Sunday, January 29, 2006

Metropolis Owner Shows The Way

When other developers of high-rise condo-towers are taking the easy way out, the owner of the Metropolis has shown the way. He not completed the Metropolis the 21 story condo-loft tower but sold the units at the price he had promised to buyers of the units.

A total of 71 units were sold by the owner Davis at the orginal prices he had agreed to initially inspite of the steep increase in prices of steel and concrete which jumped by 35 percent and the general contractor also revised the initial construction estimates. Davis could have technically have backed out of the project and refunded deposits as many other developers are doing. For example the developer behind the ICON Las Vegas Related pulled out for the very same reason as they said it was no longer financially feasible.

Another developer revised prices and sold their units at higher than promised rates prompting legal action. But the owner of Metropolis is man of his word. Though he did not make any money of building the Metropolis he also did not lose any. With careful planning and budgeting the project was completed without too much of cost overruns.

posted by Diane @ 5:57 AM