SkyscraperPage Forum

SkyscraperPage Forum (https://skyscraperpage.com/forum/index.php)
-   City Compilations (https://skyscraperpage.com/forum/forumdisplay.php?f=87)
-   -   SAN DIEGO | Boom Rundown, Vol. 2 (https://skyscraperpage.com/forum/showthread.php?t=126473)

bmfarley Apr 12, 2008 8:36 PM

Quote:

Originally Posted by PeterSmith (Post 3480614)
It's funny how some cities' threads can make you want to pack your bags and move there immediately. This is one of those for me. I had no idea all this was going on in San Diego. Are there any future skyline renderings floating around?

Although, that Shapery Park Tower renderings is very...obvious...

Future skyline renderings? None that come quickly to my mind. Although, if you can imagine a marine with a flat-top haircut... you're halfway there. Because of proximity to Lindbergh Field, downtown has a 500-foot above mean sea level height limit.

PeterSmith Apr 13, 2008 2:03 PM

^^ That might be cool actually...like a tropical Vancouver...or at least a tropical Vancouver circa a year years ago. Still, not a bad place to be :)

IconRPCV Apr 13, 2008 6:08 PM

Quote:

Originally Posted by PeterSmith (Post 3481954)
^^ That might be cool actually...like a tropical Vancouver...or at least a tropical Vancouver circa a year years ago. Still, not a bad place to be :)


Exactly!!! So many of the locals on this forum are sooo negative, it's like they forget we live in a great place just because we have no supertalls, or no mega-hub airport. Give me SD with its one lane airport over Atlanta any day! SD is a unique and great place, one thing being its plateau skyline. If I remember correctly Philly used to have a height ordinance for along time. Now look at it! Its plateau effect makes its supertalls look even more outstanding. Give SD some time and until then appreciate all the great things we have.

SDCAL Apr 13, 2008 6:42 PM

Quote:

Originally Posted by IconRPCV (Post 3482285)
Exactly!!! So many of the locals on this forum are sooo negative, it's like they forget we live in a great place just because we have no supertalls, or no mega-hub airport. Give me SD with its one lane airport over Atlanta any day! SD is a unique and great place, one thing being its plateau skyline. If I remember correctly Philly used to have a height ordinance for along time. Now look at it! Its plateau effect makes its supertalls look even more outstanding. Give SD some time and until then appreciate all the great things we have.

People aren't critical because we hate SD, we are critical because we want it to be a better city

Do you fly internationally each month?

I do, and having to go through customs at another port of entry each time and then re-check luggage for a domestic flight back home is a pain in the ass

It might be fine for those who take an occasional trip abroad, but for business travelers who make up the bulk of revune for an airport, it really gets inconvinient

I don't want SD to have a "shiny new mega-port" for bragging rights, I want one because we need one!!!!

SDCAL Apr 13, 2008 6:45 PM

Quote:

Originally Posted by sandiegodweller (Post 3480232)
Apparently the hipsters aren't as prevalent as everyone thought.

http://www.signonsandiego.com/news/b...-1b12club.html

“Opening a Stingaree these days would scare the (heck) out of me,” Brennan said with a wry smile. “If you don't have 800 people in there, it looks empty. Any of those gigantic places really have to fight to make sure they get market share, and these days there is not enough to go around for four or five megaclubs.”

“There are still a lot of people out there with money,” he said. “But everyone is fighting for a select few, because it's few and far between who can go out and spend $1,800 on a liquor tab for the night."

I read the article - I think the point of it is that with the economy as it is throughout the COUNTRY, the number of people dropping a grand or more on an alcohol tab a night would be lessening, even though the developer is talking about clubs in SD, nothing singled out SD as having more or less of a market than anywhere else

By the way, who says a "hipster" has to be rich?

It's not about how many ultra-expensive places you have, it's about how creative all venues are

mello Apr 15, 2008 7:41 AM

I think you are missing an important point.
 
Quote:

Originally Posted by IconRPCV (Post 3482285)
Exactly!!! So many of the locals on this forum are sooo negative, it's like they forget we live in a great place just because we have no supertalls, or no mega-hub airport. Give me SD with its one lane airport over Atlanta any day! SD is a unique and great place, one thing being its plateau skyline. If I remember correctly Philly used to have a height ordinance for along time. Now look at it! Its plateau effect makes its supertalls look even more outstanding. Give SD some time and until then appreciate all the great things we have.

I think the problem many locals have is this: What is San Diego doing as a metro area to improve and charge ahead in to the future? Yes San Diego is a nice place to live if you have the money and time to enjoy the things that it has to offer. But what about all of the people struggling to make ends meet here who work 6 days a week? Do they really get to enjoy this great city?? No they don't.

I would love to look at the percentage of people who live in funky housing in San Diego versus Houston, Atlanta, or Charlotte, per capita. You see those metros (and others) are set up to do well in the coming decades. They are constantly working to make their Metro areas attractive to companies and to keep the companies they already have. Let me ask you, how is San Diego going to bring in companies that pay 60, 70, 80, 90,000$ a year jobs???

Where are these jobs going to come from? People in this metro don't have any expendable income to enjoy life. What about all the people living in shitty old tract homes or apartments in Lemon Grove, Spring Valley, Vista, San Marcos, Clairmont etc. etc. How are their children going to be able to grow up in this metro and make 70,000$ a year?

Are you starting to get my point? I could go on and on. But I bet if you compared San Diego with Nashville, Charlotte, Atlanta, Raliegh, Houston, and Minneapolis that people there on average live in better housing, have more expendable income and there are less people working 6 days a week. Life in San Diego County is a struggle for a LARGE percentage of its citizens, many people do not realize this.

IconRPCV Apr 15, 2008 3:24 PM

Nowhere did I state anything concerning incomes or the economy at all. I agree that SD is severly lacking in many areas. I just was commenting on all the talk on here about how not having supertall skyscrapers makes our skyline lame.

teiwaz Apr 16, 2008 1:50 AM

...well the court hears this case tomorrow and there are 3 different appraisals now all between 60 mil and the newest one coming in at 85 mil! Hopefully the courts will allow Simplon to finalize their new investors deals and pay out Black and keep moving forward. It will be quite a shock if the judge decides the property is only worth the 26 mil which is what Black is trying to present and ignore 3 certified appraisals all done within the month or so. I agree Simplon should not have borrowed that much cash but with the timing of this credit crunch, it has put them behind the 8 ball. Lets all cross our fingers for the little guys involved in this one and lets see a positive out come tomorrow or in the next few days!

keg92101 Apr 16, 2008 4:21 AM

Quote:

Originally Posted by teiwaz (Post 3487986)
...well the court hears this case tomorrow and there are 3 different appraisals now all between 60 mil and the newest one coming in at 85 mil! Hopefully the courts will allow Simplon to finalize their new investors deals and pay out Black and keep moving forward. It will be quite a shock if the judge decides the property is only worth the 26 mil which is what Black is trying to present and ignore 3 certified appraisals all done within the month or so. I agree Simplon should not have borrowed that much cash but with the timing of this credit crunch, it has put them behind the 8 ball. Lets all cross our fingers for the little guys involved in this one and lets see a positive out come tomorrow or in the next few days!

$85 million???

That's $1500/SF just for the dirt. I wouldn't hold my breath. Surrounding dirt is only worth between $200-$400 / SF

sandiegodweller Apr 16, 2008 4:43 AM

Quote:

Originally Posted by teiwaz (Post 3487986)
...well the court hears this case tomorrow and there are 3 different appraisals now all between 60 mil and the newest one coming in at 85 mil! Hopefully the courts will allow Simplon to finalize their new investors deals and pay out Black and keep moving forward. It will be quite a shock if the judge decides the property is only worth the 26 mil which is what Black is trying to present and ignore 3 certified appraisals all done within the month or so. I agree Simplon should not have borrowed that much cash but with the timing of this credit crunch, it has put them behind the 8 ball. Lets all cross our fingers for the little guys involved in this one and lets see a positive out come tomorrow or in the next few days!

$1545 psf for unimproved land in downtown San Diego? Sounds about $1200 psf too high in todays market but I hope you're right.

Should be interesting.

Can you give us any hints on who you think will be your white knight?

02:00 PM

Chapter 11

SIMPLON BALLPARK LLC 08-01803-JM Ch

1) DEBTOR'S OPPOSITION TO MOTION FOR RELIEF FROM STAY, RS #JAD-1 (REAL PROPERTY BOUNDED BY J STREET, ISLAND STREET, 7TH AND 8TH AVENUES, CITY OF SAN DIEGO CA) FILED BY JEFFRY A. DAVIS ON BEHALF OF SDG-LEFT FIELD, LLC

2) SCRIPPS INVESTMENT & LOAN, INC.'S MOTION FOR RELIEF FROM STAY, RS #JAD-1 (REAL PROPERTY BOUNDED BY J STREET, ISLAND STREET, 7TH AND 8TH AVENUES, CITY OF SAN DIEGO CA) FILED BY JEFFRY A. DAVIS ON BEHALF OF SDG-LEFT FIELD, LLC

US TRUSTEE: United States Trustee

ATTORNEY: Thomas C Nelson (Simplon Ballpark LLC)
ATTORNEY: Jeffry A. Davis (SDG-Left Field, LLC)
ATTORNEY: George A. Foster (Edward Young, Ghayda Young)
ATTORNEY: Scott A. Schaelen (Nasland Engineering)
ATTORNEY: Adam M. Starr (Kohn Pederson Fox Associates PC)
ATTORNEY: Geoffrey E. Marr (Plaza Del Sol RET)
ATTORNEY: Victor A. Vilaplana (& Loan, Inc. Scripps Investment)

Derek Apr 16, 2008 6:17 AM

Can somebody fill me in, without numbers? :)

I don't feel like reading/processing everything, and you guys are smart.

sandiegodweller Apr 16, 2008 2:19 PM

Bankruptcy records reveal rescue plans

By Mike Freeman
UNION-TRIBUNE STAFF WRITER
April 16, 2008

Developers of a proposed 39-story hotel/condo project in downtown San Diego are counting on the chic Mondrian brand and a possible loan from a Chicago bank in hopes of salvaging the troubled project.
Simplon Ballpark LLC is trying to fend off its largest creditor, which wants a bankruptcy judge to allow it to foreclose on the full-block site bounded by J Street and Seventh, Eighth and Island avenues in East Village near Petco Park. Real estate experts say the site is one of the best remaining development parcels downtown.

The company, which offered details of efforts to save the Cosmopolitan Square project in bankruptcy court filings, is working with Morgans Hotel Group of New York to operate and manage the luxury hotel portion of the project under its Mondrian brand name.

It also is in talks with Corus Bank and others to finance the project. The Chicago bank is a prominent lender for condo projects, including several in markets where the housing slump has been particularly severe, such as Florida, California and Nevada. Its fourth-quarter net income tumbled more than 90 percent. The bank did not return a call seeking comment.

So moving Cosmopolitan Square forward may not be easy for Simplon, which owes about $40 million to lenders and contractors. It is trying to get financing in perhaps the most difficult credit market in the past three decades. Although Simplon has “letters of interest” from potential lenders and investors, it has yet to wrap up firm commitments, according to bankruptcy records.

Cosmopolitan Square started out as a pure condo project, with ground-floor retail and a new fire station as part of the package.

But the slumping condo market forced Simplon to juggle its plans. Now the company proposes building 210 hotel rooms and 113 expensive condos, as well as the fire station and retail.

Simplon could not be reached for comment. But in court filings, Chief Executive Jack Scull said the company has reached “definitive terms” with New York-based Morgans to operate and manage the 210-room hotel portion of the project. Scull also said Morgans would invest $5 million in the project.

Publicly traded Morgans operates two Mondrian Hotels, one in Scottsdale, Ariz., and one on Sunset Boulevard in West Hollywood, where rates run from $450 to $700 a night.
“The Mondrian venue is a very hip hotel concept,” said Donald W. Wise, a Napa-based managing partner and investment banker with Johnson Capital's hotel group. “It's a little edgy, along the lines of a W Hotel.”

Morgans has been talking with Simplon but has yet to pledge any money, said a company spokeswoman.

For the 113 condos, Simplon wants to go upscale. It expects to price the units at $850 to $1,000 per square foot – well above current square-foot prices for downtown condos.

“The condo market is pretty grim,” noted Wise. “For lenders, one of the last things they want is a hotel project that has a condo piece to it. It is not the flavor of the month, and I think San Diego has a pretty large inventory of standing condos.”

Simplon previously developed the Radisson Bay View, a 22-story, 334-room hotel in San Diego; the 10-story Radisson Hotel in National City; and the Rancho Santa Fe Creek high-end subdivision, among other projects. It filed for bankruptcy March 5 after its largest secured creditor, SDG-Left Field, began foreclosure proceedings.

SDG-Left Field is controlled by Steve Black, a longtime San Diego real estate developer and principal in Cisterra Partners, which recently built the Diamondview Tower office high-rise downtown.

SDG-Left Field is owed $18.1 million. It wants the court to allow it to push ahead with foreclosure because Simplon owes $40 million on the property to 14 creditors, which SDG-Left Field claims is more than the block is worth.

According to court documents, SDG-Left Field says the property is worth $26.5 million. Simplon rejects that, saying its land-use approvals make the site worth $65 million. A hearing on the dispute is scheduled today.

teiwaz Apr 16, 2008 4:35 PM

From what I know Simplon has a very strong case with a ton of solid $ numbers to back it up. Of course no one is going to commit until after today but they have solid letters of intent with real numbers with more then just one potential investor. Morgan has reconfirmed their commitment to Simplon for the court records as so have a few other components. The hearing is at 2pm today so lets see the small guys win for a change!!!!

sandiegodweller Apr 16, 2008 6:14 PM

Quote:

Originally Posted by teiwaz (Post 3489190)
From what I know Simplon has a very strong case with a ton of solid $ numbers to back it up. Of course no one is going to commit until after today but they have solid letters of intent with real numbers with more then just one potential investor. Morgan has reconfirmed their commitment to Simplon for the court records as so have a few other components. The hearing is at 2pm today so lets see the small guys win for a change!!!!

I am curious why you say "small guys"? If you are investing over a million into a development (individually or as a group), that isn't "small".

This deal reminds me of the pawnshop scene in the movie "Trading Places" with Simplon playing the role of Louis Winthorpe III (Dan Aykroyd) and THE CURRENT REAL ESTATE MARKET as Bo Diddley, the pawnbroker.

http://www.killerclips.com/clip.php?...83e86dd6a2cd32

keg92101 Apr 16, 2008 8:39 PM

Quote:

Originally Posted by teiwaz (Post 3489190)
From what I know Simplon has a very strong case with a ton of solid $ numbers to back it up. Of course no one is going to commit until after today but they have solid letters of intent with real numbers with more then just one potential investor. Morgan has reconfirmed their commitment to Simplon for the court records as so have a few other components. The hearing is at 2pm today so lets see the small guys win for a change!!!!

Why would Morgan's team with a developer who owes $40 million on a property, infuse another $5, that sits behind all other creditors, when they could go to SDG-Left after bankrupt proceedings without all the additional debt. BK will go through. Sorry bro.

teiwaz Apr 16, 2008 8:53 PM

Because Morgan was there before SDG was and their relationship is better then just going with the cheapest deal snaked by a company formed only to try steal the land out from under Simplon who had hit some bad luck. Not all people contribute to the dark side and maybe Morgan wouldn't want to deal with SDG or maybe SDG wouldn't want to develop a hotel there at all. It's basically called loyalty, something we don't see much of anymore in this selfish every man for himself America.

sandiegodweller Apr 16, 2008 10:12 PM

Quote:

Originally Posted by teiwaz (Post 3489786)
Because Morgan was there before SDG was and their relationship is better then just going with the cheapest deal snaked by a company formed only to try steal the land out from under Simplon who had hit some bad luck. Not all people contribute to the dark side and maybe Morgan wouldn't want to deal with SDG or maybe SDG wouldn't want to develop a hotel there at all. It's basically called loyalty, something we don't see much of anymore in this selfish every man for himself America.

If this deal is ready to go and Trdent is ready to make a bridge loan, who leased the site to Morley Construction as a staging area for Strata? The Strata project is just finishing the foundation work. Morley will need the Simplon site for another 15 months.

Simplon is just fishing for more time. The BK judge will make them provide some sort of proof that they can actually pull it off. I can't see any lender making a huge loan to a bankrupt entity in a sufficient amount of time to save this deal.

if the deal is really worth $88 million (the new appraised value according to the Simplon attorney), all of the Jr liens should show up on the courthouse steps with a cashiers check and pay off SDG Left Field.

teiwaz Apr 16, 2008 11:24 PM

So were you there? In the court? The judge gave Simplon till May 1st to finalize some deals and see where they are at that time. SDG tried to push it but the judge saw the truth and allowed more time for help... that's the whole reason for filing Chapter 11. Now we wait and see if Simplon can get the loan docs all ready and closed before then or at least closer. SDG didn't have the evidence to back up it's claim like Simplon and it just seemed that Simplon was just more classy then the sharks on the other side. One small step in the right direction for the small guy!

sandiegodweller Apr 17, 2008 12:50 AM

Quote:

Originally Posted by teiwaz (Post 3490091)
So were you there? In the court? The judge gave Simplon till May 1st to finalize some deals and see where they are at that time. SDG tried to push it but the judge saw the truth and allowed more time for help... that's the whole reason for filing Chapter 11. Now we wait and see if Simplon can get the loan docs all ready and closed before then or at least closer. SDG didn't have the evidence to back up it's claim like Simplon and it just seemed that Simplon was just more classy then the sharks on the other side. One small step in the right direction for the small guy!

I have no financial interest in the deal but as an outside observer, here are the only points that are relevant:

1. SDG doesn't have any case to prove. Their "claim" is that they are owed payment on the 1st TD. The facts are that Simplon isn't paying their bills (3 mechanics liens) nor their debt obligations. SDG started the foreclosure process and Simplon threw themselves into BK. The only group that has anything to prove is Simplon; they have to prove that there is sufficient equity to preserve and that they have a plan to pay off their creditors.

2. Simplon is producing an bunch of half-assed Letters of Interest to use as evidence that someone is interested in financing a project. They have no Term Sheets or Loan Commitments. As I stated, Simplon is just trying to dely the process.

3. If the new plan for the Mondrian and ultra luxury condos is true, the developers and investors are more delusional than ever.

4. Any new appraisal that claims that an unimproved, 55,000 sf lot in downtown San Diego with some plans for a hotel/condo project is worth $88 million is a blatant fraud. I might decide to file a case on behalf of the US taxpayer to make sure that any loan (and the issuing lender) using this appraisal is never eligible for a Federal bailout.

I have no axe to grind with the developers besides the fact that the Old World Cafe and the adjacent office building were torn down 2 summers ago to make way for this cluster fcuk. It pisses me off that developers are allowed to start projects without the city having sufficient collateral/bonds/insurance to make sure that the job is finished once the plans are approved and the demo permits issued.

sandiegodweller Apr 17, 2008 12:57 AM

Ballpark Skylofts
 
$1,200,000 • 24,000 SF • 16 Units
Call Chris for more info 619-788-2361

Ballpark Skylofts is a fully entitled project that is a lender owned pre-foreclosure. It will be dynamic 16 unit seven story building in the East Village neighborhood of Downtown San Diego. Most units are two story loft type. A great first project price at the value of Land All plans come with project. Project is being sold for land value with 500K of Plans for Free!!


All times are GMT. The time now is 3:21 PM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2021, vBulletin Solutions, Inc.