MPDP partner’s Brass Real Estate lost project in Corpus Christi

Who is Rick Rodriguez and Brass/Magi? The daily newspaper in Corpus Christi, TX ran this article. The article (Oct 2009) says Rodriguez was new to development with three unfinished projects in San Antonio, San Marcos and Pensacola, Fla.—this is while he was in Pensacola breaking ground on maritime park.

Nine years ago – which a 100 years in real estate years – Brass was recognized as one of the 500 fastest growing private companies by Inc. magazine (2001). Brass had won the bid to renovate that cities aging Memorial Coliseum. The company planned to convert Memorial Coliseum into an ice rink and permanent home for the Corpus Christi IceRays hockey team, a movie theater, a parking garage, restaurants, shops and apartments.

The Corpus Christi City Council voted 5-4 to end negotiations a little more after awarding the bid to Brass. Reviewing the archives of the daily newspaper, I’ve tried to figure out why. I have a call into their city manager.

This article suggests the issue was over the lack of secured funding for a $8-million parking garage. The city apparently wanted a guarantee from Brass and the developer wouldn’t give it and instead asked for six-months to get it.

The overall scenario sounds very similar to how MPDP tried to negotiate with CMPA and the City of Pensacola.

According to the Brass Real Estate website, the San Marcos project, known as Baily’s Pond, appears to not be completed and the site lists no completion date. The Comal County tax rolls show the land as rural – 30 acres, value $282,210.

The San Antonio project, Brass Gateway, appears to have the same incomplete status. The Bexar County tax rolls list the land as commercial site, but lists no structures – value $$4,633,810.

It’s difficult to tell if either has started construction.

Of the three projects listed in the Oct. 11, 2009 Caller article – the maritime park appears to be the only close to being finished and it isn’t listed on the website.