Tag Archive for: cova capital

High-Rise Developer May Violate Tanglewood Deed Restrictions, Too

Fabio M. Covarrubias Piffer is one of the two men applying for a permit to develop high rises near the floodway of the San Jacinto West Fork. A title search revealed that Friendswood deed restrictions seemingly limit development to “single-family residential. Mr. Covarrubias-Piffer has refused to meet publicly with the Kingwood community to explain how he plans to get around the deed restrictions.

Business Headquartered in Deed-Restricted Residential Property

Meanwhile, a search of the Texas Secretary of State’s business registration database reveals that Mr. Covarrubias-Piffer lists 5651 Doliver Drive in Tanglewood as the headquarters of one of his companies, Cova Capital Inc.

Secretary of State shows that Cova Capital Inc. is headquartered at 5651 Doliver Drive in Tanglewood.

However, Tanglewood deed restrictions prohibit the operation of businesses in homes, too. Page 21 of the policy manual clearly states that:

  • “Tanglewood properties may only be used for single-family residential purposes.”
  • “Business or commercial use of any Tanglewood property is prohibited.”

There is nothing inherently wrong with a business owning residential property.

The issue in this case is that one of Mr. Covarrubias Piffer’s 30+ companies headquarters in the house; deed restrictions prohibit that.

Legal filings in an investor-fraud case against Mr. Covarrubias Piffer in Houston establish the Doliver Drive property as his Houston address. However, depositions also reveal that he and his partner claim they visit Houston only one day per week on business. (See MARIA DEL CARMEN BORBOLLA AND MARIA DEL CARMEN GOMEZ, CAUSE NO. 2018 – 07276, 157th Judicial Court, Harris County, Tx.)

Expensive Office

Harris County Appraisal District records show that the property actually belongs to another company controlled by Mr. Covarrubias Piffer, FAMA Properties LTD Ptnrshp.

One of Covarrubias’ companies owns a home being used by another of his companies as an office. The $3.2 million Tanglewood home is deed restricted to residential use only.

The Kingwood Connection

Regular readers of this blog may recognize FAMA Properties LTD Partnership as the Alberta, Canada partnership that bought the proposed Kingwood high-rise land in 2012. FAMA bought it from HS Tejas LTD, a Texas Limited Partnership, settled the transaction in Walton County, Florida and Chicago Title recorded it.

Five years later, Fabio Covarrubias Piffer, acting as the sole general partner of FAMA Properties Limited Partnership, sold the same property to Romerica Landco, LP, a Delaware Limited Liability Company, in 2017. Mr. Covarrubias Piffer also controls Romerica Landco, LP.

Mr. Covarrubias Piffer then sold the same land yet again to two other companies he controls, Romerica RMR 4 LLC and Romerica M 5 LLC. Both are Texas Limited Liability Companies.

Yet another company controlled by Mr. Covarrubias Piffer, Romerica Investments, applied for the Army Corps permit to develop the Kingwood property.

Seems like there’s a lot of business going on in that residence!

Posted by Bob Rehak on 2/15/2019

545 Days since Hurricane Harvey