A RANDALL DAVIS-FLAVORED HIGHRISE FOR THE EAST SIDE OF THE WEST LOOP Themed-residence developer Randall Davis is planning another Galleria-area condo project, and it looks like this one won’t have to share space with any fast-food drive-thrus — unless, of course, he wants it to. The HBJ‘s Paul Takahashi is reporting that Davis plans to construct an 85-to-100-unit highrise on a 1.8-acre site at 2021 Westcreek Ln., until recently occupied by a portion of the Westcreek Apartments. (It’s labeled Parcel D in the view at left.) Davis’s block is immediately north of the SkyHouse River Oaks, which is already under construction. It fronts San Felipe, across from Ashley Furniture, and its eastern flank abuts the Target parking lot. If Davis still wants some sort of fast-food spot to land next to his so-far-unnamed project, though, he could certainly make it happen: Takahashi reports he’ll be building on a little less than half of the site, and selling off 45,000 sq. ft. of it to developers. [Houston Business Journal; previously on Swamplot] Image: CBRE
How does this quack keep getting financing for these extra tall trailed parks? There have been allegations of financial impropriety on every project he’s done by almost every lender.
he doesn’t seem to have a problem selling these places.
Diamond Beach is the only one I can recall having trouble selling, and that was due to the hurricane more than anything else.
He’s had a few failed ventures. Diamond Beach was delayed by the hurricane, but doomed by poor timing relative to the housing bust and mortgage availability. I don’t hold it against him.
To his credit, he has learned (from experience) not to build too many condos in a single project and to give each project a separate and distinct flair so that consumers tend to have strong opinions about the aesthetics rather than viewing them through the lens of housing as being a commodity. This keeps it so that he doesn’t have to take a huge share of the niche market for new condos and enables him to sell out a project before he has to compete with his own buyers trying to re-sell their units.
@commonsense – I know he pulled EB5 dollars for the McDonald’s piece on Post Oak. Those guys don’t care what the $ is going into as long as they can create employment and get that visa.
The EB5 visa scheme is only part of the problem, the INS is still trying to figure out how to go after him for using the program “by the letter but not by the spirit of the law”. He is also known for front loading the draw schedule and sifoning off funds from the initial cash of the deal and conveniently running out of cash in second half of the project. Which puts the bank in an huge upside down deficiency and they’re forced to give him MORE money to finish the project.