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Park Fifth Responds to Curbed's Reports of Its (Funding) Demise

By Eric Richardson
Published: Friday, November 02, 2007, at 01:00PM

Yesterday Curbed posted a rumor that the Park Fifth project had lost its main investor and fired its sales staff and marketing director. While aspects of the post were true -- the project is restructuring some of its financing -- the fundamentals were simply incorrect. Park Fifth Project Director Rich Marr sent a reply over to Curbed rebutting their information and attempting to instill a little accuracy in what's out there. A copy of that response found its way into the blogdowntown mailbox as well.

I try not to mix work and this site, but Cartifact is providing an interactive map kiosk in the Park Fifth sales center (which I might add is really impressive). Last week I was over with VP of Marketing Erika Nelson doing some final testing. I can assure you that she's still gainfully employed and about to be moving her office into the sales center.

Bottom-line: The project's construction schedule remains unaltered and there's lots of interest in both buying and in investing.

Rich Marr's full response after the jump...

Q&A with Rich Marr Regarding Status of Park Fifth

Q: What is the status of Park Fifth?

A: Park Fifth is progressing on schedule. Over the last few months, we have seen significant progress in the development of Park Fifth. We have achieved major milestones in the areas of permitting, pre-construction planning and sales center development. Tremendous excitement and momentum have been created for Park Fifth, resulting in 348 reservations to date - even before we open our sales center.

As we enter real estate’s traditionally quiet fourth quarter, we have begun a short phase where we are restructuring internal operations in order to move forward in an effective manner and continue to progress on target. This internal restructuring will better poise us as we move forward into the construction phase. We will continue to focus on securing all necessary permits and approvals and completing the EIR process.

The design of the project, groundbreaking and completion will not be affected by the restructuring. Groundbreaking is still scheduled for the first half of 2008 and completion of the first tower is set for 2010.

Q: Is it true that Park Fifth lost its main investor?

A: No, Park Fifth’s main investors remain involved in the project and are currently focused on securing finals permits and completing the EIR process.

Q: Is Park Fifth looking for new investors?

A: Internal restructuring could include the addition of a new investor or a potential change of ownership, but this would not affect the design or timing of the project.

Q: Will the internal restructuring affect the timing of the project?

A: No, Park Fifth is progressing on schedule. Completion of the first tower is set for 2010, while the second tower will be completed in 2011. Our process of internal restructuring will not affect our progress or timing of the project.

Q: Are you still accepting new reservations?

A: Yes, Park Fifth is accepting new reservations.

Q: Will the Sales Center still open?

A: Yes, the Sales Center will be complete within the next few weeks. We are putting the final touches on what will be a truly spectacular representation of what living at Park Fifth will be like. The Sales Center will include two complete model homes, virtual tours of both towers and many interactive features to help prospective buyers visualize the home they are interested in purchasing.

Q: What is the status of Park Fifth’s sales team?

A: The Park Fifth sales and marketing team remains active and in place. The team will complete its move into the Sales Center by mid-November and will begin offering tours shortly after that. The team can be reached at 213-629-0000 or via email at angus@parkfifth.com.

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Park Fifth

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