First Houston Luxury High-Rise Rental in 40 Years Tops Out

By Erika Schnitzer, Associate EditorHouston–The first Houston luxury high-rise rental tower in over 40 years has topped out. The 37-story, 346-unit One Park Place is adjacent to the 12-acre Discovery Green, Houston’s new downtown park.“What motivated me to take this step was the fact that the city created the new park. If they are going to invest $140 million into the park, that certainly gives a reason to have a residential tower downtown,” explains Marvy Finger, CEO of Finger Cos., the Houston-based developer for the project.Located within walking distance of a number of law and accounting firms as well as energy companies, One Park Place is attractive to young professionals looking for residential living in the downtown core, Finger tells MHN. “We think the building will serve the downtown employment base,” he says. “We have 200,000 employees in the central business district—that was the demographic and it just supported a tower.”Additionally, Finger attributes the increasing transportation costs to the number of pre-leased units. “It has certainly been a real plus enhancing the need of a tower in close proximity to employment.” The sales office and model units will open in October.One Park Place will offer one-, two- and three-bedroom units, ranging in size from 800 to 2,615 sq. ft. Monthly rents will range from $1,800 to $5,000. In addition, the building offers six penthouses that range in size from 2,000 to 3,525 sq. ft. and in monthly rents from $6,400 to $11,880. All residences feature solid oak floors, granite countertops, stainless steel appliances, separate wine coolers, double-paned glass windows with solar shades and balconies. Community amenities include a morning room with juice and coffee bars, fitness center, media room, business center/private dining facility, concierge and valet services. The seventh floor of the development features an outdoor garden and pool area with a two-tiered pool, cabanas, walking track, three separate cooking areas and 40,000 sq. ft. of landscaping. “It’s probably the largest outdoor deck of any high-rise in the southern part of the U.S.” In addition, the ground floor of the development will be comprised of retail space, including a gourmet grocery and restaurants. A parking garage—with enough space for two cars per unit—will be located on levels two though seven. Move-ins will begin in March 2009, and construction is expected to be complete by September 2009.One Park Place is being built by D.E. Harvey Builders, designed by Jackson & Ryan Architects Inc.—both are Houston-based companies—and financed by Guaranty Bank.