“Sonoma is mystery,” proclaims Randall Davis near the end of an excruciatingly long promotional video posted at the project’s recently updated website. Part of the mystery, of course, has been when — or whether — construction might actually begin on the 7-story condos-shops-and-parking Rice Village layer cake. Since the buildings on the site were demolished and the block of Bolsover between Kelvin and Morningside was fenced in last fall, not much has happened.
Nancy Sarnoff has some details on the delay:
Sonoma, an upscale condo and retail project planned in Rice Village, was supposed to break ground in April.
The land has been cleared to start building, but the developers have a loan commitment for just half of what it will take to build it.
“We’re ready to put a shovel in the ground,” said Julie Tysor, president of Lamesa Corp., owner of the project. “The speed of the changing lending markets wasn’t really anticipated by any of the people involved.”
- Builders hit by credit crunch as banks tighten cash flow [Houston Chronicle, via HAIF]
- Experience Sonoma [Randall Davis]
- Previously in Swamplot: Sonoma Units Available?, Council Bowls Over, So No More Street, It Takes the Village: New Mixed Use
Rendering of Sonoma: Ziegler Cooper Architects
I hope this project moves forward.
With all the fighting that occurred over the city selling and abandoning the Bolsover right of way, I really would with the project would go ahead so we could really see if it was worth it.
The one thing the project does have going for it is that Randall Davis is behind it. He has shown a good track record for building large scale urban developments. That has me leaning on this is primarily a delay and the project will happen.
Worst case is that Lamesa preps the land and flips it to someone else. That isn’t uncommon for a developer to halt a project and at least make back the initial cost maybe some profit by getting rid of the land.
I hope they can get the loan and move forward with the project. This project will make the Rice Village even better. I strong believe in Randall Davis.