Project Cancelled - 4 November 2008
November 4, 2008
Dear Ocean Tower buyer:
We are deeply disappointed to report that the construction of Ocean Tower, which was suspended in May, has been terminated with no immediate prospects for completion.
Over the past six months, we attempted to maintain the commitment of Ocean Tower’s
general contractor and lenders while studying the settlement and repair of the building.
Unfortunately, our efforts have been unsuccessful. Last week, with a proposal pending for the study and repair of the tower, the general contractor discharged its subcontractors and walked off the job.
Not coincidentally, the contractor’s refusal to participate further in the study comes at a time that Ocean Tower’s lenders have refused to advance additional funds for the study, repair, and/or construction of the tower.
With the future of Ocean Tower in serious question, we release you from your purchase
agreement and plan to immediately return your earnest money.
This has been a difficult decision for us to make, but under the circumstances and given our desire to maintain your trust, we feel that we have no alternative. Obviously, no one anticipated the extensive delay or the problems the project is presently suffering. We are taking steps to have your earnest money returned. Please take a look at the attached release.
Once again, thank you for your support and trust in our project.
Sincerely,
Antun T. Domit
Ocean Tower SPI
It is the dream of a lifetime -- living on the beach, the Marina right next door, with the serenity that radiates from the sea. The dream comes true at Ocean Tower SPI, a place to enjoy life to Living at Ocean Tower SPI is a sun and sand experience where comfort, luxury and first class amenities come together with the sophistication of a Condo, Beach Club & Spa in South Padre Island’s most exclusive area.
- Ocean Towers SPI offers 134 condominiums on 25 floors with four comfortable elevators
- Contact us for special pricing and discounts. We are on your side!
Fine Interior Design
-Inspiring views of the marina and ocean
-Interior details created by the best designers
-Granite floors in the kitchen, baths, foyer and utility room
-Superior carpeting in the living room, dining room, bedrooms and walk-in closets
-Ceilings with a minimum height of nine feet that lend an air of spaciousness
Luxurious Bathrooms
-Crystal sink mounted on a granite and wood base
-Kohler bathroom fixtures
-Contemporary faucets, handles and knobs
-Kohler bathtub with water jets
-Granite showers with crystal door
Gourmet Kitchen
-Kraft-Made kitchen
-Granite countertops
-Under mount stainless steel sink
-Elegant stainless steel appliances: Refrigerator, Dishwasher
-Cooking range with oven Extractor
-Garbage disposal
Amenities - Chilled water air conditioner and heating comparable to the best hotels of Las Vegas Cable or satellite television hookups
-High speed Internet hookup
-Digital phone line hookups Washer and dryer connections
At Ocean Tower SPI you can always rely on the fact that you will be living in a building that is an architectural gem of the highest quality with the latest technology. At the same time, excellent security systems with allow your stay to be a tranquil one.
Access - Covered garage with 134 spaces for residents and an open parking area for guests
-Four high-speed elevators
-Emergency fire escape with an exit on every floor
Security - Smoke and fire alarm system
-Closed circuit "intelligent" access
-Closed circuit monitoring of pools that can be accessed by Internet
-Fire sprinkler system
-Remote access to the parking garage
-Exclusive access to common areas by coded or magnetic locks
-Intrusion alarms in each condominium
General amenities
- Speakerphone from reception to each condominium
-Ionized lightning rods
-Individual electrical wiring for each condominium
-Emergency generator
-Hydro-pneumatic pumps providing each condominium its own heater
-Hurricane-proof windows with energy saving glass
-Concrete construction with peers
-Anticorrosive PVC plumbing
-Custom illumination designed to spatial needs
Beach Club - The beach experience at South Padre Island is even more intense when you stay at Ocean Tower SPI, since you will have access to pagodas/umbrellas and lounge chairs tended to by the concierge. You will also enjoy a variety of options like our Infinity Pool, a large pool with an integrated, heated jacuzzi. If you prefer a cooler alternative, try our Quiet Pool. Care for a cocktail or refreshing beverage while taking a dip? You will appreciate The Palapa, a roofed cafe bar built right into the Infinity Pool. When it is time for a break, just head to the nearby shaded areas and comfortable solariums to sunbathe in South Padre Island's brilliant rays. Relax and enjoy the water year around, too - at Ocean Tower SPI you have access to our indoor heated pool during the winter.
Kid's Club - Your children will enjoy Ocean Tower SPI as much as you do. Your family's enjoyment is important to us, so we created a special spot just for the enjoyment of our little ones. They will love the area for children's games and activities, as well as an exterior shaded section with a sandbox. When it is time to cool off, the kids can dive into a separate to enjoy hours of play in the water.
At Ocean Tower SPI, pampering you is a priority. Our Gym & Spa is fully equipped for varying levels of exercise and maintaining cardiovascular health. In separate sections for men and women, you will find every amenity for relaxation and personal care, including:
-Hydro-jet pools
-Showers
-Steam rooms
-Comfortable shaving areas for men
-Massage room
-Beauty salon
Media Room - We know there will be days when you will have to take care of pressing business. At Ocean Tower SPI, everything you need is available in our Media Room, where your family will also find a place for enjoyment.
-Computer
-High speed internet access
-Fax machine
-Huge screen
-Video games