SpaceCity Posted August 30, 2004 Share Posted August 30, 2004 Crop of midrise condos coming inside LoopJennifer DawsonHouston Business JournalGroup LSR aims to build a bevy of quasi-luxury condominiums inside Houston's Loop 610, and has gone through a re-branding process as part of this mission. Now operating locally under the name of innerLoopCondos.com Inc., the Canadian-based development firm plans three new midrise condo projects carrying lower price tags than many other inner-Loop offerings. The proposed complexes will add a total of 214 units in the Montrose area and in the Heights, which have not experienced a lot of condo development. Group LSR, which formed innerLoopCondos two weeks ago as a new division, also is developing the higher-priced, 31-story Monaco condominium project near the Galleria. "We created a name that tells what we do and where to go to find information," says Louis Conrad, vice president of new development and marketing. Ben Lemieux, Group LSR's executive vice president, says creating the operating division shows a commitment to the local market by the parent company, which his father formed 35 years ago. "We wanted to do a lot of development in Houston," Lemieux says. Condo collection This week, innerLoopCondos finalized the purchase of an acre of land for The Vistas at Midtown at 1919 Mason. The developer plans to build 72 units ranging in size from 872 square feet to 1,780 square feet, and priced from $140,000 to $282,000. The condos will be situated in two, six-story buildings, each with two levels of parking garage topped by four levels of residential units. The tract, which was purchased from Bill Rose, currently is occupied by an old warehouse that has been vacant for years. The developer has roughly 1.5 acres of vacant land under contract at 1010 Rosine for Piedmont at River Oaks. The property is very near River Oaks, but is not technically within the boundaries of Houston's premiere neighborhood. Like the Vistas, Piedmont will have 72 units on four floors above a two-level parking garage. The units also will be 872 square feet to 1,780 square feet. But the price point is a little higher, ranging from $170,000 to $296,000. Joe Calderoni of Calderoni & Associates is representing innerLoopCondos in buying the land from Miland Investments, which is represented by broker Stephen Haase. The transaction is expected to close in two to three months. Land for the third project -- ViewPoint at the Heights -- went under contract this week. Before moving forward, innerLoopCondos must complete due diligence on the 1.5-acre tract near East 5th Street and Oxford in the Heights. The wooded land is located along White Oak Bayou, just off Interstate 10 and Studemont. Preliminary plans call for 70 units 1,000 square feet to 2,000 square feet in size, priced from the $130,000s to the $300,000s. ViewPoint's design will differ from the other two midrises because it will reflect the architecture style that's present in the Heights, Conrad says. Sticking to the character of the historic neighborhood will set it apart from The Heights at Madison Park, another new condominium complex nearby. Located at 1441 East St., that art deco-styled complex is described as being straight out of Miami's trendy South Beach area. A 'rent-to-own' option Executives at innerLoopCondos won't reveal specific sales information, but say a total of 60 sales and reservations have been secured for the Monaco, Vistas and Piedmont properties combined. A unique "rent-to-own" offer by innerLoopCondos allows anybody who rents one of the firm's 1,200 local apartments to apply 25 percent of their rent toward the purchase of a condominium, up to $5,000. Money is not yet being taken to reserve units in the Heights project because it is so new, but the other two midrise projects require a $750 reservation fee that is refundable. In these types of projects, between 50 percent and 60 percent of potential buyers drop out when it comes time to sign on the dotted line, says John Daugherty Jr. of John Daugherty, Realtors. The lower price point may allow innerLoopCondos' properties to buck that trend and sell a little better than other condos, says Elaine Moore, director of new construction for Greenwood King Properties. Click here for the rest of the story Quote Link to comment Share on other sites More sharing options...
UrbaNerd Posted August 30, 2004 Share Posted August 30, 2004 YAY!!!!!!!!!!!!!! Quote Link to comment Share on other sites More sharing options...
Talbot Posted August 30, 2004 Share Posted August 30, 2004 Some good news! Quote Link to comment Share on other sites More sharing options...
HoustonMidtown Posted August 31, 2004 Share Posted August 31, 2004 I have reserved one of the units at the Vistas in Midtown. There were some pics of the new developments on here before the hack.....check out www.innerloopcondos.com for the specs of these projects... Quote Link to comment Share on other sites More sharing options...
WestGrayGuy Posted August 31, 2004 Share Posted August 31, 2004 I live a block from the Vistas at Midtown. You should be aware that there is some controversy with this addition to the neighborhood. Let me explain.The vistas at midtown is being built on a property that now has a run down warehouse on it. Next to that property you will see the very high dollar Parker Lofts. These start at 360k. In order for these to sell, the developer supposedly put in writing that nothing would be built to block the view of the Parker Lofts. The developer had said that the warehouse would be converted into a gym for the Parker lofts. That was six months ago.A few months ago, a banner was put up announcing the Vistas at Midtown. Needless to say the residents of the Parker Lofts were not happy. One thing for sure, you will have a most excellent view of downtown. Quote Link to comment Share on other sites More sharing options...
LandArch Posted October 12, 2004 Share Posted October 12, 2004 We all love SMART development. I'm afraid this isn't it. This development needs to address the limited vehicular access off of 5th Street. There is a proposed bridge or fill in of ravine with culvert. Do we all remember Allison? This tiny street can't handle this traffic, drainage.How do fire trucks get in? Urban Density is great, ON THE RIGHT PROPERTY. This developer is using our lack of zoning to its best fiscal advantage, not in regards to the quality of life of the neighbors. Regarding:(Land for the third project -- ViewPoint at the Heights -- went under contract this week. Before moving forward, innerLoopCondos must complete due diligence on the 1.5-acre tract near East 5th Street and Oxford in the Heights. The wooded land is located along White Oak Bayou, just off Interstate 10 and Studemont. Preliminary plans call for 70 units 1,000 square feet to 2,000 square feet in size, priced from the $130,000s to the $300,000s. ViewPoint's design will differ from the other two midrises because it will reflect the architecture style that's present in the Heights, Conrad says) Quote Link to comment Share on other sites More sharing options...
HoustonMidtown Posted November 13, 2004 Share Posted November 13, 2004 They have started demo of the old warehouse in preparation for ground-breaking for the Vistas at Midtown. Move-in is now expected for April/May 2005 for building #1 and July-ish 2005 for building #2. They are over 50% reserved at this point - that doesn't mean sold as they have just started signing the actual contracts this week. Lots of people back out at this point according to the Sales Manager.... Quote Link to comment Share on other sites More sharing options...
citykid09 Posted August 23, 2005 Share Posted August 23, 2005 Anyone have new info on this project? Quote Link to comment Share on other sites More sharing options...
YakuzaIce Posted August 23, 2005 Share Posted August 23, 2005 Anyone have new info on this project?<{POST_SNAPBACK}>I am not sure if they are done, but I think both are at least U/C. Quote Link to comment Share on other sites More sharing options...
HoustonMidtown Posted August 24, 2005 Share Posted August 24, 2005 I am not sure if they are done, but I think both are at least U/C.<{POST_SNAPBACK}>They have construction pictures on their website (http://www.innerloopcondos.com/construction/)They are progressing nicely... Quote Link to comment Share on other sites More sharing options...
Lectro Posted January 6, 2006 Share Posted January 6, 2006 I drove by the Piedmont site and it looks like construction has started! Quote Link to comment Share on other sites More sharing options...
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