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Alexan Southside Place: Multifamily At 4139 Bellaire Blvd.


texas911

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The Blair House Apartments on Academy are to be redeveloped with a 269 unit, 4 story, high density apartment complex with a 5 story parking garage. The developer is Koontz and McCombs. The residences behind the proposed development, that reside in the city of Houston, are up in arms. I don't blame them, all of a sudden, their back yards lost all their privacy.

Heh, sorry suckers, only former Presidents get to shut down such things for "security concerns", heh.

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Yup those are the ones. The Blair House is the last of the lower income apartments in that area. At first I'm sure everybody was for its destruction. Only problem is that the property value is so high that the only way to recoup the investment is to build high density apartments. They have built a similar development down just further south on Stella Link and N. Braeswood.

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http://globenewswire.com/news-release/2015/01/13/696981/10115351/en/Bluerock-Residential-Growth-REIT-to-Develop-Class-A-Multifamily-Community-in-Texas-Medical-Center-Vicinity-with-Trammell-Crow-Residential.html

 

Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) ("BRG" or "the Company") announced today that it has entered into a joint venture with Trammell Crow Residential (TCR) to develop a 269-unit, Class A apartment community known as Alexan Blaire House, utilizing BRG's 'Invest-to-Own' convertible preferred equity structure. Located on approximately 4.2 acres, the development will be situated two miles from Texas Medical Center in Houston.

 

Alexan Blaire House will be situated within Houston's Inner Loop in the City of Southside Place. 

 

 

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That's the site for Southside Place, not sure what's the current status on that project.

 

 

http://www.houstonarchitecture.com/haif/topic/30544-southside-place-by-mill-creek-residential/

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Courtyard-Rendering-Pool-V17-FINAL1.jpg

 

http://bluerockresidential.com/property-portfolio/alexan-southside/

 

Alexan Southside is a planned Class A, 270-unit apartment development situated the two miles from Texas Medical Center, the world’s largest medical complex. The project is located within Houston’s Southside Place, an exclusive 128 acre community and one of city’s most desirable and supply-constrained locations. Alexan Southside will feature top-end luxury finishes, landscaped courtyards, a resort-style pool and a state-of-the-art fitness center. Slated for completion in 2016, the property will include 190 one-bedroom units and 80 two-bedroom units with an average size of 896 square feet.
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http://www.houstonchronicle.com/business/real-estate/article/Deal-of-the-Week-It-s-curtains-for-1960s-era-6575269.php#photo-8499608

 

 

Alexan Southside Place is planned to contain 269 units averaging 896 square feet each at 4139 Bellaire. The rents are projected to average $2,019 a month, according to a filing by BRG. The community is targeted to open in 2018.

 

The complex sits on a rare 4.2-acre parcel in the city of Southside Place, which has given the green light to the project.

 

Built in 1963, the Blair House was among some 2,000 apartment units developed by Lester Prokop in the Houston area. The new complex will be built on land that is being leased from Prokop Industries BH for an 85-year term, according to a BRG filing.

 

The Blair House was saved from the wrecking ball once when the economy went south in 2009. But even a softening economy and growing supply of new Class A apartments in the Inner Loop won't change its fate now.

 

Trammell Crow's building permit values the new project at $38 million, said David Moss, city manager for Southside Place. He expects a demolition permit will be filed by year-end

 

 

 

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I'm beginning to get the feeling that soon, along all the major thoroughfares, every lot that was "underutilized" west and southwest of downtown will have 6-8 story apartments right up on the minimum easement. It is an interesting mini-canyon effect, West Avenue (I think its called) on Kirby/Westheimer is the first example that comes to mind, but they seem to be popping up.

 

Not a value judgment either way, I can take or leave them personally. Just an interesting aesthetic that is very different from what was there before.

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