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:
A total of 109 units in the condo tower at 5925 Almeda have been sold, while another 132 are under contract to be sold, [Florida Capital Group COO Katherine Christy] says. The condos are priced from $205,000 to $699,000.
Tom Cervone of Camelot Realty Group, who is marketing the Mosaic condos, said in November that 110 condos had been sold and another 57 were under contract.
A comparison of the two sales figures would indicate that 75 condos have gone under contract in the last two months, although Cervone and Christy say Mosaic sells an average of eight units a month.
The statistics also show that no contracts have been closed since November.
Incidentally, Mosaic reported a total of 230 buyers in April 2008, when it won the Houston Business Journal’s Landmark Award for best multifamily project of 2007.
Plus: More musical chairs with the Florida Capital takeover, though with slightly different results than predicted by Swamplot’s source 2 weeks ago:
Houston-based Camelot Realty Group will continue to market the condos, but Gables Residential will now manage the Mosaic’s condo association and lease and manage the units in Montage. . . .
Also, retail developer and brokerage firm NewQuest Properties will takeover leasing of the project’s retail space.
- Museum District-area condo tower files for bankruptcy [Houston Business Journal]
- Mosaic’s developer files Chapter 11 protection [Houston Chronicle]
- Phillips Development at the Mosaic: Short-Term Rentals, Short-Term Stay? [Swamplot]
- Mosaic Splits in Two
Photo: Flickr user Phillips Development