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The Ruins Luxury Condos


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#1 ron4Life

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Posted 01 May 2012 - 10:08 AM

You know what? Stories like this really chaps my hide [ Star-Telegram ]. And Dallas is removing surface parking at the American Airlines Center for future sky scrapers [ NBC DFW ]. What's up with that?

#2 Doohickie

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Posted 01 May 2012 - 10:55 AM

It doesn't chap my hide at all.

In 2007, when he took out the loan, the economy was still humming along. A year and a half later, the economy was in ruins and development plans everywhere were interrupted and reconsidered. Okay, so this project failed and Dallas is building a sky scraper. And Fort Worth is developing Sundance Square. I'm sure you could poke around and find that some projects in Dallas were canceled when the recession began.
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#3 John S.

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Posted 02 May 2012 - 07:19 AM

You know what? Stories like this really chaps my hide [ Star-Telegram ]. And Dallas is removing surface parking at the American Airlines Center for future sky scrapers [ NBC DFW ]. What's up with that?


As the S-T article notes, The Ruins is but one of several development projects either built or were in the works that have been repo'ed by lenders lately. Tom Struh's flagship Villa De Leon condo tower was cited by the S-T as going into foreclosure by his Dallas lender a month or so ago. Le Bijou Condos had a similar fate a year earlier. The recession nipped the small luxury condo market in the bud in Fort Worth. Reminds me of the Savings & Loan crisis several decades ago. The DFW area seemed immune to the effects of the national recession perhaps because of the robust Barnett Shale "play" but with the steep decline in natural gas prices, that pillar of support holding up the local economy has collapsed. Add to that AA's bankruptcy and some other worrisome local business setbacks and we currently have a weak environment for new development. I have complete faith that the local economy will recover in time just as things gradually improved after the S & L crisis. Economic cycles of boom and bust are part of this area's history. We are fortunate that so many projects ARE still on track and meeting developer's expectations, IMO.

#4 hannerhan

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Posted 02 May 2012 - 09:17 AM

The Ruins was one of the ugliest conceptions I have ever seen, and we should all be thankful that the economy tanked when it did, ensuring that this monstrosity was never built.

#5 Corsicana33

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Posted 02 May 2012 - 03:46 PM

would you be able to post the pics of The Ruins?

#6 Matt615

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Posted 02 May 2012 - 06:47 PM

Posted Image

#7 Jeriat

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Posted 02 May 2012 - 08:06 PM

Posted Image


Where was this supposed to be?

7fwPZnE.png

 

8643298391_d47584a085_b.jpg


#8 JBB

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Posted 02 May 2012 - 08:25 PM

Peach and Lexington. South of the old Tandy Center parking lot, west of the Versailles condo building.

#9 ron4Life

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Posted 02 May 2012 - 11:47 PM

Hahahaha that can not be the correct rendition of "The Ruins" property. c'mon...

#10 RD Milhollin

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Posted 03 May 2012 - 08:18 AM

Hahahaha that can not be the correct rendition of "The Ruins" property. c'mon...


That is pretty close to what I remember. This version looks like an artist's rendition on the cover of a proposal, but the line drawings showed a very similar design.

#11 johnfwd

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Posted 03 May 2012 - 10:23 AM

Judging from the artist’s rendering “Ruins” would have been an appropriate name. And yanking the project probably saved the developer from ruination (aside from the foreclosure).

#12 Doohickie

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Posted 03 May 2012 - 11:20 AM

If I lived in a building that looked like that, I'd shave its butt and make it walk backwards. :blink:
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#13 Jeriat

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Posted 03 May 2012 - 11:30 AM

I like the idea.... but the execution was waaaaaaaaay off. Maybe it's just the drawing that I'm looking at. If there was a computer render, I might give it a second opinion.

7fwPZnE.png

 

8643298391_d47584a085_b.jpg


#14 David Love

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Posted 03 May 2012 - 01:37 PM

It garnered a lot of questions when it was first proposed, at the time I think everyone was just happy things were being built. Personally I wasn't happy with the luxury direction, if you want to dig for the posts I have a ton on them out there on that very subject. I had wished everyone hadn't jumped on the "luxury" band wagon trying to ride the wave to the bank, everyone was looking for that next high end gimmick. The over all look to it reminded me of that one wall people do in their kitchens with plaster over exposed brick faux look.

WHY is it so hard to get developers to install escape hatches in their developments? ...as in, building smaller units for the general masses which translates to value for the buyer, forget the valet parking and high end amenities that everyone pays for via sky high HOA dues but only a fraction fully utilize, "my biggest gripe here at The Tower." That way if you have a "luxury" buyer or a family that needs to expand "guess what?" they buy two or even three units and put in a door or knock out a wall, a LOT easier than trying to subdivide one unit into four, which generally means bankruptcy instead.

Throughout this down economy smaller units downtown sold out and there are still places downtown where those types of buildings would do great if developers would just refocus their energies in that direction.

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#15 Matt615

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Posted 04 May 2012 - 12:47 AM


Hahahaha that can not be the correct rendition of "The Ruins" property. c'mon...


That is pretty close to what I remember. This version looks like an artist's rendition on the cover of a proposal, but the line drawings showed a very similar design.


That image came from and is still on Schaumburg's website... I've never seen any other image or drawings for the project...

#16 ron4Life

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Posted 04 May 2012 - 03:09 AM

You know what? This architecture design doesn't look so bad. D'oh! that's the Sumit Ruins, never mind.. :mellow:




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