The upscale Montage apartment tower across from Hermann Park fell into foreclosure this week, just months after its twin — The Mosaic — suffered a similar fate.
It's the latest turn of events for the high-end residential project built in the second half of the 2000s.
With nearly 800 units in the twin towers combined, real estate observers expressed concern after the project was announced that there would be enough demand in a city where high-rise living isn't the norm.
Both 29-story buildings originally were planned as for-sale condominium towers. But after sluggish sales, the developer said at the end of 2008 it was turning the second building into a rental tower and renaming it Montage.
A subsidiary of Corus Construction Ventures foreclosed on the property Tuesday, said Jim Dow, a senior vice president with the firm.
The company took over the loan on the building after the original lender, Corus Bank, was seized by the Federal Deposit Insurance Corp. late last year.
Corus Construction Ventures is a partnership between a group of investors and the FDIC that was formed to hold $4.5 billion in construction loans and real estate assets formerly owned by Chicago-based Corus Bank.
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They tried to turn Houston into a "yuppie town" and failed miserably. The dream of developers was to attract young professionals into the city and have them spend every thin dime they had and it didn't work.
ReplyDeleteIt's too damn funny; really it is.
ReplyDeleteWTF is a "young professional" ?
What is it they make?
What is it they actually contribute?
These entire city developments will fall flat on their own weight.
It's like the person on the previous blog said - this is what happens when you don't make anything,
Well said and " they don't"
Let "them" crash and burn I'm way past tired supporting them.
Marketing directors and public relation consultants.
ReplyDeleteDear 5:56 P.M. Maybe you are jealous of us young urban professionals (also called yuppies). I am a financial analyst. I also hold a MBA. I am probably more educated, better looking and make more money than you.
ReplyDeleteDon't be jealous of us young educated good looking professionals. Maybe if you get a good education instead of playing a banjo on your front porch you too can live in a nice expensive high rise like me.
9:44 is a bit clueless.
ReplyDeleteCannibals don't experience 'jealousy'.
What they do experience is hunger.
And you looking like some Angus on the hoof right now.
HEH
9:44 I don't play the banjo although I'd like to learn; but I do play a pretty mean Alto Sax. Which is more than I can say for what you play.
ReplyDeleteAlso - I have learned over the years - the bad thing about being at the top of a high rise?
You only have one way to go - which is where you are headed - see you at the bottom; that'll straighten you right on out. Bon Jour