posted on November 13, 2011 18:21
Once hailed as part of Galveston's long-term economic future, the high-profile 1,000-acre Pointe West property on the island's west end is heading to a foreclosure sale.
The Galveston County Daily News reports that the sale is set for Dec. 6. The report quotes a letter from Jason Leeds, president and COO of Terramesa Resort Properties. The resort development's staff has been laid off and all of its amenities have been shut down.
In April 2008, Dallas-based real estate investment firm Macfarlan Capital Partners acquired Pointe West and four other resort properties from Centex Corp. , and became associated with the Terramesa Resorts brand. Centex unveiled the ambitious Pointe West project in 2003.
But by 2007, the wind had gone out of the sails of the island's development boom, and major projects, including Pointe West, had to scramble to try to convince buyers to make those investments.
The Pointe West property includes 948 acres, 300 of which were developable. In 2008, Terramesa said it intended to spend about $180 million to complete developments and improve amenities at all the resorts in the 2008 acquisition.
11/3/11, HOUSTON BUSINESS JOURNAL