Thursday, February 22, 2007

News 2/22/07

You have probably already heard this but just in case you haven't........

Construction at Chateau on Central has halted due to NO MONEY. A year an a half ago we wondered how they could possibly break ground with only six units sold and we now see that....they shouldn't have!

Also, the surface parking lot immediately to the west of Orpheum Lofts, currently used by Orpheum residents has sold (or is about to sell) to a developer who wants to build a tower there (unrelated to Orpheum). At one time, the buyers/residents at Orpheum had been told that a tower would be built on the site by the same folks who developed Orpheum and that when that was done additional parking would be available to the original Orpheum home owners. That promise/hope just got shot to hell.

In addition to the surface parking, residents park in a neighboring office building garage (the HOA negotiated a lease). How much do you want to bet that the lease amount goes way up now that Orpheum's hopes of having parking built are dashed. Remember that the HOA fees jumped from an original projection of approx $.40/sq ft (when they were first selling) to a current price of about $.55/sq ft. In comparison the fees at Crystal Point at 10th Street and Osborn is about $.38/sq ft.