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The Icon Premier Residences Phase I & II: Student Housing With Retail


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https://houston.novusagenda.com/agendapublic/CoverSheet.aspx?ItemID=17658&MeetingID=341

 

ORDINANCE  finding  and  determining  that  public  convenience  and  necessity  no  longer  require  the  continued  use  of (1) Beulah Street, from Scott Street east to Lucinda Street, (2) Lucinda Street, from Rosalie Street south to its terminus, and (3) Beulah Street, from the eastern right-of-way line of Lucinda Street east ± 100 feet; abandoning said street portions to Elgin Ventures, LLC and Scott Street Ventures, LLC, the abutting owners,  in  exchange for conveyance  to  the  City  of one right-of-way easement for construction of an offset type turnaround at Beulah Street and one right-of-way easement along the southern portion of Rosalie Street, from Scott Street east to the applicant's eastern boundary line, all situated in the Houston City Street Railway, Section 4, and Leeland Park Addition, out of the Luke Moore Survey, Abstract No. 51, Harris County, Texas, payment to the City of $762,055.00, and other good and valuable  consideration

 

Jake Patrick of Vernon G. Henry and Associates, on behalf of Scott Street Ventures, LLC and  Elgin Ventures, LLC, requested the abandonment and sale of the subject property interests. The applicants plan to incorporate the requested portions of Beulah Street and Lucinda Street into their properties to construct and develop student housing, retail and parking facilities. The Joint Referral Committee reviewed and approved the request. Scott Street Ventures, LLC and Elgin Ventures, LLC have complied with the transaction requirements, have accepted the City's offer and have rendered payment.

 

Because the utility construction requirement and traffic construction requirement associated with this transaction will not be completed until after the City Council passes the abandonment ordinance, Scott Street Ventures, LLC and Elgin Ventures, LLC have provided (a) a Letter of Credit (LOC) for $65,685.00, an amount equal to the total estimated construction costs for Item 7 of the Contact Letter dated August 7, 2018, and (b) a Letter of Credit for $16,690.00, an amount equal to the total estimated traffic construction costs associated with the construction of am offset T-type turnaround on Beulah Street east of Lucinda Street. Should the conditions of the LOCs not be satisfied upon expiration of the LOCs, a recommendation will be submitted to the City Council to rescind the ordinance that abandoned the City's property interests. All deposits paid by the applicants will be forfeited. If the applicants wish to pursue the transaction in the future, the process may begin anew. At the applicants' request the City will release the LOCs upon the applicants' satisfactory completion of the construction-related work as evidenced by written inspection approval by the Office of the City of Engineer.

 

The City will abandon and sell to  Elgin Ventures, LLC:

 

Parcel_Map.pdf

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