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Austin American-Statesman from Austin, Texas • 62

Location:
Austin, Texas
Issue Date:
Page:
62
Extracted Article Text (OCR)

15 Austin American-Statesman September 25, 1989 Bridge Creek venture now called error Newmark opens custom division Newmark Homes Corp. last, week celebrated the opening in Austin of its custom holies division, Fedrick, Harris 1 Estate Homes. The Houston-based company has been building homes in Austin since October 1984 under the New-mark name. Its Fedrick, Harris division has recently started five speculative homes in the Treemont subdivision near West Lake Hills on Montebello Court priced from $255,000 to $310,000. The division also is building a custom home in the Bee Creek Hills subdivision.

Eric Rome, vice president of the Central Texas division for New-mark, said Fedrick, Harris builds homes from several basic plans with more options than the traditional Newmark product. He said they are designed to appeal to those transferring to Austin, a market that has been representing 70 percent of sales this year. nearby streets. Rand said the Bridge Creek theater construction cost $1.7 million and equipment added at least another $700,000 to the project. "As of right now, it's been a very-bad situation for us," he said of the Austin theater.

"Money was lost It's not an example of what we normally do." Rand maintains he is moving ahead with expansion plans in San Antonio despite the fact that his two theaters already in operation there did not have advertisements in the weekend newspapers. A From Page 1 theater's owner, a subsidiary of Guaranty Federal Savings Bank's Austin division (formerly First Federal Savings of Austin). Rand said his organization must learn how to run a discount theater because it has never had a dollar house before. He now calls the Bridge Creek project an error. "It was a mistake," he said last week.

"It's in an area where there were already too many screens. The location is not that desirable" because of its lack of visibility from Rand employee in San Antonio said the lack of newspaper advertising stemmed from a dispute the company has with the papers but he expected the problem to be settled this week. "We intend to be very much a force there," Rand said last week. "We will have six or seven projects (open) by the end of January." In Austin, Guaranty Federal's subsidiary, First Service is left holding the largest financial exposure from the closing of the Bridge Creek theater. But an official at the savings and loan said he was not overly concerned about the project "If Rand doesn't work out well release it to somebody else," said Kenneth Clark, an Austin senior vice president of the thrift rb too usb Macbtosh, tod HEED DS-k Sierra Dynamics 3701 Guadalupe 451-7575 For Back to School Savings XT Turbo $oqc 4.710 MHz, 640K.1360K floppy JiJ AT Turbo $cqc 12 MHz, 1 meg.

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Pages Available:
2,714,819
Years Available:
1871-2018