The all-in development cost for the 250 Ed English Dr. site isn't available. Sources estimate comparable projects would cost $5.5 million to $9 million to build.
Les Johns with the J. Beard Co. LP in the Woodlands says the office condo project is half sold out. He predicts it's highly probable that all condos will be gone by the time construction is completed. "We have a long list of prospects who have been waiting for this start date for awhile," he tells GlobeSt.com. "There's a high demand for this type of product here." The smallest unit is 729 sf; units start at $120,000.
The Woodlands developer has several office condo projects under construction due to the high demand. "People in this area have become fed up with leasing," says Jolly's sales and marketing director Pinder Gill. She says space flexibility also is particularly attractive for small business owners in the area.
"It used to be you had to purchase or build an entire building to own, but you're not stuck with that any more," Gill adds, "and business owners appreciate that." Jolly Properties' 90-unit Willow Park Condominiums at Hanover Woods at FM 2920 and Interstate 45 in Spring also delivers in the first quarter--and several others in various stages of planning.
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