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SKYE Condominiums and Hyatt Place Hotel

monsoon

By monsoon
in Charlotte

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dubone Megalopolis

dubone

Posted
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So what if this is just the upfit of the parking deck? We all know that he hasn't sold out, and that he will rely on more sales to actually get the tower portion under construction. However, the fact that financiers are have opened up at least that much cash is a major sign of confidence. If no one else buys a unit, it is entirely possible that construction work will stop and it will just remain a parking deck. I think that is unlikely, though. He doesn't have that many units left, and spending $7m or $30m (whatever it is) will be enough for people to be comfortable putting down a deposit.

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stateman99 Whistle-Stop

stateman99

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So what if this is just the upfit of the parking deck? We all know that he hasn't sold out, and that he will rely on more sales to actually get the tower portion under construction. However, the fact that financiers are have opened up at least that much cash is a major sign of confidence. If no one else buys a unit, it is entirely possible that construction work will stop and it will just remain a parking deck. I think that is unlikely, though. He doesn't have that many units left, and spending $7m or $30m (whatever it is) will be enough for people to be comfortable putting down a deposit.

I agree with that Dubone. I for one am confident that this project will go on. I think that $7m permit is just the bigging.

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CharlotteXgeneration Crossroads

CharlotteXgeneration

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So what if this is just the upfit of the parking deck? We all know that he hasn't sold out, and that he will rely on more sales to actually get the tower portion under construction. However, the fact that financiers are have opened up at least that much cash is a major sign of confidence. If no one else buys a unit, it is entirely possible that construction work will stop and it will just remain a parking deck. I think that is unlikely, though. He doesn't have that many units left, and spending $7m or $30m (whatever it is) will be enough for people to be comfortable putting down a deposit.

What people should be asking also is if he has gotten a loan. Just because he has permits for 7mm to build does not mean he has been granted the funds to do so. From my understanding the work that has been started is from his own money. Also, how many people want out of the project and when will law suits begin?

It would be a beautiful building but why would any sane individual believe that after 18 months he can build a building in less than 18 more months when he is just now attempting to give the appearance of building? It took them this long to place a sign up stating that building has started. It was previously stated that Pete Verna is holding people to their contracts, but most of the contracts are in default based on time limitations and the failure of The Park to secure a loan within a "timely manner" which means that the contracts would be considered void no matter what "appearance" The Park wants to put on of living up to the contract. They also miss the intent of building a Residential Tower and for the last 5 years it has not happened, and with this last go around people were to move in during December of 2005, it is now 2006.

If law suits are placed against the park I would think they would have problems securing the loans they will need as they would probably have to disclose such to lenders and will likely become public knowledge. What damage does this have on Helen Adams Realty who has the money in an Escrow Account? Also, where is the new sales push?

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MZT Burg

MZT

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Yeah, he really has his work cut out for him. 18 months ago was a different era in the market. He was competing with Gateway Village, Fifth and Poplar, etc.

Now a new buyer can *S-E-E* the cranes and activity at TradeMark, M Street, Court6, Avenue. Imagine yourself in the hypothetical new buyer's shoes. Doesn't reputation and demonstrated physical progress make an impression on you?

Heck, I bet it's making quite an impression on the existing contract holders, who just wanna move into something. They've been waiting. (Need a foot-tapping smiley here)

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atlrvr Metropolitan Area

atlrvr

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HERE is a slide show of The Park's progress. It's almost a little sad to see really, but Verna appears to be the Little Engine that Could. To his credit, there actually has been 5 square feet of actual construction work performed. -_-

** Warning, don't view the slide show unless you have high-speed internet **

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ezcheese Hamlet

ezcheese

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I think it is actually called "duct" tape because it is the ultra-sticky, silver tape originally designed for holding heating ducts together.

Of course, I think it would work to tape a few ducks together quite well also.

what's funny about duct tape is that it is NOT used to tape heating ducts together. that tape is silver, duct tape is gray and a very bad choice to use in that application.

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monsoon Gigalopolis

monsoon

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I think it is actually called "duct" tape because it is the ultra-sticky, silver tape originally designed for holding heating ducts together.

Of course, I think it would work to tape a few ducks together quite well also.

Duck tape would be against the building codes as you can't use flammable tape on heating systems in Mecklenburg county. It is often misspelled as Duct Tape. However as mentioned above the silver tape, which is hopefully aluminium and also to code, is a different kind of tape, known as Flue Tape.

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ElricSeven Hamlet

ElricSeven

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Ha, someone's got to cite some authority because I've always been told it was duct tape.

Everyone's right. Looks like "duct tape" is the current usage, although it (ironically) is not usable for ducts:

"Duct tape, originally known as duck tape, is a strong, fabric-based, multi-purpose adhesive tape, usually silver or black in color..."

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ElricSeven Hamlet

ElricSeven

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Well no, the silver tape that you mentioned above is Flue Tape. Big difference.

But Wikipedia says it started out by being called duck tape and is now called duct tape...? Let's see, the American Heritage College Dictionary, 4th edition, says "A waterproof, usu. silver adhesive cloth tape designed esp. for sealing ducts." There is no definition for "duck tape."

There's enough ambiguity in there, that I would think everyone's right. People will know that which you speak of regardless of which term is used.

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monsoon Gigalopolis

monsoon

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There is no ambiguity to it however I admit that relying on wikipedia for definitions does lead to that since it can be edited by anyone.

Duct tape or Duck tape is a plastic covered fabric tape. Its is not to be used in heating systems. Duck tape was used in the past to make repairs to heating ductwork, but that use has long since been banned in most localities. It is never used in new construction. It does come in various colors including silver, but that is not the tape that you saw being used in the new construction you were referring to above.

The silver tape you referred to in you post above is called Flue Tape. It is made of aluminium and has nothing to do with duct or duck tape. It (along with certain other types of fireproof tape) are the only approved tape for use on a heating systems in Mecklenburg and most other counties.

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Mobuchu Burg

Mobuchu

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Wow, so sad to go back through this thread from the begining and see how many times someone said it should be starting soon. On page 3 we were actually believing their website's construction timeframe... That didn't last long, but here we are again. Will it happen?

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dubone Megalopolis

dubone

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Thanks for reigning the thread back in :).

Personally, I'm beginning to think that this will actually go all the way. I think no one is going to spend millions of dollars just to upfit a parking deck.

Second Ward has become dramatically more significant to downtown in the years since The Park was first envisioned. Not only is this site just a block from the new arena, a block from an LRT station, but they are just a few blocks from a number of significant projects. Nascar Hall of Fame could potentially go a block away, Marshall Park is only a block away and it will be in the hands of private developers some time this year (no matter whether it is part of the baseball plan or not). And that is just to list the projects within a block or two radius.

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