Riviera condos 'financially sound' | Arkansas Blog

Thursday, January 8, 2009

Riviera condos 'financially sound'

Posted By on Thu, Jan 8, 2009 at 4:24 PM

The developer of the big makeover of the Riviera apartments into condos has issued a news release on the soundness of the project following a report in Arkansas Business on some liens filed by firms working on the job. All is well says the news release, which follows.

Riviera Project Financially Sound

LITTLE ROCK, Arkansas (January 8, 2009) – A recent Arkansas Business “Whispers” column stated that a “supplier and contractor” had filed liens against the Riviera Condominiums project. While technically correct based on Arkansas Materialmen’s lien law, the column may have misled or confused the general public about the financial viability of the Cantrell Road redevelopment project. Arkansas Water Products, a supplier to one of the general contractor’s subcontractors, Falcon Mechanical, is owed for plumbing material. The general contractor, Boyd Corley Construction, has been paid by Riviera Partners for the work, and has, in turn, paid Falcon Mechanical. As Riviera now understands it, Falcon has not paid Arkansas Water Products. “Arkansas law is designed to protect the smaller companies, the suppliers and the subcontractors. We understand that,” said Riviera partner Tom Rystrom. “And when someone is not paid down the line, even though we have paid our bills, the lien is usually filed against the one at the top, in this case the Riviera, although we have paid the general contractor and understand they have paid the subcontractor.” Riviera Partners has communicated with the general contractor, Boyd Corley Construction, and has confirmed there are no outstanding issues between the Riviera and Corley. However, Riviera understands that if there is a dispute between a subcontractor and a supplier, the remedy includes filing against the entity benefiting from the work performed. Riviera hopes the matter between the subcontractor and the supplier can be resolved quickly, as Riviera has performed its responsibility by paying the general contractor. “Our project is financially sound,” Rystrom emphasized. “We have paid our bills and will continue to do so as the project is completed and readied for tours.” The column also stated Jack Morgan Construction claims costs for labor and materials are owed by Boyd Corley Construction. In this matter, the amount of $167,531 is classified as “retainage,” which is an industry-standard percentage of the total cost of work held in escrow until the project is completed. Located at 3700 Cantrell Road, at the bottom of Cantrell hill in Riverdale, the Riviera is a new, 11-story condominium project, completely renovated from the original apartment building. The structure, which is in excess of 140,000 square feet, includes 80 one-, two- and three-bedroom condominium residences encompassing five different floor plans from 695 to 2,850 square feet. Customized condominium plans are also available. All condominiums have their own private balconies, as well as access to covered parking, a fitness facility, swimming pool and garden, and on-site security and storage. The project is open for tours by contacting Valerie Bell at vbell@rivieralittlerock.com, or calling 501-539-1509.

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