Four Stalled Projects Come Back from the Dead

Aqua Terra, Austin, Texas

Looks like downtown Austin, Texas, could be seeing an influx of cranes in the not too distant future. Although no construction dates are set, the lead architect on Aqua Terra—a planned condo building that never made if off the ground—has been ordered to resume its drawings, according to the Austin Business Journal.

Aqua Terra, a planned 163-unit, 20-story building, was put on indefinite hold in 2008 by its developer, Charlotte, N.C.-based Crescent Resources, a joint venture between Duke Energy and Morgan Stanly Real Estate Funds, which filed for voluntary Chapter 11 bankruptcy protection last year with more than $1 billion in liabilities. Crescent filed a restructuring plan in a bid to exit bankruptcy by the second quarter of this year—and is gearing up to develop.

“The original owner is coming right back. In fact, we are rapidly approaching finalizing our plan approval,” Rhode told the Austin Business Journal. “They have not announced the construction date, but they are putting the wheels to the ground.” Crescent declined to comment on the status of the project to Multifamily Executive.