COVER STORY, DECEMBER 2005

MAKING WAY FOR MULTIFAMILY
Multifamily projects across Texas offer residents a range of amenities, upgrades and features.
Lara Fuller

As cities continue to grow, so does the need for housing. However, there is often no space for large tracts of single-family homes in crowded metropolitan areas. Developers in Texas have found a solution, developing multifamily housing that offers all the amenities and comforts of a home on a smaller parcel of land.

The Waters at Horseshoe Bay Resort
Horseshoe Bay

The Waters at Horseshoe Bay Resort, which broke ground in October, will feature 327 apartment units along Lake Lyndon B. Johnson in Horseshoe Bay, Texas.

As cities such as Austin and Dallas continue to grow, Horseshoe Bay has become a popular destination, with lakefront land harder and harder to come by. “[The Waters] is located on some of the very last remaining waterfront property in Horseshoe Bay,” says Alter. “Older structures had to be razed, creating an opportunity to purchase one of the last waterfront properties within the resort.”

The 327-unit development will feature five different single-level floor plans, ranging in size from 906 square feet to 2,442 square feet. With a Horseshoe Bay Resort membership, residents will have access to amenities including three championship golf courses designed by Robert Trent Jones Sr., an 18-hole lighted putting course, full-service marina, state-of-the-art tennis facilities, member's club with lakeside pool and white sand beach, spa, fitness center and dining options.

Cypress, Texas-based INsite Architecture is the project architect, Centex Destination Properties is the developer, Centex Construction Group is the general contractor and Principal Group is the property manager. The first building is scheduled to be completed by November 2006. The entire project is expected to be complete by early 2008.

The Melograno
San Antonio

Last April, Godfrey Residential Group broke ground on The Melograno, a $19 million multifamily project located in San Antonio. BGO Architects designed the 226,682-square-foot, Tuscan-inspired community.

In April of this year, the company broke ground on its $19 million project, The Melograno. “In the Tuscan region [of Italy] they say ‘la dolce vita,' meaning ‘to live the sweet life,'” says Godfrey. “This is what we envisioned for our community. We made a commitment to develop a community where our residents would have the benefits of a luxury resort, beginning with the Tuscan architectural design of the community and continuing with outstanding recreational amenities.”

In addition to the Tuscan-inspired design by BGO Architects, the 226,682-square-foot The Melograno features a clubhouse, 24-hour fitness center, resident business center, water plaza with swimming pool, spa, fountains, and an outdoor cabana with televisions and grilling areas.

Inside the units are 9- to 14-foot ceilings and palladium windows. “During planning, we found that not only will some of the third floor apartment homes have [Texas] Hill Country views, but with the ground sloping towards the west, this view can be enjoyed by many of the first- and second-floor apartments as well,” says Godfrey. To ensure that the residents would be able to enjoy the views, Godfrey Residential added private balconies and patios to each floor plan.

The Melograno offers its residents a range of amenities and features. The development is also near major freeways, shopping and dining. “We envision a community where our residents are proud to live, entertain their friends or spend a quiet evening with family,” says Godfrey. “Where ‘la dolce vita' is not just a saying, but a way of life.”

Lake Park Estates
Richardson

When land is scarce in developed areas, it is difficult to find room to build new developments. Therefore, when the developers of Lake Park Estates found some available land in Richardson, they knew it was valuable. “A parcel of land this size in a well-developed area is unique,” says Mark Humphreys, president of Atticus Real Estate Development and chief executive officer of Humphreys & Partners Architects. “This site was carved out of Lennox Industries' world headquarters corporate campus. Lake Park Estates has allowed us to combine an upscale suburban environment with urban convenience.”

Rather that just put up a bare-bones development, Dallas-based Atticus Real Estate Development decided to give residents something more. “With all of the extras that homeowners will receive, and with one of the most reasonable townhome prices per square foot in the Metroplex (Dallas/Fort Worth area), we've nicknamed Lake Park Estates ‘Upgrade City,'” says Humphreys.

The 253-unit complex will be private, with a gated entrance. Other features include water elements, park-like surroundings and distinctive architectural treatments. There are also two swimming pools, walking/ jogging paths and an on-site athletic facility. Residents can also choose from a two- or three-bedroom unit. “We believe this is one of the best values for a great home in a great location,” says Humphreys. “Lake Park Estates offers a wonderful opportunity for empty-nesters to downsize, while getting a fabulous updated look, new appliances, an energy-efficient home, and someone else to do the yard and pool work.”

Construction on the project began in November, with completion of the first phase expected in summer 2006. C.F. Jordan is the general contractor and Garrison Partners is handling sales and marketing.

So7
Fort Worth

The So7 development is located on 1.73 acres in Fort Worth, on the western edge of Trinity Park in the Cultural District, between West Seventh Street and Lancaster Avenue. Across from the So7 project is Montgomery Plaza, an area that is seeing a great amount of activity and revitalization — from the renovation of the old Montgomery Ward building to the creation of a new 175,000-square-foot SuperTarget. “Realty Capital Partners feels this is an exciting land development project south of Seventh Street in beautiful downtown Fort Worth,” says Donna Arp, president of Realty Capital Partners (RCP), based in Dallas/Fort Worth. “We are delighted to be part of a project that has so much potential and is located in the fastest growing area of Texas.”

In addition to the proximity to Montgomery Plaza, So7 is also near the Kimbell Art Museum, the Fort Worth Botanic Garden, Amon Carter Museum, the Fort Worth Museum of Science and History, and the Rivercrest and Colonial country clubs.

As Fort Worth continues to experience exponential growth, in-town housing is getting harder to come by. “There is a strong demand for condominiums and townhouses in downtown Fort Worth,” says Arp.

To help fill this need, RCP is collaborating with Hughes Development, an innovative developer that specializes in urban renewal. “This property has been owned by Foster Brewing since the early 1990s and is ideally located in the explosive growth area of Fort Worth,” says Arp. The $13.87 million So7 will feature 54 condominiums and 11 townhomes. The development, with European-in-spired streetscapes, will sit adjacent to a plaza with a fountain. The homes will be built with Palladian-influenced stucco and stone and will also feature Italian tile roofs, wrought-iron balconies and rooftop terraces. Construction recently began and completion is scheduled for July 2007.

©2005 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.