Friday, March 22, 2013

Development on Ashby High Rise (3/22/13)

Houston Chronicle article - Linbeck and Ashby high-rise developer part ways (Houston Chronicle 3/21/13), here.  Key excerpt:
Linbeck Group, whose leader lives in the neighborhood where the building is planned, said it withdrew from the project because of technical issues relating to controlling the construction process. 
Executive chairman Leo Linbeck III emailed a statement: 
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. 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 Without that assurance, we cannot remain engaged, and have therefore withdrawn.

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