Having torn down an entire block of buildings in the Rice Village for a condo project the company can’t get financed, Randall Davis has a better idea: Why not demolish the buildings on the other side of Bolsover — so they can build the second phase instead?
The Chronicle‘s Nancy Sarnoff reports that Davis and company have been unable to get a $100 million construction loan for the Sonoma mixed-use condo development he’s been marketing for a couple of years. Hey, that’s no problem! Just move on to the next project, and double down on the demo:
Now they’re negotiating for a $70 million loan with 40 percent equity to build the smaller second phase of 85 units.
“Hopefully they’ll respond positively since we have so many sales,” said Davis.
The sales, however, are for the first phase of the project, which has been 50 percent pre-sold.
And the second phase is on the south side of Bolsover, where Walgreen’s has a lease until January.
After the jump: marginal views of phase two!
- Plans change for Sonoma [Houston Chronicle]
- Previously in Swamplot: Sonoma Holdup: We Need Some Money, Sonoma Units Available?, Council Bowls Over, So No More Street, It Takes the Village: New Mixed Use