen some construction activity over there again lately.
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strmchsr77 Burg

strmchsr77

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the main thing now is to get the three buildings that are up, finished out. The walls for the retail center are poured, they are just waiting to be erected. Barber has lost East Meets West as a tenant, so he'll have to find someone else to lease that 11,500-SF building. Mellow Mushroom is still a go from what I've heard.

but Precept owns the office tower/parking garage lot, and they are in a legal squabble now, so my best guess would be the small parts of the project get done and any further development of its lot would be up to Precept.

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Mith242 Gigalopolis

Mith242

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the main thing now is to get the three buildings that are up, finished out. The walls for the retail center are poured, they are just waiting to be erected. Barber has lost East Meets West as a tenant, so he'll have to find someone else to lease that 11,500-SF building. Mellow Mushroom is still a go from what I've heard.

but Precept owns the office tower/parking garage lot, and they are in a legal squabble now, so my best guess would be the small parts of the project get done and any further development of its lot would be up to Precept.

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mzweig Hamlet

mzweig

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there was actually only the one tower planned for the current development. the other three were planned for across Vantage.

Mellow Mushroom has a very unique feel. There is a three-month build out on the interior once the structure is complete, attempting to renovate an existing building would only add time and expense. The franchisor also really believes in the location, and I don't blame him. There are enough rooftops and office spaces over there to support it.

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  • 4 months later...
marmot Unincorporated Area

marmot

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Yeah I'm wondering what's going to happen with it. From what I've read it sounds like they only sold 7 condos. I was going to try to check the website to see just how many total condos there were but the site is gone. Or make that it's been replaced with another. The thing is I wonder if they'll be many interested in it. The current market isn't going to help matters. But even if someone does buy it, I don't know if anyone would make many changes to it. Although I guess someone might have to, to eventually get some of those other units sold.
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Mith242 Gigalopolis

Mith242

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IMO, it will require a drastic lowering or price for these units, which might mean the bank has to sell the building for much less than what they want. I still dont think there is a market demand for the amount high end condos that have been built in the last 4 years. The developers who have built them all (we all know who they are) have tried to create a market here, and I think they have gone too big too fast..... there are still many condos sitting empty. It will be interesting to see how the Underwood condos sell and at what price point. Either way, the Legacy condos arent going to move at what they were priced at originally.
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marmot Unincorporated Area

marmot

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I guess that's the problem. Is anyone interesting in purchasing the rest of the building knowing they might not be able to sell them at the current prices. You'd certainly have to think they'd have to realize that they will have to lower them just to compete with the Underwood Lofts down the street.
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zman9810 Burg

zman9810

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I think the Lofts at Underwood Plaza have more going for them than Legacy ever did. First, they have the Underwood name which carries a lot of weight in this area. The building itself is going to be much nicer, at least the exterior is more appealing. It is right on Dickson Street instead of behind store fronts and is the tallest building in that area so has the best views. It wouldn't surprise me to see it fill up before Legacy even if the price on Legacy's units is lowered.

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Mith242 Gigalopolis

Mith242

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I think the Lofts at Underwood Plaza have more going for them than Legacy ever did. First, they have the Underwood name which carries a lot of weight in this area. The building itself is going to be much nicer, at least the exterior is more appealing. It is right on Dickson Street instead of behind store fronts and is the tallest building in that area so has the best views. It wouldn't surprise me to see it fill up before Legacy even if the price on Legacy's units is lowered.
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  • 4 weeks later...
zman9810 Burg

zman9810

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I'm not a lawyer but reading that article it sounds like Barber has a good case. If the bank president instructed Flake and Kelley to raise prices on units that that had buyers interested and lower them on units that had no prospective buyers it sounds like a conspiracy to keep units from being sold. Flake and Kelley would seem more at fault than Legacy because they knew that they answered to the receiver and not the bank. I thought that was the whole point of there being a court appointed receiver- to keep the opposing sides from interferring until the foreclosure was settled. This could drag out for a long time.

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