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http://www.houstonchronicle.com/business/columnists/sarnoff/article/Tall-buildings-to-arise-near-River-Oaks-District-5828150.php#/0

 


 

With most of the Westcreek apartments now gone and the River Oaks District well under way on a portion of the property, residential developers arstaking their claims on the remaining parcels of land behind it.

Their plans include a cluster of tall buildings to house well-to-do Houstonians who can pay the steep prices that come with living next to one of the city's newest and flashiest mixed-use developments.

"People will be able to walk to restaurants, high-end retail and theaters. It's something that hasn't been offered in Houston," said Robert Bland of Pelican Builders, which is planning a 17-story residential tower on Westcreek Lane just north of River Oaks District, which is being built just inside the 610 Loop along Westheimer.

Bland plans to break ground on the 96-unit building next summer and have it open two years later.

Kirksey designed the building, which will go up on a 1.5-acre site.

The individual condominiums will average 2,000 square feet, and prices will range from $800,000 to $2 million.

The company will start marketing units in the building soon, but Bland said his lender is not requiring him to pre-sell a certain number of units before breaking ground, which is often the case. He said he wouldn't reveal the source of his financing until their agreement is finalized.

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this looks pretty nice! did no one figure out which plot this is? if this is replacing the townhomes or residential midrise plot ill be ecstatic.

 

 

"Everything being built around there is all high-rise buildings, said Bland, who developed several other residential projects in the area. "It'll be kind of like the Wilshire Boulevard of Houston."

so will all of Westcreek go high-rise now? this could turn out to be a very exciting new cluster of development.



btw, no mention of GFR in this new condo high-rise?

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and i just realized Pelican Builders are the ones who were supposed to put up the town homes at Westcreek. so is this a replacement for that project?
edit: or a replacement for the residential mid-rise? i just saw that was also by Pelican.

Edited by cloud713
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The Target on San Felipe is looking more and more out of place. How long does that thing in its suburban style big box version last?

This is great news.

My 610 gridlock commute is getting prettier and prettier!

right? are there seriously about to be a row of high-rises lining the side of the Target parking lot? lol.. does Target have a high end format store? maybe they could come up with something high end while being urban, and become a part of/turn their property into a River Oaks District Phase III expansion. heh.. as it is now Target is getting WAY outclassed by the surrounding areas, and soon it wont make sense to have a Target in that location with the rich demographics.

and agreed! i love watching the urban canyon that is 610W densify...

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right? are there seriously about to be a row of high-rises lining the side of the Target parking lot? lol.. does Target have a high end format store? maybe they could come up with something high end while being urban, and become a part of/turn their property into a River Oaks District Phase III expansion. heh.. as it is now Target is getting WAY outclassed by the surrounding areas, and soon it wont make sense to have a Target in that location with the rich demographics.

and agreed! i love watching the urban canyon that is 610W densify...

 

I wouldn't be against keeping the Target per se. However, I would hope they make it an urban concept one like this:

city-target-seattle-artist-rendering.jpg

 

i think a large 'city Target' would be a great addition to the area. My guess is something like 5-10 years in our current economic environment. If the market cools, then longer.

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http://www.bizjournals.com/houston/morning_call/2014/10/new-details-surface-on-luxury-condo-tower-near.html?page=2

 

Initial plans called for Pelican to build two multifamily projects: a midrise multifamily project on 1.5 acres and a gated townhome development on 2.6 acres.

 

However, Pelican quickly realized that those preliminary plans would underbuild the site.

"It would be like putting a Burger King on Park Avenue," Pelican's founder Robert Bland told the Houston Business Journal. "This site just demanded a high-rise."

Pelican scrapped its more modest multifamily plans for a more ambitious project: a 17-story, 96-unit luxury condominium tower with a four-story parking garage on 1.5 acres and a 15-story apartment tower, developed jointly with Gables Residential, on the other 2.6-acre site.

The condo project will sit immediately south of the SkyHouse River Oaks project. It also will be adjacent to the River Oaks District, a luxury mixed-use complex featuring 252,000 square feet of ultra high-end retail, restaurants, cafés and other amenities being developed by San Diego-based OliverMcMillan.

Bland also said another high-rise apartment project on the northwest corner of the Westcreek site and a boutique hotel are planned, but he does not know the developers of those projects.

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They also claim they will start without presales (and even that their lender will agree to it). Either their lender has a lot of confidence, or the builder is pulling our leg. <_<

Truth be told their lender probably has that much confidence. Houston may have the strongest residential market in the country and there's been a strong push from equity players towards condo.

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I suppose, given the price range of these condos, that Fannie Mae and FHA approval for the condo project would not be an issue. Presales help the condo to meet Fannie Mae guidelines for conforming loans. For most lenders looking to sell on the secondary market, meeting Fannie Mae guidelines is a must. If Fannie Mae guidelines are not an issue, there would be more flexibility.

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  • The title was changed to The Wilshire: Condo Tower On Westcreek

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