Dino-land in Houston is now extinct

[k5jm]

Looks like new homes instead of T-rexes in Texas.

http://ourtribune.com/article.php?id=13611

Friendswood to buy dino-land
Monday, May 14, 2012

Cynthia Calvert

Lennar Homes of Texas Land and Construction, doing business as Friendswood Development Company, placed the winning bid on the bankrupt dino-land in New Caney. The sale was made on August 24 at a hearing in the United States Bankruptcy Court, Eastern District of Texas.

Friendswood bid $11.85 million on the approximate 1500 acres located just north of New Caney on US Hwy. 59. The land, which straddles both sides of the highway, was placed in bankruptcy on August 1, 2011, by the land holder, Whitestone Houston Land, a company owned by Marlin-Atlantis in Dallas. Approximately 1000 acres is located on the east side and 500 acres on the west side.

The land has long been touted as the proposed site of a dinosaur theme park and residential area. The controversial project, which never saw even one spade of dirt turned, has suffered from mismanagement, unrealistic expectations, startling expenses and has been kept afloat by millions of dollars infused by the East Montgomery County Improvement District (EMCID).

“Friendswood plans to create a master-planned community in the tradition of Kingwood and Oakhurst,” said Joe Stunja, former president of Friendswood. “We have no affiliation with the former owner or the dinosaur project.”

The sale provides for Whitestone to buy back 508.9 acres on the west side of US Hwy. 59 if they can secure funding within the next 18 months. If not, the entire purchase becomes final and the property of Friendswood. EMCID officials say that Los Angeles-based Contour Entertainment is searching for an investor(s) who will provide the money to buy the smaller parcel and build the theme park as planned. The buy-back price structure is included in the sale contract (see this story on line to view the sales contract in its entirety.) Friendswood will spend the next 30 days performing due diligence and if all goes well, should close on the property by the end of June, Stunja added.

To view the final sales contract go here:

http://ourtribune.com/apdf/FDCsalescontract.pdf