INCAP Fund’s plan for glamorous condos at West Davis and North Rosemont may never gel. But some Winnetka Heights neighbors say they prefer an empty lot — however unsightly — over the squalid apartments the real estate company tore down. Earlier this month, Amegy Bank posted a foreclosure notice on five INCAP properties in Oak Cliff. They include the spot near Winnetka Heights where INCAP had hoped to build condos that would sell for as much as $300,000. Unfortunately, the $300,000 condo market is a little chilly right now.
"We’re just seeing the market work here. We’re living through times that are negative, to say the least," says Paul Maute, a Winnetka Heights Neighborhood Association member. "I think the neighborhood is in a better position today than it was before. The properties (that INCAP tore down) were a nuissance."
Over the past few months, whenever I’ve asked someone about an INCAP project, people have said the same thing: "They don’t have the money." So the news that foreclosure is possible for some of those projects was no surprise. But there is still hope that INCAP could negotiate with its lender and avoid foreclosure.