Tuesday, February 24, 2009
Aggie investors to take over Traditions community
The City of Bryan is proud to announce a new partnership on the Traditions golf and residential development with a group of Aggie investors known as The Huddleston Group.
The Huddleston Group, through a new entity known as "Traditions Acquisition Partnership, L.P.," has agreed to purchase loans relating to the golf course and development and to acquire the interests of Melrose Inc. in Traditions, which previously partnered with the city on the Traditions development. The investors include Texas A&M graduates Billy Pete Huddleston, Class of 1956, a member of Texas A&M’s “Junction Boys” football team; Huddleston’s son-in-law Peter Currie, Class of 1985, a Traditions homeowner; Spencer Clements, Class of 1986, a Houston-based golf course operator; and Mike Rupe, Class of 1993, a Traditions property owner.
Similar to past contractual arrangements, the City and the developer will share in lot sale profits. This arrangement has been a part of the contract terms since the initial stages of the Traditions agreements dating back to the early 2000s.
“We are thrilled to bring in a company that has a longtime relationship with Texas A&M University and the Traditions community,” said Bryan City Manager David Watkins.
The partnership benefits the Traditions development as it is with a group committed to Texas A&M and Traditions. The combination of the Texas A&M commitment and strong ties to Traditions creates a strong partnership.
“In an era when many developments are struggling and when banks are foreclosing on properties across the nation, we are fortunate to have a stable local economy, and just as importantly, we are fortunate to have a new partner with strong Aggie ties and a direct investment in Traditions,” said Bryan Mayor Mark Conlee.
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Deputy City Manager
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