A struggling national economy and tight credit market have taken their toll on the proposed WaterLights District in Pearland, which announced Wednesday that Amegy Bank has posted the property for foreclosure.
Plans for the mixed-used project at Texas 288 just south of Beltway 8 included offices, restaurants and retail and residential components. But perhaps the most anticipated aspect of the development was the Presidential Park & Gardens which eventually was to have featured giant busts of all the U.S. presidents.
All that, however, came to a halt after negotiations with the bank fell through on refinancing the loan and working out the release of potential legal claims, said David Goswick, executive director of Boardwalk at the Spectrum LP, the project’s developers.
I just hope that if this project can’t be salvaged that the giant Presidential heads come back to Houston. They deserve a better fate than that. According to the Chron, however, they hope to keep them right there in Pearland.
Goswick said Boardwalk at the Spectrum remains committed to building the Presidential Park & Gardens.
“We will develop and create a Presidential Parks & Gardens somewhere,” he said. “We just don’t know where yet. It is our sincere hope that it’s in the city of Pearland.”
I for one will be happy to welcome them back to Houston if that hope falls through. Thanks to Swamplot for the tip.