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A number of commenters here, buyers at the Roosevelt Collection, have been expressing frustration with what they view as Centrum Properties‘ inadequate communication about the status of their contracts. Their frustration is understandable: not knowing when, or whether, your real estate contract will close can wreak havoc with your life.
My efforts at getting solid information from Centrum have been no more successful. An associate at the sales office said he was only an agent of Centrum and not authorized to talk about the status of sales or closings. He suggested a call to Arthur Slaven, co-founder of Centrum at its corporate office. After hearing the nature of my call Centrum’s receptionist deemed Mr. Slaven unavailable and routed me to his assistant’s voice mail. My message went unreturned. In a follow-up call to Slaven’s assistant I was directed to call the project’s sales manager. Voice mails and e-mail to that individual have elicited no response as of this writing. In every case I clearly stated what prompted my call: dissatisfied buyers. No one with whom I spoke asked any questions or expressed any concern about their customers’ complaints.
Several sources who I’ve known for some time and who make it their business to be familiar with developments in the city market have told me that the Roosevelt Collection is going rental. At this point, that’s a rumor, not a fact. It’s a rumor, however, that’s apparently being widely circulated. And so, I’m following the admonition a Tribune editor allegedly gave to a Civil War-era reporter: “If no news, send rumors.”
If you’re a buyer whose developer is failing to communicate, let us hear about it in this discussion at New Home Notebook.
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Last time I went into the sales office (many months ago) the salesmen told me they were ~50% sold. Why do apartment if this is the case?
Mark
When I called the actual project manager of Roosevelt Collection at Centrum, Larry Powers, and he said they are waiting approval from Bank of America for more funding. I’m no developer, but my guess is that BofA wants to see more than the 50% sold to continue funding the project.
I’d like to know why not open some of the the “STORES” that supposedly signed leases long ago to help push sales?? Seems to me that would be a big incentive to prospective buyers?? I don’t believe Centrum even has any signed lease deals or they would have announced them long ago.
any thoughts?
I had a conversation yesterday on this topic with a very experienced, accomplished and credible commercial broker.
He tells me that the commercial space is leased. There are rumors, he reports, that several of the tenants are negotiating to get out of their leases. He’s hoping that’s the case because he has tenants waiting to snap up those spaces.
I wonder if any buyers plan to walk out on their contracts now they’ve heard this? who in their right mind still want to close on a condo that’s turning into an apartment building? When this info is leaked Centrum must be expecting some contracts to fall out…
Has anyone received an update on what’s going on? This is beyond frustrating.
Crains reported that they are going rental. This was confirmed by Centrum in the story.
KK and marco:
Actually, if you read the full story from last Monday, you’ll see that Crain’s jumps the gun a little in declaring the project’s shift to rental, and as its eighth graf states, “Executives of Centrum and its main investment partner, New York-based Angelo Gordon & Co., didn’t return calls and e-mails seeking comment.”
There have been plenty of off-the-record rumblings about Roosevelt Collection’s conversion to rental from people not directly involved with the project, and I think most people assume that’s the way it’s going. But if Crain’s has followed up with another story since the one linked above, I haven’t seen it.
Thank you! I’ll keep checking here, and if I hear anything I’ll post again.
Any idea now that this “rumor” has been in Crain’s when Centrum or the lenders will make a decision? Could the lenders take months to decide? I’m beyond frustrated and would like to know if my contract is being cancelled and when I will get my 5% deposit back! Not knowing or having to scour the web for any inkling of news is irresponsible on Centrum’s part. I thought this was a respected developer – is this how they treat their buyers, leaving them in the dark with not so much as a letter or email to let us know what the hell is going on? If it weren’t for this site, I wouldn’t have a clue about the status of the project up until Crain’s “broke” the news last week.
If you are a buyer at the Roosevelt Collection and have concerns or questions regarding your contract, please send your contact information to Rebecca Hawkinson at rhawkinson@centrumproperties.com and the appropriate person will respond.
Ah Maria, so it goes, the condo glut. Demand your deposit back immediately via a certified letter stating non-performance and buy a cottage in Pilsen. Then hire a credible contractor to meet your desires, ninety days later, new plumbing, electric, furnaces, etc. you will have just what you desire and own the land underneath. Condos are nothing but rental with a mortgage.
Ninety days, pilsenslav? Plans, building permits and all?
Suppose Maria desires to be 3 blocks from the park and two blocks from the El and closer to the Loop than Pilsen and have shops, movie theaters and restaurants at her doorstep?
Thanks for the advice Pilsenslav but I have no desire to own a house. I like community living like a condo and not having to worry about lawns, shoveling, etc. I’d rather pay an assessment and have the association take care of cleaning the garage, salting the sidewalks, repairing the balconies, replacing my filters, etc.
I just keep getting the run-around, with no answers. Anyone heard anything?
Still no news either LB. However, I’ve contacted the two staff reporters at Crain’s who ran the story on June 15th and Jon Yates from the Tribune’s “What’s Your Problem”. I heard back from the two Crain’s reporters. One reporter emailed that he was surprised an announcement had not been made yet and the other reporter said they would follow up on the initial story by making some more calls to Centrum. We’ll see…
That’s great, thanks Maria! Maybe if this hits the media Centrum will be forced to get moving. This is very bad advertising for them.
I walked past the development today, and there is some activity with sidewalks, landscaping, etc. There’s also a big sign that says “leasing” and another sign that describes the luxurious bathrooms, hardwood floors, etc. I have no idea if the leasing sign is for the retail space or the units themselves, but I’m hoping this means an announcement isn’t far off.
LB
Talked to the PM on 7/20-an “official” announcement about the development (i.e., turning rental) should be coming within weeks according to him, with a letter to the buyers following. Said he would follow up with me in a couple of weeks, it’s been 10 days so maybe soon.
Thanks Maria, appreciate the update. The last time I heard “a couple of weeks” from the developers it was nearly two months ago, so I’ll keep my fingers crossed that they actually mean it this time!
LB
I agree that I am skeptical when the PM said something would be released “within weeks” and I told him that, but he seemed sincere that Centrum was going to make this announcement soon. I will be pleasantly surprised myself if I hear anything before the end of August-exhausted from getting my hopes up and checking the web every week only to hear nothing. Keep your fingers crossed!
I have sat back been respectful of this developer to get its act together and finalize everything, but it ends today. I feel so disrespected. I can’t beleive I went to contract with this developer. They have totally given me and every other person who went to contract in good faith the run around. I went to contract YEARS ago. I have lived up to my side of the deal centrum, gave you a large sum of earnest money and when reports come out 2 months ago that contracts are gettng ripped up, when you have missed now three close dates either given in writing or verbally, you owe it to those of us sitting, waiting for an answer. I invite all others who have been through this same expereince to share. This developer should not get away with this treatment.
fed up,
You say: “I can’t believe I went to contract with this developer.”
I say: I don’t believe you went to contract with this developer.
Why do I say that? Because your IP address has posted under 3 different screen names here. I suspect you’re someone who has some other interest in this development.
Just got my termination letter this morning! It’s finally over!!
LB
I got a call on Thursday night from the PM stating the letters were being sent out on Thursday night. I can’t believe you got yours already!!! I hope I get mine tomorrow, it didn’t come today.
Maria
Joe,
The contract is real (you have my email, contact me privately I would be happy to discuss this further), the earnest money is real, and I as many others mentioned was tired of the constant run around. Like many other buyers I have been communicating with we were pleased to receive this letter, but it does not change my view of this developer and its complete lack of communciation. I will say this for centrum, they have promised all earnest money back to our relief. In this economy it could have been worse.
I thought that was the point of this page, “If you’re a buyer whose developer is failing to communicate, let us hear about it. I guess I misunderstand the purpose of your blog here. In an answer to your IP question, simple answer to that. This is my first post out of frustration, another poster is in fact my better half, the third is a friend in our current building who also was under contract, I should have had them post from their own IP address. Of course I did not think we would be questioned by a moderator of the blog that help start the whole rumor. Anyway, life goes on and the stress and frustration are over.
fed up,
One of the purposes of this site is to have honest conversations. As you know, when people post anonymously they often have agendas other than what they claim and are other than who they purport to be.
We don’t mind seeing developers bashed when they deserve it, but hate to see it happen when it’s done dishonestly or isn’t warranted. Thus the reason for my skepticism. Thanks for your clarification, and I’m glad you’ve achieved at an outcome that’s satisfactory to you.
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