(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.

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