Jenard Gross, principal of Fleming Loop Partners, chased the 2525 Minimax Dr. property for two years. The sale price is off limits, but Genard says it was listed for $16 million to $18 million. Industry experts say it's hard to value the property, which cost $21 million in 2000 when it was bought by New York City-based MetroNexus and Macfarlan Real Estate Investment Management of Dallas. For previous story, click here.

"We've been talking to MetroNexus on and off for two years," Gross tells GlobeSt.com, adding he can see his new investment from his office window. "It's almost impossible to find a tract this size close in. We were very lucky to find this land." The land is situated inside Loop 610 near the US Highway 290 junction.

Gross says it will take six months to scrape the site. A 300-unit multifamily development could break ground roughly a year to 18 months after the carrier hotel comes down. "We want to wait for a healthy apartment market in Houston," he explains. At the earliest, he says it will be late 2006 before ground breaks. By the end of Q3, he hopes the architect will be selected for the as-yet unnamed development.