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Mimosa Terrace, Proposed 7-Story, 11 unit Condo Building

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Not bad. It will be interesting to see how pricing stacks up against the Revere around the corner, which I think is a pretty boring building with a high price tag (and that I hear is not selling well). With all of the 7 figure town homes not selling in this area, I wonder if this will find buyers. I also wonder if neighborhood  opposition, which seemed to kill Revere Place nearby, will also come.

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Starting at 2 million. Looks very nice with great floor plans (and on a per square foot basis cheaper than the inferior Revere building across the street; in fairness, Revere has more common amenities and is 3 times the size).

 

But a bit skeptical this (or Revere) gets built given glut of seven figure townhouses/patio homes already built or in the middle of construction in the neighborhood that are cheaper than these buildings, with comparable finishes (but still struggling to sell).

 

http://www.har.com/mimosa-terrace/highrise_190

 

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http://swamplot.com/leafy-green-mustaches-to-help-latest-planned-mimosa-dr-condo-midrise-blend-in/2016-11-15/

 

http://www.har.com/2240-mimosa--2b/sale_52763564

 

Quote

A REP FROM Citiscape tells Swamplot that the company will be starting up presales for 11 multi-million-dollar condo units in the 7-story midrise it’s planning for 2240 Mimosa Dr. The building would replace the 1965 apartment complex currently occupying the space (half a block east from the corner with Revere St. where that other condo midrise project got tangled in a protracted variance request fight last fall). Citiscape’s chief designer says the project is designed to eventually “fade into the landscape” with the help of some up-the-wall greenery on the facade. Ledges on each of the 6 residential floorsalso appears to support some over-the-edge greens.

Per the current plans, the top floor would be occupied by a single penthouse, while the 5 floors below it would be split into 2 units of 3 bedrooms each. The price tags on those start at just below $2 million for a 4,400 sq.-ft. unit on the 2nd floor; both numbers appear to rise with elevation up to the $2.65 million, 4,486-sq.-ft. units on the 6th story. Here’s one of the layouts currently on display on the trio of HAR listings for the midrise.

The ground floor will be mostly occupied by parking spots.

 

mimosa-terrace-entrance.jpg

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hr3985144-4.jpg?ts=2016-11-14T16:48:38.0

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hr3985144-8.jpg?ts=2016-11-14T16:48:38.0

mimosa-floorplan.jpg

mimosa-floorplan-parking.jpg

 

 

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I could actually see that working well for a family - parents stay on the right hand side, and the kids are on the left hand side with their own play area.

 

But yeah it doesn't look aesthetically pleasing at all

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Just noticed - the living room on this floor plan is larger than my first apartment, and the master suite is larger than my current apartment

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http://www.bizjournals.com/houston/news/2016/11/18/houston-real-estate-company-sees-bright-future-in.html

 

Sudhoff Cos. sees a bright future in Houston’s luxury condominium market despite the oil slump.



 

Although high-end home sales have slowed during the energy downturn, several Houston developers have partnered with the Houston real estate company to build luxury midrise condo projects across the Bayou City.

 

“We need more,” said Jacob Sudhoff, CEO and founder of Sudhoff Cos. “The market is demanding more.”

 

Citiscape International is planning to build Mimosa Terrace, a seven-story, 11-unit condo project at 2250 Mimosa Drive. Around the corner on the same block, Pelican Builders is planning to build The Revere at River Oaks, a nine-story, 33-unit condo project at 2325 Welch St. Both projects also sit on the same block as Randall Davis Co.’s successful Chateau Ten condominium midrise.

 

Sudhoff said he worked with both Citiscape International and Pelican Builders to ensure they were not in direct competition with each other’s condo projects. The Revere at River Oaks features units ranging in size from 2,720 square feet to 3,900 square feet.

 

On the other hand, units in Mimosa Terrace feature one of the largest floor plans in Houston, averaging more than 4,400 square feet.

 

“We didn’t want them cannibalizing sales from each other,” Sudhoff said.

 

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actually, a late 80s Caprice

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Wondering if this is dead. HAR listings are gone. I also heard last month that sales were very slow and they were thinking of shrinking some of the floor plans on lower levels to reduce entry price point.

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Project is still alive. Now with revised and smaller floor plans. The building is going from 11 to 15 units, with presumably a lower starting price. 

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During my showing I was told construction would start in Spring 2020.

 

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They will need to hit presales before construction begins. Last time they only presold  1 of 11 units so they redesigned the building with smaller units and didn’t market it for about a year. They also moved sales agencies. Sudhoff was their old agent and they seem to represent all the new high end construction. Not sure any of this will work. Has the builder Citiscsape put up multi-family in Houston before?

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https://citiscapeteam.com/portfolio/

 

 

PAST PROJECTS

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So no condos in their portfolio? It's very different than most of the retail/commercial or even some of the SFH projects they built. It makes the project less certain than if established condo developers were behind it.

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I'm sure there's a very specific market for this kind of building at this price point, but it seems... expensive? There's only about $100k in dirt per unit, so if you subtract that out, it's something like $660/s.f. 

 

This is something like 2-2.5x the density of a typical townhouse 6-pack (in both square footage and dwelling units per acre). If the market-clearing density for high-demand neighborhoods reaches the level where this kind of project becomes common, I think the pricing to would need to come down to the $300-400/sf level (a little above current wood-frame townhouse prices).

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Posted (edited)
23 minutes ago, Angostura said:

I'm sure there's a very specific market for this kind of building at this price point, but it seems... expensive? There's only about $100k in dirt per unit, so if you subtract that out, it's something like $660/s.f. 

 

This is something like 2-2.5x the density of a typical townhouse 6-pack (in both square footage and dwelling units per acre). If the market-clearing density for high-demand neighborhoods reaches the level where this kind of project becomes common, I think the pricing to would need to come down to the $300-400/sf level (a little above current wood-frame townhouse prices).

 

The prices seem to be pretty well in line with comparable mid- and high-rise buildings in Houston.

 

FWIW, the four units that are listed on HAR are listed at $611.61, $694.20, $659.97, and $949.71 (penthouse) per square foot.

Edited by Houston19514

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2 hours ago, Houston19514 said:

 

The prices seem to be pretty well in line with comparable mid- and high-rise buildings in Houston.

 

 

I think that's right, but I think it's because these buildings serve a very specific niche of the market, for which the added price per s.f. and maintenance fees are justified by convenience/security/service/etc. 

 

Currently the buyer who wants 3 BRs for ~$300/sf is well served by the TH/SFH market (depending on the neighborhood), but there may soon come a time in certain neighborhoods where it's impossible to hit that price point if each unit comes with 2000 s.f. of dirt. At that point, someone with a 10,000 sf lot to develop may choose to build 12 x 2500-sf condos instead of 5 or 6 2500-sf THs. 

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Need to compare apples to apples. How much more is concrete vs wood frame construction? The interior buildout is also very expensive vs builder grade finishes.

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3 hours ago, Timoric said:

The Cosmo, the Mimosa, what is next?

 

The Bellini 

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19 hours ago, Timoric said:

The Cosmo, the Mimosa, what is next?

 

The Old Fashioned

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Posted (edited)
9 minutes ago, KinkaidAlum said:

Trump branded twin towers; The Moscow Mule and The White Russian.

 

Just don't put the "Kamikaze" next to these "twin towers", ok?

Edited by Luminare
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I think that’s an old rendering from the last version of this building. Any update on if they sold a single unit? I am worried about the viability of this building given that it failed to get much interest the last time around. I did hear that the builder wants to occupy an entire floor of this building but it won’t count for presales to get loan.

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