Failure To Secure Construction Financing Halts Luxury Montrose Condos
Plans for 3615 Montrose, a luxury condominium project from Riverway Properties, have been put on hold. Plans for the modern glass seven-story, 34-unit condo development were revealed in August 2014, just before the oil crash. The luxury units ranging from 1,900 to 4,100 SF and from $1M to $2.25M didn't have the demand originally expected, the Houston Business Journal reports.
The project was set to break ground in the spring, but the lender set a 50% sale threshold (17 units) to break ground. Riverway Properties only ended up selling 12. Buyers' 10% earnest money will be refunded. [HBJ]