Memorial & Shepherd: Condominium Tower, Future Mixed-Use

[Urbannizer]

Anyone have full access to the article?

 

https://www.bizjournals.com/houston/news/2018/12/07/apartment-investor-could-pursue-condo-tower-on.html

[ArtieFufkin]

Quote

Next year, Houston-based Nitya Capital could have two separate multimillion-dollar developments under construction, one off Washington Avenue and the other near Memorial and Shepherd drives.

 

The first project, a 19-townhome project called Arya Heights near the corner of Washington and Studemont Street, will likely break ground within the first quarter of 2019, Swapnil Agarwal, founder, CEO and managing partner of Nitya Capital and sister company Karya Property Management, told the Houston Business Journal.

 

The second, a tower condo slated for a portion of land on the 15-acre Bayou Park Apartments property off Memorial and Shepherd, could break ground by the end of next year if plans and permits get sorted out by then. Nitya Capital closed on the almost 700-unit Bayou Park Apartments in late November, Agarwal said. It was the company’s biggest single purchase to date. Although Agarwal wouldn’t disclose purchase price, the property was appraised at $57.8 million in 2018, according to the Harris County Appraisal District.

 

Agarwal plans to keep the existing apartments and develop the tower condo on open space, he said. He gave a rough estimate of $250 million for the project.

Eventually, future phases could include high-end retail or a grocery store as part of a larger redevelopment of the entire 15-acre site, Agarwal said.

 

Agarwal founded both companies in 2013 after working at a real estate investment firm in Hong Kong for seven years. While the city’s Class A apartment market saw a lot of activity at the time, Agarwal focused on the city’s Class B and below apartment market.

 

Now, Agarwal wants to venture into developing townhomes and condos.

 

“It’s a good strategy for us,” he said.

 

[houstontexasjack]

These appear to be be the most informative quotes:

 

“[A] tower condo slated for a portion of land on the 15-acre Bayou Park Apartments property off Memorial and Shepherd, could break ground by the end of next year if plans and permits get sorted out by then. Nitya Capital closed on the almost 700-unit Bayou Park Apartments in late November, Agarwal said. It was the company’s biggest single purchase to date. Although Agarwal wouldn’t disclose purchase price, the property was appraised at $57.8 million in 2018, according to the Harris County Appraisal District.”

 

“Agarwal plans to keep the existing apartments and develop the tower condo on open space, he said. He gave a rough estimate of $250 million for the project.”

Just now, ArtieFufkin said:

 

Jinx, lol.

[ArtieFufkin]

Hah! Jinx.

 

There aren't any renderings of it in the article from what I could see though. Unless I missed something?

[jgriff]

I don’t see any open space on the site.

[Highrise Tower]

Did Swamplot cover this earlier in the week? I saw something about a condo on Memorial? Cool design if so.

 

Edit: Never mind, it was something else.

[Fortune]

I thought Bayou Park Apartments was apart of the Buffalo Heights District development. 

[ArtieFufkin]

So does this mean part of the Bayou Park Apartments is gonna get demolished?

[pm91]

https://www.chron.com/business/texas-inc/article/Prime-location-could-bring-condo-tower-to-13448692.php

 

"Rents at Bayou Park average $1,000 a month, or between $1 and $1.05 per square foot, Agarwal said. By comparison, new apartments in the area average about $1,600. As apartments turn over, Nitya plans to upgrade the units with new floors, granite counters, stainless steel appliances, new lighting and fixtures. “The tenants will basically get a very comparable product to new apartment complexes at at least $400 to $500 cheaper,” Agarwal said. Other updates include fresh landscaping, new signs and changes to the leasing center."

[urbanize713]

The building has no name.

[houstontexasjack]

4 hours ago, urbanize713 said:

The building has no name.

The building's name is Arya of Winterfell, and it's going home.

[mkultra25]

Arya Memorial Heights? That's only one minor copyediting slip-up away from a reputation management firm being parachuted in for a social media damage control campaign.

[Urbannizer]

https://www.houstonchronicle.com/business/texas-inc/article/32-story-apartment-tower-to-rise-by-Hermann-Park-14919464.php

 

Agarwal said Nitya and Tema could team up next on the first phase of the redevelopment of Bayou Park Apartments, an older complex on 15 acres at Memorial Drive near Shepherd acquired by Nitya last year. The master plan for the property, which is still being developed, could include multifamily, a hotel, condo and retail.