Genesis laying down plans for newest Uptown condo highrise
Houston Business Journal - by Nancy Sarnoff
In its latest Houston land play, Genesis Real Estate Group Inc. is acquiring three acres of Uptown dirt for a high-rise residential complex that could add more than 100 units to the fast-growing condominium market.
Initial plans for the site, near the corner of Richmond and Sage, include two 30-story towers with roughly 55 units each. Residences will reportedly be priced at an average of just under a half million dollars.
The new development will be more upscale than Genesis' new 30-story condominium building called The Mark. Located just south of the company's new land, about half of The Mark's 301 units have been sold, according to a Genesis spokesperson.
But this week's announcement by the Dallas developer comes at a time when the local real estate market remains under scrutiny.
As recently as last month, plans for an upscale condominium project on McCue Street were shelved after only 20 reservations were made for the proposed 170-unit building.
The Chicago-based developers of the Dominion Post Oak said pre-sale interest was not up to their expectations. The company also cited issues related to the Sept. 11 terrorist attacks and the overall fragile economy as reasons for not going forward with the project.
Construction on The Colonnade at Memorial also was expected to begin early this year. However, the project, located at the intersection of North Post Oak and Memorial, has yet to break ground.
Other recently announced projects are just beginning to pre-sell units.
Local developer Randall Davis has taken about 38 reservations for his newest creation in the Galleria area, which has been dubbed Manhattan.
And Giorgio Borlenghi of Houston's Interfin Corp. is expected to announce soon the construction status of Montebello, a condominium follow-up to the tony Villa d'Este.
The Tanglewood and The Venti -- two projects being developed on a speculative basis -- also are being heavily marketed. But unlike the other condominium developments being planned, the two buildings do not have a pre-sales requirement. Financing is already locked in.
Edith Personnette of residential brokerage firm Personnette & Associates says the projects with the best locations will be the ones to survive -- and actually be built. The location of the new Genesis project, coupled with its potential price points, raises questions in Personnette's mind.
Related Industry News
|
Latest News |
