A number of homes and businesses in West Houston are considering suing the government due to the damage done during Hurricane Harvey. The Army Corps of Engineers intentionally flooded West Houston’s Energy Corridor in order to avoid major reservoir failure during the storm. Some are speculating that thousands of plaintiffs could eventually join in the lawsuit and total damages claimed could reach $10 billion or more if local oil companies join in the lawsuit. While there have been many comparisons to the damage done from Hurricane Katrina, in this situation, the potential plaintiffs are mainly wealthy, white energy executives and instead of government neglect, the government purposefully flooded the one of the most wealthy neighborhoods to save the rest of the city, according to Bloomberg.
In other Houston real estate news:
- Developers for The Woodlands Hills broke ground this week on the 2,000-acre community that will be about 13 miles north of The Woodlands. The Woodlands Hills, which will be completed in about a decade, is expected to have more than 4,500 home sites, 112 acres of open space, 20 neighborhood parks, a 17-acre “Village Park,” more than nine miles of hike-and-bike trailers and bike lanes along the major roads, according to the Houston Chronicle.
- A new 246-unit luxury community named The Hayworth has opened its leasing office, and residents have begun to move in. Located in the Tanglewood neighborhood, the $90 million building is expected to be complete by summer 2018. Transwestern Development Co. built the new eight-story tower and plans on opening 10 townhomes in 2018 as well, according to Multi-Housing News.
- S2 Capital purchased two apartment complexes in the Houston area for more than $60 million. The two properties, Avon at Royal Oaks and the Village at Uvalde, each contain 41 buildings and have a total of 882 units. The previous owners were Miami-based One Real Estate Investment, which reportedly paid $50.5 million for both properties back in 2016, according to the Chronicle.
- The construction of City Place Memorial Park has finally begun after a few months of delays. The luxury apartment complex will have 264 units and a total of 235,007 net rentable square feet across two buildings, according to the Houston Business Journal.