Stillwater Capital Teams up With Lot Developer Forestar to Build Luxury Homes on Former StoryBuilt Site

When StoryBuilt abruptly went belly up, it left several sites that were under development in limbo. One of the most notable was the site of StoryBuilt’s Goose development, which was planned for Walnut Hill Lane and White Rock Trail and was supposed to bring single-family homes right next door to Stillwater Capital’s White Rock Bluffs development built by Robert Elliott Custom Homes.

So it’s no surprise that the site of the StoryBuilt (formerly PSW Homes) development was just purchased by Stillwater Capital and lot developer Forestar Group. The pair have teamed up to purchase the Lake Highlands development out of receivership.

According to a news release, Forestar closed on the land and will complete the lot development by the end of summer 2024, at which point Robert Elliott Custom Homes will purchase the lots from Forestar and build the homes.

The development, dubbed Havenwood Heights, will bring 36 homes to Lake Highlands built in collaboration with full-service design firm Poppy McGough Design House. Three- and four-bedroom options starting at 2,300 square feet will be available. 

“Lake Highlands is an incredible neighborhood centered around great families and great schools,” Robert Elliott said, “and we are delighted to have the opportunity to be building there.”

Stillwater Capital Under Fire

According to recent reports from the Dallas Business Journal, not everyone who has purchased a property built by Robert Elliott Custom Homes and Stillwater Capital is happy with the results.

Stillwater Abbott Development LLC, an affiliate of Dallas-based Stillwater Capital Investments LLC, filed for Chapter 7 bankruptcy after a lawsuit claiming significant construction defects at a Highland Park condo project. Documents say that Robert Elliott, founding partner of Stillwater Capital considers Stillwater Abbott as an entity whose sole purpose was to build the Mondara condominiums on Abbott Avenue.

Stillwater and Robert Elliott Custom Homes are partners on other developments in North Texas, including the PGA of America campus and resort and the 240-acre The Link development.

Mondara Condominiums Association Inc. sued Stillwater Capital and affiliates in June 2020 in state district court in Dallas County, claiming that poor construction work caused leaks, water damage, cracked walls and other damage and defects in common areas and individual units.

The condo association said Stillwater misrepresented the quality of the condos — some priced in the millions — to buyers and did not disclose the alleged issues.

Dallas Business Journal