Construction on the $20 million Sunset Bay Condominiums project in Storm Lake will resume "soon," after several weeks in which the site has been shut down, according to Steve Brashears, Director of Sales.
"This is information I was passed on and I have no reason to doubt it," Brashears said.
He said that details on finance agreements are still being completed by owner Regency Commercial Services of West Des Moines. Slower-than-expected early sales of the 70 units caused work to be stopped and funding to be reset. Brashears expects construction to resume within the next 30 days, in hopes of beating winter weather.
"The walls are pre-cast, similar to what was used on King's Pointe Lodge," Brashears said, and can go into place quickly. "We hope to get everything enclosed to work during the winter."
The original completion date was set for spring, but Brashears now anticipates it will be during the summer of 2008.
Eight purchasing agreements have been signed and six to eight more reservations are still set.
"Interest is still strong in the area but Storm Lake is a different market," Brashears said. "People in the area like to see and touch it before they buy and I don't blame them...Some people from Des Moines, Omaha and Sioux City are more willing to look at plans and buy without seeing a condo."
Ten thousand direct mail ads will be starting soon, sent to an 80-90 mile radius of Storm Lake.
Meanwhile, Brashears has been handling a lot of questions due to the long inactivity at the site.
"There are a lot of rumors going around like we are bankrupt and other out the blue comments," he said. "Those are not true."