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.
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.
What were the other projects the developer spent the money on before this one? I
am curious to know.
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.
Model citizen? You have to be kidding. He spent the beginning money on other
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 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.
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.
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.
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.
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.
Will those who have invested in the project ever get their money back?
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?
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.
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.
Just when I thought State St. in Orem couldn't get any uglier...
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!
Why wasn't enough funding in place before starting the project?
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