Originally Posted by BrianTH
Not to be negative, but I'm not going to consider One Grandview back in the pipeline unless and until it gets financing.
Yeah, it sucks... I haven't been too optimistic about this project from the get-go. A cool vision, but I never thought it was very realistic -- especially not the large scale of the hotel tower and condo "village" built on the slope -- given the nonexistent track record of the developer.
Having to recently take out a $1.5M loan to continue the planning stages... not very encouraging.
It happens so often with projects like these (difficult sites that have great potential and see failed attempt after failed attempt at redevelopment by inexperienced real estate developers)... that the main thing they end up accomplishing is demolition of old structures and basically what amounts to site prep/groundwork for another developer with deeper pockets to come in and put up something far less appealing and site appropriate.
This very "strategy" has been used a lot in older, development-hungry industrial cities by such unfavorable urban players as grocery/convenience/discount store chains, car dealers, etc. They pretty much sit back and let someone else go through all the hassle and pay for all the demolition, environmental, and infrastructure costs, wait for them to throw in the towel/go broke, and then buy the land with all types of incentives and build something shitty that serves their interests.
Now I don't think that is particularly what is going to happen with this site, obviously... but I wouldn't be surprised to see another developer come in, buy the property, and put up a condo building or something that is much more mundane than this current proposal.
And, thanks for the updates on the Gardens project. Looks much better.