And now he is screwing over his investors in RIVE, Build multiple developments in the same street flooding the market, causing parking problems for tenants, lowering unit values and necessitating rental returns far far below what was marketed by him and his property realtors.
March 16, 2016 at 2:07 PM
An interesting decision regarding Sam Vecchio, who is the developer of the Rive apartment complex at Breakfast Creek. Sam Vecchio's prior development was Fresh at Taringa. A bad job was done on the stippling, and a few years later, it is still not fixed. Vecchio has stacked the body corporate committee with family members, some of whom do not turn up to meetings. Vecchio's business practices have been called into question. As the Commissioner has found: "The applicant disputes the committee resolution on the basis there is a conflict of interest between the committee member, Sam Vecchio, and Phoenix Drywall (the individual selected to perform the repairs). The applicant says Phoenix Drywall is currently working for Sam Vecchio. ... I am satisfied a serious legal question exists as to whether the costs involved in the resolution dated 16 March 2012 are reasonable." See decision.
"Sam Vecchio"
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And now he is screwing over his investors in RIVE, Build multiple developments in the same street flooding the market, causing parking problems for tenants, lowering unit values and necessitating rental returns far far below what was marketed by him and his property realtors.
March 16, 2016 at 2:07 PM