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GlobeSt.com EXCLUSIVE: Developer Kicks Off $25M Inroad to Houston

HOUSTON-In its first move outside Colorado, Catalina Development Co. starts work on the 336-unit Lighthouse at Willowbrook Mall, being situated on 30 acres in the northwest submarket. The $24.8-million project will deliver in spring 2006.

By Jennifer D. Duell | Updated on May 17, 2005

HOUSTON-A multifamily developer from Greenwood Village, CO has broken ground on the 336-unit Lighthouse at Willowbrook Mall, choosing Northwest Houston for its first project outside its home state. The $24.8-million development will deliver in spring 2006.

“We had been building in Denver, but with the economy and market so bad, it makes no sense to develop there now,” Randy Bryant, president of Catalina Development Co. tells GlobeSt.com. As a result, the company’s execs decided to test new markets. “I am from Houston so I know the market and feel comfortable with it,” he says.

The Lighthouse at Willowbrook Mall will be situated on 30 acres at 12330 N. Gessner Rd. The developer acquired the land in December 2004 from McAlister & Co. of Houston. The garden-style complex will consist of 14 buildings and a clubhouse. It will feature a mix of 204 one-bedroom units, ranging from 708 sf to 1,005 sf; 120 two-bedroom apartments, each 1,161 sf; and 12 three-bedroom designs of 1,360 sf. The monthly rent will average $1 per sf, Bryant says.

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