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HOUSTON-Legacy Partners Residential Development Inc. and equity partner CalPERS have cleared the site and are preparing to break ground on their 330-unit Legacy at Memorial. The project, which will exceed $75 million of all-in costs, has 15% of the apartments dedicated for affordable housing.

The partnership acquired the 3.3 acres at Studemont Street and Memorial Drive in April 2007, with plans to break ground last September. “It took awhile to redesign the building and rework the plans,” explains Spencer Stuart Jr., senior vice president and Texas partner for the Foster City, CA-based Legacy Partners tells GlobeSt.com.

“There used to be an old brickyard factory on the site, then it was a paper recycling plant,” Stuart explains. “All of that was long gone by the time we bought the land, but we had to excavate the soil and remove it because it was filled with old pieces of brick. It wasn’t suitable as a foundation for the project.”

With the project nearing its groundbreaking, Stuart estimates completion will be November 2009. Legacy’s plan is to hold onto the high rise through lease-up, but Stuart says he’ll look at viable offers.

“This is a great luxury project that will give some people a very nice place to live at an affordable rate,” Stuart adds. Legacy at Memorial will have a three-bedroom penthouse, totaling 3,568 sf, and the balance will be one- and two-bedroom units, starting at 868 sf. Projected rents are $1.26 per sf to $2.20 per sf.

Milestone Management LP in Dallas will be the property manager. Houston-based EE Reed Construction LP is the general contractor for a tower designed by WDG Architecture Inc., also from Dallas. Capmark Financial Group Inc. of San Mateo, CA is the lender for the construction loan.

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