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South Padre Island's Ocean Tower Highrise Condo To Be Imploded. (updated title)
November 4, 2008
Dear Ocean Tower buyer:
We are deeply disappointed to report that the construction of Ocean Tower, which was suspended in May, has been terminated with no immediate prospects for completion.
Over the past six months, we attempted to maintain the commitment of Ocean Tower’s
general contractor and lenders while studying the settlement and repair of the building.
Unfortunately, our efforts have been unsuccessful. Last week, with a proposal pending for the study and repair of the tower, the general contractor discharged its subcontractors and walked off the job.
Not coincidentally, the contractor’s refusal to participate further in the study comes at a time that Ocean Tower’s lenders have refused to advance additional funds for the study, repair, and/or construction of the tower.
With the future of Ocean Tower in serious question, we release you from your purchase
agreement and plan to immediately return your earnest money.
This has been a difficult decision for us to make, but under the circumstances and given our desire to maintain your trust, we feel that we have no alternative. Obviously, no one anticipated the extensive delay or the problems the project is presently suffering. We are taking steps to have your earnest money returned. Please take a look at the attached release.
Once again, thank you for your support and trust in our project.
Sincerely,
I may be wrong, but I think I remember hearing something about the building settling into the sand and it is unsafe. I'd be leery of it even if it is "repaired".
Looks like a bunch of scrap metal that needs to be recycled, quickly, before it becomes an eyesore. Sad that it is not repairable. Maybe they should check on how the Japanese are shoring up that airport. Not sure if it would work on a high rise though.
That is just sad. ( Hellpaso, the Parking garage and the tower were connected and they were not meant to be, the tower settled like it should but the garage did not.. so they found cracks in the joining of the two.. and construction was haulted by the building inspector. ) Too bad it wont be finished.
The structure (tower or garage) was likely never intended to settle more than one inch (commercial standard) so the structural connection between the garage and tower is probably not the problem. The loads on the foundation system and the bearing soils are the issue. I wonder if the geotechnical engineer would get a kick out of this?
The issue with South Padre is the fact that it's majority owned by Mexican nationals and their country is on the brink of total chaos. It is very possible a lot of the wealthy nationals who own Padre properties could go bankrupt due to the situation.
Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
South Padre Island's Ocean Tower Highrise Condo To Be Imploded. (updated title)
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