The project is expected to be completed in 2002. It will belocated on a 1.5-acre site Betz has acquired from investor DavidLoftus. Cushman & Wakefield has brokered the land purchase.Thesite is on Memorial Drive near Houston Avenue, just west ofdowntown. The eight-story condo building, which will have a totalof 150,000 sf, will have units as small as 900 sf.

The Betz deal continues a strong trend for constructingcondominiums and apartments near downtown Houston. A number ofdevelopers, including Post Properties Inc., Finger Cos. and AmicusPartners, recently have started new high-rise residential towersnear the downtown. The projects are attracting young professionalsand empty-nester couples who are giving up their large homes in thesuburbs. In addition, traffic congestion is encouraging manyHoustonians to move closer to downtown and other urban employmentcenters, such as the Texas Medical Center.

Betz, a realty firm led by Raymond R. Betz, is active in realestate brokerage, investment and development throughout the stateof Texas.