The Buffalo Bayou Partnership helped the City of Houston and the Harris County Flood Control District acquire a just-under-2-acre site Downtown for $7.3 million last week: “The property, which is currently being used as a surface parking lot, is sandwiched between Buffalo Bayou on the north and Commerce on the south, stretching from La Branch to Caroline. Roughly half of the land was acquired from a 15-person investment group led by David Loftus. The other half was bought from members of the Loftus family. Loftus says he acquired the site in 2002 with plans to erect a parking garage. After hearing about civic leaders’ intentions for the land, Loftus says he decided to wait and sell it instead. The land will be used to widen the bayou in an effort to mitigate flooding. The site will also double as a park with hike and bike trails during dryer times. Both projects are a part of long-term visions for the bayou system.” [Houston Business Journal]
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Comment of the Day: Sweet Ass Wilshire Village Park
“Some quick math… 7.68 acres = 334,541 SF. Amegy loan = $10,742,000 = 32.11 PSF. Wedge loan = $3,000,000 = 8.97 PSF. Total loans = $41.08 PSF. It seems to me that the dirt should be worth a lot more than $41 PSF. . . . Amegy doesn’t appear to have a lot of risk of loss in the deal. . . . It’s clear they’ve decided to force the owners hand rather than sit back and let the owners try to sell for max $$$, which ain’t easy in this market. A BK by the owner will only delay the process for so long. Amegy obviously wants their cash back. Even without a foreclosure, it seems that this parcel is going to trade hands soon. Somebody needs to round up some cash real quick and buy this prime piece of dirt and turn it [into a] sweet ass park.” [Bernard, commenting on Surprise! Wilshire Village Facing Foreclosure]