More real-estate-firm troubles you haven’t read about in the newspaper: JPI, a multifamily developer based in Irving, Texas, earlier this week shut down or canceled all new development and construction projects — and laid off development, design, and construction teams. Existing projects already underway will be “completed and wrapped up by a small team that will remain behind until they are complete,” according to a company email provided to Swamplot. The email blamed “the ongoing credit crisis” and “the inability to obtain credit at any price” for the closings.
JPI did not appear to have any projects planned for Houston, but JPI Living does operate Jefferson Estates at Bellaire, an apartment complex at 4807 Pin Oak Park, just inside the Loop between Bissonnet and the Southwest Freeway.
Photo of Jefferson Estates at Bellaire: JPI Living