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Leaning Tower of Padre Island, Texas (Real Estate Disaster)

1 pointsby iwrover 14 years ago
This should be the poster-child for what went wrong with housing in the last few years:<p>$125M for a tower built on a beach undergoing erosion. After the building started leaning noticeable and settling unevenly, the developers decided it cheaper to just demolish than try to fix it. (Cost to fix: upwards $25M and the bank was unwilling to fund it anymore)<p>A video of the demolition: http://www.youtube.com/watch?v=Zlce2N54B9s<p>The ironic thing was that the body of the building were very solidly built with great excess of rebar. The central columns were almost solid lengths of rebar with a little concrete thrown in. If they had only built the foundation strong enough as the rest, that thing could have stood solid in a mega hurricane.<p>An article about the subsequent cleanup job (the only thing that went well in this affair): http://www.allbusiness.com/legal/legal-services-litigation/14222144-1.html<p>And what it should have been: <i>Fine Interior Design - Inspiring views of the marina and ocean</i> Interior details created by the best designers Granite floors in the kitchen, baths, foyer and utility room Superior carpeting in the living room, dining room, bedrooms and walk-in closets Ceilings with a minimum height of nine feet that lend an air of spaciousness<p><i>Luxurious Bathrooms - Crystal sink mounted on a granite and wood base</i> Kohler bathroom fixtures Contemporary faucets, handles and knobs Kohler bathtub with water jets Granite showers with crystal door<p><i>Gourmet Kitchen - "Kraft-Made" kitchen</i> Granite countertops Under mount stainless steel sink Elegant stainless steel appliances

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