It has been reported to Salisbury News that the unfinished condos on the river near Brew River will be coming down.
GO HERE to see our last story on the auction of this property. One can only wonder why the Bank would make such a decision but I'm sure in a few days we'll hear more from the other Delmarva News Leaders.
Salisbury News, "We Break It, They Fake It."
25 comments:
Yeah, the economy is really recovering isnt it. The local area is dying and its going to take alot of us down with it.
Maybe the bank found a goverment loop hole to get tax-payers dollars for this fiasco????
The lender must think that the design/development plan is poor and that,in the long run the land will be more valuable with the structure gone,allowing a new purchaser the freedom to execute thier own design and development plan.
Then the lender is a morion, what do the share holders in the bank think? Did they vote on this or did the lender just do their thinking and uninvesting for them? Did the city already install the services? Will the city see any recoup?
Might as well , Who in their right mind would want to live there ????
Theres your new goverment office building.
Please, God, say this isn't true. I know a lot of people don't care or would love to see it come down. As someone with experience in the valuation of partially completed structures, and with urban development experience - I can tell you, this is a mistake. The bank will NOT recoup its losses by tearing it down.
All that said... I don't know anyone with the money to buy it up and complete it. Such a sad situation. Bad timing to be sure.
I hate to say it, but its better off they finish building it as an open slab and then sell to (Possibly) Salisbury govt as a tenant build out. It would make a nice govt building. 1/3 of the cost is already done.
11:49....and where does Salisbury government get the $$$ to buy it???
Some of the posts here reflect thoughts by people who do not seem to realize that the marketplace has dramitcally changed and will not recover you a very long time.
The project was dubious at the outset and the lender must have been stoned when the loan for it was approved....but NOW?.....no way that turkey is viable.
They need to take the money from the BRICKS project and transfer it to this building and make it the office of Mayor and other office and get out of the one on N. Div. ST.
Its coming down because it has been "open" to the elements for too long which has compromised the structural integrity of what has already been built. It would be unsafe to continue where it was left off.
Maybe someone needs to get some of these doctors togther and see if they are interested in finishing it and making a medical complex out of it. They have the resources and the borrowing power, there seems to be a need for health care facilitys everywhere around here. They could have their offices and their out patient surgial rooms, you could even have dentist and all types of medical services in a building this size. That would utilize the structure, save the bank and its share holders and keep the buiding on the tax base. Its a thought. Im sure alot of the Docs are out growing the offices they are in now.
12:28 That is the biggest crock of bull I have read in a long time. It was abandonded this spring/summer. It has rained, the building is concrete and steel. What structural damage has been done? Few rusty beams that can be sanded down before it is pitted?
12:28 this building is made out of the same materials as bridges are... I'm sure it is ok.
12:25
Salisbury can take its 900k fire boat and its 1.5 million from the Bricks and finish it quite easily. Like I said(11:49) it wont be interior finished but at least there a closed in structure for future use. It could be a small school, govt building, commercial/office space, or even HUD.
The structure is there. It can be used somehow.
Doug: Lot of medical professional space newly built that is sitting vacant....and lending has pretty much come to a standstill.
Im no expert, just throwing out ideas. I here you on the lending. I had a woman write me a check for$3,500.00 a few days ago and she was over-drawn by $13.00 and the bank(Willards) didnt call her or attempt to make contact with her at all. Shes been doing business with this bank foe 20 years, the irony is the same day they killed the check she had her SS check direct deposited into her account, just like she has for years. They did it(IMO) just so they could hit you with extra charges. I tell everyone I know to stay out of (Willards) when doing your banking Bankers are SH!T.
I can't wait to get the whole story from the "other delmarva news leader". You mean the only news leader THE DAILY TIMES! Then we can get the facts.
I hope the Bank does tear it down - if they do not the City will be forced to condemn the property and end-up eating the cost of demolition.
Foolishness to start this project, but more foolish to waste it.
Bankers don't always use good sense when making decisions like this First the loan was not smart to start with. The design of the building is not really all that great for a medical complex either. However it would make a great place for a Government office building if you put the sewer plant on the top floor that way when it leaks it will be repaired quickly.
Interesting, the Bank of Willards, must be run by morons. yes, no? I worked in a bank for years, if we had a "good customer" like you describe, we would be callng her in a minute. Willards must be desperate.
they need to tear down the neighborHOOD across the street from it first is they ever want to have something nice on the waterfront there.
Who in there right mind would buy a condo in that area , look at the TRASH that lives and hang around that place.........robbery,mugged,drugs,ect,ect,ect..........
So did anyone not see this coming? I moved to the area 4 years ago so I still have fresh eyes from the outside. Who would be dumb enough to pay 1 million, or even 500,000 for a condo on the Wicomico "river" at the point where it turns into a ditch, just across the street from the ghetto?
People, this is the REAL reason why the housing market tanked. Dumb@$$es who decided to make these types of deals (including the mostly empty condos on the other side of the ditch).
Let the fire department use that building to practice mock building evacuations. During fires they don't use elevators they use the steps. Get some kind of use out of it before it's turned into wasteland.
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