But the trend toward live-work-play developments in the metroarea prompted Texas developer Hines Interests Inc. to include aresidential component in the project and replace a fifth plannedoffice building with two residential towers.
Hines sold Harbor Cos., a locally based multi-family developer,two of the 34 acres for $2 million or $58,824 per acre ($1.35 persf). Harbor will begin construction by the end of the secondquarter 2001 on the first of two residential towers. The$40-million building is expected to be completed in the spring of2003.
The first 18-story tower will have 200 units from 700 sf to1,800 sf. The eight penthouse units will range from 2,300 sf to3,400 sf. Monthly rents for one-bedroom apartments will go from$1,000 to $2,700 for one, two and three-bedroom units, and $4,200to $5,600 for penthouses.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
