This morning, local videographer Jim Zura took his drone down to River Grove Park and photographed the Romerica property flooding for the seventh time in 14 months. It proves that there’s a developer born every minute!
The history of this land involves half a dozen different developers, each with big dreams, determined to get rich in that promised land between buying low and selling high. Ultimately, though, they end up selling to another starry-eyed developer after reality sets in.
For the most recent owner, Romerica Investments, that reality includes waking up to find that your property was under 22 feet of water during Harvey and floods repeatedly.
Also, in the “Gee-what-were-they-thinking-department,” you would have to include the fact that FEMA will soon reclassify the property in the floodway – before Romerica can obtain a permit from the Army Corps.
At what point to you admit to yourself that there is no way out?
Investing $5 billion in a floodway that carries 240,000 cubic feet per second! That’s Brooklyn-Bridge smart. Expecting 15,000 condo buyers to wade into the wacky dream with you? It would be easier to sell high rises at the end of an airport runway.
Might be time to cut your losses, Mr. Haddad. Just sayin’. All those high priced consultants will be happy to keep selling you hope as long as you’re paying them.
Posted by Bob Rehak on 5/8/19
617 Days since Hurricane Harvey
The thoughts expressed in this post are my opinions on matters of public policy and safety. They are protected by the First Amendment of the U.S. Constitution and the Anti-SLAPP statute of the Great State of Texas.