Monday, November 13, 2006

Aura of Vulnerability?

From Bob Shallit's column in the Sacramento Bee:

The developer of one of Sacramento's high-end downtown condo towers has hit a bump on a similar project in Reno. Craig Nassi last week stepped down as one of the managers of the Palladio Condominiums on Reno's riverfront following complaints from lender Merrill Lynch Capital that the project was over budget and behind schedule. A court-appointed receiver has been brought in to complete the 13- story, 92-unit Reno tower.
...
Meanwhile, Nassi insists the developments in Reno have no effect on his plans to begin work soon on Aura, his 38-story condo project at Sixth Street and Capitol Mall. "One has nothing to do with the other," he says of the two projects. He says about 70 percent of Aura's 268 units have been presold. Plans are to pull building permits as soon as a construction loan is awarded from Corus Bank of Chicago. Actual construction, Nassi says, could start "within 45 days."

9 comments:

The Slide Show said...

What do the words "Pre-Sold" and the words "Russian Roulette" have in common ?

Merced Going Quickly said...

"The developer of one of Sacramento's high-end downtown condo towers has hit a bump..."

"...over budget and behind schedule. A court-appointed receiver has been brought in to complete the 13- story, 92-unit Reno tower."

This is a "bump"?

Lo in Nor Cal said...

Slide show,
Exactly, I started shaking my head when I saw that "Pre-sold"
That is not a good sign at all.

Anonymous said...

No sweat,

This guys Condos and a parking garage designed by the same dwarf who designed the Denver Art Center (yukie poopoo says NY Times and others, and some say, what the hell, why can't the guy design a decent art gallery instead of hiring all the Structural Engineers between here and Tokyo)...

Danny Boy Liebeskind (who according to Childs of SOM "I wouldn't let Danny Boy sharpen a pencil")

No sweat boys, Hype is King in Sacramento...and what do you want to bet this Denver Bozo needs a government handout too?

But that's just "Living Urban in Sacramento"

Anonymous said...

"...over budget and behind schedule. A court-appointed receiver has been brought in to complete the 13- story, 92-unit Reno tower."

Oh it can't be. The Bank who funds Aura might as well start the foreclosure paper work now.

Anonymous said...

You pay about $0.70 per sq ft per month in HOA dues at the Aura! So for a 1000 sq ft apt you'd pay $700 in HOA dues!

This is meant for rich people only. You won't see building like these proliferating all over Sacramento. It's a one time thing and it might just get rnough interest from a few rich folk.

karl marx brothers said...

I bet anyone a karls jr burger that the Sacramento area politicos will give this developer every dollar possible from the public trough as payback for citizens DARING to reject the arena proposal.
I mean after all, how DARE the joe ham n egger oppose the much more sophisticated & educated elite?
We must be led by the nose because we just dont have any vision or culture.
Any takers to my bet?

karl marx brothers said...

( on a side note;
all the anti-spam letter verification to post in here is good practice for my DMV license renewal eye chart test.
Now I just have to remember to cancel my left turn signal in my caddy on the road test )

Anonymous said...

why do people no under stand liebiskind? he is one of the most talented architects alive right now, him gehry and calavera are sculpting the future of sstructures and trust me this building is not hard for structural engineers espiecially in comparison to gehry's strat center and his other famous works in LA and bilbo. PS "danny boy" is from poland not denver, and is head of the WTC project so childs can chill off since the guy who shouldnt charpen a pencil is actually childs boss.