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.

From the ArkTimes store

Favorite

Comments (2)

Showing 1-2 of 2

Add a comment

 
Subscribe to this thread:
Showing 1-2 of 2

Add a comment

More by Max Brantley

  • Womack gets questions. He doesn't answer

    The resistance mustered a turnout for a rare public appearance by U.S. Rep. Steve Womack, which meant a ferry ride from Peel, Ark., and a drive almost to Missouri. He didn't seem happy to see them.
    • Aug 22, 2017
  • Democratic Party calls for resignation of Jake Files

    The Arkansas Democratic Party says Republican Sen. Jake Files of Fort Smith should resign over news about handling of state General Improvement Fund money that wound up with him, not the project for which it was intended.
    • Aug 22, 2017
  • Rutledge touts effort to allow discrimination against gay people

    Attorney General Leslie Rutledge is braying about her intervention in yet another out-of-state lawsuit — this one to protect a Washington state florist who doesn't want to sell flowers to gay people for use at their wedding.
    • Aug 22, 2017
  • More »

Readers also liked…

  • Jason Rapert vs. Wikipedia

    Sen. Jason Rapert against the world: Wikipedia edition.
    • Jan 23, 2016
  • Women's March planned in Arkansas to mark Trump inauguration

    Speaking of Donald Trump and in answer to a reader's question: There will be a women's march in Arkansas on Jan. 21, the day after inauguration, as well as the national march planned in Washington.
    • Dec 30, 2016
  • Judge Griffen: Why black lives matter

    Another few words from Judge Wendell Griffen growing from the controversy over the sale of Black Lives Matter T-shirts at the state black history museum — removed by the administration and restored after protests from Griffen and others stirred by a story in the Arkansas Times:
    • Mar 13, 2016

Most Shared

Most Recent Comments

  • Re: Tuesday's open line

    • Sorry--I posted the wrong list above. The current list is for the class of 2021…

    • on August 23, 2017
  • Re: Tuesday's open line

    • To distract from the Trump craziness, here is the annual Beloit College Mindset List. It…

    • on August 23, 2017
  • Re: Womack gets questions. He doesn't answer

    • Big thanks to the Indivisible members who took the time to make that out-of-the-way trip…

    • on August 22, 2017

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation