Citing Apartment Data Services figures that indicate astrengthening of the apartment market in Houston, the developer islaunching Gables Meyer Park II, a 296-apartment expansion of the345-unit Gables Meyer Park. That project had been developed in 1993at 9701 Meyer Forest Dr. at W. Belfort, just east of Meyer ParkShopping Center.

The new construction will fill the gap between the presentstructures and the 610 Loop. Construction is already under way withcompletion anticipated by the end of 2001, but leasing will beginnext summer. The expansion will boast apartment homes averaging1,000 sf, with projected rents of about $1.06 per sf and rents ashigh as $2,500 per month for the larger floor plans.

Marvin Banks, Gables' CFO, tells GlobeSt.com, "the cost will bearound $27 million. The old and new segments will be operated asone from a single office with resulting economies." He says GablesMeyer Park II essentially will be like the existing complex, butwith some material change-outs and floor plan variations.