| COVER STORY, MAY 2008
RESIDENTIAL RISING
From towers to townhomes, here’s a look at some of the state’s newest multifamily projects.
Lindsey Walker
An exciting new crop of multifamily developments are underway in Texas. With a focus on luxury amenities and strategic location, these projects will provide residents with everything they could ask for, right at their fingertips. From the Four Seasons high-rise residential tower in Austin, Texas, to the Oleander Place townhomes in Fort Worth, Texas’ Near Southside submarket, multifamily development is taking it up a notch in Texas.
Oleander Place
Fort Worth, Texas
Location: On the Oleander Walk in the heart of Fort Worth’s Near Southside.
Size: Seventeen, three-story townhomes ranging from 1,700 to more than 2,700 square feet.
Who is involved with project? Mint Interest Group LLC is the developer.
What makes this multifamily project special or unique? Oleander Place is a wonderful example of urban infill. We have taken four residential lots and place 17, three-story live/work units in their place. This is the first of its type in the Near Southside.
Why will it be a success? The Near Southside of Fort Worth is experiencing a rapid revitalization with the Oleander Walk and the shops and restaurants along Magnolia Avenue playing a big part. Oleander Place offers four wonderful live/work floor plans that fit nicely into the neighborhood already full of medical and business professionals. Fort Worth South, Inc. reports that the area employs 30,000 people, second only to the central business district, but only 2 percent lived in the area, according to a 1995 study. Seventeen percent of those surveyed said they would live in the Near Southside if there were appropriate housing options. Oleander Place is just what those people are looking for.
What type of resident base does it target? We target the professionals already working in the Near Southside.
What types of amenities will it offer residents? Landscaped exterior, convenient location on the Oleander Walk, a rooftop deck with available hot tub and outdoor kitchen, private attached garages, and custom finish selections.
What has been the response of potential buyers/renters so far? Of the community? Tremendous. We sold a unit our first day out and are currently working with several more on finalizing details of plans and finishes to accommodate their needs.
Why was your company the right company for this project? Mint Interest is not a medium-sized developer that is large enough to tackle large projects, but it is small enough to offer each customer the care and quality of service they deserve. They also have a background in urban infill development.
— Chris Faulkner is a realtor with Coldwell Banker Residential Brokerage in Fort Worth, Texas.
Four Seasons Residences, Town Lake, Austin
Austin, Texas
 |
Four Seasons Residences |
|
Location: 98 San Jacinto in Austin, Texas.
Size: 168 units, 32 stories.
Who is involved with project? Ardent Residential of Austin is the developer; Atlanta-based Post Properties is the owner; and Michael Graves of Princeton, New Jersey, is the architect.
What makes this multifamily project special or unique? The property will be managed and staffed by Four Seasons Hotel, Austin. Residents will have access to hotel services including in-residence dining, housekeeping services, dry cleaning, turndown services, laundry and valet. The building’s location adjacent to Lady Bird Lake provides residents with easy access to its popular hike and bike trail.
Why will it be a success? The project will be successful because of the incomparable service and attention to detail offered by Four Seasons. Residents will enjoy the services and amenities of the hotel while at the same time experience the privacy and security of a separate residential tower.
What type of resident base does it target? Affluent, 30s to 70s professionals, University of Texas alumni and empty nesters seeking a change in lifestyle and wanting to be part of Austin’s vibrant downtown. Buyers from Houston and Dallas that spend a lot of leisure time in Austin or plan to relocate or retire to Austin are also part of the target market.
What types of amenities will it offer residents? Elegant lobby with artwork by world-renowned artist Richard Serra and local artist Lance Letscher.
What has been the response of potential buyers/renters so far? Of the community? The response has been overwhelmingly positive. Austin is very excited to see this project under construction. To date, the project is approximately 40 percent sold and interest remains strong.
Why was your company the right company for this project? Ardent Residential has done other successful projects with Four Seasons including the renovation and sale of the Four Seasons Residences, Houston (49 condominiums); the development of the new spa at Four Seasons Resort Nevis in the British West Indies; restaurant, pool and resort renovations at Four Seasons Resort Nevis; and predevelopment services of the Villas at Pinny’s Beach at Four Seasons Resort Nevis. Additionally, the principals of Ardent Residential have long standing relationships with key personnel at Post Properties. Post Properties is one of the largest developers and operators of upscale multifamily communities in the United States, with experience developing many of the nation’s most luxurious apartment homes and condominiums.
— David Ward is executive vice president and regional investment director – Southwest of Post Properties.
Cosmopolitan
Houston
Location: 1600 Post Oak Blvd., Houston.
Size: 180,000 square feet, 22 stories and 80 units.
Who is involved with project? Developed by Randall Davis Company with architecture by Brand + Allen Architects.
What makes this multifamily project special or unique? The Post Oak location is incomparable for intown buyers looking to be within walking distance of many of the city’s top restaurants and attractions and, in some cases, their offices. The positioning of the building on Post Oak as well as the dynamic design has made it an instant landmark.
Why will it be a success? Reportedly the fastest selling high-rise in Texas, Cosmopolitan is nearing completion and will welcome its first residents in June. Only one unit is left and is listed in the $800s.
What type of resident base does it target? Local empty nesters, suburban residents returning to the city and international buyers
What types of amenities will it offer residents? Cosmopolitan boasts a shimmering, sixth floor Art Deco sky lobby, which opens onto a stunning rooftop pool deck with lounge seating and South Beach style cabanas. Lucky homeowners will also enjoy a screening room, wine room, Miele appliances and Origami “air bath” tubs.
What has been the response of potential buyers/renters so far? Of the community? The project has been hailed as “the Trump Tower of Houston.” Post Oak has become a key area for development of premium mixed use and multifamily projects. Also under construction nearby is the massive BLVD Place development, which is slated to include hotel, residences, retail and office.
Why was your company the right company for this project? Randall Davis Company has developed more-high rise condos than any developer in Texas. In a market where outside developers tend to overbuild and fail, Davis also aims for smaller, more exclusive buildings.
— Randall Davis is the founder of Houston-based Randall Davis Company.
Titan
Houston
Location: 1405 Post Oak Blvd., Houston.
Size: 200,000 square feet, 26 stories and 80 units.
Who is involved with project? Developed by Randall Davis Company with architecture by Element Architects.
What makes this multifamily project special or unique? This condo development is special because of its location, views, architecture, interior package and sky pools outside on penthouse balconies. Ferreting out 25,000 square feet in the shape of a pie wedge to build 200,000 square feet of residential high-rise is not typical in Houston, where land has been plentiful. But we only want to build on A-plus locations.
Why will it be a success? By first pushing the envelope for mixed-use and world-class luxury condo high rises, I feels I am redirecting the market in my adopted city. Some developers coming here are used to making a huge return, but I’m happy with a modest return. I want my buildings to be successful and see them sold, so I can go on to build more buildings.
What type of resident base does it target? Local empty nesters, suburban residents returning to the city, international buyers.
What types of amenities will it offer residents? Fully-customizable residences will average 2,000 square feet and incorporate 10-foot ceilings, expansive balconies, steam showers, air jet tubs, Wolf and Sub-Zero appliances plus granite, marble and exotic hardwood surfaces. Six multi-level penthouse units will offer private sky pools, and a third of the building’s homes will feature private elevator entrances. Additional highlights will include a 24-hour concierge, six floors of controlled access garage parking, a wine room, a state-of-the-art fitness center, a screening room and a seventh floor rooftop infinity pool.
What has been the response of potential buyers/renters so far? Of the community?
Conversion of option buyers to contracts was occuring at time of print; therefore response in progress.
— Randall Davis is the founder of Houston-based Randall Davis Company.
Mercantile Place on Main
Dallas
Location: 1800 Main St., at the heart of the revitalization of downtown Dallas.
Size: 31 and 15 stories; 369 units.
Who is involved with project? This project is due to a public/private partnership between the city of Dallas and Forest City Residential Group. Beeler, Guest, Owens (BGO) of Dallas is the architect for the Mercantile Bank Building, and Dimella Shaffer of Boston is architect for the Element. The general contractor is Hensel Phelps Construction, with offices in Dallas and Houston.
What makes this multifamily project special or unique? The signature structure of this project is the iconic Mercantile Bank Building, the 31-story former corporate headquarters of the Mercantile National Bank Building. Vacant since 1993, the historic bank building has been renovated into a luxury apartment community encompassing 213 loft-style apartments with studio, one- and two-bedroom floor plans with penthouse suites available. Featuring a lighted clock and weather spire at the top of its 545-foot tower, the “Merc” is also planned for retail space. Also included in the Mercantile Place on Main complex is the 15-story Element apartment building that is currently under construction, as well as a host of features and amenities shared by the Element and the Merc. The Element has 156 Eichler-inspired one- and two-bedroom floor plans with penthouse suites available
Why will it be a success? It is a key energizer for the downtown’s redevelopment. We believe this project will be a success for several reasons: It will attract professional people who desire to live in an urban area; it is a landmark community with a special panache that can’t be found anywhere else in downtown Dallas; it offers a diversity of very attractive apartment homes in a wide range of price points; it includes many popular features and amenities not currently available in other rental communities in downtown Dallas; and it is within walking distance of neighborhood and community services such as public transit that greatly reduce the need for personal transportation.
What type of resident base does it target? We expect that Mercantile Place on Main will attract a spectrum of residents but its marketing program is, at this juncture, designed primarily for upwardly mobile young professionals who prefer an urban lifestyle.
What types of amenities will it offer residents? Mercantile Place on Main will encompass a swimming pool and spa that are designed to be a social hub for the apartment community’s residents. The linear swimming pool is surrounded by the spacious elevated pool/sun deck populated with chaise lounges. A private outdoor kitchen/grilling area complete with barbeque grills, bar style seating, and tables and chairs are nestled within groves of trees and wood decks.
A partially enclosed private dining area with a double-sided fireplace and linear banquet-style tables is perfect for resident gatherings. A spa at one end of the pool provides residents with dramatic views to the future City of Dallas Main Street Garden Park. A rain curtain separates the pool and spa and is illuminated at night with colorful lights and a state-of-the-art projection system enables films to be shown against the water wall. The indoor cabana lounge features floor-to-ceiling glass windows looking out onto the elevated pool and sun deck with great view of downtown Dallas. The cabana features contemporary furnishings that offer residents many options to relax, unwind, mingle, work, or socialize all in comfortable environment with a chic ambience. Residents will be able to use their laptops and enjoy WiFi in one of our many comfortable seating areas, or watch their favorite show or sports event on one of the large screen plasma TVs.
The fitness center features state-of-the-art equipment by Lifestyle Fitness. The 1,750-square-foot workout room will offer premium treadmills and elliptical machines with personal viewing screens, circuit training stations, strength training machines and free weights with adjustable benches and mirror. Other amenities include a 24-hour concierge services and welcome center, on-site resident and guest parking, a sports bar, poker room and TV lounge with billiards table, a community room and private screening room, dining/conference room, a living room and catering kitchen, and the 14th floor R.L. Thornton Club Room with outdoor terrace.
What has been the response of potential buyers/renters so far? Of the community? Prospects and residents are overwhelmingly delighted with our community. The Merc’s cues to art moderne and the Element’s mid-century modern influences resonate with our demographics.
Why was your company the right company for this project? Forest City Enterprises, Inc. has a history of developing historic preservation/adaptive reuse projects in urban areas across America. We have a successful track record of developing projects in partnership with the city, county and state governments. We have gained extensive knowledge and expertise in historic preservation/adaptive reuse projects in a variety of geographic and market environments, which have been extremely valuable in solving the many development and construction issues associated with this challenging project. Mercantile Place on Main has been both a valuable learning experience for everyone involved and a great historic preservation/adaptive reuse project in terms of its positive affect on downtown Dallas.
— James Truitt is vice president of Forest City Residential Group.
©2008 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.
|
