Developers of Mosaic Condo Towers File for Bankruptcy
The Houston Chronicle
The Houston Chronicle
The developer of the Mosaic condominium tower on the edge of Hermann Park has filed for bankruptcy protection, averting foreclosure of the 29-story building... The Mosaic was announced in 2005 and twin towers were built at the 5925 Almeda site.
...With other big developments around the city being shelved or called off entirely, the Mosaic bankruptcy is just another sign that the national recession and credit crunch is affecting the Houston real estate market.
R. Kent Dussair, president of CDS Market Research in Houston, said the Mosaic was designed to fit a market niche that wasn’t being addressed — affordable high-rise living.
The average price per square foot at Mosaic is $325, meaning a 900-square-foot unit would cost around $292,500.
But the high number of units combined with the economic slowdown was bound to take its toll on the project.
“Eight hundred units of anything is a major project and makes it even more difficult during these kinds of times when there’s less of a demand for housing in general,” said Dussair, whose company did a market study for the developer in its early planning stages when Mosaic was being considered as an apartment project.
See the link for the full article.
...With other big developments around the city being shelved or called off entirely, the Mosaic bankruptcy is just another sign that the national recession and credit crunch is affecting the Houston real estate market.
R. Kent Dussair, president of CDS Market Research in Houston, said the Mosaic was designed to fit a market niche that wasn’t being addressed — affordable high-rise living.
The average price per square foot at Mosaic is $325, meaning a 900-square-foot unit would cost around $292,500.
But the high number of units combined with the economic slowdown was bound to take its toll on the project.
“Eight hundred units of anything is a major project and makes it even more difficult during these kinds of times when there’s less of a demand for housing in general,” said Dussair, whose company did a market study for the developer in its early planning stages when Mosaic was being considered as an apartment project.
See the link for the full article.
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