Wonmore renovating Clear Lake High Rise

-(BUSINESS WIRE)--Houston-based Wonmore Ltd. announces they are investing nearly $2 million to renovate and repair the Endeavour Clear Lake luxury high-rise. Wonmore, a single purpose entity and partnership created for the acquisition of the property, purchased the remaining 44 condominiums in the Endeavour luxury high-rise on Clear Lake, located at 4821 NASA Parkway in Pasadena, Texas, for $9.5 million on December 16, 2009.

“The vast majority of the funds will be allocated to repairing the common areas and exterior in addition to other upgrades to the building. We are also excited to complete the penthouse – it offers magnificent views and will be a spectacular home”
“We have thoroughly assessed the Clear Lake luxury condominium high-rise, including any remaining damage from Hurricane Ike. The building is soundly engineered and of the highest quality. Our investment is focused on exceeding market standards and delivering a high-end offering that homeowners can feel confident about,” said John Gilmore, co-founder and managing principal of Richmore Properties, L.L.C., the general partner managing Wonmore’s investment.

The developer of the tower, Endeavour Highrise L.P., filed for bankruptcy in May of 2009. In addition to the $9.5 million paid for the remaining condominiums, Wonmore has also covered the existing 2010 homeowner assessments, as well as the outstanding taxes owed on the building for 2008 and 2009.

Nearly 60 percent of the $2 million invested in the property will go toward re-skinning the building with a G.E. Elastomeric paint designed to expand up to 400 percent and seal the structure. The roof is being upgraded and covered with a rubberized coating to repair damage from Hurricane Ike and provide additional protection against outdoor elements. A variety of upgrades are being made to all of the common areas inside the building, including the movie theater, hallways and lobby in addition to other interior architecture-related improvements. For the exterior, plans include adding security cameras, improving the landscape and hard-scape features, repairing the lighting system, and making upgrades to the docks and marina. Wonmore will also finish-out the penthouse and the other remaining units.

“The vast majority of the funds will be allocated to repairing the common areas and exterior in addition to other upgrades to the building. We are also excited to complete the penthouse – it offers magnificent views and will be a spectacular home,” continued Gilmore.

The 30-story condominium tower, designed by Houston-based EDI Architects, has 80 units between 1,278 and 7,533 square feet. With expansive views of Clear Lake and the Gulf of Mexico, the development offers residents a number of high-end features including a large, infinity-edge pool and private boat slips. Interior features include luxury, European-style finishes, 12-foot ceilings and spacious balconies perfect for taking in the complex’s sweeping views. Units in the Clear Lake high-rise are to be marketed from $350,000 to $2.9 million.

Gilmore anticipates the majority of repairs and upgrades will be completed by late spring.

Richmore Properties is a privately capitalized real estate investment and development firm. The firm invests in a diversified portfolio of real estate assets and specializes in repositioning and renovating distressed properties. The company has invested in over three dozen properties in the Greater Houston-area since 1997.