I enjoyed the (hopefully first annual?) Taylor Crossing Summer Days yesterday.
It was nice that they not only did an public art enveiling, they also had a full day’s free festivities for the public. My kid really enjoyed the blow-up castles and activity centers.
The girl that sang the star-spangled banner was one of the best I ever heard, and the three speeches were short and sweet. They played the patriotic song, “I’m proud to be an American, where at least I know I”m free” and pulled the covers off the sculptures.
I must admit, I had it wrong and thought it was a huge fish head and tail. When I arrived at the unveiling and saw the covered sculptures against the sunset, I realized it was two eagles. I did not guess the mountain lion beforehand, though.
The sculptures are awesome and great for Idaho Falls. Who wants to see some more of that great stuff around our city?
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{ 57 comments… read them below or add one }
Awesome shots. What an photographers eye! Thanks for posting them here Joe.
Did anyone explain any stories behind why the the two eagles and a mountain lion were chosen? The mountain lion blens in so naturally with what was already there. Wonder how he’ll look with colored water or colored lights on snow? I wish there was somewhere at T.C. for people to sit warmly, in the cooler months, to still appreciate the art and not have to be in one of the buildings.
GREAT JOB to the Walker Brothers and GREAT JOB Joe!
BTW, the fourth picture down was included to not only show our Mayor Jared Fuhriman and TC developer Walker, but also the girl on the right who sang the national anthem so spectacularly.
Someone get that girl an agent!
I thought the new 13-story hotel would become the tallest structure in Idaho Falls, but I just read that it will be 175 feet tall and the water tower is 182 feet tall?
Gotta agree with OK!
The Walkers picked a great artist when they picked Vic Payne to provide this scene.
Great pics, Joe!
I believe…and I could be mistaken…that the girl in the picture who sang the anthem is one of Rollie Walkers daughters. It’s either one of his daughters, or the daughter of his brother, Keith.
I have to compliment your shots yet again, Joe V. OK for now, I heard there is sort of a story about the father eagle protecting his young from the mountain lion, and it all sort of ties together. But I was wondering about the ML as a local symbol, too. I wonder how the nest will be kept up. Maybe a real eagle will make it home some day after the humanz have gone. They should put in a little heated bus stop viewing area combo. good idea.
Where did you read that depressing news, Joe? How about adding a lightening rod or something on the top so it surpasses the water tower?
Wonderful Shots. We drove by that evening and was extremely impressed and surprised. I hope they will adjust the lights soon so it will show off the eagles at night.
I believe the singer is the Walker’s daughter.
I’m just glad that they modified the fountain so that it doesn’t look quite so much like the rock monster that attacked Tim Allen in Galaxy Quest.
I think Talors crossing is going to bring alot fo buinsnesses to Idaho falls and tourism. I am so excited to have witnessed it all. I have been taking pics since the place ever broke ground 4 years ago. I have over 4,000 pics of taylors crossing, and I have over 500 images from the unvieling that turned out. I also talked to the artists wife on the phone she is real nice and really wants some of the pics from me for theyer portfolio and also a dvd slide show and video of the cerimony. I wonder what is planned next.
I think it looks like the Madorhorn (sp?). I think I see the Yeti! Raaaaar!
lol JeremyPlo I can’t wait till Tailors crossing gets the site finished I want the finished pics. I am getting some inside the buildings soon I still have to talk with Rollie about that but I am sure he would like that.
I just happened onto this site. I appreciate the nice things said about what we are trying to do at Taylor Crossing. We love being here in Idaho Falls and we love all the great people that make Idaho Falls what it is. Our overall intent at TC is to create a “there there”. A place where everyone can enjoy timeless buildings, art, and landscape. The eagle monument is just the first piece of art that begins what we call the “Legacy Walkway”. Every few hundred feet we intend to add a special art feature that will relate to our local history. Visitors, locals, and school children will be able to take a stroll, see the art, read the art history, and have a pretty nice idea of what makes SE Idaho what it is. We invite anyone to stop by our McNeil Development offices just north of Zions Bank to learn more about the next fun phase of TC development. We also invite your ideas. What restaurant do you want? What boutique shop? What service? Etc.
Thanks again for your tremendous support in rebuilding the center of our city.
Lorin Walker
McNeil Development
“Every few hundred feet we intend to add a special art feature that will relate to our local history. Visitors, locals, and school children will be able to take a stroll, see the art, read the art history, and have a pretty nice idea of what makes SE Idaho what it is.”
Awesome! Where else in Idaho Falls can we implement this design strategy? Downtown? The corridor between the broadway freeway exit and the greenbelt? Parks?
A friend came into town this weekend and noticed the eagles at Taylor’s Crossing. Quite impressive, I must say.
I had an idea of some new sculptures that might be neat. You know those road medians between the opposing traffic directions? It might be neat to have sculptures of kids or people running in those medians, as if they’re racing the cars.
Whatever happened to those sculptures in the Grand Teton Mall of kids playing, they used to be in the planters? I just realized last night I have not seen them in a long time.
If those sculptures are sitting in storage somewhere, it would be neat to see them erected somewhere around town.
Mr. Walker:
Thank you for what your are creating at Taylor’s Crossing. The accomplished are discussed in several formats. I hope you were serious about wanting our suggestions of what restaurants, businesses or services we would like to see in TC. And I hope you will check back here to read what we suggest.
Restaurants:
1. Ruby Tuesdays
2. Cracker Barrel
3. Yogurt specialty shop.
Specialty Store:
1. A luggage/travel store, much like Shapiro’s or others. With increased air traffic, INL visitors etc. many people need to replace or have luggage fixed, or pick up new items for traveling. With the Residence Inn in the development, it only makes sense to me to add a business such as this.
What will be happening will a potential grocery store for the residents who live in the higher levels of the Marriott Residence Inn? I know Wal*Mart is in the area, but not many seniors, or busy business people necessarily want to go shop at Wal*Mart, or don’t have time to do so. Consequently, my next suggestions:
2. Would a smaller grocery or large convience store near the Residence Inn be an option? I also bet many of those already in the professional offices wouldn’t mind a smaller grocery store, which might even promote “quick meals” to take home for dinner,
3. With the new Mountain View Urgent Care moving in, I’d like to see a business like Eastgate Drug (west) build a small pharmacy to serve the needs of those who receive medical care at the local medical and dental practitioners. Again, thinking of the out-of-town visitor who gets ill, has a toothache or forgets medications etc. for a prolonged trip and needs a pharmacy, while Wal*Mart does have a pharmacy, I would like to see this pharmacy be about convience. I think it would be a winner.
Eastgate has the drive up windows at their present location and what better way to limit infectious diseases than having people able to fill and pick up prescriptions from their vehicle?
Secondly, I would want a pharmacy that will deliver, so if a senior or other person living at Marriott Residence Inn is ill, he/she could get his medication delivered to him/her.
4. While this might have to be negotiated with Marriott, given the size of the Residence Inn, I think it will soon be time for someone to rent vehicles downtown. Many guests who fly in don’t rent one, if they are traveling with others to INL or other locations, or don’t drive. However, I’ve been in many cities when I’ve gotten an afternoon off and gone downstairs in the hotel where I was staying and rented a car for the afternoon. I can certainly see how even flight attendants or airplane pilots who are staying over night might want to rent a car to see a movie, or drive somewhere in the valley. It would also increase the fleet of vehicles currently available in Idaho Falls (which is not enough!).
5. Coffee Shop that serves more than coffee. WiFi gathering area where local residents can either walk or drive to and enjoy an evening surfing the net, playing checkers, cards etc. while talking to their friends/family.
6. A couple of movie theaters and tennis courts.
Now for my final suggestion (or at least for tonight):
A delivery service that would pick up food from a limited amount of I.F. area restaurants and deliver throughout the city. It wouldn’t be just a TC thing.
Everytime I stay at a hotel, I see who will deliver so I don’t have to go back out after a long day. You may know how popular these services have become in other cities.
Thanks for letting me suggest some of the ideas I have. I’ll leave the art ideas to Joe. I have to travel a lot and think of what I would want, if it were me staying at the Residence Inn or living in the area.
I wish you continued luck and success with the wonderful addition your company is making to Idaho Falls.
We at Taylor Crossing on the River will continue to read this interesting forum. I’m happy to report that we have contacted several of those companies that you have suggested come to TC. We are also looking for ways to implement some of your service ideas.
Thank you for the wonderful input.
Lorin Walker
Thanks for the update, Lorin. It’s nice to hear you listening to what people are asking for.
Hopefully everyone is that much happier with Taylor Crossing in the end if they feel a tiny bit of ownership.
I’m getting concerned about all these new developments only having retail and office spaces so far. You know the mix needs balancing with some residential spaces also.
When will the residential spaces be completed, and about how many dwellings might be expected?
Thanks,
Mr. Walker,
It is nice to have you respond on IFz.Com. The fact you will even review ideas of what locals, and frequent travelers to Idaho Falls, would like to see added to Taylor’s Crossing s wonderful!
I greatly appreciate you taking our suggestions seriously and contacting suggested businesses, or talking as a company of how to potentially impliment the service ideas, that we’ve written here. I hope you were given a favorable responses by restaurant chains and others! Any info you would like to share about future tenants or additional businesses is always appreciated.
I totally agree with Joe that allowing us to at least express our ideas, gives us a sense of ownership. I think McNeil is to be applauded for even asking for our input.
Like Joe, I too, will be interested in residential developments. A few specialty shops and hopefully a few more restaurants we would like to see would be great! I know many have wanted Cracker Barrel for several years.
A newer member had asked about a specific health food store (not Wild Oats) as a nice addition for T.C. I’ll ask that person to submit that info here as well, as I can’t remember the name of the franchise store.
Finally, I am aware that Marriott has been, at the very least, dragging their feet at the 13 tower hotel/condo structure. I hope Marriott’s concerns can rapidly be resolved as Marriott Residence Inns are very popular and I know dozens of Srs. who are interested in condos close to the LDS Temple (limited driving especially on bad roads), the airport, increasing restaurant choices and a few other stores downtown.
I don’t know what is making Marriott wanting to rethink the 13 tower size (which I think should be 14 stories tall, as no hotel has a 13th floor). But, perhaps there are ways we can help, if appropriate.
I don’t think the community members at large know what is causing the delay in construction of the hotel/condo building, and perhaps we cannot be told given confidentiality issues for business. However, Marriott may be surprised what the community members want and how many people are looking forward to the Marriott Residence Inn being the first building, of what hopefully will be a new Idaho Falls Skyline.
I believe this hotel will have regional appeal for those assigned to INL for long-term assignments to travelers to YNP, Jackson Hole and the Tetons and others visiting the area. With the increased air service at the Idaho Falls Regional Airport, there is no other good option of where to fly in eastern Idaho. It can be very expensive to fly into Jackson Hole and even Bozeman. So I think it is important to always keep the regional factor as part of the need.
With increased passengers come increased travelers and crew members. It would certainly be a win-win for those visting the area to see the tower of Marriott Residence Inn as they fly in (or drive)as a progressive hotel option. Many of my business associates always want to know what Marriott hotels are in the area both because it is a trusted “brand name” hotel chain and because some businesses mandate which hotel chains their employees may use.
If Marriott isn’t too keen about mixing hotel guests and condo residents, I offer this: If one wants their family to visit, such as a Sr.Condo owner, but doesn’t physically have the room for all to stay in their home, all their relatives need to do is take an elevator downstairs and stay in guest rooms. The same is true for residents of any age who choose to live in the tower condos.
The Marriott Residence Inn TOWER will offer residents the ability to have friends and family close by with amenities such as a swimming pool, tennis court, workout facilities and other amenites few have for their visiting family members and other guests.
Thanks again for all you’ve done to get many in Idaho Falls thinking progressively about how areas can be redeveloped for better future use.
Thanks for TC.
Here are some restraunt ideas off the top of my head. I have no idea if any of these franchise in Idaho or if the territory is already taken but they are just some ideas.
Claim Jumpers
Buffalo Wild Wings
McGraths Fish House
Famous Daves BBQ
P.F. Changs
Right on about PF Changs, but I don’t know if they will locate in a city under 100K. But, it doesn’t hurt to ask and get on there “wants” list.
I second the motion for PF Changs and maybe a Cheesecake Factory too.
Mr. Walker,
I am so happy to hear that you are interested in our input on what we would like to come to Taylors Crossing. I recently relocated from Seattle, Wa area. I am impressed with how much this town has grown in the past few years. One store that I think would be in high demand here is a great tasting natural foods store. Trader Joes is based out of Cailfornia and is located in Seattle and all around the country but none in Idaho. I think that would be a great addition to our town. Also I would like to see a Cost Plus World Market. They offer food goods from all around the world as well as decor, kitchen ware, bedding, candles and furniture. My last suggestion and this is really my husbands concern is a Comp USA. He has had a really hard time finding all of the computer parts he needs at the places in town and has had to order 1/2 of them online. Not only could Idaho Falls benfit from a Comp USA but also all the surrounding areas. Especially the students from ISU and BYU-I. Thanks for taking the time to consider our suggestioins!!!
To the good people of Idaho Falls: Please keep sharing your ideas for Taylor Crossing retailers and restaurants. We absolutely love your ideas and value your input. We promise to actively contact every workable company suggested. Stand by for news. We’re only a couple days from signing the most exciting restaurant to hit Idaho Falls in decades. You’ll love it.
Thanks again,
Lorin Walker
Hey, at least give us a hint Lorin!!! Since ifz is such a great site, how about letting the readers read it here first…..:)
Roysie, yes to the Comp USA suggestion. We cannot ever find what we need in regards to computer and new technology. The choices in our current stores are so limited and geared towards the basic user.
I thought Comp USA was going out of business
frys electronics is a great tech source in other states
In the early stages, I heard that a Bennigan’s (Irish-themed restaurant) was going to be built. Later, I saw a sign that confirmed the rumor…but the sign is now long gone, and I suspect that they have withdrawn.
Does anyone know for sure?
CompUSA is a decent place…at least you can walk in and buy a Mac. That’s where I bought mine in Denver. They were in massive store-closure/layoff survival mode a couple years ago. I don’t know if they have a secure home in I.F. or not.
Joey’s Seafood. Don’t know anything about it and have never been there or heard of it but on their website it says they are opening soon in IF. This is not Joe’s Crab Shack but a different place alltogether. Could this be the fish house supposed to be opening?
probably, Idajo. Their pattern of expansion makes no sense to me, but you are correct their website does confirm they are opening in Idaho Falls soon.
Of interest, is the fact they opened in Boise. Potentially the same investor or group is opening the Idaho Falls store too.
It is also possible this might be going in one of the other 7 available restaurant pads.
I don’t think it will be long until Idaho Falls gets a McGraths. McGraths is based in OR.
Joey’s is from Nantucket. Who says local residents won’t like the differences of east and west coast.
We should have more choices by fall.
We’ve not seen so much interest in restaurants as we are seeing right now. I was hoping to let you know who was signing. (I was told by the restaurant’s president that they had made a decision, but i have to see it in writing before I spread the news). You’ll like it. It’s a mixed-american concept that has a sporty twist.
_____________
We flew a different restaurant corporate owner into IF from Denver yesterday. His concept is like no other restaurant in IF. Young and old will like them, if they come. He indicated that if he ultimatley decides to come here, it will definately be at Taylor Crossing. I asked him the likelihood of his coming. He said it was high on his list. He expects to be building in 2008. I’m going to try to push that to some time in late 2007.
—————
We’d like to involve our blog friends in a contest. If you want to help us get connected through someone you know in the restaurant or retail industry by sharing an important contact name and introduction, we will bring them to IF and have you join with us in a special dinner meeting where you can be involved in the actual negotiations. If we ultimately sign your restaurant or retailer, we will pay you a $5000 finder’s fee. You will actually be the person that “cuts” the ribbon at their grand opening, along with the owner.
Here’s some retail ideas we are toying with. If you have any special connections, please let us know: Sporting goods; spas; medical/dental; running shoes; golf; book store; specialty furniture; coffee shops; bridal shops; computer store; and more and more.
Good luck,
Lorin Walker
Office # 524-3341
Excellent! Thanks for the update Lorin!
Lorin, I have a question for you. What if I don’t know anyone that has connections for the restaurant or retailer but I am absolutely positive they would look at the area, money or not, would I still get to be a part of the contest?
I know that you would have to do the initial contact but I would love to be there to help them choose Idaho Falls.
Oh, by the way, when’s the old Army Surplus coming down?
Their getting rid of the Army Surplus store? I go in there all the time to pick up camping gear. Are the closing for good or just relocating?
CR67,
Um, do you go to the old crumbling building by Smitty’s? Or, do you go to the one closer to the Interstate?
The building that was suppose to come down months ago is by Smitty’s and falling apart. Yet, some people wanted it to be a part of the new development, regardless of the risk to others, and the liability to the developers.
The one by the Interstate. Didn’t know there was another one….sorry! Thanks for clarifying!
Sure. Don’t walk in the old one (if you could even get it). Might get hit in the head by something falling.
Does anyone know if there will be any clothing stores In the TC area?
It would be sweet to have an Abercrombie and Fitch. I’ve heard a rumor that there might be some kind of outlet mall on the street across from gandalfos.
And also does anyone know anything about the building going on at sunnyside? There is a road that kind of seems like it’s for homes that comes from across the street of Gandalfo’s (by those two new huge buildings being built). if you follow that road all the way down that’s the section of sunnyside i’m talkin about.
Sarah,
You might want to read back through some discussions on IFz.Com with various names for far more detailed information. You also might want to look at a zoning map, to see what type of businesses or homes can be allowed where.
Why don’t you call McNeil Development and then report to us about A and F store in T.C.?
Just don’t get T.C. confused with Snake River Landing and the upscale stores which will be locating there.
And check a city map for directions. It seemed like you had a few, but limited, detail from 3 different developments. But, I might be wrong. Your phone call/e-mail to McNeil could clarify.
The Sunnyside Crossroads Regional Shopping Center is the OUTLET mall – the first in eastern ID.
http://www.sunnysidecrossroads.com/outletcenter.html
It is possible to have an A and F, along with a Nordstrom Rack, Mikasa outlet, Bass shoes, Eddie Bauer etc. – typical OUTLET STORES ALL in the OUTLET mall.
How about clarifying with your source then posting the correct information here?
“To the good people of Idaho Falls: Please keep sharing your ideas for Taylor Crossing retailers and restaurants. We absolutely love your ideas and value your input. We promise to actively contact every workable company suggested. Stand by for news. We’re only a couple days from signing the most exciting restaurant to hit Idaho Falls in decades. You’ll love it.
Thanks again,
Lorin Walker”
I don’t see an exciting new restaurant at Taylor’s Crossing. Am I missing something? It is late 2008, right?
testing
test
Maybe it’s that new Klingon Restaurant. They’ve been having problems getting the cloaking device shut off. If it were me, I wouldn’t make them mad…
I have heard rumors for some time things were not well at Taylor’s Crossing in regards to Zions Bank and the Walkers, this article confirms it. I don’t think I can cut and paste the whole thing, so here’s the opening slice from the PR:
“Zions Bank has begun foreclosure proceedings on several parcels of Taylor Crossing, but Roland Walker said there’s no chance the scheduled auctions to sell the property will go forward.” (see today’s Post Register for the rest of the story)
Whats going on with the Marriott there by the river? Wasn’t that supposed to be open this past spring? It seems like construction has come to a standstill, is it in foreclosure as well? Anyone know?
The news story in the PR this morning seemed to lump that in with the Taylors Crossing issue, but that could be just the way I read it.
Channel 8 news reports that the buildings at Taylors crossing and the Marriot are both going up for auction. The Walkers claim that won’t happen but they have also falsely claimed that the work would continue by specific dates and each time those dates have come and gone with no work continuing. The house of cards Ponzi scheme that the Walkers got involved in has crashed and burned.
Anonymous…
I doubt that the Walkers fell for the Palmer Ponzi scheme. But they got snapped hard by the credit collapse that came along with the bank failures.
Most of the Taylor’s Crossing properties were built long before the big bank failures, but were probably used for collateral for the motel project, and the whole thing became a big bundle.
The motel by itself is most likely the most expensive building of the entire bunch, and it’s only halfway finished, even without the costs of furnishing it.
The Walkers have other substantial interests and properties, so they may be well able to pull out of this. Time will tell on this one.
If you look at what the Walkers were doing in Utah you realize they were part of a classic Ponzi scheme. What the Walkers were doing was buying up huge chunks of real estate, developing them, and then getting mortgages at hugely inflated prices on the houses they built there. They would then take that money and do it all over again. The huge development in Utah that collapsed on them was the final nail in the coffin. At its heart its a Ponzi scheme.
Think of it this way. Do you own a home? Lets say you find someone to overvalue your house at twice its value. You get a new loan on your based on that value. You then take that money and buy another house at face value and then get a loan on that house at twice its value. Eventually the banks will stop giving you credit so you recruit others to do it with you and share in the loan monies. It works fine until suddenly one day you can’t sell all these houses with the outrageous loans on them. Then the banks start demanding their money and suddenly you have no money to pay off any of your loans or bills. This is what happened to the Walkers and why all their developments stopped cold and why all the contractors had to file liens on the properties.
I don’t get it; don’t the banks send out appraisers to the places to find out what the true value is? So are you saying the appraisers is overvaluing the house? How is the person getting the same appraiser? The banks or homeowners aren’t allowed to specify who the appraiser is.
You have to understand, the banks are greedy and want to make money. All the bank collapses recently were mostly due to housing issues. Houses were vastly overvalued but banks were happy to hand out loans in anticipation of getting money. This isn’t like cars where a car in New York is worth basically the same as in Idaho. Housing values vary so a high valuation doesn’t automatically trigger alarms. When the housing market collapsed it caught all these people who had been doing this. This isn’t a case of a homeowner who bought a single house and then got caught up in it.
What the Walkers were doing isn’t necessarily illegal since they were investing the money into real estate, I’m nowhere near enough an expert on the law to know for sure or not. But it was a Ponzi scheme in essence since anyone who wasn’t blinded by the money could see that it was all built on a house of cards and that eventually the money was going to run out. The difference between them and Darren Palmer is that Palmer just basically pocketed everything he got while the Walkers were playing shell games with the money like I described.
There was no Ponzi whatsoever in any of the Walker’s developments. They bought properties with loans, just as we all do, put their own money into developing the properties, and intended to put the developed properties up for sale to others. This is no different than anyone who builds a house, buys an acreage, or any major investment.
This is just the same practice as all the home building contractors do. Just like any developer/contractor, they anticipated making a profit on their work and investment. As often happens, the Walkers ran into cost over-runs. In more normal times, the banks would have extended more money to finish the job, but the banks got slammed in the collapse. It has happened before, and will happen again.
You need to learn some basics on capitalism, Anonymous. Making a profit on any venture is not greed- it’s the essential way capitalism works. The banks put up capital, the money needed to get a project done, and is paid back with interest for the loan. That capital is where the word capitalism comes from! Your ignorance of this basic American principle is astonishing!
A Ponzi scheme is one that has no tangible assets behind it at all. Money from one investor is used to pay another, and eventually everyone loses because none of the money actually went to tangible investments.
The Walkers, to the opposite, have a lot of solid, tangible, assets, and have more of their own money committed to them than the banks have in them.
If I have a cubic zirconia but pass it off as a a diamond to get a loan thats fraud. If I then use that loan to buy more cubic zirconia and then pass them off as diamonds to get even more loans thats more fraud. That is essentially what the Walkers did only they used houses. Yes there were tangible assets just like my cubic zirconia is an asset but it was vastly overvalued. So as I explained its not a Ponzi scheme like Palmer did where he just pocketed everything, its a Ponzi scheme in the sense that there was never anything of substantial value in the Walker’s house of cards. Eventually the creditors came knocking and realized that all these diamonds / great houses were not worth anything.
it’s all speculation anonymous. you obviously have an ax to grind with the Walkers.
Wrong again, Anonymous.
Taylor’s Crossing is a commercial development, not residential. Their planned community in S. Utah is residential with areas for business, but it never got off the ground, according to the Post-Register reports.
You apparently are confusing Eagle Rock Landing with Taylor’s Crossing, which included residential housing as part of the initial development. As far as I know, ERL is not in financial straits.
The existing completed buildings at Taylor’s Crossing are all business buildings- a bank, general business offices, etc. They were worth much more 2-5 years ago, before the bank collapse, and were not over-mortgaged. They weren’t cubic zirconia at all. They were diamonds- top class spaces built in a time when it looked like the boom was going to stick around, and there was a need for high quality business spaces.
The same developments happened all over the country. With the collapse of the banks, a lot of other businesses all over went underwater too, including many companies that now face exactly the same problems the Walkers face for exactly the same reasons…. suddenly declining property values and sudden very tight credit.
Furthermore, a Ponzi scheme is a very specific form of fraud. Selling cubic zirconia represented as being diamonds in entirely another form of fraud altogether. A Ponzi is always a felony, but passing fake diamonds may not be- it depends on the numbers involved.
I have no dog in this fight. It’s just wrong to tar a business with a garbled mixture of unfounded and uncalled for claims like yours. Any legitimate business can be caught short by these times, and there are a lot of once-sound businesses here in Idaho Falls that are now on shaky ground. They only differ in the amounts owed, not the distress they equally share.
A tar brush is easy to sling. But it can come back and slap the slinger’s face just as easily. If you have a legitimate beef with the Walkers, with facts to back it up, why are you hiding under Anonymous? Or are you one of those who runs out of a crowd of onlookers to kick a guy when he’s down, just because he can?
I’ve got no beef with Walkers, I’ve never met them. Also, you and the others clearly did not read my posts carefully or you chose to interpret them your own way because of your own defensiveness on the issue. I said more than once in fact that what the Walkers are doing is different than what Darren Palmer did (he ran a classic Ponzi scheme). I also said that what the Walkers did was not even necessarily illegal. I also never said Taylor’s Crossing was a residential area, I merely said that some of their ventures were in the residential area.
What I did say was that the Walkers engaged in some extremely risky business ventures that were similar to a Ponzi scheme in many ways. I then went on to explain how it was different because the Walkers did have some assets. What I said was that the Walkers were leveraging the system to get loans on highly over inflated property values. The tactics that the Walkers were using are the same things that many in this country used and its what caused the housing collapse. Far too many in this country mortgaged houses at grossly overvalued prices in the hopes of making huge profits on them in resale. They would then take those profits and do it all over again. Eventually though a ceiling was reached where they couldn’t sell these grossly overvalued houses and the market collapsed. Its not a Ponzi scheme per se because there are assets, as I said several times, but it isn’t exactly reputable either.
Personally, the notion of leveraging houses/land/buildings at “highly over inflated values” implies that the properties are not/were not worth what they borrowed against them. I have read the posts and would take that to mean that they had done something dishonest. Is every person in the country that purchased a home in 2004-2007 dishonest? The people in FL, NV, CA, and AZ are probably the worst of the bunch as they were the most inflated prices. Oh yeah, they paid the going rate for the home and got a mortgage like most people do. And oh yeah, every talking head and legislator in the country was pushing home ownership and created programs for people to do it with little to no money down. But all of those people were in a big ponzi scheme! I bet they laughed all the way to the bank…or rather are in dire straits now while trying to avoid foreclosure.
While we can all debate the housing/credit markets during the boom and how it was artificial and driven by speculation is another conversation.
The properties that were leveraged were worth those prices at the time they were leveraged. Just because the bottom fell out of the WHOLE market, doesn’t mean the Walkers were doing something less than “reputable”.
I work in the development/real estate/finance business and what has happened to Walkers has happened to TONS of people. It is unfortunate and I’m sure the country would trade the “boom” years for typical run of the mill appreciation to avoid the pain we are going through. The market will fix itself and the go-getters like the Walkers and others will figure it out or move on to something else.
They have contributed a lot to the community. Let’s fix problems rather than speculate on motives.
Buy assets in trouble and turn them around. Discounts on notes allows cheaper rent to generate the same pro rata NOI. Still great deals for investors. Currently, that is what many firms are doing as that is the name of the game for the next few years.