THE WOODLANDS, TX-After four months of being under contract, a 1.1-acre tract earmarked for 36 units of urban-style lofts has changed hands. Buyer Threshold Interests of Houston intends to raise a seven-story building on the site, which fronts the 1.25-mile Woodlands Waterway, an aquatic transportation corridor bisecting the Woodlands’ town center.

Doug Crosson, Threshold Interests’ managing partner, tells that presales have begun and interest is running high. The designs range from 1,800 sf to 2,400 sf in a price range from mid-$200,000 to $700,000 per unit. Crosson says construction kicks off in September, with occupancy set for fall 2003.

Threshold Interests is the developer of the residential projects, Hermann Lofts and Bayou Lofts, both converted historic buildings in Houston. Crosson confides that Threshold was invited by the Woodlands Operating Co. LP to look at Waterway’s available residential parcels. Market research showed “it was the right concept at the right time,” he says.

Houston-based Ziegler Cooper Architects designed the building, drawing upon a style that’s “modern classic with Old World features.” In a prepared statement, Crosson says “the layout enables us to take advantage of corner glass, achieving uninterrupted views of the Waterway and surrounding area as well as sweeping terraces that become extensions of the living space. The architects have designed a sophisticated building with symmetry and classicism in balance, yet true to our time and technology.”

Michael Richmond, the Woodlands’ president and CEO, said the development of an urban-style residential project is “a major step in the evolution of the Woodlands Waterway development.

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