Frost Bank announced in October that it would be vacating the high-rise building bearing its name on North Carancahua Street in Corpus Christi.
Within the next two weeks, the building could have a new owner.
Although Frost Bank's name prominently adorned the top of the 23-story high-rise, it did not own the building. The structure, built in 1983, is owned by California-based CC Frost Properties Ltd.
According to a Jan. 4 notice filed in the office of Nueces County Clerk Kara Sands, the property is in foreclosure and will be put up for auction Tuesday, Feb. 6, between the hours of 10 a.m. and 4 p.m. The auction will be at the Nueces County Courthouse, 901 Leopard St.
The foreclosure was brought about after CC Frost Properties defaulted on a $19.5 million loan, though it was not clear from the filing how much exactly the company owed or was behind. Company representatives declined to comment on the pending sale and foreclosure when contacted Tuesday by the Caller-Times.
It was not immediately clear what impact the possible sale could have on existing tenants of the building. Some tenants on Tuesday said they had not been notified of the sale until recently, and were unsure what impact — if any — there would be.
"We haven't been notified (and) don't know anything yet," said Jena Nelson, vice president of finance and administration for renewable energy company American Shoreline Inc.
American Shoreline has been at the Frost Bank Plaza building since its construction, as has The Edwards Law Firm. Bill Edwards said that his firm has seen ownership change for the building during that time, but nothing was different for the most part except the difference in the names of the owners.
"We'll see what happens," Edwards said of the recent foreclosure sale announcement.
The Frost Bank Plaza is the second-tallest building in Corpus Christi, stretching 23 stories and nearly 340 feet tall. Only the south tower of the two-building One Shoreline Plaza complex is taller, at 28 stories (the north tower has 22 floors).
Frost Bank is planning to relocate its staff from its namesake building to a four-story structure being constructed near the waterfront. The bank's lease was set to expire in 2019, necessitating the move, bank officials have said.
