PROPOSED: Hotel Sierra (aka Sierra Suites)

[mental757]

word is that groundbreaking for this project will be in February.

[The J District in Prov]

The Sierra Suites are now known as The Hotel Sierra.

The Hotel Sierra

Prov isn't even on the "Coming Soon" list that they have..

[Cotuit]

There's a site fence up now, I assume demo will start soon.

[bod]

E-mail from development at LodgeWorks:

In a message dated 2/14/2008 11:42:02 A.M. Eastern Standard Time, [email protected] writes:

We are in the approval process. We hope

to be approved and under construction by late summer.

[Cotuit]

Demo is in progress.

[Cotuit]

[Liamlunchtray]

Man, this is going to make a SWEET surface lot.

[foxpointer]

Man, this is going to make a SWEET surface lot.

[mental757]

PROJO: "Making way for another downtown hotel"

http://www.projo.com/news/content/MC_SIERR...13.3722f35.html

[basachs]

So this is all nice and prepped now for some nice quality asphalt....

[Liamlunchtray]

UNPOSSIBLE!

[jencoleslaw]

so, there's no digging of a foundation?

[basachs]

so, there's no digging of a foundation?

[jencoleslaw]

Nope...they filled in the existing foundations, and it all nice and smooth. All equipment is off the site..

It could be a little brief period of relaxation of course...

[CtownMikey]

E-mail from development at LodgeWorks:

In a message dated 2/14/2008 11:42:02 A.M. Eastern Standard Time, [email protected] writes:

We are in the approval process. We hope

to be approved and under construction by late summer.

[quente]

so, there's no digging of a foundation?

[Cotuit]

So this is all nice and prepped now for some nice quality asphalt....

[jencoleslaw]

I was noticing the same thing.

I just emailed Planning to see what the current construction schedule is for this project and to see if they have final approvals from the city.

[Cotuit]

From Planning:

Plans have been filed with building for the permit. Review should be completed within the month and a building permit issued in June.

[Pseudo_Work]

From Planning:

Plans have been filed with building for the permit. Review should be completed within the month and a building permit issued in June.

[jencoleslaw]

I still don't quite understand how you can buy a property and presumably get financing for it, without having a permit and a review already done.

[AriPVD]

Happens 99% of the time. Given the amount of time it takes to permit a project, you would never be able to close on your building/site without getting financing before permitting. It is illogical to think that you would spend all that money on your soft costs to get your permit without actually owning the site. Obviously you need a good business plan in place and you need your equity/debt partners to vet your schematics, but they won't get 100% certainty that you can permit as your schematics propose. This is further complicated in places like Providence, where the permitting process is far from predictable.

[jencoleslaw]

Happens 99% of the time. Given the amount of time it takes to permit a project, you would never be able to close on your building/site without getting financing before permitting. It is illogical to think that you would spend all that money on your soft costs to get your permit without actually owning the site. Obviously you need a good business plan in place and you need your equity/debt partners to vet your schematics, but they won't get 100% certainty that you can permit as your schematics propose. This is further complicated in places like Providence, where the permitting process is far from predictable.

[AriPVD]

Well you can't get a permit without spending $ on soft costs. They are spent, sometimes out of the owners/developers pocket/equity requirement. After you close your financing the lender will often reimburse from the loan proceeds, depending on the specific arrangement. It depends what kind of LTV/equity requirement is required by the lender--definitely more today than one year ago.

[09/21/38]

It seems strange that you would knock down all of those buildings and then delay the start of construction. Unless you had no intention of building and just wanted to clear the space for parking. If the asphalt people show up I will be very suspicious.