(Read more on the multifamily market.)
HOUSTON-The last phase of the $211-million, 792-unit Mosaic on Hermann Park has begun. The 30-story, 396-unit project is a twin to the first tower, which is 70% sold out.
“We were waiting for the sales on the first phase before lenders would give approval to put up the second tower,” says Jackson King, vice president of operations for Phillips Development & Realty LLC. King says the first phase of the project at 5925 Almeda Rd. is scheduled for completion later this month, with move-ins to take place in November. The second phase is penciled for a late 2008 completion.
Mosaic on Hermann Park has one-, two- and three-bedroom condos, with the starting price just under $200,000. Situated on 4.74 acres, Mosaic on Hermann Park also has a 22,500-sf retail component, which King says is 50% leased to services like a bank, food market, dry cleaners and restaurant. “The whole point here is to build amenities for the residents and to make high-rise living a little easier,” he adds.
King tells GlobeSt.com that the project, which broke ground in 2006, made sense for the Tampa, FL-based developer because of management's desire to build housing near institutional employers. “The Med Center is our sweet spot,” he says. “It's the largest employer, with 60,000 employees. We figure by supplying housing at a good price point, it'd be attractive to the people who work there.”
The Mosaic on Hermann is Phillips Development's first project in the city. There aren't any more in the pipeline–right now. “There's a lot of competition in this area. The market is saturated with similar products, especially in the Medical Center,” King says. It isn't stopping the developer from looking for similar sites in Greater Houston or elsewhere in the state. “We have an acquisitions guy dedicated only to Texas,” he says.
Developer Sales Group LLC of Miami is handling condo sales while Wulfe & Co. of Houston is in charge of retail leasing. Preston Partnership LLC from Atlanta is the architect. JE Dunn Construction Group Inc., headquartered in Kansas City, MO, is the general contractor. Corus Bankshares Inc. of Chicago is the project's primary lender. Equity came from Florida Capital Real Estate in Sarasota, FL and Ameriton Properties Inc. of Englewood, CO.
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