^ sure, but generally developers prove themselves on smaller projects first and work their way up to something of this size and scope.
Maybe he did "prove" himself on smaller projects. How would we know? And I doubt he would try to take on a one hundred million dollar project if he didn't believe he could get it done. It's not like he can "return" the building to the McGowans if he can't get it done.urban_dilettante wrote: ↑Jan 23, 2021^ sure, but generally developers prove themselves on smaller projects first and work their way up to something of this size and scope.
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^ not understanding all the quotation marks. it's pretty standard for developers to start small and "prove" themselves before tackling large/complex projects. you don't just get out of bed one day and say "i think i'll redevelop a 120-year-old, 500K sq ft building." How would we know? reading. i doubt he's somehow completed a bunch of developments in secret. what i've read jibes with what DB said. he's completed one other project somewhere in Texas. i think it was Dallas. do i hope he's successful? sure. but so far it's not looking promising.
I used the quotation marks because who are we to say what hes done. We're not the bank or his investors. The banks and investors are the ones who he has to prove something to and if he's go to this point, I imagine someone or company believes in him to get this project done. If 2020 has showed me anything, it's the media will report what they choose to and how they choose to.urban_dilettante wrote: ↑Jan 29, 2021^ not understanding all the quotation marks. it's pretty standard for developers to start small and "prove" themselves before tackling large/complex projects. you don't just get out of bed one day and say "i think i'll redevelop a 120-year-old, 500K sq ft building." How would we know? reading. i doubt he's somehow completed a bunch of developments in secret. what i've read jibes with what DB said. he's completed one other project somewhere in Texas. i think it was Dallas. do i hope he's successful? sure. but so far it's not looking promising.
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I'm hoping this will get done. But they owe money on their taxes - and who knows what else they owe to whoever else.
I work for a bank. We don't loan when you have serious delinquencies as it appears this development team has.
I can't say I'm even cautiously optimistic about this project. I'm just going to wait and see what happens... with the understanding that this could fall through at really any given moment.
I work for a bank. We don't loan when you have serious delinquencies as it appears this development team has.
I can't say I'm even cautiously optimistic about this project. I'm just going to wait and see what happens... with the understanding that this could fall through at really any given moment.
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not sure what "the media" would stand to gain by hiding a supposed plethora of projects finished by a no-name, small-time developer but ok.stlien wrote: ↑Feb 02, 2021If 2020 has showed me anything, it's the media will report what they choose to and how they choose to.
He is perceived as anti-union. Some of his investors are, or were, Turks. That's enough justification.urban_dilettante wrote: ↑Feb 02, 2021not sure what "the media" would stand to gain by hiding a supposed plethora of projects finished by a no-name, small-time developer but ok.stlien wrote: ↑Feb 02, 2021If 2020 has showed me anything, it's the media will report what they choose to and how they choose to.
Also, a Chinese company was to be GC, and probably also an investor. Not sure if that's a net positive or negative though...
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^ i just think it's a real stretch to suggest that all the media everywhere is hiding all his accomplishments.
It could be a red flag (in the classic sense of the term) for the media, as Turkey is not exactly a paragon of progressivism. These days, they are only on the right side of the narrative when they are criticizing Israel. There are more and more red flags, probably, as the Erdogan regime becomes increasingly authoritarian.framer wrote: ↑Feb 03, 2021Just curious; why would Turkish investors be a red-flag?
And just as an aside (not implying that the media cares about corruption), but authoritarianism and corruption go hand-in-hand, and it's more and more difficult to do business there unless you are a "friend" of the regime.
We are talking about local media, and not saying that they are hiding accomplishments. There are many ways to assassinate someone's character.urban_dilettante wrote: ↑Feb 03, 2021^ i just think it's a real stretch to suggest that all the media everywhere is hiding all his accomplishments.
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^ we? i was just responding to stlien's suggestion that Alterra has somehow managed to complete a bunch of projects for which there is no information to be found anywhere, much less in the local media. not commenting on anyone's character. Mike may be very well intentioned but that doesn't mean he can get the project done.
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Alterra must be in on it with the media(obviously some 5 dimensional Trump style chess or some sh*t) bc the last time I checked their website it shows only one project completed
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^They seem to have two completed developments in Dallas now: The Butler Brothers Building and Alto 211. It's not a lot, and so far they're both in Dallas. And the more recent of the two is from 2016, so it's not terribly recent. But two projects does make it sound like maybe they can get something done. It's a track record. I didn't dig terribly deep, so I don't know how well either of those properties is performing right now. Or anything about the quality of the redevelopments. But they do both appear to be done per relatively reputable journalistic sources: The Dallas Morning News and the local Biz J. outlet there. (Not that I'm a big fan of Biz J. It's pretty well softball stuff: Basically press releases for local players. But it's never struck me as deceitful, just shallow.)
Also! Any updates on this one? Last I read was that rehabbed would start in 2022.
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Sad!! That’s a prominent building!! Its like the Butlers Brother’s Building!
* Jefferson Arms Building.
* Butler Brother’s Building.
* Chemical Building.
* Railway Exchange Building. (Bottom should become a Target).
Need to become Residential Buildings ASAP!
** ATT I have no idea as the design doesn’t give me any ideas lol…
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I guess being the "Turkish Trump" doesn't quite carry whatever cachet it once did?
So I got curious and went to Alterra’s website and it still shows the Jefferson Arms Rehab! And they also have the Extension from February 2021 for $104M. It says rehab will start in 2022 with a completion of 2025. What am I missing?JJ Rivera wrote:“Turkish Trump” ???? What? Gives us transplants the 411!urbanitas wrote:I guess being the "Turkish Trump" doesn't quite carry whatever cachet it once did?dbInSouthCity wrote: ↑Aug 23, 2021No chance this moves forward with the current developer. He can’t get the $
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^ A website that hasn't been updated. He got an extension because he paid his taxes. Still doesn't mean he can cobble together the financing.
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The part where all of that is made up bsJJ Rivera wrote: ↑Aug 23, 2021So I got curious and went to Alterra’s website and it still shows the Jefferson Arms Rehab! And they also have the Extension from February 2021 for $104M. It says rehab will start in 2022 with a completion of 2025. What am I missing?JJ Rivera wrote:“Turkish Trump” ???? What? Gives us transplants the 411!urbanitas wrote: I guess being the "Turkish Trump" doesn't quite carry whatever cachet it once did?
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LOL… Does this guy has a bad rep? Like I’m learning all this stuff and read it on other news sources. How do you know he hasn’t gotten any financing and all of it is BS? Again I’m just learning not trying to funny.dbInSouthCity wrote:The part where all of that is made up bsJJ Rivera wrote: ↑Aug 23, 2021So I got curious and went to Alterra’s website and it still shows the Jefferson Arms Rehab! And they also have the Extension from February 2021 for $104M. It says rehab will start in 2022 with a completion of 2025. What am I missing?JJ Rivera wrote: “Turkish Trump” ???? What? Gives us transplants the 411!
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https://www.dallasnews.com/business/rea ... egal-woes/JJ Rivera wrote: ↑Aug 23, 2021LOL… Does this guy has a bad rep? Like I’m learning all this stuff and read it on other news sources. How do you know he hasn’t gotten any financing and all of it is BS? Again I’m just learning not trying to funny.
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He calls himself the Turkish Trump. The real estate developer says he chases deals across former Soviet republics, Central America and Africa. He boasts of advising government leaders around the world and teams up with foreign investors whose names he won't reveal.
He is Mukemmel "Mike'' Sarimsakci, an admirer of President Donald Trump. And he is ready to help launch the Trump Organization's new Scion brand with a hotel in downtown Dallas.
But in teaming up with Sarimsakci, the Trump family business has chosen a man with a checkered business history and murky international ties who is prone to floating big plans for projects that don't always materialize, a Dallas Morning News investigation found.
Thanks. Will read it now.bprop wrote:https://www.dallasnews.com/business/rea ... egal-woes/JJ Rivera wrote: ↑Aug 23, 2021LOL… Does this guy has a bad rep? Like I’m learning all this stuff and read it on other news sources. How do you know he hasn’t gotten any financing and all of it is BS? Again I’m just learning not trying to funny.
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He calls himself the Turkish Trump. The real estate developer says he chases deals across former Soviet republics, Central America and Africa. He boasts of advising government leaders around the world and teams up with foreign investors whose names he won't reveal.
He is Mukemmel "Mike'' Sarimsakci, an admirer of President Donald Trump. And he is ready to help launch the Trump Organization's new Scion brand with a hotel in downtown Dallas.
But in teaming up with Sarimsakci, the Trump family business has chosen a man with a checkered business history and murky international ties who is prone to floating big plans for projects that don't always materialize, a Dallas Morning News investigation found.
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