Residents of the Georgian Apartments in Highland Village are still up in the air about a possible sale of the 1965 courtyard complex, which sits just behind the Cadence Bank building at the corner of Westheimer and Weslayan. Last July, the River Oaks Management Company sent residents of the apartment for the over-55 set a notice indicating that an agreement to sell the 3.4-acre property had been reached and that the closing date would be in December. Residents heard rumors of a 40-story highrise planned for the site. Then in mid-December, according to a source, word came that the sale was off and that no other buyer had expressed interest.
But shortly after Christmas came another twist: the unidentified prospective purchaser has been granted an extension. “Closing would likely occur in early spring if the purchaser is satisfied with their final evaluations and decides to go forward with the purchase,” reads the latest note sent to residents.
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The 114-unit complex at 2511 Willowick Rd. includes these townhomes fronting Wickersham Ln.:
Photos: Swamplot inbox
I live near there, and most of the elderly residents have been there for many years. It’s just a very short walk to the grocery and drug stores and other amenities, so they don’t even need a car. Those town homes on the Wickersham side are very nice; I’ve coveted them myself!
Of course, if displaced, they won’t be able to find anything remotely like The Georgian inside the Loop. Affordable independent housing options for seniors in this town are quickly disappearing and it’s a damn shame.
I’ve wondered how those gorgeous Georgians lasted so long in Highland Village. I’m sorry to hear that the elderly residents have been booted in favor of some rumored 40-story highrise since they will have a tough time finding quality comparable housing.
This site sits on ground leased land. That was the story in 2006. It will be very interesting to see how the developer structured a purchase as the ground lease owner would have more leverage and why sell when you have post office box money coming in monthly and still retain the land. I would rather be paid like an annuity and retain the land if it was my piece. Have to think there is some form of ground lease rather than a partnership, even if the initial lease term is ending…either case the best situation in RE is to ground lease the land to someone and apparently this may be structured much like how Gables did West Ave – ground lease from the Dickey family.
Why not convert the Georgian Units to condominiums. Many of the residents would purchase their unit if the price was reasonable. The Roydon Oaks neighborhood on Wickersham is not happy at all with the purchase and planned development. it will increase flooding, traffic and make life more stressful for the residents of Roydon Oaks. They very much prefer the Georgian stay as it is, its quaint and the only kind in the area. Plus many residents walk to grocery, their Doctors are nearby, Tearing down the Georgian will really be disruptive to the quality of life in this area for many people.
PRS,
Its sweet to think that any of the developers actually care about the neighborhoods they are building in. Its all about the mighty dollar.