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.

Photo of sign on Wilshire Village site, 1701 W. Alabama: Swamplot inbox

10/26/09 1:42pm

3 Comment

  • 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.