After StoryBuilt purchased the land that was once intended for a new Richardson ISD elementary school, but the developer’s “Goose” couldn’t fly with the heavy winds of an economic downturn and ended up in receivership. However, Stillwater Capital has purchased the land that will be developed by local legend Robert Elliott Custom Homes.
One Cooked Goose
When we first dished on StoryBuilt’s planned development at White Rock Valley, the developer had sketched out 36 energy-efficient, contemporary homes in the Lake Highlands area ranging from three- to four-bedrooms with 2,200 to 2,800 square feet. The homes were supposed to have access to a community pool and park with prices anticipated to start in the mid-$700,000s.
However, the developer fell on hard times and eventually furloughed and laid off its staff. Once a successful developer with loads of projects throughout Austin and Dallas, the company was forced to restructure, which meant a selloff of assets to satisfy its debts. (Full disclosure: daltxrealestate.com is one of StoryBuilt’s creditors.)
As for why the company cratered so spectacularly, very little in the way of details has been offered. The company’s co-founder, Anthony Siele, addressed the matter in a letter to investors.
“As you are aware, StoryBuilt has recently struggled with focused growth, reporting/financial controls, and liquidity,” Siela wrote. “This has materially affected our performance as a business and our partners.”
Calling a Bluff
A website for White Rock Bluffs shows Robert Elliott Custom Homes’ floor plans for four- and five-bedroom homes ranging from 5,124 square feet to 5,895 square feet to the site. The brand is known for bringing luxury developments to market that are a step above ordinary with the kind of reputation you want in a homebuilder.
We’ve reached out to Brandon Meek, Realtor with The Associates, for more information on the development and plans for the site.
