Endeavour first of many high-rises for Clear Lake

$3 million in damages and insurance -- money from lawsuits or are you talking hurricane ike damages? We know you aren't going anywhere and the comments people have made are not directed at you personally - just the structure. And after this, it will be awhile before any more towers rise up. Yes the Kemah Boardwalk is visible to those who live immediately around it - but it isn't visible for miles to everyone.

For what ever its worth, I feel badly for those of you who bought there and are now faced with a bankrupt bldg. and I would guess spiraling maintenance fees. You bought with the intention of living in a beautiful bldg with beautiful views in what you thought would beautify the community. Instead you have wound up with an uncertain future and a bldg. that most residents villify. When you are in such an expensive to maintain bldg. and it goes bankrupt - what happens to you? At some point, do you just have to walk away and lose everything you have invested? Do you have any recourse from the developer now that he has claimed chapter 11?

EndeavourTogether wrote:

As I sit on my patio high above clearlake viewing all of gods beauty, I wonder why so many of you seem hateful towards the building. If you live on kemah then you cannot see it very well anyways, but know you can see that eyesore waterfront venue Tilman Fertitta has bestowed upon you. How many times has that mans business filed for bankruptcy??
As owners of these beautiful units we will stand together and continue to make it a better place to live.
With almost 3 million in damages and insurance money in waiting
The bankruptcy filed by the developer only brings us one step closer to getting the funds due to repair and bring our grand building back.
So all you naysayers, haters and any other negatives we are not going anywhere!!!

No almost $3MM going to the monstrosity or the debtors, all going to the lawyers. You are screwed.

“On May 04, 2009, ENDEAVOUR HIGHRISE, L.P. filed for Chapter 11 bankruptcy. The filer is being represented by Matthew Hoffman of the firm Law Offices of Matthew Hoffman, p.c..

Endeavour Highrise, L.P. Files For Chapter 11
Endeavour Highrise, L.P. filed for chapter 11 bankruptcy protection yesterday at the U.S. Bankruptcy Court for the Southern District of Texas. The debtor lists $10-50 million in assets and $10-50 million in liabilities.

Debtor Name: Endeavour Highrise, L.P.
Year Filed: 2009
Jurisdiction: United States Bankruptcy Court / Southern District of Texas
Asset Size: 10,000,000 to 100,000,000
Case Number: 09-33151
Industry: Real Estate

ENDEAVOUR HIGHRISE, L.P. files for chapter 11 bankruptcy

UNITED STATES BANKRUPTCY COURT
Southern District of Texas
The Honorable Jeff Bohm
HEARINGS CALENDAR

Date: 05/29/2009
Time: 02:15
Docket No.: 09-33151-11
Inst No.: 8
Party: Endeavour Highrise, L.P.
Hearing Type: Status Conference"

The Endeavour Highrise Condo Project will be fire-sold by the bankruptcy court as soon as all the red tape can be worked out. The new investors will purchase it for 15-20 cents on the dollar and put the necessary capital into the building to complete/repair it and make it almost what it was intended to be. The remaining unsold units will be leased initially and then offered for sale once the buildings bad reputation has all been forgotten.

The buildings' demise was its developer and partners. They live extravagent lifestyles at the expense of their creditors. Once they are removed from the picture and reasonable people are put in place to operate and manage the project, it will be a success.

So just be patient, it will change and be what some had hoped it would be-a great place to live!

P.S. I speak not from mere speculation....

Agreed the building will be auctioned for pennies on the dollar, but it will never be luxury anything, assuming that was once the vision. Regardless of whatever is claimed here, the flopper flippers that have lost their money in this endeavour were speculating, period. It is easy to say how much one will work to make this monstrosity on Clear Lake a home after it is apparent to all that that dream is lost. What else would they say now?

Realtards were selling this as a flippers wet dream two years ago. I know, I was there. All one had to do was qualify for a mortgage and the idea was that a bigger fool would come and buy you out at a higher price in no time. No thoughts to a home or community then, just pure speculation. The few amateur fools that bought into this idea are now screwed and have no hope of ever recouping any money they may have invested.

In any bankruptcy, the investors (the stuck residents who actually bought into this fallacy in this case) have no hope of getting any significant relief from the courts. This is a limited partnership, the construction loans and senior creditors will get the pennies on the dollar, after the lawyers, the bottom tier investors will get zilch. But this fact does not relieve the obligation of mortgages the current sunk flipper-residents have to continue paying on a property that is now likely worth much less than half what they paid.

What will happen to the building? It will sell for pennies on the dollar and go immediately to an investor group or property management company. These new owners will care less about the current residents. Their only concern is cash flow. The minimum amount of money will be put into the building to make it marketable, do not expect opulence.

Expect low-to-mid range condos or apartments. Also expect space to be leased out as commercial office space or even light industrial use. The city of Pasadena has plenty of career section 8 housing people currently living in dilapidated dwellings to fill the void, no end to that need.

The current residents have absolutely no say in what or who moves in next. The bankruptcy conditions may very well rewrite any original building covenants as it is obvious the original business model is failed.

In any event, do not expect wealthy people to suddenly fill the building post bankruptcy. If that was ever going to happen, it already would have over a year ago when free money was being handed-out in housing bubble money. No bank is going to loan anything appreciatable on this place now.

This eyesore eclipses anything else on Clear Lake and will always be a monument to greed and stupidity. To assume anything else is pure speculation.

Since dirt-cheap endeavour floor space is going to hit the market soon, small businesses will be looking at opportunities to move into the building.

New businesses possibilities for the building are:

* The Endeavour Nightclub and Lounge (This is perfect for this building and the area.)

* Remax sales agent offices

* National Weather Service office

* Insurance company office

* Pasadena Social Services office

* Boat sales office

* Chiropractor and/or dentist

* A restaurant?(Not part of the nightclub above.)

What businesses would you like to see here?

Now from the Chronicle. The comments there agree how ridiculous this place was. The flippers thinking they have the means to save this big, ugly dump of a building are living in Neverland. It is over for them. It will be interesting to see when and how they accept reality.

This building is heading for office use, probably this year. Like was stated before, the current residents have absolutely no say in what or who moves in next after the bankruptcy. Poor flopped flippers.

www.chron.com/disp/story.mpl/headline/biz/644...

"
Clear Lake high rise developer in bankruptcy
Copyright 2009 Houston Chronicle
May 28, 2009, 8:09PM

Endeavour Highrise LP, the developer of a new residential tower on the banks of Clear Lake, has filed for Chapter 11 bankruptcy protection.

Records indicate Endeavour Highrise was posted for a May 5 foreclosure auction. The day before, the developer made the Chapter 11 filing in U.S. Bankruptcy Court for the Southern District of Texas.

The lender is Regions Bank, according to records from Foreclosure Information & Listing Service of The Woodlands.

Regions, which is listed as a creditor in the bankruptcy with a claim of $20.8 million, would not comment on the case.

The bankruptcy petition lists assets, as well as debts, at more than $10 million and less than $50 million.

The 30-story condominium tower at 4821 NASA Parkway is on the north shore of Clear Lake in the city of Pasadena.

Units in the newly built Endeavour are being marketed from the $400,000s to $2.5 million, according to the building’s Web site.

The tower has competed with luxury single-family homes in the area, said Sandra Head, a real estate agent with Re/Max Space Center.

“You can buy beautiful stucco houses with tile roofs on water around here for what those things were costing,” she said.

“I don’t think Clear Lake was ready for an expensive high-rise like that.”

A court document associated with the bankruptcy says the 36 units have been sold.

Robin Parsley and Carlo Marzano are listed as the main partners on the project.

They could not be reached, and Matthew Hoffman, the Houston attorney representing Endeavour Highrise, declined to comment.

Nancy Pointer, a developer with Verandah Cos. who is planning a residential project across the lake in League City, said the Endeavour high-rise was a ground-breaking project, but its timing may have been off.

“With this market I don’t think there are going to be any high-rise buyers for some time, and people in Houston, it’s still a little bit of an unfamiliar product for them,” she said.
"

The land bought for the second Penis-on-the-Lake is up for sale. Other endeavour land is being rented to a boat lot. A bar and lounge is well suited to the building and the people in the area. The bar people in Clear Lake need another place to gather and this endeavour in Pasadena is perfect for them.

This failed endeavour is going to end up being the biggest flop/bust in Clear Lake history (to date).

What do you think EndeavourTogether, or whichever name you are using today?

For the delusional flippers endeavouring together, here is your wet dream from yesteryear.

(I have no idea why the mls allows these nonsense listings.)

From Har.com today:

http://search.har.com/engine/doSearch.cfm...

Listing Price:$3,600,000
Address 4821 Nasa Parkway 29
Building Name: Endeavour
Property Type: Highrise Condominium
Building Sqft: 5,533 / Builder
Maintenance Fee:$3227 monthly
MLS# 4584210

Listing Price:$1,225,000
Address 4821 Nasa Parkway 26E
Building Name: Endeavour
Property Type: Highrise Condominium
Building Sqft: 2,165 / Builder
Maintenance Fee:$1263 monthly
MLS# 2128889

Listing Price:$688,000
Address 4821 Nasa Parkway 11E
Building Name: Endeavour
Property Type: Highrise Condominium
Building Sqft: 1,702 / Builder
Maintenance Fee:$993 monthly
MLS# 6654917

Listing Price:$498,500
Address 4821 Nasa Parkway 10SE
Building Name: Endeavour
Property Type: Highrise Condominium
Building Sqft: 1,278 / Builder
Maintenance Fee:(Not Listed!)
MLS# 5572573

One who knows wrote:

The land bought for the second Penis-on-the-Lake is up for sale. Other endeavour land is being rented to a boat lot. A bar and lounge is well suited to the building and the people in the area. The bar people in Clear Lake need another place to gather and this endeavour in Pasadena is perfect for them.
This failed endeavour is going to end up being the biggest flop/bust in Clear Lake history (to date).
What do you think EndeavourTogether, or whichever name you are using today?

Unfortunately, there is an ugly lot with salvaged boat trailers where Seabrook Beach Club used to be. I know it was the club owners decision to sell, but I am still bitter that this lot looks run down where there once was an awesome pool with a swim-up bar and a waterfall that's been demolished and left for dead by Endeavor.

Anyone know if that eyesore of an empty lot will become anything soon? Would it be a good investment for a responsible business owner to put a respectable venue there, where you could pull up in a boat, shop, eat, or drink?

One wrote:

Since dirt-cheap endeavour floor space is going to hit the market soon, small businesses will be looking at opportunities to move into the building.
New businesses possibilities for the building are:
* The Endeavour Nightclub and Lounge (This is perfect for this building and the area.)
* Remax sales agent offices
* National Weather Service office
* Insurance company office
* Pasadena Social Services office
* Boat sales office
* Chiropractor and/or dentist
* A restaurant?(Not part of the nightclub above.)
What businesses would you like to see here?

Maybe it could be used for sky diving....

The Endeavour Clearlake was sold to a majority of investors who could not get the condos financed once the banks started to fail. The tower had very few units due to the size of the condos so it would not surprise me if 50% of the condos closed, but that is not a number to brag about when a high-rise is complete. Also one needs to ask which home a person is going to let the bank take back when they fall in to financial trouble, the one in Clearlake or their home in another state that they live in. Good luck to the people who do call the tower home full time when the HOA fees coming in can't pay the power bill or pool cleaner. The other properties along Nasa Parkway that were owned or branded Endeavour seem to be going on the market for sale including the large tract next to the Marina.

One who knows wrote:

<quoted text>
No almost $3MM going to the monstrosity or the debtors, all going to the lawyers. You are screwed.
“On May 04, 2009, ENDEAVOUR HIGHRISE, L.P. filed for Chapter 11 bankruptcy. The filer is being represented by Matthew Hoffman of the firm Law Offices of Matthew Hoffman, p.c..
Endeavour Highrise, L.P. Files For Chapter 11
Endeavour Highrise, L.P. filed for chapter 11 bankruptcy protection yesterday at the U.S. Bankruptcy Court for the Southern District of Texas. The debtor lists $10-50 million in assets and $10-50 million in liabilities.
Debtor Name: Endeavour Highrise, L.P.
Year Filed: 2009
Jurisdiction: United States Bankruptcy Court / Southern District of Texas
Asset Size: 10,000,000 to 100,000,000
Case Number: 09-33151
Industry: Real Estate
ENDEAVOUR HIGHRISE, L.P. files for chapter 11 bankruptcy
UNITED STATES BANKRUPTCY COURT
Southern District of Texas
The Honorable Jeff Bohm
HEARINGS CALENDAR
Date: 05/29/2009
Time: 02:15
Docket No.: 09-33151-11
Inst No.: 8
Party: Endeavour Highrise, L.P.
Hearing Type: Status Conference"

Anything New ?

I read today an investor was buying 44 vacant units for 9 mil cash

abc wrote:

I read today an investor was buying 44 vacant units for 9 mil cash

www.chron.com/disp/story.mpl/business/sarnoff...

If the investment group’s $9.25MM deal for 44 units goes through, that values the units at $210k each, on the average. A lot of $$ would then have to be spent to make the place livable/marketable. If this second set of speculators tries to market them as high-priced “luxury” condos again, they will fail too.

I still believe the building would make a better office building/restaurant/night club than a high-rise condo. Clear Lake will never be a luxury resort area.

Endeavor is an absolute steal right now. With the herd mentality holding the marketable price per square foot at ridiculously low prices, and with the inevitable increase in local population density, there is no way this wont be worth twice what its priced at in the next FEW years. To those who making absolute predictions with the word "forever" in them, thanks for helping with this deal.

Well have you seen? Endeavour has a new owner ... so what's next?