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Sept. 7, 2004, 12:54AM
Warehouse to become lower-cost lofts
1910 building near Minute Maid to be converted
By NANCY SARNOFF
Copyright 2004 Houston Chronicle
An early 1900s warehouse just blocks from Minute Maid Park has been sold to a residential development company that plans to turn it into condominiums.
Silvestri Investments purchased the five-story, 80,000-square-foot building at 15 Chenevert through a bankruptcy court for an undisclosed amount. The former owner was TLC America of California, according to the Harris County Appraisal District.
downtown lofts
While the plans are not final, the building will likely have between 50 and 60 loft condominiums.
And they will be priced to sell, according to developer Dan Silvestri, who's also still working on the marketing plan.
"We plan on being the most affordable per square foot in the downtown core," he said.
Of the 44 condominiums that sold downtown so far this year, the average price per square foot was just above $236, according to data from Houston Association of Realtors. With the average unit being 1,345 square feet, that means the typical unit goes more more than $317,400.
Silvestri has hired local architect Tim Cisneros of Cisneros Design Studio to design the lofts.
The building sale also came with a smaller warehouse, which will be converted into a parking garage.
Sandra Gunn, a real estate broker who specializes in downtown properties, said the building's industrial feel will be a selling point for loft buyers.
"It's got a lot going for it," she said. "It has a very true New York loft feel, with the nearby artists' studios, warehouses and sports venues. It's very mixed-use around there."
Indeed, the area is an amalgamation of urban culture.
Instead of high-rise office buildings, the property's downtown neighbors include a homeless shelter, a Mexican restaurant and funky art studios.
But because the property is not surrounded by skyscrapers, the lofts will have better views, Silvestri said.
"Most of the buildings downtown are next to another high-rise," he said.
The warehouse was constructed in 1910 for the National Biscuit Co., or Nabisco. It was later used by the Purse & Co. wholesale furniture company.
