GAINESVILLE - Contracts expired Monday on five of the ten acres needed for a high-rise condominium project on Lake Lanier - and the owner of the land says they will not be extended.
Don Hall, CEO of Jones & Hall Ventures in Gainesville, says Endeco International has had plenty of time to come up with the money.
"Back in January, he seemed to have his act together and I had all the confidence in the world that he could get the funds," Hall said. "Apparently he's working on another plan to get the funds but I've given him as much time as I want to give him."
Hall goes on to say he believes he was hoodwinked by the proposed developers.
Endeco withdrew annexation and rezoning requests for the project a month ago, but a consultant was quoted as late as Monday as saying the deal isn't dead.
Hall still maintains that the development - a state-of-the-art $325 million complex
consisting of 36-story and 34-story luxury condominiums and a six-star boutique hotel, restaurants, high-end retail shops, and a banquet hall, plus other amenities - would have been good for the area.
"I think it would have been a good thing for our city and our county," he said Tuesday. "It would have helped with the tax base, while having no impact on the school system."
But, the project got a cold shoulder from many who attended an informational meeting in March hosted by Endeco.
They wanted specific information about the effect the development would have on storm water run off, the city's water and sewer system, and traffic.
From a business standpoint, Hall says Endeco gave him a "substantial, non-refundable down payment," adding, "it's the second time I've sold the property and ended up getting it back, so, from a business standpoint, it's okay - I'm ready to move on."
Hall says the property is "back on the market" and he will market it to commercial prospects.
Tuesday
October 8th, 2024
2:27PM
