grittys457
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Crap, dammit, piss. Better extend my lease now.
From www.thebollard.com
What's up with the Westin?
Condo/hotel project delayed; developers keep mum
The $110 million Westin hotel, condo and retail complex planned for the former Jordan's Meats plant on Franklin Arterial appears to be in trouble. Work on the project was expected to begin late last winter and be completed next summer, but the developers have yet to take the first step toward actual construction ? getting a demolition permit ? and are not responding to press inquiries about the project's status.
City officials are at a loss to explain why work has not begun, though several theories are circulating through the rumor mill.
The project ? which includes 229 hotel rooms, 95 condo units, a restaurant, retail and underground parking ? is a joint effort by the Rhode Island-based Procaccianti Group, a real estate investment company with a nationwide portfolio of properties, and the Liberty Group, the South Portland-based group of companies headed by local developer Michael Liberty.
In March, the federal Securities and Exchange Commission (SEC) filed a lawsuit against Liberty, claiming he improperly diverted millions of dollars from a Philadelphia-based investment fund for his own use and for third parties associated with his business interests. Liberty's attorney has denied the charges in the ongoing lawsuit, and the SEC suit did not allege any misconduct related to the Westin partnership.
Procaccianti spokesperson Ralph Izzi and Bob Herron, an executive with the mortgage banking firm working on the Westin project, told the Portland Press Herald in March that Liberty's legal woes will not affect the project, but observers inside and outside City Hall aren't so sure that isn't a factor.
Izzi did not respond to a request for comment. Herron referred questions to Izzi, and noted, "I don't even know some of the intimate details" about the development. A secretary at The Liberty Group said Liberty was unavailable for comment. Told this reporter was inquiring about the Westin project, she referred the question to Andrew Bedard, the Liberty Group's senior vice president for investments, asset management and new development. Bedard did not return that call seeking comment.
One city councilor privately shared a rumor that Liberty angered his Procaccianti partners by trumpeting the Westin condos' multimillion-dollar price tags, when in fact the group intended to sell the units for prices in the $500,000 range.
In a Dec. 20, 2005, article on the front page of the Press Herald's business section, staff writer Tux Turkel highlighted the possibility condos in The Residences at the Westin Portland could sell for as much as $5 million. However, Turkel noted that such a high price would result only if a buyer purchased more than one unit and combined them, particularly if the units occupied the upper floors of the nearly 100-foot-tall building. And Turkel attributed those figures to the "developers," not Liberty specifically.
Still, the councilor noted, a $500,000 price tag is within the range of upper-middle-class homebuyers, who could conceivably sell their current homes to finance a Westin condo. By contrast, multimillion-dollar condos are available to a much smaller group of super-rich individuals, and to the extent the condos are considered out of most buyers' price range, it becomes harder to market them or secure funding to build them in the first place.
City Inspections Division head Mike Nugent confirmed that no demolition or building permits had been requested for the Westin project, and said his last local contact regarding the project was with its architect, Winton Scott. Nugent said Scott was doing some redesign work "a couple months ago" on the levels of underground parking planned for the site. Scott did not return a call seeking comment.
Some city officials have also speculated that the prospect a luxury hotel could be built nearby on the site of the Portland Ocean Terminal has spooked the Westin developers. That possibility, however, remains just that, as councilors and city staff are just beginning to work on zoning changes which may or may not allow such a development on the waterfront. [See "Ex-mayor, Gov's brother, push waterfront hotel project."]
Harborview Properties, a real estate brokerage firm owned by Shipyard Brewing Company president Fred Forsley, had an exclusive arrangement to sell condos at the Westin this spring. That arrangement has since lapsed, Forsley said, as the Westin partners have decided to take that work "in house," though he added that his firm could still co-broker the sales of some units. [See "Tangled web of interests on the Eastern Waterfront."]
Forsley said he doesn't know what the status of the project is now. "I hope it happens," he said.
From www.thebollard.com
What's up with the Westin?
Condo/hotel project delayed; developers keep mum
The $110 million Westin hotel, condo and retail complex planned for the former Jordan's Meats plant on Franklin Arterial appears to be in trouble. Work on the project was expected to begin late last winter and be completed next summer, but the developers have yet to take the first step toward actual construction ? getting a demolition permit ? and are not responding to press inquiries about the project's status.
City officials are at a loss to explain why work has not begun, though several theories are circulating through the rumor mill.
The project ? which includes 229 hotel rooms, 95 condo units, a restaurant, retail and underground parking ? is a joint effort by the Rhode Island-based Procaccianti Group, a real estate investment company with a nationwide portfolio of properties, and the Liberty Group, the South Portland-based group of companies headed by local developer Michael Liberty.
In March, the federal Securities and Exchange Commission (SEC) filed a lawsuit against Liberty, claiming he improperly diverted millions of dollars from a Philadelphia-based investment fund for his own use and for third parties associated with his business interests. Liberty's attorney has denied the charges in the ongoing lawsuit, and the SEC suit did not allege any misconduct related to the Westin partnership.
Procaccianti spokesperson Ralph Izzi and Bob Herron, an executive with the mortgage banking firm working on the Westin project, told the Portland Press Herald in March that Liberty's legal woes will not affect the project, but observers inside and outside City Hall aren't so sure that isn't a factor.
Izzi did not respond to a request for comment. Herron referred questions to Izzi, and noted, "I don't even know some of the intimate details" about the development. A secretary at The Liberty Group said Liberty was unavailable for comment. Told this reporter was inquiring about the Westin project, she referred the question to Andrew Bedard, the Liberty Group's senior vice president for investments, asset management and new development. Bedard did not return that call seeking comment.
One city councilor privately shared a rumor that Liberty angered his Procaccianti partners by trumpeting the Westin condos' multimillion-dollar price tags, when in fact the group intended to sell the units for prices in the $500,000 range.
In a Dec. 20, 2005, article on the front page of the Press Herald's business section, staff writer Tux Turkel highlighted the possibility condos in The Residences at the Westin Portland could sell for as much as $5 million. However, Turkel noted that such a high price would result only if a buyer purchased more than one unit and combined them, particularly if the units occupied the upper floors of the nearly 100-foot-tall building. And Turkel attributed those figures to the "developers," not Liberty specifically.
Still, the councilor noted, a $500,000 price tag is within the range of upper-middle-class homebuyers, who could conceivably sell their current homes to finance a Westin condo. By contrast, multimillion-dollar condos are available to a much smaller group of super-rich individuals, and to the extent the condos are considered out of most buyers' price range, it becomes harder to market them or secure funding to build them in the first place.
City Inspections Division head Mike Nugent confirmed that no demolition or building permits had been requested for the Westin project, and said his last local contact regarding the project was with its architect, Winton Scott. Nugent said Scott was doing some redesign work "a couple months ago" on the levels of underground parking planned for the site. Scott did not return a call seeking comment.
Some city officials have also speculated that the prospect a luxury hotel could be built nearby on the site of the Portland Ocean Terminal has spooked the Westin developers. That possibility, however, remains just that, as councilors and city staff are just beginning to work on zoning changes which may or may not allow such a development on the waterfront. [See "Ex-mayor, Gov's brother, push waterfront hotel project."]
Harborview Properties, a real estate brokerage firm owned by Shipyard Brewing Company president Fred Forsley, had an exclusive arrangement to sell condos at the Westin this spring. That arrangement has since lapsed, Forsley said, as the Westin partners have decided to take that work "in house," though he added that his firm could still co-broker the sales of some units. [See "Tangled web of interests on the Eastern Waterfront."]
Forsley said he doesn't know what the status of the project is now. "I hope it happens," he said.