Unit sales are well into double digits, according to Coscio, who is developing the condo in partnership with Jack Lee of the Oakmont Group, investor Ronald Murphy and John Rippel, who had headed Atlanta-based Gables Residential Trust. Lee has been a party to the development of the St. James condo project.
Colonnade units are priced from $300,000 to more than $1 million, Coscio tells GlobeSt.com. Many of the pre-construction buyers are sophisticated current high-rise residents. It's good they have a place to stay, because his project won't be ready for occupancy until the summer of 2002.
The location of the new tower is a major selling point. It is adjacent to the entrance to the Houstonian and readily accessible to the West Loop of Interstate 10. Rey de la Reza Architects is the designer in collaboration with architect Lucho Gonzales.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
