Wilmington Trust filed a foreclosure notice for One Shoreline Plaza, with an Oct. 7 auction set after the owner defaulted on a $24M loan.
CORPUS CHRISTI, Texas — A foreclosure notice has been filed for One Shoreline Plaza, the twin-tower complex that stands as the tallest building in South Texas.
Court records show Wilmington Trust, acting as trustee for a commercial mortgage trust, posted notice of a substitute trustee’s sale on Sept. 15. The filing states that One Shoreline Plaza, LLC, the Delaware-based borrower, is in default on a loan secured by the property.
The notice says the property – which includes both towers, the plaza and the parking garage – spans more than two acres in downtown Corpus Christi and will be sold to the highest bidder in accordance with Texas law. Wilmington Trust, as the lender, reserves the right to make a credit bid at the auction.
Ownership group Cannon Commercial, Inc., which also owns Frost Bank Plaza, has not responded to requests for comment.
The original $24 million loan, taken out in 2015, was bundled into the COMM 2015-CCRE22 trust, part of the commercial mortgage-backed securities market. In August 2025, Kroll Bond Rating Agency, better known as KBRA, reported that the loan had been transferred to special servicing in May 2023 and showed a current trust balance of about $19.2 million, signaling heightened concern over repayment and foreclosure risk.
When loans are packaged into CMBS trusts, investors such as pension funds and insurance companies buy pieces of the bond deal. Because those investors don’t manage the loans directly, they rely on rating agencies like KBRA to monitor their performance.
The Nueces County Appraisal District currently values the property at $18.5 million. Real estate specialists told 3NEWS that the lender’s goal will be to recover its funds and potentially turn a small profit.
Matt Cravey, owner of Cravey Real Estate Services, which manages leasing for the building, said One Shoreline Plaza, LLC may still come up with the money.
“Sometimes this is the lender’s way of getting the borrower’s attention,” Cravey said. “This kind of stuff happens all the time. They may end up working something out.”
Cravey noted that tight office layouts and elevators made tenants reluctant to return after the pandemic, leading many companies to abandon high-rise leases. He also emphasized that despite its signage, American Bank does not own the building.
“No one really wants high-rise spaces anymore,” Cravey said. “COVID killed them.”
The foreclosure auction is scheduled for Oct. 7 beginning at 10 a.m. and ending at 4 p.m. at the Nueces County Courthouse.
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