Vy65 Posted August 6, 2019 Share Posted August 6, 2019 On 8/2/2019 at 5:19 PM, lockmat said: Has anyone reached out to Nancy about this? You'd think there would be a story here with the principal being indicted in Chicago. A lawsuit was filed in settled in Florida concerning this project. One of the limited partners alleged Luxe was misappropriating funds. I wonder if any of the crowdfunded investors have grumbled about that lawsuit or the project's overall lack of progress. 4 Quote Link to comment Share on other sites More sharing options...
Vy65 Posted August 14, 2019 Share Posted August 14, 2019 Foreclosure (2.9 million) filed by the concrete contractor today. 1 2 3 1 4 Quote Link to comment Share on other sites More sharing options...
j_cuevas713 Posted August 15, 2019 Share Posted August 15, 2019 Damn so what happens to the development? Does it just sit and rot till someone picks up the land? And hell we were all complaining about how this stuck out like a sore thumb in the middle of old brick warehouses. Maybe this is a blessing in disguise. 1 Quote Link to comment Share on other sites More sharing options...
Vy65 Posted August 15, 2019 Share Posted August 15, 2019 Assuming the contractor gets a judgment authorizing foreclosure, it'll be sold at public auction. God knows who'd buy it considering there's been on-site construction. Could another developer come in and pick up where RATP left off? Are they going to have to scrape everything and put something else in? It'll be interesting to see if the baton gets passed and who ends up buying this assuming the foreclosure goes forward (which is not a given). Quote Link to comment Share on other sites More sharing options...
CaptainJilliams Posted August 15, 2019 Share Posted August 15, 2019 I know it's always good to have infill, but like I said before it is somewhat of a relief that this development isn't going forward. Considering how much trouble they had getting this together, it's likely the final product would've turned out to be cheap and sub-par along with being a bad design. It will be an issue going forward for any developer wishing to purchase that site, to either continue with something else or tear it all down. 3 Quote Link to comment Share on other sites More sharing options...
HNathoo Posted August 15, 2019 Share Posted August 15, 2019 This will probably get settled prior to foreclosure. $2.9M isn't a ton of money relative to the project size. 1 Quote Link to comment Share on other sites More sharing options...
mollusk Posted August 15, 2019 Share Posted August 15, 2019 To clarify, what got filed was a suit asking to foreclose the mechanic's lien. The filing looks very routine. These projects are frequently structured using single purpose entities. What often happens when they go underwater is that the single purpose entity files for bankruptcy. 1 Quote Link to comment Share on other sites More sharing options...
Nate99 Posted August 16, 2019 Share Posted August 16, 2019 They dug a nice hole and filled it in about half way with new structure. Unless someone was of a mind to buy it up and continue on with the bones of the "Regalia" design, this is going to be a blighty mess for a while, but at least it's a different blighty mess than what was there previously. One cheer for variety. 1 Quote Link to comment Share on other sites More sharing options...
Popular Post TheSirDingle Posted August 16, 2019 Popular Post Share Posted August 16, 2019 Alright boys, lets buy this up and make our very own HAIF Trophy tower. Topping off at astounding 1836', with every thing a mixed used tower would need. 6 6 Quote Link to comment Share on other sites More sharing options...
Popular Post jmitch94 Posted August 17, 2019 Popular Post Share Posted August 17, 2019 5 hours ago, TheSirDingle said: Alright boys, lets buy this up and make our very own HAIF Trophy tower. Topping off at astounding 1836', with every thing a mixed used tower would need. 2 11 Quote Link to comment Share on other sites More sharing options...
hindesky Posted August 18, 2019 Share Posted August 18, 2019 (edited) Edited August 18, 2019 by hindesky 4 5 Quote Link to comment Share on other sites More sharing options...
Nate99 Posted August 19, 2019 Share Posted August 19, 2019 Kind of sounds like the last guy tried the GoFundMe approach to capitalizing this project already. I'm in for a fiver if one of y'all renders up the 1836' helixed oil derrick design with Columbia blue and red LED's. 6 Quote Link to comment Share on other sites More sharing options...
Urbannizer Posted October 8, 2019 Share Posted October 8, 2019 On 7/24/2019 at 3:49 PM, C List said: There is definitely something fishy with how they conduct business and it starts with funding. They crowdfund their equity using unrealistically high returns with no mention of a hold period, not to mention they have a senior note and a mezzanine note to pay off. Their team is incredibly small and it doesn't look like they have any dedicated team members that work in Houston, so no developer on site. This group screams incompetence and I would love to get my hands on their prospectus, no doubt there are some upset people that saw their money vanish (Dolce Midtown). https://www.luxecrowdfunding.com/regalia-at-the-park-2/ Me thinks this group is in even more trouble..crowd funding website no longer exist. 2 1 1 Quote Link to comment Share on other sites More sharing options...
hindesky Posted October 13, 2019 Share Posted October 13, 2019 Whoever owns the tower crane is probably going to call the repo man. 2 Quote Link to comment Share on other sites More sharing options...
Vy65 Posted October 15, 2019 Share Posted October 15, 2019 Cemex filed suit/for foreclosure against them last week too. 1 Quote Link to comment Share on other sites More sharing options...
Popular Post Highrise Tower Posted December 6, 2019 Popular Post Share Posted December 6, 2019 11 Quote Link to comment Share on other sites More sharing options...
jt16 Posted December 6, 2019 Share Posted December 6, 2019 On 8/15/2019 at 1:26 PM, mollusk said: To clarify, what got filed was a suit asking to foreclose the mechanic's lien. The filing looks very routine. These projects are frequently structured using single purpose entities. What often happens when they go underwater is that the single purpose entity files for bankruptcy. There is a very structured process for contractors and subs to file suit for foreclosure. This means that cemex has sent several notices to the project owner “fund trapping noticed” and gotten no satisfaction. You foreclose on a property, not a company or owner. If the suit goes forward, this property could very well be auctioned in a foreclosure process. But that won’t be quick unfortunately 1 Quote Link to comment Share on other sites More sharing options...
ArtNsf Posted December 6, 2019 Share Posted December 6, 2019 15 hours ago, ekdrm2d1 said: Wow, if this is the project location, there sure is a lot going on and that has been done already. I would really hate if it were to be completely stopped for good and nothing be built here for a long time. Such a waste of resources, time, effort, and valuable land space in downtown ! 5 Quote Link to comment Share on other sites More sharing options...
Popular Post kbates2 Posted January 31, 2020 Popular Post Share Posted January 31, 2020 (edited) Apparently this project is back on. "Sovereign Properties will resume construction on a mid-rise apartment project near Minute Maid Park in downtown Houston after securing new financing. Acres Capital Corp., a commercial real estate lender based in New York, provided a $49 million construction loan to fund completion of the project, now called Sovereign at the Ballpark, a 229-unit complex at the northeast corner of Crawford and Commerce." https://www.houstonchronicle.com/business/real-estate/article/Stalled-downtown-apartment-project-to-resume-15018116.php Edited January 31, 2020 by kbates2 14 Quote Link to comment Share on other sites More sharing options...
Luminare Posted January 31, 2020 Share Posted January 31, 2020 2 minutes ago, kbates2 said: Apparently this project is back on. "Sovereign Properties will resume construction on a mid-rise apartment project near Minute Maid Park in downtown Houston after securing new financing. Acres Capital Corp., a commercial real estate lender based in New York, provided a $49 million construction loan to fund completion of the project, now called Sovereign at the Ballpark, a 229-unit complex at the northeast corner of Crawford and Commerce." https://www.houstonchronicle.com/business/real-estate/article/Stalled-downtown-apartment-project-to-resume-15018116.php Excellent. Looks like in the render the Chron posted, Sovereign Properties updated the materials as well. Seeing more Wood and Metal Panel and less Stucco. 2 Quote Link to comment Share on other sites More sharing options...
Avossos Posted January 31, 2020 Share Posted January 31, 2020 6 minutes ago, Luminare said: Excellent. Looks like in the render the Chron posted, Sovereign Properties updated the materials as well. Seeing more Wood and Metal Panel and less Stucco. I hope you are right.. the trendy stained wood thing will look dated almost immediately unless they do it right. seems to be some brick too.. happy this isn't going to just decay. 1 Quote Link to comment Share on other sites More sharing options...
Luminare Posted January 31, 2020 Share Posted January 31, 2020 8 minutes ago, Avossos said: I hope you are right.. the trendy stained wood thing will look dated almost immediately unless they do it right. seems to be some brick too.. happy this isn't going to just decay. That cornice detail and stucco finish already makes it pretty dated. At this point they just need to build it. Compared to other developments downtown, if its already dated looking then it will fetch a lower price than the others which will be good for getting a slightly different income person into downtown. That will be the silver lining for this project. 2 Quote Link to comment Share on other sites More sharing options...
Moore713 Posted February 10, 2020 Share Posted February 10, 2020 Did we know about this one? If so go ahead a delete 7 Quote Link to comment Share on other sites More sharing options...
Nate99 Posted February 10, 2020 Share Posted February 10, 2020 12 hours ago, Moore713 said: Did we know about this one? If so go ahead a delete That's good news. As suboptimal as the particular design may have been, it was going to be awful if left to decay 10% complete as it has sat for the last few months. 2 Quote Link to comment Share on other sites More sharing options...
Squirrel Posted March 27, 2020 Share Posted March 27, 2020 Love how the official website takes you to this page lol 1 4 Quote Link to comment Share on other sites More sharing options...
Popular Post hindesky Posted April 18, 2020 Popular Post Share Posted April 18, 2020 Work has started back up. 14 1 Quote Link to comment Share on other sites More sharing options...
zaphod Posted April 22, 2020 Share Posted April 22, 2020 What a time to reboot a dead project. Sat idle throughout a historic growth spurt, now its going up during a crisis, lol. 7 2 Quote Link to comment Share on other sites More sharing options...
Avossos Posted April 22, 2020 Share Posted April 22, 2020 17 hours ago, zaphod said: What a time to reboot a dead project. Sat idle throughout a historic growth spurt, now its going up during a crisis, lol. Will probably be done when things are back on an upswing? That is why trying to time the markets is difficult / near impossible. Funding is obviously easier when things are on the up. 3 Quote Link to comment Share on other sites More sharing options...
Allsgood Posted May 12, 2020 Share Posted May 12, 2020 On 4/19/2018 at 3:30 PM, H-Town Man said: Looks like they do mid-rise apartments. They've done the Dolce Living communities around town, which is kind of scary. They did do a nice urban midrise in Minneapolis. All there projects are disasters Dolce midtown was 6 years Minneapolis was a lawsuit for using the wrong materials. Nothing they build is good 3 Quote Link to comment Share on other sites More sharing options...
hindesky Posted May 17, 2020 Share Posted May 17, 2020 Hard to see any progress. 8 Quote Link to comment Share on other sites More sharing options...
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