COVER: New owners of a stalled mid-rise near Texas State University say they hope construction will be completed by mid-August. FILE PHOTO by MADISON MORRISS/THE UNIVERSITY STAR
COMPILED FROM MEDIA REPORTS
More than a year after cascading problems brought the project to a standstill, construction has resumed on a 76-unit, 230-bedroom residential mid-rise on the northern edge of Texas State University.
Previously called Chestnut Street Lofts and later Eight17 Lofts, the unfinished building has stood empty and idle since late 2014 when a series of failed inspections and shaky financing led to its abandonment. Atlanta-based investment firm Stonemont Financial Group bought the troubled property from creditors in September 2015.
Re-named Ella Lofts, the development’s new owners are pushing for completion this summer in time for new tenants in mid-August.
“We purchased the former Eight17 and are now transforming it into an incredibly unique project for San Marcos … Construction is going great and the property is really coming to life,” Stonemont principal Zack Markwell told the University Star this week.
The project’s original contractor estimated site preparation and construction costs at $12.3 million when apply for city of San Marcos in 2013. Current cost estimats are not immediately available.
Perched on a ravine overlooking Sessom Creek, Ella Lofts is being built on property once occupied by Rivendell, a Middle Earth-themed restaurant. The property, 817 Chestnut Street, is roughly three city blocks at its nearest point from campus.
Ella Lofts will be operated by The Preiss Company, a Raleigh, N.C.-based student housing development and management company. Last summer, Preiss bought the 162-unit, 486-bed Outpost San Marcos on Post Road to add to its residential properties in Austin and Waco.Email | Print