Spinnaker Waterfront Hotel Downtown in Trouble?

[admin]

It appears as though the Spinnaker Waterfront Hotel in Downtown San Diego will be another casualty of the bubble pop.

http://spinnakerwaterfronthotel.com/swh_renderings.html

Todd Sabin, the owner’s house in Point Loma is entering foreclosure.

He owes $8,000,000 on that house according to the NOD.

Look at the price history of that house from 1991 to 1998.
http://www.sdlookup.com/Property-815DA99C-2900_Nichols_St_San_Diego_CA_92106

Now asking $4,999,000
05/25/2005 $5,000,000
08/13/1998 $2,950,000
03/26/1991 $3,400,000

So much for the high-end being immune.

Thanks to jpinpb for the NOD info. 🙂

[briansd1]

Here’s another high end in Point Loma w/ an NOD.

I wonder where the equity went.

http://www.sdlookup.com/Property-68B996F7-821_Armada_Terrace_San_Diego_CA_92106

[briansd1]

Here’s another high end in Point Loma w/ an NOD.

I wonder where the equity went.

http://www.sdlookup.com/Property-68B996F7-821_Armada_Terrace_San_Diego_CA_92106

[briansd1]

Here’s another high end in Point Loma w/ an NOD.

I wonder where the equity went.

http://www.sdlookup.com/Property-68B996F7-821_Armada_Terrace_San_Diego_CA_92106

[briansd1]

Here’s another high end in Point Loma w/ an NOD.

I wonder where the equity went.

http://www.sdlookup.com/Property-68B996F7-821_Armada_Terrace_San_Diego_CA_92106

[briansd1]

Here’s another high end in Point Loma w/ an NOD.

I wonder where the equity went.

http://www.sdlookup.com/Property-68B996F7-821_Armada_Terrace_San_Diego_CA_92106

[briansd1]

Interesting City Beat article:

http://www.sdcitybeat.com/cms/story/detail/deal_gone_wrong/7473/

[briansd1]

Interesting City Beat article:

http://www.sdcitybeat.com/cms/story/detail/deal_gone_wrong/7473/

[briansd1]

Interesting City Beat article:

http://www.sdcitybeat.com/cms/story/detail/deal_gone_wrong/7473/

[briansd1]

Interesting City Beat article:

http://www.sdcitybeat.com/cms/story/detail/deal_gone_wrong/7473/

[briansd1]

Interesting City Beat article:

http://www.sdcitybeat.com/cms/story/detail/deal_gone_wrong/7473/

[briansd1]

http://www.sdcitybeat.com/cms/story/detail/golden_eggs_in_a_concrete_world/7382/

In May, it appeared something was shaking, when Carpenter and Engle convinced port commissioners to transfer the lease to a pair of low-profile developers, Todd Sabin and Brian Ross. But since then, efforts to gain private financing for the hotel have fallen through for Sabin and Ross, and on Tuesday, port commissioners were poised to rescind the lease-transfer deal they approved in May.

Confused yet? Yeah, me too. In the meantime, Engle and Carpenter secured a tentative deal with the San Diego Convention Center Corp. to give convention officials a year—for $1 million—to determine if the sliver of property can handle both the hotel and a convention center expansion. If so, Engle and Carpenter would be paid $13.5 million for the lease.

Here is a related story by SDUT
http://www.signonsandiego.com/uniontrib/20081104/news_1m4lease.html

[briansd1]

http://www.sdcitybeat.com/cms/story/detail/golden_eggs_in_a_concrete_world/7382/

In May, it appeared something was shaking, when Carpenter and Engle convinced port commissioners to transfer the lease to a pair of low-profile developers, Todd Sabin and Brian Ross. But since then, efforts to gain private financing for the hotel have fallen through for Sabin and Ross, and on Tuesday, port commissioners were poised to rescind the lease-transfer deal they approved in May.

Confused yet? Yeah, me too. In the meantime, Engle and Carpenter secured a tentative deal with the San Diego Convention Center Corp. to give convention officials a year—for $1 million—to determine if the sliver of property can handle both the hotel and a convention center expansion. If so, Engle and Carpenter would be paid $13.5 million for the lease.

Here is a related story by SDUT
http://www.signonsandiego.com/uniontrib/20081104/news_1m4lease.html

[briansd1]

http://www.sdcitybeat.com/cms/story/detail/golden_eggs_in_a_concrete_world/7382/

In May, it appeared something was shaking, when Carpenter and Engle convinced port commissioners to transfer the lease to a pair of low-profile developers, Todd Sabin and Brian Ross. But since then, efforts to gain private financing for the hotel have fallen through for Sabin and Ross, and on Tuesday, port commissioners were poised to rescind the lease-transfer deal they approved in May.

Confused yet? Yeah, me too. In the meantime, Engle and Carpenter secured a tentative deal with the San Diego Convention Center Corp. to give convention officials a year—for $1 million—to determine if the sliver of property can handle both the hotel and a convention center expansion. If so, Engle and Carpenter would be paid $13.5 million for the lease.

Here is a related story by SDUT
http://www.signonsandiego.com/uniontrib/20081104/news_1m4lease.html

[briansd1]

http://www.sdcitybeat.com/cms/story/detail/golden_eggs_in_a_concrete_world/7382/

In May, it appeared something was shaking, when Carpenter and Engle convinced port commissioners to transfer the lease to a pair of low-profile developers, Todd Sabin and Brian Ross. But since then, efforts to gain private financing for the hotel have fallen through for Sabin and Ross, and on Tuesday, port commissioners were poised to rescind the lease-transfer deal they approved in May.

Confused yet? Yeah, me too. In the meantime, Engle and Carpenter secured a tentative deal with the San Diego Convention Center Corp. to give convention officials a year—for $1 million—to determine if the sliver of property can handle both the hotel and a convention center expansion. If so, Engle and Carpenter would be paid $13.5 million for the lease.

Here is a related story by SDUT
http://www.signonsandiego.com/uniontrib/20081104/news_1m4lease.html

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