Orem's Midtown debt sparks lawsuit

Return To Article
Add a comment
  • Anonymous
    July 18, 2008 8:22 p.m.

    There are details some residents in the area may not realize. Here is my commentary. I invested in this project in the beginning when the scale model was at the Orem Mall, early on. It is a solid idea with a lot of vision. Market conditions are disapointing, but I believe this project will not only be completed, but also be praised as an assett to the community. Archetecturally, it is far more beautiful than some other complexes in the area. Location wise, it is close to the canyon and a lot of good commerce, and the shops and office space will be amenities. I have walked the atrium areas in the south tower and they are inspiring and solid. It is steel construction, which does add to the value. I for one made the choice to stay in when given an option. Lots of people are lacking patience with the real estate market, not just on this project. Many future residents and investors showed interest in both towers being completed together, and I believe the managers are trying hard to please everyone, including the city.

  • anonymous
    July 18, 2008 8:07 p.m.

    I invested in these condos in the very beginning when the scale model was at the Orem mall. I am dissapointed by market conditions too, but they are not specific to this project alone. The project is built of the very best materials (very solid steel construction). It is quality through and through. Steek construction does add value. If you have a chance to walk through the South tower atrium areas (3rd to 5th floors) they are very inspiring. The shops and stores will add to the value of the condos themselves. Yeah, its frustrating, but they are not far from the canyon and a lot of other commerce. I know others who have invested and they are not as concerned as you might think. Housing is requiring patience accross the board. You may be surprised to know that when given the option, I opted to stay in the project. Looking at the entire picture gives a more relative perspective. Its going to be an assett to the community. Many investors showed interest in the two towers being completed at the same time. I believe managers have tried hard to please everyone, including the city.

  • Curious about the other projects
    July 17, 2008 4:34 p.m.

    What were the other projects the developer spent the money on before this one? I am curious to know.

  • The untold story!
    July 17, 2008 11:07 a.m.

    The true story which no one has written yet is that many have lost a ton of money on this place! Promises were made and not kept. There is always a positive spin about the economy causing a slow down to this magnificent project and all will be well in the end. In reality parts of the idea were great, but never executed. Escrow moneys have disappeared, deposits have disappeared as well as moneys put into improvements on individual units. That's the story no one is telling. Go take a tour through the almost finished tower and look at all the cracks in the walkways and floors. Money that was to be refunded in case of non-performance has simply vanished. There is much more behind the scenes on this one that a good reporter might uncover. I promise you it would be the story of the year and for some odd reason no one is bringing it to light.

  • Please!
    July 17, 2008 9:42 a.m.

    Model citizen? You have to be kidding. He spent the beginning money on other projects.

  • bet
    July 16, 2008 6:01 p.m.

    As others have said also, who wants to live here? What could they have possibly been thinking.

    This is such a white elephant that I would bet nobody will want to "invest" in it now. Sounds like a "Dare to Dream" project. Unfortunately the banks and the subs will be the ones holding the bag.

  • Does anyone remember...
    July 16, 2008 5:38 p.m.

    Does anyone remember what used to be at this location along State Street before this project began? I do. It was an ugly, poorly kept up trailer park. Is this what everyone would prefer? Sure this may not be the best looking thing right now, but I would be surprised if it is not finished at some point. When that happens people will talk about how beautiful it is and how much it adds to the community.

    As for the question of why this happened, take a look at the value of your own home and ask that question. The condos are hit by the housing market too and are not selling fast enough so therefore the ROI is low. As for any thoughts or questions as to whether fraud was involved, anyone who knows the developer knows this is not the case. He is a model citizen in the community.

    We may not all be fans of this project (my kids certainly aren't--they miss CLAS the climbing gym), but it is here and we should rally behind the idea of getting it completed. It will benefit this city in the end.

  • rightascension
    July 16, 2008 4:11 p.m.

    The project has good connections to the bus routes of course, but its main problem remains: it needs hundreds of buyers who want to live on State Street in the middle of Orem. The middle of Seattle or Denver or San Francisco or Manhattan is one thing -- the middle of Orem is . . . dubious.

  • WHAT DID THEY EXPECT
    July 16, 2008 3:52 p.m.

    This project was doomed from the start. i never understood it on any level and I probably never will. Who wants to buy a 400k condo in the middle of orem so close to nothing. Asinine is a good word to describe the whole situation. Maybe they have insurance and it might burn down soon then they can pay the workers and we can be rid of the hiddeous creature.

  • Out of Place
    July 16, 2008 2:22 p.m.

    This project would have made sense if it had been built near BYU or The Gateway in SLC, within walking distance of a destination.

    As it is, it's like putting a skyscraper on an oasis. There's no "there" there for such a densely populated project.

    The developer and investors were foolish not to have full financing in place to finish the project. Relying on sales to fund the completion of the project was a gamble that didn't pay off.

  • Jimmy
    July 16, 2008 10:33 a.m.

    Even when the real estate market (both residential and commercial) were thriving this project was having problems. I really believe that the developers vision was just too big.

  • too bad
    July 16, 2008 10:24 a.m.

    Will those who have invested in the project ever get their money back?

  • Gus
    July 16, 2008 9:55 a.m.

    I wish the article would go into more detail about why funding has dried up. Where is the original bank funding? Is the lack of financing due to the slowdown in housing? Scandal? What?

  • Pleasant Grove reader
    July 16, 2008 9:39 a.m.

    I actually like the development. It certainly takes the boredom out of the drive on State Street in Orem. Sure, it may be a bit out of place, but I like the "coolness" it brings to the area.

  • Doomed from the beginning
    July 16, 2008 9:10 a.m.

    Ditto to all comments made. That has to be one of the most out of place and ugly developments in all of Utah. I cannot believe they even approved it in the first place. I hope they can at least get it finished so it is "complete". I would hate to live to the west of that place. Your view of the mountains will never be the same.

  • Patrick
    July 16, 2008 9:08 a.m.

    Just when I thought State St. in Orem couldn't get any uglier...

  • buildings have feelings too but.
    July 16, 2008 8:32 a.m.

    I agree that it's an eyesore. It just doesn't fit in that area, and now that it's going to sit unfinished, it's only a matter of time before it gets tagged with graffiti and looks even worse!

  • Anonymous
    July 16, 2008 7:31 a.m.

    Why wasn't enough funding in place before starting the project?

  • Orem Parent
    July 16, 2008 5:57 a.m.

    This thing is an ugly eyesore.

    Whoever approved it must be proud everyday as they drive by it.

    It doesn't fit on the street and now we look at a "building" that is rusting and looks like a danger to the community.