Leah Weatherspoon, a spokesperson for Related Group, said she would answer only emailed questions for this article. Then she did not respond to the email New Times sent.
"It's quiet, you know what I mean?" the valet, Patterson, says. "You get to use all the amenities you want."
C. Stiles
The empty Tao Sawgrass condos have become a symbol of the boom's folly.
C. Stiles
Working as a valet at CityPlace South Tower, Don Patterson says business is painfully slow.
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Saved by the Highest Bidder: Radius, Hollywood
Sara Gordon is convinced she got an amazing deal. The 28-year-old went hunting for her first house three months before the stock market crashed. She paid $300,000 for a two-bedroom condo with views of the Atlantic Ocean and the ArtsPark in downtown Hollywood.
"It's supercool," she says, as she heads out one evening near Young Circle. Along with the rooftop pool, the home theater, and the restaurants in walking distance, she found the ultimate perk: "I have Starbucks in my building."
This kind of enthusiasm is what investors had in mind when 200 people camped out on the street five years ago to buy homes in Radius. The 311-unit pair of curved white towers was to be the first large residential development along Young Circle in three decades. The City of Hollywood, which was trying to ditch its scrappy, working-stiff reputation and attract more Boca-style residents downtown, chipped in $11 million in incentives for the project.
In 2006, then-Mayor Mara Giulianti was a cheerleader for Radius and other high-end condos, which put to shame the faded, Three's Company-era apartments and cheap motels that had stood near Young Circle for years. By contrast, the new developments were heralded as beacons of luxury that would draw hordes of clean-cut yuppies. "Certainly there aren't a zillion people knocking on our doors to stick anything on U.S. 1," she said at the time. "Certainly not with stainless steel and granite tops. I think it brings energy, and I think it brings young people who love this type of living."
The plan worked — sort of. Plenty of young people such as Gordon live near Young Circle, but they are more Publix shoppers than moneyed socialites. Meanwhile, Radius has given up selling glamour in favor of selling anything at all.
"You've got to redefine success," says Andrew Gardner, vice president of condo operations for Lane Co., which partnered with Hollywood developer FIRM Realty to build Radius. "Success right now, for any developer, is to get rid of its inventory at a number that allows it to fight another day."
In fact, Radius was one of the lucky ones. It was approved for occupancy in December 2007, and 190 of the original buyers closed their deals before the real estate market collapsed, Gardner says. After that, his company's strategy was to sacrifice profits in the name of survival. Last November, Lane auctioned off 40 Radius units at prices that began as low as $90,000. This helped the company find out exactly what buyers were willing to pay, which in some cases was half the original price. "Compared to three years ago, no, it's a bloodbath," Gardner admits.
He estimates the building is only about 64 percent occupied — and that includes renters and seasonal residents. But he says 85 percent of the units have been sold and closed, and that makes Radius seem positively miraculous compared to competitors such as Tao and CityPlace South Tower.
Of course, not every detail of life at Radius is worth celebrating. Gordon pays $740 a month in maintenance fees, a price she believes is "compensating for the unsold units." (Gardner says this is simply how much the amenities cost.) The building has even started charging residents for valet parking.
Tom, a 30-year-old renter who declined to give his last name, complains that the building has too many maintenance problems. His bathroom door was installed backward, the dishwasher leaks, and the gym spa was closed for a long time because it had trouble meeting city building-code requirements. "I think they just threw the building up too fast," says Tom, who was walking his dog on Young Circle on a recent evening.
And although Gordon described a building populated by young professionals, families, and older residents, Tom still can't get past the relative emptiness. "It feels like the movie The Shining when you're walking down the hallway," he says.
Gardner concedes that his company is still addressing maintenance issues covered under a one-year warranty. As for the spa, "there were typical construction issues that delayed final completion of one amenity."
Meanwhile, owners have downgraded their expectations. The days of flipping and quick profit are gone. Gordon's attorney told her she'd have to live at Radius for a decade to earn her money back. But she doesn't seem to mind. "It's my first time buying anything," she says. "I got a great deal."
Crime and Punishment: Villa Medici, Fort Lauderdale
On a blazingly sunny afternoon, the arms of the front gate to Villa Medici are raised. The guard's shaded hut is empty, blind to the black Jeep that rolls by, windows down and bass line pounding.
Here on 17th Way in Fort Lauderdale, the rows of three-story townhouses are mostly quiet, their brick walkways shaded by tall palm trees. They are painted hues of orange and cream, accented with Spanish tile roofs. From the outside, they fit the picture of half-million-dollar homes in walking distance of the beach.
