DOCSLIB.ORG

Involuntary Petitions: a Weapon in the Right Or Wrong Hands

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Involuntary Petitions: a Weapon in the Right Or Wrong Hands The University of Texas School of Law Presented: 2012 Jay L. Westbrook Bankruptcy Conference November 8 -9, 2012 Austin, Texas Involuntary Petitions: a Weapon in the Right or Wrong Hands Michael P. Cooley AKIN GUMP STRAUSS HAUER & FELD LLP 1700 Pacific Avenue, Suite 4100 Dallas, Texas 75201-4624 [email protected] Jay H. Ong MUNSCH HARDT KOPF & HARR, PC Frost Bank Tower 401 Congress Avenue, Suite 3050 Austin, Texas 78701-4071 [email protected] Continuing Legal Education • 512-475-6700 • www.utcle.org Error! Unknown document property name. I. INTRODUCTION1 The concept of initiating a bankruptcy case against an entity, through the filing of an “involuntary” petition against the putative debtor, is nothing new. In fact, involuntary bankruptcy cases predate voluntary bankruptcy cases entirely – by nearly three centuries – having first arisen under “An act against such persons as do make bankrupts,” enacted in England in 1542, and under which a bankruptcy case could only be initiated by creditors against subject debtors.2 Today, Section 303 of the Bankruptcy Code, and its provisions governing the processes for filing, litigating and administering involuntary petitions, are well known – at least generally – to the average bankruptcy practitioner, having undergone only minor changes since its enactment in 1978.3 That this familiarity is the product of the enduring structure of the statute, more so than any particular historical significance or experience with involuntary cases, is supported by the small fraction that such cases historically comprise of the overall volume of bankruptcy cases. In recent history, from 2000 through 2005, the year in which the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was enacted, filing rates across all chapters of the Bankruptcy Code steadily increased, rising from approximately 1,262,101 annual filings in 2000, to approximately 1,782,080 in 2005.4 During this same period, the total volume of involuntary cases commenced throughout the nation steadily decreased from only 729 cases in 2000, to only 563 involuntary cases in 2005, and the percentage of involuntary cases relative to the total volume of bankruptcy cases at this time averaged only approximately 0.048%.5 Not only was the rate of involuntary cases diminishing during this period despite that bankruptcy filing rates were increasing generally, it also never exceeded 0.058% of the total volume of bankruptcy cases filed in any given year. At the time of BAPCPA's enactment, the general perception was that it largely had the effect of making bankruptcy more cumbersome, more expensive, and somewhat less effective in discharging debt obligations.6 This perception leads to a corollary that bankruptcy is 1 The authors gratefully acknowledge the assistance of J. Machir Stull, Akin Gump Strauss Hauer & Feld, LLP, for his indispensable contributions to these materials. 2 Prof. Charles J. Tabb, The History of the Bankruptcy Laws in the United States, 3 Am. Bankr. Inst. L. Rev. 5, *8-9 (1995). 3 See 11 U.S.C.A. § 303 note (Thomson Reuters West, Westlaw through P.L. 112-174) (Historical and Statutory Notes). 4 See http://www.uscourts.gov/Statistics/JudicialFactsAndFigures/JudicialFactsAndFigures2005.aspx (last visited October 1, 2012). The lone exception being 2003-2004 during which annual filings decreased from 1,661,996 in 2003 to 1,618,987 in 2004. 5 Id.; John E. Sullivan III, Asset Protection Plans & Bankruptcy: Some Possible Issues, VMF0616 ALI-ABA 73, 82 (June 16, 2005). Again, we see a minor outlier here, from 2000-2001, when the rate of involuntary cases jumped from 729 total cases, to 797 cases. 6 See, e.g., Richard S. Gendler, Categorizing Tax Liabilities for the Applicability of the Means Test, 31 Am. Bankr. Inst. J. 18 (August 2012) (“…[BAPCPA] was the result of successful creditor lobbyist arguments that the increasing number of American bankruptcy filings in recent decades was a result of a decline in the nation's financial responsibility.”); Teresa A. Sullivan et al., Less Stigma or More Financial Distress: An Empirical Analysis of the Extraordinary Increase in Bankruptcy Filings, 59 Stan. L. Rev. 213, 214 (2006) (alleging that BAPCPA has made bankruptcy filings more difficult, or even impossible, for many debtors); John E. Sullivan, supra note 4, at 99-101. Page 1 203194757 consequently less attractive as a financial restructuring tool. These same considerations are typically raised to explain the peak of bankruptcy case filings in 2005, and subsequent precipitous drop in the volume of cases in 2006, as many potential debtors rushed to file their cases before BAPCPA would take effect.7 Notwithstanding, a confluence of recent systemic trends seems to now be bringing involuntary cases slowly to the fore. Since BAPCPA, the aggregate filing rate of bankruptcy cases that nationally had dropped precipitously in 2006, began rising again beginning in late 2007, and even more sharply in 2008 – commensurate with the unprecedented collapse of the international economy that year.8 Along with them, the rate of filing of involuntary cases has also increased, but in fact, at a considerably greater rate than filing rates for bankruptcy cases generally. The volume of annual bankruptcy case filings nationally increased from 2006 through 2010 by a factor of over 30%, but during this same time period, the incidence of involuntary bankruptcy cases more than doubled (with an aggregate increase of 54%).9 The basic theory for this statistical trend is essentially that, while the softening of the economy over the past five years has definitely led to a greater need for bankruptcy relief, the decreasing perception of bankruptcy as a cost effective restructuring tool has led more and more would be debtors to refuse to consider it as a viable option.10 This, in turn, has raised the prominence of involuntary petitions in bankruptcy 7 See, e.g., Matthew D. Pechous, Walking the Tight Rope and Not the Plank: A Proposed Standard for Second-Level Appellate Review of Equitable Mootness Determinations, 28 Emory Bankr. Dev. J. 547, 547 n. 2 (2012) (attributing the high volume of bankruptcy cases filed during the "benchmark" year of 2005, to a rush by the masses to the courthouse in order to file their cases before BAPCPA would take effect.); Ed Flynn et al., Chapter 11 Filing Trends in History and Today, 28 Am. Bankr. Inst. J. 14, 15 (May 2009) (attributing a surge of filings in 2005 and corresponding dearth of filings in 2006 to the intervening effectiveness of BAPCPA). 8 See, e.g., Ed Flynn et al., Chapter 11 Filing Trends in Bankruptcy, 2007-11, 30 Am. Bankr. Inst. J. 12 (November 2011) (discussing soaring filing rates from 2007 through 2009, followed by a leveling off in 2010 and further reduction in filing rates in 2011); James Winston Kim, Saving Our Future: Why Voluntary Contributions to Retirement Accounts are Reasonable Expenses, 26 Emory Bankr. Dev. J. 341, 354 (2010) (discussing economic down turn in 2008 and corresponding increase in bankruptcy filings of 29% over 2007). 9 See http://www.uscourts.gov/Statistics/JudicialFactsAndFigures/JudicialFactsAndFigures2010.aspx (last visited October 1, 2012). 10 See, e.g., Katherine Porter, The Pretend Solution: An Empirical Study Of Bankruptcy Outcomes, 90 Tex. L. Rev. 103, 126-27 (November 2011) (discussing the mixed results obtained by bankruptcy debtors under the current structure of national consumer bankruptcy laws); Alistaire Bambach, The SEC in Bankruptcy: Past, Present and Future, 18 Am. Bankr. Inst. L. Rev. 607, 611-614 (Winter, 2010) (discussing SEC v. Byers, 609 F.3d 87 (2d Cir. 2010) and the use of equity receiverships by the Securities and Exchange Commission and federal judiciary as an alternative to bankruptcy); Robert K. Scheinbaum, Suggested Reading – Strategic Alternatives for Distressed Businesses, Second Edition, 30 Am. Bankr. Inst. J. 52 (February 2011); Vinay Chopra, Too Late for a Fresh Start: Why the Bankruptcy Code Should Exclude Continuing Care Retirement Communities, 27 Emory Bankr. Dev. J. 71, 91-92 (2010) (advocating that Connecticut's state law receivership regime is a superior alternative to bankruptcy for continuing care retirement communities). In SEC v. Byers, the Second Circuit Court of Appeals held that federal district courts had the authority under SEC receiverships to issue litigation injunctions that would encompass prohibitions against filing bankruptcy petitions, including the filing of involuntary petitions by creditors. SEC v. Byers, 609 F.3d. at 91-92. The court added that: An anti-litigation injunction is simply one of the tools available to courts to help further the goals of the receivership…In this litigation the receivership must manage hundreds of…entities that sprawl across the Page 2 203194757 Find the full text of this and thousands of other resources from leading experts in dozens of legal practice areas in the UT Law CLE eLibrary (utcle.org/elibrary) Title search: Involuntary Petitions: A Weapon in the Right or Wrong Hands Also available as part of the eCourse Westbrook Bankruptcy Conference: Business Issues First appeared as part of the conference materials for the 31st Annual Bankruptcy Conference session "Involuntary Petitions: A Weapon in the Right or Wrong Hands".
Load more

Recommended publications
  • BOMA 360 Adds up to and Renewals in the Program: MOST BUILDING DESIGNATIONS OVERALL 1
    PERFORMANCE PROGRAM ® TOP 10 COMPANIES More than 125 owners and manage- ment companies already recognize the value the BOMA 360 designation brings to their buildings. These companies are leading the way with the most building designations BOMA 360 Adds Up to and renewals in the program: MOST BUILDING DESIGNATIONS OVERALL 1. Cushman & Wakefield 2. Piedmont SUCCESS 3. Brookfield 4. CBRE If you only do one thing to improve the performance 5. Cousins Properties of your commercial property, this is it: 6. JBG Smith EARN THE BOMA 360 DESIGNATION. 7. The RMR Group LLC With the BOMA 360 designation, you can single-handedly increase your tenant satisfac- 8. Hines tion scores, boost rental rates, lower vacancy levels and outperform the competition. 9. Oracle America, Inc. BOMA 360 gives buildings an edge—and the numbers back this up. 10. SL Green Realty Corp. Going through the application process for the BOMA 360 Performance program gives property teams an objective, holistic evaluation of how the building is being managed These companies had the most and what could be improved. Even great property teams can find areas of improvement building designations and renewals in everything from tenant outreach to sustainability efforts.. in the past year: Over and over, property professionals at BOMA 360-designated buildings talk about MOST DESIGNATIONS the transformative power of the BOMA 360 program to bring their operations and their IN THE PAST YEAR teams into greater alignment. And this leads to measurable benefits: • BOMA 360-designated buildings average $7.51 more per square foot (psf) in rental 1. Brookfield income and $6.25 psf more in net operating income than buildings without the des- 2.
    [Show full text]
  • Austin Texas 78701
    Austin Texas 720 RED RIVER 78701 4,000Rentable Space inSQUARE Austin’s Premier Cultural FEET District ALSO OFFERED AS A SHORT TERM SXSW LOCATION THE OPPORTUNITY World Class Capital Group is pleased to offer for lease 720 Red, a free-standing retail/entertainment building located at 720 Red River Street in Austin, Texas. Consisting of approximately 4,000 square feet of rentable space, the property is situated on the corner of 8th Street and Red River in Austin’s thriving Red River Cultural District and • Planned renovation features combining access to both floors, full remodel across from the famous Stubb’s BBQ live music venue. of interior and outdoor decks, ideal for Red River Cultural District The district is now marked with bright red “RRCD” street banners designed by the City of Austin and displayed • Strategically located in the heart of Austin’s live music scene, on lampposts to symbolize the unification among the two blocks away from 6th Street businesses throughout the area. • Quick and easy access to nearby hotels during Austin’s annual 720 Red presents an exciting opportunity for a retail, SXSW music and film festival, including the JW Marriott, entertainment, live music operator, restaurant, or bar/ the Westin Austin, Hyatt Place, and the historic Driskill Hotel lounge to lease a to-be-renovated space that can be built- to-suit, and establish a presence at one of Austin’s key • On-going development activity in the Red River Cultural District, entertainment destinations. The property offers two floors including city-wide cultural distinction and Waller Creek Redevelopment with plans for bar space on both levels, restaurant finish out on upper level, as well as updated decking, perfect for • Adjacent to some of Austin’s premier live music establishments, live outdoor entertainment.
    [Show full text]
  • Frost Bank Tower
    Frost Bank Tower 401 CONGRESS AVENUE · SUITE 1760 SUBLEASE OPPORTUNITY Frost Bank Tower SUITE 1760 SUBLEASE AVAILABLE 401 Congress Avenue Located on Congress Avenue at Fourth Street, Frost Bank Tower is surrounded by Austin’s finest restaurants and hotels and is just steps from the Sixth Street and Warehouse entertainment districts. It is within walking distance of museums, art galleries and retail shops as well as the State Capitol. Mopac Expressway (Loop 1) and Interstate 35 are easily accessible. This 33-story, 547,000 square foot office tower offers full floors of 18,500 to 27,000 square feet. Its center-core, column-free design provides for extremely flexible and efficient tenant layouts. On-Site Amenities On-site management Fitness center with personal training, showers and saunas 5,500 SF 50-Seat Conference Facility with Catering Kitchenette and AV Equipment 2.7/1,000 structured parking ratio 24 Hours a Day Building Access On-site security Full service banking facility and ATM Secured Bike Storage Walking distance to Town Lake Trail Frost Bank Tower Sublease Details • Suite 1760 • SF Available: 7,079 SF • Sublease Term: July 2024 • Creative Office Sublease • Recently Upgraded Kitchen • New LED Lights and Painted Ceiling • Move-In Ready 401 Congress Avenue · Suite 1760 BRAD PHILP · 512.481.3018 · [email protected] · STREAMREALTY.COM CBD Area Amenities SHOP AUSTIN ROCKS BONOBOS 12thh S St CVS PHARMACY ar Blvd 10th Street FRANCESCA’S JOS. A. BANK t N Lam S Texaas vevenue e LUXE APOTHETIQUE State nd S MILK + HONEY SPA est A rand
    [Show full text]
  • San Antonio Resource Directory for Immigrant Students & Families
    EDUCATOR TOOLKIT San Antonio Resource Directory for Immigrant Students and Families ___________________________________________ This resource directory is meant to provide information about organizations that offer services and support to undocumented students and families in the areas of education, employment, housing, health, legal, and other important services. Educators are encouraged to share these vetted resources directly with students and families they work with. Last revision: October 2, 2018 EDUCATION Early Childhood Education ____________________________ ● Name of Organization: ​Head Start Program Description and Services Provided: ​The City of San Antonio Head Start Program provides comprehensive services to children, three to five years old, and their families, including full-day education services for all Head Start children. The EHS-CCP Program serves children six weeks to three years old at six area child development centers located in EISD and SAISD. Address: ​1227 Brady Blvd, San Antonio, TX 78207 Phone Number:​ 210-206-5500 Website:​ ​https://saheadstart.org/en/city-san-antonio-head-start/ ____________________________ ● Name of Organization: ​Pre-K 4 SA Description and Services Provided:​ Pre-K 4 SA is a full-day prekindergarten program that also offers free after school care until 6:00 p.m. The program is highlighted by our experienced teachers, high quality curriculum, and bilingual education options. Students are provided healthy and delicious meals including breakfast, lunch, and snacks at no extra cost and transportation
    [Show full text]
  • By Bill Cogburn | the Church on Flores Street
    THE HISTORY CORNER | by Bill Cogburn | The Church on Flores Street If you have occasion to visit Frost Bank Tower on Hous- The Civil War left San Antonio and the entire state of (Left Photo) c. 1877. View from bell tower of San Fernando Cathedral. Ace- ton Street at N. Flores, before you approach the doors, Texas in turmoil. The unstable and weakened economy quia St. (later Main), in middle of photo running north/south. Note the open stop and turn around. You’ll be looking straight at a stat- in the city stifled any growth of the local church. During acequia on the west side of street. First Pres is in the distance on left. Chas. ue of banker Thomas Clairborne Frost (1833 – 1902). the 1870s, San Antonio began to prosper as a cattle, mer- Noyles Saddlery in center. Wolfson’s Dry Goods and clothing is on right front- Where the statue stands is very near the location of the cantile and military center serving the border regions ing on Main Plaza. altar of the former First Presbyterian Church which and the Southwest. It also became a southern hub and stood on this site fronting on N. Flores Street. About supplier of cattle drives. With the coming of the Galves- one-half block further west on Houston Street, on the ton, Harrisburg & San Antonio Railway in 1877, San An- north side of the walk, you’ll see a high, limestone block tonio, formerly without a viable transportation system, wall which is the back side of the Frost Motor Bank.
    [Show full text]
  • Austin's Office Market Is Fast, Competitive and Expensive
    Research & Forecast Report AUSTIN | OFFICE Q2 2018 Austin’s office market is fast, competitive and expensive Kaitlin Holm Research and Marketing Coordinator | Austin Boots On The Ground Commentary by David Bremer Future Forecast Our “Boots on the Ground” viewpoint is the voice of our experts, who If the rumor mill is correct, there are some more big deals coming have broken down the market data and compared it to what they are down the pipeline. Our market has been waiting patiently for new seeing for themselves. This is their take on what the numbers actually product to come to market in order to provide some breathing mean for the Austin office market. room, but as we get closer to buildings being delivered (Domain, North, East) and beginning construction (CBD), we’re hearing about Austin’s current office market can be summed up in three words: big corporate users preleasing space. We’ll give you a hint: Look at fast, competitive and expensive. While absorption decreased and the big users that have been taking down space for the past 3 years vacancy went up slightly in the second quarter, the market has and expect more of the same. We don’t think much of the space been extremely busy in comparison to past summer slowdowns. that is set to deliver over the next two years will deliver free and Rates and operating expenses have continued to trend upward, clear. As long as we don’t see a tech bust, we feel that the market primarily due to skyrocketing taxes. We are seeing competition is going to remain fast, competitive and expensive.
    [Show full text]
  • Downtown Is the Economic Engine of Austin, Contrib- Downtown Austin’S Outsized Impact Is Even More Uting More Than $540 Million in Tax Revenue in 2018
    STATE of DOWN AUSTIN TOWN 2019 02 DOWNTOWN AUSTIN ALLIANCE Table of Contents State of Downtown Austin Economic Development Report 2019 DOWNTOWN AUSTIN 05 06 08 ALLIANCE MISSION STATE OF PUBLIC THE VALUE OF DOWNTOWN IMPROVEMENT DOWNTOWN AUSTIN DISTRICT AUSTIN To create, preserve and 10 17 20 enhance the value and DOWNTOWN OFFICE EMPLOYMENT DEVELOPMENT MARKET AND TALENT vitality of downtown 24 28 32 Austin. HOUSING AND HOTEL, RESTAURANTS RESIDENTS CULTURE AND AND RETAIL ENTERTAINMENT 35 38 40 CONNECTIVITY PUBLIC SPACE RANKINGS AND ACCESS DOWNTOWNAUSTIN.COM 03 04 DOWNTOWN AUSTIN ALLIANCE State of Downtown Austin Growing. Thriving. Emerging. 2018 DOWNTOWN 14.9M BY THE NUMBERS SF MULTI-TENANT OFFICE SPACE 14,671 $13B DOWNTOWN RESIDENTS TAXABLE 10,615 Property 93,665 Hotel Value DOWNTOWN EMPLOYEES ROOMS Introduction For more than 25 years, the Downtown Austin Alli- that serve as a window to first wave development ance has been committed to the economic prosperity trends. As the trusted stewards of this special place, of downtown Austin. We use our expertise to ensure we will continue to provide expertise, vision and lead- downtown continues to serve as an amenity for ership that help downtown Austin grow in a respon- Austin’s 2 million residents and 27 million annual sible, accessible and sustainable way for the benefit of visitors, while it also continues to grow and thrive as the entire region. the economic engine of our region. We are committed to ensuring downtown Austin is Additionally, Austin has quickly established itself the downtown you will always love. as part of a new, emerging class of 21st century cities The State of Downtown report is a market snapshot illustrating the central role downtown plays as Austin's economic, SOURCE: US CENSUS BUREAU, BUREAU OF LABOR & STATISTICS, COSTAR, TRAVIS COUNTY APPRAISAL DISTRICT, DOWNTOWN AUSTIN ALLIANCE.
    [Show full text]
  • 4 MB Apr 2019 Downtown Austin Retail
    Final Report Downtown Austin Retail Market Strategy For The Downtown Austin Alliance and the City of Austin Submitted by Economics Research Associates April 2005 ERA Project No. 15373 1101 Connecticut Avenue, NW Suite 750 Washington, DC 20036 202.496.9870 FAX 202.496.9877 www.econres.com Los Angeles San Francisco San Diego Chicago Washington DC London New York Executive Summary Introduction Methodology Economic Overview Task 1: Infrastructure Inventory Task 2: Retail Inventory Summary of Retail Supply Competitive Context Shoppers Behaviors Survey Customer Base Survey Task 3: Retail Demand Analysis Task 4: Market Strategy Summary of Best Practices Case Studies Downtown Austin Retail Panel Downtown Austin Retail Strategy Task 5 – Barriers to Entry and Recommended Implementation Strategy Implementation Recommendations APPENDICES: Infrastructure Inventory - Black & Vernooy Downtown Retail Demand Survey – Selected Findings, M. Crane & Associates, June 2004 International Downtown Association Broker/Developer Panel Report Case Studies – Downtown Retail Incentives Best Practices IDA Survey of Retail Incentives 1101 Connecticut Avenue, NW Suite 750 Washington, DC 20036 202.496.9870 FAX 202.496.9877 www.econres.com Los Angeles San Francisco San Diego Chicago Washington DC London New York General & Limiting Conditions Every reasonable effort has been made to ensure that the data utilized in this study reflect the most accurate and timely information possible. This study is based on estimates, assumptions and other information developed by ERA from its independent research effort, general knowledge of the market and the industry, and consultations with the Downtown Austin Alliance and its representatives. No responsibility is assumed for inaccuracies in reporting by the DAA, its agent and representatives or any other data source used in preparing or presenting this study.
    [Show full text]
  • 2018 Preservation Merit Awards Celebration
    SAVING THE GOOD STUFF Fall 2018 h Volume 22 No. 3 2018 Preservation Merit Awards Celebration P reservation Austin is thrilled to honor another outstanding slate of projects with our 58th Annual Preservation Merit Awards. Established in 1960, this juried program celebrates the hard work and visionary approaches of those preserving Austin’s unique architectural, cultural, and environmental heritage. This is our largest group of award-winners yet, showing that preservation is alive and well in Austin, and achieved every day through the commitment and investment of Austinites citywide. These eighteen recipients represent preservation efforts of all of types and scales, and we’re so excited to give them the recognition they deserve. Our 58th Annual Preservation Merit Awards Celebration at the Friday, October 19, 2018 Driskill Hotel will be on Friday, October 19! We’ll look back at Check-In at 11am Program from 11:30am to 1:30pm our 65 years of preserving Austin’s irreplaceable heritage and Driskill Hotel, 604 Brazos Street present this year’s awards. Join us to honor the best preservation $100/members, $125/non-members projects from the past two years and give much-deserved Seating is limited, please reserve by October 12 applause to the owners, artists, architects, builders, and advocates who made them possible. PRESERVATION MERIT AWARD RECIPIENTS 220 SOUTH CONGRESS Road and lack of dedicated parking. Cielo system, bathrooms, and stairwells readied Property Group saw potential here when the building for modern tenants. Cielo Cielo Property Group Preservation Award for Rehabilitation no one else did, and in 2014 purchased the negotiated a parking agreement with the fading property with plans to turn it into a adjacent Embassy Suites, without which This unassuming brick building has stood vibrant gateway to South Austin.
    [Show full text]
  • Sampson Building
    SAMPSON BUILDING 620 CONGRESS AVE. | AUSTIN, TEXAS 78701 OFFICE | FOR LEASE FOR MORE JENNIFER JAMES REBECCA ZIGTERMAN INFORMATION 512.505.0005 512.505.0003 PLEASE CONTACT [email protected] [email protected] 812 SAN ANTONIO | SUITE 105 | AUSTIN, TEXAS 78701 | 512.505.0000 | WWW.ECRTX.COM SAMPSON BUILDING PROPERTY INFORMATION 620 CONGRESS AVE. | AUSTIN, TEXAS 78701 UIERSIT OF TEAS MLK BLVD D LV 15TH B S AVAILABILITY TREE R T FOR LEASE W. A 6TH Suite 200 – 6,463 RSF ST M R A W. EE L 8T T H S ET . TREE TH STRE N T 12 E O V A NI C A O A S T V S ADALUPEA E N U L R B A G ART G ON N OFFICE | SP SAN RI NG . CO S N RD T C E E ESA E R V CHAV R A T EZ S T S S ES IR R F G S. N O C . S PROPERTY DESCRIPTION Built in 1855, the Sampson Building was used to store gold during the Civil War. The downtown building has undergone recent renovations to provide creative and modern office spaces, while still preserving a level of detail and charm only a well maintained historical building contains. The building features light wells in the VD ceiling, a new lobby with etched granite tile, an extended pressed tin ceiling and an elevator. Located in the R BL A heart of the Central Business District at the corner of 6th Street and Congress, this historic building is surrounded S LAM OL by dozens of restaurants and attractions only a short walk TOR away.
    [Show full text]
  • Investor and Developer's Guide to Downtown San Antonio
    Investor and Developer’s Guide to Downtown San Antonio 5 Major Areas Downtown River North Near East Side Core Downtown Southtown Blue Star/ King William ! 2 River North A new, hip area for San Antonio’s growing younger population is the River North area of the downtown district. Stretching approximately 3 miles along the Riverwalk, River North will add much needed renovations to the heart of San Antonio. Hixon Properties will be responsible for the addition of multi family complex River House, which will contain 260 units, a parking garage and interior courtyard. Each building is set to be 4-5 stories tall, further adding to the “downtown feel” of the area. To date, River House is the only apartment complex located on the water (Riverwalk). In addition, a mixed use development will be added by a joint venture from Canvender/ Hixon that will add a grocery tenant with the above units containing multi family and office. The Pearl Brewery 100 E. Grayson St, San Antonio TX 78215 Upon 118 years of beer brewing, The Pearl Brewery shut its doors in 1985. Fast forward to 2002, and the Pearl saw hopes of life once more. Plans began to take shape for the brewery to be repurposed into San Antonio’s latest mixed-use development. Boosting 26 acres, the Pearl is one of the largest developments in San Antonio’s downtown district, and still offers room to grow. Plans are in place for The Pearl to add on additional buildings for more retail and mixed-use units south of E. Locust St.
    [Show full text]
  • San Antonio Multifamily
    San Antonio’s Breezy Summer Multifamily Report Summer 2018 Rent Growth Tapers Transaction Volume Dwindles Construction Leads Job Growth SAN ANTONIO MULTIFAMILY Market Analysis Job Growth Fuels South Texas Summer 2018 On its 300th anniversary, San Antonio has a strong economy to show, Contacts with a thriving luxury multifamily market that’s creating opportunities Paul Fiorilla for investors looking to enter a stable market. The strong economic and Associate Director of Research population growth keep creating demand for housing, despite the recent [email protected] wave of supply that has tempered rent growth, up 1.1% year-over-year (800) 866-1124 x5764 through May to $1,002 and below the $1,381 U.S. average. Jack Kern Up by 10.1%, the mining, logging and construction sector led San Antonio’s Director of Research and Publications employment expansion in the 12 months ending in March with the addition [email protected] of 5,800 jobs. With nearly 8,000 rental units underway, development activity (800) 866-1124 x2444 in the multifamily sector will likely maintain this positive trend. Several other developments across the metro will boost the construction sector, with a Author number of projects lined up, as well: the 462,000-square-foot Frost Bank Anca Gagiuc Tower, the multi-phase Essex Modern City and the $320-million University Associate Editor Village mixed-use project near University of Texas at San Antonio. The multifamily transaction volume hit $427 million in 2018 through April. Most of the traded assets were in lower-rated classes, which influenced the per-unit price, resulting in a $2,000 slide to $101,428.
    [Show full text]