rkf619
Posts:38
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| 02/16/2008 10:30 AM |
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| What's going on at this new highrise at the corner of 6th Ave and Upas? It appears to be locked up and all of the apartments listed a month ago on this site have been removed. Is the building in foreclosure? |
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rich dad
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| 02/25/2008 4:02 PM |
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| all units were purchased by one hedge fund investor who is making the building his own private mansion. each floor is going to have it's own theme. crazy huh? |
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mi
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| 02/25/2008 8:41 PM |
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| A notice of default has been filed by the construction lender. |
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elcortez
Posts:3
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| 02/25/2008 8:49 PM |
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| well, it ended up looking like a small version of the downtown jail.perhaps it could be converted into a correctional facility! |
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Brian
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| 02/25/2008 9:13 PM |
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What, we don't have 14 rich buyers with nothing better to do with their money? What has this city come to?
What about all the foreigners with suitcases full of cash people we predicting?
(that was sarcasm, if you didn't get it).
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DCC
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| 03/03/2008 12:11 PM |
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I live next door to it. There was a notice of foreclosure posted on the construction fence last week, but someone (the developer?) removed it the next day.
I understand the bank/lender now owns it. There has been very little activity at the site, but today a subcontractor began removing cartons and pieces of equipment. There are other trucks there as well, and it is unclear whether a new owner has resumed work, whether the developer has obtained new financing, or whether it is being closed down--like the barely-started condo building at Sixth and Redwood.
Mi Arbolito is nearly finished, as a building shell. Only one floor has been finished inside--the one they showed during two open houses several months ago. The other floors are unfinished inside, no balcony railings, etc. The "grounds" are unfinished, and the 6th Avenue and Upas Street sidewalks are still unavailable.
I was told by a local realtor that, at one time, three of the units had been "sold," meaning a deposit paid--the units are not habitable, there has been no certificate of occupance, so "sales" are not final. I also was told the developer, out of money and with no financing extension, decided to sell the units as unfinished spaces, with the buyers to arrange for all the interior work.
Rumors abound, the City Council member's staff is trying to get accurate info, and right now it is anyone's guess. |
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Bob
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| 03/03/2008 7:17 PM |
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| Not to sound like a jerk here... but.. ha ha ha. What a waste. Just like 6th and Redwood! Go SD developers and our way overpriced market! I can't wait for prices to cut in half... and they shall come close. |
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DCC
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| 03/04/2008 10:21 AM |
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Here's the latest about Mi Arbolito, right from the horse's mouth (or as close to the horse as anyone can get):
I spotted Henry Gonzalez (the Mi Arbolito construction manager) this morning through the open window of the “construction office” in the apartment house on the alley behind the building. I asked him, “What’s happening with Mi Arbolito?” I have spoken with him several times in the past, during happier times for Mi Arbolito. I believe he told me what he knows.
His reply (and this is virtually a direct quote) was, “We’re gonna pull out. We’ll have to see what happens with the financing. Hopefully, we’ll be back soon.”
He and a woman associate were packing up the office into cartons. This is consistent with the on-site activity yesterday, when various trucks were loaded up with materials and equipment being taken from the building.
Unless the city can exert some pressure on the developers, I think we are likely to have no Upas or Sixth Avenue sidewalks until someone gets financing and decides to resume work on the building.
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Anonymous
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| 03/04/2008 10:48 AM |
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How can you pressure a devleoper that doesn't have the funds to proceed? As my high school econ prof said virtually everyday "You can't get blood from a turnip".
What happens in any business that goes bad is new capital is needed at new investment levels. Someone, probably the debt holders, will lose money and after a period of time the builing will be completed. |
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DCC
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| 03/04/2008 10:59 AM |
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| In this case the "developer" is an architectural firm that has apparently failed at its first free-standing project. It has resources available to clean up its mess, if it wants to. And because it has designed projects for the city, and presumably will want to do so again, there is some leverage, if the city department and officials want to use it. |
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Market Watcher
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| 03/04/2008 11:02 AM |
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Posted By n/a on 03/04/2008 10:48 AM
How can you pressure a devleoper that doesn't have the funds to proceed? As my high school econ prof said virtually everyday "You can't get blood from a turnip".
What happens in any business that goes bad is new capital is needed at new investment levels. Someone, probably the debt holders, will lose money and after a period of time the builing will be completed.
Your econ prof would be proud of you. :)
That's exactly how capitalism is supposed to work. If owners of assets can't make a profit, then those assets needs to be transferred to better stewards/managers of those assets.
Are you from Europe? In America, we call high-school instructors teachers, not professors.
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Anon 10:48
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| 03/04/2008 11:29 AM |
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I grew up in the midwest; it's more practical there.
Funny story, my father is in his late 70s and is a very simple man, laborer all his life, the last time I talked to him he said "how stupid for the banks to loan money to people who had no way of paying it back."
This too shall pass, the banks and financial instituations that underwrote this stuff are going to lose money, from these ashes a better San Diego will present itself. |
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Brian
Posts:2663
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tom92103
Posts:44
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| 03/20/2008 6:36 PM |
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$1.2MM for 2400 sq ft with only one small corner of windows? Hmm. Who might buy such a thing? Might I suggest: Nobody!
This building went up fast as they probably knew the market was crashing by the day. One unit per floor is commendable, but every time I go past Upas at Sixth I wonder what they were thinking on the floorplans and lack of fenestration.
What say all the owners at 666 Del Prado get together to buy it and demolish it? (No, I don't live at 666 Upas, and I know they don't actually face this adjacent building.) |
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dchestney
Posts:300
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| 03/21/2008 11:38 AM |
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| I do live in the Del Prado (666 Upas). Our unit is not obstructed by Mi Arbolito, but the xx05 units (facing south, west, and north, at the west end of the building) have part of their view-to-the-west obstructed by it. The views from the other four units on each floor are not affected. |
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Brian
Posts:2663
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| 03/21/2008 12:05 PM |
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| Is Del Prado a rental complex? I don't see any listings for it that development. Thanks. |
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dchestney
Posts:300
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| 03/21/2008 12:20 PM |
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Brian--
No, it is a 66-unit condominium tower, with 4 units currently available for re-sale: two by estates following deaths and two others by owners who have moved elsewhere. There are a few units that owners have leased (four that I know of, but there may be more; one-year minimum term of lease) but most are owner-occupied. |
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dchestney
Posts:300
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| 03/21/2008 12:24 PM |
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Brian--
You can see the available units, as well as the most recent sale, here:
http://www.666upas.com/
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tijknha
Posts:21
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| 03/21/2008 2:12 PM |
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| Freaky....I'm not really a church goer but I don't think I could live at 666 Any Street. Many of the HOA fees at 666 Upas are around $666 per month as well. Is this building the work of the devil? |
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aelysa
Posts:7
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| 03/21/2008 2:35 PM |
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| Or maybe Chinese people, my mom and grandma would probably love to live there (6 is a very lucky number in chinese culture, as are multiples of threes). |
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