But the trend toward live-work-play developments in the metro area prompted Texas developer Hines Interests Inc. to include a residential component in the project and replace a fifth planned office building with two residential towers.
Hines sold Harbor Cos., a locally based multi-family developer, two of the 34 acres for $2 million or $58,824 per acre ($1.35 per sf). Harbor will begin construction by the end of the second quarter 2001 on the first of two residential towers. The $40-million building is expected to be completed in the spring of 2003.
The first 18-story tower will have 200 units from 700 sf to 1,800 sf. The eight penthouse units will range from 2,300 sf to 3,400 sf. Monthly rents for one-bedroom apartments will go from $1,000 to $2,700 for one, two and three-bedroom units, and $4,200 to $5,600 for penthouses.
Initially, the tower units will be rented and a conversion to condominiums will take place by the end of the second year. Condo prices start at $200,000 and go beyond $500,000. The first office building at Overton Park is under way. The 15-story, 350,000-sf structure is expected to be delivered in January 2002.
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