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Situs is currently marketing a site in League City, TX
(“City”), just south of Houston, that consists of
2.8 acres of waterfront land improved with a 66-unit apartment complex.
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- Situs is representing Dallas-based Texas Capital Bank (“Bank”), who has foreclosed on the property
- Situs
is focusing on ways to minimize the time the Bank is spending on the
property, maximize the Bank’s recovery, and increase the
property’s value, including:
- Arranging a general clean up of the site, both before and after Hurricane Ike
- Tracking down old surveys and environmental reports on the property for the Bank and prospects
- Meeting
with the City on multiple occasions to understand the current zoning
and potential changes that prospects (primarily developers) will be
seeking
- Successfully
resolving a dispute with the City, including the threat of
condemnation. After meeting with city officials, jointly developed a
strategy with Bank official, and offered our proposal publicly at a
City Council meeting
- Speaking at a neighborhood meeting to discuss the property, the Bank’s role, and Situs’ marketing efforts
- Soliciting bids for demolition, and overseeing the demolition of the property per Bank instructions
- Situs created a marketing plan to sell the property and has contacted several potential buyers
- The target list includes multifamily developers and single family home builders
- The property is currently being marketed for sale
- The Bank has evaluated multiple offers
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