News 5-15-07 Palladio Roof Construction

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Posted by: ModGirl - 5/15/2007 12:03:30 PM
I heard a rumor that Arterra is on ice. Does anyone know if this is true? Also another rumor that Kings Inn Apartments or whatever they are supposed to be has cancelled... if anyone knows this information, let me know! thanks!

Posted by: Mike Van H - 5/15/2007 12:33:07 PM
Hi ModGirl, love the name. Let's see, for Arterra, the official position from officials at Arterra is that the sales office and showroom/model is actively under construction in the Museum Tower across the street from the Arterra site. They told me people were reserving units, although no exact percentage was given to me. They were recently featured in the Wall Street Journal as an 'urban project that attracts people with like interests', in this case art. Now unofficially, I have heard everything from it flat out wont be built to it's delayed, to everything's on track. We'll see, I guess. Onto the Kings Inn, I sure wish I knew what was going on with this project. Last I heard two weeks ago, from Mark Lewis, Redevelopment Director, in a CAC meeting, was that the Kings Inn was in foreclosure, and I think, I THINK, they had until May 10 to get it out of foreclosure before whatever next step occurs (sorry not familiar with foreclosures). Then it would probably go up for auction or the bank repossesses it or both. I have no idea whether they were able to get it out of foreclosure or not, so if anyone knows, please enlighten us!

Posted by: ModGirl - 5/15/2007 4:31:38 PM
Thanks Mike! I am relieved.... I would hate to see an amazing project like this (Artera) fall through. I have done some detective work and was told the same thing AND that they have 40 units reserved AND that their sales office will be open in September, as they will be marketing heavily in Northern California prior to the opening of the showroom. It's ALL GOOD!! I will dig deeper and try to figure out the Kings Inn deal.