“Sonoma is mystery,” proclaims Randall Davis near the end of an excruciatingly long promotional video posted at the project’s recently updated website. Part of the mystery, of course, has been when — or whether — construction might actually begin on the 7-story condos-shops-and-parking Rice Village layer cake. Since the buildings on the site were demolished and the block of Bolsover between Kelvin and Morningside was fenced in last fall, not much has happened.
Nancy Sarnoff has some details on the delay:
Sonoma, an upscale condo and retail project planned in Rice Village, was supposed to break ground in April.
The land has been cleared to start building, but the developers have a loan commitment for just half of what it will take to build it.
“We’re ready to put a shovel in the ground,” said Julie Tysor, president of Lamesa Corp., owner of the project. “The speed of the changing lending markets wasn’t really anticipated by any of the people involved.”
- Builders hit by credit crunch as banks tighten cash flow [Houston Chronicle, via HAIF]
- Experience Sonoma [Randall Davis]
- Previously in Swamplot: Sonoma Units Available?, Council Bowls Over, So No More Street, It Takes the Village: New Mixed Use
Rendering of Sonoma: Ziegler Cooper Architects