Quote:
Originally Posted by ardecila
Let's hope they can secure a construction loan for a condo tower with only 35% sold in this market.
I believe Centrum has strong equity partner(s) which means a lot right now. If you can manage to put up 30% equity or more, that makes a big difference when you go to the lenders...
Wait... since when are those two project "far along"? 535 St. Clair hasn't even been approved by the city yet, and Parkview East... that's the mystery building, since it's only been seen in the blurry backgrounds of Parkview West renderings. It's kinda like Bigfoot in that regard.
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535 St. Clair was indeed approved by the Plan Commission well over a year ago - I know because I was in attendance that day (I remember praise was heaped on by Linda Searl, and then Alison Davis acted as if he couldn't understand how this was such a great project (of course in comparison to the junk he throws up)......were you aware or was this for some bizarre reason never subsequently approved by the city council?
Also, I've been in communication with someone from MCL - the plan is indeed for 27-story condo tower (they would have started marketing quite a while ago, but with the overall market slowdown and the 30% or so of the units to still left to sell at the west tower, they decided to concentrate on the loft condo re-use of river east art center first...