The Broadstone Westway Park will be the only multifamily development in Westway Park. The target tenants' market is the pool of workers from the park's primary product, nearly 2.5 million sf of office space. Opus West Corp. and Alliance Communities both Phoenix headquartered, are joint venturing on the apartment complex.
"More people, especially young professionals, are renters by choice--and that market is growing, Joel DeSpain, Opus West's development director here says in a press release. "They rent not because they cannot afford to purchase a home, but because they want flexibility and convenience … some place nice to live that is close to where they work."
Units will range from 678 sf to 1,354 sf. Rents at the class A complex will start at $700 per month for one-bedroom units and top out at more than $1,400 for three bedrooms.
DeSpain tells GlobeSt.com that Opus West is the "majority equity partner" and construction manager while Alliance's roles are general contractor and leasing. DeSpain emphasizes the partners share duties in a 50-50 arrangement.
Steinberg Design Collaborative LLP of Houston is the architect of the 14-acre development. The land was purchased in September from Westway Park's main developer, the Wolffe Cos. of Houston.
The complex's west side is flanked by a 3.5-acre, wooded conservation easement where Wolffe plans to add benches and walking paths. The east side abuts single-family housing. The first units will be ready in late spring 2004.
Next month, Opus West and Alliance will open the 223-unit Broadstone Uptown Lofts near the Galleria. Opus' other metro-area projects are the 100,000-sf DeVry Institute campus in Westway Park and the 637,000-sf Opus Fannin Center, an office/warehouse and service center development in the southwest sector.
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