COVER STORY, MARCH 2005

Orion
Houston

Orion Towers Tarragon recently broke ground on Orion, a $425 million residential project in Houston.

Orion Towers Tarragon, a partnership between Asbury Place Development and Tarragon Corporation, has broken ground on Orion, a $425 million residential project in Houston, Texas. Located on Memorial along the Buffalo Bayou at Asbury Place, Orion will consist of two 37-story towers, each including 180 luxury residences that range in price to more than $5 million. Each tower will offer views of River Oaks and Houston’s downtown. The towers will have six floor plans with two to five bedrooms, ranging from 1,687 square feet to 8,200 square feet.

Orion was designed by world-renowned architect, Ede I. Nemeti, president and chief operations officer of Houston-based Architectural Services International. Orion features a pre-wired “Smart House” system with touch screen monitor and control console, as well as a 15,000-square-foot private clubhouse that includes a restaurant, full bar, screening rooms, and space for special events.

According to Robert Day, partner at Asbury Place Development and co-developer of the property, Orion is the highest-end product that’s ever been built in Houston. “It’s for people who simply demand the best,” says Day. “We’ve blended the highest-end construction and finishes with the best location and a world-class architect. It’s a phenomenal piece of property.”

The foundation of Orion’s first tower was poured in the first quarter of this year, and vertical construction begins this spring. The first tower will be complete by late spring 2007. Construction will begin on the second tower at the beginning of 2006 with an estimated completion date of mid-year 2008.

In regard to the multifamily market, Day sees a national trend toward high-rise condominiums. He explains, “As baby boomers get older and their kids go to school, they’re looking for high-rise residences that provide security and the ability to travel without sacrificing the closet space and beautiful bathrooms that are found in single-family homes.”

Landmark Lofts and Garden Apartments
New Braunfels

Austin, Texas-based developer Larry Peel has brought new life to the 225,000-square-foot historic LCRA Power Plant in New Braunfels, Texas. Peel is in the process of transforming this eight-story building into a 109-unit loft conversion with a 6,000-square-foot clubhouse and a 178-unit surrounding garden apartment community.

Austin, Texas-based developer Larry Peel is bringing new life to the 225,000-square-foot historic LCRA Power Plant in New Braunfels, Texas, by transforming the eight-story building into a 109-unit loft conversion.

The structure is located on 23 acres adjoining Landa Park, just a few blocks from New Braunfels’ Main Plaza. The power plant, constructed in 1923, is a unique structure built with riveted heavy steel. The Larry Peel Company was successful in getting the building listed on the National Register of Historic Places, which qualifies the project for a historic tax credit.

The Landmark’s amenities will include a clubhouse located in the building’s turbine room, which Peel is planning to preserve in its original condition. “The room will have a 50,000-ton crane in it, and we plan to leave it intact,” says Peel. The clubhouse will also have meeting rooms and a business center available to tenants and to the community. Located in the basement of the structure will be a 24-hour fitness center with changing rooms, a spa and a 600-foot indoor jogging path.

According to Peel, the lofts posed a particular challenge because there are 38 different unit types. “Every time we could leave something in its original condition, we did so,” says Peel.

Construction began on the property last September and Peel says it will be complete by the end of this year. Leasing for the garden apartments will begin this summer. Lott Brothers is the construction consultant on the development, and the architect is Gary Chiles.

Peel says he’s never developed a project with so much community support, noting that the development has been on the front page of the newspaper several times. He also has a waiting list of at least 72 people who are ready to move in. “I’ve never had such a wonderful problem,” says Peel.

Azure
Dallas

Azure — the first residential development by Harwood International under its new brand, Harwood Living — will soon be the tallest building in Dallas’ Uptown district. At 375 feet, the 31-story condominium tower will offer panoramic views of the city as well as easy access to cultural destinations such as the arts district, museums and top restaurants. Construction is expected to begin this spring on 1.3 acres of vacant land at Wolf and McKinnon streets, near the start of the Dallas North Tollway. Azure’s estimated completion date is the spring of 2007.

At 375 feet, Azure — the first residential development by Harwood International under its new brand, Harwood Living — will soon be the tallest building in Dallas’ Uptown district.

Azure’s 202 residences will range in size from 1,085 square feet to more than 9,700 square feet. Azure will offer open-plan interiors expanded by floor-to-ceiling glass, in addition to generous terraces, most with outdoor fireplaces — firsts in Dallas. Prices range from $400,000 to more than $4 million. The property’s amenities will include a beautiful garden, spa services, an Olympic-sized pool with private poolside cabanas, a 17-seat cinema with a tiered floor, a furnished library with a fireplace, and a fitness center. Azure will also feature private access gates and underground parking with unique G2 enclosed garages. “This provides residents with their own private garage within the garage,” says Gabriel Barbier-Mueller, Harwood International’s founder and CEO.

Westbank Projects Corporation, a Vancouver, British Columbia, real estate developer, is a development partner for the project. James KM Cheng Architects and Gensler Architects served as architects, and SWA Group was the landscape architect.

Azure will offer open-plan interiors and generous terraces, most with outdoor fireplaces. Prices range from $400,000 to more than $4 million.

Barbier-Mueller says that Azure will offer its residents “walk to life” living due to the numerous attractions within walking distance from the property. “The Uptown area has emerged as the best office and cultural area in the Dallas Metroplex,” he says. “This area offers a new type of urban lifestyle.” Barbier-Mueller believes that living in the suburbs is no longer something to which people are aspiring. Instead, he’s seeing a desire for a more urban lifestyle among several demographic groups — from retirees who no longer want to be in the suburbs to young, urban professional couples who feel the same way.

As cities continue to grow and try to control urban sprawl and pollution issues, Barbier-Mueller says there will be more demand for upward developments such as Azure. “In the 1950s, everyone moved to the suburbs — that was ‘it,’” he says. “Now we are starting to see ‘it’ as a more urban lifestyle, and I think Azure is fitting that demand.”

Hawks Creek Village
Fort Worth

Hawks Creek Village is a 312-unit, high-end apartment community located in west Fort Worth, Texas, at the corner of White Settlement Road and Highway 183. The 314,440-square-foot, two- and three-story community is situated on 12.5 acres and surrounded on three sides by a golf course. The project is a joint venture between Allegiance Development and Westworth Redevelopment Authority.

Hawks Creek Village is the first phase of an 83-acre mixed-use development that will eventually include condominiums, office and retail space. According to Charles Ames, CEO and president of Allegiance Development, the first phase is under construction and the first units will be available on March 1. The $24 million development will be complete by the first week of July.

Amenities at Hawks Creek Village include an indoor basketball court and fitness center, a 4,000-square-foot clubhouse, security systems in every unit, security gates, an Olympic-sized pool, stainless steel appliances, garages, and an outdoor cabana with a fireplace and bar.

In regard to the multifamily market, Ames sees the rental market coming back in the next year or two. “There are currently niches in the market where apartments are very successful,” he says. “Hawks Creek Village is in one of those niche markets. It’s the first multifamily property that’s been built in the area since 1965.”

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