Harborwalk under contract to Austin firm

Legend has it: An Austin-based development firm has Harborwalk, a Hitchcock community known for million-dollar homes, under contract.

Legend Communities, a developer of single- and multifamily residential and associated commercial projects, is buying Harborwalk from BBVA Compass, said Mark Caldwell, of the Austin firm. Caldwell will be development manager of the property once the acquisition is final.

Harborwalk LP originally developed the 380 residential lots, 150-slip marina and a yacht club 2.4 miles west of Interstate 45 on state Highway 6. But there was trouble.

In January 2010, Harborwalk LP filed a lawsuit against Compass Bank, which later was bought by BBVA, after the bank sent a notice of default on an amended $30 million note and refused to allow the company to draw any more money to cover project costs.

The lawsuit sought an injunction prohibiting Compass Bank from foreclosing and cancellation of the developer’s debt, among other remedies.

Harborwalk LP officials at the time said they had not defaulted on any provision of the loan agreement and had made timely payments. But Compass Bank blamed declining value of property used as collateral for its decision to call the note.

Expect more details about Legend Communities’ plans for Harborwalk when the acquisition is finalized, possibly later this month.

“We are very close to having a firm closing date,” Caldwell said. “We’ve had it under contract for some time and we’re very excited about the community.”

Legend Communities has developed projects in Central Texas, California and Colorado. Want to talk about it? Visit Buzz Blog, galvnews.com.

Vanishing act: Now you see it, now you don’t. That was the case last week after Stockholm, Sweden-based clothing retailer H&M posted on its website that Baybrook Mall, Interstate 45 South at Bay Area Boulevard, would be the site of its first Houston-area store.

Several shopping and fashion bloggers ran with it. But CultureMap.com blogger Clifford Pugh said not long after the reports, Baybrook Mall mysteriously disappeared from the H&M website.

Officials with Baybrook Mall and H&M could not be reached for comment Monday. H&M is famous among the fashionable and frugal.

The retailer, with more than 2,200 stores around the world, collaborates with Karl Lagerfeld, Stella McCartney, Viktor & Rolf, Jimmy Choo and other designers for affordable, quality clothing. Stay tuned.

Feast on this: Owners could not be reached for comment Monday, but Waterman Seafood Grill, 14302 Stewart Road on the island, is poised for a return. And it will boast a new name — The Waterman Restaurant.

The popular West End eatery has been closed since Hurricane Ike, which struck in September 2008.

Visit watermansatpiratescove.com. Stay tuned.

Caution, wet paint: Details are scarce, but look for Glidden, Devoe and Ralph Lauren Paint & Design Center to open soon at 2025 Broadway on the island. Stay tuned.

Legal brief: Personal injury attorney Johnny Brown has opened an office at 2424 Mechanic St. in the island’s downtown. Brown, 49, is moving to the island from Sherman.

Call 409-763-2424.

Laura Elder is a reporter for The Daily News. Biz Buzz appears Tuesdays and Thursdays. Email your tips and suggestions to laura.elder(at)galvnews.com.