Wednesday, January 24, 2007

Twin 31 Story Condo Towers Get OK

From the Bakersfield Californian, comes an update on the planned twin 31 story condo towers:


Plan for high-rise towers at CSUB gets OK


By JENNY SHEARER, Californian staff writer jshearer@bakersfield.com Wednesday, Jan 24 2007 11:19 AM

The future landscape at Cal State Bakersfield may include high-rise towers with condos and a hotel.

Crisp, Cole & Associates received conceptual approval for its mixed-use project from the California State University system’s Board of Trustees today.

Crisp & Cole University Towers features twin 31-story structures with luxury condominiums, a four-star hotel and conference center, office space, retail center and parking.

“I am absolutely elated,” developer Carl Cole said about getting conceptual approval.

The project will be “the flagship of the universities in the Cal State system once we get this going,” he said.

The towers’ estimated cost is between $300 million to $400 million.

They would be on the southwest side of campus.

The university wants to pursue this project or one with similar components, including a hotel, if negotiations with Crisp & Cole don’t pan out, according to the project proposal given to the Board of Trustees.

The project would help develop student employment and internship opportunities in management, communications, accounting and marketing, according to Cal State Bakersfield.

It could be a stimulus for establishing new or expanded business majors, including merchandising, marketing, retail, business and residential, restaurant and hotel management.

The proposal includes a 700-space parking garage, which may costs $14 million.

The towers are the second of three proposed public-private partnerships.

In November 2006, trustees gave conceptual approval to Gregory D. Bynum & Associates’ four- to six-story office building project. Bakersfield Adventures for the Mind, an interactive children’s museum, is the final proposal.

Trustees will consider it at their March meeting.

21 comments:

Hwy50ina49Dodge said...

hwy50ina49dodge says:

What's the best 4 Star Hotel you've ever stayed in and where was it?

PS, what is the view looking west from the 31st floor, just wondering?

Anonymous said...

Yeah this is just what we need...more vacant housing! Good luck to Crisp in finding sucker investors.

PS how long did it take to build the Clarion errr I'm sorry I meant to say the Holiday Inn Select, LOL

Anonymous said...

From the Californian Blog:

posted by AGENTYOUWANT on Jan 24, 2007 at 09:56 PM
THE FUNNIEST THING ABOUT THE ANONYMOUS COMMENTS IS THAT WHEN THESE TOWERS ACTUALLY GO UP AND OPEN FOR BUSINESS THEY WILL PROBABLY BE THE FRIST PEOPLE TO WANNA LIVE, EAT AND SHOP AT THIS EXACT SAME PLACE THAT THEY WERE TALKING SO NEGATIVE ABOUT, COME ON PEOPLE WE ALL REMEMBER WHAT HAPPEN WITH THE MARKET PLACE OR DID WE FORGET? HISTORY WILL ALWAYS REPEAT ITS SELF. FOR MYSELF, CANT WAIT TO ENJOY LIVING IN ONE THE CONDOS EVEN BETTER SHOP AND EAT AT THE NEW STORES AND RESTAURANTS COMING TO BAKERSFIELD IN THE NEAR FUTURE. THESE TOWERS WILL ONLY MAKE BAKERSFIELD A BETTER AND A MORE FUN PLACE TO LIVE FROM YOUR LOCAL REALTOR AT CRISP & COLE REAL ESTATE jsalinas@crispandcole.com

Anonymous said...

http://people.bakersfield.com/home/Blog/tomz911/3736

Anonymous said...

posted by sylent9 on Jan 24, 2007 at 07:17 PM
Yeah I'm hoping this will attract more investing from big companies into Bakersfield. I'm hoping to get 1 or 2 condos myself if they aren't all sold to the clients first! By the way I do work for Crisp&Cole so if you guys need anything let me know! Cheers to "The Towers" project!

Report Violation

posted by sylent9 on Jan 24, 2007 at 07:18 PM
oops forgot to add my emails work: rvelasquez@crispandcole.com

Anonymous said...

31 Story Condo Tower in Bakersfield, what a total joke.

Anonymous said...

the market place???? it's a strip mall and the only people that didn't want it were the Hagan Oaks/Seven Oaks residents.

As far as ever wanting to live in the 'towers', I'll pass, I was never fond of dwelling with 100s of other people. But I do hope it goes up and goes up quick so as to further flood the housing market.

Since the AgentsIDon'tWant are here...I remember David telling me a year ago that if I didn't buy a house right away I'd never be able to afford one today...glad I didn't buy into the hype, I think I'll wait a bit longer...You guys should be jailed for driving this market to unsustainable levels they were at and (per the new foreclosure #s)for ruining peoples lives.

By the way, how many homes do you folks own these days? Are those liar loans catching up with you? When will you realize that you'll never get your insane asking prices?

Thieves!

Anonymous said...

Condo towers in Bakersfield. I am sorry, but that is a complete joke. I work in construction in the Sacramento area, and here the condo business is DEAD. And will remain so for a while.

Let me tell you about a condo building story, built in downtown Sacramento during the last condo 'boom'. This was 1979. 15 story building, maybe about 100 condos.

They sold 8.

Rest went to an investor who rented them. Some idiot bought the building to convert back to condos. Not having much luck.

Same will happen to Bakersfield. You had demand for 200 condos. You built 2000. Do the math.

Dani Weber said...

What?! That's a hotel in the middle of nowhere.

Also, the luxury condo concept is done, over, stick a $^#$ fork in it. No one who can afford one who lives in Bakersfield is going to want one - they will want a house with land, maybe horse property.

The whole point of mixed-use development is in-fill in urban environments not a stand alone project in the middle of a hot, dry desert 10 miles from the center of town.

Anonymous said...

Agentyouwant: Live in Bakersfield? That's your FIRST mistake!!!

Anonymous said...

it is unfortunate to see that people buy into hype, and that wheels can be greased in positions that should be "untouchable" such as a board of trustee's, higher education administration, and the like.
the main thing here with this project that no one realizes, until now hopefully, is the why CSUB Campus as opposed to another location. CSUB is on State owned property, if it were proposed anywhere else in Bakersfield it would not be approved because the County could not facilitate more than 13 stories in case of fire etc., etc. Furthermore, does anyone think it a coincidence that the approval coincides with so many other "changes" to CSUB infrastructure, i.e. = Division 1!
Look, this is "progress" people, just do not be confused when "progress" turns to "regression" due to the fact that it will take 14,000,000.00 plus to just get the necessary paperwork together to see if it is cost effective, including but not limited too; architect, building permits, projected environmental impact, and the list can go on and on. The projected 300,000,000.00 to 400,000,000.00 dollars it will take leaves far too much margin for error, to the tune of a 100,000,000.00 dollars. I am sure that the "agentsyouwant" basically expect to through lines of credit, investors and the like raise the money, but what happens when the projected cost shifts higher, again I can only assume that investors will "have" to come up with rest for fear of losing it all! The is another dynamic in the equation of PUBLIC/private, which I will not even bring up.
I remember a certain "agentiwant" really wanting me and friend to be "a" "part" of this project... I told him that money would be better spent elsewhere.
The problem is that we have no draw, and we now have bakersfield people, buying bakersfield homes, and while it is always great to purchase a home, the time for investing in bakersfield is over till the next cycle hits. When it does, I hope with all sincerity that it does not hurt as many people as it has.

Bakersfield Bubble said...

Last Anon-

Thanks for the comments.

Does anyone really believe this project will actually happen?

Anonymous said...

bakersfieldbubble "does anyone actually believe that this project will happen?"
Truthfully I do not know! I think that it was no mere coincidence that I saw Mr. A in town at a restaurant I frequent, speaking with people whom I would say are trying to secure a piece of the pie in the so called "TWIN TOWERS" project. I will not get into the whom or who Mr. A is, because that was not the question that was raised. If you connect the dots, better yet, if I felt comfortable connecting the dots I think that most citizens of Bakersfield would see right through with such clarity that only the best P.R. people could spin it!
To respond to the actual question would be obvious... NO, I do not think, but to write a plot on how this "could" unfold would make a great screenplay or novel.
How could the Towers become an image on the landscape, or should I say "skyline," well here we go:
Key Factor 1: the "people" and I use that term lightly, involve want this so desperately they cannot stand it. Why, because it would be the 1st and that is the legacy they want to leave. They believe that if this can happen, that the annuls of history, at least in Bakersfield would describe them as visionaries, and I do not mean just "theagentsyouwant."
Key Factor 2: this cannot happen with "theagentsyouwant" at the helm, maybe them as front men, but truly not the ones who are behind it. "Theagentsyouwant" have zero experience when it comes to development, St. Claire Development does not count for one of the agents, and the other has no clue what it takes. So, if they can get someone to step in and support the project, I could name names, but will refrain, Key Factor 2 may become a reality.
Key Factor 3: it is possible, maybe not now, but at some point in the future. Bakersfield is the only conservative niche in the state with any economic power, but I am afraid that times change and people's view changes. If people's view changes, on how they perceive themselves, and their community, you may see people sink their entire life savings into a project like this, to satisfy Key Factor 1 (legacy), which would boost self image, though how artificial it may be perception is reality.
Key Factor 4: do the “theagentsyouwant” have enough calluses on their lips to do what it takes and perform the necessary “fill in the blank” act to those with the money? I would say yes, only from stories I have been told. Some I can confirm, others I cannot.
Key Factor 5: if enough money is raised then anything is possible. This is obviously the biggest part of the equation, and one that has a chance of happening if enough of all the Key Factors come into play. Legacy, Developer, Perception, a$$-kissing = money. Unfortunately all sorts of dastardly things can be facilitated by money, and in the name of Legacy and Progress come to fruition.
I think the better question to ask is when, this will happen, and better yet, will their be enough people to facilitate the ROI that I am sure “theagentsyouwant” and their affiliates
project to make it a success.

In essence; if the stars align, Jesus returns giving it His blessing, then and only then can the MIRACLE I dub “TWIN TOWERS OF BAKERSFIELD” be developed and successful. And as we all know, miracles can happen, it is just that some of them are not all that miraculous when you see them for what they truly are… CURSES.

Bakersfield Bubble said...

Your post has my head spinning with 20-30 additional questions.

Let me ask a few:

1. How did you hear about this blog?


2. Whos is behind the project? If you don't want to say here, I have an email at bakersfieldbubble@hotmail.com where several other people have forwarded me information they wan't kept confidential.

3. The agentsyouwant have zero experience at this stuff, how can they go from 0-400 million. There is clearly more to the story.

4. Have you followed the condo project in downtown Sacaramento? They are much similar to this one, except their developer had some experience and they are falling on their ass big time. The valley has too much land for this sort of project to succeed.

5. The agentsyouwant have cut staff significantly recently and Carl Cole is holding open houses for his son's company. I thought he retired - LOL. How long will they even stay in business with their massive overhead? How can they see this project through when their business is down year over year?

Anonymous said...

1. was interested in creating and writing my own blog, enjoyed your content, wanted to right my opinion.
2. i will consider sending you an e-mail, most of it is just connecting the dots, personal interactions and various solid sources. In my experience though, nothing is truly confidential, nor anonymous, I would prefer to talk over the phone.
3. exactly my point, they have zero experience, I have already posted that remark on your blog see a couple posts up. But, do you think that it is without the realm of possibility, however unlikely that there is a developer here in town that would not back it for a piece of the pie?
4. as for sac, yes I agree with you, please realize that my post is written from a sarcastic point of view. I simply wanted to respond with my own thoughts of how the towers could happen, not necessarily would. I agree we have more land than not, but you must also realize that there are several, especially one company that has in-circled all of bakersfield.
5. as for “theagentsyouwant,” the writing is on the wall, you cannot run a business that is not fiscally responsible. There are indicators there other than just staff cuts, which imply a multitude of things. Then again, what does it mean for one of “theagentsyouwant” to open up shop elsewhere?

A question for you? How is it do you think that a mere boy, and a man “meteorically” rose from obscurity to fame, when neither person had the kind of money it would take to begin with? Lines of credit, either from business lines or personal lines, hot market, leverage you may say… connect the dots, dig deeper and there lies your answer!

There is always more to a thing, than anyone realizes.

Bakersfield Bubble said...

I think their rise (based on information from all sources I have received) was more right place at the right time and throwing caution out the window. I will give them some credit for going balls out in a market that had never experience this sort of run-up.

However, when the FED dropped rates to all time lows. Anyone in the right place at the right time would emerge as a "sucess".

Their rise was made by flipping new homes on the tract at McMillian and other new home builders. The market got hot and they found "friends" who were willing to help them out - or so this is what I have been told several sources. I am sure you already knew this or heard this?

Are you in the real estate business in town?

Anonymous said...

there is more there than just right place, right time. yes the enviornment was perfect, but you have to have a certain amount of cash in order to throw caution out the window.
and finding "friends" vs. having strings pulled by "friends" are two totally different things.
as for my anonymous posts, please understand that my involvement is best arms distance in these posts than not.

Bakersfield Bubble said...

I have often thought of these guys as minor players in this whole bubble. Their volumes are only a fraction of the total transactions in town.

Am I wrong?

Anonymous said...

no you are not wrong, and furthermore, once you breakdown the cold hard facts you will see that the illusion they created was not one for themselves, but more over an illusion for "others."

and on that note, i believe that my opinion has been concluded, i can only hope that it will bring about the necessary investigation into the who, what, where, why and how. not necessarily to "bring" someone down, just so that people know why we are where we are currently in bakersfield, and understand that there is far more to the "bubble" than meets the eye here in bakersfield at least.
this "bubble" was dictated by a few, and as always a few have prospered, but the commonwealth has been slighted and bakersfield has become more of a two class society than what it should be, especially for a town with such moral convictions. i am not saying that interest rates did not play their part, or that the enviornment was not a vital factor, but in the end there was an unprecedented jump in price, and there are good people left holding the bag... and not the people who should be holding it.

thanks for the dialogue.

e

Bakersfield Bubble said...

Thanks!

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