Stroupe has the scoop that there is a big shakeup going on at Escala:
We got wind of some big news happening over at ESCALA. To begin with, the sales center is currently closed for an approximate 3 weeks. A new direction to take place is being discussed behind closed doors during that time.
With something like “130” sales but only 6 all-cash closes the Excell sales team is out and JLS Team Builder is in. My sources say that the bank has basically taken over the project leaving the developer on the project in name only. The bank is installing this new sales team and apparently will bring a new level of transparency to the project letting people out of contract and moving prices down. Sounds like they’re also going to try and sell Club Cielo. Rumor is Tom Douglas has been interested in the spot to us as a cooking school.