“This is a complex problem with many possible remedies. After a great deal of analysis we have designed a permanent solution,” said Mubeen Aliniazee.
Austin, TX (PRWEB) August 06, 2012
Remediation construction began today on the Met Center 10 building at 7551 Metro Center Drive in Austin. The construction is the culmination of a two year effort by Breakwater Equity Partners and the 28 tenant-in-common owners to recover funds and repair foundation problems associated with design defects and expansive soils.
“This is a complex problem with many possible remedies. After a great deal of analysis we have designed a permanent solution,” said Mubeen Aliniazee of Highpoint Management Solutions, the construction manager. “A smooth execution of this plan is critically important and we are fortunate to have so many high quality subcontractors and engineers working with us.” SET Construction LLC of Maypearl, TX is the general contractor for this two-phase construction project. Epsilon Engineering of Goodyear, Arizona, is the project engineer.
During the first phase of construction, Environmental Soil Stabilization LLC (ESSL) of Burleson, TX will inject a chemical barrier into the soil under the building; the chemical acts like limestone and stabilizes the highly expansive soil that is common in this part of Austin. ESSL expects to complete this process in about three weeks. The second phase includes the removal and reconstruction of the drainage system. RANGER Excavating, LP of Austin, TX will be providing trenching services and removing the old drainage system. Shirley & Sons Construction Co. of Cleveland, TX will install a sheet pile barrier with a drainage system; the sheet pile will be pushed into the ground hydraulically. Finally a new roof drainage system will also be installed to capture and redirect the large volume of water that runs off the building. This process will take about six months to complete.
The current tenants will remain in their office space while the building is being restored. “We appreciate the patience of our tenants throughout this long process,” said Harry Jongsma, one of the tenant-in-common owners. “We are doing everything possible to minimize disruption to our tenants during construction. Once the work is complete our building will better serve their needs.”
“We are happy to mark yet another milestone in the workout process and are glad to see the building being repaired,” said Phil Jemmett, Breakwater CEO. “When the investors came to us, the property had foundation problems and was in foreclosure. Fortunately, they chose to take action and fight to preserve their asset.”
About Breakwater Equity Partners
Breakwater Equity Partners is a San Diego-based commercial real estate workout consultancy and investment firm. Through Breakwater’s extensive experience on over 200 engagements with loan values in excess of a $2.5B, the firm has devised a unique, multidisciplinary approach to uncovering and resolving distressed asset situations. Breakwater’s professional team combines legal, financial, economic, banking, and real estate expertise to devise customized strategies for each case regardless of market (gateways to tertiary), asset class (single and multi-family, office, flex, multi-tenant land, time shares, development, power centers) or loan type (portfolio or CMBS). Please visit our website at http://www.breakwaterequity.com to review case studies on representative deals.
Breakwater Equity Partners, please call 858-490-3630 or visit http://www.breakwaterequity.com.