Condo-conversion cancellation confirmation: West Ridge/Gables

Two weeks ago, we brought you a WSB reader’s report that the office staff at West Ridge Park on Delridge told her the condo conversion to “Gables,” by the same people who brought you “Strata,” was slowing down. Then one week ago, we noted that the Mosaic Homes website no longer listed “Gables” as “coming soon.” Mosaic still to this date hasn’t returned our messages, but another West Ridge resident just e-mailed WSB to tell us this notice landed on the doorstep this morning:

“We are pleased to announce that the owners of West Ridge Park have decided to not go forward with the planned condo conversion at this time. The property as a whole will remain a rental property … We sincerely want to thank each and every one of you for your patience and understanding during these past months of change and uncertainty. We hope this announcement will please all of you. I know you are very excited that we are staying as a rental community, and hope each of you will stay with us in 2008.”

This was to be a huge condo conversion and got a lot of citywide coverage earlier this year, as harbinger of a trend — can’t help wondering if it might become the same thing now, in the opposite direction.

10 Replies to "Condo-conversion cancellation confirmation: West Ridge/Gables"

  • Rick November 29, 2007 (7:41 am)

    I’m sure they would appreciate YOUR committment so as not to experience any financial downtime for future conversion options. Or as in the case of West Water,just shine it up a bit,raise your rent 40% and save you the hassle of moving. Then there’s Strata. Talk about puttin’ paint on the pig! It’s becoming more costly to live in this city with higher paying jobs displacing regular working folk so hopefully this trend is beginning to fade.

  • JunctionMonkey November 29, 2007 (7:59 am)

    More than likely this is due to the credit crunch in the housing market and the inability of the “Gables” group to obtain a source of funding to underwrite the conversion.

  • Sue November 29, 2007 (8:33 am)

    I would have been more “excited” to have it remain a rental community if they hadn’t raised rents 20%+ at the beginning of the conversion process, ran half of us out with notices to vacate, and had left the old management that actually ran the place efficiently and competently (Amy & Seville were the best!!), took care of repairs timely, and cleaned the grounds every single morning. It may remain a rental, but it won’t be anything like the WRP of a year ago, which is a shame.

  • Anony November 29, 2007 (10:00 am)

    That letter excerpt is very poorly written, given its audience. In particular, not only is presumptuous with the line, “I know you are very excited….”, but it contradicts the preceding line, “We hope this announcement will please you.”

    It appears from the poor planning and management of its owners/investors capital, right down to its crummy form letter correspondence generated from some poor office flack, that this company is the ideal poster-boy for the causes of our current, inflated housing/property market and its precipitous decline.

    Way to go Mosaic!

  • A.A. November 29, 2007 (10:07 am)

    Sue – I have a picture of my cat and Amy’s cat staring each other down through the back glass door from when I lived there. (When Amy still lived there with her family) We lived right by her, and our cats liked to “visit” one another. She was good people.

  • Chris November 29, 2007 (12:02 pm)

    So I’m guessing Strata sales must not be going very well. Anyone have any information (official or unofficial) on how fast or slow those are moving?

  • Miss K November 29, 2007 (12:42 pm)

    Good! I hope the conversion trend will become obsolete. Also has anyone noticed the HUGE billboard coming towards WS for West Water? LOL!! I like how they added 30% sold. I laugh everytime I see that billboard. I almost moved to that apartment before it was sold. I thank my lucky stars I didn’t go for it. I do feel for those who were displaced. Also did they start any of the conversion process on WestRidge?

  • Sue November 29, 2007 (1:43 pm)

    Miss K, yes, they did start the conversions. An entire “court” was vacated and, last I wandered by, it was in the middle of renovations, at least externally. I’m thinking it’s probably about 40 or so apartments and townhomes. I don’t know if they started any of the other courts, or if others were asked to vacate yet in anticipation. I lived in the back of the complex and was told we would be one of the last to convert, being able to stay until Feb. 2008, which is when my lease was up. We opted to move in May 2007 because we found a house to rent in a better neighborhood and with twice the space for $100 more than the raised WRP rent. Cost me $1600 to break my lease (even though they filled it again in a month), but I didn’t want to be forced to look for a place last minute and take the first thing I could get. I ended up in a much better situation in the end.

  • Rick November 29, 2007 (4:19 pm)

    I just recieved an e-mail this afternoon from Strata stating basically the same thing as West Ridge Park. Looks as if the tides have shifted. Unfortunately, people get caught up in those tides. Good luck to all who have.

  • former GSR November 29, 2007 (6:15 pm)

    I used to live at Graham Street which now they are calling Strata. I experienced being kicked out/displaced from my home and also having to live in a major construction zone with poor management. Seville was a great manager!

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