The Ruins Luxury Condos
#1
Posted 01 May 2012 - 10:08 AM
#2
Posted 01 May 2012 - 10:55 AM
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.
#3
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
Posted 02 May 2012 - 09:17 AM
#5
Posted 02 May 2012 - 03:46 PM
#6
Posted 02 May 2012 - 06:47 PM
#7
Posted 02 May 2012 - 08:06 PM
Where was this supposed to be?
#8
Posted 02 May 2012 - 08:25 PM
#9
Posted 02 May 2012 - 11:47 PM
#10
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
Posted 03 May 2012 - 10:23 AM
#13
Posted 03 May 2012 - 11:30 AM
#14
Posted 03 May 2012 - 01:37 PM
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
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
Posted 04 May 2012 - 03:09 AM
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