The purported owner of the Wilshire Village complex at the corner of West Alabama and Dunlavy, who managed to stay out of the media spotlight while the 69-year-old 8-acre complex was emptied and then torn down after a sequence of peculiar events earlier this year, appears at the end of Nancy Sarnoff’s phone line to make a few pronouncements about the property.
First, that big Commerce Equities sign on the property that says “Available”? Well, here’s what it really means:
“We would consider an outright sale if the appropriate user was identified,†owner Matt Dilick of Commerce Equities said.
That’s right: Dilick might wanna do a little creatin’ there himself!
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There’s still a chance Dilick will build something on the land. He said a townhome development could be the right use at this time.
Previously he had considered putting a residential tower on the site. . . .
Dilick said land values in this Inner Loop neighborhood had gotten as high as $100 per square foot. He recognizes those kinds of prices are no longer attainable today.
- Wilshire Village land [Houston Chronicle]
- Wilshire Village coverage [Swamplot]
Photo of sign on Wilshire Village site, 1701 W. Alabama: Swamplot inbox
I imagine that in Houston, there are enough greater fools to buy some shabbily constructed inner loop townhomes at a price that’ll still profit Dilick. And perhaps in 20 years, after they start to fall apart, and the owners lose their investment, somebody will start the cycle all over again.
“And perhaps in 20 years, after they start to fall apart…”. That would be closer to 5 years.
Both Nancy Sarnoff and Mr. Dillick failed to point out the Wilshire site is posted for foreclosure next week. I am sure that Dillick will avoid the foreclosure by throwing the entity into bankruptcy. It is funny how Mr. Dillick is still trying to keep a positive spin on his possible future development prospects, when he is being sucked down the drain.