- Report: #239988
Complaint Review: Orpheum Lofts Developer TASB LLC - Phoenix Arizona
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Orpheum Lofts Developer TASB LLC
114 W Adams Phoenix, 85003 Arizona, U.S.A.
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Orpheum Lofts Developer TASB LLC developer ripoff fraud not providing promised parking totalling four million plus dollars Phoenix Arizona
Residence at Orpheum Lofts were the first to purchase in the newly redeveloping downtown. They were told that they would be provided parking in the second phase of construction. There was never any discussion about later expenses.
Over two years later they are being asked to pay around $40,000 per space. At the required 120 spaces that equals $4,8 million dollars.
The developer TASB LLC gave public statements and personal verbal reassurance that there would be parking. There are blue prints of the parking structure, it's maintenance is included in the HOA reserve study, there are articals in the Busness Journal about the parking structure, the residence have park in the empty lot since first occupation, and the concensus amoung the 90 plus residence in the building is they believed they would have parking at no additional cost.
This is clearly a prime example of what the Attorny General states as Fraud on his website and a direct violation of the Real Estate Commissioner's Rules which state that all material facts that would influence a buyers decision to purchase a home must be disclosed in writing.
The issue becomes very convoluted because TASB was short on funds and sold the parking lot to the city of Phoenix. The city gave him Six years free lease and the right to purchase the lot well below market rate. This was in addition to the $2 million TASB was giving by the City of Phoenix to develope the property.
In early March the land was transfer to a new Developer. This was after the Mayor Phil Gordon personally told residence of the Lofts that he would help to resolve the issue.
It seems that politics have taken the side of big business in downtown Phoenix and it is directly affecting the first homeowners who believed in the renovation of downtown.
The residence of Orpheum Lofts have waited patiently hoping that there would be a resolution to this situation. Those that need to have not been able to sell and several have foreclosed or will have to foreclose because of the severity of the problem.
The principles with TASB include the Commissionar of Education from Colorado (Joel Farkas), a 30 plus year Real Estate Attorney (Harvey Deutsch) and an ex police officer (Norm Sheldon). It's amazing that these so called pillars of society have no conscience and are able to blaintly disregard the law while committing this fraud.
Keith Mishkin of Cambridge Properties was the representing Broker in the project. He and his staff perpetuated the parking myth layed down by the developer and are also bound by the Commissionars Rules. In not provide full disclosure they are also responsible for the fraud.
Sam
phoenix, Arizona
U.S.A.
Over two years later they are being asked to pay around $40,000 per space. At the required 120 spaces that equals $4,8 million dollars.
The developer TASB LLC gave public statements and personal verbal reassurance that there would be parking. There are blue prints of the parking structure, it's maintenance is included in the HOA reserve study, there are articals in the Busness Journal about the parking structure, the residence have park in the empty lot since first occupation, and the concensus amoung the 90 plus residence in the building is they believed they would have parking at no additional cost.
This is clearly a prime example of what the Attorny General states as Fraud on his website and a direct violation of the Real Estate Commissioner's Rules which state that all material facts that would influence a buyers decision to purchase a home must be disclosed in writing.
The issue becomes very convoluted because TASB was short on funds and sold the parking lot to the city of Phoenix. The city gave him Six years free lease and the right to purchase the lot well below market rate. This was in addition to the $2 million TASB was giving by the City of Phoenix to develope the property.
In early March the land was transfer to a new Developer. This was after the Mayor Phil Gordon personally told residence of the Lofts that he would help to resolve the issue.
It seems that politics have taken the side of big business in downtown Phoenix and it is directly affecting the first homeowners who believed in the renovation of downtown.
The residence of Orpheum Lofts have waited patiently hoping that there would be a resolution to this situation. Those that need to have not been able to sell and several have foreclosed or will have to foreclose because of the severity of the problem.
The principles with TASB include the Commissionar of Education from Colorado (Joel Farkas), a 30 plus year Real Estate Attorney (Harvey Deutsch) and an ex police officer (Norm Sheldon). It's amazing that these so called pillars of society have no conscience and are able to blaintly disregard the law while committing this fraud.
Keith Mishkin of Cambridge Properties was the representing Broker in the project. He and his staff perpetuated the parking myth layed down by the developer and are also bound by the Commissionars Rules. In not provide full disclosure they are also responsible for the fraud.
Sam
phoenix, Arizona
U.S.A.
