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Australian Developer Planning Five High-Rises for Midtown

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53 minutes ago, dbigtex56 said:

Demolition was in progress this afternoon.
Art Supply on Main is no more.

RIP Art Supply pour one out for the legend 🍺

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2 hours ago, CasualObserver said:

Am I the only one who tries to rotate the camera a-la-google-street-view on every ground level photo on HAIF?

I took the pic with my new iPhone 11 Pro using the wide angle lens which might throw of the perspective. 😃

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1 hour ago, Vy65 said:

Looks like these guys got sued yesterday in a foreclosure action. 

Source?

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1 hour ago, dbigtex56 said:

Source?

yeah. tried searching for info and couldn't find anything.

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https://www.smh.com.au/business/companies/major-property-developer-caydon-caught-up-in-alleged-korean-investment-fraud-20190927-p52vn3.html
 

Article statements 

Quote

The chief executive of major property developer Caydon has claimed his signature was forged as part of an alleged $400 million fraud against a Korean investment house by another developer...

Documents filed in court by the Korean investors allege LBA Capital paid Joe Russo’s development company Caydon $30 million for 48 one-bedroom units in its Moonee Ponds apartment project in Melbourne. Caydon is one of the largest private developers in Melbourne, with large-scale apartment projects in Brunswick, Collingwood and St Kilda, and at the old Alphington paper mill...

Mr Russo insists Caydon was not paid for any units and no property was transacted with LBA Capital, alleging instead somebody in the company forged documents with his signature...

“I can guarantee to you they have not bought anything from us. They have fraudulently used my signature. They have not bought one apartment,” he said...Mr Russo said LBA Capital had conversations with Caydon staff about purchasing apartments. “The next thing I know I get a phone call and my signature was forged,” he said...

 

 

Y'all should read the full article, I just put the parts where it talked about Caydon. It honestly looks like LBA forged one of Russo's signatures, and tried to write it off as a sell of those units or something. It doesn't seem like it's going to effect Caydon at all, but hopefully they're cleared of this BS caused by LBA. 

Edited by TheSirDingle
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9 minutes ago, TheSirDingle said:

https://www.smh.com.au/business/companies/major-property-developer-caydon-caught-up-in-alleged-korean-investment-fraud-20190927-p52vn3.html
 

Article statements 

 

Y'all should read the full article, I just put the parts where it talked about Caydon. It honestly looks like LBA forged one of Russo's signatures, and tried to write it off as a sell of those units or something. It doesn't seem like it's going to effect Caydon at all, but hopefully they're cleared of this BS caused by LBA. 

 

This was the only article I could find as well, but since it was published over 100 days ago, I didn't think it was what was being discussed.

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53 minutes ago, Luminare said:

 

This was the only article I could find as well, but since it was published over 100 days ago, I didn't think it was what was being discussed.

same, I know foreclosure action has to deal with the lender taking legal action on a borrower who failed to make their mortgage payment. But for a company the size of Caydon, it doesn't seem like they would default on a loan. I'm still wondering where @Vy65 got his information from. Also there hasn't been any recent news stating that Caydon was being sued for a unpaid loan. I have a feeling this isn't really going to affect them at all though. 

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1 hour ago, TheSirDingle said:

same, I know foreclosure action has to deal with the lender taking legal action on a borrower who failed to make their mortgage payment. But for a company the size of Caydon, it doesn't seem like they would default on a loan. I'm still wondering where @Vy65 got his information from. Also there hasn't been any recent news stating that Caydon was being sued for a unpaid loan. I have a feeling this isn't really going to affect them at all though. 

It looks like a suit to foreclose a mechanic’s lien. Dispute between a contractor and a developer over payments to the contractor. $6 million or so in dispute.

 

 

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This being an Australian company, I wonder if the overlapping forms are a sly reference to the Sydney Opera House.

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40 minutes ago, CREguy13 said:

It looks like this project has been delayed (Q1 2021) and scaled back considerably (31 floors now).  Still a great project for Midtown when it happens, but hoping they add back a few floors by the time they break ground.

 

https://caydonproperty.com/us/properties/laneways-condos

 

I think the mythology around this guy is going to go away.

 

Edited by H-Town Man
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44 minutes ago, H-Town Man said:

 

I think the mythology around this guy is going to go away.

 

 

What the mythology? I have a few friends who work for Caydon. They are not your typical real estate developer in terms of breadth of projects. It seems like these types of clusters are their thing, but I've head it does get boring because of how detailed their information models are and how they basically have to line everything up before a project breaks ground. Some developers will begin the development without all of the retail tenants are lined up, not them. I did have a friend leave Caydon because despite the projects making bank, the work lifestyle doesn't have the same breakneck, get the deal done, some flying by the seat of the pants feel as other developers do.

 

Different strokes, I think. Caydon will be fine, if any developer is going to weather this it'll be them. 

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4 hours ago, X.R. said:

 

What the mythology? I have a few friends who work for Caydon. They are not your typical real estate developer in terms of breadth of projects. It seems like these types of clusters are their thing, but I've head it does get boring because of how detailed their information models are and how they basically have to line everything up before a project breaks ground. Some developers will begin the development without all of the retail tenants are lined up, not them. I did have a friend leave Caydon because despite the projects making bank, the work lifestyle doesn't have the same breakneck, get the deal done, some flying by the seat of the pants feel as other developers do.

 

Different strokes, I think. Caydon will be fine, if any developer is going to weather this it'll be them. 

 

The mythology that was common on this forum a few years ago, that this guy was somehow immune to market cycles, that he had his own financing, that he would build 3 or 4 towers simultaneously here, and that they would break height records for residential. When the reality is, he needs financing just like everybody else and has as difficult of a time getting it, he is impacted by the same Houston market metrics as everybody else, his product is generally par for Midtown/Downtown highrises, and he won't build another one until the previous one is built and well on its way to leasing up. I do appreciate his pushing the frontier with a location east of Main and the focus on building a neighborhood instead of just selling views.

 

Edited by H-Town Man
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9 minutes ago, H-Town Man said:

 

The mythology that was common on this forum a few years ago, that this guy was somehow immune to market cycles, that he had his own financing, that he would build 3 or 4 towers simultaneously here, and that they would break height records for residential. When the reality is, he needs financing just like everybody else and has as difficult of a time getting it, he is impacted by the same Houston market metrics as everybody else, his product is generally par for Midtown/Downtown highrises, and he won't build another one until the previous one is built and well on its way to leasing up. I do appreciate his pushing the frontier with a location east of Main and the focus on building a neighborhood instead of just selling views.

 

I think Joe Russo gets a lot of credit (deservedly) for pushing forward with the first highrise in Midtown. I agree, however, that a Q1 2021 groundbreaking on a project involving hotel as a significant component looks *very* optimistic under the current circumstances. 

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The good news is that midtown now has a beach-head of sorts with the two highrises in place. So whatever happens, it is established as a busy area now.

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