[Urbannizer]

Museum District boutique condos in development

A Houston-based multifamily developer is preparing to break ground on a luxury midrise project in the Museum District.

Urban Flats Builder is in the preconstruction phase on its latest project, Park on Caroline, which will stand at five stories and contain 40 one- and two-bedroom units. Though a firm groundbreaking date wasn't made available, Urban Flats Builder is developing the project with the intention of being initially leased. Eventually, the units will be sold as condo units, said Kenny Antoniono, director of leasing and marketing at Urban Flats Builder.

Park on Caroline's residential units will be designed with open floor plans, wood cabinets, stainless steel appliances, hard finish surfaces and lots of natural light. There will be 10 one-bedroom units that offer 1,100 square feet of space and 30 two-bedroom units that offer between 1,291 square feet and 1,387 square feet. The average monthly rent for a Park on Caroline unit will be $3,227.

The stone-line building's exterior will be landscaped with mature oak trees, Antoniono said, and parking will be offered on the building's lower levels. It's unclear if an architect and general contractor have been retained.

Urban Flats Builder typically develops projects with the intent of selling them, Antoniono said. The Park on Caroline project's current valuation, when marketed as a condo project, is more than $18,595,800, Antoniono said. The project's total cost of development is $12,419,437, and Urban Flats Builder is requesting a conventional loan of $8,072,634, per a company statement.

Urban Flat Builders has several projects underway in the Museum District. In April 2017, it unveiled the Oaks on Caroline, a six-story, 28-unit midrise condo at 4820 Caroline Street. Click here to take a tour of that project. The developer's currently planning the Ridge on Caroline at 4802 Caroline St. These residential projects will be marketed as "sister projects" to one another.