Silke Jasso
A prominent developer has abandoned plans to build a luxury high rise in River Oaks.
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Villa Borghese, named after the scenic park in Rome, was set to have 46 apartments, and their average price was going to be more than $3 million per unit.
The announcement of the development took many by surprise, given the impact of falling oil prices on the city’s upscale housing market.
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“At this particular time I do not have complete confidence in the fact the building can be sold out in the next 24 months,” said Giorgio Borlenghi to the Houston Chronicle.
