Major Real Estate Drama
Is the Ashby high-rise suddenly even more menacing with the neighborhood builder out?
The group of concerned residents behind Stop the Ashby High Rise were shocked to learn that one of their own had a hand in the building's construction, but perhaps that's better than the new alternative.
Linbeck Group, headed up by executive chairman and neighborhood resident Leo Linbeck III, has parted ways with Buckhead Investment Partners, the project's developer.
"We got engaged because we wanted to minimize construction impact on the neighborhood. Our extensive pre-construction work to-date has been focused on this goal," Linbeck, who lives just around the corner from the building site at Bissonnet Street and Ashby Street, wrote in an emailed statement to the Houston Chronicle.
"We got engaged because we wanted to minimize construction impact on the neighborhood."
"But for us to be successful, it is essential for us to have control during construction. We were not able to reach an agreement with Hunt (the equity investor and joint venture construction entity) that would assure us of our ability to control the construction process.
"Without that assurance, we cannot remain engaged, and have therefore withdrawn."
The tenants are out of Maryland Manor, the complex that stands in the high rise's path, and the Chronicle reports that demolition could begin as early as May on the 21-story, 228-unit residential complex. The developer says that there will be a short delay while they search for a replacement contractor.