Friday, December 31, 2010

High-End Apartment Development Planned for Rice Village

The Houston Chronicle reports this morning that a high-end apartment development is planned for Rice Village. This project will be a successor to the Sonoma project which was stymied by the downturn in the economy. The article may be viewed here.

Some of the items reported in the article are:

1.  The Hanover Co., a Houston-based company, is developing the project.

2.  The project will have 381 high-end apartments (as opposed to the condominiums proposed by Sonoma).

3.  The project will have 13,000 square feet of retail lease space on the 1st Floor.  It is expected that the traffic will be less than the Sonoma project because of the limited retail space.

4.  The project will have underground parking.

5.  The City of Houston has consented to a delay until 2015 in the requirements to develop in order for the developer to retain the Bolsover street rather than having it revert to the City.  The article also reports that the revenue to the City from the sale of Bolsover will be used to improve Morningside with new sidewalks that will be built soon.

6.  Construction will start in the summer of 2011, with units being occupied in 2012.

7.  Hanover has not yet closed on a construction loan, but plans to invest sufficient equity to be able to obtain one for the project