What Is This New Development In Third Ward?

[Natty]

I know someone on this forum will know.

What is the new development being built @ 288 and S.Macgregor, behind the pschy hospital? across the freeway from Mosiacs. Think it's called "The Modigaliani"(sp) There is some advertising up but hard to read when driving. Looks like some really expensive real estate.

[houstonmacbro]

So development is jumping 288? Wow, that always seemed to be a barrier before.

This is gonna get interesting.

[Natty]

I know someone on this forum will know.

What is the new development being built @ 288 and S.Macgregor, behind the pschy hospital? across the freeway from Mosiacs. Think it's called "The Modigaliani"(sp) There is some advertising up but hard to read when driving. Looks like some really expensive real estate.

Finally found out answer to my question. See today's Houston Chron. Business section Nancy Sarnoff : Real Estate Chron.com Web Search

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Nancy Sarnoff: Real Estate

June 20, 2008, 8:44PM

Medical Center's health results in development

Townhouses are latest project of many to sprout in area

By NANCY SARNOFF

Copyright 2008 Houston Chronicle

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A 52-unit townhouse project is being developed near the Texas Medical Center on land that once housed the Wright Morrow Estate.

It's the latest project to be announced in the area, as developers rush to cash in on housing demand from employees of Houston's expanding medical community.

Joseph Casimir of Cypresswood Capital said the foundation will be poured this week for the first eight units of the project, called The Modigliani, for Casimir's favorite Italian artist and the project's Romaneseque-, Florentine- and Venetian-influenced architecture.

The site is on about five acres on South MacGregor Way, east of Texas 288 and fronting Brays Bayou.

The Morrow House was built in 1936 at 3028 S. MacGregor Way and was the home of Wright Morrow, an early Houston philanthropist and attorney.

It was in poor condition and demolished for the townhouse project.

Residential developments ranging from pricey stucco-constructed homes in gated enclaves to townhouses clad in painted tin have been sprouting up in the area as its neighborhoods have gentrified.

A twin-tower residential project called Mosaic is being developed on nearly five acres on Almeda near Hermann.

Casimir bought the land at the end of 2006 from the University of Texas for almost $5 million.

The university had planned to build a new Mental Science Institute on the site next to the UT/Harris County Psychiatric Center, but those plans fell through.

Casimir's multilevel townhouses will start at $650,000. Some units will be larger than 4,000 square feet.

The project will be marketed to Medical Center doctors, administrators and executives from downtown "tired of gas prices," Casimir said.

The first units will be completed around December.

BGK Architects designed the project.

Casimir, who has primarily developed suburban shopping centers, said the mortgage crisis and weakness in the housing industry delayed the townhouse development for several months.

Townhouse and condo sales were down 19 percent last month compared with May 2007, according to the Houston Association of Realtors, which tracks properties sold through the Multiple Listing Service.

The median price, however, rose 16 percent to $156,900.

Casimir said the higher end of the market is less prone to mortgage finance issues that have plagued the first-time-buyer market.

So far, three of his units have sold. Once one more sells, the he'll begin work on another phase of eight units.

After conducting market research, "our indications show Houston is not as affected," he said.

[RedScare]

My buddy is the architect on this project.

[rps324]

I'm very skeptical of the market being ready for that type of product there. I could be wrong. At price points over $650,000 you have a lot of options that I think people will choose before this. We will see.