Land lines: Luxury waterfront community Harborwalk, which in September fended off a foreclosure sale of various parcels and properties, has a new owner and a debt-free future for the first time in its existence.
The new owners, who paid cash, are long-time residents of the Hitchcock development, said Tim Connolly, a principal of Corporate Strategies Merchant Bankers.
Connolly declined to divulge the names of the new owners or what they paid, but said they planned extensive renovations for the Harborwalk marina to bring it to its “original first-class condition.”
All amenities and the pool areas will be included in the renovations, he said.
The acquisition included the restaurant building formerly occupied by Floyd’s on the Water, all marina slips and expansion rights, The Ship Store and Welcome Center, along with real estate opposite the marina to provide for more parking and future needs, Connolly said.
Legend Communities in September hired Connolly’s firm to help reverse fortunes and market the development, which includes 380 residential lots, a 150-slip marina and yacht club 2.4 miles west of Interstate 45 on state Highway 6.
In 2012, Legend Communities, a developer of single- and multifamily residential and associated commercial projects, bought Harborwalk from BBVA Compass bank.
The parcels included in the September foreclosure sale posting were used to secure a $12.5 million promissory note. The lender was Canada-based Romspen Mortgage. But it wasn’t the first time Harborwalk owners were plagued by debt.
Harborwalk LP originally developed the community of waterfront homes. But there was trouble.
In January 2010, Harborwalk LP filed a lawsuit against Compass Bank, which later was bought by BBVA, after the bank sent a notice of default on an amended $30 million note and refused to allow the company to draw any more money to cover project costs.
Because the new Harborwalk owners paid cash, there’s no bank debt, which means there’s no risk of any issues with lenders, Connolly said. Stay tuned.
Making a splash: A West End island RV park continues to grow and add amenities. Stella Mare RV Resort, just west of 7 1/2 Mile Road between FM 3005 and Stewart Road on June 9 will officially debut a 3,000-square-foot splash pad with interactive features for children. The water tower at the RV park will release 30-gallons of water at intervals.
Developer Eron Smith in early 2016 announced he had acquired the 25-acre parcel once earmarked for a rare mid-income residential development with plans to transform it into an RV park. The endeavor, with 195 pad sites, has been successful, he said. Other amenities at the RV park include community barbecue area, sand volleyball and a large children’s playground.
Smokin’ buzz: La Marque’s dining scene is getting a little spicier. City officials last week announced Dickey’s Barbecue Pit plans a 2,165-square-foot restaurant in the La Marque Crossing shopping center, at the corner of I-45 and FM 1764. The restaurant will occupy a space nearest to Panda Express.
Dave and Lesa Covert, who have been residents of Galveston County for more than 20 years, are the franchise owners.
“We chose this location because of the power corner,” Dave Covert said. “This is the Wal-Mart and the Sam’s for everyone from La Marque, Texas City, Santa Fe and Hitchcock — it really draws from all of southern Galveston County. Panda Express, IHOP and Waffle House have all invested in this corner and that says something.”
Look for a September opening of Dickey’s Barbecue Pit.
Highway blues: Popular Seabrook restaurant Outriggers Seafood Bar & Grill has long known it would close for the state Highway 146 expansion. But owners thought they had at least until summer’s end. That’s not the case. The 101 Bath St. restaurant, in business for 17 years, is closing June 2, owners announced on social media.
“It’s with great sadness I am coming to you with some bad news. All good things must eventually come to end. My end is near. The state of Texas seems to think this location is too important to leave open until summer ends … ,” owners posted on Facebook.
Outriggers joins a long line of restaurants that have had to make way for the project that will widen state Highway 146 from six lanes to 12 and include a new expressway bridge west of and parallel to the Seabrook-Kemah Bridge.
After 43 years, Tookie’s Burgers on Jan. 28 served its last meal in Seabrook and soon reopened in Kemah after the Texas Department of Transportation took the Seabrook restaurant property through eminent domain for the state Highway 146 expansion.
Outriggers is building a new restaurant on NASA Parkway it plans to open next year. Stay tuned.
Reopening: Nearly nine months after Hurricane Harvey, BBVA Compass is reopening the last of its storm-closed branches with a new look.
The branch, 3545 I-45 in Dickinson, was one of nine BBVA Compass branches closed because of Harvey damage. The branch features a new design model now being used by the bank, said BBVA Compass Regional Corporate Real Estate Director Andres Cueto.
“The concept lends itself to where all furniture and areas can easily be moved and transformed with little effort based on the needs of the client,” Cueto said.
The original branch was gutted and redesigned after extensive flooding that took days to recede. Before the new branch opening, employees continued operations in a temporary trailer.