Friday, September 24, 2010
Is Palermo's developer really leaving us?
It was just over two months ago that Palermo residents awoke to this news from an HOA representative: "I wanted you to know on behalf of the HOA that as of yesterday Enterprise has resigned from the Board including President Ron Shipka Jr. and Treasurer Gordon Camaresi. When asked why the action was so sudden, we were told 'we expect to lose interest in the property in the next 30 days.' None of us are sure what that means and we are trying to get clarification." Enterprise California has unsold units in Palermo and has an interest in the undeveloped portion (Phase 2) of Palermo. A couple of weeks later, residents learned that PS Venture Indian Canyon/San Rafael LLC, the Palermo LLC of the Enterprise Cos. of Chicago, owed $13,450,378.36 on a $30 million loan. A Notice of Default document, dated July 14, 2010, said: "No sale date may be set until three months from the date this notice of default may be recorded." Then in August, an article in a Chicago business newspaper, titled "Shipka sued over personal loan guarantees," reported: "Ronald Shipka Sr. is the latest Chicago developer stung by the housing market, as MB Financial sues to collect about $4.7 million on two projects in Palm Springs." The three-month clock for the Notice of Default is up in mid-October. The bank could keep the property for now or sell it off to someone else. Or will the Enterprise Cos. just buy it back at pennies on the dollar? The Enterprise Cos. Web site — www.theenterprisecompanies.com — still touts "Enterprise California" and lists Palermo Palm Springs and Murano Palm Springs as "current developments." The developer, at the city of Palm Spring's request, has cleaned up the Phase 2 parcel and sprayed it with dust control material. A sign put up by the local Enterprise representative (who's still employed despite the default notice) warned residents not to walk on the dust control material or "your HOA" may be asked to pay for another treatment. The wording suggested to some that Enterprise would be around in the future to do that asking. Is Enterprise really leaving us? We may have answers in a few weeks. Miss Penny Lane says: She'll have no worry lines on her face regardless of which way it goes because Palermo's future is bright.
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7 comments:
Will the HOA let us know in October?
Bruce Bushore is still employed with Enterprise and Enterprise definitely doesn't want to lose interest in either Palermo/Murano and another development slated with the Bureau of Indian Affairs land at Avenidas Caballeros, near the convention center. Of course they are trying to refinance their loan and WHY ELSE WOULD THEY BE IN SUCH A HURRY TO HAVE THE COMPLEX PAINTED, ESPECIALLY SINCE IT LOOKS SO BAD? Also, the landscaping around the original models has finally been cleaned.
Hasn't anyone noticed that the units we purchased didn't include the nice, coppertoned solid sheet metal that goes all around the original models and the clubshouse? Another way Enterprise cut corners. How long can we think another paint job in this climate will last? Especially on the poorly applied sheet metal around our units?
I don't have any problems with the "sheet metal" feature. Looks cool and seems in good shape. I thought it was the HOA that got the repainting to happen not Enterprise.
Miss Penny Lane for HOA Board! Rather than hide behind your anonymous website, why don't you really make a difference and step out of the shadows?
This community is the biggest bunch of babies I have ever seen. You all cry and complain about everything yet you do nothing except nit-pick and everything and everyone. No wonder no one wants to come and live here either by purchasing or renting. And as a matter of fact when ANYONE visits one of the condos here and happens to ask me how Palermo is ........ and this happens often ....... I tell them that everyone that lives here are the biggest cry babies and complainers in the world. The HOA, the residents that own here are just the worst and I also tell anyone all over the valley when they ask about here.
Get a life you idiots ............. this is the worst place anyone could ever live because of all you idiot complaining babies.
I can promise you that I will continue to tell everyone to NOT move here if I can.
Everyone wants to rent here. The rentals are snapped up in days - that's why VPM is so desperate to keep this contract.
Not everyone needs to be on the board, that would mean the board would 117 people on it. Everyone can make their own unique contribution. Penny Lane is doing her part. In fact, she's done more than anyone to bring this community together. She's our cheerleader, historian and watchdog. From my vantage point, much of what the board or DRM has done is because it started right here - cameras, security, getting a lawyer to look out for our interests in terms of Enterprise, and it goes on and on. The improvements wouldn't have happened otherwise. We'd be forgotten about. But now we have this place to go. I do agree with "11:09 a.m. poster" that the board needs someone who knows at least something about communications. That's a big hole on the board.
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