02/04/09 6:17pm

At least 2 tenants of the Wilshire Village garden apartments have received eviction notices from the owner, demanding that they vacate the property by the end of February, a source tells Swamplot. The notices, which were signed by Commerce Equities president Matthew Dilick, say that electricity at the property will be turned off after that date. Swamplot’s source also says that the city’s Public Works department is aware of plans for the site.

Wilshire Village is the classically modern but now classically decrepit yellow-brick complex at the southwest corner of West Alabama and Dunlavy, across from Fiesta. The 17 buildings were designed by local architect Eugene Werlin and completed in 1940. Wilshire Village hit a downward spiral in more recent years under the peculiar supervision of its previous owner, who reportedly fought off throngs of eager potential tenants in order to keep the 144-unit complex largely vacant — then declared bankruptcy in 2002 when he was unable to pay the taxes on the property.

Although reports that the 8-acre complex would be demolished have circulated for years, the timing of these eviction notices is a bit of a surprise, given problems other developers are currently having securing construction loans. Equally surprising to many others who have driven past the run-down apartments recently is news that actual tenants are still living there.

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01/09/09 4:59pm

The developer of the Mosaic highrise overlooking Hermann Park — a limited partnership between Phillips Development & Realty and publicity-shy Florida Capital Real Estate Group — declared bankruptcy earlier this week to avoid foreclosure on a $71 million loan from Chicago lender Corus Bankshares. Florida Capital, originally the equity partner, will be taking over as the general partner.

The bankruptcy covers just the first Mosaic tower. The second tower, rebranded the Montage, has not yet defaulted on its separate $71 million Corus loan.

So how have sales been going at the Mosaic? It depends, the Houston Business Journal‘s Jennifer Dawson learns, who you ask:

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12/04/08 10:25am

ANOTHER HOMEBUILDER CALLING IT QUITS Kimball Homes, based in suburban Chicago, is shutting down. The company has built homes in markets all over the country, including in 4 Texas cities:A spokeswoman said more than half of the company’s workers were laid off Tuesday, including an undisclosed number in the Houston area, where the company was active in 11 communities in the western and northwestern suburbs, Spring, the Humble area and Friendswood. Kimball Hill had 704 closings in the Houston area in 2007, down from 903 closings in 2006, according to Metrostudy.” The company filed for Chapter 11 bankruptcy in April. (The Chicago Tribune reports Kimball Hill had 1,100 employees as recently as last year.) [Houston Chronicle, via Swamplot inbox]

11/11/08 9:03am

BILL HEARD BID HEARD The Sugar Land location of bankrupted Bill Heard Chevrolet has a new owner. And the new place is gonna be . . . a car dealership![Jean] Durdin, who owns Parkway Chevrolet in northwest metro Houston, outbid fellow Houston dealer Mac Haik for the Heard store in southwest Houston. Durdin added more than $7.7 million to Haik’s original bid to buy the store for $20 million, not including vehicle and parts inventory. Durdin also outbid two other competitors, but [turnaround consultant Fred] Caruso declined to name them.” [Automotive News, via Swamplot inbox; previously]

07/29/08 3:17pm

Bennigan’s Sign, Houston

In one fell soup, Bennigan’s has apparently shuttered all of its U.S. locations. And the store is taking its sister restaurant, the ailing Steak & Ale, along with it. The chains’ are filing for Chapter 7 bankruptcy. Both are subsidiaries of Metromedia Restaurant Group, based in Plano.

Over at Houstonist, Katherine Shilcutt Gleave surveys the confusion resulting from the unannounced overnight shutdowns:

Houston is home to at least 20 Bennigan’s restaurants in the city and surrounding metropolitan areas. Calls placed this morning by Houstonist to the locations netted the same result each time: a phone ringing off the hook and no answering service. Only one location answered the phone when we called: the Bennigan’s in Greenspoint off Beltway 8. The befuddled-sounding manager at that location politely told us that they were, in fact, closed. He further confirmed that all other Bennigan’s in Houston were closed as well.

Steak & Ale had 6 Houston-area locations.

Photo: Flickr user alex_user