HOUSTON-A local developer's 19-acre acquisition in the Energy Corridor is ticketed for a multi-phase, high-density residential project. The first phase of 300 units is scheduled to break ground in the latter part of this year.
Simmons Vedder & Co., marking its first spot in the Energy Corridor, acquired land at the intersection of Briar Forest Drive and Eldridge Parkway. The property's sale price was not disclosed, but sources familiar with the area say comparable land in West Houston is valued at $10 per sf to $15 per sf.
Simmons Vedder's John Cutrer says the development team has yet to decide the nature and ground-breaking timeframes for additional phases. "We might not even build apartments," he tells GlobeSt.com. "We could go with townhomes or condominiums in that second phase. A lot depends on the market."
Cutrer says the Energy Corridor development, which has yet to be named, will rise at the same time as a 300-unit complex on 8.4 acres near the intersection of Almeda Road and Old Spanish Trail in the Texas Medical Center. He estimates 18 to 20 months will be needed to deliver the first phases, putting the completion in first quarter 2008.
The Energy Corridor land was sold by VNF Houston Properties LP, a local partnership represented by Luke Durrett of BPI Realty Services Inc. of Houston. Michael Miggins and Jerry White with Qval Property Advisors LLC, also from Houston, were on hand for Simmons Vedder.
Steinberg Design Collaborative LLP of Houston designed both multifamily projects for Simmons Vedder. Rampart Construction Co. of Grapevine is the general contractor.
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