Buckhead Investment Partners, Inc. is a real estate development firm focused on the development, ownership and operation of multifamily residential properties. The corporation typically serves as development partner as well as corporate general partner for various single-asset ownership entities formed for each new transaction that it undertakes. Since it was chartered by the State of Texas on April 26, 1996, the firm has developed over 3,000 multifamily units in the state of Texas. In 2001, Buckhead delivered more units in Houston than any other multifamily developer.
Statement Regarding 1717 Bissonnet Trial Verdict
Today the jury of a State District Court under Judge Randy Wilson ruled in partial favor of a resident group that filed suit against 1717 Bissonnet, LLC over the construction of our proposed luxury residential high-rise. Only residents within one block of the project site at 1717 Bissonnet were found to have been damaged if the project were to be built; however, the remaining group of residents not directly adjacent to the construction will receive no damages. Judge Wilson will not consider a potential injunction or post-trial motions until a later date; however, our team sees no evidence to support the issuance of an injunction. In addition, we believe that the Court should not issue a permanent injunction because the Plaintiffs can be fully compensated for any damages that may occur.
As to those properties that the jury found might be affected by the prospective nuisance condition, we believe the decision to award damages remains unsubstantiated. Counsel for 1717 Bissonnet, LLC will appeal any judgment that is entered on the verdict.
If such a decision remains upheld, we are entering a dark era for urban growth and economic prosperity for Houston and the entire State of Texas. It sets a dangerous precedent that any lawful, entitled and fully permitted real estate project may be affected by any similarly styled litigation. This perspective is supported by our many industry peers, as evidenced in the amicus brief filed by Baker Botts on behalf of Houstonians for Responsible Growth, a third party organization made up of land and property owners, developers, community leaders, and many others who collectively realize that much of Houston’s prosperity depends on the rejection of heavy-handed land use restrictions.
We remain hopeful that the Court’s final decision will allow us to resume work on the project as soon as possible. Our unique position as local businesses with our employees and their families, our colleagues, and our friends residing in the area allows us to ensure that the construction of 1717 Bissonnet will progress with the community’s safety and quality of life in mind. Upon completion, the development at 1717 Bissonnet will promote the values, sophistication, and history of the area.
1717 Bissonnet, LLC fully respects the judicial process and is grateful for the opportunity to put an end to this dispute in a fair and balanced manner.
This exciting redevelopment will be among the first residential buildings in Texas to receive a Leadership in Energy and Environmental Design (LEED) certification – the nationally accepted benchmark for the design, construction, and operation of high performance “green” buildings. Pedestrian-friendly and transit-oriented, 1717 Bissonnet will provide those who enjoy living in an exceptional inner-city area an alternative housing option that doesn’t already exist and will cater to a “walkable” urban lifestyle that allows more people to rely less upon their cars and live closer to their work and Houston’s world-class cultural and entertainment venues. A mere10-minute walk from two METRO Rail lines and located on one of the top five most utilized METRO bus lines, 1717 Bissonnet is also within walking or cycling distance of Rice University, the Texas Medical Center, all of Houston’s major museums, Hermann Park (with its zoo, outdoor theater and golf course) and the Rice Village shopping area. On-site “life-style” amenities such as a restaurant, shop, private offices, wellness spa and a dynamic pedestrian plaza will serve both area and building residents, who will enjoy unmatched views over an extensive tree canopy of Downtown, the Medical Center and the Galleria/Post Oak.