Home > multifamily, Uncategorized > Luxury complex planned near Galleria

Luxury complex planned near Galleria

December 17, 2011 Leave a comment Go to comments
Ziegler Cooper Architects LUXURY PROJECT: Gables Tanglewood’s first apartments should be ready by the middle of 2013, the company says. The project will have a rooftop pool, theater, fitness center and computer lounge. Gables Residential plans to break ground early next year on a luxury apartment complex near the Galleria, replacing a funeral home that was recently demolished at the site.

The eight-story project, to be called Gables Tanglewood, will include 327 one- and two-bedroom apartments averaging $1,735 per month, the company estimates.

Ziegler Cooper Architects<br /><br /><br /><br /><br /><br />
LUXURY PROJECT: Gables Tanglewood's first apartments should be ready by the middle of 2013, the company says. The project will have a rooftop pool, theater, fitness center and computer lounge. Photo: Ziegler Cooper Architects / HC

Photo: Ziegler Cooper Architects / HC

Atlanta-based Gables has owned the nearly three-acre plot at the northeast corner of San Felipe and Bering since 2007. The property, formerly the site of a J.B. Earthman funeral home, is mostly clear, said Josh Landry, development director for Gables.

After several years in which apartment construction was nearly nonexistent, developers are again proposing and starting multifamily projects as occupancy improves – a result of new jobs and stress in the single-family housing market.

“We weathered the storm,” Landry said. ” … We feel good about the job story.”

The company’s Tanglewood project will contain 12,000 square feet of retail space in addition to the apartments. Gables originally planned for a larger retail component in the building, but several factors, including the economic downturn, caused the company to scale back.

Ziegler Cooper Architects designed the project, which will have a rooftop pool, theater, fitness center and computer lounge.

Landry said it will be similar to West Ave, the company’s mixed-use complex anchored by Tootsie’s at the corner of Westheimer and Kirby, but with less retail.

The building will have a brick facade and a color scheme designed to blend into the exclusive Tanglewood neighborhood. The first apartments should be ready by the middle of 2013.

USAA Real Estate Co. is contributing equity for the project and Gables said it is close to finalizing a construction loan. Landry would not disclose the project cost.

Gables has also begun construction of another eight-story complex at Post Oak Park and Post Oak Place, just inside the West Loop. It broke ground in April and the first of the 316 units will be ready in early 2013.

Reprint from  Chron.com

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Categories: multifamily, Uncategorized
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