"In December of 2010, the Redevelopment Authority and the project developers at that time were reportedly closing in on a deal to sell the land at the corner of Lincoln Highway and Route 82 known as the Flats. Since then, the window for an agreement of sale has been extended numerous times and there have been no signs of an agreement.However, in late 2011, new developers signed onto the project and the former developers left the group."
More at:
Daily
Local News (http://www.dailylocal.com),Serving
Chester County, PA, PA.
By ERIC
S. SMITH
esmith@dailylocal.com
Sunday,
April 1,2012
Here is the background information on why the Velodrome planners were forced to look for new developers:
Coatesville dems
WEDNESDAY, JANUARY 11, 2012
Weymouth Securities Limited SureInvestment investment scheme shut down (Crosby Wood)
I'm following the SureInvestment "unauthorized collective investment scheme". It is in now in the High Court of Justice, Chancery Division, UK awaiting adjudication. I update when more information is available.
It is of interest to Chester County residents because Crosby Wood, who has an office in Coatesville, PA, is a "principal of Sure" (SureInvestment, LLC See, "Before the National Futures Association, in the Matter of SureInvestment and Crosby Wood" below.
Crosby Wood was at one time the developer for the National Velodrome in Coatesville.
I don't believe the investigation of the "unauthorized collective investment scheme" has any effect on the National Velodrome other than the National Velodrome's need to find new developers. The developers the National Velodrome Center, LP and Velodrome Management Group, LLC now have look very good. And I think finding new developers of such high caliber on short notice shows the high level of professionalism of the National Velodrome. SEE:
SATURDAY, JANUARY 7, 2012
SureInvestment shut down
Weymouth Securities Limited was shut down in the High Court today for running an unauthorised collective investment scheme.
The firm, run by 32-year-old Benjamin Wilson of Poole of Dorset and trading as SureInvestment, had been ordered to pay the Financial Services Authority £11million in three installments, but the first installment of £3.9 million was paid the late and others not at all.
More At Mirror.com UK Opinion:
SureInvestment shut down
http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=2989
Commodities Futures Trading is a high risk endeavor. SEE:
Jim,
ReplyDeleteIf you're going to make a statement like that then get all the facts. The FACT was that the deal got pushed because of the parcel of land with Amtrak. Without that parcel there was NO deal with anyone. Your investigation on the previous developers has weight but the fact of manner is the parcel. The RDA attorneys found that this parcel of land was still owned by Amtrak after the previous RDA solicitor stated otherwise. The sign-off by the previous solicitor paved the way for the Riverwalk so as you can imagine until the RDA was able to purchase that parcel back everything else was dead in water. That's the reason why it has taken so long. You have to remember that even with that parcel the County is triple checking everything the RDA does to ensure nothing like this happens again.
Guess I put the wrong title up. Not specific enough. It should have said "Background on why the National Velodrome was forced to change developers."
ReplyDeleteThese are the most important words in the DLN article:
ReplyDelete” Disciullo said that while the authority was close to finalizing an agreement with the former developers, he does not believe that project would have been guaranteed for completion. He said that if the current development team says that the project will work, he believes their experience and expertise."
Joe is right on the money with this statement:
"If they say they can do it, it will happen,” Disciullo said.
Like I wrote in the post:
"The developers the National Velodrome Center, LP and Velodrome Management Group, LLC now have look very good. And I think finding new developers of such high caliber on short notice shows the high level of professionalism of the National Velodrome."
There is more information concerning the new developers on the links.
I believe that for the most part the DLN article suggests that it’s taking a long time.
I think Don Pulver’s hotel project took an extraordinarily long time because there were influential local people dead set against any redevelopment in Coatesville including the hotel. There are still local people dead set against any redevelopment in Coatesville (because redevelopment is ultimately harmful to the drug business) but they are not at all influential. Development in Coatesville can now proceed at a normal pace.
And the National Velodrome is not taking a long time. Keep in mind that back in the days when suburban subdivisions were growing like grass in Chester and Montgomery Counties the average subdivision development took 5 or 6 years to break ground. It’s not an easy process.
If the National Velodrome is built in 3 or 4 years that’s very, very quick. It’s just that there is a bunch of people with zero knowledge of real estate development complaining about how long it takes.