Monday, April 09, 2012
What to do with Roberts Tower
At the Syndicate, we have a gorgeous view of Roberts Tower from our display unit. I've had clients over the years inquire about the tower, along with condo buyers at open houses, with no response from the Roberts Brothers sales office.
It makes perfect sense to me. If I sunk as much into the Roberts Tower as the Roberts and their banker did, I'd be hesitant to put it on the market now.
One thing really threw me though. The Building Blocks author asked me a stumper. He asked me what they should do with the building if they don't use if for condos.
Not that I hadn't thought of it before. A few meetings I've attended there really made me think of how nice it would be as part of the Mayfair Hotel, but that's as far as it went.
It seemed like a good idea for a poll. We know there's a demand for them to finish the building as condos. Otherwise no one would be asking about it. Undoubtedly not enough demand to justify the cost of the building.Would today's buyer's be likely to sustain that type of builidng?
Hopefully things will settle out favorably with Roberts Towers when all of the other struggles are dealt with. Just like hundreds of thousands of homeowner's out there, a loan modification would help the Roberts brothers immensely.