groundrules
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monadnock said:
Formulate your own opinion!
how 'bout this: that building as drawn is boring as shit and ugly. it looks exactly like every other drawing we've seen of a development on this board recently (Lane Ave,etc.) , and it looks just like the mostly vacant creekside condos in gahanna. This town gotta have a decent architect or two.
futureman
Grandview Heights
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Ibiza’s developers face state allegations
By Jim Weiker
The Columbus Dispatch Wednesday February 8, 2012 6:44 AM
The Ohio Division of Securities has accused the developers of a major Short North condominium project of lying to investors and improperly distributing funds to themselves.
An attorney for the developers denied the allegations and said he plans to dispute them.
The allegations are the latest twist in the six-year saga of Ibiza, a proposed 11-story, 135-unit condominium at Hubbard and High streets.
The securities division accuses developer Apex Realty Enterprises of lying to potential investors in 2006 by stating that 120 of the 135 condominium units had been sold for a total of $68 million.
Walker
The KLD / Downtown / Gay Street
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Pablo
Crestview Addition
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Walker
The KLD / Downtown / Gay Street
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aaminian said:
Correction- I'm told they're actually just using lot for materials staging while the surrounding side streets are resurfaced.
Yeah, Pearl Alley is getting a major reworking this summer. Hopefully the eventual construction of The Hubbard won't mess it back up again. ;)
News
Columbus Underground
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Jury penalizes condo company for fraud
By John Futty
The Columbus Dispatch
Saturday May 26, 2012 8:44 AM
A company that failed to build a proposed condominium tower in the Short North defrauded the people who deposited money to reserve homes in the building, a Franklin County jury ruled yesterday. The Common Pleas jury awarded $200,000 in total damages to 17 plaintiffs who lost a combined $191,000 when the Ibiza on High project went bankrupt.
READ MORE: http://www.dispatch.com/content/stories/local/2012/05/26/jury-penalizes-condo-company-for-fraud.html
mrpoppinzs
Arena District
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Since Apex went bankrupt, I assume those condo depositors are going to have to get in the back of the line of the unpaid creditors. Unfortunately, I don't think that is were the money is.
mrpoppinzs
Arena District
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ArtTeacher
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The depositors are THIRD in line (after the county treasurer gets $400K in back taxes and the original lender is repaid MILLIONS). Each depositor is to receive a couple thousand dollars, regardless of the amount deposited. The land has not yet been sold, Elford-Wag is not yet free to begin work on the site. If the current bankruptcy plan is approved by the US bankruptcy court, the soonest we could see ANY action would be late July 2012.
monadnock
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That jury ruling was just shy of a not guilty verdict. Of the 1.2 million in deposits alone (not investments) Apex still walked away with over a million dollars. Apex was unwilling to show where all that money went. All that is known is that they never had a construction loan and after the deposits started rolling in, Demolition and architecture were mostly done. The only pay out on the land was about $80,000 The mortgage wasn't paid, the taxes weren't paid. All that money is somewhere folks.
Hopefully other enforcement agencies are still interested in the case.
Elford was involved with a lot of other possible developers and funding sources from before the bankruptcy. (pre-bankruptcy planing? who knows.)
Previously on the thread a bankruptcy attorney weighed in and suggested that Elford or whoever eventually develops the land will be protected from all this tumult so the good thing for the neighborhood is that something will happen to the lot. The fate of the Apex gang and their holdings is still ever more complicated and murky, Friday's judgement was so tiny as to be nothing more than just a minor detail in the overall picture.
columbusmike
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scorpcmh said:
They are describing it as a "brownstone". Why is it so hard for developers to understand that boring red brick is not brownstone.
Brownstone refers to the type/style of the rowhouse, not exactly the brick color (although that's sort of how the term evolved). See "NYC Brownstone".
Taz Devil
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I have been avoiding U for years and this just give me another reason to do so. I don't know how those guys can hold their heads up like they have ripping people off like that. I saw one of these guys just the other day strutting his smug egotistical carcass down the street. They should be holding their heads down in shame. Pathetic. This just proves you can rip people off, steal their money and keep your own assets at the same time.
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