(To read more on the multifamily market, click here.)

PASADENA, TX-After an 18-month wait to develop 2.87 acres, construction has begun on Endeavor Clear Lake, the area’s first high-rise condo project. The 30-story, 80-unit complex is scheduled for completion by summer 2007.

Endeavor Clear Lake, going up at 4821 NASA Parkway, will take a land tract currently valued at $1 million and turn it into a development valued at an estimated $57 million. The developer of record, Endeavor High-Rise LP of Houston, also is the general contractor. The high rise was designed by EDI of New York City.

The smallest condo will have two bedrooms; the largest, a five-bedroom penthouse. They will be marketed for $400,000 to $2.5 million.

Robin Parsley, president of Endeavor High-Rise LP, says the quartet of penthouses is sold. Overall presales stand at a shade less than 60%, she says. “For a building that’s not even out of the ground, we’re in pretty good shape,” Parsley says, adding the goal is to have all condominiums sold before the high rise delivers.

Parsley tells GlobeSt.com he’d first eyed the property about 2.5 years ago, buying it a year later. One challenge to overcome was the area’s height restriction. “One of the things we had to do was convince the City of Pasadena that this was a worthwhile project, though the city planner understood the project,” Parsley says. “The planning department and planning commission were very supportive.”

Though some effort was involved in securing variances for the city’s height regulation, Parsley says it was time well spent. “This is a niche market, an untapped market. It’s never been broken into before,” he says. “Based on the demographics, there is high, pent-up demand for this type of living, thanks to Baby Boomers and empty nesters.”

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