Sunday, April 29, 2012

Trinity River Ruins

The Fort Worth Star-Telegram article says it all.  Foreclosed on before it's even built.  Are they trend setters?  What happens if you foreclose on something the taxpayers are buying?

Bank forecloses on never-built luxury condo tower

The Ruins was a planned downtown luxury condo tower with a heliport that never materialized.

Schaumburg was behind several proposed condo projects at that time.

The Ruins was going to be a $48 million, 23-story tower overlooking the Trinity River on downtown's western edge. Planned were 49 units, averaging about 3,500 square feet. Prices were going to run about $250 a square foot.

The Ruins was based on postmodern architecture influenced by ancient Roman ruins and was a sister project to the Summit Ruins, a project Schaumburg had planned at Seventh Street and Summit Avenue years before.

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