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HOUSTON-The Foster City, CA-based Legacy Partners Residential Development Inc. has closed on 3.3 acres in West Central Houston to build a 334-unit residential project. Sources familiar with the location say the development dirt alone cost nearly $13 million while the project itself could end up close to $155 per sf to build.

Legacy Partners bought the site at the intersection of Studemont Street and Memorial Drive from San Diego-based Fairfield Residential. “We were happy to get control of this site. It’s definitely a landmark location,” says Spencer Stuart Jr., senior vice president and partner for Legacy Partners’ Texas division.

Stuart tells GlobeSt.com that construction will launch on Legacy at Memorial in September, ticketing 20 months for completion. He says the site once contained a building, but it recently was demolished.

Legacy at Memorial will consist of a 25-story tower with 274 apartments alongside a wood-frame building with 60 lofts. The project will have an eight-level parking garage, with select apartments having direct elevator access to a semi-private foyer. In addition, WDG Habid Architecture Inc. of Dallas has incorporated private garage boxes into the parking component while units will feature private balconies or garden terraces.

Legacy at Memorial will be one- and two-bedroom units, averaging 1,179 sf. The average monthly rent is projected to be $2,392.

Capmark Finance Inc. provided construction financing for Legacy at Memorial. The general contractor will be EE Reed Construction LP from nearby Sugar Land. Sawyer Design Associates of Dallas is the interior architect and local firm, M2L Associates Inc., is the landscape architect. Dallas-based Milestone Management LP has been awarded the leasing and management contract.

The Legacy at Memorial will be positioned just minutes from the Texas Medical Center, CBD, Galleria and Museum submarkets. The project, fronting Memorial Drive, sits on the doorstep of Buffalo Bayou Park and 2.6 miles west of Memorial Park.

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