Austin, Texas (PRWEB) April 24, 2013
Today, Breakwater Equity Partners, a real estate consultancy and investment firm, announced that the exterior remediation construction at Met Center 10 in Austin, TX has been completed. The $3.9 million project corrected longstanding drainage and expansive soil problems. The construction was completed on time and on budget with minimal disruption to the tenants.
“The original drainage design for this 345,000 square-foot building was grossly defective,” said Mubeen Aliniazee of Highpoint Management Solutions, the project manager. “Roof drainage was directed to the highly expansive soils under the building; water intrusion caused the building slab to heave. We redesigned and replaced the drainage system and interdicted other water flows going under the building thereby rectifying the situation permanently.”
SET Construction LLC of Phoenix, AZ was the general contractor and began work in August 2012 after Epsilon Engineering of Goodyear, Arizona, the project engineer, performed an extensive geotechnical study. During the first phase of construction, RANGER Excavating, LP of Austin, TX removed the old drainage system from both the north side and south side of the building so that water no longer drained into the parking lots. Environmental Soil Stabilization LLC (ESSL) of Burleson, TX then injected a chemical barrier directly into the soil under the building; the chemical permanently stabilizes the highly expansive soil that is common in this part of Texas.
In the second phase of the remediation Shirley & Sons Construction Co. of Cleveland, TX installed a sheet pile barrier to underground water flows. Arrowhead Concrete poured about 1200 feet of sidewalk and also reconstructed the concrete driveways. Waste Water Solutions, based in Austin, TX, installed the new roof drainage system which uses PVC pipe to navigate the water into new and existing storm drains. The expansive soil has plagued many properties in the Met Center office park and a few of the properties have received temporary salves for their water saturation problems; however Met Center 10 is the only property within the complex that has been permanently remediated.
“We are pleased to announce that the construction was completed on time and on budget,” said Aliniazee. “We worked closely with the tenants to ensure that there was minimal disruption to the 1,000 employees that the work at Met Center 10. This was a challenging project that involved coordinating many parties.”
“This is a major milestone in the restructuring of Met Center 10,” said Jack Rose, Chief Strategist at Breakwater. “When the owners of Met Center 10 came to us, the building was in foreclosure because the debt couldn’t be refinanced due to these construction defects. After years of litigation and bankruptcy, we then designed and constructed a permanent solution. Now that the remediation is complete, the building is viable and can be refinanced.”
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 $3B, the firm has devised a unique, multidisciplinary approach to uncovering and resolving distressed assets. 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.