Granby Tower

[wrldcoupe4]

When they say sold, do they mean sold or reserved or reserved with a deposit or what?

[erdogs]

Dagomit, just when I was starting to have faith in this project. I just want someone to put an end to this torture one way or the other! I have never witnessed any construction project go for this long, still have financing problems, then continues promises of being built. You either have financial backing or you don't, which is it? You don't go through the whole process, and then try to get financing, that is one of the first things you do before announcing your plans to the public. This guy was way over his head from the very beginning and now it is biting him in the butt. I can see his business going under after this is all over, whether Granby is built or not.

[vdogg]

Grrr....I even woke up in a bad mood. The more this project flops around the more I kiss the ground that Wachovia walks on. That may be the only real, tangible, development that we have to look forward to.

[urbanfan]

Anyone here familiar with the financing process for a large project like this? Why would it take over a month and a half to finalize (sp?) a loan?

[skylinefan]

This is indeed bad news for Granby Tower. What gives with all the delays with financing this project. I have to agree that I have never heard of a project this far along that has not finalized financing and begun construction. Vdogg is right Mr. Gaddams had better not come back to the city for more money, and the city had better not provide anymore subsidization for this project. Lets hope that Mr. Gadams is right and he is indeed on the 5 yard line and close to a touchdown when it comes to this loan.

[New England Transplant]

seems to me that one explanation might be that they did have things lined up with a lender and maybe that lender decided against the project. it doesn't make any real sense that he would just start the loan process now. it seems likely that he had it firmed up, it fell through, and now he is looking for another backer. seems this stonington, llc might come through; but then again, who knows...

this whole project has been a real PR nightmare. makes me really value what other companies have done around here.

[vdogg]

Well there is one small glimmer of hope.

The loan is being arranged by Stonington Capital LLC of Greenwich, Conn. Paul M. Foley, a Stonington managing partner, said Thursday that "things are moving along nicely."

[Telmnstr]

Really? It's my favorite downtown building too!

[Telmnstr]

I expect alot of pics from you Tel during construction 'cause you have a view that I wish I have.

[rusthebuss]

Awesome. A friend and myself worked hard to score a tour of it, but so far no such luck. I've heard it's mostly empty. I know they want around $5000/mo for a single rack, which is very very high in the data colocation business (that is without bandwidth).

There is the AT&T building, then Verizon is behind it, and of course I imagine the CLECs sit behind them with their own entrance.

[urbanvb]

A high res time lapse video would rock, Tel.

[vdogg]

Nothing big, but they've added pictures and video of the ground breaking ceremony to the website.

[brikkman]

I seen a bulldoser and flat bed truck was moving around on the site today.

This was about 8:15 this morning.

Not sure what they were doing, i was just passing by and notice them moving around on the lot.

Wasn't expecting to see anything.

[vdogg]

I seen a bulldoser and flat bed truck was moving around on the site today.

This was about 8:15 this morning.

Not sure what they were doing, i was just passing by and notice them moving around on the lot.

Wasn't expecting to see anything.

[Sky06]

Nothing big, but they've added pictures and video of the ground breaking ceremony to the website.

[Telmnstr]

A high res time lapse video would rock, Tel.

[Telmnstr]

You might have to explain to alot of the people on here what a CLEC is. I know because I work for Verizon.

[Padman]

Do telecom types even need that building anymore? Is it really a big marble gravestone to old technology or is it still useful?

[okinawatyphoon]

Granby Tower email from Today:

Dear Future Residents and Friends:

This is a short note to share a collection of photos taken at our ceremonial groundbreaking event last month. It was a marvelous day, filled with fellowship, camaraderie and excitement from the over 200 in attendance.

You may have heard that we're still days away from the formal start of major construction, but we're happy to say that we are getting closer to that goal every day. The project's construction lender is reviewing final loan documents and we look forward to seeing the heavy construction machinery in action within the next few weeks.

[vdogg]

Granby Tower email:

[okinawatyphoon]

I haven't checked my email yet but i'm assuming this came today? "Within the next few weeks" does not give me the warm fuzzies and just sounds like more of the same unfortunately.

[Padman]

I believe that the project is really gasping for air, but there are several actions that might have helped to pull it off, and still could. I'm convinced that rigid thinking is too often the main culprit in killing major projects, and that some flexibility can save the day. Shifting to a mix of luxury apartments and condos would be one measure. Another would place some common facilities on an uppermost floor. That would create significant incentives to buyers and renters of the lower units. After all, why live in a tower if you can't enjoy it? Another idea relates to the location. The City needs to make a firm, public comiitment to development of the properties across Brambleton, especially the bus station, which simply has to be replaced. Creating a defined placeholder for either a new central library or a Barnes and Noble type of bookstore would earn buyer trust, and might even do more to help this property than the $20 mil. tax deferral. But the City has only made some generic statements. It has even shifted it's focus somewhat to the former Downtown Plaza site. More is needed than the general statements in the Comprehensive Plan. It's time for a local specific action plan.

[rusthebuss]

Back in the day when there was a Bell Atlantic or a C&P .... you had the phone company. But then it go deregulated, and gave birf to Cavtels and Weltell and Picus and who knows who else. The deregulation required access for these competitive companies, so the phone company modified many of their buildings to add second entrances. One entrance/side is for the real people - the Verizon people, the other side is for authroized employees of the competitive companies (the CavHells and the Picuses). CLEC is Competitive Local Exchange Carrier. ILEC si Incumbant local exchange carrier. RBOC is Regional Bell Operating Company.

So Russ.. .what does it take to get a tour of the AT&T building?!?!?!?!?!?!?!?!?!!?!?!?!?!?!?!

[Sky06]

They are not going to change this project at this hour, especially when the lender is in the process of reviewing the loan. Come on, stay focused, guys. This project is not going to start until the loan is finalized. Personally, I think it sounds closer than ever.

[rusthebuss]

They are not going to change this project at this hour, especially when the lender is in the process of reviewing the loan. Come on, stay focused, guys. This project is not going to start until the loan is finalized. Personally, I think it sounds closer than ever.