There is no new information available at this time because the meeting with Cartel has been changed to Jan. 22. As for the foreclosed units SOBU Assemblage LLC continues efforts to control the units contractually.
Posted below is a short article that was posted in the Atlanta Business Chronicle on 1/12/2009. Real Estate transaction continue to take place everyday, and I remain optimistic about the assemblage as a whole. SOBU Assemblage LLC continues to put all efforts to keep this deal moving forward. Thank you for all the efforts of all the homeowners that have lent a helping hand through the process, as it is much appreciated!!!
There will be another update on Jan. 23 after the next informative meeting with cartel properties.
Please feel free to call Josh Reeves on his cell phone 404-547-3622 with any further questions!
http://atlanta.bizjournals.com/atlanta/stories/2008/09/15/story7.html
http://atlanta.bizjournals.com/atlanta/stories/2009/01/12/story11.html?b=1231736400^1758726
Atlanta Business Chronicle - by Lisa R. Schoolcraft Staff Writer,
Despite the threadbare economy, luxury retailers are likely to keep expanding in Atlanta as they try to catch up to the area’s growth, especially in wealth.
Retail observers say Louis Vuitton, Tiffany & Co. and Neiman Marcus will open additional stores, even if it is with their smaller concepts, like Tiffany Collection and Cusp, Neiman Marcus’ boutique store.
Retailers Michael Kors, Hugo Boss, Juicy Couture and Tumi will open additional stores.
Designer boutiques will also enter the Atlanta market, including Prada, Chanel, Chloe and Vera Wang.
Some of the designer retailers may test the Atlanta market with their lower-end concepts, said Marc Weinberg, operating partner at retail real estate brokerage The Shopping Center Group LLC.
Dolce & Gabbana may enter the market with its D&G store, and Cavalli may enter with its Just Cavalli store, said Barbara Babbit Kaufman, a local retail consultant and former owner of the Chapter 11 Bookstore chain.
“Atlanta may be a slightly different customer than New York,” Kaufman said, but the wealth is here.
“If you cater to what she wants, the woman has the money to spend,” Kaufman said. “You give the customer what they want, they will buy.”
“The economy may get worse, but that will not change what will happen to Atlanta [retail] in the next five years,” said Nick Egelanian, president of SiteWorks in Annapolis, Md., a division of The Shopping Center Group.
Luxury retailers are still trying to catch up to Atlanta’s growth, especially its growth in wealth.
“This city reminds me of a cross between Dallas and Los Angeles,” he said. “This is very much a new-wealth city and new wealth likes to show it off.”
Luxury retailers often consider expanding after looking at sales of their brands in department stores like Saks Fifth Avenue and Neiman Marcus.
Currently, luxury retailers call Phipps Plaza and Lenox Square home.
New luxury retailers’ expansion will happen as Ben Carter’s Streets of Buckhead, Stan Thomas’ Prospect Park in Alpharetta, and the proposed luxury retail development by Taubman Centers Inc. (NYSE: TCO) in Cumming take shape, Egelanian said.
Sometimes luxury retailers need a catalyst to focus attention on a market, he said.
“These projects are probably five to 10 years behind when they could have been here,” Egelanian said.
That’s not to say getting all this new luxury retail into Atlanta will be easy.
Carter has already pushed back the opening of his project from summer 2009 to spring 2010 and could push it back again if the economy remains weak.
Carter, founder and chairman of Ben Carter Properties Inc., noted that Streets of Buckhead is the third project he has built in the middle of a recession. “We’ve seen this movie before,” he said.
Carter is hopeful a federal economic stimulus package will allow consumer spending to start recovering by summer 2009. Spending has to recover so retailers can recover, he said.
Sobu Flats Assemblage has moved to www.sobuflats.info
Please visit www.sobuflats.info
14 comments:
What about the 2 foreclosed units?? I wouldn't think you would need a meeting with Cartel to know something about those? Can't you give us some information rather then making us sweat until next week? I can't believe you don't have something that you can share with us??? Good, bad, or ugly, not know anything for the last 15 days has been a little stressful.
I agree with the previous post. I do not think you need to meet with the Cartels to know whether or not the banks agreed to the sale of the foreclosed units. You should at least provide the information about the foreclosed units. I assume that Cartel really wants the property and will wait until the bank(s) have released the foreclosures for sale.
Everyone needs to read between the lines here. If Cartel wanted to pull the trigger they would of snatched up these units and there wouldn't be meetings, delays etc... I am trying to be a realist here, the economy/banking/loan situation in the US is awful as we all know. Therefore be prepared for one of two things on 1/22, that they are out or they want an extension. I hope I am wrong I truly do, but these actions in my mind aren't from someone who is committed to buying this place.
Who cares about the luxury retail market in Atlanta! We are concerned about our condo building being sold under our current contract! Please tell us something that is constructive pertaining to our situation.
Could you beat around the bush and keep us in the dark any more? Keep up the sneakiness bc we sure do love it-from day 1!
I think we need to inform the various neighborhood associations, zoning committees and Steets of B'head developers - let them know exactly what they can expect if this sale doesn't happen - -the VERY element they wanted out will be amongst them again. Sobu will contintue to see forclosures, loss of funds and low-rent tenants - which will bring gang activity, vandalism, unkempt property, dilapidated vehicles . . things not good for business. One unspent bullet in a parking lot sparked the change you see in Buckhead today. . If the decision makers knew what was REALLY going on at Sobu - I'm sure Cartel wouldn't have any problem acquiring those foreclosures or re-zoning the land. think about it.
This sale most likely wont happen so be prepared people. The property is going to worth a hell of a lot more in the coming years. If everyone is in such distress to sell then maybe they should dump thier condo's and move out. In the meantime the quality of life can be controlled if the management or lack of would spend a little time on the subject instead of focusing on the sale of the building. For starters the big dogs on the 6th floor barking at god foresaken times of the night. I belive there is a law in the bylaws stating no dogs under 40 pounds. How about addressing this and other issues. The board is as much to blame as anyone.
I just spoke with Josh on the phone. He encourages all of us the PLEASE call him with any concerns. The deal is still moving forward. Cartel is very eager to get this deal done. Please call Josh and get the facts instead of spreading rumors and speculation that just stresses everybody out.
I feel like I live in a damn dog pound on the 6th floor, the quality of life is horrible and I will start calling animal control.
It's update time. I hope there is good news to share!!
please don't say you're going to give us an update then don't.
My brother-in-law is a realtor and told me that buying from the banks can take a long time, so let's all be patient. He said the banks have a lot of properties and they can take a long time to get paperwork done, up to 90 days, even, since it's not their primary business. It's not as easy as making an offer and buying from an individual, even though it would seem like it should be simple.
Let's keep the positive vibes going. This deal is going to happen and we will all be fine in 2009 :-)
When it comes to integrity, you have ZERO! Don't promise an update on the 23rd and not do it. You suck and I am amazed we have someone so irresponsible handling this deal.
My brother-in-law is a realtor and told me that the banks are very difficult to buy from, as they are not focused on foreclosures, and it can take up to 90 days to deal with them. It's not as easy as dealing with an individual, so let's cut them some slack and stay positive.
Josh/Taylor,
Can you give us all a status update? Based on your previous statement, there was too be an update on the 23rd!! What happened? Why is there no update? Is there bad news to give? If so, please do not delay that information to us. I am assuming that if there was good news, it would have already been reported. Thank you for your consideration.
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