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West Dallas Near Allen Parkway: Development By Farb Homes


HeightsGuy

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Maybe it's just me, but I haven't heard that family name and Houston real estate in the same sentence in a long time.

Industrial sites sold to developers of apartments

Odds are two lots to turn into homes

Industrial sites sold to developers of apartments

By NANCY SARNOFF

Copyright 2004 Houston Chronicle

A pair of industrial tracts of land near downtown Houston have been sold to developers that will likely build residential projects on the sites.

CenterPoint Energy sold the land, which amounts to nearly 14 acres along West Dallas and just south of Allen Parkway, to two builders for separate developments.

Jonathan Farb of Farb Apartment Homes purchased 5.7 acres on the south side of West Dallas, just east of Montrose Boulevard.

Farb, the grandson of veteran apartment developer Harold Farb, started a development company of his own several years ago and has been building townhomes in the inner city.

Across West Dallas from Farb's site, Ameriton Properties bought 8.2 acres from CenterPoint at the northeast corner of West Dallas and Montrose.

Ameriton, a subsidiary of Archstone-Smith, is also planning to acquire the old Robinson Public Warehouse, which sits on about three acres at 2323 Allen Parkway. The structure was built in 1929 as a Sears, Roebuck & Co. department store.

The sale of the building has not yet closed, said Heather Campbell, an Archstone-Smith spokeswoman.

And in a related deal, Ameriton has purchased the 2.75-acre Sacks Paper Co. site, just across Allen Parkway and Memorial Drive on Studemont.

While specific plans for its sites are still unclear, Ameriton primarily develops apartments.

Campbell said the company may develop parts of the land and sell what's left.

The seller of the two West Dallas properties is CenterPoint.

The company is moving its operations, which handle meter reading and other services, because it needs room for expansion, said David George, director of corporate real estate and facilities management. To that end, CenterPoint bought 17 acres of land just east of downtown at 3000 Harrisburg.

D.E. Harvey Builders and the Kirksey architecture firm will construct and design a new operations center on the land for CenterPoint.

Until that building is completed at the end of 2005, the energy firm will lease back its West Dallas properties from their new owners.

Stewart Robinson of Binswanger/Conine & Robinson and Bill McDade of McDade, Smith, Gould, Johnston, Mason + Co. represented CenterPoint in the transactions.

nancy.sarnoff@chron.com

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