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5656 San Felipe: New 17-Story Condo High-Rise

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https://www.bizjournals.com/houston/news/2019/01/14/multifamily-developer-gets-land-loan-for-galleria.html?iana=hpmvp_hstn_news_headline

 



Houston-based Pelican Builders Inc. has received a loan to buy land for a new condominium tower in the Galleria-Tanglewood area.

 

Mission Capital Advisors’ Debt and Equity Finance Group arranged a $7.3 million non-recourse land loan for Pelican’s acquisition of 5656 San Felipe St., according to a press release. The 1.26-acre site currently houses several small residential structures.

 

Pelican is working to finalize plans for a 17-story condo tower with 67 luxury residences and 191 parking spaces, per the release. On-site amenities are expected to include a pool deck, resident lounge, fitness center and a dog park. The project is expected to break ground in October, per the release. 

 

Jason Parker, Steven Buchwald and Alex Draganiuk of Mission Capital arranged Pelican’s financing from a national real estate finance company, per the release.

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Two daily drivers and a weekend car???? Got to have room for that Land Rover, Mercedes G-Wagon and a Ferrari. 

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Looks like 5656 San Felipe is near the intersection of San Felipe and Chimney Rock. Seems like this building is going to tower over Tanglewood. Wouldn’t be surprised to see some Ashby-style resistance to this development. 

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3 hours ago, TexasGeneral said:

Looks like 5656 San Felipe is near the intersection of San Felipe and Chimney Rock. Seems like this building is going to tower over Tanglewood. Wouldn’t be surprised to see some Ashby-style resistance to this development. 

 

 

I could see this but there are several towers very near by including the 47 story San Felipe plaza just down the street. 

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On 1/14/2019 at 8:48 PM, db650 said:

Looks a little like Wilshire.

 

Reminds me of a little Park Place Tower. Has a similar color around the glass.

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