Tower Construction Starts on Houston's Tallest Condo Project
September 26, 2006
By Tonie Auer, Southwest Correspondent
Vertical construction starts this week on the largest residential high-rise built in Houston to date with the building of towers of the Mosaic on Hermann Park high-rise condos in Houston.
Phillips Development & Realty and Developer Sales Group L.L.C. and Wood Partners are teaming up for this more than $100 million, 792-unit, mixed-use high-rise (pictured) consisting of two 23-story towers. Each tower will sit atop a six-story parking structure and 22,500 square feet of street level retail.
The 4.74-acre site is located adjacent to 400-acre Hermann Park, an 18-hole public golf course, amphitheatre, running trails, and Houston Zoological Gardens. It is located off Highway 288 near downtown Houston, Texas Medical Center and Rice University.
The Mosaic property at 5925 Almeda Road is slated for a fall 2007 completion date.
Condo sales continue to grow in Houston, according to the Multiple Listing Service statistics for August 2006 sales. In the Houston area, the overall median price in the townhouse/condo segment in Houston was up 4.5 percent for August with the average sales price of a townhouse or condo sold in the greater Houston at $153,066, which was a 3.7 percent increase from the same month last year, the report stated. Mosaic's units start at $164,000.
Additionally, the number of townhouses and condos that sold in August increased compared to last year's sales, with 708 units being sold last month, versus 690 properties in July 2005, or a 2.6 percent increase in year-over-year sales, the MLS report stated.
Residents at the Mosaic will be able to choose from a variety of loft-style plans, extended terrace or penthouse units. Residences will feature floor to ceiling windows, Mosaic glass tile backsplashes, stainless steel appliances and modern design accents.
Phillips Development & Realty is a Raleigh-based company with mid-rise projects currently under construction in Tampa: Casa Bella on Westshore and Le Jardin at International Drive. Developer Sales Group L.L.C. is a sales and marketing organization specializing in the real estate brokerage industry.