Finger has purchased a 1.4-acre tract for the project, which will be under construction early in 2001 and be open about a year later. The 288-unit apartment project is expected to command monthly rents ranging from $1,200 to $2.500.
The project will be constructed in an older part of Houston that is studded with numerous mature oak trees. The site is about three blocks north of the Museum of Fine Arts and is in within walking distance of the Children's Museum, Holocaust Museum and Contemporary Arts Museum. The area has become popular with apartment developers, home builders and developers of townhome projects. Residential sales and apartment leasing have been strong due to a strong demand from people who want to live close to downtown and the Texas Medical Center.
Finger has developed thousands of apartment units in Texas and other southern states. The tract was purchased from Denver-based Hensel Phelps Construction Co. Stan Creech Properties negotiated the land sale.
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