A busy block of West Gray Street in Houston’s Montrose neighborhood is getting a facelift, as a pair of developments are on the horizon.
A joint venture of Tannos Development Group and Wolfgramm Capital is spearheading a $30 million, 35-unit condo project that will replace four aging apartment buildings, the Houston Chronicle reported.
The other project, at West Gray and Stanford, is a 7,800-square-foot retail and restaurant complex by Therra Investments.
The site of the planned 7-story condo building is in a bustling area filled with bars and restaurants, A’dor Kitchen & Cocktail, Midtown Bar and Grill and Barnaby’s restaurant.
Tenants in the existing apartments are expected to vacate by April to make way for demolition, with construction slated to commence by the end of 2024, according to Wolfgramm’s Russell Handy.
The Madison will feature two- and three-bedroom units, spanning from 2,000 to 3,200 square feet. Prices are expected to range between around $1.5 million and $2.4 million, with sales expected to begin this summer. Amenities will include a fitness center and pool deck.
The developments will be “very competitive to the River Oaks market,” Louis Tannos, president of Tannos Development, told the outlet.
The Madison marks Tannos and Wolfgramm’s second collaboration. They’re also plotting a $750 million mixed-use project spanning 106 acres in the southeast suburb of Friendswood. It’s slated for 150,000 square feet of retail space, 200,000 square feet of medical and office space and a 500-unit apartment complex. A 150-room boutique hotel with a restaurant and 5,000-square-foot convention center are also planned.
Meanwhile, construction of Therra’s retail and restaurant development is expected to start this month and be completed by year end. The complex is already fully pre-leased, with tenants such as Pho Ben noodle restaurant, boba shop R&B Tea and a nail salon, the outlet reported.
—Quinn Donoghue
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