The title of this post says it all… Downtown Denver’s 45-story Four Seasons project is planning a September 24 groundbreaking, according to the Denver Business Journal.
September 24 Groundbreaking Set for Denver Four Seasons
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WOOWWWWWWWW FINALLY!!! GET IT ROLLING!
With Four Seasons and Ritz Calton; the two most high profile hotel chains in town, will not be long to get Denver back on the national map.
this is complete window dressing. Its never gonna happen.
Dont get excited. They still need to pre-sale 50% before they start construction and they aren't even close.
how does anonymous 12:08 know either the level of pre-sales or the requirrement from the investors and lenders? Unless this poster is an employee of the lawfirm that worked on the loan docs or an employee of the developer he/she has no idea of this part of the deal.
Anonymous 12:08:00, who the hell sets up a groundbreaking ceremony on an undecided construction? I've never seen a groundbreaking where a guy with a shovel says "okay people this only means something if we get 50% sales complete." Don't you think they'd break ground after the 50% completion?
Yeh, Anon 12:08 is clueless. But anyway, the little tent is set up and the parking lot has been tore up for the most part. Bring on the groundbreaking!!
It actually happens all the time because it helps momentum for sales. Especially when a project has been on the board for the past 6 years. 50% pre-sales is the usual requirement for these types of deals. The spire didnt have pre-sales and thats why they lost their loan.
Denverites don't even trip anon 12:08 is a great example of a "hater"
anon 12:08 actually is pretty accurate about the 50% pre-sales. most developments have ground breakings but construction wont commence until you reach that number.
Question, unrelated to anon 12:08. "50% pre-sales" equals 50% of the number of units or 50% of total units' sale price. I ask because with the two penthouses being sold they account for such a large portion of pre-sales they may be very close to being 50% sold, hence the groundbreaking. Just a thought.
Good points on both sides. Time will tell. We already have one failed project (Spire) maybe we'll have another one. Too bad everyone here wants to hide behind "Anonymous"
I'm pretty sure if you read the article from the Denver Business Journal, it says that they HAVE sold the necessary 50%, and have only sold one of the two pent houses.
I think it's a go.
50% of total units sold.
what i read was 1/3 of the condos have been sold and that one of the pent house condos sold for 10 million dollars. And the kicker was this, look below that it names the financial institutes. I'd say it was a go.
Is Spire really a "failed project"? I have seen first hand that the crane hasn't moved over there in like 2 weeks (…and deserted construction sites aren't generally a good thing…). Still, I have not heard anything official regarding what actually happened to the financing, and more importantly, what is coming in the future for the Spire. KEN! WHERE ARE YOU ON THIS ONE! Please don't leave us to revel in the rumors of the HATERS.
Yeah… Keep looking on this site for an update on the Spire. Hear a lot of people who think they know what they're talking about… but no one has convinced me.
The Spire is certainly not a failed project. It's completely reasonable that they would halt construction while arranging new financing. I have no doubt that the Nichols Partnership will secure new financing and resume construction soon. I'd be surprised if they didn't resume construction within the next month.
thanks, Ken for your update. If you could keep us posted as to the status of this project, I (and I'm positive that many other regular visitors to this site) would greatly appreciate it.
On a very discouraging note, about a week or so ago, i took a walk over to the site and asked a construction supervisor (the only person I've seen there in weeks) that this will be "the most expensive parking lot in denver". I certainly hope this guy is wrong, but I'm sure that you'll keep us posted.
Thanks
Pre-sales were not a requirement for Sprire's prior construction loan, obviously. So the lack of pre-sales didn't tank the loan. Rather, as reported, other factors (most, extrinsic to Denver) were at work. However, to get another. loan, Nichols Partnership may try to get pre-sales from the long list of people signed up with interest in the project. In fact, that's what one article said. So the delay may be related, in part, to gathering pre-sales for a new loan. Don't panic, people.
They do not need 50% Pre-Sales to begin Construction. The Condos only make 1/3 of the building. The rest will be designated for a Multi Million Dollar Revenue Generating Hotel. Why Would they Delay Construction, when the real money is going to ultimatley come from the Four Seasons Hotel and not soley on the Condos?…. Come on Anon 12:08…
Was there a groudbreaking yesterday? Couldn't find anything on it!
Hmmm.
kendell….
there was a groundbreaking at the four seasons site!
http://www.rockymountainnews.com/drmn/real_estate/article/0,1299,DRMN_414_5706431,00.html
From my source condo sales at Four Seasons is well below 30% and not moving up. Groundbreak was to stimulate sales. Curious that penthouse buyers are anonymous. Hope they are not ficticious.
^^
Just curious, do your 'sources' perhaps hope to build a competing luxury highrise across the street at 1401 Lawrence?
If you want to see what's happening with the Teatro Tower, you can track the permitting process by going to http://www.denvergov.como/bid and using the following Commercial permit numbers: 2007×00617 and 2007m00243.
its actually http://www.denvergov.org/bid
not denvergov.como or denvergov.how or whatever thats suppose to be
Hey anon 3:07, thanks for the correction. I didnt check my typing. LOL