One Condo Project Under Way; One Delivers

HOUSTON-Wallace/Halpin LLC of Houston is spending $24 million to bring two condominium projects to the Houston market. One is under way and the other has just delivered.

The Venti, a 20-unit luxury condo project at 511 S. Post Oak Lane, is under construction while the crew on the 66-unit Tanglewood Condominiums just capped two years of work at the intersection of San Felipe and Fountainview drives. The Venti is rising with an $8-million construction loan provided by Southwest Bank of Texas. The Tanglewood project was fueled by a $16-million loan from the same bank.

The Venti units, which range from 2,100 sf to 4,300 sf, are priced from $500,000 to more than $1 million. The development will be completed in 2003.

About half of Tanglewood’s units have contracts on them. The units range from 1,200 sf to 4,000 sf, carrying prices from the low $200,000 range to $900,000. According to Jim Wallace, principal of Wallace/Halpin, the units are finished out with “a higher quality than anything currently offered in this price range.” Houston architect Carlo DiNunzio designed both projects.