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  #1961  
Old Posted Jun 18, 2008, 7:04 PM
dagobert dagobert is offline
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Quote:
Originally Posted by chas View Post
From what I am hearing (I'm a buyer), things may get underway again later in the summer and completion will be heading towards two years later than the original projected date of late this year/beginning of 2009.
2 years ??!!
Why such a long delay? Is it because the financing deal with the Chinese fell apart? Did the sales people contact you about this?

I wonder how the completion date delay will affect already sold condos- i.e. how many people will back out?
     
     
  #1962  
Old Posted Jun 18, 2008, 7:20 PM
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Quote:
Originally Posted by BVictor1 View Post
There's still work going on in the inards of the building wven though it hasn't gained height.

Does this count?
i don't think so. just because there are two guys installing some sprinkler pipe on one of the floors doesn't negate the fact that this project doesn't have financing and is for all practical purposes "on hold". i am willing to give them the benefit of the doubt and see if they can complete the financing deal with the chinese by the end of this month (the development team's own timetable), but if that doesn't happen, then i don't think anyone will be able to make a credible argument that this project isn't "on hold".
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  #1963  
Old Posted Jun 19, 2008, 2:58 AM
the urban politician the urban politician is offline
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Quote:
Originally Posted by dagobert View Post
2 years ??!!
Why such a long delay? Is it because the financing deal with the Chinese fell apart? Did the sales people contact you about this?

I wonder how the completion date delay will affect already sold condos- i.e. how many people will back out?
^ I don't know what the surprise is here. Even if the financing deal was solid and construction began again tommorrow, do you honestly think the project would be completed by early 2009? Two years actually isn't all that unreasonable
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  #1964  
Old Posted Jun 19, 2008, 4:02 AM
budman budman is offline
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Quote:
Originally Posted by chas View Post
From what I am hearing (I'm a buyer), things may get underway again later in the summer and completion will be heading towards two years later than the original projected date of late this year/beginning of 2009.
Chas, I left you a private message (you have to sign in to see it).
     
     
  #1965  
Old Posted Jun 19, 2008, 9:11 AM
Mehow Mehow is offline
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Quote:
Originally Posted by cbotnyse View Post
thanks for the info and welcome to the forum. So we are looking at a 2011 completion date?
The turn over date for this project has always been early 2010.
     
     
  #1966  
Old Posted Jun 19, 2008, 11:37 AM
jrickw jrickw is offline
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According to the press release, the expectation was that the loan would close in June. No specific date was given. It's still June. Does anybody have credible and specific information that the financing is actually in trouble / that the loan is not going to close as expected / or that any delays in the closing (if in fact there are delays) are the result of some "problem" as opposed to simple logistics or the due diligence process taking longer than expected?

I see no reason for concern unless there are new facts that actually suggest there should be a reason for concern.
     
     
  #1967  
Old Posted Jun 19, 2008, 11:59 AM
cbotnyse cbotnyse is offline
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Quote:
Originally Posted by chas View Post
From what I am hearing (I'm a buyer), things may get underway again later in the summer and completion will be heading towards two years later than the original projected date of late this year/beginning of 2009.
Quote:
Originally Posted by Mehow View Post
The turn over date for this project has always been early 2010.
so you're saying he is wrong and it won't be 2 years late?
     
     
  #1968  
Old Posted Jun 19, 2008, 1:38 PM
chi-arch chi-arch is offline
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^^If you read his post again, he said it is two years later than the earlier completion date scenario of 2009. It should be complete two years from start up and if start-up is this August, then you can approximate delivery of units in Fall of 2010. As far as being late, this project is way more than "just two years late"......

My deposit has been in place for 4 years already.
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  #1969  
Old Posted Jun 19, 2008, 3:06 PM
Mojava Mojava is offline
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The latest and most recent schedule I have seen on this project is the crane being removed early 2010 and all interior finishes being complete Q4 of 2010. So depending on how long the stoppage is this can drag on into early 2011.
     
     
  #1970  
Old Posted Jun 19, 2008, 8:38 PM
chas chas is offline
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Quote:
Originally Posted by chi-arch View Post
^^If you read his post again, he said it is two years later than the earlier completion date scenario of 2009. It should be complete two years from start up and if start-up is this August, then you can approximate delivery of units in Fall of 2010. As far as being late, this project is way more than "just two years late"......

My deposit has been in place for 4 years already.
I am an early depositer, too, but I was told when I put down the money that end of 2008 early 2009 was the projected completion date so if they manage to complete by the end of 2010 that would be 2 years late.
     
     
  #1971  
Old Posted Jun 19, 2008, 8:48 PM
chi-arch chi-arch is offline
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We should be in our units today under the original schedule. My "out" clause was for July 2008 when the original delivery was to be first Q of '08. Now it's late 2010 or early 2011, so 2-1/2 to 3 years late.
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  #1972  
Old Posted Jun 19, 2008, 10:22 PM
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^ well, given the first-rate floorplans, excellent view corridors, great central location and sundry but critical details such as ceiling height & floor-to-ceiling glass, I'd say that you guys all made a good choice in putting deposits down, even with the delays...though I'd be chomping at the bit/foaming at the mouth with anticipation LOL.

It does puzzle/sadden me that what is arguably the finest & most carefully-thought-out large residential tower of the boom should be the one suffering the delays

(Edit: 600 N Fairbanks jumps to mind as another strong contender for best large residential tower of the boom...)
     
     
  #1973  
Old Posted Jun 20, 2008, 1:59 AM
chas chas is offline
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Quote:
Originally Posted by wrabbit View Post
^ well, given the first-rate floorplans, excellent view corridors, great central location and sundry but critical details such as ceiling height & floor-to-ceiling glass, I'd say that you guys all made a good choice in putting deposits down, even with the delays...though I'd be chomping at the bit/foaming at the mouth with anticipation LOL.

It does puzzle/sadden me that what is arguably the finest & most carefully-thought-out large residential tower of the boom should be the one suffering the delays

(Edit: 600 N Fairbanks jumps to mind as another strong contender for best large residential tower of the boom...)
Yeah, I'm happy to have gotten in on the ground floor so to speak since I do think this is going to be a superior building--but I am chomping at the bit to see the thing topped out at least.
     
     
  #1974  
Old Posted Jun 20, 2008, 1:52 PM
chi-arch chi-arch is offline
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Quote:
Originally Posted by wrabbit View Post
^ well, given the first-rate floorplans, excellent view corridors, great central location and sundry but critical details such as ceiling height & floor-to-ceiling glass, I'd say that you guys all made a good choice in putting deposits down, even with the delays...though I'd be chomping at the bit/foaming at the mouth with anticipation LOL.

It does puzzle/sadden me that what is arguably the finest & most carefully-thought-out large residential tower of the boom should be the one suffering the delays

(Edit: 600 N Fairbanks jumps to mind as another strong contender for best large residential tower of the boom...)
I have always thought the same and appreciate your comments. Beyond those astute observations, I need a door to the great outdoors and this project offered a balcony where others I looked at did not. When I put my deposit down it was still office on the lower floors and I was all good with that!
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  #1975  
Old Posted Jun 20, 2008, 2:04 PM
Himechme Himechme is offline
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Hello again all:

I finally remembered my password

Status Update:

Here is what I have been told:

The board of XM Bank in Bejing is meeting on June 30 to make the final decision weather or not to give Teng the Loan. It is expected to be approved as long as all of the contractors sign some document agreeing to some quite unfavorable terms to them. To date none of the contractors have signed this and they have had the documents for four weeks.

I guess that they will sign the document at the last minute because if the Bejing deal falls through it does not appear that there is anyone else in line to loan the money. That would leave the contractors in quite a pickle as most likely they would have to file leins and that would about kill the possibility of any other lender getting involved.

That is it for now. As I know more I will post!!
     
     
  #1976  
Old Posted Jun 20, 2008, 2:09 PM
Himechme Himechme is offline
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One more thing. Just a couple of facts!

The schedule has always been early 2010. The new schedule is early 2011.
     
     
  #1977  
Old Posted Jun 20, 2008, 2:22 PM
cbotnyse cbotnyse is offline
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thanks for the info Himechme

     
     
  #1978  
Old Posted Jun 20, 2008, 2:29 PM
chas chas is offline
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Unhappy oops!

Quote:
Originally Posted by Himechme View Post
One more thing. Just a couple of facts!

The schedule has always been early 2010. The new schedule is early 2011.
You are right, of course--the original completion was supposed to be end 2009 beginning 2010. I was mistaken in my earlier note--sorry!
     
     
  #1979  
Old Posted Jun 20, 2008, 6:27 PM
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Quote:
Originally Posted by Himechme View Post
... is expected to be approved as long as all of the contractors sign some document agreeing to some quite unfavorable terms to them...
Any insight as to what the terms are? This is pretty troubling to me as it seems they have already had problems getting paid as it is, then to compound the problem with this. And by your post, you say that the loan wont go through unless the contractors agree to the terms, yikes.
     
     
  #1980  
Old Posted Jun 20, 2008, 10:04 PM
Eventually...Chicago Eventually...Chicago is offline
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perhaps they're asking for waivers of lien upfront so no contractor can hold the project hostage.

I don't know what else a client has to hold over a contractor during negotiations other than price and lien rights.
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