1215 Square Phillips - 40 étages (2012)

[mtlurb]

Quel boom à Miami? C'est fini et enterré... avec pleins de tours à moitié faits et abandonnés....

 

Trop grande spéculation, argent facile, demande artificielle... beaucoup se sont ruinés, beaucoup de projets sont annulés.

 

Imaginez New York, si ils ont 200 tours par exemple, une simple croissance économique de 2% par année égale 4 tours par an! C'est pas rien!

[mtlurb]

Quel boom à Miami? C'est fini et enterré... avec pleins de tours à moitié faits et abandonnés....

 

Trop grande spéculation, argent facile, demande artificielle... beaucoup se sont ruinés, beaucoup de projets sont annulés.

 

Ça m'étonne! Il y a deux mois seulement, on annonçait la construction prochaine d'une nouvelle tour de 320 mètres. En plus de toutes les autres...

[mtlurb]

Données de Miami :

 

236 completed

83 approved

62 proposed

52 under construction

 

Et aucun en arrêt (On hold)

 

Ça fait quand même 197 projets sur 236 déjà complétés, donc plusieurs dans les dernières années (la plus haute de la ville a été complétée en 2003.

 

Voici la première page des projets sur emporis : (Moi, j'appelle ça un boom)

 

[GDS]

^^^^^^^^^^^^^^^^^^

Condo Meltdown

Historic failure in Kendall project

November 20, 2007 By: Paola Iuspa-Abbott

 

Gulfside Development principals Jackson Ward and Stefan Johansson say they can no longer afford to make payments on the $224 million construction loan and won’t fight a foreclosure suit filed two weeks ago in Miami-Dade Circuit Court.

 

The project’s failure is the largest yet in the current real estate downturn, which has hit the overdeveloped condo market especially hard.

 

“It is a friendly handover,” said Johansson, principal of South Miami-based Gulfside Development. “We have been helping them in the transition for almost a month. There are no bad feelings, and we wish them good luck with a beautiful project.”

 

The handover is set to take place sometime this week, he said.

 

The development across the street from Dadeland Mall was planned to have 416 condos and 125,000 square feet of retail space in seven mid-rise buildings. Four of the towers were completed this year, but three still need some minor construction work before closings can start. The project was the centerpiece of redevelopment along Southwest 88th Street near U.S. 1.

 

The complex at 7250 N. Kendall Drive was supposed to be completed early this year, and sale proceeds were expected to pay off Goldman Sachs’ loan. But it didn’t work out that way.

 

Construction delays pushed back the closing of nearly 40 percent of the units in the unfinished buildings. When the partners realized a few months ago that their revenue was going to come up short, they asked Goldman Sachs for an extension, Johansson said.

 

“But they said no, and we knew it was time to move on,” he said.

 

The partners missed an October payment, and Goldman sued Downtown Dadeland Residential Condominiums, whose principals are Johansson and Ward, on Nov. 2.

 

In the complaint, the Dallas-based lender, a subsidiary of Goldman Sachs, the second-biggest U.S. securities firm by market value, demanded full payment of the loan balance and requested a court-appointed receiver to oversee completion of the project.

 

The receiver was to collect rent from the retail space in the 7.5-acre Downtown Dadeland and use the money to help pay down the debt.

 

The lawsuit didn’t specify the mortgage balance. Johansson said he did not know how much was owed because he made payments to Goldman Sachs as sales in the first four buildings closed.

 

A Goldman Sachs spokeswoman declined comment.

 

The completed buildings account for 60 percent of the condos in the Downtown Dadeland project. Forty units in the remaining three buildings are for sale, Esslinger Wooten Maxwell president Ron Shuffield said. His firm markets the project. Ten sales fell through due to construction delays, he said.

 

Real estate insiders consider Gulfside’s default a landmark.

 

“If not the largest one, it is one of the largest defaults in all time in Miami-Dade County,” said David Dabby, president of Coral Gables-based real estate research firm Dabby Group.

 

Defaults during the savings and loan crisis in the late 1980s and early 1990s were generally under $50 million, he said.

 

At least two other South Florida projects have run into financial trouble with lenders this year.

 

In July, Wells Fargo Bank sued Boca Raton developer BelAire at Boca, claiming the troubled condo conversion was in default on a $91 million loan.

 

Miami-based Ocean Bank filed a $50 million foreclosure suit last summer against the condo converter of Villa Mare Beach & Yacht Club in Boca Raton.

 

Goldman Sachs has gotten into the business of taking over distressed debt, having a third party turn the project around and profiting from it, according to Dick Bove, a banking analyst with Punk Ziegel & Co.

 

Acquiring “distressed debt is a very good business,” he said.

 

In May 2006, Goldman Sachs helped the developers repay construction and mezzanine loans held by other lenders and finance the remaining construction of the seven buildings.

 

At that time, Gulfside Development and former partner Canyon-Johnson Urban Fund obtained $180 million from Goldman, and the balance was to be funded as construction moved along.

 

The plan was to begin closings in the first buildings that summer and complete them early this year. But the first closings were delayed until December 2006, and nothing has closed in the remaining buildings.

 

Ward said a portion of the loan eventually went to buy out Canyon-Johnson, which partnered with Gulfside in 2004.

 

“They wanted to pursue other business opportunities,” Gulfside’s Ward said of Canyon-Johnson.

 

A call to Canyon-Johnson was not immediately returned Monday.

 

Canyon-Johnson is a venture between basketball legend Earvin “Magic” Johnson’s Johnson Development and Canyon Capital Realty Advisors. The fund invests primarily in projects likely to spark a wave of redevelopment in ethnically diverse neighborhoods.

 

Johansson and Ward shared the same goals. The pair lobbied Miami-Dade County officials to change the area’s density and fashion guidelines to help create a vibrant, 24-hour, downtown-style community, Ward said.

 

Following several public hearings, a downtown district was born. The change allowed Gulfside to transform the former Williamson Cadillac site into a mixed-use community close to Metrorail and bus stations.

 

“Downtown Dadeland is an outstanding success for what it represents,” Johansson said. “It is a statement for New Urbanism and the way of the future: using mass transit.”

 

After the zoning changes, a construction boom in the area ensued, Esslinger Wooten Maxwell’s Shuffield said. His company began marketing Downtown Dadeland in 2002.

 

Gulfside started construction in 2004 and planned to be done in spring 2005.

 

But construction suffered a series of setbacks: the flooding of a two-story underground parking garage, general contractor Miller & Solomon closed shop and work stoppages during the 2004 hurricane season, Johansson said.

 

“It was the perfect storm for the completion of the project,” he said. “We also had to deal with the contracting community of South Florida. That’s all I am going to say. People who read the article will know what I am talking about.”

 

Downtown Dadeland was the partners’ first development in South Florida. Most of their past projects were in North Carolina and South Carolina.

 

Johansson and Ward aren’t sure what their next move will be. For now, they just want to relax.

 

“It is a great time for us to take a little bit of a break,” Johansson said.

 

Paola Iuspa-Abbott can be reached at piuspa@alm.com or at (305) 347-6657.

 

7250 Kendall Dr. photo by A.M. Holt

[mtlurb]

Données de Miami :

 

236 completed

83 approved

62 proposed

52 under construction

 

Et aucun en arrêt (On hold)

 

Ça fait quand même 197 projets sur 236 déjà complétés, donc plusieurs dans les dernières années (la plus haute de la ville a été complétée en 2003.

 

Voici la première page des projets sur emporis : (Moi, j'appelle ça un boom)

 

 

Je te dis, c'est la catastrophe totale.

[mtlurb]

Je vais t'avouer que mon anglais me permettrait pas de lire tout l'article et tout comprendre. En résumé, il dit quoi?

[GDS]

Ca dit que les dévelopeurs de condo en Florida son dans la merde. Un projet de 7 tours en faillite.

[WestAust]

J'ai vu un reportage sur le boom et le bust de miami a CNBC, en fait la plupart des tours en construction vont etre terminée, les unitées sont souvent vendues en grande parties, ce sont les proprios de ces unitées qui sont dans la merde car ils ne peuvent pas payer les hypotheques, les acheteurs voulaient seulement "flipper" les condos, sans les habiter. Les tours vont etre terminées mais vide, et on en verra plus d'autre lever la bas avant quelques années

[mtlurb]

J'avais vu un reportage sur radio canada il y a une couple de semaines, et on disait qu'il y avait quelques tours qui ne seraient pas complétés.

[monctezuma]

D'abord Gilbert, prend le pas comme un affrontement svp, mais simplement comme une discussion:

 

1 - On est en Amérique du Nord. Le boom en Amérique du Nord est terminé, il est maintenant en Asie et en Europe.

 

Il est terminé... ou était Montréal pendant ce boom ? CCE ? C'est tout ??

 

 

2 - Faut pas réfuter mon premier point en disant qu'il y a pleins de villes Américaines qui vivent un boom.

 

Pensez-y, c'est qu'elles villes?

 

Réponse : Chicago (9 millions d'habitants), Toronto (6 millions d'habitants), New York (22 millions d'habitants), Los Angeles (10 millions d'habitants), Miami (6 millions d'habitants).

 

C'est les villes qui vivent un boom de construction de bonne hauteur. Montréal à 3 millions d'habitant (la population des villes nommées inclue la région). C'est sur que vous pourriez parler de Las Vegas, qui a 2 millions d'habitants, mais on s'entend que c'est un catégorie à part (que des casinos).

 

Je sais très bien que Montréal ne peut se comparer à New-York, Chicago ou Toronto. Ce qui me fait chier par contre, c'est de voir d'autres villes canadiennes plus petites que nous, Calgary, dans une moindre mesure, Edmonton, Vancouver, Mississauga, et d'autres villes américainnes plus petites que nous, Charlotte, Sacramento, etc. Toutes ces villes ont des 50 étages + proposés ou en construction en ce moment.

 

Ok, Calgary et Edmonton, c'est le pétrole, Vancouver, les olympiques, Mississauga bénéficie de Toronto... Charlotte ?? Je savais même pas que cette ville existait et Sacramento, je croyais que c'était deux, trois shack de Cowboy puis c'est tout. Moi je te parles de Montréal, pas de Laval, Longueuil, Sherbrooke ou Rouyn-Noranda (avec respect pour ces villes). Et je ne dis pas qu'il se passe rien à Montréal non plus ! Je me demande juste pourquoi on est une des seules grosse villes nord-américainnes à ne pas pouvoir avoir un 50 étages, même si ça ne serait qu'un seul, en construction ?

 

Peut-être que les promotteurs ont peur du marché montréalais ?