UPDATE: 9:38 pm
This response came in from Paul Wagemann of The Commencement this afternoon about their project:
Hi Karen,
We are on track to complete our project. We have many interested buyers and we are still looking for more. From your home and office you can see our beautiful project is almost finished from the outside. Last week we started painting and installing tile and cabinets. Our hard hats tour last Sunday had many positive comments and several interested buyers.
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An anonymous comment came in this week claiming Ruston's major development projects are in trouble. It appears to be based on the observations of someone who lives near The Commencement building who feels there is a reduced level of activity on both projects. I've asked representatives from both projects to respond to the rumor. I haven't heard back from The Commencement yet, but Loren Cohen from Point Ruston had this to say about their project:
Thanks for alerting us to this comment. As a matter of fact, a permit was recently issued for the foundation of our next building, with excavation and foundation work happening as I write this. This is the 22-unit west tower of the Copperline Condominium. It is anticipated that this will be the first building ready to occupy on the waterfront, with completion slated for this year. Work continues on the 3 level, 300 space parking structure. Further, tremendous efforts are spent daily on the seemingly never ending permit process, with emphasis now on the Ruston Way realignment and upgrade that includes the Baltimore reconnection. And our shoreline permits are also navigating through the process, with steady efforts on our marketing/advertising ongoing as well.
In short, we remain committed and confident this "Best location in the Puget Sound" will weather the economic storms and be a tremendous success for the community and our development team.
Thanks, and please let me know if you have any other questions.
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8 comments:
This is nothing but p.r. about hope. Do they have a building permit to build residences? Even if they do, we are talking about just one building.
Only a fool wouldn't be concerned about the ability of any project to be completed under the current economic problems - let alone one the size of Point Ruston.
You said it, first Anonymous. You are spot on. Cohen's comment sure reads like a bunch of pr about hope. When I take my walks I too have noticed what a slowdown there is on both sites. It's the economy, doesnt take a genius to get there's a problem.
The developers will always put a big spin on things being just hunky dory. I would too if I were them.
Hey, but time will tell, wont it.
Note to Karen and friends, people are not stupid.
It would be interesting to know if and how many potential buyers of Wagemann's condos have asked for their reserve money back and stepped away from the deal?
Developers always seem to tell the public that many units are already sold and everything's rosy and on schedule. And they act as if they have never heard of a recession.
The majority of new build Tacoma condos are going empty and the market is flat, as J.J. McCament, herself (Mike Cohen's p.r. rep) was quoted in a recent T.N.T. article on condo real estate.
So why would Ruston's condo developments be spared?
Even with a ten year tax break, Tacoma can't kick start condo sales. Ruston does not have a ten year tax break to offer potential buyers. Maybe it should.
Wagemann and Cohen don't care what I think, I'm sure. I'm just not buying their spin as long as I can see what's in front of me.
anyone got a count of the number of home foreclosures in Ruston in the last 6 months?
i know of at least 3, but there's probably more. how do you find out?
I agree we should be watching carefully right now. But we should be supportive and not assume the worse. Passing around rumors will only fuel the negative image and hurt the projects chances for success. PR about hope is a good thing - cautious optimism serves us well right now.
Jim left this comment yesterday - I've made a slight edit, but here is the jist...
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The north end of Seattle and Tacoma have held up under our recession and high end condominiums are always in demand.
Point Ruston is a once in a lifetime opportunity.
Posted by James Wingard to Ruston Home at February 14, 2009 10:24
I liked the article in the latest Tacoma Weekly. John Larson did a good report on the Council discussion. He must have seen it coming about Ruston. He never kids himself about there being a magic development bullet that will save Ruston by 2014.
WOW! Wise words of encouragement.I supose if it does'nt have BAILOUT written all over it...It aint worth havin. No sence supporting hard working Dream Drivin AMERICANS in their quest to help with employment and the state of the economy.I'm sure the president and administration will come up with something to help us.
Thanks a Trillion(s) fellas.
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