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Granby Tower

brikkman

By brikkman
in Norfolk

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gosscj Whistle-Stop

gosscj

Posted
Posted

Ok...so I've kept quite about this for too long but have shared this knowledge with some of the people folks on this board. I want this project built more than anyone but this is a prime example of "something coming back to bite you in the butt." Let me explain...Buddy Gadams never had any intention of completing this project when he first proposed the deal. This was all a plot to get the federal government to pay more money for the land. He announced the project, performed marketing, solicited sales. All of this in an effort to boost the value of his property to the federal government. He wanted the government to buy the land from him. Buddy has never had any experience developing a project of this size and once the government backed out and said we don't want it...there was no turning back. He had already gotten support from the city, gotten sales contracts, etc. I could go on and on about why the city had to grant the subsidy in order for Buddy to get financing. Bottom line, there is a lot more behind the scenes that people don't know but everyone is smart enough to know something isn't right. Buddy is having his reputation tarnished and the city is having their image damaged over this project that has become the nightmare step child that has simply grown out of control.

Can you back this claim up? I don't mean to sound harshly skeptical, but why in the world would he let it get this far? It's been apparent for quite some time now that the federal government is not going to buy his land - shouldn't he have just folded up his tent then?

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vdogg Megalopolis

vdogg

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I was driving by the site today on my way home from circuit court to report for jury selection and I can confirm that work is NOT completely halted. Pile-driving is obviously on hold but just like the updated pilot article mentions, work has been "lighten" to save Gadams on costs while he gets his issues straight. Several workers were on site doing surveying work and a back hoe doing some digging work along the Granby St. side of the site this morning.

Whether we like or not, this building is getting built. Hate me or call me over optimistic, etc... but Granby Tower will get built. The credit crunch is definitely making things difficult but our region is overall in much better shape than the rest of the nation. Most residential projects being canceled or delayed for several years across the nation can't even announce sales because they don't or hardly exist and for Granby, being just over half sold and not opening for another 2 years can be risk that a lender with the money to take a stab at it. However I'm am willing to say that Gadams does not have his house in order and as evidenced here and including my personal feeling, his falls have tarnished his reputation.

No no, you are not overly optimistic. I drove by the site this afternoon and was smiling from ear to ear. Not only is work continuing, but they were pouring concrete for the pile cap that the second tower crane will be placed on. This is important because it indicates to me that at least they believe their own hype. I think we may just make it through on this one, but I will be nervous about this project until the day they put the spire one. But let me say again to echo Ace's comment, work has NOT completely halted. I'm taking away the question mark until it does. :lol:

I'm interested to see what the people that bought condos at the Tower have to say about all the ups and downs.

Anyone know of someone that bought one? Anyone here own one?

Actually, we have someone on the forum who bought one. Any thoughts first2sign?

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vdogg Megalopolis

vdogg

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He was talking about his orginal plan and he was stuck with it once the feds backed off

Exactly. When Buddy started driving piles he had every intention of building it. Vtfan is saying that actually building the tower was not part of the original plan though, he just wanted to turn a quick buck.

Has the company responded to any of this media coverage?

Actually, the company sent out an email to all the purchases about this and the media caught wind of it, so yes they have communicated with the buyers. Btw, welcome to the forum.

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Telmnstr Burg

Telmnstr

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Someone I know knows someone who bought a unit in Granby Tower. As I understand it the purchase was made to flip the unit for more money, not live there, but now this has changed due to some sort of clause in the contract you sign when you buy. I don't know what it is, but in other markets you have to "live there" for a year or two before reselling it. This is why there are many dark condo towers in Vegas, in Miami, etc. They leave em empty for a year, then sell as "never lived in."

I see a listing for a rotunda unit for rent already on craigslist.

I wouldn't be surprised if the people that bought there are relieved if it doesn't go up.

There are many projects in this state. I was reading that in a previous downturn, it left skeletons of buildings all across the skyline. This was in Kuala-Lumpur or some other country.

Vegas has a bunch of cleared lots for condo towers, with zero activity.

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Telmnstr Burg

Telmnstr

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"Let me explain...Buddy Gadams never had any intention of completing this project when he first proposed the deal. This was all a plot to get the federal government to pay more money for the land. "

I don't understand why he would then bother to pay Turner Construction to drive piles for this thing. That would be a very strange way to conduct a scam. It's like a lie from a little boy taking on a life of its own. What a mess. As far as I'm concerned, this show's not quite over, but I'm not sure I want to watch the end any more.

If what the OP said was true, then the idea was to up the value of the land to sell it to the gov't. When the gov't decided not to buy it, then he would have to revert to construction, which they were not prepared for.

That seems a bit far fetched.

I had a coworker when I worked at a gov't place. Their home was in a neighborhood, on the edge near a main street. The main street was going to be widened in the future. They added on to the house, an indoor inground swimming pool. This was on the side nearest the main street. The idea was to get closer to the widening of the road in order to force the city to buy the house. When the city didn't originally offer what they wanted, they prepared to sue them under racial discrimination (they were a black family). The city finally agreed and the family moved up to a McMansion in Warrington Hall in Chesapeake or something. Seems like the same idea.

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Sky06 Burg

Sky06

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I am very upset about the current situation dealing with Granby Tower. I was at the site on Monday and it was busy with activity. One day later all activity has stopped because financing was not finalized. It is very hard not to give up on this project. With all of the negative things that have happened to this project I am leaning toward the possibility of Granby Tower not being built.

The funny thing about all this doom and gloom talk is that the workers were actually on site this morning working. Maybe they're not out there now, but they were this morning. You know, it wasn't that long ago that everyone feared that the hotel project on Granby was dead once RLJ backed out. What was it, 3 days and a new developer was announced? What this time, 5-10 days and a new financier will be announced? Boy, it doesn't take much around here for the end of the world to be coming.

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Sky06 Burg

Sky06

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They could have just been out there because they were showing up to work today. I'm sure financing issues with the developer are above their pay scale - not to say some of them weren't aware.

I seriously doubt this was news to anyone. The workers included Turner employees with white hats. Not exactly grunts. No offense.

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vdogg Megalopolis

vdogg

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They could have just been out there because they were showing up to work today. I'm sure financing issues with the developer are above their pay scale - not to say some of them weren't aware.

No, they wouldn't have been pouring concrete if they weren't working. I drove by around 3pm and they were there. They were definitely making progress, they just weren't driving piles. This lines up exactly with what Chris Jarling said about "slowing it down a bit". They haven't stopped.

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first2sign Unincorporated Area

first2sign

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I'm interested to see what sort of experience first2sign has had with his/her purchase. Has the company responded to any of this media coverage?

My wife and I signed with Granby Tower exactly two years ago today. It has been a long two years, full of ups and downs, but we have stuck with them. Yes, if everything would have gone as planned we'd be thinking of packing our stuff now, but what ever goes as planned? We did not plan on the Court fiasco, the downturn in the housing market, and all the other factors that affected the Granby project. Have we been disappointed about the delays? If I said NO, I would be lying, but it has not upset our lives.

Throughout this whole ordeal Garrison and Marathon have been quite up-front with us at all times. How do we feel about the future? We are firmly convinced Granby Tower will be built and we will be there when it is completed, bags packed and ready to move in. The real estate market, in our opinion got a good shot in the arm with the decrease in the interest rates the other day. This will not only help Granby sales, but also Marathon financing. I truly believe that by the time Granby Tower is finished, all the units will have been sold.

I must say we have enjoyed the comments concerning Granby Tower here on UP during the past two years. Of course, we are with the optimists and chuckle at the merchants of doom.

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Telmnstr Burg

Telmnstr

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Posted

The funny thing about all this doom and gloom talk is that the workers were actually on site this morning working. Maybe they're not out there now, but they were this morning. You know, it wasn't that long ago that everyone feared that the hotel project on Granby was dead once RLJ backed out. What was it, 3 days and a new developer was announced? What this time, 5-10 days and a new financier will be announced? Boy, it doesn't take much around here for the end of the world to be coming.

That wasn't workers, that is the repo man coming to take his pile drivers back

:rofl:

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NorfolkGal Unincorporated Area

NorfolkGal

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My wife and I signed with Granby Tower exactly two years ago today. It has been a long two years, full of ups and downs, but we have stuck with them. Yes, if everything would have gone as planned we'd be thinking of packing our stuff now, but what ever goes as planned? We did not plan on the Court fiasco, the downturn in the housing market, and all the other factors that affected the Granby project. Have we been disappointed about the delays? If I said NO, I would be lying, but it has not upset our lives.

Throughout this whole ordeal Garrison and Marathon have been quite up-front with us at all times. How do we feel about the future? We are firmly convinced Granby Tower will be built and we will be there when it is completed, bags packed and ready to move in. The real estate market, in our opinion got a good shot in the arm with the decrease in the interest rates the other day. This will not only help Granby sales, but also Marathon financing. I truly believe that by the time Granby Tower is finished, all the units will have been sold.

I must say we have enjoyed the comments concerning Granby Tower here on UP during the past two years. Of course, we are with the optimists and chuckle at the merchants of doom.

Well, I was going to PM first2sign about this, but realized there's no PMing on this board.

I have a friend - a journalist - looking to speak with anyone that has purchased a GT condo. The story, from what I know, would be about the lives of these people leading up to construction, how they're reacting to the news, etc.

So, first2sign, if you're feeling adventurous you can call this reporter friend of mine at 757-222-5351.

And I guess that goes for anyone else familiar with the project looking to talk - I'm sure not all of it would have to be on the record.

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Sky06 Burg

Sky06

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Well, I was going to PM first2sign about this, but realized there's no PMing on this board.

I have a friend - a journalist - looking to speak with anyone that has purchased a GT condo. The story, from what I know, would be about the lives of these people leading up to construction, how they're reacting to the news, etc.

So, first2sign, if you're feeling adventurous you can call this reporter friend of mine at 757-222-5351.

And I guess that goes for anyone else familiar with the project looking to talk - I'm sure not all of it would have to be on the record.

Typical news media handling of this situation. I can't wait until they ask, "Are you going to back out? Are you going to back out?" So predictable. And so not worth watching.

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NorfolkGal Unincorporated Area

NorfolkGal

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Typical news media handling of this situation. I can't wait until they ask, "Are you going to back out? Are you going to back out?" So predictable. And so not worth watching.

I think I'd be interested to hear the stories of a few people that purchased condos there - more because I'm nosy than anything else. I'm sure they will ask that question, of course, but the answers will be interesting. There's a lot of pessimism surrounding the project, it would be interesting to hear the buyers say "yes! we're still in!" If that is in fact what they say.

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NorfolkGal Unincorporated Area

NorfolkGal

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Sounds like your reporter friend is fishing for controversy. Yet another normally negative article about development in Norfolk? I'm with sky on this one. Best to wait 2 weeks and see how everything pans out.

I'm sure every reporter is looking for controversy, but it would only be a contentious article if the buyers have something controversial to say, right?

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