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GlobeSt.com EXCLUSIVE: Condo Converter Takes On Houston Trophy

HOUSTON-Months of speculation about the future of apartment high-rise 3333 Allen Parkway ends as Denver-based BCN Development commits to converting the 253 units into residential condominiums.

By Jennifer D. Duell | Updated on January 06, 2005

HOUSTON-BCN Development has finalized plans to convert 3333 Allen Parkway into residential condominiums after beating out 10 other buyers to claim the 32-story, 253-unit apartment complex.

Located just one mile from Downtown, the high-rise complex was built in 2003 by a partnership between local developer, Simmons Vedder Co., and O’Connor Capital Partners of New York City. Industry experts say 3333 Allen Parkway sold to the Denver-based BCN for significantly higher than the city record of $225,000 price per unit, set by locally based Hanover Co. with the sale of the 356-unit 1200 Post Oak to Sentinel Real Estate Corp. for a reported $80 million. The Harris County Appraisal District has 3333 Allen Parkway assessed at $43 million.

BCN Development, under the leadership of Craig Nassi, has never tackled a condo conversion project, but has developed three condominium buildings in its hometown, Craig LaFollette, a senior vice president with CB Richard Ellis Inc., tells GlobeSt.com.

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