Construction is underway at the Residential Group’s 2525 CityWest project in Houston’s Westchase district, home to scores of companies including Phillips 66, BMC Software, Petrobras, Schlumberger and Statoil. The groundbreaking took place in December.
The client is Patrinely Group with USAA as an equity partner. Patrinely Group, an affiliate of Crimson Real Estate Fund headquartered in Houston, is developing the complex next to the 2500 CityWest Boulevard building. Looney Ricks Kiss is the architect.
USAA Real Estate Co. has $12 billion in assets under management and is based in San Antonio. Crimson Real Estate Fund, a real estate opportunity fund, is managed by Crimson Real Estate Advisors, based in Houston. Patrinely Group develops commercial office and residential projects throughout the United States.
2525 CityWest is a four-story residential apartment building with 266 units and approximately 316,027 gross square feet and 249,275 net rentable square feet that includes a full-service leasing center and amenity areas. The community will offer plans from one to three bedrooms, ranging from 600 square feet to 1,900 square feet. The apartment building is wrapped around a six-story structural precast parking garage that can accommodate 382 vehicles. The site features two courtyards, a pool, outdoor kitchen and associated amenities, and sits on a 3.29-acre lot.
The Project Team currently consists of Corey Brunsvold as Regional Director, Terry Peek as Director of Operations, Greg Scott as Project Manager, Curtis Munger as Project Superintendent, Rob Welling as Assistant Superintendent, Dean Cook as Quality Control Manager and Michele Lynch as Administrative Assistant.
The project value is $33,892,500, and scheduled completion is September 2016.
Harmony Hill is a new project that begins construction later this month in Rowlett. The Residential Group is building it for client HC Harmony Hill, LLC. The architect is JHP Architecture/Urban Design, PC.
Harmony Hill will host 324 units and a 7,014-square-foot clubhouse. Being built on a 17.6-acre site, the total project size will be 387,767 square feet. Ample parking within the complex will be provided by 103 garage spaces, 115 carport parking spots and 447 surface spaces.
The Project Team for Harmony Hill includes Jeff Hill as Regional Director, Terry Peek as Director of Operations, Luis Rios-Gaytan as Project Manager, Mark Way as Superintendent, Chris Harmel as Quality Control Manager, Pete Lara as Assistant Project Manager, and Kaileigh Austin as Administrative Assistant.
The targeted completion date is November 2016, and the project value is $32,234,000.
Pinnacle Bank Place
In Fort Worth, the Residential Group is building a five-story, mixed-use building on Lancaster Avenue near the Fort Worth Omni Hotel, which will help rejuvenate the Lancaster corridor. The retail, office and apartment building has been named Pinnacle Bank Place after the bank committed $16.5 million in a loan to construct the project, which will cost about $19.7 million to develop.
The project will feature 130 luxury one- and two-bedroom apartments on the top four floors, with an average unit size of 865 square feet, and a one-level concrete podium for retail with 25,064 retail gross square feet. The Club for residents totals 7,936 square feet. Total gross square footage is 164,263, with 112,862 net rentable square feet. Pinnacle Bank will be the majority retail space occupant and plans to operate a full-service, street-level branch, together with hosting executive offices. Plans for the bank's branch include space for future growth.
Also under construction is an attached 170,360-square-foot parking garage with 453 spaces, connected to the apartment building via a bridge. The bank has signed a 50-year lease for the drive-thru portion of the bank on the first floor of the garage, which will include parking for residents and tenants of Pinnacle Bank Place.
Justin Morris was the main JFC player in preconstruction and estimating to help procure this project. The operations staff includes Regional Director Jeff Hill, Project Manager Sean Boyd, Superintendent Jim Lyons, Assistant Project Manager Pete Lara, and Executive Admin Rachel Richardson, with the Quality Control Manager to be determined shortly.
Project duration is 15 months and construction of the building is expected to be completed in the first quarter of 2016.