The project, rising on 7.5 acres overlooking Buffalo Bayou, is ZOM's first apartment development in Houston and its fourth in Texas. ZOM purchased the land from the Blaffer family of Houston. Although ZOM declined to disclose the project's cost, similar projects recently have sold for $150,000 per unit, making ZOM's project worth more than $65 million.
"We love the proximity that Allen Parkway offers to Downtown and the Medical Center," says John Schleider of ZOM's regional office in Dallas. "We also like the amenities of Memorial Park and the River Oaks area." River Oaks is one of the more affluent neighborhoods in the city.
The complex, designed by Memphis-based Looney Ricks Kiss, will feature architecture that is reminiscent of the grand resort-style luxury hotels prevalent in the 1920s. It will offer a mix of townhouses and flats in a variety of one, two, and three-bedroom floor plans with units averaging 1,185 sf. The four-story structure will be rest on a podium garage with elevator access for units.
The community also will offer a resort-style swimming pool, state-of-the-art fitness center with cardio theater and several landscaped courtyards. Units will feature kitchen upgrades of granite countertops, islands with seating, upgraded appliances and ceramic tile. ZOM declined to disclose its projected rental rates, but similar apartment communities in the area are leasing for $1.40 per sf to $1.55 per sf. Schleider tells GlobeSt.com that ZOM has not yet chosen the general contractor for the project, but expects sign a contract soon.
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