May
07

Greenville’s Peacock Hotel Construction on Hold

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Peacock Hotel project in downtown Greenville is off possibly until next year

May 6, 2008

By Rudolph Bell – Greenville News

Workers are dismantling the construction crane at the site of the proposed Peacock Hotel & Spa in downtown Greenville today because developers don’t expect to be able to obtain financing for the $65 million project until late fall or early next year, an executive with the hotel said.

Developers Grant Peacock and Mark Kent suspended construction of the partly built luxury hotel at the beginning of the year. At the time, Gilbert Patrick, the Peacock’s president and general manager, said financing had not materialized on schedule but that developers hoped to secure it in a month or two.

Now, Patrick says financing can’t be lined up until late fall at the earliest and maybe not until next year.

“It’s simply a matter of when these credit markets calm down,” he said, referring to turmoil in financial markets stemming from a housing market meltdown in some parts of the country.

Falls Street was closed for the crane dismantling but will open again by the end of the day, said David Sprague, construction manager for the Peacock.

Sprague said he didn’t know how much it cost per month to rent the tower crane, which is 170 feet tall at the boom and has been on site at the corner of McBee Avenue and Falls Street for about eight months. Sprague said Ard, a concrete subcontractor, rented the crane from Amquip, a crane rental company, and passed the cost on to the general contractor, American Constructors of Nashville.

“At some point there’s an economic break even to where it doesn’t make sense to keep it, and we’ve reached that point,” said Sprague, who moved to Greenville from Albuquerque a year and a half ago to supervise the Peacock’s construction.

“Tower cranes, they’re usually a pretty busy commodity,” Sprague said. “Somebody wants to be making money with them.”

LINK TO ARTICLE HERE:
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