Tipster: Mozaic Condo Project Dead

by Alex Stenback on October 16, 2007

An astute tipster, who prefers to remain anonymous, dropped this in our inbox this morning:

Based on information from someone who works at BKV Group, the architect for the ill conceived Mozaic project, the developer has pulled the plug on this project, leaving architect with a large unpaid bill for design services.

Regular readers will remember our previous coverage of this project  – Mozaic Condos Circling the Drain – so this tip should probably serve as confirmation that Mozaic is finally dead.  Of course, with the architect getting stiffed, one does wonder where the buyers who had reserved units stand.  Did they get their earnest money back yet?  Maybe these guys can weigh in?

{ 2 comments… read them below or add one }

Chris October 16, 2007 at 9:39 am

We haven’t received any notification or return of funds yet from the developers, but I would suspect that will take some time if Mozaic is dead. Coincidentally, a former sales agent at Mozaic told us she heard the project died this weekend. We’re keeping our fingers crossed for the return of the earnest money. Although I have also heard many rumors, some first hand, of the developers not paying vendors or contractors, in MN, isn’t there a strict law governing handling of earnest money, requiring it to be deposited into an escrow account, etc.? I sure hope so.

Stephen Gross October 16, 2007 at 4:31 pm

Well, I guess I’m not surprised. I moseyed into the Mosaic sales office maybe 6 months ago. I wondered at the time if there was really enough demand for such high-end property.

The thing is, if you’re going to charge a million bucks for a condo, you have to have a neighborhood / environment that matches it. I love Uptown, but it’s just not a “million-dollar” neighborhood. For that, you have to go to NYC or London.

Leave a Comment

 

Previous post:

Next post: