Montage Progress

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Posted by: Steve - 6/30/2007 4:47:33 PM
Great summary. I can't wait for the interview. A lot of questions come to mind... 1) How will the trench covers be designed? Will they contain retail? 2) How many blocks will be covered (1, 2 or maybe even 3???) 3) How will the plazas interface with the Montage and the Fitz and ??? 4) How large will the "remodeled Fitz" be? How might its ground level footprint change? 5) What changes might be in store for the old Fitz Parking garage? Upgraded ground level retail? Possible skybridge to the hotel casino? 6) What is up with 10 North? Does L3 really have the project? And, if so, what do they plan? 7) Are there more projects that Leal might undertake? How about our "favorite" eyesore (Kings Inn) - :-) There are so many great changes that "could" happen. Give us a hint :-)

Posted by: SteveJ - 7/14/2007 9:06:24 AM
"40% Sold" is no suprise! Last year I worked at the City of San Diego. I can't speak for Reno, but here is the skinny on San Diego. The city won't all builders to built downtown condos unless they have a construction loan. Banks will generally fund construction loans until the builders have pre-sold 40% of the units. It is common knowledge that in San Diego these buyers are contractually "locked-in" and can't resell until the their condo is completed. At that time the builder or the bank will repossess many units if the decline in condo value exceeds the value of the homebuyers original downpayment. Consequently you see a flood of for sale signs at final completion of the project. Conclusion: "Good luck Montage, but "40% sold is nothing to brag about, unless it is the only thing to brag about!"