Uptown Project Is Latest On List Of Stalled Luxury Condos
Aurora, a 16-story, 40-unit condo project, has been shelved by its developer, Sims Luxury Builders. Sims was not able to meet the construction lender's pre-sale requirements, reports the Houston Business Journal. Units in the project ranged from 3,400 to 6,400 SF and in price from $2M to $5M. The project joins others on the shelf like Butler Brothers' Flat on Fairview and Riverway Properties' 3615 Montrose.
Sims will focus on finishing its first luxury condo project, Riva at the Park, a 10-story, 29-unit condo overlooking Buffalo Bayou. Riva has fared much better: The design was expanded by three stories and still sold out its units in five months. The first units are expected to be delivered in early 2017. [HBJ]