HOUSTON—Park Place River Oaks, an 11.5 acre 835,000-square-foot mixed-use master planned development, is located in the historic submarket of River Oaks. Stonelake Capital Partners assembled the tract through five separate transactions beginning in 2010.

The first phase, The James, is an eight-story multifamily project consisting of 344 units that was delivered in July 2016. That project is now 90% leased.

Park Place's second phase, The Ivy, is a 17-story residential high-rise with 297 units. It is opening this month with final completion scheduled for third quarter 2017.

Stonelake has finalized plans for its next phase and will break ground on the new development in the third quarter of 2017, with completion scheduled for first quarter 2019. This phase will front Westheimer and include two, four-story buildings atop two levels of subterranean parking, a first for a mixed-use project in Houston. The project features 105,000 square feet of retail space on the first and second levels with another 105,000 square feet of office space on the top two floors.

Notably, the development will incorporate a heavily landscaped 2-acre park. Given the prominence of the park, Stonelake made the decision to relocate two large 80-year-old live oak trees instead of cutting them down. The firm is also preserving many live oak trees within the park and along the perimeter of the property.

“We want to preserve the character of the area and be good stewards of the environment,” William Peeples, Stonelake's Houston partner and development lead for Park Place, tells GlobeSt.com. “It is hard to replicate authenticity with new young trees.”

The park provides a direct connection to The James and The Ivy.

“We are creating an environment unlike any other in Houston,” said Peeples. “The below-grade parking and substantial park are significant investments that we are confident will greatly enhance the pedestrian experience along Westheimer, providing an approachable and inviting project that all Houstonians will be able to enjoy.”

Park Place River Oaks will be able to accommodate office tenants with requirements ranging from 3,000 square feet to 65,000 square feet of contiguous space, and private outdoor space with connected terraces. The retail will feature a unique mix of luxury brand retailers, home furnishing stores and chef-driven restaurants that will cater to the River Oaks neighborhood and surrounding communities.

“Our goal is to develop a property that embodies classic, timeless architecture and is representative of Houston's history,” said Kenneth Aboussie, managing partner, Stonelake. “Park Place River Oaks will connect the community with a live, work, play environment while preserving the character of the neighborhood.”

Bruce Wallace and Radkey Jolink of CBRE are handling leasing of the retail space with Parker Duffie and Marilyn Guion of CBRE handling leasing of the office space. Beck Architecture is the architect with Jones|Carter serving as the civil engineer and Studio Outside serving as the landscape architect.

The first phase, The James, is an eight-story multifamily project consisting of 344 units that was delivered in July 2016. That project is now 90% leased.

Park Place's second phase, The Ivy, is a 17-story residential high-rise with 297 units. It is opening this month with final completion scheduled for third quarter 2017.

The park provides a direct connection to The James and The Ivy.

Instant Insights /

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