The project is expected to be completed in 2002. It will be located on a 1.5-acre site Betz has acquired from investor David Loftus. Cushman & Wakefield has brokered the land purchase.The site is on Memorial Drive near Houston Avenue, just west of downtown. The eight-story condo building, which will have a total of 150,000 sf, will have units as small as 900 sf.

The Betz deal continues a strong trend for constructing condominiums and apartments near downtown Houston. A number of developers, including Post Properties Inc., Finger Cos. and Amicus Partners, recently have started new high-rise residential towers near the downtown. The projects are attracting young professionals and empty-nester couples who are giving up their large homes in the suburbs. In addition, traffic congestion is encouraging many Houstonians to move closer to downtown and other urban employment centers, such as the Texas Medical Center.

Betz, a realty firm led by Raymond R. Betz, is active in real estate brokerage, investment and development throughout the state of Texas.