UPDATE April 25 3:30PM ET: ARC Abatement waived and released Drever 1401 Elm from its prior lien. ARC has been paid in full as of April 17, 2017, according to public records.
ORIGINAL STORY:
In March, ARC Abatement completed removal of 5.6M SF of material at The Drever at 1401 Elm St. Downtown. On April 10, ARC placed a lien on the property for $509,484.15, according to public records.
Waco-based ARC provided unpaid materials, labor and/or equipment to the project in February and March 2017, according to the affidavit. ARC completed asbestos abatement and demolition work in March. On April 10, the same day the lien was filed, Drever Capital Management chairman Maxwell Drever told Bisnow all contractors were current and paid to date.
Drever Capital president Frank Marro said the firm learned of the lien April 13. “We were unaware of this lien being filed. No pre-lien notifications were given to us or anyone else. The lien was released earlier this week.”
ARC had been working on the project since August 2014, when Olympic 1401 Elm Associates owned the property. Last year, Drever Capital Management bought the 50-story, 1.3M SF tower.
ARC Abatement had not returned phone calls at the time of publication.
CORRECTION April 13 6PM ET: An earlier version of this story did not detail that the lien has been released. The story has been updated.
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